# EDGAR Filing Document

**Accession Number:** 0002046462
**File Stem:** 0001213900-25-052720
**Filing Date:** 2025-6
**Character Count:** 2436144
**Document Hash:** f62f24c13ef60aecadd7a53b16cb9fd3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-052720.hdr.sgml**: 20250609

**ACCESSION NUMBER**: 0001213900-25-052720

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 62

**FILED AS OF DATE**: 20250609

**DATE AS OF CHANGE**: 20250609

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** OTSAW Ltd
- **CENTRAL INDEX KEY:** 0002046462
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMMERCIAL PHYSICAL & BIOLOGICAL RESEARCH [8731]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-287887
- **FILM NUMBER:** 251035204

**BUSINESS ADDRESS:**
- **STREET 1:** 10 TAMPINES NORTH DRIVE 4
- **STREET 2:** JTC SPACE @ TAMPINES NORTH #01-03
- **CITY:** SINGAPORE
- **STATE:** U0
- **ZIP:** 528553
- **BUSINESS PHONE:** 6596266726

**MAIL ADDRESS:**
- **STREET 1:** 10 TAMPINES NORTH DRIVE 4
- **STREET 2:** JTC SPACE @ TAMPINES NORTH #01-03
- **CITY:** SINGAPORE
- **STATE:** U0
- **ZIP:** 528553

#### As filed with the U.S. Securities and Exchange Commission on June 9, 2025

#### Registration No. 333-[ ]

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

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

#### Otsaw Limited
(Exact name of registrant as specified in its charter)

#### Not Applicable
(Translation of Registrant's name into English)

**__________________________________**

---

| | | |
|:---|:---|:---|
|  **Cayman Islands** | **8731** | **Not Applicable** |
|  (State or other jurisdiction of <br>incorporation or organization) | (Primary Standard Industrial <br>Classification Code Number) | (I.R.S. Employer <br>Identification Number) |

---

**10 Tampines North Drive 4, #01-03<br>JTC Space @ Tampines North<br>Singapore 528553<br><u>Telephone: (+65) 6732 2383</u><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

#### +1-800-221-0102 <br>(Name, address, including zip code, and telephone number, including area code, of agent of service)
__________________________________

*Copies to:*

---

| | |
|:---|:---|
|  **William Rosenstadt, Esq. <br>Mengyi "Jason" Ye, Esq. <br>Ortoli Rosenstadt LLP <br>366 Madison Avenue <br>New York, New York, U.S.A., 10017 <br>Telephone: (212) 588-0022** | **Ross David Carmel, Esq.<br>Sichenzia Ross Ference Carmel LLP <br>1185 Avenue of the Americas<br>New York, NY 10036<br>Telephone: (212) 930 9700**<br>|

---

**__________________________________**

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

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

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act of 1933, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

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

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

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

Emerging growth company ☒

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

____________

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

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

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

**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 state where the offer or sale is not permitted.**

**SUBJECT TO COMPLETION, DATED JUNE 9, 2025**

**PRELIMINARY PROSPECTUS**

#### Otsaw Limited
**[•] Class A Ordinary Shares**

This is the initial public offering of [•] class A ordinary shares, par value US$0.0001 per share (the "Class A Ordinary Shares") of Otsaw Limited, a Cayman Islands exempted company (the "Company," "we," "us," "our"). Prior to this offering, there has been no public market for our Class A Ordinary Shares. We expect that the initial public offering price will be between US$[•] and US$[•] per Class A Ordinary Share. We have applied to list our Class A Ordinary Shares on the Nasdaq Capital Market (or, "Nasdaq") under the symbol "OTSA". We cannot guarantee that we will be successful in listing our Class A Ordinary Shares on Nasdaq; however, we will not complete this offering unless we are so listed.

We are authorized to issue 500,000,000 shares, divided into 499,999,999 Class A Ordinary Shares and 1 class B ordinary share, par value US$0.0001 per share (the "Class B Ordinary Share"). Holders of Class A Ordinary Shares and Class B Ordinary Shares shall vote together as one class on all resolutions submitted to the shareholders and have the same rights except that (i) at a general meeting, each Class A Ordinary Share shall entitle its holder to one (1) vote and each Class B Ordinary Share shall entitle its holder to that number of votes equal to sixty (60) percent of the total number of Class A Ordinary Shares and Class B Ordinary Shares outstanding as at the record date for determining those shareholders that are entitled to vote at the general meetings of the Company; (ii) each Class A Ordinary Share confers upon the holder the right to receive dividends in accordance with our articles of association, whereas each Class B Ordinary Share does not confer upon the holder thereof any rights to receive dividends; (iii) on a winding up of the Company, each Class A Ordinary Share confers upon the holder the right to repayment of capital and the right to participate in the profits or surplus assets of the Company in accordance with our articles of association, whereas each Class B Ordinary Share confers upon the holder only the right to repayment of capital but no other right to participate in the profits or surplus assets of the Company; and (iv) Class B Ordinary Shares do not have any economic interest, save for the right to repayment of capital on a winding up. Class B Ordinary Shares are not convertible into Class A Ordinary Shares, and Class A Ordinary Shares are not convertible into Class B Ordinary Shares. Only one Class B Ordinary Share may be issued and outstanding at any time.

**Investing in our Class A Ordinary Shares involves a high degree of risk, including the risk of losing your entire investment. See "Risk Factors" beginning on page 15 to read about factors you should consider before buying our Class A Ordinary Shares.**

**We are both an "emerging growth company" and a "foreign private issuer" as defined under the U.S. federal securities laws and, as such, may elect to comply with certain reduced public company reporting requirements for this and future filings. See "*Prospectus Summary — Implications of Being an Emerging Growth Company and a Foreign Private Issuer*" for additional information.**

We are a holding company that is incorporated in the Cayman Islands. As a holding company with no operations, we conduct our operations through our subsidiaries in Singapore. The Class A Ordinary Shares offered in this offering are shares of the holding company that is incorporated in the Cayman Islands and not any of our subsidiaries.

**Investors of our Class A Ordinary Shares should be aware that they do not directly hold equity interests in the Singaporean operating entity, but rather are purchasing equity solely in the Company, which indirectly owns 100% equity interests in the Singaporean subsidiaries and may never directly hold equity interests in our subsidiaries.**

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

Upon completion of this offering, our issued and outstanding shares will consist of [•] Class A Ordinary Shares and [1] Class B Ordinary Share. As of the date of this prospectus, our chief executive officer and chairman of the board of directors of the Company (the "Board") and director, Mr. Ling Ting Ming, indirectly owns more than 50% of the voting power of our outstanding Class A Ordinary Shares and Class B Ordinary Shares. Immediately after completion of this offering, he will own approximately [•]% of our total issued and outstanding Class A Ordinary Shares and [•]% of our total issued and outstanding Class B Ordinary Shares, representing approximately [•]% of the total voting power of our shares, assuming that the underwriters do not exercise their over-allotment option. Therefore, we are, and will continue to be, a "controlled company" within the meaning of the Nasdaq Listing Rules 5615(c). As a result, Mr. Ling will be able to exercise significant voting influence over fundamental and significant corporate matters and transactions. This concentrated control may limit or preclude your ability to influence corporate matters for the foreseeable future, including the election of directors, amendments of our organizational documents, and any merger, consolidation, sale of all or substantially all of our assets, or other major corporate transactions requiring shareholder approval. In addition, this may have anti-takeover effects and may prevent or discourage unsolicited acquisition proposals or offers for our share capital that you may feel are in your best interest as one of our shareholders. As a "controlled company", we are permitted to elect to rely on certain exemptions from corporate governance rules. While we currently do not plan to rely on these exemptions, we may elect to do so after the completion of this offering.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Per Share** | **Per Share** | **Total<sup>(4)</sup>** | **Total<sup>(4)</sup>** |
|  Assumed initial public offering price<sup>(1)</sup> | US$ | [•] | US$ | [•]<br><sup>(5)</sup> |
|  Underwriting discounts and commissions<sup>(2)</sup> | US$ | [•] | US$ | [•] |
|  Proceeds to the us before expenses<sup>(3)</sup> | US$ | [•] | US$ | [•] |

---

____________

(1) Initial public offering price per Class A Ordinary Share is assumed as US$[•] (being the mid-point of the offer price range as set out in the cover page of this prospectus).

(2) We have agreed to pay the underwriters a discount equal to seven percent (7.0%) of the gross proceeds of the offering. This does not include a non-accountable expense allowance equal to one percent (1.0%) of the gross proceeds received by the Company from the sales of the Class A Ordinary Shares in this offering payable to the underwriter, excluding the over-allotment option See "Underwriting" beginning on page 169 for a description of compensation payable to the underwriters.

(3) Excludes fees and expenses payable to the underwriters. The total amount of underwriters' expenses related to this offering is set forth in the section entitled "Expenses Related to This Offering" on page 174.

(4) Assumes that the underwriters does not exercise any portion of its over-allotment option.

(5) Includes US$[•] gross proceeds from the sale of [•] Class A Ordinary Shares offered by our Company.

This offering is being conducted on a firm commitment basis. The underwriters are obligated to take and pay for all of the shares offered by the Company if any such shares are taken. We have granted the underwriters an option, exercisable one or more times in whole or in part, to purchase up to [•] additional Class A Ordinary Shares from us at the initial public offering price, less underwriting discounts, within 45 days from the closing of this offering to cover over-allotments, if any. If the underwriters exercise the option in full, assuming the public offering price per share is US$[•], the total underwriting discounts payable will be US$[•], and the total proceeds to us, before expenses, will be US$[•].

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

We expect our total cash expenses for this offering (excluding cash expenses payable to our underwriters for their out-of-pocket expenses) to be approximately US$[•], 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, or "FINRA", as underwriting compensation. These payments will further reduce proceeds available to us before expenses. See "Underwriting."

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

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

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

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

**Aegis Capital Corp.**

The date of this prospectus is [•], 2025

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

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
|  [PROSPECTUS SUMMARY](#T99701) | 1 |
|  [RISK FACTORS](#T99702) | 15 |
|  [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#T99703) | 52 |
|  [USE OF PROCEEDS](#T99704) | 54 |
|  [DIVIDEND POLICY](#T99705) | 55 |
|  [CAPITALIZATION](#T99706) | 56 |
|  [DILUTION](#T99707) | 57 |
|  [CORPORATE HISTORY AND STRUCTURE](#T99708) | 59 |
|  [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#T99709) | 73 |
|  [BUSINESS](#T99710) | 92 |
|  [REGULATIONS](#T99711) | 124 |
|  [MANAGEMENT](#T99712) | 131 |
|  [DIRECTOR AND EXECUTIVE COMPENSATION](#T99713) | 139 |
|  [PRINCIPAL SHAREHOLDERS](#T99714) | 140 |
|  [RELATED-PARTY TRANSACTIONS](#T99715) | 142 |
|  [SHARES ELIGIBLE FOR FUTURE SALE](#T99717) | 144 |
|  [DESCRIPTION OF SHARE CAPITAL](#T99718) | 146 |
|  [MATERIAL INCOME TAX CONSIDERATION](#T99719) | 160 |
|  [ENFORCEABILITY OF CIVIL LIABILITIES](#T99720) | 167 |
|  [UNDERWRITING](#T99721) | 169 |
|  [EXPENSES RELATING TO THIS OFFERING](#T99722) | 174 |
|  [LEGAL MATTERS](#T99723) | 175 |
|  [EXPERTS](#T99724) | 175 |
|  [DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION FOR SECURITIES ACT LIABILITIES](#T99725) | 175 |
|  [WHERE YOU CAN FIND MORE INFORMATION](#T99726) | 176 |
|  [INDEX TO FINANCIAL STATEMENTS](#T801) | F-1 |

---

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#### ABOUT THIS PROSPECTUS
**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 information different from what is contained in this prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. We are not, and the underwriters are not, making an offer to sell securities in any jurisdiction where the offer or sale is not permitted. The information contained in this prospectus is accurate only as of the date on the front of this prospectus, regardless of the time of delivery of this prospectus or any sale of the securities. Our business, financial condition, results of operations and prospects may have changed since that date or the sale of any Class A Ordinary Shares.**

For investors outside of the United States of America (the "United States" or the "U.S."): 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 of the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of our Class A Ordinary Shares and the distribution of this prospectus outside of the United States.

**Until and including [**•**], 2025 (the 25**<sup>th</sup> **day after the date of this prospectus), all dealers that buy, sell or trade our Class A Ordinary Shares, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.**

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#### PRESENTATION OF FINANCIAL INFORMATION

#### Basis of Presentation
Unless otherwise indicated, all financial information contained in this prospectus is prepared and presented in accordance with International Financial Reporting Standards ("**IFRS**"). Our reporting currency is the United States Dollar.

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

Our financial year ends on April 30 of each year. References in this prospectus to a financial year, such as "financial year 2023", relate to our financial year ended April 30 of that calendar year.

#### Financial Information in U.S. Dollars
Our reporting currency is the U.S. Dollar. This prospectus also contains translations of certain foreign currency amounts into U.S. dollars for the convenience of the reader. Assets and liabilities denominated in foreign currencies are translated at year-end exchange rates, income statement accounts are translated at average rates of exchange for the year and equity is translated at historical exchange rates. Any translation gains or losses are recorded in foreign currency translation reserve. Gains or losses resulting from foreign currency transactions are included in net income. The conversion of Singapore dollars and euros into U.S. dollars is based on the exchange rates published in the statistical release by the Monetary Authority of Singapore ("**MAS**").

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the laws, regulations, policies and guidelines in places where we carry on our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the regulatory environment in Singapore and globally where our customers and suppliers are located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the overall economic environment and general market and economic conditions;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• man-made or natural disasters, including war, acts of international or domestic terrorism, civil disturbances, pandemics, occurrences of catastrophic events and acts of God such as floods, earthquakes, typhoons and other adverse weather and natural conditions that affect our business or assets;

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

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

The forward-looking statements made in this prospectus relate only to events or information as of the date on which the statements are made in this prospectus. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. You should read this prospectus and the documents that we reference in this prospectus and have filed as exhibits to the registration statement, of which this prospectus is a part, completely and with the understanding that our actual future results or performance may be materially different from what we expect.

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This prospectus contains certain data and information that we obtained from various government and private publications. Statistical data in these publications also include projections based on a number of assumptions. The markets for manpower industry and cleaning services may not grow at the rate projected by such market data, or at all. Failure of this industry to grow at the projected rate may have a material and adverse effect on our business and the market price of our Class A Ordinary Shares. Furthermore, if any one or more of the assumptions underlying the market data are later found to be incorrect, actual results may differ from the projections based on these assumptions. You should not place undue reliance on these forward-looking statements.

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#### DEFINITIONS
Except where the context otherwise requires and for purposes of this prospectus only, references to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Class A Ordinary Shares" refers to our Class A ordinary shares with a par value of US $0.0001 per share, and each Class A ordinary share shall entitle its holder to one (1) vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Class B Ordinary Shares" refers to our Class B ordinary shares with a par value of US $0.0001 per share, and each Class B ordinary share shall entitle its holder to that number of votes equal to sixty (60) percent of the total number of Class A Ordinary Shares and Class B Ordinary Shares outstanding as at the record date for determining those shareholders that are entitled to vote at the general meetings of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Exchange Act" refers to the United States Securities Exchange Act of 1934, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "FY2023", "FY2024" refers to fiscal year ended April 30, 2023, April 30, 2024, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "JV" means Joint Venture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Our company" or "Company" means Otsaw Limited, a Cayman Islands exempted company, unless otherwise indicated or the context otherwise requires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Ordinary Shares" refers to our Class A Ordinary Shares and our Class B Ordinary Shares collectively

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "S$" or "SGD" means Singapore dollars(s), the lawful currency of Singapore;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Otsaw", "our business", "we", "us", "our" and "Otsaw Group" means Otsaw Limited and its subsidiaries.

#### TRADEMARKS AND DESIGNS
We have proprietary rights to trademarks used in this prospectus that are important to our business, many of which are registered under applicable intellectual property laws. Solely for convenience, trademarks and trade names referred to in this prospectus may appear without the "®" or "™" symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent possible under applicable law, our rights or the rights of the applicable licensor to these trademarks and trade names. We do not intend our use or display of other companies' trademarks, trade names or service marks to imply a relationship with, or endorsement or sponsorship of us by, any other companies. Each trademark, trade name or service mark of any other company appearing in this prospectus is the property of its respective holder.

#### MARKET AND INDUSTRY DATA
We obtained the industry, market and competitive position data used throughout this prospectus from internal company surveys and management estimates, as well as from industry and general publications and research, surveys and studies conducted by third parties. We believe these internal company surveys and management estimates are reliable; however, no independent sources have verified such surveys and estimates. Third-party industry and general publications, research, studies and surveys generally state that the information contained therein has been obtained from sources believed to be reliable. Except for the total brand awareness information contained herein, none of the independent industry and general publications, research, studies and surveys relied upon by us or otherwise referred to in this prospectus were prepared on our behalf. While we believe the industry, market and competitive position data included in this prospectus are reliable and are based on reasonable assumptions, these data involve many assumptions and limitations, and you are cautioned not to give undue weight to these estimates. We have not independently verified the accuracy or completeness of the data contained in these industry publications and other publicly available information.

Certain estimates of market opportunity, forecasts or market growth and other forward-looking information included elsewhere in this prospectus involve risks and uncertainties and are subject to change based on various factors, including those discussed under "Prospectus Summary," "Risk Factors," "Special Note Regarding Forward-Looking Statements" and "Management's Discussion and Analysis of Financial Condition and Results of Operations."

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#### PROSPECTUS SUMMARY
*This summary highlights information contained in greater detail elsewhere in this prospectus. This summary is not complete and does not contain all of the information you should consider in making your investment decision. You should read the entire prospectus carefully before making an investment in our Class A Ordinary Shares. You should carefully consider, among other things, our consolidated financial statements and the related notes and the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included elsewhere in this prospectus. This prospectus includes forward*-looking *statements that involve risks and uncertainties. See "Special Note Regarding Forward*-Looking *Statements."*

#### Overview
We are a Singapore-based company specializing in autonomous mobile robots ("AMRs") and robotics solutions, with cutting-edge robotics software development and manufacturing capabilities. Founded in 2015, we are an innovator in advanced robotics autonomy technologies and next-generation artificial intelligence ("AI"). Our mission is to disrupt, revolutionize, and redefine the global facilities management industry with our AI-enabled AMRs and robotics solutions across security, disinfection, last-mile delivery, and healthcare facilities.

Leveraging our core software technologies, robot and machine outdoor autonomy expertise, and AI-enabled AMRs, our products empower customers to enhance productivity, reduce reliance on human capital, and seamlessly integrate automation into their facilities management operations. By addressing labor shortages, rising wages, and labor cost challenges, we aim to empower the entire facilities management industry globally.

For the fiscal years ended April 30, 2024, and 2023, we reported revenues of US$5.3 million and US$5.1 million, respectively, and net losses of US$6.5 million and US$6.7 million, respectively. For the six months ended October 31, 2024, and 2023, we reported revenues of US$1.8 million and US$2.8 million, respectively, and net losses of US$3.3 million and US$2.9 million, respectively. To drive growth, we are focused on advancing our core software technologies, the commercialization of our latest Autonomous Navigation System ("ANS") Version 3, Odyssey, tailored for the AMR and robotics industry, and the expansion of our production capacity. These efforts aim to enable cost-efficient manufacturing and competitive pricing as we develop our next-generation Transcar 5.0 and Camello<sup>+</sup> solutions.

Additionally, we are actively increasing our global presence in the security and healthcare facilities management industries by expanding our sales and marketing team, strengthening our distribution network, and pursuing strategic alliances, acquisitions, investments, and partnership opportunities.

#### Market Opportunities
The global facility management market size was valued at USD 1,277.8 billion in 2023 and is projected to grow from USD 1,315.7 billion in 2024 to USD 2,284.8 billion by 2032, exhibiting a compound annual growth rate of 8.2% during the forecast period<sup>1</sup>. We believe the world is entering a new era where AMRs, robotics and AI are becoming increasingly prevalent in the facilities management for residential communities, hospitals, hotels, office blocks, parks, airports, train stations, university campuses, shopping malls, and warehouses. Every such facility requires guarding, cleaning and delivery services. However, aging populations, inflation, structural labor changes and shortages, high labor turnover rate, rising labor costs, and post-COVID health-conscious human behavior changes have created acute challenges for the facilities management industry, especially in the realm of security, sanitation, healthcare, and delivery, where the jobs and tasks involved may be dangerous, tedious, repetitive, or generally less desirable. These existing labor challenges were further intensified during the COVID-19 pandemic following government containment measures such as lock-downs, social distancing, and mobility and travel restrictions. Post COVID-19, we believe that the shortage of a security, cleaning and delivery workforce will persist as new facilities and buildings continue to be built.

Furthermore, we believe the COVID-19 pandemic had a significant impact on the healthcare industry. Due to what we believed to be a shortage of healthcare workers, low productivity and a surge in patients, some hospitals were pushed to capacity, draining the healthcare resources. Hospitals were forced to make difficult decisions to prioritize care for critically ill patients while avoiding infecting healthcare workers. While our robots are not designed to provide direct healthcare services or replace healthcare workers, they offer crucial logistical, cleaning, and security support to

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1 *https://www.fortunebusinessinsights.com/industry*-reports*/facility*-management-market-101658

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healthcare facilities. By handling these essential yet time-consuming tasks, our robots enable healthcare workers to focus more on patient care and other critical responsibilities. Robots are available on-demand, do not require breaks, and offer reliability for these service-intensive purposes, thereby increasing overall efficiency and supporting the healthcare workforce in managing their workload more effectively.

We believe these and similar challenges create demand for robotic and AMR substitutes, and we aspire to disrupt the facilities management industry with our AI-enabled AMRs and robotics solutions in the realms of security, disinfection, sanitation, last-mile delivery, logistics, and healthcare. We designed our advanced AI-enabled AMRs and robotics solutions to assist humans augmenting the tasks in roles such as security guards, sanitation workers, delivery workers, receptionists, and manual laborers, among other examples. Our integrated AMR and robotics solutions enable our customers to automate their services, boost productivity, reduce reliance on human capital, and free labor by allowing humans to focus on higher-value work.

#### Our Solutions

Our innovative AMRs, AGV, robotics, and UV-C disinfection systems include:

<u><u>Security Patrol AMR:</u></u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *The O*-R3*.* The O-R3 is our autonomous security patrol AMR to be primarily used outdoors. The O-R3 is our AMR solution to the security industry's human capital crunch. We consider O-R3 as the bellwether of our proprietary software technology and robotics outdoor autonomous expertise. The O-R3 robot is designed to autonomously patrol, survey, and monitor a geo-fenced area to augment the security operations, with real-time on-site data collection and analysis ability.

<u><u>Last-Mile</u> <u>Delivery AMR:</u></u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Camello*<sup>+</sup>*.* In January 2024, we launched the second generation of Camello, Camello<sup>+</sup>. Camello<sup>+</sup> challenges the conventional robotics approach by shifting from a single-purpose robot to a versatile, multi-purpose design. Camello<sup>+</sup> is an AMR engineered to provide a flexible solution for both delivery and security applications. It navigates seamlessly through both indoor and outdoor environments, offering customization options for various use cases, including healthcare logistics and last-mile e-commerce deliveries. Its application-dependent software allows end users to conveniently toggle between security and delivery functions. This innovative approach sets a new standard for adaptability and efficiency in the field of robotics. The Camello<sup>+</sup> is our autonomous last-mile delivery AMR designed as a robotic "courier" for on-demand logistics services, capable of securely delivering up to 132lbs of cargoes, including parcels and groceries, to end-users customers from a distribution hub.

<u><u>Healthcare Intralogistics AGVs:</u></u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• TransCar*. TransCar is an AGV that is utilized for intralogistics within hospital facilities to transport heavy, bulky or palletized goods. The TransCar AGV system was initially developed and commercialized by Swisslog Healthcare Holding AG ("Swisslog Healthcare") in 2004, and as of the date of this prospectus there are over 580 installed TransCar AGV systems in EMEA and APAC markets. In November 2021, Otsaw Technology Solutions Pte. Ltd. and Swisslog Healthcare established a joint venture, Otsaw Swisslog Healthcare Robotics Pte. Ltd. (the "Otsaw-Swisslog JV"). Through the Otsaw-Swisslog JV, we sell the TransCar AGV systems globally and provide maintenance and support services for the installed TransCar

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<u><u>UV-C</u> <u>Disinfection System:</u></u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *AirGuard*. UV-C LED modules installed within heating, ventilation, and air conditioning ("HVAC") systems of buildings and vehicles to disinfect airborne bacteria and viruses at a disinfection efficacy of 99.99%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *TreX*. A portable UV-C disinfection device for surface disinfection with a disinfection efficacy of 99.99% within an 8 foot range.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *O*-RX. We believe our O-RX robot is the world's first autonomous disinfection robot to utilize UV-C LED technology to combat viruses and pathogens. It is capable of autonomously navigating and disinfecting up to 4,000 square feet per hour at a disinfection efficacy of 99.99%.

Our proprietary core AMR and robotics software and AI-enabled outdoor autonomy technologies are our core competencies and include the following:

<u>Patented</u> <u>Three</u><u>-Dimensional</u> <u>Simultaneous Localization and Mapping ("3D SLAM") Technology</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our patented 3D SLAM software systems enable our AMRs to build a 3D map and navigate accurately and safely through an unfamiliar, unstructured, and challenging environment while simultaneously identifying its own locations.

<u><u>Sensor Fusion Technology:</u></u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our proprietary sensor fusion technology and its algorithms analyzes the sensory data acquired from all sensors on the AMR and synthesizes these data into unified whole data in real-time, mimicking human senses and perception. This technology manages dynamic rates, biases and frequencies at which our AMRs synchronize the robotics and external environment sensor data. In particular, this technology accounts for biases amongst the multiple sensors installed on our AMRs through our proprietary algorithms, so datapoints collected by the sensors will complement one another, in order to achieve peak autonomy and accuracy.

<u><u>Machine Perception Technology and AI and Machine Learning Technology:</u></u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This technology empowers our AMRs with what we believe to be human-like perceptive abilities and situational awareness. These abilities allow our AMRs to respond, adapt and learn about the environment in which they operate and deal with their innate unpredictability. Our AMRs can therefore reliably and safely navigate in busy, ever-changing and dynamic outdoor and indoor environments.

<u><u>Fleet Management and Control System:</u></u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This system is utilized by end-users of our deployed AMRs and their operators for real-time data access, AMR traffic control, battery charging management, live video feed, task allocation, and real-time remote monitoring. The system also supports two-way audio-visual communications and scheduling of autonomous navigation. The system can simultaneously operate multiple AMRs and allow them to interact with one another, enabling simultaneous deployment of AMRs in the same facility.

We believe our AMRs, UV-C LED disinfections, and intralogistics robotics ecosystems will rapidly expand and continue to play a significant role in this post-pandemic world, where the labor shortage and challenges have been critically exposed, and where the power of automation, robots and AI is being realized in the facilities management industry. Over the past seven years, we have established international distribution channels, partnerships, and customer relationships in more than 20 countries.

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Our sales model consists of direct sales/purchase and Robots as a Service ("RaaS") models, which is handled by our inhouse sales and marketing team along with our regional distributors globally across Indonesia, Malaysia, Australia, China, South Korea, Hong Kong, UAE, Oman, Kuwait, USA and the UK. These two models are designed to address the different needs, cost-considerations and risk tolerances among our current and targeted customer base. Under the direct sales model, revenue from robot sales is generated through the sale of hardware and software licenses, including spare parts and services related to robot setup and commissioning. Under the RaaS model, end-users have the option to lease our robots for a fixed monthly fee, which includes comprehensive maintenance and support services. The typical contract duration ranges from 1 to 5 years. In particular, we believe that our RaaS model enables us to deliver significant value to our customer end-users at a low cost. RaaS is a subscription-based service model, that will give our customers the convenience of included on-going maintenance, support, and software upgrades in addition to the use of our products. We envision that the RaaS model would be attractive to the end-users and accelerates market adoption of our products as it lowers the upfront costs of deployment, shifts capital expenditures to operating expenditures, and provides the operational and technical support with the ability to upgrade any leased product as new technologies emerge. Revenue from our direct sales model accounted for approximately 18.0% and 17.7% of our total revenues for the years ended April 30, 2024, and 2023, respectively, while revenue from our RaaS model accounted for approximately 2.7% and 4.7% of our total revenues for the years ended April 30, 2024 and 2023, respectively. Revenue from our direct sales model accounted for approximately 11.3% and 14.2% of our total revenues for the six months ended October 31, 2024, and 2023, respectively, while revenue from our RaaS model accounted for approximately 3.4% and 3.0% of our total revenues for the six months ended October 31, 2024, and 2023, respectively.

We also provide a range of support and maintenance services, including preventive and corrective maintenance of our robots, manning services, training, data transfer, and both software and hardware upgrades. Customers can opt to purchase a service and maintenance contract tailored to their requirements, offered at a fixed price without variable consideration, typically for an average term of 5 years. Revenue of service and maintenance represented approximately 79.3% and 77.6% of our total revenues for the years ended April 30, 2024 and 2023, respectively. Revenue of service and maintenance represented approximately 85.3% and 82.8% of our total revenues for the six months ended October 31, 2024 and 2023, respectively.

#### Corporate History and Structure
Our Group's history can be traced back to May 4, 2015 when Otsaw Digital Pte. Ltd. was founded by Mr. Ling Ting Ming, our chairman, director and chief executive officer, after Mr. Ling's return to Singapore from Silicon Valley in 2015. Under the leadership of Mr. Ling, we specialize in designing, developing, and manufacturing of Autonomous Mobile Robots ("AMRs") and other next generation robotics products and solutions, with the aim to disrupt the facilities management industry with our AI-enabled AMRs and robotics solutions in the realms of security, sanitation, last-mile delivery, logistics, and healthcare.

As of the date of this prospectus, our Group comprises Otsaw Limited and its subsidiaries, Otsaw Digital Pte. Ltd., Otsaw Digital, Inc., Otsaw Technology Solutions Pte. Ltd., Otsaw Technology Pte. Ltd., Otsaw Swisslog Healthcare Robotics Pte. Ltd., and Otsaw Swisslog Healthcare Robotics GmbH.

#### Corporate Structure
Otsaw Limited was incorporated on June 10, 2022 under the laws of Cayman Islands as an exempted company limited by shares. Otsaw Limited is a holding company and does not actively engage in any business or operation. We completed a share capital restructuring in May 2023 as part of our group reorganization.

Upon completion of group reorganization on May 25, 2023, Otsaw Digital Pte. Ltd., Otsaw Digital Inc., Otsaw Technology Solutions Pte. Ltd., Otsaw Technology Pte. Ltd., Otsaw Swisslog Healthcare Robotics Pte. Ltd., Otsaw OYA Technology Solutions Inc, and Otsaw Swisslog Healthcare Robotics GmbH became Otsaw Limited's direct and indirect subsidiaries. As a result of our group reorganization in May 2023, Otsaw Technology Solutions Pte. Ltd. became a wholly-owned subsidiary of Otsaw Digital Pte. Ltd., and an indirect wholly-owned subsidiary of Otsaw Limited.

Prior to the May 2023 group reorganization, Otsaw Digital Pte. Ltd. was the holding company of our group of companies comprising Otsaw Digital, Inc. and Otsaw Technology Solutions Pte. Ltd. (formerly known as North Star Technology Group Pte. Ltd.). Otsaw Digital Pte. Ltd. held 69.40% of the equity interest in Otsaw Technology Solutions Pte. Ltd, which directly held: a) 60% of Otsaw Swisslog Healthcare Robotics Pte. Ltd. (subsequently increasing to 73.33% on

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January 12, 2023, 86.66% on November 16, 2023, 93.3% on January 11, 2024, and 100% on January 20, 2025); b) 60% of Otsaw Swisslog Healthcare Robotics GmbH (subsequently increasing to 73.33% on January 12, 2023, 86.66% on November 16, 2023, 93.3% on January 11, 2024, and 100% on January 20, 2025), as the wholly owned subsidiary of Otsaw Swisslog Healthcare Robotics Pte. Ltd.; and c) 100% of Otsaw Technology Pte. Ltd. (formerly known as North Star Technology Pte. Ltd.). Otsaw Digital Pte. Ltd. was held by Ararrat Capital Pte Ltd (47.53%), Serial System International Pte Ltd (19.90%), Koh Choon Hui (16.02%), Goh Way Siong (10.41%) and other smaller shareholders.

As of the date of this prospectus, (i) the authorized share capital of Otsaw Limited is US$50,000 divided into (i) 499,999,999 Class A Ordinary Shares and (ii) 1 Class B Ordinary Share, of which 99,312,858 Class A Ordinary Shares and 1 Class B Ordinary Share are issued and outstanding, and (ii) Otsaw Limited is majority owned by Ling Ting Ming (28.22%), Serial System International Pte Ltd (15.68%), Koh Choon Hui (9.76%), Goh Way Siong (7.89%) and Waichun Logistics (5.79%), respectively.

#### Otsaw Technology Pte. Ltd.
Otsaw Technology Pte. Ltd. (formerly known as North Star Technology Pte. Ltd.) was incorporated under the laws of Singapore as a private company limited by shares on October 26, 2020. Otsaw Technology Pte. Ltd is wholly-owned by Otsaw Technology Solutions Pte. Ltd.

#### Otsaw Swisslog Healthcare Robotics Pte. Ltd.
Otsaw Swisslog Healthcare Robotics Pte. Ltd. was incorporated under the laws of Singapore as a private company limited by shares on November 18, 2021, and was 60% owned by Otsaw Technology Solutions Pte. Ltd. and 40% owned by Swisslog Healthcare. As at January 20, 2025, following the exercise of options relating to the Swisslog asset acquisition, Otsaw Swisslog Healthcare Robotics Pte. Ltd is now 100% owned by Otsaw Technology Solutions Pte. Ltd. Otsaw Swisslog Healthcare Robotics Pte. Ltd. is responsible for the marketing, sales, development, servicing, and maintenance of the TransCar AGV system in the APAC market.

#### Otsaw Swisslog Healthcare Robotics GmbH
Otsaw Swisslog Healthcare Robotics GmbH was incorporated under the laws of Germany as a private company with limited liability on June 14, 2021, and is 100% owned by Otsaw Swisslog Healthcare Robotics Pte. Ltd. Otsaw Swisslog Healthcare Robotics GmbH is responsible for the marketing, sales, servicing, and maintenance of the TransCar AGV system in Europe.

#### Competition
By product area, the following is a breakdown of the competitive landscape globally:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The O-R3 AMR's principal competitors include autonomous security robot and platform developers, such as Kabam Robotics Pte. Ltd., Ninebot Asia Pte. Ltd., SMP Robotics Singapore Pte. Ltd., Knightscope, Inc., Robotics Assistance Devices, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our UV-C disinfection systems principal competitors include PBA Robotics Pte. Ltd., Sesto Robotics Pte. Ltd., ST Engineering Ltd., and Pudu Technology;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The TransCar AGV faces varied and intense competitive landscape that includes various major sizeable robotics and automation solutions companies globally, principal competitors include Oppent S.P.A., Oceaneering International, Inc., Aetheon Inc., Mobile Industrial Robots ApS, DS Automation Ltd., MLR System GmBH, and JBT Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Camello<sup>+</sup> AMR competes with other ground-based unmanned delivery vehicles offered by its principal competitors, such as Pudu Technology, Starship Technologies, Robby Technologies, Inc., ZMP, Inc., Serve Robotics Inc., Aetheon Inc. and Ottonomy.io.

We believe that our AMRs and robotic solutions will augment and enhance human labor. As such, our primary competition will still be traditional modes of human labor, such as traditional facilities management service providers which provide security services, disinfection services, logistics services, and last-mile or intra-facility delivery

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services. However, these facilities management service providers may also be our potential customers. To overcome potential resistance to technology and to establish a positive industry perception of AMR and robot-enhanced facilities management services, we will continuously demonstrate to our customers, particularly those who are cost-sensitive, the value proposition and the cost-efficiency of our products in comparison to traditional labor — increased productivity, freeing labor by allowing human to focus on higher-value works, reduction of cost and reliance on human capital, and the enhanced reliability of robots to reduce human error.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A visionary, proven, and experienced management team consisting of industry veterans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The status as the early-mover of the facilities management AMR and robotics solutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cutting-edge software technologies and innovative AMRs and robotics products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Highly scalable AMR, robotics, UV-C LED disinfection systems with a wide-array of facilities management industry solutions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Established partnerships with industry players.

#### Growth Strategies
We intend to grow our business by pursuing the following key strategies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continue to develop our core software technologies and commercialize our up-and-coming ANS Version 3, the Odyssey, to the entire AMR and robotics industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expand our production capacity for cost-efficient manufacturing and competitive pricing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continuous expansion of our global markets presence in security and healthcare facilities management industries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expand our sales and marketing team and distribution network globally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pursue strategic alliance, acquisitions, investments, and partnership opportunities.

#### Summary of Risk Factors
An investment in our Class A Ordinary Shares is subject to several risks, including risks related to our business and industry, risks related to our technology and business strategy, risks related to our business generally, risks related to our management, governance, and ownership, and risks related to our securities in this offering. Our business is subject to numerous risks, as more fully described under "Risk Factors" beginning on page 15, which you should carefully consider prior to deciding whether to invest in our Class A Ordinary Shares. Below is a summary of material factors that make an investment in our Class A Ordinary Shares speculative or risky. These risks include, but are not limited to, the following:

#### Risks Related to our Business and Industry
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are an early-stage company with a history of losses and expect to incur significant expenses for the foreseeable future (on page 15).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As described in the report of our auditors for the years ended April 30, 2024, and 2023 and the notes to our consolidated financial statements, there is substantial doubt about our ability to continue as a going concern, and if we are unable to continue, you may lose your entire investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have yet to achieve positive operating cash flow and, given our projected funding needs, our ability to generate positive cash flow is uncertain (on page 16).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We made, and expect to continue to make, significant investments in research and development that may not achieve expected returns (on page 16).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our limited operating history makes it difficult to evaluate our business, prospects, and future viability, and may increase the risk of your investment (on page 17).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our operations and the implementation of our growth strategies require a significant amount of capital. Our future capital needs may require us to sell additional equity or debt securities that may result in substantial dilution or significant debt service obligations and covenants that may restrict our operations or our ability to pay dividends (on page 17).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have no experience maintaining or servicing our products at a large scale (on page 18).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our ability to manufacture, assemble, and produce our products on a large scale is unproven, and delays in the development, production and delivery of our products could harm our business, prospects, financial condition and operating results (on page 19).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The commercial robotic market is in early stage of customer adoption and the possibilities of large-scale application of autonomous robots in the facilities management industries is unproven. If the commercial robotic market does not experience significant development, or develops more slowly than we expect, or if our products do not achieve broad acceptance in facilities management industries, we will not be able to achieve significant sales and the growth of our business will be harmed (on page 20).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have sold a limited number of products, and the demand for our products is hard to predict accurately. Our operating results and financial condition could be materially impacted if we are unable to accurately forecast consumer demand for our products or manage our inventory effectively (on page 20).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We target customers that are large corporations with substantial negotiating power, exacting product standards and potentially competitive internal solutions. If we are unable to sell our products to these customers, our prospects and results of operations will be adversely affected (on page 21).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may face difficulties as we expand our operations into region or countries in which we have no prior operating experience (on page 21).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We operate in a competitive industry that is rapidly evolving and subject to technological evolution. We expect competition to increase, and this could cause our market share to decline and negatively impact our results of operations (on page 22).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We depend on the global supply chain and have experienced supply chain constraints due to several factors, including the lingering effects of the COVID-19 pandemic, a high inflation environment, and geopolitical events (on page 22).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We depend on our suppliers, some of which as of the date of this prospectus are single, sole or limited source suppliers, and any inability of these suppliers to deliver the necessary components for our products at prices, schedule, volumes, performance and specifications acceptable to us, could have a material adverse effect on our business, prospects, financial condition and operating results (on page 23).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increases in costs, disruption of supply or shortage of materials, in particular for lithium-ion cells or semiconductors, could harm our business, prospects, financial condition and operating results (on page 24).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We rely solely on Reis Robotics as the single source supplier for the production and maintenance of the TransCar systems, and the partial or complete loss of Reis Robotics as our supplier could cause customer supply or production delays and a substantial loss of revenues (on page 24).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business and prospects depend significantly on our ability to build the Otsaw brand. We may not succeed in developing, maintaining and strengthening the Otsaw brand, and our brand and reputation could be harmed by negative publicity regarding us or our products, which would materially and adversely affect acceptance of our products, our business, revenues and prospects (on page 25).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have limited experience in operating our robots in a variety of environments and increased deployment and thus interactions may lead to collisions, possible liability and negative publicity (on page 26).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Design flaws, unknown defects, real or perceived errors, glitches or malfunctions in our products or the software that operates them, failure of our products to perform as expected, connectivity issues or user errors can result in product recalls, claims against us, personal injuries, property damage, and significant safety concerns, each of which could materially and adversely affect our results of operations, financial condition, growth prospects or reputation (on page 26).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to stringent and changing laws, regulations and standards, corporate policies, and contractual obligations related to data privacy and security in jurisdictions where our products operate (on page 27).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to cybersecurity risks to our operations, information technology infrastructure and systems, software integrated in our products, and data processed by us, our distributor, and end-user customers (on page 28).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any unauthorized access or control of our AMR and robotics systems could result in loss of confidence in us and our brand and harm our business (on page 29).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may acquire other businesses, form joint ventures or make other investments, that could negatively affect our operating results, cause dilution, increase our debt or cause us to incur significant expenses. If we cannot identify or acquire companies consistent with our growth strategy or successfully integrate acquired businesses into our operations, it could adversely affect our business, financial condition and results of operations (on page 30).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We intend to expand our business and operations significantly, and any failure to manage our growth effectively could materially and adversely affect our business, prospects, financial condition and operating results (on page 31).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Entering into strategic alliances, such as our joint venture with Swisslog Healthcare, exposes us to risks (on page 32).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Under the joint venture agreement with Swisslog Healthcare, Swisslog Healthcare has the right to require us to purchase Swisslog Healthcare's equity interests in the Otsaw-Swisslog JV, which could adversely affect our liquidity and financial condition (on page 32).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The loss of one or more of our key personnel, or our failure to attract and retain other highly qualified personnel in the future, could harm our business (on page 33).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our management team lacks experience in managing a U.S. public company (on page 33).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Developments in the social, political, regulatory and economic environment, including but not limited to natural events, wars, terrorist attacks and other acts of violence, health epidemics and other outbreaks, or security incidents, in the countries where we operate, may have a material and adverse impact on us (on page 34).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Global economic conditions could materially adversely impact demand for our products and services (on page 34).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to the risks associated with international operations, including unfavorable regulatory, political, tax and labor conditions, which could materially and adversely affect our business, financial condition, results of operations and prospects (on page 35).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• From time to time, we may become involved in legal proceedings, which could have a material adverse effect on our business, operating results, or financial condition (on page 36).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are exposed to foreign exchange risk arising from various currency exposures. Fluctuations in foreign currency exchange rates will affect our financial results (on page 36).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The imposition of barriers to trade, escalation of trade disputes, and changes to trade policy, tariffs, and import/export regulations may have a material adverse effect on our business, financial condition, and results of operations (on page 37).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to anti-corruption, anti-bribery, anti-money laundering, financial and economic sanctions and similar laws, and noncompliance with such laws can subject us to administrative, civil and criminal fines and penalties, collateral consequences, remedial measures and legal expenses, all of which could adversely affect our business, results of operations, financial condition and reputation (on page 37).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure of our internal controls over financial reporting could harm our business and financial results (on page 38).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Environmental laws and regulations and unforeseen costs could negatively impact our future earnings (on page 38).

#### Risks Related to Intellectual Property
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our success depends in part on our ability to obtain and maintain protection for the intellectual property relating to or incorporated into our products. If we are unable to protect our intellectual property, the value of our brand and other intangible assets may be diminished and our business may be adversely affected (on page 39).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may not be able to protect our intellectual property rights in all countries (on page 39).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be subject to intellectual property claims in the future, which are costly to defend, could result in significant damage awards, and could limit our ability to use certain technologies in the future (on page 40).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We use other parties' software and other intellectual property in our proprietary software, including "open source" software. Any inability to continuously use such software or other intellectual property in the future could have a material adverse impact on our business, financial condition, results of operations and prospects (on page 40).

#### Risks Related to our Offering and Ownership of Our Class A Ordinary Shares
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The dual class structure of our Class A Ordinary Shares and Class B Ordinary Shares has the effect of concentrating voting control with our chief executive officer, directors and their affiliates (on page 41).

&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 Otsaw Limited from certain corporate governance requirements that could have an adverse effect on our public shareholders (on page 41).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The dual-class structure of our Ordinary Shares may adversely affect the trading market for the Class A Ordinary Shares (on page 42).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Class A Ordinary Shares may be thinly traded and you may be unable to sell at or near ask prices or at all if you need to sell your shares to raise money or otherwise desire to liquidate your shares (on page 42).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There has been no public market for our Class A Ordinary Shares prior to this offering, and you may not be able to resell our Class A Ordinary Shares at or above the price you paid, or at all (on page 42).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we cannot satisfy, or continue to satisfy, the initial listing requirements and other rules of Nasdaq Capital Market, our securities may not be listed or may be delisted, which could negatively impact the price of our securities and your ability to sell them (on page 43).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nasdaq may apply additional and more stringent criteria for our initial and continued listing because we plan to have a small public offering and insiders will hold a large portion of the company's listed securities (on page 43).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The trading price of our Class A Ordinary Shares may be volatile, which could result in substantial losses to you (on page 43).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain recent initial public offerings of companies with public floats comparable to the anticipated public float of our Company have experienced extreme volatility that was seemingly unrelated to the underlying performance of the respective company. We may experience similar volatility. Such volatility, including any stock-run up, may be unrelated to our actual or expected operating performance and financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Class A Ordinary Shares (on page 45).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise of options granted under the Equity Incentive Plan or issue of awarded shares under the Equity Incentive Plan may result in dilution to our Shareholders (on page 45).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If securities or industry analysts do not publish or publish inaccurate or unfavorable research about our business, or if they adversely change their recommendations regarding our Class A Ordinary Shares, the market price for our Class A Ordinary Shares and trading volume could decline (on page 45).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Short selling may drive down the market price of our Class A Ordinary Shares (on page 46).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have broad discretion in the use of the net proceeds from our public offering and may not use them effectively (on page 46).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Because we do not expect to pay dividends in the foreseeable future, you must rely on price appreciation of our Class A Ordinary Shares for a return on your investment (on page 46).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares eligible for future sale may adversely affect the market price of our Class A Ordinary Shares, as the future sale of a substantial amount of outstanding Class A Ordinary Shares in the public marketplace could reduce the price of our Class A Ordinary Shares (on page 47).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You will experience immediate and substantial dilution (on page 47).

&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 (on page 47).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As a company incorporated in the Cayman Islands, we are permitted to adopt certain Cayman Islands practices in relation to corporate governance matters that differ significantly from the Nasdaq corporate governance listing standards. These practices may afford less protection to shareholders than they would enjoy if we complied fully with the Nasdaq corporate governance listing standards (on page 48).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Since Otsaw Limited is a Cayman Islands exempted company, the rights of our shareholders may be more limited than those of shareholders of a company organized in the United States (on page 48).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain judgments obtained against us by our shareholders may not be enforceable. You may also face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated under Cayman Islands law, and we conduct substantially all of our operations and all of our directors and executive officers reside outside of the United States (on page 49).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cayman Islands economic substance requirements may have an effect on our business and operations (on page 49).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are an "emerging growth company," and the reduced disclosure requirements applicable to emerging growth companies may make our Class A Ordinary Shares less attractive to investors (on page 49).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Otsaw Limited is a "foreign private issuer" within the meaning of the rules under the Exchange Act. Our disclosure obligations differ from those of U.S. domestic reporting companies and are exempt from certain Nasdaq corporate governance standards applicable to U.S. issuers. As a result, you will have less protection than you would have if we were a domestic issuer (on page 50).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may become a passive foreign investment company, or PFIC, for United States federal income tax purposes for any taxable year, which could subject United States investors in our Class A Ordinary Shares to significant adverse United States income tax consequences (on page 51).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is not certain if we will be classified as a Singapore tax resident (on page 51).

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#### Corporate Information
Our principal executive offices are located at 10 Tampines North Drive 4, #01-03, Singapore 528553. The telephone number of our principal executive office is (852) 2754 3320. Our registered office in the Cayman Islands is located at the offices of Mourant Governance Services (Cayman) Limited, 94 Solaris Avenue, Camana Bay, PO Box 1348, Grand Cayman KY1-1108, Cayman Islands. Our agent for service of process in the United States is Cogency Global Inc., 122 E. 42<sup>nd</sup> Street, 18<sup>th</sup> Floor, New York, New York 10168. We maintain a website at *www.otsaw.com*. We do not incorporate the information on our website into this prospectus and you should not consider any information on, or that can be accessed through, our website as part of this prospectus.

#### Implications of Being a Controlled Company
Currently, our chairman, director, chief executive officer and controlling shareholder, Mr. Ling Ting Ming, indirectly owns more than 50% of the voting power of our outstanding Class A Ordinary Shares and Class B Ordinary Shares. Immediately after completion of this offering, he will own approximately [•]% of our total issued and outstanding Class A Ordinary Shares and [•]% of our total issued and outstanding Class B Ordinary Shares, representing approximately [•]% of the total voting power of our shares, assuming that the underwriters do not exercise their over-allotment option, which is more than 50% of the total voting power of our shares. Therefore, we are, and will continue to be, a "controlled company" within the meaning of the Nasdaq Stock Market Rules. As a result, Mr. Ling will be able to exercise significant voting influence over fundamental and significant corporate matters and transactions. This concentrated control may limit or preclude your ability to influence corporate matters for the foreseeable future, including the election of directors, amendments of our organizational documents, and any merger, consolidation, sale of all or substantially all of our assets, or other major corporate transaction requiring shareholder approval. In addition, this may have anti-takeover effects and may prevent or discourage unsolicited acquisition proposals or offers for our share capital that you may feel are in your best interest as one of our shareholders. As a "controlled company" as defined under the Nasdaq Stock Market Rules, we are permitted to elect to rely on certain exemptions from corporate governance rules, including the following:

&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 may not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements.

Although we currently do not intend to rely on the "controlled company" exemption under the Nasdaq listing rules, we may elect to do so after we complete this offering. 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 after we complete this offering.

Additionally, pursuant to Nasdaq's phase-in rules for newly listed companies, we have one year from the date on which we are first listed on Nasdaq to comply fully with the Nasdaq listing standards. We do not plan to rely on the phase-in rules for newly listed companies and plan to comply fully with the Nasdaq listing standards at the time of listing.

#### Implications of Being an Emerging Growth Company and a Foreign Private Issuer

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may 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, or "MD&A";

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are not required to provide a detailed narrative disclosure discussing our compensation principles, objectives and elements and analyzing how those elements fit with our principles and objectives, which is commonly referred to as "compensation discussion and analysis";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are not required to obtain an attestation and report from our auditors on our management's assessment of our internal control over financial reporting pursuant to the Sarbanes-Oxley Act of 2002;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are not required to obtain a non-binding advisory vote from our shareholders on executive compensation or golden parachute arrangements (commonly referred to as the "say-on-pay," "say-on frequency" and "say-on-golden-parachute" votes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are exempt from certain executive compensation disclosure provisions requiring a pay-for-performance graph and chief executive officer pay ratio disclosure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• will not be required to conduct an evaluation of our internal control over financial reporting.

We intend to take advantage of all of these reduced reporting requirements and exemptions applicable to emerging growth companies under the JOBS Act. However, we are not eligible for and will not take advantage of the longer phase-in periods for the adoption of new or revised financial accounting standards under §107 of the JOBS Act, as our consolidated financial statements are prepared in accordance with IFRS.

#### 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 Nasdaq, we may choose to comply with home country governance requirements and certain exemptions thereunder rather than complying with Nasdaq corporate governance standards. We may choose to take advantage of the following exemptions afforded to foreign private issuers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from filing quarterly reports on Form 10-Q, from filing proxy solicitation materials on Schedule 14A or 14C in connection with annual or special meetings of shareholders, from providing current reports on Form 8-K disclosing significant events within four days of their occurrence, and from the disclosure requirements of Regulation FD.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from Section 16 rules regarding sales of Class A Ordinary Shares by insiders, which will provide less data in this regard than shareholders of U.S. companies that are subject to the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from the Nasdaq rules applicable to domestic issuers requiring disclosure within four business days of any determination to grant a waiver of the code of business conduct and ethics to directors and officers. Although we will require board approval of any such waiver, we may choose not to disclose the waiver in the manner set forth in the Nasdaq rules, as permitted by the foreign private issuer exemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from the requirement that our board of directors have a compensation committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from the requirements that director nominees are selected, or recommended for selection by our board of directors, either by (1) independent directors constituting a majority of our board of directors' independent directors in a vote in which only independent directors participate, or (2) a committee comprised solely of independent directors, and that a formal written charter or board resolution, as applicable, addressing the nominations process is adopted.

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

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#### THE OFFERING

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| | |
|:---|:---|
|  Offer Price: | We currently estimate that the initial public offering price will be between US$[**•**] to US$[**•**] per Class A Ordinary Share. |
|  Class A Ordinary Shares being Offered by Us: | [--] Class A Ordinary Shares, excluding exercise of the over-allotment option discussed below, and [--] Class A Ordinary shares, assuming full exercise of the over-allotment option and assuming an offering price of US$ [**•**] per Class A Ordinary Share, the [midpoint] of the range provided on the cover of this prospectus. |
|  Shares Outstanding Prior to Completion of this Offering: | <br>[ ] Class A Ordinary Shares and [1] Class B Ordinary Share. |
|  Ordinary Shares and Voting Rights: | Our issued and outstanding share capital consists of Class A Ordinary Shares and Class B Ordinary Shares. Holders of Class A Ordinary Shares are entitled to one vote, and each Class B Ordinary Share is entitled to that number of votes equal to sixty (60) percent of the total number of Class A Ordinary Shares and Class B Ordinary Shares outstanding as at the record date for determining the shareholders that are entitled to vote at the relevant general meetings of the Company. Our Class A Ordinary Shares are not convertible into Class B Ordinary Shares under any circumstances. Our Class B Ordinary Shares are not convertible into Class A Ordinary Shares under any circumstances. For a description of our Class A Ordinary Shares and Class B Ordinary Shares, see "Description of Share Capital." |
|  Shares Issued and Outstanding After The Completion of This Offering: | <br>[**•**] Class A Ordinary Shares (or [**•**] Class A Ordinary Shares if the underwriters exercise the over-allotment option in full) and [1] Class B Ordinary Share.  |
|  Assumed Offering Price per Class A Share: | US$[**•**] (being the [mid-point] of the offering price range as set out in the cover page of this prospectus). |
|  Over-allotment Option: | We have granted the underwriters an option for a period of 45 days from the closing of this offering to purchase up to an additional 15.0% of the total number of Class A Ordinary Shares sold by us pursuant to this offering, solely for the purpose of covering over-allotments, at the initial public offering price less the underwriting discounts. |
|  Lock-up: | We, our directors, executive officers, employees and shareholders holding 5% or more of the outstanding Ordinary Shares, will enter into a lock-up agreement with the Underwriters not to sell, transfer or dispose of any Ordinary Shares for a period of one hundred eighty (180) days after the closing of the offering. See "Shares Eligible for Future Sale" and "Underwriting." |
|  Listing: | We have applied to list our Class A Ordinary Shares on the Nasdaq, under the symbol "OTSA". |
|  Transfer Agent: | Vstock Transfer, LLC |

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| | |
|:---|:---|
|  Risk Factors: | Investing in these securities 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 of this prospectus before deciding to invest in our Class A Ordinary Shares. |
|  Dividend policy | We do not intend to pay any dividends on our Class A 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. |
|  Use of Proceeds: | We intend to use the net proceeds from this offering for (i) acquisition, strategic alliance and joint ventures, (ii) expansion of production capacity and inventory, (iii) market expansion in the United States, United Kingdom, Europe, Asia and Australia; (iv) research and development, (v) business development and marketing, and (vi) working capital. See "Use of Proceeds" for more information. |

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#### RISK FACTORS
***An investment in our securities carries a significant degree of risk. You should carefully consider the following risks before you decide to purchase our securities. Any one of these risks and uncertainties has the potential to cause material adverse effects on our business, prospects, financial condition and operating results which could cause actual results to differ materially from any forward-looking statements expressed by us and a significant decrease in the value of our Class A Ordinary Shares. Refer to "Special Note Regarding Forward-Looking Statements".***

***We may not be successful in preventing the material adverse effects that any of the following risks and uncertainties may cause. These potential risks and uncertainties may not be a complete list of the risks and uncertainties facing us. There may be additional risks and uncertainties that we are presently unaware of, or presently consider immaterial, that may become material in the future and have a material adverse effect on us. You could lose all or a significant portion of your investment due to any of these risks and uncertainties.***

#### Risks Related to our Business and Industry

#### We are an early-stage company with a history of losses and expect to incur significant expenses for the foreseeable future.
We have incurred net losses of US$6.5 million and US$6.7 million for the fiscal years ended April 30, 2024 and 2023, respectively. We have incurred net losses of US$3.3 million and US$2.9 million for the six months ended October 31, 2024 and 2023, respectively. We believe that we will continue to incur operating and net losses for the foreseeable future. We might not ever become profitable or achieve net income. We expect that our operating expenses will increase as we grow our business, including expending substantial resources for research and development, sales and marketing, implementing our growth strategies, and expansion of our production capacity. As a result, any decrease in revenues or delay in generating new revenues could result in material operating losses.

We expect to continue to incur losses and increasing expenses in the foreseeable future as we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• continue to design and develop our products, including the next-generation TransCar and Odyssey ANS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• build up inventories of parts and components for our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• manufacture an available inventory of our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fulfil the call/put arrangement of the Otsaw-Swisslog Healthcare Joint Venture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expand our design, research, development, maintenance and repair capabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increase our sales and marketing activities and develop our regional centers in Europe and the United States; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expand our general and administrative functions to support our growth and operations and the status as a public company.

***As described in the report of our auditors for the years ended April 30, 2024, and 2023 and the notes to our consolidated financial statements, there is substantial doubt about our ability to continue as a going concern, and if we are unable to continue, you may lose your entire investment. This situation continued for the periods ended October 31, 2024 and 2023 under the review of our auditors.***

The uncertainty about our ability to continue in operation is based on our continuing losses from operation and limited working capital, among other things which existed as of October 31, 2024, April 30, 2024 and April 30, 2023. As of October 31, 2024, April 30, 2024 and April 30, 2023, the Company had a net working capital deficit of $12,399,036, $10,012,865 and $12,701,025, respectively. Included in the accumulated deficit are losses of $6,458,189 for the year ended April 30, 2024 and $3,289,473 for the six months ended October 31, 2024. The Company has incurred recurring losses and has accumulated losses of $21,868,746 and $25,108,914 as of April 30, 2024 and October 31, 2024, respectively. Given all these facts, we are dependent on obtaining funding from operations and the sale of debt or equity to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability of assets and classification of liabilities that might be necessary should we be unable to continue as a going concern.

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Our ability to continue as a going concern depends on the success of this offering and receipt of additional funds through debt or equity financing and our operations. In the event we are unable to obtain such funding, we may have to delay, reduce or eliminate certain of our planned operations, including some of our research and development and/or clinical validation studies to demonstrate aesthetic improvement, reduce overall overhead expense, or divest assets. This in turn may have an adverse effect on our ability to realize the value of our assets. If we are unable to continue as a going concern, you may lose all or part of your investment.

#### We have yet to achieve positive operating cash flow and, given our projected funding needs, our ability to generate positive cash flow is uncertain.
We had negative cash flow from operating activities of $4.6 million and $2.3 million for the years ended April 30, 2023 and 2024, respectively. We had negative cash flow from operating activities of $1.5 million and $0.8 million for the six months ended October 31, 2023 and 2024, respectively. We expect to continue to have negative cash flow from operating activities for at least the next 24 months as we expect to incur research and development, sales and marketing, and general and administrative expenses and make capital expenditure to develop and grow our business, and will need to seek new financing in the future.

Our operation is costly because of our leases, sales and distribution expenses as we establish our brand and markets, research and development expenses, production costs, material and component costs, operating costs and labor costs because of the need for employees with specialized skills. Historically, our costs have increased each year due to these factors, and we expect to continue to incur increasing costs, in particular for working capital to purchase inventory, marketing and product deployments as well as costs of client and product support. We expect our expenses to continue to increase in the future as we expand our production capabilities of the O-R3, Camello<sup>+</sup>, UV-C disinfection system (AirGuard, O-RX, and TreX) and TransCar, our product offering, hiring additional employees, establishing our regional centers in the United States and Europe, fulfilling relevant investment and put/call arrangement under the Otsaw-Swisslog Healthcare Joint Venture, and the general and administrative expenses as we scale our operations and incur the costs of being a public company. Our expenses may be significantly greater than we anticipate, which would have a negative impact on our financial position, assets and ability to invest further in the growth and expansion of the business. To implement our global market growth and expansion of our market share, we will incur increased marketing, sales, promotion and other operating expenses. Further, as additional competitors enter our market, we expect increased pressure on our production costs and margins.

In addition, any delays in obtaining the necessary equipment or supplies, the expansion of our production capacity, or the procurement of permits and licenses relating to our expected manufacturing, sales and distribution model could significantly increase our expenses. In such event, we could be required to seek additional financing earlier than we expect, and such financing may not be available to us on commercially reasonable terms, or at all. In the longer term, our ability to become profitable will depend on our ability not only to control costs, but also to sell in quantities and at prices sufficient to achieve our expected margins. If we are unable to cost-efficiently develop, design, manufacture, market, sell, distribute and service our products, our margins, profitability and prospects would be materially and adversely affected.

Therefore, we may be unable to adequately control the substantial costs associated with our operations, and our costs may grow more quickly than our revenues, harming our business and profitability. An inability to generate positive cash flow for the near term may adversely affect our ability to raise needed capital for our business on reasonable terms, diminish supplier or customer willingness to enter into transactions with us and have other adverse effects that may decrease our long-term viability. We may not achieve positive cash flow in the near future or at all.

#### We made, and expect to continue to make, significant investments in research and development that may not achieve expected returns.
Our research and development capabilities are the pillars of our core outdoor autonomy and software competence. We will continue to make significant investments in research and development, expansion of product offerings and improvement for existing products, services and technologies. We are in the research and development stage of upgrading our proprietary software technology, the ANS, from Version 2 to Version 3. We intend for Version 3 to be a commercial software solution that will provide a foundational outdoor autonomy capability for third-party AMR products, AMR frameworks or hardware platforms, under the product brand "Odyssey". Furthermore, as part of our joint venture with Swisslog Healthcare Holding AG ("Swisslog Healthcare"), we are developing the next-generation of TransCar solutions for hospitals intralogistics. We are in the research and development stage of upgrading Swisslog Healthcare's TransCar system to the next generation of TransCar, Transcar 5.0, by utilizing our core software technologies and robotics autonomy and mobility expertise.

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Because we account for research and development costs as operating expenses, these expenditures will adversely affect our earnings in the future. Our research and development efforts and investments may not be successful, and our new products and services may not achieve market acceptance, create any additional revenue or become profitable if customers do not perceive our product and service offerings as providing significant new functionality or value. We may not achieve material revenue from our new products, services, and technologies. Our competitors may surpass us in technological innovation, hindering our ability to commercialize new and competitive products that meet the needs and demands of the market in a timely manner or at all, which consequently may adversely impact our operating results as well as our reputation.

#### Our limited operating history makes it difficult to evaluate our business, prospects, and future viability, and may increase the risk of your investment.
Any evaluation of our business and our prospects must be considered in light of our limited operating history and the risks and uncertainties encountered by companies in our stage of development. Further, our industry is characterized by rapid technological change, changing customer needs, evolving industry standards and frequent introduction of new products and services. We encountered, and expect to continue to encounter, risks and uncertainties frequently experienced by early-stage companies in rapidly changing markets, including risks relating to our ability to, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• generate sufficient revenue to achieve profitability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• hire, integrate and retain qualified professional and technical talent, including key members of management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• access additional capital when required and on reasonable terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• achieve or manage growth in our operations, continue to make significant investments in research, development, production, marketing and sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• successfully obtain, maintain, protect and enforce our intellectual property and defend against claims of intellectual property infringement, misappropriation or other violations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• build and maintain the Otsaw brand globally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establish and expand our commercial production capabilities and distribution channels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establish and maintain satisfactory relationships and arrangements with our strategic partners, customers, and suppliers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establish and expand a customer base, market shares, and distribution channels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• navigate and adapt to an evolving and complex regulatory environment in multiple jurisdictions, including data privacy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• anticipate and adapt to changing market conditions and competition, including consumer demand for certain robots or product types, models, technological developments and changes in the competitive landscape; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• successfully design, develop, manufacture and market new products, software, and services in the future.

If we do not address these risks successfully, our operating results will be harmed. We expect our financial condition and operating results to fluctuate significantly from quarter to quarter and year to year due to a variety of factors, many of which are beyond our control. Consequently, any predictions made about our future success or viability may not be as accurate as they could be if we had a longer operating history.

***Our operations and the implementation of our growth strategies require a significant amount of capital. Our future capital needs may require us to sell additional equity or debt securities that may result in substantial dilution or significant debt service obligations and covenants that may restrict our operations or our ability to pay dividends.***

We will require significant capital to operate our business and fund our capital expenditures for the next several years. While we anticipate that the net proceeds of this offering, together with current cash, cash equivalents, cash provided by operating activities and funds available through our working capital line of credit, will likely be sufficient to meet

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our current and anticipated needs of capital for at least the next twelve months, it is possible that we will need to raise significant amounts of additional capital to fund our business thereafter, including to finance ongoing research and development costs, expansion of our production capacity, any significant unplanned or accelerated expenses and new strategic alliances or acquisitions. We may also require additional cash resources due to changed business conditions or other future developments.

Due to our limited operating history and the fact that the commercial robotics market is in an early stage of customer adoption and the possibilities of large-scale application of autonomous robots in the facilities management industries is unproven, it is difficult to evaluate the demand for our products, business, prospects, and future viability. Thus, it is possible that we may not generate sufficient cash flow from operations and sales or otherwise have the capital resources to meet our future capital needs. Furthermore, our level of capital expenditures will be significantly affected by customer demand for our products. As a result, our future capital requirements may be uncertain and actual capital requirements may be different from those we currently anticipate.

Therefore, we may need to seek equity or debt financing to finance a portion of our future capital needs and expenditures. If we raise additional capital funds through the issuance of equity or convertible debt securities, it would result in dilution of our shareholders' voting rights and could be at a per share purchase price significantly below the per share price in this offering. These newly-issued securities may have rights, preferences or privileges senior to those of existing stockholders, including those acquiring shares in this offering. The incurrence of indebtedness would result in increased debt service obligations and could result in operating and financing covenants that would restrict our operations, liquidity and ability to make cash dividends.

It is uncertain whether financing will be available to us in a timely manner or on terms that are acceptable, or at all. If adequate financing is not available or is not available on acceptable terms, if and when needed, our ability to fund our operations, take advantage of unanticipated opportunities, develop or enhance our products, or otherwise respond to competitive pressures would be significantly limited. Our inability to raise capital could require us to significantly curtail or terminate our operations. We may have to significantly reduce our spending, delay or cancel our planned activities, or substantially change our corporate structure.

#### We have no experience maintaining or servicing our products at a large scale.
Under our RaaS subscription model and some of our direct sale agreements, we will be responsible for maintenance and servicing of our products. In addition to our in-house customer support and product maintenance service, we have partnered with third parties, including our distributors and Swisslog Healthcare's personnel, to perform some or all of the servicing and maintenance on our products. However, we have no experience providing maintenance and servicing at a large scale.

Our direct customers and distributors may also depend on our in-house customer support and product service team to resolve technical and operational issues relating to the integrated software and hardware underlying our products. Although our distributors are required by their agreement with us to provide initial maintenance and support to the end-user customers, our customer support team and product service team is also mandated to provide training, general support, and technical solutions to support the distributors. In addition, the RaaS subscription model will require us to cover costs relating to the servicing and maintenance of our products which are leased directly to our customers. Customer behavior and usage may result in higher-than-expected maintenance and repair costs. Moreover, if RaaS customers do not pay the subscription fee while the units are out of service, there could be an adverse impact on our financial condition and operating results.

As we continue to grow, additional pressure may be placed on our in-house customer support and product service team, and we may be unable to respond quickly enough to accommodate short-term increases in customers' and distributors' demand for technical support. We also may be unable to modify the future scope and delivery of our technical support to compete with changes in the technical support provided by our competitors. Increased customer demand for support, without corresponding revenue, could increase costs and negatively affect our operating results. If we are unable to successfully address the service requirements of our customers or we establish a market perception that we do not maintain high-quality support, we may be subject to claims from our customers and distributors, including loss of revenue or damages, and our business, prospects, financial condition and operating results may be materially and adversely affected.

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Furthermore, with the increase in sales and market share of our product, we anticipate expanding our customer service team and recruiting more distributors and service partners. However, we may not be able to enter into acceptable arrangements with such distributors or third-party service providers. The distributors and service providers will initially have limited experience in servicing our products, especially our complex AMR systems. If the distributors and service providers are unable to handle the technical issues in relation to servicing our products, we would be required to provide such services directly, which would significantly increase our capital expenditures and personnel costs. We would also be required to recruit and train employees to provide these services, and we may not be able to attract persons with the necessary knowledge or experience to provide these services. Delays in implementing a maintenance and servicing infrastructure may significantly delay new RaaS subscriptions due to smaller than expected maintenance and servicing capacity.

In addition, our service and maintenance arrangements may not adequately address the service and maintenance requirements of our direct customers and distributors to their satisfaction, and we, our distributors, or service partners may not have sufficient resources, experience or inventory to meet these service requirements in a timely manner as the volume of products we deliver increases. Even if we, our distributors, and service partners have the sufficient resources and experience needed, we, our distributors, and our partners still may not adequately service or maintain our products. If we are unable to, directly or through our distributors and third-party partners, roll out and establish a widespread service network, including on-site services, customer satisfaction could be adversely affected, which in turn could materially and adversely affect our reputation and thus our sales, results of operations and prospects.

***Our ability to manufacture, assemble, and produce our products on a large scale is unproven, and delays in the development, production and delivery of our products could harm our business, prospects, financial condition and operating results.***

We plan to substantially expand our production capacity to meet our organic growth and the increasing popularity of our products, as well as to expand our market share and offer more competitive pricing through economies of scale. Our business success depends in large part on our ability to design, develop, manufacture, market, deploy and service our products on a large scale.

Our production operations are conducted in-house at our facilities in Singapore, where we assemble the materials and components we procure from our suppliers into our final products. However, our ability to manufacture, assemble, and produce our products on a large scale remains unproven. We may not be able to develop efficient and low-cost production capabilities and processes, or secure reliable sources of materials and components for us to meet the volume, quality, price, and production standards required for high production volumes, which is key to successfully mass marketing our products and systems. Even if we are successful in developing high volume production capability and processes and are able to reliably source for materials and components, we may not be able to avoid significant delays and cost overruns, which may be a result of factors beyond our control, such as problems with suppliers and vendors or force majeure events. As such, we may not be able to meet our product delivery schedules or satisfy customer requirements on a mass scale. Additional risks associated with large scale production include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the potential effects of a resurgence of the COVID-19 pandemic or other pandemics, epidemics or outbreaks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to hire and retain a sufficient number of qualified employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• delays in delivery of materials and components by our suppliers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• production in excess of demand due to contractual requirements or unexpected changes in demand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• quality controls, including ensuring the long and short term durability of our products, particularly as we plan to expand our production capacity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• delays or disruptions in our supply chain, work stoppages, labor strikes and other labor disputes affecting us or our suppliers, third-party manufacturers and other partners.

In addition, substantially expanding and developing our own manufacturing and production capabilities will significantly increase our capital expenditures. If this were to occur, we may have to raise or borrow additional funds, which may not be available on terms acceptable to us or at all. We may also need to adjust our product pricing expectations, which could adversely affect our margins and cash flows. Any failure to develop large scale production processes and capabilities within our projected costs and timelines could have a material adverse effect on our business, prospects, financial condition and operating results.

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***The commercial robotic market is in the early stages of customer adoption and the potential for large-scale application of autonomous robots in the facilities management industry remains unproven. If the commercial robotic market does not experience significant development, or develops more slowly than we expect, or if our products do not achieve broad acceptance in the facilities management industry, we will not be able to achieve significant sales and the growth of our business will be harmed.***

The commercial robotics market is in the early stages of customer adoption. The concept of the application of autonomous robotic technology in the facilities management industry is relatively new and market demand for such technology is unproven. Key assumptions about the characteristics of targeted markets, pricing and sales cycles may be inaccurate. Accordingly, our business and future prospects may be difficult to evaluate.

Given the evolving nature of the commercial robotics markets in which we operate, we cannot accurately predict the extent to which demand for our products and services will increase, if at all, and we cannot accurately predict the future growth rate or the potential size of the commercial robotic market. Demand for commercial robots may not increase, or may decrease, either generally or in specific geographic markets, for particular types of robots or during particular time periods. Market expansion for our products depends on various factors, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost, pricing, performance, and reliability of our products and those offered by our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the perceived value associated with our products and services, and our customers and potential customers' acceptance of the use of robots to perform certain tasks traditionally completed by humans in the facilities management industry, such as security patrol, delivery, and disinfection;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• public perceptions regarding the effectiveness, efficiency, and value of robotics applications in the facilities management industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• global and local economic conditions, labor market trends and labor costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• customer satisfaction with our products; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• marketing efforts and publicity surrounding our products.

Existing or new national laws and regulations, safety standards, or resistance by employees of our institutional customers and labor unions, all of which are factors outside of our control, could cause delays or otherwise impair adoption of our products, which could materially and adversely affect our growth, operating results, financial condition and prospects. Even if commercial robots gain wide market acceptance, our products may not adequately address market requirements and may not continue to gain market acceptance. If one or more of the targeted markets experience a shift in customer demand, whether due to new solutions that better address the customers' needs or otherwise, our products may not compete as effectively, if at all. If demand or acceptance of our products does not develop as expected or if we cannot accurately forecast pricing, adoption rates and sales cycle for our products, this may have a material adverse impact on our business, results of operations and financial condition.

***We have sold a limited number of products, and the demand for our products is hard to predict accurately. Our operating results and financial condition could be materially impacted if we are unable to accurately forecast consumer demand for our products or manage our inventory effectively.***

Our products and services are used across different market and geographical segments, and demand for our product and service offerings may vary. Most importantly, the numbers, types, and locations of our products in service, especially of our AMRs, vary depending on the duration of each customer contract, customer demand and similar factors. Due to the limited number of sales and deployments of our products, the numbers, types, and locations of our products in service that are currently deployed may not be representative of customer contracts and customer demand in the future. In the Asia-Pacific region, we have sold two Camello<sup>+</sup> AMRs and one TreX in Australia; deployed four Camello AMRs, three O-R3 AMRs, and two O-RX AMRs in Singapore; and sold one TreX in South Korea. In the U.S., we have sold two Camello<sup>+</sup> AMRs, one O-R3 and deployed one O-RX.

We must forecast production and inventory needs in advance with our suppliers and manufacturer, and our ability to do so accurately could be affected by many factors, including variations in customer demand for our products or those of our competitors, the success of new products in the market, sales promotions by us or our competitors, and unanticipated shifts in general economic conditions or consumer confidence levels. Therefore, our inability to accurately forecast consumer demand for our products and manage our inventory effectively could result in a material adverse impact on our operating results and financial condition.

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A material shortfall in demand as compared to our forecasts could trigger an inventory write-down or write-off or force us to sell excess inventory at discounted prices. This would have a negative impact on our gross margin and could create reputational risk. In addition, if we were to have excess inventory, we may have reduced working capital, which could adversely affect our ability to invest in other important areas of our business such as marketing and product development. Conversely, if demand exceeds our forecasts and we do not have sufficient inventory to meet this demand, we would have to rapidly increase production and incur higher supply and manufacturing costs that would lower our gross margin. Any of these scenarios could adversely impact our operating results and financial condition.

***We target customers that are large corporations with substantial negotiating power, exacting product standards and potentially competitive internal solutions. If we are unable to sell our products to these customers, our prospects and results of operations will be adversely affected.***

We expect that many of our potential customers will be large, multinational corporations with substantial negotiating power relative to us and, in some instances, may have internal solutions that compete with our products. These corporations also have significant development resources, which may allow them to acquire or develop independently, or in partnership with others, competitive technologies. Meeting the technical requirements and securing binding commitments from any of these companies will require a substantial investment of our time and resources. We cannot assure you that our products will secure binding commitments from these or other companies or that we will generate meaningful revenue from the sales of our products to these key potential customers. If our products are not selected by these large corporations or if these corporations develop or acquire competitive technology, it will have an adverse effect on our business, which could be material.

***We are dependent on a small number of key customers, and the loss of one or more of these customers could materially and adversely affect our business, financial condition and results of operations.***

We currently derive a significant portion of our revenue from our service and maintenance contracts. For the financial years ended April 30, 2024 and 2023, we derived approximately 79.3% and 77.6% of our total revenues from service and maintenance, respectively. For the six months ended October 31, 2024 and 2023, we derived approximately 85.3% and 82.8% of our total revenues from service and maintenance, respectively. In relation to our service and maintenance contracts, our revenue is concentrated among a small number of key customers. Although the composition of our largest customers has varied from year to year, a small group of customers continues to represent a significant portion of our revenue. For the fiscal year ended April 30, 2023, our top three customers — Engie Services Singapore Pte Ltd, Sengkang General Hospital Pte Ltd, and Universitätsmedizin Greifswald Kdör — accounted for approximately 13.75%, 10.51%, and 10.13% of our sales, respectively. For the six months ended October 31, 2023, these customers represented 13.26%, 10.16% and 14.51% of our sales, respectively. For the fiscal year ended April 30, 2024, our top three customers — Engie Services Singapore Pte Ltd, Ng Teng Fong General Hospital, and Sengkang General Hospital Pte Ltd — contributed approximately 10.68%, 12.10%, and 10.79% of our sales, respectively. For the six months ended October 31, 2024, these customers accounted for 21.79%, 11% and 17.5% of our sales, respectively. Our service and maintenance contracts typically have durations of one to three years and are not guaranteed to be renewed upon expiration. Moreover, as our products age, the cost of spare parts tends to increase significantly, which may result in higher maintenance expenses for our customers. This could negatively affect their willingness to continue existing contracts or enter into new service and maintenance agreements with us. If we are unable to renew contracts with our key customers on favorable terms, or if we lose one or more major customers, our business, financial condition, and results of operations could be materially and adversely affected.

#### We may face difficulties as we expand our operations into regions or countries in which we have no prior operating experience.
Our growth strategy relies on our global expansion in order to provide geographic breadth for our current and future customers. This may involve expanding into countries and regions other than those in which we currently operate and where we are less familiar with local regulations, environment and procedures. For example, we may expand our operations into markets in Southeast Asia (including Thailand, Malaysia, and Indonesia), the United States, Europe, China, the United Kingdom, Australia and the Gulf Cooperation Council (GCC) countries. These regions and countries may have different cost structures, labor conditions, regulations and socioeconomic dynamics that may affect our results of operations. As we expand our business into new countries and regions, we may encounter economic, regulatory, personnel, technological and other difficulties that would increase our expenses, or delay our ability to commence our operations or become profitable

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in such countries and regions. For example, recruiting and training local talent in new countries as well as ensuring compliance with local regulations and standards may be challenging. Any difficulty in the implementation of our global growth strategy may adversely affect our business, financial condition and results of operations.

***We operate in a competitive industry that is rapidly evolving and subject to technological evolution. We expect competition to increase, and this could cause our market share to decline and negatively impact our results of operations.***

The robotics industry in which we operate is fragmented and competitive. It is subject to rapid technological change, shifting customer needs and expectations, consistent evolution and constant introduction of new products. As such, we expect competition to increase in the future. Our robotics hardware and software technology may not keep pace with changes in technology or the technology of our competitors. Any failure by us to keep pace with technological change and to introduce new solutions and technologies could materially impair our competitive position and growth prospects, which could have a material adverse effect on our business, prospects, financial condition and operating results.

We believe that a number of companies have developed or are developing robots that will compete directly with our product offerings. Additionally, government-sponsored laboratories and universities are pursuing contracts for robot-focused research and development. Some of our current and potential competitors are in the midst of researching, designing, developing, and marketing other types of products and services that may render our existing or future products obsolete, uneconomical or less competitive. Our current and potential competitors may respond more quickly to new or emerging technologies, and may have substantially greater financial, technical, marketing and sales, manufacturing, distribution, and other resources than us. This includes greater name recognition, as well as deeper experience and expertise in managing intellectual property rights and operating within certain international markets. Such advantages may enable them to compete more effectively against us. Moreover, while we believe many of our customers purchase our robotics products to augment, rather than replace, humans, in many cases, our primary competition may still be traditional modes of human labor for tasks such as security, disinfection, last-mile or intra-facility delivery services. Our potential customers could have long-standing or contractual relationships with our competitors and it may be difficult for us to compete.

Our ability to compete effectively depends on several factors, including the pricing of our products and services, quality of customer service and support, continuous development of new and enhanced products and services to meet customer demands and adapt to changing technology, the expansion of our distribution network and any potential resale or distribution channels, and the availability of sufficient capital resources to invest in product development, marketing, and other key areas. In the event the robotics market continues to expand, we expect that competition will intensify as additional competitors enter the market and current competitors expand their product lines. Existing competitors or new entrants may price their products aggressively, develop products with better performance or functionality, or incorporate technological advances that we have not yet developed or implemented. Increased competitive pressure could result in a loss of sales or market share or cause us to lower prices for our products, any of which would harm our business and operating results. We cannot assure you that our products will continue to compete favorably or that we will be successful in the face of increasing competition from new products and enhancements introduced by existing competitors or new companies entering the markets. Our failure to compete successfully could cause our revenue and market share to decline, which would negatively impact our results of operations and financial condition.

***We depend on the global supply chain and have experienced supply chain constraints due to several factors, including the lingering effects of the COVID-19 pandemic, a high inflation environment, and geopolitical events.***

We have experienced and continue to experience supply chain constraints resulting from the lingering effects of the COVID-19 pandemic, a high interest rate environment, and geopolitical events. These supply chain disruptions have increased the costs of components and logistics and have led to extended lead times in delivering our products to our customers.

These supply constraints include, but are not limited to, semiconductor shortages as well as shortages of certain parts. Extended lead times on certain parts as well as a lack of immediate availability may delay our ability to deploy our products and AMRs, and consequently, may delay our ability to recognize revenue. In addition, current or future governmental policies may increase the risk of inflation, which could further increase the costs of raw materials and components for our business. Similarly, if costs of goods continue to increase, our suppliers may seek price increases from us or demand for cash upfront to mitigate their own increased costs.

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If we are unable to mitigate the impact of supply chain constraints and inflationary pressure through price increases or other measures, our results of operations and financial condition could be negatively impacted. Even if we are able to raise the prices of our products, consumers might react negatively to such price increases, which could have a material adverse effect on, among other things, our brand, reputation, and sales. If our competitors substantially lower their prices, we may lose customers and mark down prices. Our profitability may be impacted by lower prices, which may negatively impact gross margins. Even though we are working to alleviate supply chain constraints through various measures, we are unable to predict the impact of these constraints on the timing of revenue and operating costs of our business in the near future. Raw material supply shortages and supply chain constraints, including cost inflation, have impacted and could continue to negatively impact our ability to meet increased demand, which in turn could impact our net sales revenues and market share.

In relation to the Russia-Ukraine war and the Israel-Palestine war, the extent and duration of the military actions, resulting sanctions, and future market disruptions — including stock market volatility, disruptions to the global supply chain, and worsening 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 significant collateral impact on global economy and our business model and revenue stream. As of the date of this prospectus, (i) we principally operate in Singapore and do not have business presence in Russia, Ukraine and the Middle-East; (ii) our industry has been less dependent on oil, natural resources or supply chain which have been disrupted by these military actions; however (iii) we have experienced increased costs for components and logistics, along with extended product delivery times for some customers due to global supply chain challenges. In general, we have experienced no significant financial or operational impact due to these disruptions arising from, related to, or caused by the global disruption from Russia's invasion of Ukraine and the tensions in the Middle-East.

***We depend on our suppliers, some of which as of the date of this prospectus are single, sole or limited source suppliers, and any inability of these suppliers to deliver the necessary components for our products at prices, schedule, volumes, performance and specifications acceptable to us, could have a material adverse effect on our business, prospects, financial condition and operating results.***

We rely on third-party suppliers for the provision, production, and development of many of the key components, sub-assemblies, materials and equipment used in our products and other aspects of our business, including chips, semiconductors, control units, energy storage materials (such as batteries), frames, and metal alloys. A continuous and stable supply of these components that meet our standards is critical to our operations and production. While most of the components and materials for our products can be procured from multiple sources and suppliers, certain of those items are only available from a single supplier or a limited number of suppliers (referred to as our single or limited source suppliers). This includes, for example, customary components developed for our products such as the chassis of our O-R3 and Camello<sup>+</sup> AMRs. If we are unable to obtain the components and materials from our single or limited source suppliers, we may be required to spend a significant amount of time and expense to develop alternate sources of supply. We may be unable to do so in the short term (or at all) at prices or quality levels that are favorable to us, which could have a material adverse effect on our business, prospects, financial condition and operating results.

If our suppliers are unable to supply key components and materials in the required volumes, on a timely basis, or at acceptable prices, our sales, revenues and results of operation will likely be adversely affected and we may not be able to meet our obligations to customers. We may experience operational difficulties with our suppliers, including reductions in the availability of production capacity, failures to comply with product specifications, insufficient quality control, failures to meet production deadlines, and increases in manufacturing costs. Our supplier may experience disruptions in their manufacturing operations due to equipment breakdowns, supply-chain disruption, labor strikes or shortages, natural disasters, component or material shortages, cost increases or other similar problems. In addition, we may not be able to renew contracts with our suppliers. Shortages or delays or loss of any of our suppliers could have a material adverse effect on our business.

We and our suppliers continue to experience supply chain constraints, cost inflation, and the interruption in the supply or shortage of materials and components. It is unclear how long these challenges will remain. We and our suppliers use various materials in our businesses and products, including for example semiconductors, energy storage materials (such as batteries), metal alloys such as aluminum, steel, fiberglass, and non-ferrous metals such as graphite, manganese, lithium and cobalt, and the prices for these components and materials may fluctuate. The available supply of some of these materials and components is currently and may continue to be unstable, depending on market conditions and

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global demand. Any sustained supply interruption or shortage or cost increases that result in our products being priced beyond what customers are willing to pay would affect demand for our products and prevent or delay the delivery of our products to our customers and materially and negatively impact our business, prospects, financial condition and operating results. Risks relating to our supply chain include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an increase in the cost, or decrease in the available supply, of semiconductor chips, lithium-ion batteries, electrical components, alloys and non-ferrous metals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the potential effects of a resurgence of the COVID-19 pandemic or other pandemics, epidemics or outbreaks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• geopolitical and economic events and conditions, such as inflation, tariffs and taxes, fluctuations and shortages in petroleum supply, labor shortages and the ongoing Israel-Palestine conflict and Russia-Ukraine war, as well as responses to such events and conditions (e.g., economic sanctions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disruption in global logistics, such as increased freight charges, constrained capacity and extended shipping delays; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations of foreign currencies in which manufactured parts, components and the related raw material purchases are denominated against the Singapore dollar.

***Increases in costs, disruption in supply or shortage of materials, in particular for lithium-ion cells or semiconductors, could harm our business, prospects, financial condition and operating results.***

Our ability to manufacture our robotics products depends on having a consistent supply of semiconductors, components incorporating semiconductors, and lithium-ion battery cells. Increases in costs, disruption in supply or shortage of lithium-ion cells from our battery suppliers could disrupt production and increase the costs of production of our products, and subsequently could harm our business. We do not currently have any long term standing agreements for the supply of batteries and we depend on the open market for their procurement.

The shortage of semiconductors or other key components incorporating semiconductors could cause a significant disruption to our production schedule. While the global semiconductor supply shortage has eased in 2024, we may still encounter shortage for semiconductors on a periodic basis, which may impact the manufacturing of certain components which incorporate semiconductors. These delays and shortages could disrupt our production and lead to longer lead times for the delivery of our products to our customers. We experienced and may continue to experience an impact on our operations as a result of the shortages and longer lead times of semiconductor chips, and such shortage could in the future have a material impact on us or our suppliers, which could delay our production, negatively affect our ability to timely deliver our products to customers, or force us or our suppliers to pay exorbitant rates for continued access to semiconductors. Any failure to deliver our products within our projected costs and timelines could have a material adverse effect on our business, prospects, financial condition and operating results.

If we are unable to pre-purchase the supply for semiconductors or other key components that may experience shortages, or if we cannot find other methods to mitigate the impact of any such shortage, then any such short shortage could have a material adverse effect on our business, prospects and results of operations. Furthermore, fluctuations or shortages in raw materials or components and other economic conditions may cause us to experience significant increases in freight charges and material costs. Substantial increases in the prices for materials or prices charged to us, such as those charged by our battery or semiconductor suppliers, would increase our operating costs, and could reduce our profit margins if we cannot recoup the increased costs through increased RaaS subscription fee or unit sales prices. Any attempts to increase product prices in response to increased material costs could result in cancellations of orders and reservations and therefore materially and adversely affect our brand, image, business, prospects, financial condition and operating results.

***We rely solely on Reis Robotics as the single source supplier for the production and maintenance of the TransCar systems, and the partial or complete loss of Reis Robotics as our supplier could cause customer supply or production delays and a substantial loss of revenues.***

Under the supply agreement dated May 31, 2023 between KUKA Industries GmbH & Co. KG Obernburg (now Reis Robotics GmbH & Co. KG ("Reis Robotics"), following its acquisition by CT Pack Srl and Swiss FAI Holding AG on June 30, 2023 and its subsequent change of name) and Otsaw Swisslog Healthcare Robotics Pte. Ltd. (the "Supply Agreement"), Reis Robotics is responsible for the supply of the TransCar AGVs and we rely solely on them as our

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single source supplier for production and manufacturing of the TransCar AGVs. Under the Supply Agreement, Reis Robotics agreed to deliver 49 TransCar AGVs during the first contractual year in 2023, and for the following years, the Otsaw-Swisslog JV is to submit purchase orders to Reis Robotics for the TransCar AGVs for each respective year. In 2024, the Otsaw-Swisslog JV purchased 25 TransCar AGVs from Reis Robotics. The Supply Agreement also provides for pricing and delivery terms, as well as termination for cause provisions. If termination for good cause is undertaken by Reis Robotics, it is entitled to the payment of the contract price in full minus such savings incurred by Otsaw due to the termination, and Otsaw is obliged to reimburse all the expenses and costs which have been occurred until the termination.

Our reliance on Reis Robotics as the sole supplier in relation to the production and maintenance of the TransCar system involves several other risks, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if we experience an increase in demand of product or services, our suppliers may be unable to provide us with the product or services that we need in order to meet that increased demand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our suppliers may encounter financial hardships unrelated to our demand for components, which could inhibit their ability to fulfil our orders and meet our requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we or our suppliers may lose access to critical services and components, resulting in an interruption in the manufacture, assembly and shipment of the product and delivery of services; and

If any of these risks materialize, the costs associated with developing alternative sources of supply or production in a timely manner could have a material adverse effect on our ability to meet demand for TransCar AGVs and the maintenance services of the installed TransCar AGVs. Our ability to generate revenues could be impaired, market acceptance of our product could be adversely affected, and customers may instead choose to purchase or use alternative products from our competitors. We may not be able to find new or alternative suppliers in a timely manner or at all. As a result, we could incur increased production costs, experience delays in the delivery of our products and suffer harm to our reputation, which may have an adverse effect on our business and results of operations.

Nevertheless, following discussions and mutual understanding between the parties at a meeting, the parties have agreed to continue performance under the existing Supply Agreement through June 30, 2025 and Reis Robotics will discontinue manufacturing of the TransCar AGVs on June 30, 2025. No formal amendment to the Supply Agreement was executed in connection with this extension. The next generation of TransCar, TransCar 5.0, will be produced in-house at our manufacturing facility in Singapore. As such, we will no longer rely on Reis Robotics for the manufacturing of the TransCar AGVs. However, we may not be able to complete testing and successfully launch production of TransCar 5.0 in 2025, and we may have to continue relying on Reis Robotics as our single source supplier for the TransCar AGVs.

***Our business and prospects depend significantly on our ability to build the Otsaw brand. We may not succeed in developing, maintaining and strengthening the Otsaw brand, and our brand and reputation could be harmed by negative publicity regarding us or our products, which would materially and adversely affect acceptance of our products, our business, revenues and prospects.***

Our business and prospects depend on our ability to develop, maintain and strengthen the Otsaw brand. We believe that our ability to develop, maintain and strengthen our brand depends on the success of our marketing efforts and our ability to provide high-quality products and engage with our customers as intended. Any failure to develop, maintain and strengthen our brand may materially and adversely affect our ability to sell our products and build our customer base. In addition, our ability to develop, maintain and strengthen the Otsaw brand may ultimately depend on the acceptance of our products by employees, operators, or other end-users of our corporate customers. To promote our brand, we may be required to change or expand our customer development and branding practices, which could result in substantially increased expenses. Given the nature of the market in which we operate, investments in end-user acquisition will be high and market uptake may be slow until a critical mass is achieved. Our ability to successfully position our brand could also be adversely affected by perceptions about the quality of our competitors' products. Despite significant efforts and investment, there is no guarantee that we will be successful in our branding and marketing efforts. If we do not develop and maintain a strong brand, our business, prospects, financial condition and operating results will be materially and adversely impacted.

Our products, such as our outdoor AMRs (O-R3 and Camello<sup>+</sup>), UV-C disinfection system and TransCar AGVs, serve highly public-facing industries such as facilities management, last-mile delivery, and healthcare industries. If safety incidents occur or are perceived to have occurred, whether or not such incidents are our fault, we could be subject to adverse publicity or resistance by the general public, intended communities, and employees of our corporate customers. In particular, given the popularity of social media, any negative publicity, whether true or not, could quickly proliferate and harm perceptions and confidence in our brand.

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***We have limited experience in operating our robots in a variety of environments and increased deployment and thus interactions may lead to collisions, possible liability and negative publicity.***

Our O-R3, Camello<sup>+</sup>, O-RX and TransCar robots operate autonomously in outdoor and indoor environments, such as residential communities, commercial compounds, hospitals, shopping malls, and crowded areas such as parks, stadiums or event sites. These environments are surrounded by various moving and stationary physical obstacles including humans and vehicles. Such environments increase the likelihood of collisions, unintended interactions and various other incidents. Our robots contain several advanced sensors, outdoor autonomy capabilities, and dynamic obstacle avoidance technologies that are designed to effectively prevent any such incidents and are intended to stop any motion of the robot at the detection of intervening objects. Nonetheless, real-life environments, especially those in crowded areas, are unpredictable and situations may arise in which the robots may not perform as intended.

Although we continuously test our robots in a number of unpredictable environments and continue to improve each model's obstacle avoidance and collision prevention technology, such tests may not accurately reveal underlying vulnerabilities. Therefore, our robots could be involved in a collision with humans and objects. Incidents involving autonomous vehicles and humans, although infrequent, have received significant public attention and raised concerns about the safety of robotic systems. To date, however, we are not aware of any reports of any significant collisions, defects, errors or failures in our products.

Despite the maximum speed of our robots typically not exceeding 3.2 mph, which we believe is a speed that is unlikely to lead to any significant damage even in the event of a collision, we cannot assure you that a collision, with property or with humans, will not occur. Such incidents could damage the robot or result in personal injury or property damage, subjecting us to potential lawsuits. Moreover, any such incident, even without damage, may lead to adverse publicity for us. Such lawsuits or adverse publicity could negatively affect our brand and harm our business, prospects, financial condition and operating results.

***Design flaws, unknown defects, real or perceived errors, glitches or malfunctions in our products or the software that operates them, failure of our products to perform as expected, connectivity issues or user errors can result in product recalls, claims against us, personal injuries, property damage, and significant safety concerns, each of which could materially and adversely affect our results of operations, financial condition, growth prospects or reputation.***

Our products, especially our robots, are highly complex. Product defects can occur throughout the product development, design and manufacturing processes or as a result of our use of third parties' components, materials, and parts manufacturing service. Any defects of our platform and products could result in negative publicity, loss of or delay in market acceptance of our platform and products, regulatory investigations and enforcement actions, harm to our brand, weakening of our competitive position, liability claims, or failure to meet the stated service level commitments in our end-user agreements.

The manufacturing or design defects, glitches, malfunctions, connectivity issues, unanticipated use of our robotic systems, user errors or inadequate disclosure of risks relating to the use of our robots and platforms, among others, can lead to collision, personal injury, property damage or other adverse events. Such adverse events could lead to recalls or safety alerts relating to our products (either voluntary or required by governmental authorities), and could result, in certain cases, in the removal of our products from the market. Product defects or recalls could also result in negative publicity, damage to our reputation or, in the event of regulatory developments, delays in new product approvals. A recall could also result in significant costs. Moreover, our products, such as O-R3, O-Rx, Camello<sup>+</sup>, TransCar are used in outdoor and indoor public-facing environments, the failure or malfunction of any of these products, could significantly damage our reputation and brand and public support for robotic solutions in general.

The existence of any defects, errors, or failures in our products or the misuse of our products could also lead to product liability claims or lawsuits against us. A defect, error or failure in one of our products could result in failure or damage to the production, or property damage, injury, death and/or significant damage to our reputation and brand in general. We anticipate this risk will grow as more and more of our products are deployed. We anticipate that as part of our ordinary course of business we may be subject to product liability claims alleging defects in the design or manufacture of our products. A product liability claim, regardless of its merit or eventual outcome, could result in substantial costs, damage to our brand and diversion of our management's attention and resources, which could have a negative impact on our business, financial condition and results of operations. Although we maintain product liability insurance, the coverage is subject to deductibles and limitations, and may not be adequate to cover future claims. Additionally, we may be unable to maintain our existing product liability insurance in the future at satisfactory rates or adequate amounts.

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Our products rely on complex electronic hardware, algorithms, software, user interfaces and electromechanical designs. Complex software and firmware often contain errors, and our products have experienced and may continue to experience undetected errors, failures, or bugs. Our products may be integrated with our customers' existing systems and operations, and may not be compatible with our customer end-user's operating systems, system management software, applications, devices, databases, servers, infrastructure, information technology system, networking configuration, or other third-party applications and equipment, which may cause errors or failures during the deployments. In such an event, we may be required, or may choose, for the purpose of maintaining customer relationships or for other reasons, to expend significant additional resources to rectify the problem.

Despite extensive testing of our products for defects, errors or performance issues when they are first introduced, and when new versions or enhancements are released, our products may still contain real or perceived errors, failures, or defects which may only be discovered until our customers use our platform and products for a period of time. This could result in expensive and time-consuming design modifications or warranty costs, delays in the introduction of new products or enhancements, significant increases in our service and maintenance costs, exposure to liability for damages, damaged customer relationships and harm to our reputation, any of which could materially impact our results of operations and ability to achieve market acceptance. In addition, increased development and warranty costs could be substantial and could reduce our operating margins. We are also subject to potential recalls of our products to repair the defects or to address any failure to comply with our customers' order specifications or applicable regulatory standards, and we may have to conduct recalls of our products due to defects in components or parts manufactured by suppliers from which we purchase and incorporate into our products. We may also be required to remedy or retrofit hardware products in the event that an order is not built to a customer's specifications or where a design error has been made. The financial cost and impact to our reputation of significant retrofit and remediation events or product recalls could have a material adverse effect on our business and operating results.

***We are subject to stringent and changing laws, regulations and standards, corporate policies, and contractual obligations related to data privacy and security in jurisdictions where our products operate.***

Our AMRs, especially our O-R3, Camello<sup>+</sup>, O-RX robots, store and may analyze certain types of personal or identifying information regarding human, objects, environments that interact with the AMRs. However, by the design of our AMR systems and software, these types of personal or identifying information are only transmitted between the AMRs and the systems of our end-user customers and they are stored, processed, and controlled solely by our end-user customers. We are isolated from such information, and we maintain stringent data security measures and access procedures to prevent our employees, suppliers, distributors and service providers, from accessing these personal or identifying information and other proprietary or confidential information of our end-user customers.

However, the regulatory framework for privacy and security issues is rapidly evolving worldwide and is likely to remain uncertain for the foreseeable future. As a result of our international operations, not only do we have to comply with Singapore's data privacy laws and regulation (such as Singapore's Cybersecurity Act and Personal Data Protection Act), we must also comply with a multitude of data security and privacy laws that may vary significantly from jurisdiction to jurisdiction. Most jurisdictions in which we operate have established or are in the process of establishing data security and privacy legal frameworks which we and our customers must comply with. As the interpretation and application of many privacy and data protection laws are uncertain, these laws may be interpreted or applied differently across jurisdictions, and in a manner that is inconsistent with our current data management practices or the features of our products. If so, in addition to the possibility of fines, lawsuits and other claims and penalties, we could be required to fundamentally change our business activities and practices or modify our products to comply with such regulations, which could have an adverse effect on our business. Furthermore, the costs of compliance with such data privacy laws, regulations, and policies that are also applicable to the businesses of our customers may limit the use and adoption of our products, reducing the overall demand. Privacy and data security concerns, whether valid or not valid, may inhibit market adoption of our products, particularly in certain industries and foreign countries.

For example, in the United States, all 50 states have now passed laws to regulate the actions that a business must take in the event of a data breach, such as prompt disclosure and notification to affected users and regulatory authorities. In addition to the data breach notification laws, some states have also enacted statutes and rules requiring businesses to reasonably protect certain types of personal information they hold or to otherwise comply with certain specified data security requirements for personal information. Additionally, the U.S. federal and state governments will likely continue to consider the need for greater regulation aimed at restricting certain uses of personal data for targeted advertising. In the European Union, or EU, the General Data Protection Regulation, or GDPR, which came into effect on May 25,

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2018, increased our burden of regulatory compliance and requires us to change certain of our privacy and data security practices. The GDPR implements more stringent operational requirements for processors and controllers of personal data, including, for example, requiring expanded disclosures about how personal information is to be used, limitations on retention of information, mandatory data breach notification requirements, and higher standards for data controllers to demonstrate that they have obtained either valid consent or have another legal basis in place to justify their data processing activities. The GDPR further provides that EU member states may make their own additional laws and regulations in relation to certain data processing activities, which could further limit our ability to use and share personal data and could require localized changes to our operating model. Under the GDPR, fines of up to €20 million or up to 4% of the total worldwide annual turnover of the preceding financial year, whichever is higher, may be assessed for non-compliance, which significantly increases our potential financial exposure in the event of non-compliance.

For our daily operations, we rely on commercially available systems, software, and information technology and networks for processing, transmitting and storing confidential information, as well as to manage or support a variety of our operations, including financial transactions and maintenance of records, which may include personally identifiable information of customers, partners, employees, and prospective investees. Although we have taken steps to protect the security of the data maintained in our systems, it is possible that such security measures will not be able to prevent the systems' improper functioning, or the improper disclosure of personally identifiable or confidential information such as in the event of non-compliance of our data privacy policy by our employees, suppliers, distributors, service providers, cyber-attacks, and similar breaches that may cause us to be in breach of relevant data privacy and cybersecurity law and regulations. Any failure or alleged failure to comply with the relevant data privacy and cybersecurity laws and regulations could interrupt our operations, damage our reputation, result in negative publicity, inhibit sales and subject us to liability claims or regulatory penalties. Concerns about our practices with regard to the collection, use, disclosure, or safekeeping of personal information or other privacy related matters, even if unfounded, could damage our reputation and adversely affect our operating results.

***We are subject to cybersecurity risks to our operations, information technology infrastructure and systems, software integrated in our products, and data processed by us, our distributors, and end-user customers.***

Our business, operations, products, and services involve the collection, storage, processing and transmission of personal data and certain other sensitive and proprietary information of our end-users, partners, customers and others. Additionally, we maintain sensitive and proprietary information relating to our business, such as our own proprietary information, trade secrets, coding of our software and personal data relating to our employees.

Although we have implemented and are in the process of implementing additional security protections that shield against data theft, security breaches, data loss and other security incidents, we cannot guarantee that these security measures will fully safeguard us against such cybersecurity risks. The information technology and its infrastructure used in our business may still be vulnerable to cyberattacks or security breaches or incidents, and third parties may be able to access our trade secrets, intellectual property, and data, including personal data and other sensitive and proprietary data of us, our employees, our customers and partners. Such data could be subject to unauthorized use, disclosure, unavailability, modification or other processing. In addition, concerns about our practices with regard to the collection, use, disclosure, or safekeeping of personal information or other privacy related matters, even if unfounded, could damage our reputation if made public and adversely affect our operating results.

We may in the future be a target for cybersecurity attacks designed to disrupt our operations or to attempt to gain access to our systems, data processed or maintained in our business, trade secrets or other proprietary information or financial resources. Our security measures may also be breached due to employee error, malfeasance, system errors or vulnerabilities, including vulnerabilities of our distributors, suppliers, their products, or otherwise. Techniques used to gain unauthorized access to or sabotage information systems frequently change and may not be known until launched against a target, making it difficult to anticipate or prevent these attacks, and we may face delays in our detection or remediation of, or other responses to, security breaches and other privacy-and security-related incidents. Such breach or unauthorized access, increased government surveillance, or attempts by outside parties to fraudulently induce employees, users, or customers to disclose sensitive information in order to gain access to our data or our users' or customers' data could materially disrupt our operational systems, result in loss of intellectual property, trade secrets or other proprietary or competitively sensitive information; compromise certain information of customers, employees, suppliers or others, jeopardize the security of our facilities, or affect the performance of our products and the software technologies integrated in our products. Certain efforts may be state-sponsored or supported by significant financial and technological resources, making them even more difficult to detect, remediate and otherwise respond to.

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As part of our customer service, products maintenance and technical support functionalities, we utilize internet data connectivity to monitor the performance of our robots in real-time and to provide remote support and maintenance*.* The availability and effectiveness of our customer services and technical support functionality depend on the continued operation of information technology and communications systems. Our systems are vulnerable to damage or interruption from, among others, physical theft, fire, terrorist attacks, natural disasters, power loss, war, telecommunications failures, viruses, denial or degradation of service attacks, ransomware and other malicious code, social engineering schemes, insider theft or misuse or other attempts to harm our systems. Furthermore, our customers may object to us logging and recording information about each product's use and data in order to aid us in diagnostics and servicing, which may require us to implement new or modified data handling policies and mechanisms, thereby increasing our maintenance costs and costs associated with data processing and handling. This would have an adverse impact on our business, prospects and results of operations.

Moreover, there are inherent risks associated with maintaining, developing, improving, expanding and updating our current systems, such as the disruption of our management, research and development, procurement, production, finance, inventory management, and sales and service processes. These risks may affect our ability to manage our data and inventory, procure parts or supplies, manufacture, deploy, deliver and service our products, or adequately protect our intellectual property. We cannot be sure that these systems, including those of our third-party vendors or suppliers, will be effectively maintained, updated or expanded as planned. If we do not successfully maintain or expand these systems as planned, our operations may be disrupted, our ability to accurately and timely report our financial results could be impaired and deficiencies may arise in our internal control over financial reporting, impacting our ability to certify our financial results. Moreover, our proprietary information or intellectual property could be compromised or misappropriated, and our reputation may be adversely affected. If these systems do not operate as we expect them to, we may be required to expend significant resources to make corrections or find alternative sources for performing these functions.

Any actual or perceived security breach or security incident, or any systems outages or other disruption to systems used in our business, could interrupt our operations, result in loss or improper access to, or acquisition or disclosure of, data or a loss of intellectual property protection, harm our reputation and competitive position, reduce demand for our products, damage our relationships with customers, partners, collaborators or others or result in claims, regulatory investigations and proceedings and significant legal, regulatory and financial exposure. Any such incidents, or any perception that our security measures are inadequate, could lead to loss of confidence in us, harm our reputation and impair our ability to attract and retain users, adversely affecting our business, financial condition and results of operations. Any actual or perceived breach of privacy or security or other security incidents impacting any entities with which we share or disclose data (including, for example, our third-party technology providers) could have similar effects. We expect to incur significant costs in an effort to detect and prevent privacy and security breaches and other related incidents, and we may be required to expend substantial resources in the event of an actual or perceived privacy or security breach or incident.

***Any unauthorized access or control of our AMR and robotics systems could result in a loss of confidence in us and our brand and harm our business.***

Our AMRs and other robotics systems contain complex software systems to support their operation and information technology system that enables them to connect to and communicate with the systems of our end-user customers and the Fleet Management and Control Systems which are utilized and operated by our end-user customers for real-time data access and collection through Wi-Fi, 5G and LTE networks. Hackers may attempt to gain unauthorized access to modify, alter and to gain control of, the AMR system deployed by our customer, including the individual AMR's functionality, user interface and performance characteristics, or to gain access to data stored in or generated by the deployed AMRs that are in the control of our customers.

Regardless of their veracity, reports of cyber-attacks on our information technology networks or our AMRs systems or data, as well as reports that our technology, software, our AMRs systems or data are vulnerable to hacking could negatively affect our brand and harm our business, reputation, prospects, financial condition and results of operation. Moreover, our deployed products and AMRs may be subject to inappropriate handling, theft, vandalism and other damages, the financial cost and impact of which could have a material adverse effect on our business and operating results.

***A significant portion of our net sales are generated through distributors, which subjects us to certain risks*.**

We sell our products worldwide through multiple sales channels, including direct sales and through our distributors, who resell our products to numerous end customers.

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A significant portion of our net sales are made to distributors, accounting for approximately 4% and 9% of our net sales in fiscal years 2024 and 2023. The impairment or termination of our relationships with our distributors, or the failure of these parties to diligently market, sell, or lease our products and comply with applicable laws and regulations, could materially and adversely affect our ability to generate revenue and profits.

We plan to continue expanding into international markets through our distributors. We may face significant challenges and risks in managing a geographically dispersed distribution network. Since our distributors control the relationships with some of our end customers, if our relationship with any distributor ends, we could also lose our relationships with these customers. In addition, if a dispute arises with a distributor or if a distributor is terminated by us or goes out of business, it may take time to find an alternative distributor, and to train new personnel to market our products, and our ability to sell our products in the region formerly serviced by such terminated distributor could be harmed.

We have limited control over our third-party distributors. Our distributors and its agents may be unable to successfully market, lease and sell our products and may not devote sufficient time and resources to support the marketing, sales, education and training efforts that is necessary for our products to develop, achieve or sustain market acceptance. Additionally, in some international jurisdictions, we rely on our distributors to manage the regulatory process, obtain the requisite regulatory approvals for our products to operate, and comply with all applicable rules and regulations. We are dependent on their ability to do so effectively, and any failure by them to do so could harm our reputation, business, financial condition and results of operations.

In addition, some of our distributors do not sell our products exclusively, and they may focus their sales efforts and resources on other products that produce better margins or greater commissions for them or products where they have a strategic relationship with the supplier. We do not control the sales representatives and other employees of our distributors, and we cannot guarantee that our sales processes, regulatory compliance and other priorities will be consistently communicated and executed. In addition, we may not have staff in the locations covered by our distributors, which makes it particularly difficult for us to monitor their performance. While we may take steps to mitigate the risks associated with noncompliance by our distributors, there remains a risk that they will not comply with the local regulatory requirements or our requirements and compliance policies. If the services of any of these third-party distributors and its agents become unsatisfactory, we may experience delays in meeting our customers' demands and we may be unable to find a suitable replacement on a timely basis or on commercially reasonable terms. This could result in flat or declining sales in a given geographic area, harm to the reputation or our products and our business, or legal liability, any of which could have a material adverse effect on our business, financial condition and results of operations.

***We may acquire other businesses, form joint ventures or make other investments, that could negatively affect our operating results, cause dilution, increase our debt or cause us to incur significant expenses. If we cannot identify or acquire companies consistent with our growth strategy or successfully integrate acquired businesses into our operations, it could adversely affect our business, financial condition and results of operations.***

While we have grown organically, we may consider potential acquisitions, joint ventures or other investment opportunities in businesses similar or complementary to our business in selected geographies or industries in order to enhance our ability to compete in our core markets or allow us to enter new markets, or incorporate new technologies into our solutions and product offerings.

These transactions could be material to our financial condition and results of operations. We cannot offer any assurance that any acquisitions of businesses, assets and/or entering into strategic alliances or joint ventures will be successful. We may not be able to find suitable partners or acquisition candidates and may not be able to complete such transactions on favorable terms, if at all. If we make any acquisitions, we may not be able to integrate these acquisitions successfully into the existing business and could assume unknown or contingent liabilities. Even if we identify and pursue acquisitions, we may not complete future transactions in a timely manner, on a cost-effective basis, or at all, and we may not realize the expected benefits of any acquisition or investments. Other companies may also compete with us for these strategic or acquisition opportunities. Acquisitions involve numerous risks, any of which could harm our business, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant expenditures of cash and dilutive securities issuances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulties in integrating the operations, information technology systems, technologies, products offerings, existing contracts, accounting and personnel and realizing the anticipated synergies of the combined businesses;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulties in supporting and transitioning customers, if any, of the acquired business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulties in establishing and maintaining effective uniform standards, controls, procedures and policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disruptions of our on-going businesses, diversion of resources and management's attention from existing operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulties in realizing our financial and strategic objectives for the acquired business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks of entering new markets and geographic areas in which we have limited or no experience;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential loss of key personnel, customers and strategic alliances from either our current business or the acquired company's business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assumption of unanticipated or latent liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• negative impact on results of operations due to goodwill impairment write-offs, amortization of intangible assets other than goodwill, or assumption of anticipated liabilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inability to generate sufficient revenue to offset acquisition costs.

The risks above could significantly harm our business. If we fail to properly evaluate acquisitions or investments, execute acquisitions or adequately address these risks, we may not achieve the anticipated benefits of any such acquisitions, and we may incur costs in excess of what we anticipate, our operating results may actually decline and acquired goodwill and intangibles may become impaired, all of which could materially harm our financial results.

When appropriate opportunities arise, we have in the past, and may in the future acquire additional assets, products, technologies or businesses that are complementary to our existing business. From time to time, the sellers of these assets, products and technologies or businesses may retain certain rights to the technology that they sell to us, which in some circumstances could allow the sellers to compete with us.

Acquisitions also may affect our short-term cash flow and net income as we expend funds, potentially increase indebtedness and incur additional expenses. Any future acquisitions also could result in the issuance of shares, incurrence of debt, contingent liabilities or future write-offs of intangible assets or goodwill, any of which could have a negative impact on our cash flows, financial condition and results of operations. To finance any acquisitions or joint ventures, we may choose to issue ordinary shares, preferred shares, or a combination of debt and equity as consideration, which could significantly dilute the ownership of our existing shareholders or provide rights to such preferred shareholder in priority over our shareholders. As of the date of this prospectus, we have not engaged in any discussions regarding any potential acquisitions or investments with any party.

***We intend to expand our business and operations significantly, and any failure to manage our growth effectively could materially and adversely affect our business, prospects, financial condition and operating results.***

In order to achieve our business objectives and growth strategies, we intend to expand our operations significantly. Any failure to manage our growth effectively could materially and adversely affect our business, prospects, financial condition and operating results. We expect our future expansion to include, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expanding the management, research and development, and product teams;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expanding our sales and marketing efforts, customer support, and maintenance services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifying and recruiting individuals with the relevant experience, hiring and training new personnel;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establishing and maintaining relationships with customers, distributors, and suppliers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expanding our production capacities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pursuing strategic acquisitions and investment opportunities and entering into collaborations, joint ventures, strategic alliances or partnerships;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• implementing and enhancing operation infrastructure, systems and processes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expanding our market share in the hospital intralogistics markets globally, including Europe and Asia, through the Otsaw-Swisslog JV.

The growth and expansion of our business and operation create significant challenges for our management, operational, and financial resources, including managing multiple relationships and interactions with customers, distributors, suppliers, and other third parties. As we continue to grow, our information technology systems, internal controls and procedures and production processes may not be adequate to support our operations. To ensure success, we must continue to improve our operational, financial, and management processes and systems and to effectively expand, train, and manage our employee base, and effectively manage our growing production, inventory management and sales and marketing needs.

We have recently hired a significant number of new employees. We expect to continue to add additional personnel in the sales and marketing, research and development, production, and customer services teams, in Singapore and globally. Integrating a large number of new employees in a short time can cause disruptions to personnel and projects management, culture, priorities and the company as a whole. New employees may not perform as expected or may not fit culturally, and long-term employees may not embrace new leaders, priorities, methods, processes or other changes and may decide to leave or may not perform as well as in the past. Further, because of the innovative and complex nature of our technology, personnel with the necessary experience have not been, and likely will continue not to be, readily available to hire, and as a result, we will need to expend significant time and expense to recruit and retain experienced employees and appropriately train any newly hired employees. Competition for individuals with experience developing, producing and servicing our products, especially our robots and their software, is intense, and we may not be able to attract, integrate, train, motivate or retain additional highly qualified personnel. Any failure to attract, integrate, train, motivate and retain our employees or any difficulty in adjusting to a larger organization with a large number of new employees could significantly impact our research and development, production and service and materially harm our business, prospects, financial condition and operating results.

#### Entering into strategic alliances, such as our joint venture with Swisslog Healthcare, exposes us to risks.
We have entered into, and may in the future enter into additional, strategic alliances, including joint ventures, collaborations, in-license arrangements or minority equity investments with various third parties to further our business. For example, since December 2021, we joined forces with Swisslog Healthcare to form the Otsaw-Swisslog JV. Swisslog Healthcare, headquartered in Switzerland, is a global leader in hospital automated intralogistics solutions. We believe our joint venture with Swisslog Healthcare gives us, through our ownership interest in the Otsaw-Swisslog JV, an opportunity to benefit from Swisslog's TransCar AGV product development expertise, synergies to market our products (such as O-R3, UV-C Disinfection system, and Camello<sup>+</sup>) and longstanding relationships with many of our target customers in the healthcare industry. With Swisslog Healthcare's global footprint, we believe we have an opportunity through the Otsaw-Swisslog JV to significantly and efficiently expand into the European and Asian healthcare and hospital markets.

While offering potential benefits, these strategic alliances, partnership, joint ventures could subject us to a number of risks. There is no guarantee that any of these partnerships, joint ventures, or strategic alliances would lead to any long term agreements or lasting or successful business relationships with third parties or that any of the other anticipated benefits will be achieved. If any of these relationships are established, they may subject us to a number of risks, including risks associated with sharing proprietary information, non-performance by our partners or other third-parties and increased expenses in establishing new relationships, any of which could materially and adversely affect our business. We may have limited ability to monitor or control the actions of our partners or other third parties and, to the extent any of these strategic partners suffers negative publicity or harm to their reputation from events relating to their business, we may also suffer negative publicity or harm to our reputation by virtue of our association with any such third-party. For example, as part of the arrangement of the Otsaw-Swisslog JV, we rely on Reis Robotics, a third party manufacturer, as our single source supplier for the production and manufacturing of the TransCar AGVs, as well as Swisslog Healthcare Italy S.P.A. SU as our agent to handle our service and maintenance obligations to our customers in Italy. These operations are outside of our control. The product and service delivery of the TransCar AGVs could experience delays if Reis Robotics does not meet the agreed upon delivery timelines or experience capacity constraints, and in turn, we could lose customers and face reputational harm, which could have a material and adverse effect on our business, results of operations, prospects and financial condition. Since Reis Robotics' operations are

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outside of our control, bottlenecks and other unexpected challenges may also arise if we are required to ramp up production to satisfy increased orders from our customers. In addition, because we rely on Reis Robotics as our supplier to meet the quality standards of the TransCar AGV, we might not successfully maintain the quality standards. Any of the foregoing could adversely affect our business, results of operations, financial condition and prospects.

Further, there is risk of potential disputes with our partners, and we could be affected by adverse publicity related to our partners whether or not such publicity is related to their collaboration with us. Our ability to successfully build our brand could also be adversely affected by perceptions about the quality of our partners' products. With our joint venture with Swisslog Healthcare, we became subject to risks associated with Swisslog Healthcare's business, many of which are the same risks that we currently face. Other risks include: risks associated with Swisslog Healthcare's products and technology, integration risks, such as risks associated with combining two organizations and cultures across Singapore and Europe, two different geographies, maintaining focus on business and product development objectives, maintaining customer and supplier relationships, integrating systems and maintaining cybersecurity, allocating resources appropriately across product offerings and retaining employees, and risks associated with whether we can achieve the expected benefits of the joint venture. If we are unable to effectively manage these and any other risks resulting from the Otsaw-Swisslog JV, the value of our investment in the Otsaw-Swisslog JV may be adversely affected and the expected benefits of the planned partnership may not be realized.

We expect that strategic alliance and partnership will be an important factor in the growth and success of our business. However, we may not be able to identify or secure suitable business relationship opportunities in the future or our competitors may capitalize on such opportunities before we do. Moreover, identifying such opportunities could require substantial management time and resources, and negotiating and financing relationships involves significant costs and uncertainties. If we are unable to successfully source and execute on strategic relationship opportunities in the future, our overall growth could be impaired, and our business, prospects, financial condition and operating results could be materially and adversely affected.

***The loss of one or more of our key personnel, or our failure to attract and retain other highly qualified personnel in the future, could harm our business.***

Our future success depends in a large part upon the continued service of key members of our senior management team, in particular our chairman, director and chief executive officer, Mr. Ling Ting Ming. These individuals play a key role in leading our company, implementing corporate strategies, developing our technologies, maintaining key relationships with our customers, suppliers and partners, and successfully commercializing our products and services. The loss of any key personnel could seriously harm our business. The loss of any member of our senior management team might significantly delay or prevent the achievement of our business objectives and could materially harm our business and customer relationships. In addition, because of the highly technical nature of our products, any significant loss of our existing and future engineering personnel could have a material adverse effect on our business and operating results. In addition, if any of our senior management or key personnel joins a competitor or form a competing company, we may be affected by the potential loss of knowhow, trade secrets or business partners.

Our success and growth also depends, in part, on our continuing ability to identify, hire, attract, train and develop other highly qualified personnel. Experienced and highly skilled employees are in high demand and competition for these employees can be intense, and our ability to hire, attract and retain them depends largely on our ability to provide competitive compensation. Many of the companies with which we compete for hiring experienced employees have greater resources than we have. We may not be able to attract, assimilate, develop or retain qualified personnel in the future, and our failure to do so could adversely affect our business, including the execution of our strategy and ability to grow.

#### Our management team lacks experience in managing a U.S. public company.
Our current management team lacks experience in managing a U.S. publicly traded company, interacting with public company investors and complying with the increasingly complex laws pertaining to U.S. public companies. Prior to the completion of the offering, we were a private company mainly operating our businesses in Singapore. As a result of the offering, our company will become subject to significant regulatory oversight and reporting obligations under the federal securities laws and the scrutiny of securities analysts and investors, and our management currently has no experience in complying with such laws, regulations and obligations. Our management team may not successfully or efficiently manage our transition to becoming a U.S. public company. These new obligations and constituents will require significant attention from our senior management and could divert their attention away from the day-to-day management of our business, which could adversely affect our business, financial condition and results of operations.

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***Developments in the social, political, regulatory and economic environment, including but not limited to natural events, wars, terrorist attacks and other acts of violence, health epidemics and other outbreaks, or security incidents, in the countries where we operate, may have a material and adverse impact on us.***

Our business, prospects, financial condition and results of operations may be adversely affected by social, political, regulatory and economic developments in countries in which we operate. Such political and economic uncertainties include, but are not limited to, the risks of war, terrorism, health epidemics and other outbreaks, security incidents, nullification of contract, changes in interest rates, imposition of capital controls and methods of taxation. A substantial part of our operations are in Singapore, and negative developments in Singapore's socio-political environment may adversely affect our business, financial condition, results of operations and prospects. Although the overall economic environment in Singapore and other countries where we operate appears to be positive, there can be no assurance that this will continue to prevail in the future.

Furthermore, natural disaster events (such as typhoons, floods and earthquakes), terrorist attacks and other acts of violence or war may also adversely disrupt our operations, leading to economic weakness in the countries in which they occur and affect worldwide financial markets, and could potentially lead to economic recession, which could have an adverse effect on our business, financial condition and results of operations. These events could adversely affect our customers' level of business activity and precipitate sudden significant changes in regional and global economic conditions and cycles. These events also pose significant risks to our people and to our business operations around the world.

Our facilities or those of any third-party suppliers could also be adversely affected by events outside of our or their control, such as natural disasters, wars, health epidemics and other calamities. Our technology systems and facilities may be damaged in natural disasters such as earthquakes, typhoons, or fires or subject to damage or compromise from human error, technical disruptions, power failure, computer glitches and viruses, telecommunications and digital services failures, adverse weather conditions, break-ins, war, riots, terrorist attacks or similar events and other unforeseen events, all of which are beyond our control.

Any of the foregoing events may seriously damage or affect our facilities and production, cause interruptions of our operations, system breakdowns, technology platform failures, which could cause the loss or corruption of data or the malfunction of software or hardware, as well as impede our ability to provide and delivery our services and products to our customers, which may have a negative impact on our reputation and may cause us to incur substantial additional expenses to repair or replace damaged equipment or facilities. Furthermore, we could be impacted by physical security incidents at our facilities, which could result in significant damage to such facilities that could require us delay or discontinue production of our product. We may incur significant expenses or delays relating to such events outside of our control, which could have a material adverse impact on our business, results of operations and financial condition.

While we maintain property insurance policies covering our equipment and facilities in accordance with customary industry practice, our insurance coverage may not be sufficient to compensate for the costs of repairing the damage caused by such disruptive events and such events may not be covered under our policies. With respect to losses which are covered by our policies and subject to deductibles, exclusions, and/or limitations, it may be difficult and time-consuming to recover such losses from insurers. In addition, we may not be able to recover the full amount of losses incurred from the insurers.

#### Global economic conditions could materially adversely impact demand for our products and services.
Our operations and performance depend significantly on economic conditions. Adverse changes in the economy could negatively impact our business. Global economic conditions continue to be subject to volatility arising from international geopolitical developments (such as the ongoing Israel-Palestine conflict and Russia-Ukraine war), global economic phenomenon (including rising inflation rates), general financial market turbulence and natural phenomena (such as the COVID-19 pandemic). Future economic distress and adverse global economic conditions may result in a decrease in demand for our products, which could have a material adverse impact on our operating results and financial condition.

Our customers may postpone purchases of our products and services in response to tighter credit, unemployment, negative financial news and/or declines in income or asset values and other macroeconomic factors, which could have a material negative effect on demand for our products and services. Our suppliers may be unable to produce components for our products in the same quantity or on the same timeline or being unable to deliver such parts and components as

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quickly as before or subject to price fluctuations, which could have a material adverse effect on our production or the cost of such production; and accordingly, on our business, results of operations or financial condition. Uncertainty and adverse changes in the economy could also increase costs associated with developing and producing products, increase the cost and decrease the availability of sources of financing, and increase our exposure to material losses from bad debts, any of which could have a material adverse impact on our financial condition and operating results.

Access to public financing and credit can be negatively affected by the effect of these events on Singapore, U.S. and global credit markets. The health of the global financing and credit markets may affect our ability to obtain equity or debt financing in the future and the terms at which financing or credit is available to us. These instances of volatility and market turmoil could adversely affect our operations, our ability to conduct an initial public offering on a national U.S. exchange (or at all) and the trading price of our Class A Ordinary Shares if we ever conduct such an offering.

***We are subject to the risks associated with international operations, including unfavorable regulatory, political, tax and labor conditions, which could materially and adversely affect our business, financial condition, results of operations and prospects.***

As of the date of this prospectus, the substantial majority of our operations are based in Singapore, primarily serving the Asia-Pacific market. As part of our growth strategy, especially in relation to our partnership with Swisslog Healthcare and establishment of our regional centers in the United States and Germany, we intend to further expand our sales, maintenance and repair services and manufacturing activities to Europe, North America, and other new countries in the coming years.

We anticipate having operations and subsidiaries that are subject to the legal, political, regulatory and social requirements and economic conditions in foreign jurisdictions. Compliance with foreign laws and regulations that apply to our international operations increases our cost of doing business in foreign jurisdictions. These laws and regulations include data privacy requirements, labor relations laws, tax laws, foreign currency-related regulations, anti-competition regulations, prohibitions on payments to governmental officials, market access, import, export and general trade regulations, including but not limited to economic sanctions and embargos.

Laws and regulations governing our products, especially our robots, are still developing and constantly evolving, as industrial and commercial applications of robotics become increasingly prevalent. Our products may be required to conform to various new or changing international, national, state and local laws and regulations, where those products are sold, including laws and regulations relating to the design, manufacturing, marketing, distribution, servicing or use of our products, safety standard, data protection and cybersecurity laws and regulations, medical devices law and regulations, and laws and regulations in relation to self-driving vehicles.

Violations of the aforesaid laws and regulations could result in fines and penalties, liabilities claims, criminal sanctions against us, our officers or our employees, and prohibitions on the conduct of our business, including suspension of production or a cessation of our operations. Any such violations, or a major shift in governmental policies in any jurisdiction that we have operations in, could affect our ability to offer our products and services in one or more countries, result in the withdrawal or recall of our products, or the discontinuation of our operations, whether partially or entirely, damage to our reputation, our brand, our international expansion efforts, and our ability to attract and retain employees. This would have a material adverse impact our business and our operating results.

Compliance with these laws requires a significant amount of management attention and effort, which may divert our management's attention from running our business operations and could harm our ability to grow our business, or may increase our expenses as we engage specialized third parties or other additional resources to assist us with our compliance efforts. Furthermore, we have limited experience to date manufacturing, selling, maintaining and servicing our products on a large-scale internationally, and such expansion would require us to make significant expenditures, such as hiring of local employees, in advance of generating any revenue. In addition to the risks regarding foreign law and regulations, we may be subject to a number of risks associated with international operations that may increase our costs, impact our ability to manufacture or sell our products and require significant management attention. These risks include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulties establishing international manufacturing operations, including difficulties establishing relationships with or establishing localized supplier bases and developing cost-effective and reliable supply chains for such manufacturing operations;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulty in staffing and managing foreign operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulties attracting customers in new jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in diplomatic and trade relationships, including political risk and customer perceptions based on such changes and risks, political instability, natural disasters, pandemics, war (including the ongoing Russo-Ukraine War and Israel-Palestine conflict) or events of terrorism;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the strength of international economies;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• foreign labor laws, regulations and restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• capital controls or capital restrictions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• United States and foreign government trade restrictions, import and export controls, tariffs and price or exchange controls.

Our success depends, in part, on our ability to anticipate these risks and manage these difficulties. If we fail to successfully address these risks, our business, prospects, results of operations and financial condition could be materially harmed.

Our products must comply with the EU's CE marking requirements, which certify that our products meet the EU's safety, health, environmental, and applicable performance standards. Achieving and maintaining CE compliance involves comprehensive assessment, testing, documentation, and in some cases, certification processes to ensure that our products conform to applicable EU directives and standards. There is a risk that our products may not meet these regulatory requirements, or we may face challenges in obtaining, maintaining, or updating the necessary CE certifications. Our products remain subject to potential market surveillance checks by EU member state authorities even after obtaining CE marking.

Non-compliance with CE marking requirements could lead to legal penalties, fines, product recalls, or restrictions on our ability to distribute our products in the EU market. Additionally, any delays in obtaining CE compliance for new products, such as the next generation of our TransCar AGVs, could hinder our market entry and reduce potential sales opportunities. Failure to achieve or maintain CE compliance, or to adapt to evolving regulatory landscapes in the EU, could materially and adversely impact our business, financial condition, and results of operations in the European market.

We have applied for CE certification for TransCar 5.0 and our application is currently under design review. We expect to complete the CE certification process and acquire CE certification for TransCar 5.0 by the second quarter of 2026. We intend to obtain UL and FCC certifications in the United States for TransCar 5.0 after CE certification has been obtained. We have not initiated the regulatory certification process for any of our other product lines at this time. There can be no assurance that we will receive CE, UL or FCC certification for TransCar 5.0 or our other products as and when we commence the certification process, or that we will receive such certifications within our expected timeline, if at all. Failure to obtain these certifications may impact our ability to market and sell TransCar 5.0 or our other products in the United States and Europe and could materially affect our business, financial condition and results of operations.

***From time to time, we may become involved in legal proceedings, which could have a material adverse effect on our business, operating results, or financial condition.***

We may, from time to time in the future, become subject to legal proceedings, claims, litigation and government investigations or inquiries, which could be expensive, lengthy, and disruptive to normal business operations. In addition, the outcome of any legal proceedings, claims, litigation, investigations or inquiries may be difficult to predict and could have a material adverse effect on our business, operating results, or financial condition.

#### We are exposed to foreign exchange risk arising from various currency exposures. Fluctuations in foreign currency exchange rates will affect our financial results.
The substantial majority of our operations are in Singapore, while our overseas sales and procurement are incurred in multiple jurisdictions, including Southeast Asia countries, Europe, countries in the GCC, United Kingdom, United States, and Australia, which exposes us to the effects of fluctuations in currency exchange rates. Fluctuations

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in foreign currency exchange rates will affect our financial results. The exchange rates between various currencies that we use in recent years has fluctuated significantly and may continue to do so in the future. Fluctuations in the exchange rates between these currencies could result in expenses being higher and revenue being lower than would be the case if exchange rates were stable.

Our entities operate using their respective functional currencies. For our Singapore entities, the functional currency is the Singapore dollar (SGD), while for our Germany entity, it is the euro (EUR). We do not hedge our currency exposure. Consequently, when our sales, procurement, and operating costs are denominated in different currencies, or when there are timing differences between invoicing and payments from customers or to suppliers, we may be exposed to foreign currency exchange gains or losses arising from transactions conducted in currencies other than our functional currencies.

***The imposition of barriers to trade, escalation of trade disputes, and changes to trade policy, tariffs, and import/export regulations may have a material adverse effect on our business, financial condition, and results of operations.***

We market our products and services globally. We believe there has been a global escalation of barriers and restriction to trade in recent years. Any imposition of new tariffs or other trade barriers, or the escalation of any trade dispute, may adversely affect the global economy, stability of global financial markets, and the businesses of our customers, which, in turn, would also adversely affect demand for our services and products. A downturn in the global economy or the economies of countries in which we or our customers operate as a result of any trade dispute could adversely affect our business, financial condition and results of operations. In addition, current government actions undertaken by various governments to stimulate their respective economies and future government action, including interest rate decreases, changes in monetary policy or intervention in the exchange markets and other government action to adjust the value of the local currency, may trigger inflation. The occurrence of such fluctuations, devaluations or other currency risks could have a material adverse effect on ours and our customer's business, financial condition and results of operations.

***We are subject to anti-corruption, anti-bribery, anti-money laundering, financial and economic sanctions and similar laws, and noncompliance with such laws can subject us to administrative, civil and criminal fines and penalties, collateral consequences, remedial measures and legal expenses, all of which could adversely affect our business, results of operations, financial condition and reputation.***

We have international operation. As part of our growth strategy, we are planning to substantially expand our operations in the United States, including establishing subsidiaries, joint-venture and alliance in the United States. We are subject to anti-corruption, anti-bribery, anti-money laundering, financial and economic sanctions and similar laws and regulations in various jurisdictions in which we conduct activities, including the U.S. Foreign Corrupt Practices Act, or FCPA, and other anti-corruption laws and regulations. Those laws generally prohibit us and our officers, directors, employees and business partners acting on our behalf, including agents, from corruptly offering, promising, authorizing or providing anything of value to a "foreign official" for the purposes of influencing official decisions or obtaining or retaining business or otherwise obtaining favorable treatment. The FCPA also requires companies to make and keep books, records and accounts that accurately reflect transactions and dispositions of assets and to maintain a system of adequate internal accounting controls. A violation of these laws or regulations could adversely affect our business, results of operations, financial condition and reputation.

We have direct or indirect interactions with officials and employees of government agencies and state-owned affiliated entities in the ordinary course of business. We have also entered into business partnerships with government agencies and state-owned or affiliated entities. These interactions subject us to an increased level of compliance-related concerns. We will adopt and implement policies and procedures designed to ensure compliance by us and our directors, officers, employees, representatives, consultants, agents and business partners with applicable anti-corruption, anti-bribery, anti-money laundering, financial and economic sanctions and similar laws and regulations. However, our policies and procedures may not be sufficient and our directors, officers, employees, representatives, consultants, agents, and business partners could engage in improper conduct for which we may be held responsible.

Non-compliance with anti-corruption, anti-bribery, anti-money laundering or financial and economic sanctions laws could subject us to whistleblower complaints, adverse media coverage, investigations, and severe administrative, civil and criminal sanctions, collateral consequences, remedial measures and legal expenses, all of which could materially and adversely affect our business, results of operations, financial condition and reputation. In addition, changes in economic sanctions laws in the future could adversely impact our business and investments in our shares.

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#### Failure of our internal controls over financial reporting could harm our business and financial results.
Upon completion of the offering, we will be a public company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). As such, we will be required to make certain financial statements and financial results available to the public.

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting for external purposes in accordance with accounting principles under International Financial Reporting Standards (IFRS). Internal control over financial reporting includes maintaining records that in reasonable detail accurately and fairly reflect our transactions; providing reasonable assurance that transactions are recorded as necessary for preparation of our financial statements; providing reasonable assurance that receipts and expenditures of our assets are made in accordance with management authorization; and providing reasonable assurance that unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements would be prevented or detected on a timely basis. Because of its inherent limitations, internal control over financial reporting is not intended to provide absolute assurance that a misstatement of our financial statements would be prevented or detected. Our growth and entry into new technologies and markets will place significant additional pressure on our system of internal control over financial reporting. Any failure to maintain an effective system of internal control over financial reporting could limit our ability to report our financial results accurately and timely or to detect and prevent fraud.

#### Environmental laws and regulations and unforeseen costs could negatively impact our future earnings.
The manufacture and sale of our products and services subjects us to environmental and other regulations in multiple jurisdictions. We face increasing complexity in our product design as we adjust to new and upcoming requirements relating to our products, including the restrictions on the use, storage, handling, discharge and disposal of chemicals used or generated in, or emitted by, our production processes, on the factories we contract with and on the materials contained in semiconductor products and certain other substances in electronics that will apply to electronics products put on the market. Semiconductor packages have historically utilized metallic alloys containing lead (Pb) within the interconnect terminals typically referred to as leads, pins or balls, and the European Union's Restriction of Hazardous Substances in Electrical and Electronic Equipment directive and similar laws in other jurisdictions, including China, impose strict restrictions on the placement into the market of electrical and electronic equipment containing lead and certain other hazardous substances. Similar laws and regulations have been or may be enacted in other regions, including in the United States, Canada, and Japan. There is no assurance that such existing laws or future laws will not impair future earnings or results of operations. We may become liable under these and other environmental, health and safety laws and regulations, including for the cost of compliance and cleanup of any disposal or release of hazardous materials arising out of our former or current operations, or otherwise as a result of the emission of greenhouse gasses or other chemicals, the existence of hazardous materials on our properties or the existence of hazardous substances in the products for which we perform our services. We could also be held liable for damages, including fines, penalties and the cost of investigations and remedial actions, we could be subject to revocation of permits, which may materially and adversely affect our ability to maintain or expand our operations. Additionally, if we are unable to align our environmental, health and safety practices with shifting customer preferences, we could suffer reputational harm, which could have a material and adverse effect on our business, results of operations, liquidity and cash flows.

There has also been an increase in public attention and industry and customer focus on the materials contained in semiconductor products, the environmental impact of semiconductor operations and the risk of chemical releases from such operations, climate change, sustainability and related environmental concerns. This increased focus on sustainability and the environmental impact of semiconductor operations and products has caused industry groups and customers to impose additional requirements on us and our suppliers, sometimes exceeding regulatory standards. These industry and customer requirements include increased tracking and reporting of greenhouse gas emissions, reductions in waste and wastewater from operations, additional reporting on the materials and components used in the products for which we perform our services, and the use of renewable energy sources in our operations. To comply with these additional requirements, we may need to procure additional equipment or make process changes and our operating costs may increase.

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#### Risks Related to Intellectual Property
***Our success depends in part on our ability to obtain and maintain protection for the intellectual property relating to or incorporated into our products. If we are unable to protect our intellectual property, the value of our brand and other intangible assets may be diminished and our business may be adversely affected.***

Our success depends, in large part, on our ability to protect our intellectual property, know-how and other proprietary rights. We rely primarily on patents, trademarks, copyrights, trade secrets other contractual provisions, to protect our intellectual property and other proprietary rights. However, a portion of our technology and know-how is not patented, and we may be unable or may not seek to obtain patent protection for this technology. As of the date of prospectus, we have 1 patent, 2 trademarks and 5 design registrations registered with the Registrar of Patents, Registrar of Trademarks, and Registrar of Designs respectively in Singapore and 1 pending patent application and 1 pending trademark application in Singapore. In the United States, we have 1 patent registered with the United States Patent and Trademark Office. The existing US and Singapore legal standards relating to the validity, enforceability and scope of protection of intellectual property rights offer only limited protection, may not provide us with any competitive advantages, and may be challenged by third parties.

The laws of countries other than Singapore and the United States may be even less protective of intellectual property rights. Accordingly, despite our efforts, we may be unable to prevent third parties from infringing upon or misappropriating our intellectual property or otherwise gaining access to our technology. Unauthorized third parties may try to copy or reverse engineer our products or portions of our products or otherwise obtain and use our intellectual property. Moreover, many of our employees have access to our trade secrets and other intellectual property. If one or more of these employees leave to work for one of our competitors, then they may disseminate this proprietary information, which may as a result damage our competitive position. In addition, we seek to protect our trade secrets, know-how, and confidential information that is not patentable by entering into confidentiality agreements with our distributors, consultants, joint venture partners, business partners and other third parties. However, we may fail to enter into the necessary agreements, and even if these agreements are entered into, they may be breached or otherwise fail to prevent disclosure, third-party infringement or misappropriation of our proprietary information, or they may be limited as to their term and may not provide an adequate remedy in the event of unauthorized disclosure or use of proprietary information. Enforcing a claim that a third party illegally obtained or is using our trade secrets without authorization may be expensive and time consuming, and the outcome is unpredictable. If we fail to protect our intellectual property and other proprietary rights, then our business, results of operations or financial condition could be materially harmed. From time to time, we may have to initiate lawsuits to protect our intellectual property and other proprietary rights. Pursuing these claims is time consuming and expensive and could adversely impact our results of operations.

In addition, affirmatively defending our intellectual property rights and investigating whether we are pursuing a product or service development that may violate the rights of others may entail significant expense. Any of our intellectual property rights may be challenged by others or invalidated through administrative processes or litigation. If we resort to legal proceedings to enforce our intellectual property rights or to determine the validity and scope of the intellectual property or other proprietary rights of others, then the proceedings could result in significant expense to us and divert the attention and efforts of our management and technical employees, even if we prevail.

#### We may not be able to protect our intellectual property rights in all countries.
Filing, prosecuting, maintaining and defending patents and trademarks on each of our products and intellectual property in all countries throughout the world would be prohibitively expensive and time consuming, and thus our intellectual property rights outside Singapore and the United States are limited. In addition, the laws of some foreign countries, especially developing countries, such as China, do not protect intellectual property rights to the same extent as the laws in Singapore and the United States. Also, it may not be possible to effectively enforce intellectual property rights in some countries at all or to the same extent as in Singapore, the United States and other countries. Consequently, we are unable to prevent third parties from using our inventions in all countries, or from selling or importing products made using our inventions in the jurisdictions in which we do not have (or are unable to effectively enforce) patent protection. Competitors may use our technologies in jurisdictions where they have not obtained patent protection to develop, market or otherwise commercialize their own products, and we may be unable to prevent those competitors from importing those infringing products into territories where we have patent protection, but enforcement may not be as strong as in the United States. These products may compete with our products and our patents and other intellectual property rights may not be effective or sufficient to prevent them from competing in those jurisdictions. Moreover, strategic partners, competitors or others may raise legal challenges against our intellectual property rights or may infringe upon our intellectual property rights, including through means that may be difficult to detect or prevent.

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Proceedings to enforce our intellectual property rights in Singapore, United States, or other foreign jurisdictions could result in substantial costs and divert our efforts and attention from other aspects of our business, could put our patents at risk of being invalidated or interpreted narrowly and our patent applications at risk of not issuing and could provoke third parties to assert patent infringement or other claims against us. We may not prevail in any lawsuits that we initiate and the damages or other remedies awarded, if any, may not be commercially meaningful. Accordingly, our efforts to enforce our intellectual property rights in the United States and around the world may be inadequate to obtain a significant commercial advantage from the intellectual property that we develop or license from third parties.

***We may be subject to intellectual property claims in the future, which are costly to defend, could result in significant damage awards, and could limit our ability to use certain technologies in the future.***

Companies operating in the robotics industry may face difficulty enforcing their patent and other intellectual property rights and may become subject to a substantial amount of litigation over these rights. The large number of patents, the rapid rate of new patent issuances and the complexities of the technology involved increase the risk of patent litigation. In addition, the distributors which we license our software and technology used in our products could become subject to similar infringement claims.

Any intellectual property claims, with or without merit, could be time-consuming and expensive, and could divert our management's attention away from the execution of our business plan. Moreover, any settlement or adverse judgment resulting from the claim could require us to pay substantial amounts or obtain a license to continue to use the technology that is the subject of the claim, or otherwise restrict or prohibit our use of the technology. We might not be able to obtain a license from the third party asserting the claim on commercially reasonable terms, if at all, to develop alternative technology on a timely basis, if at all, or to obtain a license to use a suitable alternative technology to permit us to continue offering, and our customers to continue using, our affected product. In addition, we may be required to indemnify our distribution partners for third-party intellectual property infringement claims, which would increase the cost to us of an adverse ruling in such a claim. An adverse determination could also prevent us from offering our products to others. Infringement claims asserted against us or our distributors may have a material adverse effect on our business, results of operations or financial condition.

***We use other parties' software and other intellectual property in our proprietary software, including "open source" software. Any inability to continuously use such software or other intellectual property in the future could have a material adverse impact on our business, financial condition, results of operations and prospects.***

We use open source software in our products and anticipate using open source software in the future. Some open source software licenses require those who distribute open source software as part of their own software product to publicly disclose all or part of the source code to such software product or to make available any derivative works of the open source code on unfavorable terms or at no cost, and we may be subject to such terms. Any actual or claimed requirement to disclose our proprietary source code or pay damages for breach of contract could harm our business and could help third parties, including our competitors, develop products and services that are similar to or better than ours. While we monitor our use of open source software and try to ensure that none is used in a manner that would require it to disclose its proprietary source code or that would otherwise breach the terms of an open source agreement, such use could inadvertently occur, or could be claimed to have occurred. Additionally, we could face claims from third parties claiming ownership of, or demanding release of, the open source software or derivative works that it developed using such software, which could include its proprietary source code, or otherwise seeking to enforce the terms of the applicable open source license. These claims could result in litigation and could require us to make our software source code freely available, purchase a costly license or cease offering the implicated products or services unless and until it can re-engineer them to avoid infringement, which may be a costly and time-consuming process, and we may not be able to complete the re-engineering process successfully.

Additionally, the use of certain open source software can lead to greater risks than use of other parties' commercial software, as open source licensors generally do not provide warranties or controls on the origin of software. There is typically no support available for open source software, and we cannot ensure that the authors of such open source software will implement or push updates to address security risks or will not abandon further development and maintenance. Many of the risks associated with the use of open source software, such as the lack of warranties or assurances of title or performance, cannot be eliminated, and could, if not properly addressed, negatively affect our business. Any of these risks could be difficult to eliminate or manage and, if not addressed, could have a material and adverse effect on our business, financial condition and results of operations.

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#### Risks Related to our Offering and Ownership of Our Class A Ordinary Shares
***The dual class structure of our Class A Ordinary Shares and Class B Ordinary Shares has the effect of concentrating voting control with our chief executive officer, directors and their affiliates.***

As of the date of this prospectus, our authorized share capital of $49,999.9999 is divided into 499,999,999 Class A Ordinary Shares with a par value of $0.0001 per share and 1 Class B Ordinary Share with a par value of $0.0001 per share, of which 99,312,858 Class A Ordinary Shares and 1 Class B Ordinary Share are outstanding. Holders of Class A Ordinary Shares and Class B Ordinary Shares shall at all times vote together as one class on all matters submitted to a vote by the shareholders. At a general meeting, each Class A Ordinary Share has one (1) vote and the Class B Ordinary Share entitles the holder thereof to that number of votes equal to sixty (60) percent of the total number of Class A Ordinary Shares and Class B Ordinary Shares outstanding as at the record date for determining those shareholders that are entitled to vote at the general meeting.

The sole issued and outstanding Class B Ordinary Share is beneficially owned by our chairman, director and chief executive officer, Mr. Ling Ting Ming, and represents 60% of the aggregate voting power of our outstanding Ordinary Shares as of the date of this prospectus. Because of the voting ratio between our Class B Ordinary Shares and Class A Ordinary Shares, after the completion of the offering, the holder of our Class B Ordinary Share will collectively continue to control a majority of the combined voting power of our Ordinary Shares and therefore be able to control all matters submitted to our shareholders for approval by way of ordinary resolution even though the Class B Ordinary Share represents a minority by number of all outstanding Ordinary Shares. This concentrated control will limit the ability of holders of Class A Ordinary Shares to influence corporate matters for the foreseeable future.

The holder of our sole issued and outstanding Class B Ordinary Share may also have interests that differ from yours and may vote in a way with which you disagree and which may be adverse to your interests. Furthermore, this concentrated control may have the effect of delaying, preventing or deterring a change in control of our company, could deprive our shareholders of an opportunity to receive a premium for their Class A Ordinary Shares as part of a sales of our company and might ultimately affect the market price of our Class A Ordinary Shares.

In particular, Mr. Ling has voting rights with respect to an aggregate of [#] Class A Ordinary Shares and 1 Class B Ordinary Shares, representing [#]% of the voting power of the outstanding Ordinary Shares of Otsaw Limited as of the date hereof. As a result, Mr. Ling has the ability to control the outcome of matters submitted to our shareholders for approval, including the election of directors and any merger, consolidation, or sale of all or substantially all of our assets. In addition, Mr. Ling has the ability to control the management and affairs of Otsaw Limited as a result of his position as our chief executive officer and his ability to control the election of our directors.

As a board member and officer, Mr. Ling owes a fiduciary duty to Otsaw Limited and must act in good faith in a manner he reasonably believes to be in the best interests of Otsaw Limited. As a beneficial shareholder, even a controlling beneficial shareholder, Mr. Ling is entitled to vote his shares, and shares over which he has voting control as a result of voting agreements, in his own interests, which may not always be in the interests of our shareholders generally.

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

As of the date of this prospectus, our chairman, director, chief executive officer and controlling shareholder, Mr. Ling Ting Ming, indirectly owns more than 50% of the voting power of our outstanding Class A Ordinary Shares and Class B Ordinary Shares. Immediately after completion of the offering, he will own approximately [•]% of our total issued and outstanding Class A Ordinary Shares and [•]% of our total issued and outstanding Class B Ordinary Shares, representing approximately [•]% of the total voting power of our shares, assuming that the underwriters do not exercise their over-allotment option, which is more than 50% of the total voting power of our shares. Therefore, we are, and will continue to be, a "controlled company" within the meaning of the Nasdaq Stock Market Rules. Under the Rule 4350I 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 currently 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

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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 Class A Ordinary Share to look less attractive to certain investors or otherwise harm our trading price.

#### The dual-class structure of our Ordinary Shares may adversely affect the trading market for the Class A Ordinary Shares
Certain shareholder advisory firms have announced changes to their eligibility criteria for inclusion of shares of public companies on certain indices, including the S&P 500, to exclude companies with multiple classes of shares and companies whose public shareholders hold no more than 5% of total voting power from being added to such indices. In addition, several shareholder advisory firms have announced their opposition to the use of multiple class structures. As a result, the dual class structure of our Ordinary Shares may prevent the inclusion of the Class A Ordinary Shares in such indices and may cause shareholder advisory firms to publish negative commentary about our corporate governance practices or otherwise seek to cause us to change our capital structure. Any such exclusion from indices could result in a less active trading market for our Class A Ordinary Shares. Any actions or publications by shareholder advisory firms critical of our corporate governance practices or capital structure could also adversely affect the value of the Class A Ordinary Shares.

***Our Class A Ordinary Shares may be thinly traded and you may be unable to sell at or near ask prices or at all if you need to sell your shares to raise money or otherwise desire to liquidate your shares.***

Assuming our Class A Ordinary Shares begin trading on the Nasdaq Capital Market, our Class A Ordinary Shares may be "thinly-traded," meaning that the number of persons interested in purchasing our Class A Ordinary Shares at or near bid prices at any given time may be relatively small or non-existent. This situation may be attributable to a number of factors, including the fact that we are relatively unknown to stock analysts, stock brokers, institutional investors and others in the investment community that generate or influence sales volume. Even if we come to the attention of such persons, they tend to be risk-averse and might be reluctant to follow an unproven company such as ours or purchase or recommend the purchase of our shares until such time as we became more seasoned. As a consequence, there may be periods of several days or more when trading activity in our shares is minimal or non-existent, as compared to a seasoned issuer which has a large and steady volume of trading activity that will generally support continuous sales without an adverse effect on share price. A broad or active public trading market for our Class A Ordinary Shares may not develop or be sustained.

***There has been no public market for our Class A Ordinary Shares prior to this offering, and you may not be able to resell our Class A Ordinary Shares at or above the price you paid, or at all.***

Prior to this offering, there has been no public market for our Class A Ordinary Shares. Although we have applied to have our Class A Ordinary Shares listed on the Nasdaq Capital Market, we cannot assure you that a liquid public market for our Class A Ordinary Shares will develop. If an active public market for our Class A Ordinary Shares does not develop following the completion of this offering, the market price of our Class A Ordinary Shares may decline and the liquidity of our Class A Ordinary Shares may decrease significantly. An inactive trading market may also impair our ability to raise capital by selling our Class A Ordinary Shares and entering into strategic partnerships or acquiring other complementary products, technologies, software or businesses by using our Class A Ordinary Shares as consideration. In addition, if we fail to satisfy exchange listing standards, we could be delisted, which would have a negative effect on the price of our securities.

The initial public offering price for our Class A Ordinary Shares will be determined by negotiation between us and the Underwriters and may vary from the market price of our Class A Ordinary Shares following our initial public offering. The price at which the Class A Ordinary Shares are traded after this offering might decline below the initial public offering price. If you purchase our Class A Ordinary Shares in our initial public offering, you may not be able to resell those shares at or above the initial public offering price, if at all. We cannot assure you that the initial public offering price of our Class A Ordinary Shares, or the market price following our initial public offering, will equal or exceed prices in privately negotiated transactions of our shares that have occurred from time to time prior to our initial public offering. As a result, investors in our Class A Ordinary Shares may experience a significant decrease in the value of their Class A Ordinary Shares due to insufficient or a lack of market liquidity of our Class A Ordinary Shares.

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***If we cannot satisfy, or continue to satisfy, the initial listing requirements and other rules of Nasdaq Capital Market, our securities may not be listed or may be delisted, which could negatively impact the price of our securities and your ability to sell them.***

We have applied to have our securities approved for listing on the Nasdaq Capital Market upon consummation of this offering. We might not be able to meet those initial listing requirements at that time. Even if our securities are listed on the Nasdaq Capital Market, we cannot assure you that our securities will continue to be listed on the Nasdaq Capital Market.

In addition, following this offering, in order to maintain our listing on the Nasdaq Capital Market, we will be required to comply with certain rules of Nasdaq Capital Market, including those regarding minimum shareholders' equity, minimum share price and certain corporate governance requirements. Even if we initially meet the listing requirements and other applicable rules of the Nasdaq Capital Market, we may not be able to continue to satisfy these requirements and applicable rules. If we are unable to satisfy the Nasdaq Capital Market criteria for maintaining our listing, our securities could be subject to delisting.

If the Nasdaq Capital Market does not list our securities, or subsequently delists our securities from trading, we could face significant consequences, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a limited availability for market quotations for our securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced liquidity with respect to our securities;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limited amount of news and analyst coverage; and

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

***Nasdaq may apply additional and more stringent criteria for our initial and continued listing because we plan to have a small public offering and insiders will hold a large portion of the company's listed securities***

Nasdaq Listing Rule 5101 provides Nasdaq with broad discretionary authority over the initial and continued listing of securities in Nasdaq and Nasdaq may use such discretion to deny initial listing, apply additional or more stringent criteria for the initial or continued listing of particular securities, or suspend or delist particular securities based on any event, condition, or circumstance that exists or occurs that makes initial or continued listing of the securities on Nasdaq inadvisable or unwarranted in the opinion of Nasdaq, even though the securities meet all enumerated criteria for initial or continued listing on Nasdaq. In addition, Nasdaq has used its discretion to deny initial or continued listing or to apply additional and more stringent criteria in the instances, including but not limited to: (i) where the company engaged an auditor that has not been subject to an inspection by the PCAOB, an auditor that PCAOB cannot inspect, or an auditor that has not demonstrated sufficient resources, geographic reach, or experience to adequately perform the company's audit; (ii) where the company planned a small public offering, which would result in insiders holding a large portion of the company's listed securities. Nasdaq was concerned that the offering size was insufficient to establish the company's initial valuation, and there would not be sufficient liquidity to support a public market for the company; and (iii) where the company did not demonstrate sufficient nexus to the U.S. capital market, including having no U.S. shareholders, operations, or members of the board of directors or management. Our public offering will be relatively small and the insiders of our Group will hold a large portion of the company's listed securities. Nasdaq might apply the additional and more stringent criteria for our initial and continued listing, which might cause delay or even denial of our listing application.

#### The trading price of our Class A Ordinary Shares may be volatile, which could result in substantial losses to you.
The trading price of our Class A Ordinary Shares may be volatile and could fluctuate widely due to factors beyond our control. This may happen because of the broad market and industry factors, like the performance and fluctuation of the market prices of other companies with business operations located mainly in Singapore that have listed their securities in the United States. In recent years, the stock markets generally have experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of those

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companies. Broad market and industry factors may significantly affect the market price of our Class A Ordinary Shares, regardless of our actual operating performance. These fluctuations may be even more pronounced in the eventual trading market for our Class A Ordinary Shares.

In addition, the market price of our Class A Ordinary Shares is likely to be highly volatile and may fluctuate substantially due to many factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the volume and timing of sales of our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or anticipated fluctuations in our results of operations and changes or revisions of our expected results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the financial projections we may provide to the public, any changes in these projections or our failure to meet these projections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disputes or other developments with respect to our or others' intellectual property rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the realization of any of the other risk factors presented in this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in investors' perception of us and the investment environment generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• release or expiry of lock-up or other transfer restrictions on our outstanding Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sales or perceived potential sales of additional Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to develop, obtain regulatory clearance or approval for, and market new and enhanced robotic products on a timely basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lawsuits threatened or filed against us, potential product liabilities claim, and regulatory investigations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• quarterly variations in our results of operations or those of others in our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• media exposure of our products or of those of others in our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in governmental regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in earnings estimates or recommendations by securities analysts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• additions to or departures of our senior management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• detrimental negative publicity about us, our services, our officers, directors, Controlling Shareholder, other beneficial owners, our business partners, or our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• announcements by us or our competitors of significant products or features, technical innovations, acquisitions, strategic partnerships, joint ventures, or capital commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• price and volume fluctuations in the overall stock market, including as a result of trends in the economy as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actions of securities analysts who initiate or maintain coverage of us, changes in financial estimates by any securities analysts who follow our Company, or our failure to meet these estimates or the expectations of investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• political, social and economic conditions in Singapore and Asia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general market conditions and other developments affecting us or the robotics industry in which we operate, and factors unrelated to our operating performance or the operating performance of our competitors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other events or factors, including those resulting from war or incidents of terrorism, or responses to these events.

Any of these factors may result in large and sudden changes in the volume and price at which our Class A Ordinary Shares will be traded. In addition, the stock markets have experienced extreme price and volume fluctuations that have affected and continue to affect the market prices of equity securities of many companies. Share prices of many companies have fluctuated in a manner unrelated or disproportionate to the operating performance of those companies.

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

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

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

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

***Exercise of options granted under the Equity Incentive Plan or issue of awarded shares under the Equity Incentive Plan may result in dilution to our Shareholders.***

Prior to the closing of this offering, we intend to adopt the Equity Incentive Plan. We do not plan to grant any options under the Equity Incentive Plan prior to the completion of this offering. Following the issuance of new Ordinary Shares upon exercise of any options that may be granted under the Equity Incentive Plan, there will be an increase in the number of issued Class A Ordinary Shares. As such, there may be a dilution or reduction of shareholding of existing Class A Ordinary Share shareholders which results in a dilution or reduction of our earnings per Class A Ordinary Share and net asset value per Class A Ordinary Share. In addition, the fair value of options to be granted to eligible participants under the Equity Incentive Plan will be charged to our consolidated statements of profit or loss and other comprehensive income over the vesting periods of the options. Fair value of the options shall be determined on the date of granting of the options. Accordingly, our financial results and profitability may be materially and adversely affected.

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

The trading market for our Class A Ordinary Shares will depend in part on the research and reports that securities or industry analysts publish about us or our business. If research analysts do not establish and maintain adequate research coverage or if one or more of the analysts who cover us downgrade our Class A Ordinary Shares or publish inaccurate

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or unfavorable research about our business, the market price for our Class A Ordinary Shares would likely decline. If one or more of these analysts cease coverage of us or fail to publish reports on us regularly, we could lose visibility in the financial markets, which, in turn, could cause the market price or trading volume for our Class A Ordinary Shares to decline.

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

#### We have broad discretion in the use of the net proceeds from our public offering and may not use them effectively.
To the extent (i) we raise more money than required for the purposes explained in the section titled "Use of Proceeds" or (ii) we determine that the proposed uses set forth in that section are no longer in the best interests of our Company, we cannot specify with any certainty the particular uses of such net proceeds that we will receive from our public offering. Our management will have broad discretion in the application of such net proceeds, including working capital, possible acquisitions, and other general corporate purposes, and we may spend or invest these proceeds in a way with which our shareholders disagree. The failure by our management to apply these funds effectively could harm our business and financial condition. Pending their use, we may invest the net proceeds from our public offering in a manner that does not produce income or that loses value.

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

As of the date of this prospectus, we intend to retain all of our available funds and any future earnings after the offering to fund the development and growth of our business. As a result, we do not expect to pay any cash dividends in the foreseeable future. Therefore, you should not rely on an investment in our shares as a source for any future dividend income. Our board of directors has complete discretion as to whether to distribute dividends. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our board of directors. In either case, all dividends are subject to certain restrictions under the Cayman Islands law, namely that the Company may only pay dividends out of profits or share premium, and provided that under no circumstances may a dividend be paid if this would result in the Company being unable to pay its debts as they fall due in the ordinary course of business. Even if our board of directors decides to declare and pay dividends, the timing, amount and form of future dividends, if any, will depend on, among other things, our future results of operations and cash flow, our capital requirements and surplus, the amount of distributions, if any, received by us from our subsidiaries, our financial condition, contractual restrictions and other factors deemed relevant by our board of directors. Accordingly, the return on your investment in our Class A Ordinary Shares will likely depend entirely upon any future price appreciation of our Class A Ordinary Shares. We cannot assure you that our Class A Ordinary Shares will appreciate in value after this offering or even maintain the price at which you purchased the Class A Ordinary Shares. You may not realize a return on your investment in our Class A Ordinary Shares and you may even lose your entire investment in our Class A Ordinary Shares.

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***Shares eligible for future sale may adversely affect the market price of our Class A Ordinary Shares, as the future sale of a substantial amount of outstanding Class A Ordinary Shares in the public marketplace could reduce the price of our Class A Ordinary Shares.***

Sales of substantial amounts of our Class A Ordinary Shares in the public market after the completion of this offering, or the perception that these sales could occur, could adversely affect the market price of our shares and could materially impair our ability to raise capital through equity offerings in the future. [•] Class A Ordinary Shares will be outstanding immediately after this offering, if the firm commitment is completed. All of the shares sold in the offering will be freely transferable without restriction or further registration under the Securities Act. The remaining shares will be "restricted securities" as defined in Rule 144. These shares may be sold in the future without registration under the Securities Act to the extent permitted by Rule 144 or other exemptions under the Securities Act. In the future, we may also issue additional securities if we need to raise capital, which could constitute a material portion of our then-outstanding Class A Ordinary Shares.

#### You will experience immediate and substantial dilution.
The public offering price of our shares is substantially higher than the pro forma net tangible book value per share of our Class A Ordinary Shares. Assuming the completion of the firm commitment offering, if you purchase Class A Ordinary Shares in this offering, you will incur immediate dilution of approximately $[•] or approximately [•]% in the pro forma net tangible book value per share from the price per share that you pay for the Class A Ordinary Shares. Accordingly, if you purchase Class A Ordinary Shares in this offering, you will incur immediate and substantial dilution of your investment.

#### 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 completion of this offering, we will become a public company and expect to incur significant legal, accounting and other expenses that we did not incur as a private company. The Sarbanes-Oxley Act of 2002 and the rules subsequently implemented by the SEC and the Nasdaq Capital Market detailed requirements concerning corporate governance practices of public companies. As a company with less than US$1.07 billion in net revenues for our last fiscal year, we qualify as an "emerging growth company" pursuant to the JOBS Act. An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. These provisions include exemption from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act of 2012 relating to internal controls over financial reporting.

We expect these rules and regulations to increase our legal and financial compliance costs and to make some corporate activities more time-consuming and costlier. After we are no longer an "emerging growth company," we expect to incur significant expenses and devote substantial management effort toward ensuring compliance with the requirements of Section 404 of the Sarbanes-Oxley Act of 2002 and the other time and attention to our public company reporting obligations and other compliance matters. For example, as a result of becoming a public company, we will need to increase the number of independent directors and adopt policies regarding internal controls and disclosure controls and procedures. We also expect that operating as a public company will make it more difficult and more expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. In addition, we will incur additional costs associated with our public company reporting requirements. 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 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. We do not expect to incur materially greater costs as a result of becoming a public company than those incurred by similarly sized U.S. public companies. If we fail to comply with these rules and regulations, we could become the subject of a governmental enforcement action, investors may lose confidence in us and the market price of our Class A Ordinary Shares could decline.

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***As a company incorporated in the Cayman Islands, we are permitted to adopt certain Cayman Islands practices in relation to corporate governance matters that differ significantly from the Nasdaq corporate governance listing standards. These practices may afford less protection to shareholders than they would enjoy if we complied fully with the Nasdaq corporate governance listing standards.***

As a foreign private issuer that has applied to list our Class A Ordinary Shares on Nasdaq, we rely on a provision in the Nasdaq corporate governance listing standards that allows us to follow Cayman Islands law with regard to certain aspects of corporate governance. This allows us to follow certain corporate governance practices that differ in significant respects from the corporate governance requirements applicable to U.S. companies listed on the Nasdaq.

For example, we are exempt 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 non-management directors to meet on a regular basis without management present;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have an independent compensation committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have an independent nominating and corporate governance committee; 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 Class A 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 practice in lieu of the above requirements. Our audit committee is required to comply with the provisions of Rule 10A-3 of the Exchange Act, which is applicable to U.S. companies listed on the Nasdaq. Therefore, we intend to have a fully independent audit committee upon the Company's listing on the Nasdaq Stock Market, LLC ("Nasdaq"), in accordance with Rule 10A-3 of the Exchange Act. However, because we are a foreign private issuer, our audit committee is not subject to additional Nasdaq corporate governance requirements applicable to listed U.S. companies, including the requirements to have a minimum of three members and to affirmatively determine that all members are "independent," using more stringent criteria than those applicable to us as a foreign private issuer.

***Since Otsaw Limited is a Cayman Islands exempted company, the rights of our shareholders may be more limited than those of shareholders of a company organized in the United States.***

We are an exempted company incorporated under the laws of the Cayman Islands. Our corporate affairs are governed by our memorandum and articles of association, the Companies Act (As Revised) of the Cayman Islands and the common law of the Cayman Islands. The rights of shareholders to take action against our directors, actions by our minority shareholders and the fiduciary duties of our directors to us under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as from English common law, which has persuasive, but not binding, authority on a court in the Cayman Islands. The rights of our shareholders and the fiduciary duties of our directors under Cayman Islands law are not as clearly established as they would be under statutes or judicial precedent in some jurisdictions in the United States. In particular, the Cayman Islands have a less developed body of securities laws than the United States. Under the laws of some jurisdictions in the United States, majority and controlling shareholders generally have certain fiduciary responsibilities to the minority shareholders. Shareholder action must be taken in good faith, and actions by controlling shareholders which are obviously unreasonable may be declared null and void. In addition, Cayman Islands companies may not have standing to initiate a shareholder derivative action in a federal court of the United States.

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

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As a result of all of the above, public shareholders of Otsaw Limited may have more difficulty in protecting their interests in the face of actions taken by management, members of the board of directors or controlling shareholders than they would have as public shareholders of a public U.S. company.

***Certain judgments obtained against us by our shareholders may not be enforceable. You may also face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated under Cayman Islands law, and we conduct substantially all of our operations and all of our directors and executive officers reside outside of the United States.***

Otsaw Limited is a Cayman Islands exempted company and substantially all of our current operations are conducted by our subsidiaries outside of the United States. All of our directors and executive officers reside outside the United States and a substantial portion of their assets are located outside of the United States. As a result, it may be difficult for a shareholder to effect service of process within the United States upon these persons or to enforce against us or them judgments obtained in United States courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States.

Even if you are successful in bringing an action of this kind, the laws of the Cayman Islands and Singapore may render you unable to enforce a judgment against us, our assets, our directors and executive officers or the assets of our directors and executive officers. As a result of all of the above, our shareholders may have more difficulties in protecting their interests through actions against us or our officers, directors or major shareholders than would shareholders of a corporation incorporated in a jurisdiction in the United States.

#### Cayman Islands economic substance requirements may have an effect on our business and operations.
Pursuant to the International Tax Cooperation (Economic Substance) Act (As Revised) of the Cayman Islands, or the "ES Act", that came into force on January 1, 2019, a "relevant entity" is required to satisfy the economic substance test set out in the ES Act. A "relevant entity" includes an exempted company incorporated in the Cayman Islands as is our Company. Based on the current interpretation of the ES Act, we believe that our Company is a pure equity holding company since it only holds equity participation in other entities and only earns dividends and capital gains. Accordingly, for so long as our Company is a "pure equity holding company", it is only subject to the minimum substance requirements, which require us to (i) comply with all applicable filing requirements under the Companies Act; and (ii) have adequate human resources and adequate premises in the Cayman Islands for holding and managing equity participations in other entities. However, there can be no assurance that we will not become subject to more requirements under the ES Act. Uncertainties over the interpretation and implementation of the ES Act may have an adverse impact on our business and operations.

***We are an "emerging growth company," and the reduced disclosure requirements applicable to emerging growth companies may make our Class A Ordinary Shares less attractive to investors.***

We are an "emerging growth company," as defined in the JOBS Act. For so long as we remain an emerging growth company, we are permitted and intend to rely on exemptions from certain disclosure requirements that are applicable to other public companies that are not emerging growth companies. These exemptions include:

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

&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 of Section 404(b) of the Sarbanes-Oxley Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not being required to comply with any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation or a supplement to the auditor's report providing additional information about the audit and the financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced disclosure obligations regarding executive compensation; 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.

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We have taken advantage of reduced reporting burdens in this prospectus. In particular, in this prospectus, we have only provided two years of audited financial statements and have not included all the executive compensation related information that would be required if we were not an emerging growth company.

We cannot predict whether investors will find our Class A Ordinary Shares less attractive if we rely on these exemptions. If some investors find our Class A Ordinary Shares less attractive as a result, there may be a less active trading market for our Class A Ordinary Shares and our share price may be more volatile.

We will remain an emerging growth company until the earliest of (i) the date on which we are deemed to be a "large accelerated filer" under the Securities Exchange Act of 1934, as amended, or the Exchange Act, which would occur if the market value of our Class A Ordinary Shares that are held by non-affiliates exceeds US$700 million as of the last business day of our most recently completed second fiscal quarter. (ii) the end of the fiscal year during which we have total annual gross revenues of US$1.07 billion or more, (iii) the date on which we have, during the preceding three-year period, issued more than US$1 billion in non-convertible debt, or (iv) the last day of our fiscal year following the fifth anniversary of the completion of this offering.

***Otsaw Limited is a "foreign private issuer" within the meaning of the rules under the Exchange Act. Our disclosure obligations differ from those of U.S. domestic reporting companies and are exempt from certain Nasdaq corporate governance standards applicable to U.S. issuers. As a result, you will have less protection than you would have if we were a domestic issuer.***

Because we qualify as a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations in the United States that are applicable to U.S. domestic issuers. Under the Exchange Act, we will be subject to reporting obligations that, to some extent, are more lenient and less frequent than those of U.S. domestic reporting companies. For example, we will not be required to issue quarterly reports or proxy statements. We will not be required to disclose detailed compensation of directors and executive officers. Furthermore, our directors and executive officers will not be required to report equity holdings under Section 16 of the Exchange Act and will not be subject to the insider short-swing profit disclosure and recovery regime. As a foreign private issuer, we will also be exempt from the requirements of Regulation FD (Fair Disclosure) which, generally, are meant to ensure that select groups of investors are not privy to specific information about an issuer before other investors. However, we will still be subject to the anti-fraud and anti-manipulation rules of the SEC, such as Rule 10b-5 under the Exchange Act. Since many of the disclosure obligations imposed on us as a foreign private issuer differ from those imposed on U.S. domestic reporting companies, you should not expect to receive the same information about us and at the same time as the information provided by U.S. domestic reporting companies.

Nasdaq Listing Rules requires listed companies to have, among other things, a majority of its board members be independent.

As a foreign private issuer, however, we are permitted to, and we may follow home country practice in lieu of the above requirements, or we may choose to comply with the above requirement within one year of listing. The corporate governance practice in our home country, the Cayman Islands, does not require a majority of our board to consist of independent directors. Thus, although a director must act in the best interests of Otsaw Limited, it is possible that fewer board members will be exercising independent judgment and the level of board oversight on the management of Otsaw Limited may decrease as a result. In addition, the Nasdaq Listing Rules also require U.S. domestic issuers to have a compensation committee, a nominating/corporate governance committee composed entirely of independent directors, and an audit committee with a minimum of three members. We, as a foreign private issuer, are not subject to these requirements. The Nasdaq Listing Rules may require shareholder approval for certain corporate matters, such as requiring that shareholders be given the opportunity to vote prior to issuance (or potential issuance) of securities (i) equalling 20% or more of the Company's Class A Ordinary Shares or voting power for less than the greater of market or book value (ii) resulting in a change of control of the company; and (iii) which is being issued pursuant to a stock option or purchase plan to be established or materially amended or other equity compensation arrangement made or materially amended. We intend to comply with the requirements of Nasdaq Listing Rules to have a board with a majority of independent directors, to appoint a nominating and corporate governance committee, and in determining whether shareholder approval is required on such matters. However, we may consider following home country practice in lieu of the requirements under Nasdaq Listing Rules with respect to certain corporate governance standards which may afford less protection to investors.

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***We may become a passive foreign investment company, or PFIC, for United States federal income tax purposes for any taxable year, which could subject United States investors in our Ordinary Shares to significant adverse United States income tax consequences.***

We will be classified as a passive foreign investment company, or PFIC, for any taxable year if either (i) 75% or more of our gross income for such year consists of certain types of "passive" income, or (ii) 50% or more of the value of our assets (determined on the basis of a quarterly average) during such year produce or are held for the production of passive income (the "asset test"). Based upon our current and expected income and assets, including goodwill and (taking into account the expected proceeds from this offering) the value of the assets held by our strategic investment business, the expected proceeds from this offering as well as projections as to the market price of our Class A Ordinary Shares immediately following the completion of this offering, we do not presently expect to be classified as a PFIC for the current taxable year or the foreseeable future.

While we do not expect to be a PFIC, because the value of our assets, for purposes of the asset test, may be determined by reference to the market price of our Class A Ordinary Shares, fluctuations in the market price of our Class A Ordinary Shares may cause us to become a PFIC classification for the current or subsequent taxable years. The determination of whether we will be or become a PFIC will also depend, in part, on the composition and classification of our income, including the relative amounts of income generated by and the value of assets of our strategic investment business as compared to our other businesses. Because there are uncertainties in the application of the relevant rules, it is possible that the U.S. Internal Revenue Service, or IRS, may challenge our classification of certain income and assets as non-passive which may result in our being or becoming a PFIC in the current or subsequent years. In addition, the composition of our income and assets will also be affected by how, and how quickly, we use our liquid assets and the cash raised in this offering. If we determine not to deploy significant amounts of cash for active purposes, our risk of being a PFIC may substantially increase. Because there are uncertainties in the application of the relevant rules and PFIC status is a factual determination made annually after the close of each taxable year, there can be no assurance that we will not be a PFIC for the current taxable year or any future taxable year.

If we are a PFIC in any taxable year, a U.S. Holder may incur significantly increased United States income tax on gain recognized on the sale or other disposition of our Ordinary Shares and on the receipt of distributions on our Ordinary Shares to the extent such gain or distribution is treated as an "excess distribution" under the United States federal income tax rules, and such holder may be subject to burdensome reporting requirements. Further, if we are a PFIC for any year during which a U.S. Holder holds our Ordinary Shares, we will generally continue to be treated as a PFIC for all succeeding years during which such U.S. Holder holds our Ordinary Shares.

#### It is not certain if we will be classified as a Singapore tax resident.
Under the Income Tax Act 1947 of Singapore ("SITA"), a company is resident in Singapore if the control and management of its business is exercised in Singapore. The term "control and management" has been interpreted to mean the making of high-level strategic and important policy decisions in relation to the business of a company. Accordingly, the place of incorporation of a company is not necessarily indicative of the tax residency of a company. Generally, where majority of the company's Board of Directors meetings where strategic decisions are made is held in Singapore with some degree of regularity, the company should be regarded as a tax resident in Singapore. However, holding Board of Directors meetings in Singapore may not ipso facto be sufficient and the Inland Revenue Authority of Singapore ("IRAS") may, in certain cases, require more facts to be provided.

The tax residence status of the Company is therefore subject to determination by the IRAS, and uncertainties remain with respect to the interpretation of the term "control and management" for the purposes of the Singapore Income Tax Act. See "Material Income Tax Consideration — Material Singapore Tax Considerations" which provides, amongst others, a general summary of the Singapore income tax considerations relevant to a Singapore tax resident and non-resident corporate taxpayer.

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#### SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This prospectus contains forward-looking statements. All statements contained in this prospectus other than statements of historical fact, including statements regarding our future results of operations and financial position, our business strategy and plans, and our objectives for future operations, are forward-looking statements. Specifically, forward-looking statements may include statements relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to sell or lease our products to new and existing customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our plans to expand our product availability, distributor network and regional centers globally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the limited number of deployments of some of our product, and the risk of limited market acceptance of our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• availabilities and costs of the key components and materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to manage and overcome supply chain challenges, including increases in the cost of an interruption in the supply or shortage of key component and materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• competition from existing or future businesses and technologies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unpredictable events, such as the COVID-19 outbreak, and associated business disruptions could seriously harm our future revenues and financial condition, delay our operations, increase our costs and expenses, and impact our ability to raise capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to manage our research, development, expansion, growth and operating expense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to obtain sufficient capital to sustain and grow our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to maintain, protect and enhance our intellectual property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to comply with modified or new laws and regulations applicable to our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to manage and maintain customers, suppliers, distributors, and business partners relationship;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the expected composition of the management team and board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to retain existing key management, to integrate recent hires and to attract, retain and motivate qualified personnel, including engineers, design and production personnel and service technicians;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to introduce new products that meet our customers' requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our projected financial and operating information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our future financial performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the market, demand, customers preferences for our products and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• public perception of our products, and whether customers and their employees will adopt the product offered by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expansion plans and opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• future capital requirements and sources and uses of cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the outcome of any known and unknown litigation and regulatory proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• overall strength and stability of domestic and international economies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory, legislative and political changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to maintain and protect our brand; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other statements preceded by, followed by or that include the words "may," "can," "could," "would," "should," "will," "estimate," "plan," "envision," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "target" or similar expressions.

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These forward-looking statements are based on information available as of the date of this prospectus and our management's current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and, in any event, you should not place undue reliance on these forward-looking statements. The events and circumstances reflected in the forward-looking statements may not be achieved or occur. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, performance, or achievements. We do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the section of this prospectus entitled "*Risk Factors*." Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this prospectus may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Our Risk Factors are not guarantees that no such conditions exist as of the date of this prospectus and should not be interpreted as an affirmative statement that such risks or conditions have not materialized, in whole or in part. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements 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. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

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#### USE OF PROCEEDS
Assuming we receive gross proceeds of US$[•] in this offering and assuming that the Underwriters do not exercise its over-allotment option, after deducting the underwriting discount and estimated offering expenses payable by us, we expect to receive net proceeds of approximately US$[•] from this offering.

We intend to use the net proceeds of this offering as follows.

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| | | | |
|:---|:---|:---|:---|
|  **Description of Use** | **Estimated<br>Amount of<br>Net Proceeds** | **Estimated<br>Amount of<br>Net Proceeds** | **% Allocation of <br>Net Proceeds** |
|  Acquisition, Strategic Alliance, and Joint Ventures | US$ | [•] | [20] |
|  Expansion of Production Capacity and Inventory in relation to TransCar 5.0 and Camello<sup>+</sup> | US$ | [•] | [40] |
|  Market Expansion in the United States, United Kingdom, Europe, Asia and Australia | US$ | [•] | [10] |
|  Research and Development in relation to TransCar 5.0 and Camello<sup>+</sup> | US$ | [•] | [10] |
|  Working capital | US$ | [•] | [20] |
|  **Total** | US$ | [•] | 100 |

---

If the Underwriters exercise its over-allotment option in full, after deducting the underwriting discount and estimated offering expenses payable by us, we expect to receive an additional net proceeds of approximately $[ ]. We will use the additional proceeds for working capital purposes.

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

We are exploring collaborations with regional distributors and technology partners and are in the process of identifying targets for acquisition, strategic alliances and joint ventures. We do not have any specific plans or targets as of the date of this prospectus.

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#### DIVIDEND POLICY
We have never declared or paid any cash dividends on our Class A Ordinary Shares. We anticipate that we will retain any earnings to support operations and to finance the growth and development of our business. Therefore, we do not expect to pay cash dividends in the foreseeable future. Any future determination relating to our dividend policy will be made at the discretion of our board of directors and will depend on a number of factors, including future earnings, capital requirements, financial conditions and future prospects and other factors the board of directors may deem relevant.

In the event we decide to pay dividends in the future, subject to the Companies Act (As Revised) of the Cayman Islands, our board of directors may from time to time declare dividends in any currency to be paid on our Class A Ordinary Shares, and our shareholders may by ordinary resolution declare a dividend, but no dividend shall be declared in excess of the amount recommended by our board of directors. Under Cayman Islands law, a Cayman Islands company may pay a dividend out of either profits (including retained earnings) or share premium, provided that in no circumstances may a dividend be paid if this would result in our Company being unable to pay its debts as they fall due in the ordinary course of its business.

Even if our board of directors decides to pay dividends, the form, frequency and amount will depend upon our future operations and earnings, capital requirements and surplus, general financial condition, contractual restrictions and other factors that the board of directors may deem relevant. We are a holding company and depend on the receipt of dividends and other distributions from our subsidiaries to pay dividends on our Class A Ordinary Shares. There are no foreign exchange controls or foreign exchange regulations under current applicable laws of the various places of incorporation of our subsidiaries that would affect the payment or remittance of dividends.

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#### CAPITALIZATION
The following table sets forth our capitalization as of October 31, 2024 on a pro forma as adjusted basis giving effect to the completion of the firm commitment offering at an assumed public offering price of $[•] per share and to reflect the application of the proceeds after deducting the estimated placement fees. You should read this table in conjunction with our financial statements and related notes appearing elsewhere in this prospectus and "Use of Proceeds" and "Description of Share Capital".

Offering (**[•]** Class A Ordinary Shares)

U.S. Dollars

---

| | | |
|:---|:---|:---|
|  | **As of October 31,<br>2024** | **As of October 31,<br>2024** |
|  | **Actual** | **Pro Forma<br>as Adjusted<sup>(1)</sup>** |
|  **Shareholders' Equity** |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary shares, $[•] par value, [•] shares authorized, [•] shares issued and outstanding | 9862 | [•] |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital | 25985207 | [•] |
| &nbsp;&nbsp;&nbsp; Stock option reserve | 22619 | [•] |
| &nbsp;&nbsp;&nbsp; Currency translation reserve | (238901) | [•] |
| &nbsp;&nbsp;&nbsp; Capital reserve | (9462751) | [•] |
| &nbsp;&nbsp;&nbsp; Accumulated Losses | (25108914) | [•] |
| &nbsp;&nbsp;&nbsp; Non-controlling interests | (356485) | [•] |
|  **Total shareholders' equity** | (9149363) | [•] |
|  **Non-current liabilities** | 1194443 | [•] |
|  **Total Capitalization** | (7954920) | [•] |

---

____________

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

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#### DILUTION
If you invest in our Class A Ordinary Shares, your interest will be diluted to the extent of the difference between the initial public offering price per Class A Ordinary Shares and the pro forma as adjusted net tangible book value per Class A Ordinary Share after the offering. Dilution results from the fact that the per ordinary share offering price is substantially in excess of the book value per Class A Ordinary Share attributable to the existing shareholders for our presently outstanding Class A Ordinary Shares. Our net tangible book value attributable to shareholders on October 31, 2024 was $[•] or approximately $[•] per Class A Ordinary Share. Net tangible book value per Class A Ordinary Share as of October 31, 2024 represents the amount of total assets less intangible assets and total liabilities, divided by the number of Class A Ordinary Shares outstanding.

After giving effect to the sale of [•] Class A Ordinary Shares in this offering at the assumed initial public offering price of $[•] per Class A Ordinary Share and after deducting the underwriting discounts and estimated offering expenses payable by us, our pro forma as adjusted net tangible book value on October 31, 2024 would have been $[•], or $[•] per Class A Ordinary Share. This represents an immediate increase in pro forma as adjusted net tangible book value of $[•] per Class A Ordinary Share to existing investors and immediate dilution of $[•] per Class A Ordinary Share to new investors. The following table illustrates this dilution to new investors purchasing Class A Ordinary Shares in this offering:

The following table sets forth the estimated net tangible book value per ordinary share after the offering and the dilution to persons purchasing Class A Ordinary Shares based on the foregoing firm commitment offering assumptions.

---

| | | |
|:---|:---|:---|
|  | **Offering<br>Without<br>Over-Allotment** | **Offering<br>With<br>Over-Allotment** |
|  Assumed offering price per Class A Ordinary Share | $[•] | $[•] |
|  Net tangible book value per Class A Ordinary Share as of October 31, 2024 | $[•] | $[•] |
|  Increase in pro forma as adjusted net tangible book value per Class A Ordinary Share attributable to new investors purchasing Class A Ordinary Share in this offering | $[•] | $[•] |
|  Pro forma as adjusted net tangible book value per Class A Ordinary Share after this offering | $[•] | $[•] |
|  Dilution per Class A Ordinary Share to new investors in this offering | $[•] | $[•] |

---

Each $1.00 increase (decrease) in the assumed initial public offering price of $[•] per Class A Ordinary Share would increase (decrease) our pro forma as adjusted net tangible book value as of October 31, 2024 after this offering by approximately $[•] per Class A Ordinary Share, and would increase (decrease) dilution to new investors by $[•] per ordinary share, assuming that the number of Class A Ordinary Shares offered by us, as set forth on the cover page of this prospectus, remains the same, and after deducting the underwriting discounts and estimated offering expenses payable by us. The pro forma as adjusted information is illustrative only, and we will adjust this information based on the actual initial public offering price and other terms of this offering determined at pricing.

If the Underwriters exercise the over-allotment option in full, the pro forma as adjusted net tangible book value per Class A Ordinary Share after the offering would be $[•], the increase in net tangible book value per Class A Ordinary Share to existing shareholders would be $[•], and the immediate dilution in net tangible book value per Class A Ordinary Share to new investors in this offering would be $[•].

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The following table summarizes, on a pro forma as adjusted basis as of October 31, 2024, the differences between existing shareholders and the new investors with respect to the number of Class A Ordinary Shares purchased from us, the total consideration paid and the average price per Class A Ordinary Share before deducting the estimated commissions to the underwriters and the estimated offering expenses payable by us.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares Purchased** | **Shares Purchased** | **Total Consideration** | **Total Consideration** | **Average Price<br>Per Share** |
|  | **Amount** | **Percent** | **Amount** | **Percent** | **Average Price<br>Per Share** |
|  **FIRM COMMITMENT OFFERING** |  |  |  |  |  |
|  Existing shareholders<sup>(1)</sup> | [•] | [•]% | $[•] | [•]% | $[•] |
|  New investors | [•] | [•]% | $[•] | [•]% | $[•] |
|  Total | [•] | [•]% | $[•] | [•]% | $[•] |

---

____________

(1) Not including shares underly the over-allotment option.

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

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#### CORPORATE HISTORY AND STRUCTURE
Our Group's history can be traced back to May 4, 2015 when Otsaw Digital Pte. Ltd. was founded by Mr. Ling Ting Ming, our chairman, director and chief executive officer, after Mr. Ling's return to Singapore from Silicon Valley in 2015. Under the leadership of Mr. Ling, we specialize in designing, developing, and manufacturing of Autonomous Mobile Robots ("AMRs") and other next generation robotics products and solutions, with the aim to disrupt the facilities management industry with our AI-enabled AMRs and robotics solutions in the realms of security, sanitation, last-mile delivery, logistics, and healthcare.

As of the date of this prospectus, our Group comprises Otsaw Limited and its subsidiaries, Otsaw Digital Pte. Ltd., Otsaw Digital, Inc., Otsaw Technology Solutions Pte. Ltd., Otsaw Technology Pte. Ltd., Otsaw Swisslog Healthcare Robotics Pte. Ltd., and Otsaw Swisslog Healthcare Robotics GmbH.

#### Corporate Structure
Otsaw Limited was incorporated on June 10, 2022 under the laws of Cayman Islands as an exempted company limited by shares. Otsaw Limited is a holding company and does not actively engage in any business or operation. We completed a share capital restructuring in May 2023 as part of our group reorganization.

Upon completion of group reorganization on May 25, 2023, Otsaw Digital Pte. Ltd., Otsaw Digital Inc., Otsaw Technology Solutions Ptd. Ltd., Otsaw Technology Pte. Ltd., Otsaw Swisslog Healthcare Robotics Pte. Ltd., Otsaw OYA Technology Solutions Inc, and Otsaw Swisslog Healthcare Robotics GmbH became Otsaw Limited's direct and indirect subsidiaries. As a result of our group reorganization in May 2023, Otsaw Technology Solutions Pte. Ltd. became a wholly-owned subsidiary of Otsaw Digital Pte. Ltd., and an indirect wholly-owned subsidiary of Otsaw Limited.

Prior to the May 2023 group reorganization, Otsaw Digital Pte. Ltd. was the holding company of our group of companies comprising Otsaw Digital, Inc. and Otsaw Technology Solutions Pte. Ltd. (formerly known as North Star Technology Group Pte. Ltd.). Otsaw Digital Pte. Ltd. held 69.40% of the equity interest in Otsaw Technology Solutions Pte. Ltd, which directly held: a) 60% of Otsaw Swisslog Healthcare Robotics Pte. Ltd. (subsequently increasing to 73.33% on January 12, 2023, 86.66% on November 16, 2023, 93.3% on January 11, 2024, and 100% on January 20, 2025); b) 60% of Otsaw Swisslog Healthcare Robotics GmbH (subsequently increasing to 73.33% on January 12, 2023, 86.66% on November 16, 2023, 93.3% on January 11, 2024, and 100% on January 20, 2025), as the wholly owned subsidiary of Otsaw Swisslog Healthcare Robotics Pte. Ltd.; and c) 100% of Otsaw Technology Pte. Ltd. (formerly known as North Star Technology Pte. Ltd.). Otsaw Digital Pte. Ltd. was held by Ararrat Capital Pte Ltd (47.53%), Serial System International Pte Ltd (19.90%), Koh Choon Hui (16.02%), Goh Way Siong (10.41%) and other smaller shareholders.

As of the date of this prospectus, (i) the authorized share capital of Otsaw Limited is US$50,000 divided into (i) 499,999,999 Class A Ordinary Shares and (ii) 1 Class B Ordinary Share, of which 99,312,858 Class A Ordinary Shares and 1 Class B Ordinary Share are issued and outstanding, and (ii) Otsaw Limited is majority owned by Ling Ting Ming (28.22%), Serial System International Pte Ltd (15.68%), Koh Choon Hui (9.76%), Goh Way Siong (7.89%) and Waichun Logistics (5.79%), respectively.

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#### Organization Chart
The chart below sets out our corporate structure as of the date of this prospectus and upon completion of this offering.

![](tflowchart_001.jpg)

*\* Mr. Ling Ting Ming owns the single Class B Ordinary Share in Otsaw Limited pre- and post*-offering*, and his total voting power pre- and post*-offering *is 55.1% and [•]% respectively. The pre*-offering *voting power of Mr. Koh Choon Hui, Serial System International Pte Ltd and the minority shareholders is 6.1%, 9.8% and 29.0% respectively, and their post*-offering *voting power is [•]%, [•]% and [•]% respectively.*

#### Entities
A description of our subsidiaries is set out below.

#### Otsaw Digital Pte. Ltd.
Otsaw Digital Pte. Ltd. was incorporated under the laws of Singapore as a private company limited by shares on May 4, 2015. As part of a group reorganization on May 25, 2023, Otsaw Digital Pte. Ltd. became a direct wholly-owned subsidiary of Otsaw Limited with business exposure and operations in Singapore, Europe and the United States. Otsaw Digital Pte. Ltd. is the holding company of Otsaw Digital, Inc. and Otsaw Technology Solutions Pte. Ltd.

#### Otsaw Digital, Inc.
Otsaw Digital Inc. was incorporated in the State of Delaware, United States on July 15, 2019. It commenced its operations in March 2022, as our United States regional center and part of our U.S. market expansion endeavor. Under the leadership of Ms. Cindy Luu, the General Manager of the Otsaw Digital, Inc., the entity is responsible for business development, marketing, direct sale, and development of the distribution network in the United States and Canada.

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#### Otsaw Technology Solutions Pte. Ltd.
Otsaw Technology Solutions Pte. Ltd. (formerly known as North Star Technology Group Pte. Ltd.) was incorporated under the laws of Singapore as a private company limited by shares on October 23, 2020. Before our restructuring in May 2023, Otsaw Technology Solutions Pte. Ltd. was 69.40% owned by Otsaw Digital Pte. Ltd. and 30.60% owned by the consortium of investors. As part of our restructuring in May 2023, Otsaw Technology Solutions Pte. Ltd. became a wholly-owned subsidiary of Otsaw Digital Pte. Ltd., and indirect wholly-owned subsidiary of Otsaw Limited.

#### Otsaw Technology Pte. Ltd.
Otsaw Technology Pte. Ltd. (formerly known as North Star Technology Pte. Ltd.) was incorporated under the laws of Singapore as a private company limited by shares on October 26, 2020. Otsaw Technology Pte. Ltd is wholly-owned by Otsaw Technology Solutions Pte. Ltd.

#### Otsaw Swisslog Healthcare Robotics Pte. Ltd.
Otsaw Swisslog Healthcare Robotics Pte. Ltd. was incorporated under the laws of Singapore as a private company limited by shares on November 18, 2021, and was 60% owned by Otsaw Technology Solutions Pte. Ltd. and 40% owned by Swisslog Healthcare. As at January 20, 2025, following the exercise of options relating to the Swisslog asset acquisition, Otsaw Swisslog Healthcare Robotics Pte. Ltd is now 100% owned by Otsaw Technology Solutions Pte. Ltd. Otsaw Swisslog Healthcare Robotics Pte. Ltd. is responsible for the marketing, sales, development, servicing, and maintenance of the TransCar AGV system in the APAC market.

#### Otsaw Swisslog Healthcare Robotics GmbH
Otsaw Swisslog Healthcare Robotics GmbH was incorporated under the laws of Germany as a private company with limited liability on June 14, 2021, and is 100% owned by Otsaw Swisslog Healthcare Robotics Pte. Ltd. Otsaw Swisslog Healthcare Robotics GmbH is responsible for the marketing, sales, servicing, and maintenance of the TransCar AGV system in Europe.

#### Key Milestones
The key milestones in the development of our Group are highlighted chronologically below:

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| | |
|:---|:---|
|  **Year** | **Milestones** |
| 2015 | Otsaw Digital Pte. Ltd. was established. |
| 2017 | Launched prototype O-R3. |
| 2018 | Launched O-R3 Beta version<br> First production site was established in Singapore<br> Winner of Merlion Awards 2018<br> Patent in Singapore under Otsaw Digital Pte. Ltd. for our 3D SLAM Technology<br> Patent in the United States under Otsaw Digital Pte. Ltd. for our 3D SLAM Technology |
| 2019 | Launched large scale production of O-R3<br> O-R3 deployed at 1) Bedok Reservoir in Singapore; 2) Pandan Reservoir in Singapore; 3) a real estate development project in Bangkok, Thailand.<br> Excellence IDP Solution Award from Singapore Security Industry |
| 2020 | Launched O-RX<br> Launched Camello prototype<br> O-RX deployed at Wisma Atria Shopping Complex in Singapore.<br> Design Patent in Singapore under Otsaw Digital Pte. Ltd. for our Camello, our Last Mile Delivery Robot<br> ISO 9001:2015 Certification under Otsaw Digital Pte. Ltd. for O-RX, our Autonomous UV-C LED Disinfection Robot<br> Mobile Robot Guide — Technology Innovator Award for O-RX Disinfection Robot |

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| | |
|:---|:---|
|  **Year** | **Milestones** |
| 2021 | The commencement of Camello's one-year trial to provide on-demand parcel, food items, grocery delivery service to the residential-commercial communities at Punggol, Singapore<br> O-RX deployed at Cintech Science Park in Singapore<br> AirGuard modules installed in over 40 WTS buses serving Changi Airport in Singapore.<br> Launched AirGuard<br> Launched TreX<br> Otsaw-Swisslog JV established<br> Launched TransCar AGV<br> Technology Excellence Award by Singapore Business Review for O-RX Disinfection Robot |
| 2022 | Otsaw Singapore Global Headquarter established<br> European regional center established in Augsburg, Germany and commenced operations<br> Singapore Good Design Award, Special Category: Virtually Unlimited, for our Camello Last Mile Delivery Robot<br> Awarded Entrepreneur of the Year in Singapore |
| 2023 | United States office launched in Boston and commenced operations<br> Secured a US$2 million contract with a public hospital in Singapore that is part of the SingHealth Group in 2023 for the delivery and installation of TransCar AGVs<br> Successfully launched Camello<sup>+</sup> |
| 2024 | Expanded our global network by appointing numerous new distributors and partners in 2023 and 2024, bringing our total to 20 partners worldwide and growing.<br> Awarded WIPO-IPOS IP For Innovation Award<br> TransCar AGVs commenced full operations in the Integrated Care Hub in Tan Tock Seng Hospital & Mount Alvernia Hospital. |

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#### Corporate Information
Our principal executive offices are located at 10 Tampines North Drive 4, #01-03, Singapore 528553. Our registered agent in the Cayman Islands is located at the offices of Mourant Governance Services (Cayman) Limited, 94 Solaris Avenue, Camana Bay, PO Box 1348, Grand Cayman KY1-1108, Cayman Islands. Our agent for service of process in the United States is Cogency Global Inc., located at 122 E. 42<sup>nd</sup> Street, 18<sup>th</sup> Floor, New York, New York 10168. We maintain a website at *www.otsaw.com*. We do not incorporate the information on our website into this prospectus and you should not consider any information on, or that can be accessed through, our website as part of this prospectus.

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#### INDUSTRY OVERVIEW
Per ManpowerGroup's 2024 Global Shortage Report, 75% of employers globally are struggling to find the talent they need, with Japan, along with numerous European and Asian countries, facing the most pronounced shortages. Health Care and Life Sciences sectors report the highest recruitment challenges. Collaboration and teamwork emerge as the top soft skills in short supply, while IT & Data and Operations & Logistics rank as the first and fourth hardest technical skills to source.<sup>[1]</sup>

This talent shortage is set to intensify, as by 2030, one in six individuals worldwide will be 60 years or older, with this demographic growing from 1 billion in 2020 to an estimated 1.4 billion. By 2050, the population aged 60 and above is projected to double, reaching 2.1 billion. While this demographic shift, known as population aging, first emerged in high-income nations — where, for example, 30% of Japan's population is already over 60 — the most pronounced changes are now occurring in low- and middle-income countries. By 2050, these countries will account for two-thirds of the world's population over the age of 60.<sup>[2]</sup>

Persistent labor shortages and aging populations are intensifying competition for skilled talent, consequently raising wages and recruitment costs across multiple industries. As older workers retire and fewer younger professionals enter the workforce, organizations feel increased pressure to offer competitive salaries and comprehensive benefits to attract and retain qualified candidates. This trend is particularly pronounced in industries with specialized skill demands, such as health care, where a limited talent pool further drives up recruitment expenses.

To address current labor challenges, our AI-enabled autonomous mobile robots (AMRs), autonomous guided vehicles (AGVs), and advanced robotics solutions offer a transformative approach for the Facility Management industry. These robots are designed to fill critical labor gaps across sectors, optimizing business processes in healthcare logistics, security, disinfection, and last-mile delivery. Our innovative, multi-purpose, and interchangeable modular healthcare robots bring flexibility to healthcare environments, seamlessly adapting to varied operational needs. By providing adaptable and efficient support across these industries, our robotics solutions enhance productivity, reduce labor costs, and allow businesses to maintain high operational standards in a labor-constrained environment.

Although we currently derive a majority of our revenue from the Asia-Pacific region (70%), a significant portion of our revenue is also derived from the United States (5%) and Europe (25%). This revenue split is derived from period ending October 2024. We believe that the United States and European markets present significant untapped opportunities for revenue growth, and our current and future growth strategy prioritizes expansion in the United States followed by Europe, while maintaining our revenue in the Asia-Pacific region. Although our revenue contribution from North America and Europe decreased period-over-period, we have initiated and are continuing with our expansion efforts in the United States, and we plan to extend our reach to other target regions over the next 1 to 3 years following the Offering. Given this focus, we have presented the below data relating to estimated market sizes in the context of the global facility management industry rather than solely within the Asia-Pacific region.

#### Global Robotics Industry: A Rapidly Expanding Sector Driven by Strong Government and Venture Capital Funding
The global robotics market is set for significant expansion, with forecasts suggesting it will surpass USD 200 billion by 2030, representing a compound annual growth rate (CAGR) of 16.1% from 2023 to 2030. In comparison, the Asia-Pacific robotics market was valued at USD 37.53 billion in 2024, with an expected CAGR of 12.8%. The CAGR for the global and Asia-Pacific robotics market is based on several material assumptions, including ongoing innovations in AI, government support for industrial transformation and competitive robotics manufacturing capabilities globally. This growth is driven by increasing automation across various sectors, as robots enhance efficiency, safety, and cost-effectiveness compared to human labor. Furthermore, the integration of artificial intelligence with robotics is expected to accelerate this growth, with the AI robot market projected to reach USD 52.6 billion by 2032.<sup>[3]</sup> In its 2024 edition, ARK emphasized various significant technologies, notably robotics, which has a projected global revenue potential of $24 trillion. According to F-Prime Capital, the robotics industry has secured $90 billion in funding since 2019, constituting approximately 10% of total technology investments. In 2023, investments in robotic companies reached $12.9 billion, with an average monthly investment of around $1.07 billion.<sup>[4]</sup>

#### Healthcare Logistics: Transforming Hospital Operations
The global healthcare logistics market was valued at USD 185.77 billion in 2023 and is projected to reach USD 290.73 billion by 2029, representing a compound annual growth rate (CAGR) of 7.75%. Meanwhile, the Asia-Pacific healthcare logistics market was valued at USD 2.23 billion in 2024 and is projected to reach

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USD 7.72 billion by 2030, demonstrating a robust CAGR of 23%. The CAGR for the global and Asia-Pacific healthcare logistics market is based on several material assumptions, including sustained public and private healthcare investment, continued demand for cold-chain distribution, digitalization of pharmaceutical supply chains and healthcare system modernization globally. The North American region accounts for over 34% of the global market, primarily due to the presence of a significant number of healthcare suppliers. Contributing factors include the high prevalence of chronic diseases and the region's aging population. The Asia-Pacific (APAC) region is expected to experience substantial growth during the forecast period, driven by increased government spending on research and development, rising health awareness, and the region's growing elderly population. Emerging markets, particularly India and China, present significant opportunities for the pharmaceutical industry due to the expansion of healthcare infrastructure and increased life expectancy.<sup>[5]</sup>

#### Security Robotics: Leading the Autonomous Revolution
The global security robot market was valued at USD 16.56 billion in 2023 and is projected to reach USD 45.78 billion by 2032, growing at a compound annual growth rate (CAGR) of 14.70%. The Asia-Pacific security robotics market was valued at USD 3.46 billion in 2024, with a projected CAGR of 17.5%. The CAGR for the global and Asia-Pacific security robot market is based on several material assumptions, including the continued development and deployment of AI-powered surveillance technologies, increasing government and private sector investments in automated security infrastructure, favorable regulatory frameworks supporting robotics in public safety, and the scalability of security robot solutions across various environments such as airports, malls, and industrial sites. The market growth is driven by increasing security breaches, terrorist activities, and criminal threats worldwide, leading to rising demand for advanced security solutions. Public and private entities are seeking cost-effective ways to protect people and property, with security robots offering continuous surveillance, real-time threat neutralization, and data capture for investigations.

Security robots provide continuous surveillance, effectively detecting and deterring threats such as trespassing and theft, while reducing operational costs. Technological advancements have made robot-gathered data crucial in criminal prosecutions, with mobile patrolling complementing traditional fixed security systems for 24/7 coverage.<sup>[6]</sup>

#### Disinfection Solutions: Meeting Critical Healthcare Needs
The global disinfection robot market was valued at USD 3.60 billion in 2023 and is projected to grow at a CAGR of 19.2% from 2024 to 2030. In the Asia-Pacific region, the disinfection solutions market was valued at USD 1.83 billion in 2024 and is projected to reach USD 6.66 billion by 2030, representing a CAGR of 24.4%. The CAGR for the global and Asia-Pacific disinfection robot market is based on several material assumptions, including the sustained demand for automated hygiene solutions in healthcare and public infrastructure, continued regulatory support for infection control technologies, and ongoing technological advancements in robotics and AI that reduce costs and enhance operational efficiency. Growth is driven by heightened awareness of hygiene and infection control, particularly post-COVID-19, and the labor and time efficiencies provided by disinfection robots. Advances in robotics and artificial intelligence have enabled the creation of sophisticated robots that can navigate complex environments and employ disinfection methods such as UV-C light.

The UV-C light robots segment represented 52.3% of total revenue in 2023 and is expected to grow at the fastest CAGR. Fully autonomous robots (AMRs) also held a significant revenue share in 2023, with an anticipated growth rate of 19.8%. These robots use advanced sensors and AI algorithms to independently navigate and disinfect, ensuring efficient coverage while reducing human error.<sup>[7]</sup>

#### Last-Mile Delivery: Riding the E-commerce Wave
The global autonomous last-mile delivery market was valued at USD 1.14 billion in 2022 and is projected to grow at a CAGR of 23.5% from 2023 to 2030. The Asia-Pacific autonomous last-mile delivery market was valued at USD 240.7 million in 2024 and is expected to reach USD 1.17 billion by 2030, reflecting a CAGR of 30.5%. The CAGR for the global and Asia-Pacific autonomous last-mile delivery market is based on several material assumptions, including the continued development and commercial deployment of autonomous delivery vehicles, favorable regulatory environments, sustained investment from logistics and e-commerce players, and widespread consumer adoption of contactless delivery solutions. This growth is driven by advancements in delivery vehicle technology and increasing demand from the e-commerce sector. Consumer preferences for rapid delivery have become a priority in the parcel delivery market, further fueled by the expanding e-commerce industry. Last-mile services have emerged as a key

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differentiator for major e-commerce companies and numerous food and grocery delivery startups. Additionally, the COVID-19 pandemic has significantly influenced the market by accelerating digitalization and enhancing the importance of data in last-mile delivery operations.<sup>[8]</sup>

#### Market Trend Analysis

#### Multi-Purpose Interchangeable Modular Healthcare Robots
There is an increasing trend toward multi-purpose robots designed to perform a variety of tasks within healthcare settings. These robots feature modular designs that enable adaptability to diverse healthcare needs. Key application areas include hospital logistics, such as material handling and medication delivery, as well as disinfection and sanitation. Our innovative multi-purpose robot, equipped with interchangeable modular attachments, can serve multiple industries, including healthcare, logistics, and security, for various purposes simultaneously. We are confident that our robots will significantly impact the healthcare sector by addressing workforce shortages and enhancing operational efficiency.<sup>[9]</sup>

#### Logistic Robots for Healthcare Market
This growth is primarily driven by the need for cost-effective, efficient healthcare delivery systems, the aging population, shortages of skilled nurses and healthcare professionals, and advancements in safety controls and technologies, particularly accelerated by the COVID-19 pandemic.

*Rising demand for cost-efficient healthcare delivery solutions:*

Growing demand for cost-effective healthcare delivery systems is a primary factor driving AGV adoption. These robots streamline efficiency by automating essential tasks, including linen delivery, medical waste disposal, food service, medication transport, specimen handling, and equipment distribution. AGVs are engineered to seamlessly integrate into existing healthcare infrastructures, following preprogrammed routes without requiring extensive construction or modifications. This reduces operational disruptions and makes AGVs a compelling solution for healthcare providers aiming to optimize efficiency without impacting workflows. Operating continuously — without breaks or shifts — AGVs eliminate downtime and significantly reduce labor costs. This efficiency enables hospitals to achieve a strong return on investment (ROI) by lowering staffing needs for non-clinical tasks, freeing resources for direct patient care.

*Aging population and health care labor shortage crisis:*

The healthcare sector is facing critical labor shortages, driven by an aging population and escalating healthcare demands. U.S. Census Bureau data indicate that approximately 55.8 million people are aged 65 and older, a population particularly susceptible to a wide range of health conditions. This demographic is projected to grow, with the Census Bureau estimating an increase from 40.3 million Americans aged 65 and older in 2010 to 77 million by 2034.<sup>[10]</sup> Compounding these challenges, the Bureau of Labor Statistics anticipates a shortfall of 195,400 nurses by 2031, with demand for home health and personal care aides expected to rise by 37% by 2028. Additionally, a 2019 report from the Association of American Medical Colleges forecasts a shortage of up to 124,000 physicians over the next 12 years, including a deficit of 17,800 to 48,000 primary care physicians, posing potential implications for patient access and care.<sup>[11]</sup>

Automated Guided Vehicles (AGVs) offer a strategic solution to mitigate these labor constraints by relieving healthcare staff of non-clinical, time-intensive tasks, allowing them to focus on direct patient care. The deployment of AGVs in healthcare environments addresses operational gaps caused by workforce shortages, enhancing productivity and service delivery across healthcare facilities.

*Enhanced safety and infection control through contactless AGV operations in healthcare:*

The COVID-19 pandemic has underscored the importance of contactless operations in healthcare facilities, driving demand for AGVs to ensure the safe and efficient delivery of essential materials without direct human contact, thereby reducing disease transmission risks. As healthcare providers prioritize hygiene and safety, demand for AGVs is anticipated to continue increasing.

AGVs contribute to improved safety and infection control by minimizing human involvement in medical material transport, which reduces cross-contamination and infection spread — particularly critical in post-COVID-19 hospital environments. Additionally, AGVs help healthcare facilities prevent material handling errors and mitigate safety risks, including potential equipment-personnel collisions. By automating manual transport tasks, AGVs also reduce workplace injuries, supporting a safer environment for healthcare personnel.

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*Automation of routine tasks and technological advancements in healthcare logistics:*

Healthcare logistics robots are increasingly automating essential tasks — such as the transport of laundry, food, medications, supplies, lab samples, and medical waste — enhancing operational efficiency. Technological advancements in AGVs are continuously improving their functionality. Enhanced with laser scanners, ultrasonic sensors, advanced navigation, and AI, modern AGVs can map complex hospital routes, dynamically avoid obstacles, and adapt to environmental changes in real-time.

AI-powered AGVs further optimize workflow by analyzing material transport patterns and optimizing routes. Integration with systems like OTSAW's TCMS2 (TransCar Management System 2) provides autonomous control over inventory scheduling, vehicle routing, timing, and speed. This integration not only improves efficiency but enables real-time data analysis, inventory tracking, and supply chain streamlining. The synergy between AGVs and TCMS2 strengthens accountability and transparency in material transport, delivering timely and accurate supply movement, and improving reliability across hospital logistics.

*Opportunities Presented by New and Upgraded Hospitals:*

According to Construction Dive, there are eight major hospital projects in the U.S., each exceeding $1 billion. Many of these projects were initiated before the pandemic to address healthcare capacity needs. Notably, the Children's Hospital of Philadelphia plans to invest $3.4 billion, including a 22-story inpatient tower with 300 beds, scheduled to open in 2027. The Ohio State Wexner Medical Center is set to unveil its $1.79 billion facility with 820 beds by early 2026, while Harborview Medical Center in Seattle proposes $1.74 billion in upgrades, including a new hospital tower, a behavioral health building and various other renovations.<sup>[12]</sup>

Starting from Q3 2024, five significant hospital construction projects were launched across Europe. The Wroclaw Oncology Hospital in Poland will feature 671 beds, while Sweden's Hassleholm Orthopedic Center will span 24,000 m². The Royal Bournemouth Hospital in the UK is set to be a four-story facility, and Slovakia will see a new 154-bed hospital in Spisska Nova Ves. Lastly, a new hospital building is planned for Leer, Germany. These projects aim to modernize healthcare infrastructure and meet increasing medical demands.<sup>[13]</sup> Our business is not currently associated with the aforementioned hospital projects.

In Singapore, a new integrated general and community hospital is planned for the early 2030s, aiming to add 4,000 beds.<sup>[14]</sup> Meanwhile, Shanghai Xiehua Brain Hospital has opened with a $166 million investment and features a building area of 55,000 square meters.<sup>[15]</sup> The Company is preparing to participate in the tender for the supply and installation of our AGVs and AMRs in 2025.

The numerous hospital projects currently underway or recently completed have created an expansive and promising market for healthcare logistics robots. As these facilities strive to enhance their operational efficiency and patient care, the adoption of robotics solutions becomes increasingly attractive. These robots can automate essential tasks, such as medication delivery, inventory management, and waste disposal, enabling healthcare providers to allocate human resources more effectively.

#### Security Robots
*Rising global security concerns driving demand for security robots:*

According to the most recent 2024 Trafficking in Persons Report by the U.S. Department of State, approximately 27 million individuals worldwide are subjected to exploitation for labor, services, and commercial sex.<sup>[16]</sup> Victims span all ages and genders, often forced or coerced into labor, entertainment, or sexual exploitation for profit. While emerging technologies have facilitated human traffickers in reaching potential victims online, advancements such as security robots offer a practical solution for recording crucial data, identifying patterns, and analyzing extensive datasets to detect emerging human trafficking trends.

From 1990 to 2021, the rate of auto theft in the United States experienced a decline, largely attributed to rapid advancements in anti-theft technology. However, car theft incidents have begun to rise again since 2019, with nearly one million vehicles stolen nationwide in 2021 — a 6% increase from 2020 and a 17% increase since 2019. Older vehicle models lacking the latest theft protection devices tend to be the primary targets. The National Insurance Crime Bureau (NICB) reports that Colorado had the highest overall theft rate, with 661.21 thefts per 100,000 people, while California recorded the highest volume of vehicle thefts in 2021, exceeding 200,000 incidents.<sup>[17]</sup>

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In response to these increasing safety concerns, the deployment of security robots is rapidly expanding, as their presence can serve as a deterrent to potential criminal activity. Furthermore, ongoing technological advancements have empowered these robots to gather data that can serve as critical evidence in legal proceedings. Given the unpredictable nature of large-scale crimes across various locations, security robots are positioned to function as an essential first line of defense.

In this environment, security robots present a compelling opportunity for cost efficiency and operational enhancement. These robots automate routine functions such as patrolling and monitoring access points, significantly reducing the need for human personnel and thereby lowering labor costs. Additionally, their ability to operate continuously, without breaks, enhances productivity and efficiency. This allows security firms to allocate resources more effectively and respond to incidents in real time.

The escalating global crime rate is contributing to heightened safety concerns, which is expected to drive the demand for security robots. Both public and private sectors are actively pursuing cost-effective solutions to deter crime and safeguard individuals and property. Autonomous systems are capable of neutralizing threats in real time while collecting data for forensic investigations, effectively detecting and deterring trespassers, vandals, theft, and break-ins.

*Enhancing security through advanced technology:*

Utilizing simultaneous localization and mapping (SLAM) technology, security robots can autonomously patrol various environments, effectively navigating both static and dynamic obstacles. Their advanced capabilities allow for efficient monitoring, and they can return to charging stations when energy levels are low. Equipped with high-definition cameras and a 360-degree view through computer vision, these robots capture and process extensive surveillance data.

The integration of artificial intelligence (AI) enhances their effectiveness by analyzing data from video feeds and environmental sensors to identify patterns and anomalies indicative of security breaches. This facilitates rapid responses to emerging threats. Furthermore, machine learning enables security robots to continuously adapt and improve their detection capabilities based on experience.

*Addressing talent shortages in the security sector, enhancing efficiency and reducing costs:*

The security sector faces significant challenges, including talent shortages, high turnover rates, and complex training requirements. Demand for skilled professionals in areas such as cybersecurity and risk management often exceeds supply, resulting in a shortage of qualified personnel. The physically demanding and emotionally taxing nature of security roles contributes to high turnover rates, disrupting operations and incurring substantial recruitment and training costs. Furthermore, many positions require specialized training and certifications, which can be both time-consuming and costly to provide.

**Disinfection Robots**

*Heightened Hygiene Awareness Post COVID-19:*

The COVID-19 pandemic has significantly heightened global awareness of the importance of infection control, particularly within healthcare environments and other high-density public spaces. Traditional manual disinfection methods, while effective, present various challenges, including labor intensity and potential exposure risks to pathogens. In contrast, disinfection robots offer a reliable and efficient alternative, providing consistent and comprehensive sanitation while minimizing human involvement and thereby reducing contamination risks.

Through their high sanitation standards, disinfection robots allow facilities to uphold stringent infection control protocols, establishing them as essential components of modern infection prevention strategies. Consequently, the demand for disinfection robots continues to grow, with the post-pandemic landscape underscoring the need for effective, automated disinfection solutions across multiple sectors.

*Technological Innovations:*

Recent advancements in disinfection technology, such as the adoption of UV-C LED light and sophisticated autonomous navigation, have significantly enhanced the effectiveness of disinfection robots. UV-C LED technology, with its 99.99% efficacy in eradicating bacteria, microbes, and viruses (including coronavirus) within a 2.5-meter range in under five minutes, has proven both energy-efficient and safe for human skin, offering a preferable alternative to traditional

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mercury-based UV systems. Innovations in autonomous navigation and docking, alongside Fleet Management Control Systems, allow for seamless, reliable operation, including scheduling, monitoring, and control of multiple robots simultaneously. Additional features, such as obstacle avoidance, human-detection safety mechanisms, and real-time video monitoring, further optimize these systems for independent, efficient disinfection in dynamic environments.<sup>[18]</sup>

*Addressing Labor Shortages and Safety Concerns:*

The pandemic has intensified staffing shortages across various sectors, particularly within essential services. Healthcare workers have been significantly affected, with many experiencing burnout due to prolonged stress and demanding workloads. A survey conducted by the Kaiser Family Foundation and *The Washington Post* revealed that nearly 30% of healthcare professionals contemplated leaving their jobs, and approximately 60% indicated that pandemic-related stress had negatively impacted their mental health. This widespread burnout not only raises concerns for workers' well-being but also jeopardizes the quality of patient care and contributes to increased staff turnover.<sup>[19]</sup>

Disinfection robots offer a viable solution by facilitating continuous, autonomous operation, thereby reducing dependence on human labor and minimizing the risk of exposure for cleaning staff. These robots enhance sanitation efforts while addressing critical safety concerns, enabling organizations to uphold high hygiene standards even amidst workforce challenges.

*Growing Need to Mitigate the Spread of Health Care-Associated Infections (HAIs):*

Health care-associated infections (HAIs) represent a considerable challenge to healthcare improvements worldwide. Data from the Office of Disease Prevention and Health Promotion (ODPHP) indicates that one in 25 hospital inpatients in the United States, and one in 10 patients globally, acquires at least one HAI during their stay. The prevalence of HAIs is particularly high in certain regions, reaching over 20% in Middle Eastern countries such as Saudi Arabia, Oman, Qatar, and the UAE, and approximately 15% in Brazil and Mexico, as reported by *German Medical Science* and the *Journal of Clinical Microbiology*. To control and prevent these infections, the World Health Organization (WHO) is urging member states to equip hospitals with advanced disinfection technologies, including robotic systems.<sup>[20]</sup>

#### Last-Mile Delivery Robots
*Growth of E-Commerce:*

The rapid growth of e-commerce has created substantial opportunities for autonomous last-mile delivery solutions. As consumer preferences shift increasingly towards online shopping, the demand for efficient, timely delivery services has surged. Last-mile delivery robots have emerged as a key innovation in addressing this demand, offering a reliable and cost-effective means of transporting goods directly to consumers' hands.

These robots not only enhance the efficiency of the delivery process but also help mitigate challenges such as labor shortages and rising operational costs associated with traditional delivery methods. Furthermore, the integration of advanced technologies, including navigation systems and real-time tracking, has improved the reliability and speed of deliveries.

*Consumer Demand for Fast Delivery:*

Increasing consumer expectations for rapid and efficient delivery services are driving the need for last-mile delivery robots. As shoppers increasingly prefer same-day or next-day delivery options, logistics providers face pressure to enhance operational efficiency. Last-mile delivery robots address this demand by offering swift transportation directly to consumers' hands, navigating urban environments to reduce delivery times. By automating last-mile delivery, companies can not only meet consumer expectations for speed but also manage costs and optimize resources, maintaining a competitive edge in the evolving e-commerce landscape.

*Enhancing Profit Margins Through Automated Last-Mile Delivery Solutions:*

The adoption of automation in last-mile delivery offers substantial opportunities to reduce operational costs, thereby enhancing profit margins for logistics companies. By utilizing last-mile delivery robots, companies can lower labor expenses associated with traditional delivery methods while addressing labor shortages. These robots improve delivery efficiency through optimized routing and reduced delivery times, resulting in lower fuel consumption and operational

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costs. Additionally, their ability to operate continuously without breaks increases delivery capacity and resource utilization. As demand for cost-effective delivery solutions grows, automation will be pivotal in shaping the logistics industry's future.

*Growing Consumer Appetite for Eco-Friendly Delivery Solutions:*

The increasing emphasis on sustainability and the reduction of carbon footprints present significant opportunities for eco-friendly delivery solutions in the logistics sector. Last-mile delivery robots, which often utilize electric or hybrid technology, can substantially reduce greenhouse gas emissions compared to traditional delivery vehicles.

Additionally, implementing eco-friendly delivery solutions enhances corporate social responsibility, aligning with consumer values and potentially attracting a more environmentally conscious customer base. By investing in sustainable practices, logistics companies can not only comply with evolving regulations and standards but also differentiate themselves in a competitive market.

*Improved Urbanization and Infrastructure in densely populated areas:*

The rise of urban populations and ongoing infrastructure improvements create a favorable environment for deploying last-mile delivery robots in densely populated areas. As cities expand, the demand for efficient delivery solutions grows, and enhanced infrastructure — such as dedicated pathways and smart traffic systems — facilitates the seamless operation of these robots. This integration not only reduces delivery times and enhances reliability but also helps alleviate traffic congestion and lower carbon emissions. Thus, the combination of urbanization and improved infrastructure presents significant opportunities for the widespread adoption of automated delivery solutions.

#### Market Challenge Analysis

#### Healthcare Logistics
*Initial Investment and Maintenance Costs:* While AGVs offer long-term cost savings, the initial investment required for the purchase and installation of AGVs can be a barrier for smaller healthcare facilities with limited budgets. The average cost of a healthcare logistics robot can range from $10,000 to $150,000, depending on its capabilities [21]. Additionally, regular maintenance and software updates are necessary to ensure AGVs operate efficiently, adding to the overall cost.

*Customization and Scalability:* Healthcare facilities vary greatly in size and layout, which can affect the scalability of AGV systems. Customization of routes, load capacities, and operating times may be required to meet the specific needs of individual facilities, adding to the difficulty of system integration and large-scale deployment.

*Integration with Existing Systems:* Integrating Robotic Process Automation (RPA) into existing healthcare systems, including Electronic Health Records (EHRs) and other legacy platforms, presents a major challenge. Many of these systems are outdated and were not built to work with modern automation technologies. Achieving smooth integration often requires extensive customization and can be time-consuming. Ensuring effective communication between RPA tools and the current infrastructure is essential to prevent service interruptions.

*Staff Training and Acceptance:* Successful implementation of logistics robots requires staff training and acceptance. Resistance to change and fear of job displacement can hinder adoption. Healthcare facilities need to invest in comprehensive training programs and change management strategies to address these concerns.

*Compliance with Regulations:* The healthcare industry is subject to strict regulations governing data privacy, patient confidentiality, and operational procedures, making compliance a critical factor in implementing automation. Automated processes, including RPA systems, must be designed to meet these regulatory standards. This requires configuring RPA systems to align with current laws, and continually monitoring and updating them to ensure compliance as regulations change. Failure to comply can lead to severe legal penalties and damage to the organization's reputation. For example, HIPAA violations can result in fines ranging from $1,000 for minor infractions to $100,000 for serious breaches.

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*Extended Timeline for Hospital Partnerships:* The heavily regulated nature of the American healthcare system results in significantly longer contract periods, typically ranging from 18 to 24 months to finalize deals with hospitals. This protracted timeline for forming partnerships with U.S. hospitals contrasts sharply with the processes in European and Singaporean healthcare systems, where contracts may be established more swiftly. The complexity of navigating regulations and compliance requirements in the U.S. contributes to this lengthy duration, impacting the speed at which healthcare robotic solutions can be deployed.

#### Security Robots
*Integration with Existing Systems:* Security robots need to integrate seamlessly with existing security infrastructure, such as surveillance cameras, alarm systems, and control centers. Achieving this integration can be complex and costly.

*Autonomy and Decision*-Making*:* Ensuring that security robots can make quick and accurate decisions in real-time situations, such as identifying threats or responding to emergencies, remains a significant challenge.

*Reliability and Maintenance:* Security robots must operate reliably in various conditions, including adverse weather and low-light environments. Regular maintenance is essential to ensure they function effectively, which can incur additional costs.

*Public Acceptance and Privacy Concerns:* The deployment of security robots may raise privacy concerns among the public. Gaining acceptance while addressing these concerns is crucial for widespread adoption.

*Cybersecurity Risks:* Security robots are vulnerable to hacking and cyberattacks, which can compromise their effectiveness and the safety of the areas they monitor. Ensuring robust cybersecurity measures is essential.

#### Disinfection Robots
*Maintenance and Downtime:* Regular maintenance is necessary to ensure disinfection robots operate effectively. Any downtime for repairs or maintenance can disrupt cleaning schedules and impact hygiene standards.

*Cost and Return on Investment:* The high initial costs of purchasing and implementing disinfection robots can deter some organizations. Demonstrating a clear return on investment is crucial for justifying these expenditures.

*Integration with Human Cleaning Staff:* Disinfection robots should complement, rather than replace, human cleaning staff. Ensuring seamless integration and collaboration between robots and staff can be a challenge in practice.

*Adaptability to Different Environments:* Different settings may require different disinfection protocols and methods. Ensuring that robots can adapt to these varying requirements is essential for their effectiveness.

#### Last-Mile Delivery Robots
*Regulatory Compliance:* Navigating the complex regulatory environment can pose significant challenges. Different municipalities may have varying rules regarding the use of autonomous delivery robots, including restrictions on where they can operate and specific safety requirements.

*Safety and Security:* Ensuring the safety of pedestrians and the security of packages is crucial. Delivery robots must be equipped with advanced sensors and technologies to navigate crowded urban environments safely while avoiding accidents or theft.

*Limited Payload Capacity:* Most delivery robots have a restricted payload capacity, which can limit the types of goods they can transport. This restriction may necessitate a hybrid approach with traditional delivery methods for larger items.

*Public Acceptance:* Gaining acceptance from the public can be challenging. Concerns about job displacement, safety, and the impact of delivery robots on traffic and pedestrian movement may lead to resistance from communities.

*Operational Costs:* Although robots can reduce labor costs, the initial investment in technology, maintenance, and ongoing operational expenses can be significant, particularly for small businesses.

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#### Competition Overview
Unlike many robotics companies that concentrate on a single industry, we differentiate ourselves by simultaneously focusing on three key sectors: healthcare, logistics, and security. This multi-industry approach allows us to develop versatile solutions that address diverse challenges, enhancing our adaptability and market presence. By leveraging our expertise across these areas, we create innovative robots tailored to the specific needs of each sector while maintaining an affordable and effective product line. This commitment positions us as a unique player in the robotics landscape, capable of responding to various market demands efficiently.

![](timage_001.jpg)

References:

1. <u>2024 Global Talent Shortage,</u> *https://go.manpowergroup.com/hubfs/Talent%20Shortage/Talent%20Shortage% 202024/MPG_TS_2024_GLOBAL_Infographic.pdf*

2. Ageing and health, *https://www.who.int/news*-room*/fact*-sheets*/detail/ageing*-and-health

3. How Is Robotics Transforming Industries and Which Companies Are Leading the Way? *https://www.foundernest.com/resources/blog*-posts*/how*-are-robotics-transforming-industries-and-which-companies-are-leading-the-way

4. Why Robotics Represents A $24 Trillion Opportunity For Investors *https://www.forbes.com/councils/forbestechcouncil/2024/09/06/why*-robotics-represents-a-24-trillion-opportunity-for-investors*/*

5. Global Healthcare Logistics Market — Focused Insights 2024-2029, *https://www.researchandmarkets.com/report/healthcare*-logistics

6. Security Robot Market, *https://straitsresearch.com/report/security*-robot-market

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7. Disinfection Robots Market Size & Trends, *https://www.grandviewresearch.com/industry*-analysis*/<br>disinfection*-robots-market-report

8. Autonomous Last Mile Delivery Market Size, Share & Trends Analysis Report, *https://www.grandviewresearch.com/industry*-analysis*/autonomous*-last-mile-delivery-market

9. Global Robotics Firm, OTSAW Debuts A Multi-purpose Robot Set To Disrupt The Global Healthcare Sector At Arab Health 2024 *https://www.wjhl.com/business/press*-releases*/ein*-presswire*/682074165/global*-robotics-firm-otsaw-debuts-a-multi-purpose-robot-set-to-disrupt-the-global-healthcare-sector-at-arab-health-2024*/*

10. Older Americans Month: May 2023, *https://www.census.gov/newsroom/stories/older*-americans-month*.html*

11. The US is suffering a healthcare worker shortage. Experts fear it will only get worse, *https://thehill.com/changing*-america*/well*-being*/prevention*-cures*/4225960*-the-us-is-suffering-a-healthcare-worker-shortage-experts-fear-it-will-only-get-worse*/*

12. 8 hospital megaprojects in the US, *https://www.constructiondive.com/news/8*-hospital-megaprojects-in*-<br>the*-us*/587540/*

13. The five largest Europe hospital construction projects commencing in Q3 2024, <br>*https://www.worldconstructionnetwork.com/data*-insights*/five*-largest-europe-hospital-construction-projects*/?cf*-view

14. Singapore to build new hospital in Tengah, expand home care initiatives to meet ageing population needs, *https://www.channelnewsasia.com/singapore/new*-hospital-tengah-home-care-ageing-population-healthiersg-moh-4172146

15. New hospital in Shanghai to provide high-quality medical services, *https://www.chinadaily.com.cn/a/202407/26/WS66a343dfa31095c51c510234.html*

16. 2024 Trafficking in Persons Report, *https://www.state.gov/reports/2024*-trafficking-in-persons-report*/*

17. Police Stolen Vehicle Database, *https://www.vinaudit.com/police*-stolen-vehicle-database

18. OTSAW Marketing, *https://app.hubspot.com/documents/22520662/view/506868680?accessId=456656*

19. Healthcare Worker Shortage in 2024, *https://hrforhealth.com/blog/healthcare*-worker-shortage

20. Disinfection Robot Market, *https://www.persistencemarketresearch.com/market*-research*/disinfection*-robot-market*.asp*

21. Autonomous Last Mile Delivery Market Size, Share & Trends Analysis Report, *https://www.grandviewresearch.com/industry*-analysis*/autonomous*-last-mile-delivery-market

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#### MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS <br> 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 Singapore-based company specializing in AMRs and robotics solutions, with cutting-edge robotics software development and manufacturing capabilities. Founded in 2015, we are an innovator in advanced robotics autonomy technologies and next-generation AI. Our mission is to disrupt, revolutionize, and redefine the global facilities management industry with our AI-enabled AMRs and robotics solutions across security, disinfection, last-mile delivery, and healthcare facilities.

Leveraging our core software technologies, robot and machine outdoor autonomy expertise, and AI-enabled AMRs, our products empower customers to enhance productivity, reduce reliance on human capital, and seamlessly integrate automation into their facilities management operations. By addressing labor shortages, rising wages, and labor cost challenges, we aim to empower the entire facilities management industry globally.

For the fiscal years ended April 30, 2024, and 2023, we reported revenues of US$5.3 million and US$5.1 million, respectively, and net losses of US$6.5 million and US$6.7 million, respectively. For the six months ended October 31, 2024, and 2023, we reported revenues of US$1.8 million and US$2.8 million, respectively, and net losses of US$3.3 million and US$2.9 million, respectively. To drive growth, we are focused on advancing our core software technologies, the commercialization of our latest Autonomous Navigation System ("ANS") Version 3, Odyssey, tailored for the AMR and robotics industry, and the expansion of our production capacity. These efforts aim to enable cost-efficient manufacturing and competitive pricing as we develop our next-generation Transcar 5.0 and Camello<sup>+</sup> solutions.

Additionally, we are actively increasing our global presence in the security and healthcare facilities management industries by expanding our sales and marketing team, strengthening our distribution network, and pursuing strategic alliances, acquisitions, investments, and partnership opportunities.

#### Factors Affecting Our Results of Operations
Our business and results of operations are affected by the macroeconomic factors, including but not limited to overall economic growth rates in Singapore and globally, the penetration rate of robotic autonomy and AI technologies, regulatory, tax and geopolitical environments, the stability of our supply chain as well as costs of raw materials and components. Changes in any of these general factors could affect the demand for our principal businesses and our results of operations. Moreover, the following company-specific factors can directly impact our results of operations materially:

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

The introduction and commercialization of new products and services are important to our results of operations and financial condition. For example, the ANS Version 3 and the Odyssey, are anticipated to serve as a critical cornerstone of our future financial performance, and the continued promotion of the Odyssey is expected to exert a material impact on our financial performance. As of the date of this prospectus, we are in the early research and development stage to independently commercialize and market the ANS Version 3. The release of innovative products, such as the Odyssey, is poised to provide us with entry to previously untapped markets and clienteles, thereby fostering potential growth in our future revenue streams.

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*Our ability to retain skilled personnel*

Our future growth and success depend significantly on the continued service and contributions of our engineers and senior management personnel. Many of these key personnel are highly skilled and experienced and are difficult to recruit and retain, particularly as we seek to expand our business with respect to our AI-enabled AMR and robotics solutions. Competition for recruiting qualified personnel is intense, and finding personnel with the combination of skills and attributes required to execute our business strategy may be difficult, time-consuming, and expensive. Consequently, the loss of any key personnel or failure to recruit, train, or retain qualified personnel could significantly negatively impact our operations.

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

The industry is rapidly changing technologically, with highly evolving industry standards and frequent introductions and enhancements of new products and services. Customers also expect fast technological advancements. Our future success will depend on our ability to adapt to rapidly changing technologies, align our services with evolving industry standards, and continually improve the know-how of our staff in response to the evolving demands of the marketplace. Failure to adapt to such changes would have a material adverse effect on our business and results of operations.

*Intellectual Property*

We rely on patented and non-patented proprietary information relating to product development, manufacturing capabilities and other core competencies of our business. Protection of intellectual property is critical. Therefore, steps such as additional patent applications, confidentiality and non-disclosure agreements, as well as other security measures, are important. While we believe we have a strong patent portfolio and there is no actual or, to our knowledge, threatened litigation against us for patent-related matters, litigation or threatened litigation is a common method to effectively enforce or protect intellectual property rights. Such action may be initiated by or against us and would require significant management time and expenses.

*Foreign currency exchange fluctuation*

Our operations involve transactions denominated in different currencies. Consequently, fluctuations in foreign exchange rates could impact our results of operations. We shall remain vigilant in monitoring currency fluctuations and respond actively to control the impact of such fluctuations on our operations.

#### Impact of Israel-Palestine war, Russia's Invasion of Ukraine and Related Supply Chain Issues
In October 2023, Israel faced a series of attacks and entered a state of conflict. Hostilities have continued along Israel's northern border with Lebanon (involving Hezbollah), its southern border with the Gaza Strip (involving Hamas), and on other fronts from various groups in the region, including the Houthis in Yemen and militia groups in Syria and Iraq. Additionally, there have been reports of Iran launching drone and missile attacks on Israel, alongside threats of further escalation. Iran is also believed to have significant influence over groups such as Hamas in Gaza, Hezbollah in Lebanon, the Houthi movement in Yemen, and various militia groups in Syria and Iraq.

On February 24, 2022, Russia invaded Ukraine, triggering hostilities that have had severe regional and global repercussions. In response, many countries imposed broad-ranging economic sanctions on Russia, further escalating geopolitical tensions.

The full extent and duration of these military actions, associated sanctions, and potential market disruptions — including stock market volatility, global supply chain disruptions, and worsening global inflation — remain uncertain but could be significant. Such disruptions, along with responses like purchasing and financing restrictions, boycotts, changes in consumer preferences, sanctions, tariffs, or cyberattacks, may substantially impact the global economy and business operations.

As of the date of this prospectus, (i) we principally operate in Singapore and do not have business presence in Russia, Ukraine and the Middle-East; (ii) our industry has been less dependent on oil, natural resources or supply chain which have been disrupted by these military actions; however, (iii) we have experienced increased costs for components and logistics, along with extended product delivery times for some customers due to global supply

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chain challenges. In general, we have experienced no significant financial or operational impact due to these disruptions arising from, related to, or caused by the global disruption from Russia's invasion of Ukraine and the tensions in the Middle-East.

#### Key Components of Results of Operations

#### Revenues
Our revenues consist of (i) providing service and maintenance; (ii) sales of robots and (iii) robot as a service (leasing of robots).

The following table sets forth the breakdown of our total revenues, both in absolute amount and as a percentage of our total revenues for the years ended April 30, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended April 30,** | **For the Years Ended April 30,** | **For the Years Ended April 30,** | **For the Years Ended April 30,** |
|  | **2024** | **2024** | **2023** | **2023** |
|  | **US$** | **% of total <br>revenues** | **US$** | **% of total <br>revenues** |
|  **Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Service and maintenance | 4195079 | 79.3 | 3964964 | 77.6 |
| &nbsp;&nbsp;&nbsp; Sales of robots | 954108 | 18.0 | 902492 | 17.7 |
| &nbsp;&nbsp;&nbsp; Robot as a service ("RaaS") | 139142 | 2.7 | 243684 | 4.7 |
|  **Total revenues** | 5288329 | 100.0 | 5111140 | 100.0 |

---

The following table sets forth the breakdown of our total revenues, both in absolute amount and as a percentage of our total revenues for the six months ended October 31, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** |
|  | **2024** | **2024** | **2023** | **2023** |
|  | **US$** | **% of total <br>revenues** | **US$** | **% of total <br>revenues** |
|  **Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Service and maintenance | 1515459 | 85.3 | 2292670 | 82.8 |
| &nbsp;&nbsp;&nbsp; Sales of robots | 201057 | 11.3 | 393754 | 14.2 |
| &nbsp;&nbsp;&nbsp; Robot as a service ("RaaS") | 59467 | 3.4 | 81413 | 3.0 |
|  **Total revenues** | 1775983 | 100.0 | 2767837 | 100.0 |

---

Range of service and robotic solutions:

*a) Service and Maintenance*

Revenue from service and maintenance encompasses a range of support and maintenance services, including preventive and corrective maintenance of our robots, manning services, training, data transfer, and both software and hardware upgrades. Customers can opt to purchase a service and maintenance contract tailored to their requirements, offered at a fixed price without variable consideration, typically for an average term of 5 years. Revenue from provide service and maintenance is recognized over time on a straight-line basis over the period of services provided. Revenue of service and maintenance represented approximately 79.3% and 77.6% of our total revenues for the years ended April 30, 2024 and 2023, respectively. Revenue of service and maintenance represented approximately 85.3% and 82.8% of our total revenues for the six months ended October 31, 2024 and 2023, respectively.

*b) Sales of robots*

Revenue from robot sales is generated through the sale of hardware and software licenses, including spare parts and services related to robot setup and commissioning. The sales income is recognized upon the products are physically delivered and accepted by the customers. Revenue from sales of robots accounted for approximately 18.0% and 17.7% of our total revenues for the years ended April 30, 2024, and 2023, respectively. Revenue from sales of robots accounted for approximately 11.3% and 14.2% of our total revenues for the six months ended October 31, 2024 and 2023, respectively.

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*c) Robot as a service ("RaaS")*

Our subscription-based model offers end-users the option to lease our robots for a fixed monthly fee, which includes comprehensive maintenance and support services. The typical contract duration ranges from 1 to 5 years. Revenue from these subscriptions is recognized on a straight-line basis over the service period. Revenue from RaaS accounted for approximately 2.7% and 4.7% of our total revenues for the years ended April 30, 2024 and 2023, respectively. Revenue from RaaS accounted for approximately 3.4% and 3.0% of our total revenues for the six months ended October 31, 2024 and 2023, respectively.

#### Revenue — Segment information
Segment results of revenue and profit (loss) are the primary measures reported to CODM for the purposes of resource allocation and performance assessment. The CODM does not review assets and liabilities by operating segment for the purpose of resource allocation and performance assessment. Therefore, only segment operating results are presented.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Revenue** | **AMR** | **AGV** | **Other** | **Total** |
| **2024** | **477610** | **4761222** | **49497** | **5288329** |
| **2023** | 453863 | 4582837 | 74440 | 5111140 |

---

Revenue contribution from AMR and AGV increased to US$477,610 (FY23: US$453,863) and US$4,761,222 (FY23: US$4,582,837) respectively due to increased Sales team member hired and deployed and Sales/Distribution channels established, coupled with increased marketing activity and expenditure.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Revenue** | **AMR** | **AGV** | **Other** | **Total** |
|  **Oct 31, 2024** | **152299** | **1623684** | **—** | **1775983** |
|  **Oct 31, 2023** | 156030 | 2575108 | 36699 | 2767837 |

---

Revenue contribution from AGV decreased to US$1,623,684 (Oct 23: US$2,575,108) is largely due to the fact that the delivery of the AGV projects tends to be cyclical and significantly more of AGV revenue is taken up in the second half of FY25. We have done a current assessment of the full year FY25 AGV revenue and found it is higher as compared to FY24.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Revenue** | **Asia <br>Pacific** | **Europe** | **North <br>America** | **Total** |
| **2024** | **2954960** | **1954769** | **378600** | **5288329** |
| **2023** | 2850835 | 2245805 | 14500 | 5111140 |

---

Revenue contribution from Asia Pacific and North America increased to US$2,954,960 (FY23: US$2,850,835) and US$378,600 (FY23: US$14,500) respectively due to increased Sales team member hired and deployed and Sales/Distribution channels established, coupled with increased marketing activity and expenditure. Revenue contribution from Europe instead dropped to US$1,954,769 (FY23: US$2,245,805) as the demand dropped in tandem with the escalating energy cost arising from the war in Ukraine.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Revenue** | **Asia <br>Pacific** | **<br>Europe** | **North <br>America** | **<br>Total** |
|  **Oct 31, 2024** | **1246178** | **441072** | **88733** | **1775983**  |
|  **Oct 31, 2023** | 1374999 | 1286838 | 106000 | 2767837 |

---

Revenue contribution from Asia Pacific and North America for the six months ended October 31, 2024 decreased to US$1,246,178 (FY23: US$1,374,999) and US$88,733 (Oct 23: US$106,000) respectively due to slowdown in the market. Revenue contribution from Europe for the six months ended October 31, 2024 dropped to US$441,072 (Oct 23: US$1,286,838) as our German entity is hampered by parts and manpower shortage.

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#### Cost of revenues
Cost of revenues primarily includes costs related to subcontracting, labor, and the materials used in the manufacturing of robots, as well as those used for maintenance services. Cost of revenue represented 68.4% and 75.3% of our total revenues for the years ended April 30, 2024 and 2023, respectively. Cost of revenue represented 73.8% and 74.2% of our total revenues for the six months ended October 31, 2024 and 2023, respectively.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended April 30,** | **For the Years Ended April 30,** | **For the Years Ended April 30,** | **For the Years Ended April 30,** |
|  | **2024** | **2024** | **2023** | **2023** |
|  | **Gross <br>Profit** | **Gross Profit <br>Margin** | **Gross <br>Profit** | **Gross Profit <br>Margin** |
|  | **US$** | **%** | **US$** | **%** |
|  **Gross profit:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Service and maintenance | 1225385 | 29.2 | 868677 | 21.9 |
| &nbsp;&nbsp;&nbsp; Sales of robots | 370367 | 38.8 | 294904 | 32.7 |
| &nbsp;&nbsp;&nbsp; Robot as a service (RaaS) | 77190 | 55.5 | 97375 | 40.0 |
|  **Total gross profit** | 1672942 | 31.6 | 1260956 | 24.7 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** |
|  | **2024** | **2024** | **2023** | **2023** |
|  | **Gross <br>Profit** | **Gross Profit <br>Margin** | **Gross <br>Profit** | **Gross Profit <br>Margin** |
|  | **US$** | **%** | **US$** | **%** |
|  **Gross profit:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Service and maintenance | 487214 | 32.1 | 688067 | 30.0 |
| &nbsp;&nbsp;&nbsp; Sales of robots | (69327) | (34.5) | (11509) | (2.9) |
| &nbsp;&nbsp;&nbsp; Robot as a service (RaaS) | 47123 | 79.2 | 37564 | 46.1 |
|  **Total gross profit** | 465010 | 26.2 | 714122 | 25.8 |

---

Gross profit represents our revenues less cost of revenues. Our gross profit margin represents our gross profit as a percentage of our revenues. Our gross profit and margin are influenced by various factors, including the type of customer, project size, type and nature of services rendered, and trade volume. Our gross profit was approximately US$1.7 million and US$1.3 million, respectively, and our gross profit margin was 31.6% and 24.7%, respectively, for the years ended April 30, 2024 and 2023. Our gross profit was approximately US$465 thousand and US$714 thousand, respectively, and our gross profit margin was 26.2% and 25.8%, respectively, for the six months ended October 31, 2024 and 2023.

#### Other income
The following table sets forth our other income, both in absolute amount and as a percentage of total revenues, for the years ended April 30, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended April 30,** | **For the Years Ended April 30,** | **For the Years Ended April 30,** | **For the Years Ended April 30,** |
|  | **2024** | **2024** | **2023** | **2023** |
|  | **US$** | **% of total <br>revenues** | **US$** | **% of total <br>revenues** |
| &nbsp;&nbsp;&nbsp; Government grants | 142390 | 2.7 | 216034 | 4.2 |
| &nbsp;&nbsp;&nbsp; Swisslog consideration adjustment | 259875 | 4.9 | 486468 | 9.5 |
| &nbsp;&nbsp;&nbsp; Miscellaneous (expense)/income | (35996) | (0.7) | 36821 | 0.8 |
|  **Total other income** | 366269 | 6.9 | 739323 | 14.5 |

---

Other income amounted to approximately US$0.4 million and US$0.7 million for the years ended April 30, 2024 and 2023, respectively.

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Government grants of approximately US$0.1 million for the year ended April 30, 2024 primarily represented (i) Inland Revenue Authority of Singapore (IRAS) Progressive Wage Credit Scheme Fund by the Singapore Government to provide transitional wage support for employers; (ii) Capital Construction Fund granted by the SG Innovate, designed to support entrepreneurial scientists to launch, prove, build, and scale deep tech innovations from Singapore to the world; and (iii) Enterprise Development Grant (EDG) Innovation & Productivity Grant by the Singapore Government to provide support for innovation projects. In addition, the Swisslog consideration adjustment represented deferred consideration adjustments due to unmet revenue targets, as specified in the Swisslog's AGV business acquisition agreement with Swisslog Healthcare Holdings AG. Furthermore, the miscellaneous expense of US$35,996 primarily arose from the write-off of internally developed intangible assets.

Government grants of approximately US$0.2 million for the year ended April 30, 2023 primarily represented (i) IRAS Progressive Wage Credit Scheme Fund by the Singapore Government to provide transitional wage support for employers; (ii) IRAS job growth incentive provided by the Singapore Government under the Job Support Scheme to stimulate employment growth; (iii) Grants provided by Infocomm Media Development Authority ("IMDA") of Singapore to promote the innovation of AMR development; and (iv) P-Max Assistance Grant under P-Max Program to help small and medium-sized enterprises (SMEs) to better recruit, train, manage and retain their newly-hired Professionals, Managers, Executives and Technicians (PMETs). In addition, the Swisslog consideration adjustment represented deferred consideration adjustments due to unmet revenue targets, as specified in the Swisslog's AGV business acquisition agreement with Swisslog Healthcare Holdings AG. Furthermore, miscellaneous income of US$36,821 represented other ancillary services income, which is not within the scope of revenue.

The following table sets forth our other income, both in absolute amount and as a percentage of total revenues, for the six months ended October 31, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended Oct 31,** | **For the Six Months Ended Oct 31,** | **For the Six Months Ended Oct 31,** | **For the Six Months Ended Oct 31,** |
|  | **2024** | **2024** | **2023** | **2023** |
|  | **US$** | **% of total <br>revenues** | **US$** | **% of total <br>revenues** |
| &nbsp;&nbsp;&nbsp; Government grants | 21860 | 1.2 | 22804 | 0.8 |
| &nbsp;&nbsp;&nbsp; Miscellaneous (expense)/income | 17183 | 1.0 | 14815 | 0.5 |
|  **Total other income** | 39043 | 2.2 | 37619 | 1.3 |

---

No material fluctuations of noted.

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

Sales and marketing expenses include salaries and contributions to retirement benefit schemes for our sales and marketing employees, travel and business development expenses covering both domestic and international travel, as well as other expenditures incurred in the pursuit of business development and expanding our business network. Sales and marketing expenses accounted for 19.5% and 29.3% of our total revenues for the years ended April 30, 2024 and 2023, respectively. Sales and marketing expenses accounted for 20.6% and 19.2% of our total revenues for the six months ended October 31, 2024 and 2023, respectively.

*General and administration expenses*

General and administration expenses mainly comprise (i) salaries and contributions to retirement benefit schemes for our administration and operation employees; (ii) services fee for audit, legal, and other professional services; (iii) rental and related expenses for leasing of our office premises; (iv) IT support software subscription and telecommunication support for daily administration work; (v) foreign currency exchange loss (gain) resulting from the exchange difference in remeasuring foreign currency balances; (vi) inventory written off and obsolete provision; and (vii) depreciation of our property, plant and equipment, amortization of our intangible assets primarily related to favorable rights, contract backlogs, and customer relationships, and other office operating expenses. General and administration expenses accounted for 98.0% and 103.7% of our total revenues for the years ended April 30, 2024 and 2023, respectively. General and administration expenses accounted for 141.6% and 86.2% of our total revenues for the six months ended October 31, 2024 and 2023, respectively.

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

*Research and development expenses*

Research and development expenses include salaries and contributions to retirement benefit schemes for our research and development employees, as well as amortization of our intangible assets primarily related to IP and R&D software, and other research and development expenses. Research and development expenses accounted for 16.5% and 23.8% of our total revenues for the years ended April 30, 2024 and 2023, respectively. Research and development expenses accounted for 20.9% and 9.5% of our total revenues for the six months ended October 31, 2024 and 2023, respectively.

#### Finance cost
Finance costs primarily consisted of accrued interest from loans from related parties and third parties, and interest expense from lease liability. Finance costs accounted for 26.6% and 13.6% of our total revenues for the years ended April 30, 2024 and 2023, respectively. Finance costs accounted for 28.9% and 15.0% of our total revenues for the six months ended October 31, 2024 and 2023, respectively.

#### Income tax expenses

#### Cayman Islands
We are incorporated in the Cayman Islands. Under the current laws of the Cayman Islands, we are not subject to income, corporation or capital gains tax in the Cayman Islands. In addition, our payment of dividends, if any, is not subject to withholding tax in the Cayman Islands.

#### Singapore
Our operating subsidiary in Singapore is subjected to Singapore Corporate Income Tax. For the years ended April 30, 2024 and 2023, and six months ended October 31, 2024 and 2023, we were subject to a tax rate of 17% on the entire chargeable income, if any. Income tax accounted for 1.4% and nil of our total revenues for the years ended April 30, 2024 and 2023, respectively. Income tax accounted for nil and nil of our total revenues for the six months ended October 31, 2024 and 2023, respectively.

Under relevant Singapore tax laws save for any form of fraud or willful default, the statutory time limit for the IRAS to raise any assessments or additional assessments is generally 4 years after the expiry of the particular year of assessment for Corporate Income Tax, and 5 years after the end of the prescribed accounting period for Goods and Services Tax. As of October 31, 2024, April 30, 2024 and 2023, we had no open tax investigations from the tax authority and we do not consider that there was any uncertain tax position as of those dates.

#### Germany
Our subsidiary in Germany is subject to German corporate income tax (Körperschaftsteuer) at a uniform rate of 15% plus the solidarity surcharge (Solidaritätszuschlag) of 5.5% thereon, resulting in a total tax rate of 15.825%.

#### United States
Under the current U.S. federal corporate income tax law, our subsidiary in the United States is subject to 21% income tax on its taxable income generated from operations in the United States. Our subsidiary in the United States does not have any taxable income for all periods presented.

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

#### Results of Operations for the Fiscal Years Ended April 30, 2024 and 2023
The following table sets forth a summary of our consolidated results of operations for the years ended April 30, 2024 and 2023 as indicated. This information should be read together with our consolidated financial statements and related notes included elsewhere in this prospectus. The operating results in any year are not necessarily indicative of the results that may be expected for any future trends.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended April 30,** | **For the Years Ended April 30,** | **For the Years Ended April 30,** | **For the Years Ended April 30,** |
|  | **2024** | **2024** | **2023** | **2023** |
|  | **US$** | **% of total <br>revenues** | **US$** | **% of total <br>revenues** |
|  **Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Service and maintenance | 4195079 | 79.3 | 3964964 | 77.6 |
| &nbsp;&nbsp;&nbsp; Sales of robots | 954108 | 18.0 | 902492 | 17.7 |
| &nbsp;&nbsp;&nbsp; Robot as a service ("RaaS") | 139142 | 2.7 | 243684 | 4.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenues | 5288329 | 100.0 | 5111140 | 100.0 |
|  **Cost of revenue** | (3615387) | 68.4 | (3850184) | 75.3 |
|  **Gross profit** | 1672942 | 31.6 | 1260956 | 24.7 |
|  **Other income** | 366269 | 6.9 | 739323 | 14.5 |
|  **Operating expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; General and administration | (5183824) | 98.0 | (5301178) | 103.7 |
| &nbsp;&nbsp;&nbsp; Sales and marketing | (1030463) | 19.5 | (1495204) | 29.3 |
| &nbsp;&nbsp;&nbsp; Research and development | (872998) | 16.5 | (1216139) | 23.8 |
| &nbsp;&nbsp;&nbsp; Total operating expenses | (7087285) | 134.0 | (8012521) | 156.8 |
|  **Operating loss** | (5048074) | 95.5 | (6012242) | 117.6 |
|  **Finance cost** | (1410115) | 26.6 | (694769) | 13.6 |
|  **Loss before income tax expense** | (6458189) | 122.1 | (6707011) | 131.2 |
|  Income tax expenses | (71686) | 1.4 | (1656) |  |
|  **Loss for the financial year** | (6529875) | 123.5 | (6708667) | 131.2 |

---

#### Year Ended April 30, 2024 Compared to Year Ended April 30, 2023

#### Revenues
Total revenues increased by 3% from US$5.1 million for the year ended April 30, 2023 to US$5.3 million for the year ended April 30, 2024. This growth was primarily driven by an increase in the revenue from service and maintenance, as well as the revenue from sales of robots. However, it was partially offset by a decline in revenue from RaaS.

*Service and maintenance* — Revenue from service and maintenance slightly increased by approximately US$0.2 million, or 5.8%, from approximately US$4.0 million for the year ended April 30, 2023, to approximately US$4.2 million for the year ended April 30, 2024, which was mainly due to the increase in service prices and rates. Specifically, the prices and rates for hospital projects rose by 5% during the year ended April 30, 2024, compared to last year, in order to cater for inflation.

Sales of robots — Sales of robots slightly increased by US$51,616, or 5.7%, from approximately US$0.9 million for the year ended April 30, 2023, to approximately US$1.0 million for the year ended April 30, 2024. This was due to the increase in demand from customers for the products of O-R3 and Camello. To adapt to evolving technology and market demands, we continuously innovate. As part of this effort, we launched the second generation of Camello, Camello<sup>+</sup>, which will also serve as our future revenue growth point.

Robot as a service — Revenue from Robot as a service dropped by approximately US$0.1 million, or 42.9%, from approximately US$0.2 million for the year ended April 30, 2023, to approximately US$0.1 million for the year ended April 30, 2024. This decline was due to the discontinuation of the O-RX and O-R2 leases during the year ended April 30, 2024, as we observed a significant shift in customer priorities following the pandemic.

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

Key factors contributing to this decline include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Decreased urgency for pandemic-driven solutions — Demand for autonomous disinfection and concierge robots declined as pandemic-related restrictions eased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rapid technological advancements and changing customer preferences — Rapid innovation in robotics have shortened product life cycles, with customers seeking next-generation robotics with enhanced AI capabilities and greater efficiency. As a result, they were less inclined to commit to long-term RaaS agreements unless it was new technology.

In response to evolving technology and market demands, we have launched a new generation product, Camello<sup>+</sup>, a next-generation autonomous delivery and security robot designed to offer enhanced efficiency, improved AI capabilities, and seamless integration with modern logistics systems. Camello<sup>+</sup> combines both the Camello and O-R3 models, addressing customer feedback for greater reliability, scalability, and adaptability in diverse operational environments.

#### Cost of revenues
Cost of revenues decreased by US$234,797 or 6.1% from approximately US$3.8 million for the year ended April 30, 2023 to US$3.6 million for the year ended April 30, 2024. This trend was attributable to improved cost controls and the launch of the new generation products, which are more cost-efficient.

#### Gross profit
Our gross profit increased by approximately US$0.4 million or 32.7%, from approximately US$1.3 million for the year ended April 30, 2023 to approximately US$1.7 million for the year ended April 30, 2024. Our gross profit margin for the year ended April 30, 2024, was approximately 31.6%, compared to approximately 24.7% for the year ended April 30, 2023.

Gross profit margin of Service and Maintenance revenue increased to 29.2% for the year ended April 30, 2024, compared to 21.9% for the year ended April 30, 2023. This improvement was primarily due to the successful execution of larger and more complex projects, which allowed us to charge higher margins. Additionally, we implemented better cost controls for services, increasing profitability by bringing in skilled and capable staff to handle complex projects and reducing reliance on subcontractors.

Gross profit margin of Sales of robots increased to 38.8% for the year ended April 30, 2024, compared to 32.7% for the year ended April 30, 2023, and the gross profit margin of RaaS increased to 55.5% for the year ended April 30, 2024, compared to 40.0% for the year ended April 30, 2023. The increase in the gross profit margin for the two revenue streams was primarily driven by the successful launch of new-generation products that closely follow technological and market trends. The upgraded products typically yield a relatively higher gross profit margin than the old generation products.

#### Other income
Other income decreased by approximately US$0.3 million from approximately US$0.7 million for the year ended April 30, 2023 to approximately US$0.4 million for the year ended April 30, 2024. This decrease was primarily due to a change in the consideration value for the acquisition of Swisslog's AGV business. The acquisition consideration was initially calculated based on the anticipated revenue at the time of the acquisition; however, it is variable and subsequently adjusted based on the actual revenue. Variances between actual and anticipated revenue impact the estimated value of the consideration.

#### Operating expenses
General and administrative expenses primarily comprise personnel-related costs for executive management and administrative functions, including finance and accounting, human resources, general corporate expenses, and general insurance. These expenses also include depreciation of property and equipment, amortization of our intangible assets primarily related to favorable rights, contract backlogs, and customer relationships, as well as amortization of right-of-use assets, and are recognized as incurred.

For the year ended April 30, 2024, general and administrative expenses decreased by US$117,354 or 2.2%, compared to the year ended April 30, 2023. The decline was primarily attributed to the absence of a US$0.77 million obsolescence provision and asset write-off recorded in the prior year. Additionally, audit and legal fees decreased by US$0.23 million compared to the prior year. The decline was offset mainly by an increase in salaries and wages of US$0.44 million and a foreign exchange impact of US$0.44 million.

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

Sales and marketing expenses decreased by approximately US$0.46 million to approximately US$1.0 million for the year ended April 30, 2024. This decrease was primarily driven by the non-recurrence of the commission payment in relation to the fundraising activities.

Research and development expenses decreased by approximately $0.3 million, totaling approximately $0.9 million for the year ended April 30, 2024. This decrease is attributable to the capitalization of development-related expenditures for internally generated intangible and tangible assets, in accordance with IFRS guidelines.

#### Finance cost
Finance cost increased by approximately US$0.7 million from approximately US$0.7 million for the year ended April 30, 2023 to approximately US$1.4 million for the year ended April 30, 2024. The increase was mainly due to the average interest rate of the director loan increasing from 6% for the year ended April 30, 2023 to 12% for the year ended April 30, 2024.

#### Loss before income taxes
We had a loss before income taxes of approximately US$6.5 million and approximately US$6.7 million for the years ended April 30, 2024 and 2023, respectively. The reduction in loss before income taxes was directly attributed to decreased operating expenses, as we focused our efforts on enhancing operational efficiency. However, this decrease was partially offset by an increase in finance costs due to higher interest expenses on director loans, which provide funding for our daily operations.

#### Income tax expense
Income tax expenses increased significantly from US$1,656 for the year ended April 30, 2023 to US$71,686 for the year ended April 30, 2024. The increase was mainly due to the rise in security transfer tax, which was caused by our external equity acquisitions and inter-company equity transactions during the year ended April 30, 2024.

#### Net Loss
As a result of the foregoing factors, net loss decreased by 2.7% from US$6.7 million for the year ended April 30, 2023 to US$6.5 million for the year ended April 30, 2024.

#### Segment Results of Operations
The following table sets forth the segment revenue and operating profit for the periods presented.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended April 30,** | **For the Years Ended April 30,** | **For the Years Ended April 30,** | **For the Years Ended April 30,** | **For the Years Ended April 30,** | **For the Years Ended April 30,** | **For the Years Ended April 30,** | **For the Years Ended April 30,** |
|  | **2024** | **2024** | **2024** | **2024** | **2023** | **2023** | **2023** | **2023** |
|  | **AMR <br>US$** | **AGV <br>US$** | **Others <br>US$** | **Total <br>US$** | **AMR <br>US$** | **AGV <br>US$** | **Others <br>US$** | **Total <br>US$** |
|  **Revenues** | 477610 | 4761221 | 49498 | 5288329 | 453863 | 4582837 | 74440 | 5111140 |
|  **Cost of revenue** | (134113) | (3470774) | (10500) | (3615387) | (187427) | (3460213) | (22544) | (3850184) |
|  **Gross profit** | 343497 | 1290447 | 38998 | 1672942 | 266436 | 1122264 | 51896 | 1260956 |
|  **Other income** | 362077 | 996 | 3196 | 366269 | 701482 | 5311 | 32530 | 739323 |
|  **Operating expenses** |  |  |  |  |  |  |  |  |
|  General and <br>administration | (3077310) | (1699891) | (406623) | (5183824) | (3898405) | (1085182) | (317590) | (5301178) |
|  Sales and marketing | (689822) | (338555) | (2086) | (1030463) | (998097) | (494160) | (2947) | (1495204) |
|  Research and <br>development | (576052) | (296946) |  | (872998) | (850221) | (365918) |  | (1216139) |
|  Total operating <br>expenses | (4343184) | (2335392) | (408709) | (7087285) | (5746723) | (1945260) | (320537) | (8012521) |
|  **Operating loss** | (3637610) | (1043949) | (366515) | (5048074) | (4778805) | (997325) | (236111) | (6012242) |
|  **Finance cost** | (1390632) | (14990) | (4493) | (1410115) | (677717) | (2669) | (14383) | (694769) |
|  **Loss before <br>income tax** | (5028242) | (1058938) | (371009) | (6458189) | (5456523) | (999994) | (250494) | (6707011) |

---

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

Revenue contribution from AMR and AGV increased to US$477,610 (FY23: US$453,863) and US$4,761,222 (FY23: US$4,582,837) respectively due to increased sales team members hired and deployed and Sales/Distribution channels established, coupled with increased marketing activity and expenditure. Cost of revenue for AMR decreased to US$134,113 (Apr 23: US$187,427) due to low cost incurred on sales of outgoing AMR models which enjoys cost efficiencies. Cost of revenue for AGV increased to US$3,470,774 (April 23: US$3,460,210) in line with its revenue increase. The total operating expenses for AMR decreased to US$3,637,610 (Apr 23: US$4,778,805) due to cost efficiencies of selling matured models with internally-generated costs. Comparatively the total operating expenses for AGV went up to US$2,335,392 (Apr 23: US$1,945,260) as its cost base comprises higher external component and thus in line with the increase in AGV revenue.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** |
|  | **2024** | **2024** | **2023** | **2023** |
|  | **US$** | **% of total <br>revenues** | **US$** | **% of total <br>revenues** |
|  **Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Service and maintenance | 1515459 | 85.3 | 2292670 | 82.8 |
| &nbsp;&nbsp;&nbsp; Sales of robots | 201057 | 11.3 | 393754 | 14.2 |
| &nbsp;&nbsp;&nbsp; Robot as a service ("RaaS") | 59467 | 3.4 | 81413 | 3.0 |
|  **Total revenues** | 1775983 | 100.0 | 2767837 | 100.0 |
|  **Cost of revenue** | (1310973) | 73.8 | (2053715) | 74.2 |
|  **Gross profit** | 465010 | 26.2 | 714122 | 25.8 |
|  **Other income** | 39043 | 2.2 | 37619 | 1.4 |
|  **Operating expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; General and administration | (2544649) | 143.3 | (2385168) | 86.2 |
| &nbsp;&nbsp;&nbsp; Sales and marketing | (365414) | 20.6 | (532206) | 19.2 |
| &nbsp;&nbsp;&nbsp; Research and development | (370305) | 20.8 | (261766) | 9.5 |
| &nbsp;&nbsp;&nbsp; Total operating expenses | (3280368) | 184.7 | (3179140) | 114.9 |
|  **Operating loss** | (2776315) | 156.3 | (2427399) | 87.7 |
|  **Finance cost** | (513158) | 28.9 | (414799) | 15.0 |
|  **Loss before income tax expense** | (3289473) | 185.2 | (2842198) | 102.7 |
|  Income tax expenses |  |  | (71596) | 2.6 |
|  **Loss for the financial year** | (3289473) | 185.2 | (2913794) | 105.3 |

---

#### Period Ended October 31, 2024 Compared to Period Ended October 31, 2023

#### Revenues
Total revenues decreased by 35.8% from US$2.8 million for the period ended October 31, 2023 to US$1.8 million for the year ended October 31, 2024. This decrease was primarily due to the fact that the delivery of the AGV projects tends to be cyclical and significantly more of AGV revenue is taken up in the second half of FY25. We have done a current assessment of the full year FY25 AGV revenue and found it is higher as compared to FY24. There were also some sales loss during transition from old to new models' introduction to the market.

*Service and maintenance* — Revenue from service and maintenance decreased by approximately US$0.8 million, or 33.9%, from approximately US$2.3 million for the year ended October 31, 2023, to approximately US$1.5 million for the year ended October 31, 2024, which was due to lower number of contracts serviced during this period.

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

Sales of robots — Sales of robots slightly decreased by US$192,697, or 48.9%, from approximately US$0.4 million for the period ended October 31, 2023, to approximately US$0.2 million for the period ended October 31, 2024. This is due to lower sales from existing models being phased out and new models have yet to be on sale.

Robot as a service — Revenue from Robot as a service dipped by approximately US$21,946, or 27.0%, from approximately US$0.08 million for the period ended October 31, 2023, to approximately US$0.06 million for the period ended October 31, 2024. This decline is immaterial.

#### Cost of revenues
Cost of revenues decreased by US$742,742 or 36.2% from approximately US$2.1 million for the period ended October 31, 2023 to US$1.3 million for the period ended October 31, 2024. This trend is in line with the decrease in revenue reported for the period ended October 31, 2024.

#### Gross profit
Our gross profit decreased by approximately US$0.2 million or 34.9%, from approximately US$0.7 million for the period ended October 31, 2023 to approximately US$0.5 million for the period ended October 31, 2024. Our gross profit margin for the period ended October 31, 2024, was approximately 26.2%, compared to approximately 25.8% for the period ended October 31, 2023. Gross profit margin improved mildly across categories due to higher mix of low cost models being sold as newer and more costly models have yet to be sold.

#### Other income
No material fluctuations in other income.

#### Operating expenses
General and administrative expenses primarily comprise personnel-related costs for executive management and administrative functions, including finance and accounting, human resources, general corporate expenses, and general insurance. These expenses also include depreciation of property and equipment, amortization of our intangible assets primarily related to favorable rights, contract backlogs, and customer relationships, as well as amortization of right-of-use assets, and are recognized as incurred.

For the period ended October 31, 2024, general and administrative expenses increased by US$159,481 or 6.7%, compared to the period ended October 31, 2023. The increase is mainly due to increased IPO activity-related spending as well as due to the increase in headcount.

Sales and marketing expenses decreased by approximately US$166,792 to approximately US$0.4 million for the period ended October 31, 2024. This decrease was primarily due to reduced sales activity for the period ended October 31, 2024.

Research and development expenses increased by approximately $0.1 million, totaling approximately $0.4 million for the period ended October 31, 2024. This increase is attributable to the increased headcount in this department for the purpose of impending new model development.

#### Finance cost
Finance cost increased by approximately US$0.1 million from approximately US$0.4 million for the period ended October 31, 2023 to approximately US$0.5 million for the period ended October 31, 2024. The increase was mainly due to the higher borrowings for the period ended October 31, 2024.

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

#### Loss before income taxes
We had a loss before income taxes of approximately US$3.3 million and approximately US$2.9 million for the periods ended October 31, 2024 and 2023, respectively. The increased in loss before income taxes was directly attributed to decreased revenue and increased in operating expenses arising from increased in IPO activities spending as well as R&D personnel cost for new model development.

#### Income tax expense
Income tax expenses dropped to nil from US$71,596 for the period ended October 31, 2024 due to a one-off security transfer tax incurred during the period ended October 31, 2023.

#### Net Loss
As a result of the foregoing factors, net loss increased by 12.9% from US$2.9 million for the period ended October 31, 2023 to US$3.3 million for the period ended October 31, 2024.

#### Segment Results of Operations
The following table sets forth the segment revenue and operating profit for the periods presented.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** |
|  | **2024** | **2024** | **2024** | **2024** | **2023** | **2023** | **2023** | **2023** |
|  | **AMR <br>US$** | **AGV <br>US$** | **Others <br>US$** | **Total <br>US$** | **AMR <br>US$** | **AGV <br>US$** | **Others <br>US$** | **Total <br>US$** |
|  **Revenues** | 152299 | 1623684 |  | 1775983 | 156030 | 2575108 | 36699 | 2767837 |
|  **Cost of revenue** | (72740) | (1238233) |  | (1310973) | (49807) | (1995977) | (7931) | (2053715) |
|  **Gross profit** | 79559 | 385451 |  | 465010 | 106223 | 579131 | 28768 | 714122 |
|  **Other income** | 36438 | 2605 |  | 39043 | 35349 |  | 2270 | 37619 |
|  **Operating expenses** |  |  |  |  |  |  |  |  |
|  General and <br>administration | (1514203) | (907929) | (122517) | (2544649) | (1443537) | (780336) | (161295) | (2385168) |
|  Sales and marketing | (261853) | (95889) | (7672) | (365414) | (322197) | (200007) | (10002) | (532206) |
|  Research and <br>development | (209078) | (161227) |  | (370305) | (106248) | (155518) |  | (261766) |
|  Total operating expenses | (1985134) | (1165045) | (130189) | (3280368) | (1871982) | (1135861) | (171297) | (3179140) |
|  **Operating loss** | (1869137) | (776989) | (130189) | (2776315) | (1730410) | (556730) | (140259) | (2427399) |
|  **Finance cost** | (507006) | (6152) |  | (513158) | (402985) | (7944) | (3870) | (414799) |
|  **Loss before income tax** | (2376143) | (783141) | (130189) | (3289473) | (2133395) | (564674) | (144129) | (2842198) |

---

Revenue contribution from AGV decreased to US$1,623,684 (Oct 23: $2,575,108) is largely due to the fact that the delivery of the AGV projects tends to be cyclical and significantly more of AGV revenue is taken up in the second half of FY25. We have done a current assessment of the full year FY25 AGV revenue and found it is higher as compared to FY24. Revenue from AMR dropped to US$152,299 (Oct 23: 156,030) due to sales loss during interchange from old model to new model introduction to the market. Cost of revenue from AGV dropped to US$1,238,233 (Oct 23: US$1,995,977) which is consistent with the drop in AGV revenue but cost of revenue for AMR went up to US$72,740 (Oct 23: US$49,807) in spite of AMR revenue drop, due to higher initial costs associated with new model being sold. AGV operating expenses increased to US$1,165,045 (Oct 23:US$1,135,861) despite the revenue drop due to higher legal related costs from Swisslog JV buy over. However, AMR segment General and administration expenses increased to US$1,514,203 (Oct 23: US$1,443,537) due to IPO activities cost and increase in headcount while its increase in Research and Development Expenses US$209,078 (Apr 23: US$106,248) due to increased higher R&D headcount and spending in spite of the revenue drop.

#### 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 our major shareholder and related parties. We recorded net cash outflow in operating activities of US$2.3 million and US$4.6 million for the years ended April 30, 2024 and 2023, respectively. We recorded net cash outflow in operating activities of US$1.5 million and US$0.8 million for the six months ended October 31, 2024 and 2023, respectively.

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As of October 31, 2024, we had working capital deficit of US$12 million, US$78,336 in cash and cash equivalents, out of which US$59,659 was held in Singapore dollar ("SGD"), and the rest was held in U.S. dollar ("US$") and Euro Dollar ("EUR"). As of April 30, 2024, we had working capital deficit of US$10.0 million, US$30,331 in cash and cash equivalents, out of which US$28,610 was held in Singapore dollar ("SGD"), and the rest was held in U.S. dollar ("US$") and Euro Dollar ("EUR"). As of April 30, 2023, we had working capital deficit of US$12.7 million, US$34,982 in cash and cash equivalents, out of which US$15,945 was held in SGD, and the rest was held in US$ and EUR. Our cash and cash equivalents primarily consist of petty cash and balances maintained with banks in Singapore, United States and Germany. We also incurred a net loss before tax of USD 6,458,189 and net operating cash outflow of USD 2,304,590 for the year ended April 30, 2024, and a net loss before tax of USD 3,289,473 and net operating cash outflow of USD 1,545,967 for the six months ended October 31, 2024. We have incurred recurring losses and have accumulated losses of $25,108,914 and $21,868,746 as of October 31, 2024 and April 30, 2024 respectively. These factors indicate the existence of a material uncertainty which may cast significant doubt over our ability to continue as going concerns. 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. The availability of cash flow from operating activities and loans from our directors and related parties together provide us with sufficient liquidity to meet our ongoing working capital requirements.

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

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

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

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

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 these consolidated 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 products, general market conditions and the broader capital market climate in Singapore, etc.

*Cash Flows for the Fiscal Years Ended April 30, 2024 and 2023*

The following table sets forth a summary of our cash flows for the years ended April 30, 2024 and 2023 as indicated.

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended <br>April 30,** | **For the Years Ended <br>April 30,** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  Net cash used in operating activities | (2304590) | (4649312) |
|  Net cash used in investing activities | (500142) | (312556) |
|  Net cash generated from financing activities | 2776507 | 4094290 |
|  Net decrease in cash and cash equivalents | (28225) | (867578) |
|  Foreign exchange impact on cash and cash equivalents | 23574 | (177118) |
|  Cash, beginning of financial year | 34982 | 1079678 |
|  Cash, end of financial year | 30331 | 34982 |

---

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*Operating activities*

Net cash used in operating activities for the year ended April 30, 2024 was approximately US$2.3 million, the difference between our net loss of approximately US$6.5 million and the net cash used in operating activities was primarily attributable to (i) depreciation and amortization expense of US$1.4 million on property, plant and equipment, intangible assets based on our accounting policies; (ii) finance cost of US$1.4 million in relation to loans from related parties; (iii) impairment and write off of assets of US$0.2 million; (iv) a decrease in inventories of US$0.4 million, primarily attributable to the decrease in components for the production of robots; and (v) an increase of approximately US$0.8 million in trade and other payables, which was primarily attributable to the increase in accrued interest on related party loans, the increase in deposits received due to the expansion of business, and partially offset by a decrease in deferred consideration payable to Swisslog Healthcare Holding AG for the acquisition of Swisslog assets.

Net cash used in operating activities for the year ended April 30, 2023 was approximately US$4.6 million, the difference between our net loss of approximately US$6.7 million and the net cash used in operating activities was primarily attributable to (i) depreciation and amortization expense of US$1.5 million on property, plant and equipment, intangible assets based on our accounting policies; (ii) finance cost of US$0.7 million in relation to loans from related parties; (iii) impairment and write off of assets of approximately US$1.0 million; (iv) an increase of approximately US$0.2 million in trade and other payables, which aligned with the expansion in sales activities, leading to an increase in purchase of components to support operations; partially offset by (v) an increase in inventories of US$0.3 million, primarily attributable to predictable sales growth expectations; and (vi) an increase of approximately US$0.5 million in trade and other receivables due to intensified sales activities with our customers near the year end.

*Investing activities*

Net cash used in investing activities for the years ended April 30, 2024 and 2023 was approximately US$0.5 million and US$0.3 million, respectively, which was entirely spent on the purchase of property, plant and equipment and investment in intangible assets.

*Financing activities*

Net cash generated from financing activities for the year ended April 30, 2024 was approximately US$2.8 million. This was primarily due to (i) proceeds from related party loans of approximately US$3.8 million; (ii) repayment of related party loans of approximately US$0.7 million; and (iii) repayment of lease liabilities of approximately US$0.3 million.

Net cash generated from financing activities for the year ended April 30, 2023 was approximately US$4.1 million. This was primarily due to (i) proceeds from related party loans of approximately US$8.2 million; (ii) repurchase of ordinary shares of approximately US$0.8 million; (iii) repayment of other financial liability of approximately US$3.1 million; and (iv) repayment of lease liabilities of approximately US$0.3 million.

*Cash Flows for the Six Months Ended October 31, 2024 and 2023*

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

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended <br>October 31,** | **For the Six Months Ended <br>October 31,** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  Net cash used in operating activities | (1545967) | (757476) |
|  Net cash used in investing activities | (676129) | (168821) |
|  Net cash generated from financing activities | 2345873 | 1047682 |
|  Net increase in cash and cash equivalents | 123777 | 121385 |
|  Foreign exchange impact on cash and cash equivalents | (75772) | (95578) |
|  Cash, beginning of financial year | 30331 | 34982 |
|  Cash, end of financial year | 78336 | 60789 |

---

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*Operating activities*

Net cash used in operating activities for the period ended October 31, 2024 was approximately US$1.5 million, the difference between our net loss of approximately US$3.3 million and the net cash used in operating activities was primarily attributable to (i) depreciation and amortization expense of US$0.8 million on property, plant and equipment, intangible assets based on our accounting policies; (ii) finance cost of US$0.5 million in relation to loans from related parties; (iii) impairment and write off of receivables of US$0.2 million; (iv) an increase in trade Trade and other payables of US$0.6 million and partially offset by a decrease in payable to Swisslog Healthcare Holding AG for the acquisition of Swisslog assets.

Net cash used in operating activities for the period ended October 31, 2023 was approximately US$0.8 million, the difference between our net loss of approximately US$2.8 million and the net cash used in operating activities was primarily attributable to (i) depreciation and amortization expense of US$0.7 million on property, plant and equipment, intangible assets based on our accounting policies; (ii) finance cost of US$0.4 million in relation to loans from related parties; (iii) an increase of approximately US$0.6 million in trade and other payables, which is in line with level of sales activities; and partially offset by; (v) an increase in inventories and trade and other receivables of US$0.1 million, primarily attributable to billing and incoming inventory for imminent projects.

*Investing activities*

Net cash used in investing activities for the periods ended Oct 31, 2024 and 2023 was approximately US$0.7 million and US$0.1 million, respectively, which was entirely spent on the purchase of property, plant and equipment and investment in intangible assets.

*Financing activities*

Net cash generated from financing activities for the period ended October 31, 2024 was approximately US$2.3 million. This was primarily due to (i) proceeds from third party loans of approximately US$1.5 million; and (ii) related party loans of approximately US$1.1 million; offset by (iii) repayment of related party loans of approximately US$0.1 million; and (iv) repayment of lease liabilities of approximately US$0.2 million.

Net cash generated from financing activities for the period ended October 31, 2023 was approximately US$1.0 million. This was primarily due to (i) proceeds from related party loans of approximately US$1.4 million; offset by (ii) repayment of related party loans of approximately US$0.2 million; and (iv) repayment of lease liabilities of approximately US$0.2 million.

#### Quantitative and Qualitative Disclosures about Market Risks

#### Foreign currency translation and foreign currency risks
Our reporting currency is United States Dollars ("US$"). The functional currency of our company and our subsidiaries incorporated in Cayman, and United States, is US$. The functional currency of our subsidiary incorporated in Germany is euro ("EUR"), and the functional currency of our Singapore subsidiaries is Singapore dollar ("SGD"). Transactions denominated in currencies other than the functional currency are remeasured into the functional currency at the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in a foreign currency are remeasured into the functional currency using the applicable exchange rate at the balance sheet date. The resulted exchange differences are recorded as general and administration expenses in the consolidated statements of loss and other comprehensive loss.

The financial statements of our subsidiaries in Singapore and Germany are translated from their functional currency into US$. Assets and liabilities are translated into US$ using the applicable exchange rates at the balance sheet date. Equity accounts other than earnings or deficits generated in the current period are translated into US$ using the appropriate historical rates. Revenues, expenses, gains and losses are translated into US$ using the average exchange rates for the relevant period. The resulted foreign currency translation adjustments are recorded as a component of other comprehensive income or loss in the consolidated statements of loss and other comprehensive loss, and the accumulated foreign currency translation adjustments are recorded in currency translation reserve as a component of consolidated statements of change in equity.

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Our operating activities are mainly transacted in SGD, US$, and EUR, which are also the functional currencies of the respective subsidiaries. Foreign exchange risk arises from future commercial transactions, recognized assets and liabilities and net investments in foreign operations. We consider the foreign exchange risk in relation to transactions denominated in SGD with respect to US$ is not significant, as the SGD and US$ are pegged and the exchange rate between them tends to remain stable. At the same time, we are exposed to foreign exchange risk in relation to transactions denominated in EUR. If EUR depreciates against US$, it could have an impact on our consolidated financial statements.

As of April 30, 2024, we had net EUR-denominated liabilities of US$306,209. We estimate that a 10% depreciation of EUR against US$ based on the currency exchange rate on April 30, 2024 would result in an increase of US$30,621 against our shareholders' equity whilst we estimate that a 10% appreciation of EUR against the US$ based on the currency exchange rate on April 30, 2024 would result in a decrease of US$30,621 against our shareholders' equity accordingly.

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 of credit risk
Financial instruments that potentially subject us to the credit risks consist of cash and cash equivalents, trade and other receivables. The maximum exposures of such assets to credit risk are their carrying amounts as of the balance sheet dates.

We deposit our cash and cash equivalents in various commercial banks in the Singapore, United States and Germany. As of April 30, 2024, most of cash and cash equivalents was deposited with banks in Singapore. Balances maintained with banks in Singapore are insured under the Deposit Insurance Scheme introduced by the Singapore Deposit Insurance Corporation Limited. The maximum insured amount was SGD 75,000 (equivalent to US$55,098) until March 31, 2024, after which it was increased to SGD 100,000 (equivalent to $73,464) commenced from April 1, 2024, whilst the balances maintained by us may at times exceed the insured limits. Cash balances maintained with banks in Singapore are not otherwise insured by the Federal Deposit Insurance Corporation or other programs. We have not experienced any losses in these bank accounts and we believe that we are not exposed to any significant credit risk on cash and cash equivalents.

Assets that potentially subject us to a significant concentration of credit risk primarily consist of trade and other receivables. We perform regular and ongoing credit assessments of the counterparts' financial conditions and credit histories. We also assess historical collection, aging of receivables and general economic conditions. We consider that we have adequate controls over these receivables in order to minimize the related credit risk. As of April 30, 2024 and 2023, no expected credit loss allowance was provided for trade and other receivables. Credit loss of US$156,692 is recorded for the period ending Oct 24.

#### Interest rate risk
Fluctuations in market interest rates may negatively affect our financial condition and results of operations. We are exposed to floating interest rate risk on bank deposits, particularly during periods when the interest rate is expected to have significant changes. Nevertheless, given the amounts of bank deposits in question, we consider our interest rate risk to be not material, and we have not used any derivatives to manage or hedge our interest rate risk exposure.

#### Off-Balance Sheet Commitments and Arrangements
We have not entered into any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources and would be considered material to investors.

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#### Commitments and Contingencies
The following table summarizes our operating lease commitment as of April 30, 2024:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Less <br>than 1 year** | **Between <br>1 – 2 years** | **Between <br>2 – 3 years** | **Between <br>3 – 4 years** | **Total** |
|  | **US$** | **US$** | **US$** | **US$** | **US$** |
| &nbsp;&nbsp;&nbsp; Operating lease commitment | 254306 | 139486 | 95784 | 20348 | 509924 |
|  Total | 254306 | 139486 | 95784 | 20348 | 509924 |

---

Other than as shown above, we did not have any significant financial and capital commitments, long-term obligations, or guarantees as of April 30, 2024 and 2023.

As of April 30, 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, which 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 are required 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.

#### Inflation
Whilst inflation has been a global issue impacting many countries around the globe, inflation in Singapore has not materially affected our results of operations in recent years. According to Singapore Department of Statistics, consumer price index of Singapore increased from 113 for the year ended April 30, 2023 to 116 for the year ended April 30, 2024 and the core inflation rate slightly decreased from 5.7% for the year ended April 30, 2023 to 2.7% for the year ended April 30, 2024. Although we have not been significantly affected by inflation at this point in time, we may be affected if Singapore 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
Our consolidated financial statements included elsewhere in this prospectus have been prepared in accordance with International Financial Reporting Standard ("IFRS"). The preparation of our consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. We evaluate our estimates and assumptions on an ongoing basis. Our estimates are based on historical experience and various other assumptions that we believe are reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions.

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. We are of the opinion that there are no critical judgements (other than those involving estimates) that have a significant effect on the amounts recognized in the consolidated financial statements. We believe the following accounting estimate involves the most significant judgments used in the preparation of our consolidated financial statements.

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#### Critical Accounting Estimates

#### Impairment of intangible assets
Intangible assets with finite useful lives are amortized on a straight-line basis over their estimated useful lives. We estimate the useful lives of intangible assets to be 2 to 10 years. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortization period or method, as appropriate, and are treated as changes in accounting estimates. We also test our intangible assets not yet available for use for impairment annually by comparing their respective carrying amounts with their corresponding recoverable amounts.

#### Recent Accounting Pronouncements
See the discussion of the recent accounting pronouncements contained in Note 2 to the consolidated financial statements, "Summary of Significant Accounting Policies".

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#### BUSINESS

#### Overview
We are a Singapore-based company specializing in AMRs and robotics solutions, with cutting-edge robotics software development and manufacturing capabilities. Founded in 2015, we are an innovator in advanced robotics autonomy technologies and next-generation AI. Our mission is to disrupt, revolutionize, and redefine the global facilities management industry with our AI-enabled AMRs and robotics solutions across security, disinfection, last-mile delivery, and healthcare facilities.

Leveraging our core software technologies, robot and machine outdoor autonomy expertise, and AI-enabled AMRs, our products empower customers to enhance productivity, reduce reliance on human capital, and seamlessly integrate automation into their facilities management operations. By addressing labor shortages, rising wages, and labor cost challenges, we aim to empower the entire facilities management industry globally.

For the fiscal years ended April 30, 2024, and 2023, we reported revenues of US$5.3 million and US$5.1 million, respectively, and net losses of US$6.5 million and US$6.7 million, respectively. For the six months ended October 31, 2024, and 2023, we reported revenues of US$1.8 million and US$2.8 million, respectively, and net losses of US$3.3 million and US$2.9 million, respectively. To drive growth, we are focused on advancing our core software technologies, the commercialization of our latest Autonomous Navigation System ("ANS") Version 3, Odyssey, tailored for the AMR and robotics industry, and the expansion of our production capacity. These efforts aim to enable cost-efficient manufacturing and competitive pricing as we develop our next-generation Transcar 5.0 and Camello<sup>+</sup> solutions.

Additionally, we are actively increasing our global presence in the security and healthcare facilities management industries by expanding our sales and marketing team, strengthening our distribution network, and pursuing strategic alliances, acquisitions, investments, and partnership opportunities.

#### Market Opportunities
The global facility management market size was valued at USD 1,277.8 billion in 2023 and is projected to grow from USD 1,315.7 billion in 2024 to USD 2,284.8 billion by 2032, exhibiting a compound annual growth rate of 8.2% during the forecast period<sup>2</sup>. We believe the world is entering a new era where AMRs, robotics and AI are becoming increasingly prevalent in the facilities management for residential communities, hospitals, hotels, office blocks, parks, airports, train stations, university campuses, shopping malls, and warehouses. Every such facility requires guarding, cleaning and delivery services. However, aging populations, inflation, structural labor changes and shortages, high labor turnover rate, rising labor costs, and post-COVID health-conscious human behavior changes have created acute challenges for the facilities management industry, especially in the realm of security, sanitation, healthcare, and delivery, where the jobs and tasks involved may be dangerous, tedious, repetitive, or generally less desirable. These existing labor challenges were further intensified during the COVID-19 pandemic following government containment measures such as lock-downs, social distancing, and mobility and travel restrictions. We believe that the shortage of a security, cleaning and delivery workforce will persist as new facilities and buildings continue to be built.

Furthermore, we believe the COVID-19 pandemic had a significant impact on the healthcare industry. Due to what we believed to be a shortage of healthcare workers, low productivity and a surge in patients, some hospitals were pushed to capacity, draining the healthcare resources. Hospitals were forced to make difficult decisions in order to prioritize care for critically ill patients while avoiding infecting healthcare workers. Thus we believe there was an immediate and critical need to improve the infrastructure and redeploy the workforce to cope with labor shortages in the healthcare industry that may occur again in the future.

We believe these and similar challenges create demand for robotic and AMR substitutes, and we aspire to disrupt the facilities management industry with our AI-enabled AMRs and robotics solutions in the realms of security, disinfection, sanitation, last-mile delivery, logistics, and healthcare. We designed our advanced AI-enabled AMRs and robotics solutions to assist humans augmenting the tasks in roles such as security guards, sanitation workers, delivery workers,

____________

2 *https://www.fortunebusinessinsights.com/industry*-reports*/facility*-management-market-101658

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receptionists, and manual laborers, among other examples. Our integrated AMR and robotics solutions enable our customers to automate their services, boost productivity, reduce reliance on human capital, and free labor by allowing humans to focus on higher-value work.

The projected compound annual growth rate (CAGR) of 8.2% for the global facility management market from 2024 to 2032 is based on several material assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continued Urbanization and Industrialization: The assumption that rapid urbanization, infrastructure development, and industrial expansion will persist globally, especially in emerging economies (APAC regions), driving demand for comprehensive facility management solutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Technological Advancements: The expectation that technological innovations such as IoT (Internet of Things), artificial intelligence (AI), automation, and advanced software solutions will continue to be integrated into facility management practices, significantly enhancing operational efficiency, predictive maintenance capabilities, and resource optimization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increased Outsourcing Trends: The assumption that organizations will increasingly outsource non-core activities, including facility management services, to specialized third-party providers to achieve cost efficiencies, improved service quality, and better resource allocation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sustainability and Regulatory Compliance: The assumption that sustainability initiatives, energy efficiency goals, and stricter regulatory compliance requirements will continue to gain importance worldwide. This trend is expected to drive demand for advanced facility management solutions focused on environmental sustainability and green building practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment in Infrastructure Development: The assumption of sustained government and private sector investments in infrastructure projects across sectors such as transportation, healthcare, commercial real estate, and industrial facilities. For instance, significant infrastructure spending by governments (e.g., China's planned investment of approximately USD 394 billion in building infrastructure) is expected to create substantial opportunities for facility management services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Post-Pandemic Workplace Dynamics: An assumption that the hybrid work model adopted post-pandemic will remain prevalent or expand further, necessitating enhanced workplace management solutions to ensure employee health, safety, productivity, and efficient space utilization.

These underlying assumptions are critical to the realization of the projected CAGR of 8.2% for the global facility management market through 2032. Any significant deviations or disruptions in these trends — such as economic downturns affecting infrastructure investments, slower-than-expected technological adoption rates, regulatory changes impacting outsourcing practices, or shifts in workplace models — could materially impact actual market growth outcomes compared to these projections.

#### Our Solutions

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Our innovative AMRs, AGV, robotics, and UV-C disinfection systems include:

<u><u>Security Patrol AMR:</u></u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *The O*-R3*.* The O-R3 is our autonomous security patrol AMR to be primarily used outdoors. The O-R3 is our AMR solution to the security industry's human capital crunch. We consider O-R3 as the bellwether of our proprietary software technology and robotics outdoor autonomous expertise. The O-R3 robot is designed to autonomously patrol, survey, and monitor a geo-fenced area to augment the security operations, with real-time on-site data collection and analysis ability.

<u><u>Last-Mile</u> <u>Delivery AMR:</u></u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Camello*<sup>+</sup>*.* In January 2024, we launched the second generation of Camello, Camello<sup>+</sup>. Camello<sup>+</sup> challenges the conventional robotics approach by shifting from a single-purpose robot to a versatile, multi-purpose design. Camello<sup>+</sup> is an AMR engineered to provide a flexible solution for both delivery and security applications. It navigates seamlessly through both indoor and outdoor environments, offering customization options for various use cases, including healthcare logistics and last-mile e-commerce deliveries. Its application-dependent software allows end users to conveniently toggle between security and delivery functions. This innovative approach sets a new standard for adaptability and efficiency in the field of robotics. Camello<sup>+</sup> is our autonomous last-mile delivery AMR designed as a robotic "courier" for on-demand logistics services, capable of securely delivering up to 132lbs of cargoes, including parcels and groceries, to end-users customers from a distribution hub.

<u><u>Healthcare Intralogistics AGVs:</u></u>

<u><u>UV-C</u> <u>Disinfection System:</u></u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *AirGuard*. UV-C LED modules installed within heating, ventilation, and air conditioning ("HVAC") systems of buildings and vehicles to disinfect airborne bacteria and viruses at a disinfection efficacy of 99.99%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *TreX*. A portable UV-C disinfection device for surface disinfection with a disinfection efficacy of 99.99% within an 8 feet range.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *O*-RX. We believe our O-RX robot is the world's first autonomous disinfection robot to utilize UV-C LED technology to combat viruses and other pathogens. It is capable of autonomously navigating and disinfecting up to 2,500 square feet per hour at a disinfection efficacy of 99.99%.

Our proprietary core AMR and robotics software and AI-enabled outdoor autonomy technologies are our core competencies and include the following:

<u>Patented 3D Simultaneous Localization and Mapping ("3D SLAM") Technology</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our patented 3D SLAM software systems enable our AMRs to build a 3D map and navigate accurately and safely through an unfamiliar, unstructured, and challenging environment while simultaneously identifying its own locations.

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<u><u>Sensor Fusion Technology:</u></u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our proprietary Sensor Fusion technology and its algorithms analyzes the sensory data acquired from all sensors on the AMR and synthesizes these data into unified whole data in real-time, mimicking human senses and perception. This technology manages dynamic rates, biases and frequencies at which our AMRs synchronize the robotics and external environment sensor data. In particular, this technology accounts for biases amongst the multiple sensors installed on our AMRs through our proprietary algorithms, so datapoints collected by the sensors will complement one another, in order to achieve peak autonomy and accuracy.

<u><u>Machine Perception Technology and AI and Machine Learning Technology:</u></u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This technology empowers our AMRs with what we believe to be human-like perceptive abilities and situational awareness. This allows our AMRs to respond, adapt and learn about the environment in which they operate and deal with their innate unpredictability. Our AMRs can therefore reliably and safely navigate in busy, ever-changing and dynamic outdoor and indoor environments.

<u><u>Fleet Management and Control System:</u></u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This system is utilized by end-users of our deployed AMRs and their operators for real-time data access, AMR traffic control, battery charging management, live video feed, task allocation, and real-time remote monitoring. The system also supports two-way audio-visual communications and scheduling of autonomous navigation. The system can simultaneously operate multiple AMRs and allow them to interact with one another, enabling simultaneous deployment of AMRs in the same facility.

We believe our AMRs, UV-C LED disinfections, and intralogistics robotics ecosystems will rapidly expand and continue to play a significant role in this post-pandemic world, where the labor shortage and challenges have been critically exposed, and where the power of automation, robots and AI is being realized in the facilities management industry. Over the past seven years, we have established international distribution channels, partnerships, and customer relationships in more than 20 countries.

Our sales model consists of direct sales/purchase and Robots as a Service ("RaaS") models, which is handled by our inhouse sales and marketing team along with our regional distributors globally across Indonesia, Malaysia, Australia, China, South Korea, Hong Kong, UAE, Oman, Kuwait, USA and the UK. These two models are designed to address the different needs, cost-considerations and risk tolerances among our current and targeted customer base. Under the direct sales model, revenue from robot sales is generated through the sale of hardware and software licenses, including spare parts and services related to robot setup and commissioning. Under the RaaS model, end-users have the option to lease our robots for a fixed monthly fee, which includes comprehensive maintenance and support services. The typical contract duration ranges from 1 to 5 years. In particular, we believe that our RaaS model enables us to deliver significant value to our customer end-users at a low cost. RaaS is a subscription-based service model, that will give our customers the convenience of included on-going maintenance, support, and software upgrades in addition to the use of our products. We envision that the RaaS model would be attractive to the end-users and accelerates market adoption of our products as it lowers the upfront costs of deployment, shifts capital expenditures to operating expenditures, and provides the operational and technical support with the ability to upgrade any leased product as new technologies emerge. Revenue from our direct sales model accounted for approximately 18.0% and 17.7% of our total revenues for the years ended April 30, 2024, and 2023, respectively, while revenue from our RaaS model accounted for approximately 2.7% and 4.7% of our total revenues for the years ended April 30, 2024 and 2023, respectively. Revenue from our direct sales model accounted for approximately 11.3% and 14.2% of our total revenues for the six months ended October 31, 2024, and 2023, respectively, while revenue from our RaaS model accounted for approximately 3.4% and 3.0% of our total revenues for the six months ended October 31, 2024, and 2023, respectively.

We also provide a range of support and maintenance services, including preventive and corrective maintenance of our robots, manning services, training, data transfer, and both software and hardware upgrades. Customers can opt to purchase a service and maintenance contract tailored to their requirements, offered at a fixed price without variable consideration, typically for an average term of 5 years. Revenue of service and maintenance represented approximately 79.3% and 77.6% of our total revenues for the year ended April 30, 2024 and 2023, respectively. Revenue of service and maintenance represented approximately 85.3% and 82.8% of our total revenues for the six months ended October 31, 2024 and 2023, respectively.

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#### Competitive Strengths
We believe our company exhibits the following competitive strengths:

#### A Visionary, Proven, and Experienced Management Team Consisting of Industry Veterans
We are led by our visionary and experienced management team consisting of industry veterans with complementary backgrounds. Our founder and chief executive officer, Mr. Ling Ting Ming, is a well-respected entrepreneur and industry leader in Singapore with extensive expertise in autonomous driving, robotics application and mobile technologies. Mr. Ling is also the founder of the ActiV Technology group of companies, an information communications technology provider serving enterprise and telecommunications customers, which was started in 2006 and has a presence in over 6 countries. Mr. Ling brings with him more than 27 years of technology, sales and marketing experience and a proven record in the information and communications technology industry globally. He oversees our strategy, research and development, manufacturing, and sales, and is supported by our senior leadership with a collective average of approximately 15 years of industry experience each.

Our Chief Technology Officer, Mr. Tran Thanh Quang "Louis", is a dedicated and experienced software and hardware engineer with a demonstrable experience in the automation and robotics industry. With more than 10 years of industry experience, Louis is a multifaceted expert in robotics product development, hardware, self-driving technologies, control software and system, artificial intelligence, Internet of Things, and coding. Our chief financial officer, Mr Ken Toh, has extensive experience in finance, strategy and investments functions.

#### Early-mover of the Facilities Management AMR and Robotics Solutions
We were established in 2015 to disrupt the facilities management market through AI-enabled AMR and robotics solutions. We believe we are one of the first players in the robotics industry to commercialize AMR solutions targeting the facilities management industry. Over the past seven years, we have established international channels and direct customers across more than 20 countries globally, with over 600 deployed AMRs, AGVs and other robots worldwide. To date, our AMRs and robotics solutions have been deployed in many different application scenarios such as retail, hospitality, property management, security, logistics and healthcare.

As an early mover commercializing AMRs for real-world operation, especially in facilities management application, our products are stress-tested in various application scenarios and environments to ensure reliable and safe performance. We have accumulated and will continue to accumulate a vast amount of operational data as the number and working hours of our deployed AMRs and robots increase. These data-points enable us to improve our product performance, adaptability and reliability. Thus, the more data and information we learn, the more intelligent our AMRs and robots become. As a result, they become smarter, safer, more reliable, and more adaptive to a broader range of functionality over time.

Furthermore, with our proven track record and market presence in various geographical regions and industries, combined with our early-mover advantage, the head-starts in our relationships with a wide customer base, and the wide functional coverage, we are well-positioned to have in-depth expertise and institutional knowledge. We use that to address our customer's unique and complex business challenges, use cases, and industry-specific requirements. Engaging in frequent dialogue with our customers also helps us to crystallize our customer experience and consistently refine, improve and upgrade our product offerings. Our market experience also helps to expand our product portfolio to meet the unmet needs of our customers and capture new market opportunities in the evolution of the facilities management industry towards AMRs and robotics solutions.

#### Engineering Leading Software Technologies and Innovative AMR Products
We are driven to provide innovative solutions that are futuristic yet applicable in our present time. The O-R3 robot, prototyped in 2017, began production in 2018, and commercialized in 2019, is one of the world's first outdoor-ready autonomous security AMR. The O-RX robot, commercialized in June 2020, is the world's first commercialized autonomous UV-C LED disinfection AMR. Camello, commercialized in September 2020, is Singapore's first autonomous last-mile delivery robot. We aspire to create meaningful, innovative, and reliable robots that make people's lives easier and help our customers thrive.

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Our software foundations, consisting of our patented 3D SLAM technology, Sensor Fusion technology, machine perception technology, and the Fleet Management and Control System, enables our continuous innovation and expansion of our AMRs platforms. Our patented 3D SLAM technology is central to our core outdoor autonomy competencies and is one of our key competitive advantages. Compared to similar mapping technology developed by other companies, our 3D SLAM technology is able to build the map more efficiently, and has been proven for application in external unmapped environments. Furthermore, our scalable software and hardware platforms enable us to collaborate with our customers to expand the service capabilities of our AMRs and robots to provide tailored, commercially viable, and diversified applications and solutions for varied service scenarios. In addition, we consistently combine the best intelligence from both humans and machines to improve algorithms, boost performance, and ensure safety. Our AMRs' sophisticated analytics, reporting, and AI capabilities may significantly differentiate us from our competitors.

As of the date of prospectus, we have 2 trademarks and 5 design registrations registered, as well as 1 pending trademark application, relating to our products in Singapore. We have 1 patent registered and 1 pending patent application in Singapore, and 1 patents registered in the United States, respectively. The registered patents are related to our 3D SLAM technology, and the pending patent application is related to our UV-C LED disinfection solutions. We will continue to monitor future technological developments for optimal integration into our products to sustain our position as a market leader.

#### Offering a Highly Scalable AMR, Robotics, UV-C LED Disinfection Ecosystem with a Wide-Array of Facilities Management Industry Solutions
We are one of the few market players that have the right technology to offer a broad spectrum of robotic applications at a commercially-viable scale. Most existing market players are either niche players in their respective applications or have a limited product offering or use case. Because our core software technologies and robotics platform are highly scalable, we are well-positioned to tap into many markets with tremendous monetization opportunities and rapidly expand our customer base. As our business grows, we will benefit from economies of scale and improved operational efficiency.

One of the most illustrative cases evidencing the scalability of our ecosystem is our O-RX robot, the world's first autonomous disinfection robot to utilize UV-C LED technology to help combat the COVID-19 pandemic. We produced the first O-RX prototype in April 2020 and brought it to market in June 2020, a mere 3 months after the WHO declared COVID-19 a global pandemic, demonstrating the high scalability of our existing software and hardware platform.

Our AMRs, robots, and other products can also quickly integrate into any type and size of the facility and cater to the diverse and changing needs of organizations across industry sectors. As of the date of this prospectus, we offer AMRs and robotics solution to public service, government, and private enterprise customers in a wide-array of key sectors, for example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Patrol and security services providers for residential communities, reservoir, leisure park and other public areas, as well as for marketing promotional events, universities and exhibitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sanitation and janitorial services providers for public transportation, universities, casino, hospitals, churches, mosques, and other commercial buildings and large complexes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Smart city last-mile delivery services providers in Singapore, Europe and the United States; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hospital intralogistics services providers in various major hospitals in Singapore and Europe.

#### Established Partnerships with Industry Players.
Our position as the early mover in AMR and robotics facilities management has attracted various industry players to become our partners, creating an extensive network for us to leverage. We believe the expertise and market coverage of these partners broadens our executional capability, reduces our execution risk, provides immediate market access to increase the speed to market, and solidifies our technological expertise. Additionally, these partnerships have allowed us to enter the global markets, particularly the United States and Europe markets, in a capital efficient manner.

Not only do we partner with businesses similar or complementary to ours, such as joint ventures with Swisslog Healthcare in Europe, we also partner with industry players in facilities management, real estate development, security services, and government agencies. On December 30, 2019, we received a letter of offer for a grant from IMDA ("LOO"). Under

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the LOO, IMDA provided a grant of up to SGD 499,310 to us for a qualifying period of January 6, 2020 to October 5, 2021. The grant was used to support the proof of concept for our AMR solution, Camello, and led to us entering into a memorandum of intent ("MOI") on January 15 2021, by and among NTUC FairPrice Co-Operative ("NTUC FairPrice") and other government agencies such as the IMDA, Housing Development Board, Urban Redevelopment Authority and the Land Transport Authority. Under the MOI, we commenced a one-year trial for Camello to provide on-demand parcel, food items, and grocery delivery services to the residential-commercial communities neighboring the Oasis Terraces mall in Punggol, Singapore. The pilot demonstrated the potential of robotics in urban logistics, paving the way for broader adoption of autonomous delivery solutions in smart city environments. The purpose of the one-year trial was to penetrate the last-mile delivery and logistics market of Singapore with our AMR solution, Camello.

On May 21, 2020, we entered into a research collaboration agreement ("RCA") with the Singapore Institute of Manufacturing Technology ("SIMTech"), a national research institution under the Singapore Agency for Science, Technology and Research ("A\*STAR"). This partnership focuses on designing and developing O-RX, an advanced robotic solution for disinfection and sanitization, that we believe addresses critical hygiene and safety needs, and was especially practical during the pandemic. Under the RCA, SIMTech was responsible for designing the UV-C LED technology, including the layout of the UV-C LED lights for disinfection and the associated heat management system, while we were responsible for the robot and software system design, production, and commercialization of the technology. The project ran for a period of 16 weeks. The RCA provides that any resulting solution is to be jointly patented, with intellectual property ownership shared equally between the parties. Pursuant to the RCA, patent applications were filed in Singapore and the United States relating to the UV-C LED technology, which powers our UV-C disinfection products such as O-RX and TreX. The O-RX product line has since been discontinued, and only a total of 3 TreX products has been sold as of the date of this prospectus. The costs associated with the filing of the patents were shared equally by the parties. We also agreed to pay SIMTech a royalty fee in connection with the use of the technology. To date, the aggregate amount of project-related payments made by us under the RCA is approximately US$32,700 (S$43,157), and the agreed royalty fee paid or payable is approximately US$33,800 (S$44,593).

We continue to grow through allying with channel partners and strategic investors globally, enabling us to be more agile in achieving our goals in the shortest time by leveraging on our technological strength and our partners' connections and relationship. We plan to pursue strategic co-development opportunities and arrangements that further enhance our product pipeline to create effective synergies to supplement our AMRs and robotics ecosystem. Our collaborations with industry players provide valuable knowledge that we believe will enhance our early mover advantage.

#### Growth Strategies

#### Developing Our Core Software Technologies and Commercialize Our Up-and -Coming ANS Version 3, the Odyssey, to the Entire AMR and Robotics Industry
We will continue to make significant investments in research and development to upgrade and "future-proof" our products and our core software technologies. Specifically, we are in the research and development stage to upgrade our proprietary robotics software technology, the ANS, from its Version 2 to Version 3.

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1 *https://www.gminsights.com/industry*-analysis*/robotic*-software-market

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As compared to ANS Version 1 which is compatible for single specific robot use and ANS Version 2 which is compatible for the Otsaw product range only, we envision the Odyssey to be a universal software system that will be licensed and installed to host most, if not all, third-party AMR and robotic frameworks. With Odyssey being the software solution, the third-party AMR and robotic manufacturer and developer only need to develop the hardware and application for their robotics products. As part of the Odyssey ANS, we plan to provide Application Programming Interface (API) support and software development kits for third-party AMR and robotics companies to integrate the Odyssey to their robotics products and to tailor Odyssey's applications to their unique needs and product design. Not only will the Odyssey provide an additional source of revenue by leveraging our existing software and AI technology, we believe that by commercializing software technology to other robots and AMRs manufacturers and developers, it will provide us with the means to be a prominent AI and AMR software solution provider to the entire robotic industry.

We believe the world is entering a new era where robots will become increasingly prevalent in all sectors, and thus we believe the Odyssey will expand our ecosystem coverage by integrating our core software technologies with all relevant players in the robotics industry. By licensing our software technologies to the pool of players in the robotics industry, the Odyssey, as an all-in-one ANS, opens up numerous applications and tremendous monetization opportunities that go beyond our current product offering. We envision the Odyssey to become the dominant ANS that represents the future trend for autonomous robotics software technology.

#### Expansion of Our Production Capacity for Cost-Efficient Manufacturing and Competitive Pricing
We intend to expand the production capacity of our AMRs. With our organic growth, the increasing popularity of our products, the joint ventures with Swisslog Healthcare, the expansion of our distributor network and channels and other potential strategic partnerships with various industry leaders, we expect an increase in orders for our AMRs, UV-C disinfection systems, and other products globally and a continuous rise in sales volume in the future. Our goal is to expand our production capacity to have at least three months of finished products as the inventory to sell/lease at any given time.

Expanding our production capacity enables us to meet our projected demand. This will lower manufacturing costs through economies of scale and improve overall cost-efficiency and profit margins. Ultimately, we will be able to provide our AMR and robotics solutions at a competitive price. This is important especially to cost-sensitive customers in the facilities management industries, who are relatively new to the concept of reducing human reliance. Furthermore, expanding our production capacity bolsters our inventory and insulates our production from supply chain constraints and operational disruptions. Supply chain logistics and spare parts procurement and logistics (such as semiconductors, batteries, and sensors) has been challenging due to the COVID-19 and geo-politics constraints, historically high demand, and geopolitical supply chain crises. The expansion of our production capacity may minimize the risk involved in the timely delivery of our products to consumers.

*Current Production Capacity*

Our Singapore facility currently operates at an estimated production capacity of 3 units per month, based on a one team, 8-hour shift system. The facility is equipped with specially designed jigs and sufficient space to host 9 production teams to work concurrently, allowing us to manufacture and assemble our products efficiently. Each production team consists of 7 personnel, including 1 manager, 1 engineer, 1 supervisor, and 4 technicians, all of whom are highly trained in ensuring adherence to quality and regulatory standards. We maintain flexibility in our operations to scale output based on demand and optimize production efficiency.

*Planned Capacity Expansion by June 30, 2025*

To meet the demand for our autonomous robotics solutions and support our business growth, we are executing a capacity expansion plan with the following key initiatives. These efforts will enable us to scale our production capacity to 15 units per month by Q3 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Facility Readiness — We plan to re-layout our production floor within our current Singapore facility from 2 production lines to accommodate up to 9 production lines. This re-layout will enhance workflow efficiency and allow for higher output while maintaining compliance with safety and operational standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Automation & Outsourcing — We are actively working with vendors on automation solutions to improve production speed, precision, and consistency. We are also actively engaging with vendors to outsource sub-assemblies, which allows us to focus on our core business, better utilize our current workforce and increase our overall productivity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Workforce Expansion and Training — We plan to increase our production workforce by 300% through targeted recruitment efforts. We will implement enhanced training programs to ensure efficient onboarding and maintain high production quality standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supply Chain Optimization — We are working closely with suppliers to ensure material availability, and reduce material lead time which aligns with our increased production targets. We are implementing a system to streamline procurement, inventory management, and production scheduling.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lean Production Methodologies — We are actively working on adopting lean production methodologies to streamline our current workflow, eliminate inefficiencies, and reduce production cycle time.

#### Expansion of Our Global Markets Presence in Security and Healthcare Facilities Management Industries.
We envision to be the vanguard and market leader in AI-enabled AMRs and robotics solutions, and one of our missions is to disrupt the security and healthcare facilities management industries worldwide. We will continue to grow our customer base and the market presence of our products worldwide and explore more opportunities with existing customers and partners.

In relation to the security facilities management industry, we plan to build upon the advantage in our position as one of the first movers in AMR security solutions by utilizing our mature O-R3 security patrol robot platform. We plan to leverage our existing customer base to penetrate markets in more geographic regions. We aim to achieve a more global reach by collaborating with industry leaders in facilities management, security service providers, and governmental entities. At the same time, we will continue to explore up-selling and cross-selling opportunities with existing customers and business partners to deepen our relationships. In addition to the initial locations in which we distribute and sell, including Singapore, Southeast Asia, North Asia, and Europe, we recognize that there are various other regions or countries facing labor cost challenges and human capital shortages in both the security and facilities management industry and there are additional opportunities in these regions.

With a focus on regions experiencing labor cost challenges and human capital shortages, we intend to expand our presence in the United States, Canada, the United Kingdom, Australia, and the Gulf Cooperation Council (GCC) countries, through a robust channel partner strategy, partnering with local industry leaders, distributors, and service providers who have established networks and expertise in these markets. Through these strategic partnerships, we aim to accelerate market penetration, address region-specific logistics and regulatory challenges, and enhance our ability to meet the growing demand for automated healthcare logistics solutions. This approach will enable us to scale operations, drive adoption of our AMR delivery and security solutions, and foster long-term relationships with customers and partners in these regions. We are in the process of evaluating our market entry strategies, including identifying suitable partners, assessing market competition and analyzing the regulatory requirements in each jurisdiction, which may include compliance with healthcare security regulations, data privacy laws, and industry licensing requirements. We have initiated our expansion efforts in the United States, and we plan to extend our reach to other target regions over the next 1 to 3 years following the Offering. The timing of market entry will depend on factors such as partnership opportunities, market demand, and the successful acquisition of necessary regulatory approvals.

In the United States, we have since established an office which is currently staffed with two full-time sales representatives focused on business development and customer outreach. These representatives are actively engaging with potential customers and partners and laying the groundwork for a broader market entry. Over the next 1 to 3 years, we plan to expand our operations in the United States by building a full team, including sales, pre-sales and technical service personnel, with a target headcount of up to 20 employees. In Europe, we currently employ eight full-time employees focused on customer outreach and providing service and maintenance services to our customers in the region. Over the next 1 to 3 years, we plan to expand our operations in Europe by increasing the size of our team to 20 employees. In parallel, we are preparing to meet applicable regulatory and certification requirements in the United States and Europe. These include obtaining UL and FCC certifications for the United States market, and CE certification for the European market. We expect to complete these compliance processes as part of our international expansion strategy. In particular, we have applied for CE certification for TransCar 5.0 and our application is currently under design review. We expect to complete the CE certification process and acquire CE certification for TransCar 5.0 by the second quarter of 2026. We intend to obtain UL and FCC certifications in the United States for TransCar 5.0 after CE certification has been obtained. We have not initiated the regulatory certification process for any of our other product lines at this time. There can be no assurance that we will receive CE, UL or FCC certification for TransCar 5.0 or our other products as and when we commence the certification process, or that we will receive such certifications within our expected timeline, if at all. Failure to obtain these certifications may impact our ability to market and sell TransCar 5.0 or our other products in the United States and Europe and could materially affect our business, financial condition and results of operations.

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In relation to the healthcare facilities management industry, our joint venture with Swisslog Healthcare provides us with an immediate customer base and market access to hospitals and healthcare facilities in Europe and Southeast Asia, which are regions with a particularly high barrier to entry. Swisslog Healthcare's strong reputation in the healthcare industry, along with the value of its TransCar hospital intralogistics product, are effectively complemented by our existing scalable AMR security patrol and last-mile delivery AMR platforms, UV-C disinfection systems and our core software technologies.

Additionally, we will further penetrate the healthcare intralogistics markets in Europe and Southeast Asia by upgrading and "future-proofing" the existing TransCar AGV systems with our core software technologies. We are confident in our ability to take advantage of current market opportunities because hospitals worldwide are expected to upgrade their intralogistics systems to solve labor shortage and productivity challenges that were particularly exposed during the COVID-19 pandemic. We envision to replace the conventional labor-intensive high and low volume intralogistics, disinfection, and security patrol functions in hospital and healthcare facilities with our AI-enabled robotics and AMR solutions. Furthermore, in addition to the existing use case as a hospital intralogistics solution, with the enhanced capabilities and upgrades, we intend for Transcar 5.0 to be the intralogistics solutions for facilities such as logistic centers, distribution hubs, warehouses, factories, and government and public facilities, where the operating environments are more complex, dynamic and obstacle-rich.

#### Expansion of Our Sales and Marketing Team and Distribution Network
To service the expansion of our global market presence and customer network, we intend to strengthen and expand our sales, marketing and customer service team — to gain local insights, on-the-ground capabilities and operational experience to expand our vertical industry coverage and product offerings. We plan to expand our sales team to approximately fifteen sales representatives by the end of 2025 to cover our targeted and existing sales regions and countries, including the United States, Europe, Singapore, other Southeast Asia countries (including Malaysia, Thailand, and Indonesia), Australia, Canada, the Gulf Cooperation Council (GCC) countries and the United Kingdom. With an expanded sales and marketing workforce, we can pursue further business opportunities with our existing customers and retain new clients. Our relationships with our existing customers offer significant opportunities for growth. We expect that the learning and insights from each existing customer will enable us to deepen our hardware and software expertise and further expand our capabilities across service and product offerings, industries and regions, thereby creating network effects. As we become more intricately knowledgeable of our customer's businesses and unique needs, we are able to find opportunities to cross-sell different types of AMR and robotics solutions to them, which in turn creates client loyalty that disincentivizes our customers from turning to our competitors.

We intend to continue strengthening our relationships with our existing customers while also enabling our distributor partners to market and fulfil the demand for our products. In addition to our inhouse sales team in Singapore, we sell our products globally through a network of regional distributors across Indonesia, Malaysia, Australia, China, South Korea, Hong Kong, UAE, Oman, Kuwait, USA and the UK. To increase our sales and marketing reach, we have designated 20 regional distributors at the date of the prospectus, and will continue to expand our distributor network and channel to penetrate new geographic markets, further gaining market share in existing markets and accessing a broader range of customers, while minimizing requirement capital outlay. We have recently established the "Otsaw Partnership Program" to engage and recruit additional distributors and channel partners. The program is set up to provide marketing, product set-up, product servicing and maintenance training to our distributor and channel partners, to enable our distributor and channel partners to become an extension of our sales and marketing, customer support, and product maintenance efforts. The program also provides a mechanism for the seamless coordination of our in-house technical support with our distributors and channel partners, thereby ensuring reliable knowledge and know-how transfer in order to optimize quality of the on-site customer and product support provided by our distributor and channel partners. While sales through our distributors currently represent a small percentage of our total revenue, we expect this to grow as we continue to expand our distributorship network.

#### Pursuing Strategic Alliance, Acquisitions, Investments, and Partnership Opportunities
In addition to organic growth through the further development of our product portfolio and software capabilities, we intend to achieve growth through establishing partnerships with established global industry players. We believe that working with these partners will accelerate our brand awareness within various industries and provide complementary capabilities and differentiation that will attract new customers while helping us expand our customer base.

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We also intend to use a portion of the proceeds from this offering to acquire or partner with companies similar or complementary to our business. This includes opportunities that further promote our brand, expand our services and product offerings, strengthen our technology infrastructure and capabilities, or expand our geographic reach. We also plan to make selective investments and acquisitions that complement and create synergies with our existing businesses, products, and services. As of the date of this prospectus, we have not engaged in any discussions regarding any potential acquisitions or investments with any party.

#### Our Core Software Technologies
The cutting-edge software research and development capabilities and AMR's outdoor autonomy technology are our core competencies. Leveraging our core software technologies, we have built our proprietary ANS, consisting of our patented 3D SLAM Technology, Sensor Fusion Technology, machine perception Technology, AI & machine learning technology, and Fleet Management and Control System.

Our highly-scalable core software technologies and ANS serve as the architecture and "brain" of our AMRs and robots. The combination of both enables us to build an AMR and robotics ecosystem that provides the AI-enabled robotics solutions with scalability potential and the ability to integrate our products and services with all relevant players in the facilities management industry. Thus, our products can be deployed, customized and applied to numerous service scenarios.

Since the ANS Version 1, our first generation ANS designed exclusively for O-R3 robots, our ANS has continued to evolve towards universal applicability. Currently, our AMRs are equipped with the ANS Version 2, which supports our O-R3, Camello<sup>+</sup> and O-RX AMRs. The modular and versatile software components of the ANS Version 2 allow a shared codebase and algorithm across the various models of AMRs. The ANS Version 2 supports different driving mechanisms, from the Ackerman Steering Geometry to Differential Skid Drive. The Differential Skid Drive allows our AMRs to perform 360 degree turns for maximum maneuverability in urban environments. The ANS Version 2 is also equipped with future-proof enhanced machine perception and navigation algorithms for better behavior control, therefore significantly improving the ability of our AMRs to operate in even more complex urban environments — such as navigating through multiple levels, service roads, pedestrian-cyclist shared walkways, and ramps with 180 degree turns.

#### 3D Simultaneous Localization and Mapping ("3D SLAM") Technology.
Our patented 3D SLAM technology is central to our core outdoor autonomy and robotic software competencies. The 3D SLAM technology enables our AMRs to build a 3D map and navigate accurately and safely through an unfamiliar, unstructured, and challenging environment while simultaneously identifying their own locations. Using the sensory data obtained by sensors managed by our proprietary sensor fusion technology ("Sensor Fusion"), the 3D SLAM software interprets the environmental measurements based on a series of patented interlacing algorithms and scan-matching techniques. It identifies landmarks, markers and signs within an unknown environment, and determines the AMRs' position relative to those markers and continues to interpret additional data within the designated area until it has enough reference points to create a comprehensive map of the area. Using this method, a SLAM-enabled device can create highly accurate 3DD models and maps of its surroundings and seamlessly position itself at any point in time.

#### Sensor Fusion Technology
Our AMRs are equipped with various advanced sensors, such as 3D LiDAR scanners, sonar, GPS, Inertial Measurement Unit (IMU) sensors, and 2D and 3D cameras. However, each sensor has its unique strengths and weaknesses. For example, 3D LiDAR enables precise 3D object detection with range accuracy and free space detection ability, but lacks a range of cameras or radar. Similarly, radar and sonar can accurately determine distance and object movement even in challenging weather conditions but cannot identify and classify objects such as pedestrians, bicyclists or other passing vehicles. 3D and 2D cameras enable an AMR to identify and classify objects, detect the object's angular position and

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scene context. However, these cameras may easily be blinded by dirt, sun-flares, rain, snow or darkness. Our AMRs also utilize IMU sensors, such as accelerometers, gyroscopes, magnetometers, and barometers to track the AMR's movement and approximate location. However, IMU sensors are vulnerable to drifts, biases and external-environment errors, and are less accurate in determining the AMR's exact location. GPS provides concise latitude, longitude and altitude information, but its application is limited in GPS-denied areas such as indoor areas, tunnels and other unchartered landscapes. Lastly, due to the different rates and frequencies at which sensor data arrives to the processor from the sensor and the intrinsic and external environment-driven sensor biases, sensor synchronization requires a high degree of calibration.

Our proprietary Senor Fusion technology is developed to manage, fuse, calibrate, and integrate these sensors installed on our AMRs. Through our proprietary Sensor Fusion algorithms, we are able to harness the strengths of each sensor to achieve autonomous navigation and obstacle avoidance motions. Our proprietary Sensor Fusion algorithms do so by synthesizing the sensory data from all sensors on the AMR and analyzing the data into a unified whole in real-time, mimicking human senses and perceptions. By merging the sensory data into one measurement instead of using singular values provided by each sensor, the sensors are able to complement one another, hence enhancing the accuracy, precision, spatial coverage, or time duration of the AMRs.

The Sensor Fusion technology not only reduces uncertainty in machine perception for better decision-making capabilities, but it also provides a comprehensive environmental model for the AMRs to determine their most accurate positions relative to obstacles and terrain. This technology ultimately enables our AMRs to operate independently, accurately, reliably, and safely in any environment.

#### Machine Perception Technology and Machine AI-Learning Technology
The multi-layered synergy of our advanced sensors and cameras, 3D-SLAM technology, and Sensor Fusion software enables our AMRs to achieve human-like vision. The AMRs capture a 360° range of stereoscopic vision: in front, behind, above, and beside the AMR. This provides an in-depth and expansive three-dimensional view of the world similar to human vision. However, to be fully AI-Enabled and to safely, reliably, and efficiently navigate in unstructured and dynamic environments, the AMRs must also have the perceptive ability to analyze and comprehend their visual world and detect and classify objects at ranges to enhance their decision making.

Our machine perception technology powers the AMRs with a human-like perceptive ability to identify and distinguish between objects of varying motion, shape, reflectivity, and material composition. The machine perception technology enables our AMRs to collect the real-world live data points, which are then simultaneously combined with vision-based data, providing the AMR with information for an accurate understanding of their immediate surroundings. Continuous real-time data analysis allows the AMRs to understand what is constant and what is changing in their environment, enhancing task comprehension and situational awareness. Thus, the AMRs can perform obstacle-avoidance movements to evade any obstacles or humans in the AMRs' path or proximity, even where multiple obstacles may be moving at different velocities without a pre-known motion profile. This capability allows the AMRs to reliably and safely navigate in busy, ever-changing dynamic outdoor and indoor environments.

Fully AI-enabled AMRs must be able to learn, adapt, remember, and constantly improve their movements. Our proprietary AI principles and machine learning algorithms empower AMRs with the advanced ability to interact with their surrounding environments. Our AMRs can respond, adapt, learn, and recover from failures and unpredictability. The machine learning algorithm is designed to gather as much information as possible. Through repeated learning and adaption in proportion to the hours they operate, the AMRs can continuously enhance their understanding of their operating environment. The more information an AMR learns, the more intelligent it becomes. Over time, AMRs can more efficiently prioritize and filter collected data throughout its deployment and operation, improving its decision-making ability across various situations to ensure safety, efficiency and reliability.

#### Fleet Management and Control System
We developed a software platform, the Fleet Management and Control System, for our AMR users and operators. The platform easily integrates into the user's existing system, offering high compatibility and rapid implementation. The platform is user-friendly, it is highly scalable and adaptable to a wide range of application scenarios. The platform allows real-time data access, AMR traffic control, battery charging management, live video feed, automated task allocation, real-time remote monitoring, and the ability to operate multiple AMRs across different sites. The platform

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also supports two-way audio-visual communication and the ability to schedule autonomous navigation. The platform offers two methods of fleet management. In the "Smart Fleet, Simple Robot" model, the fleet manager oversees all robot movements, determining routes, stops, and interactions with infrastructure. Alternatively, the "Simple Fleet, Smart Robot" model lets the fleet manager assign tasks, while the robots make local decisions autonomously, such as managing their stops and routes. The choice between these models depends on specific operational needs and use cases. Consequently, AMR enabled facilities are able to benefit from more comprehensive services and multitasking capabilities by the AMRs.

Moreover, our solutions help our customers reduce their carbon footprint, aligning with their Environmental, Social, and Governance (ESG) objectives. By optimizing resource use and reducing waste, our customers can achieve significant sustainability milestones, positioning themselves as responsible and forward-thinking organizations in their respective industries.

#### Our AMRs and UV-C LED Disinfection Systems
We offer a range of AMR and UV-C LED disinfection systems that leverage our core software and AI technologies, expertise in outdoor autonomy, customer insights, and innovative AMR development capabilities.

#### O-R 3 Robot — Autonomous Security Patrol AMR
The O-R3 robot is our Autonomous Security Patrol AMR, primarily designed for outdoor use. We consider our O-R3 robots as the bellwether and vanguard of our proprietary software technology and outdoor autonomous expertise. The O-R3 robot is designed to autonomously patrol, survey, and monitor a geo-fenced area to augment security operations. Equipped with data-collecting High Definition ("HD") cameras, 360° computer vision, and a wide range of sensors to detect security anomalies, the AI-enabled O-R3 robot is able to serve a key role in security operations.

The O-R3 robot system is our AMR solution to the security industry's human capital crunch. It enhances the security operations of our customers at a reduced cost, by: 1) providing greater operational availabilities as the O-R3 robot is able to operate for longer hours with a 24/7 physical presence; 2) providing greater reliability and consistency than human security guards as the O-R3 robot does not experience fatigue, and is not subject to last-minute absences, high turnover rate, and human error, and 3) enabling human-robot collaboration, allowing for the redistribution of labor as human security personnel may be redeployed to take on more critical tasks such as screening, decision-making, and investigation.

The O-R3 robot is able to operate in a wide range of environments and terrains, such as residential communities, streets, pathways, parking lots, parks, campuses, infrastructure (such as airports, train stations, and other logistical facilities), hazardous areas (such as construction sites, oil or chemical plants), stadiums, hospitals, warehouses, commercial spaces, shopping malls, and industrial/office parks. It can patrol these facilities 24/7 without human intervention — either on a randomized basis or based on a particular patrolling rule-based algorithm, or a combination of both. The operators of the O-R3 robots may also utilize the patrol scheduler feature on the Fleet Management and Control System to schedule periodic patrols.

The O-R3 robot transfers data to our customer end-users over Wi-Fi, 4G and 5G LTE networks, runs on rechargeable batteries with a 6 hour run time and can autonomously charge and recharge. It can capture, record and process a vast amount of information and data for detailed surveillance. The data is provided to the end-user operators in real-time for review and analysis via the Fleet Management and Control System. Our customers and their operators can instantly recall, review, and save the data for analysis, forensics, or archival purposes. The O-R3 systems also include several communication features. Each robot has an available intercom that may be used for two-way communication with the operator and may also be used as a live broadcast public announcement system or to deliver pre-recorded messages.

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Our O-R3 robots' security patrol and anomaly detection features include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unauthorized access detection that alerts the operator in real-time regarding unauthorized persons detected on the premises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Anomalous object detection, such as suspicious packages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Physical presence as crime deterrent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Live-stream and high-definition video recording capabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• License plate recognition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capturing 360-degree high-definition eye-level video, both in the day and night;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Archival review features that allow the operator to reference any recorded timestamp. The user may search through all archived data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Thermal imaging for alerts based on unusual temperatures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hardware add-on options, such as alarms and panic buttons for emergencies.

The physical dimensions of the O-R3 are as follows: Height: 4.9 feet, Width: 3.6 feet, Length: 5.9 feet, Weight 441 Pounds.

Our O-R3 AMRs are deployed in Singapore, China, Australia, Thailand, UAE and Malaysia, by real estate companies, property management companies, universities, security services companies, police, and public services & utilities providers, the exemplary cases include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deployed by the Public Utilities Board of the Singapore government to patrol various reservoirs in Singapore, including MacRitchie Reservoir, Pandan Reservoir, and Bedok Reservoir.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deployed by a Thailand real estate company to patrol their residential community, real estate development project, and leisure park under its management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deployed by Dubai Police as part of its smart police IoT (Internet of Things) systems

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deployed as a security patrol AMR to patrol the commercial complexes, such as the science parks in Singapore and Shanghai, China.

#### Camello <sup>+</sup> - Multi-Purpose Security & Delivery AMR
Camello is Singapore's first autonomous last-mile delivery AMR to have passed Singapore's Ministry of Transport's safety assessment for the supervised use of autonomous vehicles on public paths. On November 26, 2020, Camello successfully passed the Supervised Trial Readiness Assessment (Provisional Version) for Autonomous Vehicles on Public Paths ("P1 test") administered by Singapore's Centre of Excellence for Testing & Research of Autonomous Vehicles at Nanyang Technological University ("CETRAN") and Singapore's Ministry of Transport.

In February 2021, we officially launched Camello and commenced a one-year trial for Camello to provide on-demand parcel, food items, and grocery delivery services to the residential-commercial communities neighboring the Oasis Terraces mall in Punggol, Singapore. In January 2024, we launched the second generation of Camello, Camello<sup>+</sup>. Camello<sup>+</sup> challenges the conventional robotics approach by shifting from a single-purpose robot to a versatile, multi-purpose design. Camello<sup>+</sup> is an AMR engineered to provide a flexible solution for both delivery and security applications. It navigates seamlessly through both indoor and outdoor environments, offering 6 customizable compartment options for various use cases, including healthcare logistics and last-mile e-commerce deliveries. Its application-dependent software allows end users to conveniently toggle between security and delivery functions. This innovative approach sets a new standard for adaptability and efficiency in the field of robotics.

Augmented by our continuously evolving and stress-tested ANS and hardware platforms, Camello<sup>+</sup> is a robotic "courier" for on-demand last-mile delivery services, delivering parcels and groceries for e-commerce applications or transporting healthcare logistics for hospital settings. With the growth of the e-commerce industry and global parcel deliveries, last-mile delivery plays an critical role for both business-to-consumer ("B2C") and business-to-business ("B2B") logistics service providers.

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In addition to being crucial for customer satisfaction, last-mile delivery is both the most expensive and time-consuming part of the logistics process. Camello<sup>+</sup> is designed to maximize the logistics supply-chain efficiency and address labor costs and productivity challenges by reducing load factors, dwell times at loading/unloading points, and the number of loading/unloading points along a delivery route. With a proper charging schedule, Camello<sup>+</sup> can operate around the clock, saving human bandwidth while redistributing the labor forces previously designated as delivery workers to remote operation roles from the dispatch hub. These labor forces may also be reallocated to unload parcels and cargo from upstream stations and load the cargo onto Camello<sup>+</sup>. End consumers also benefit from more convenient and quick delivery since they are able to choose when they want their items delivered instead of adhering to an unpredictable or fixed delivery schedule.

Camello<sup>+</sup> can be used in various capacities: 1) as an intra-logistics courier within larger facilities (such as hospitals, airport, warehouses, malls, and gated residential communities) to transport goods, supplies, or other resources within the facility; 2) as an outdoor delivery agent to deliver food, groceries or other consumer goods directly to the consumers; and 3) as a small parcel delivery agent for postal or courier services. Camello<sup>+</sup> integrates into the last-mile delivery service by: 1) receiving a parcel along with the associated order information at the distribution hub; 2) autonomously navigating to the delivery point at the stipulated order time; 3) Upon arrival, the delivery app sends the end consumer a collection notification, allowing them to unlock Camello<sup>+</sup>'s compartment with a QR code, ensuring enhanced security and accountability. and 4) autonomously returning to the distribution hub to collect the next order.

Camello<sup>+</sup> is able to carry up to 132lbs and the compartments can be customized to cater for different needs of our customers. Camello<sup>+</sup>'s physical dimensions are as follows: height: 18.5 inches, diameter: 23.8 inches, length: 22.4 inches, weight: 231.5 pounds.

Camello has been deployed to provide on-demand delivery of groceries, parcels, and food items to around 700 households in Punggol, Singapore. It has been used by multiple businesses at the Punggol Oasis Terraces mall, including: a) NTUC FairPrice for grocery deliveries, b) CM Logistics and DHL Express for parcel deliveries, and c) "Foodpanda" for food and grocery deliveries. Camello has also been deployed to transport spare parts at SMRT Corporation Bishan Depot in Singapore.

#### The Otsaw Disinfection Ecosystem
Comprised of AirGuard, O-RX, and TreX, our Ultraviolet-C ("UV-C") Disinfection Ecosystem provides an integrated and comprehensive disinfection solution for indoor spaces.

UV-C refers to a specific ultraviolet wavelength. There are three categories of ultraviolet light wavelengths, UV-A, UV-B, and UV-C. UV-C wavelengths are between 200 and 300 nanometers and are proven to be effective to eliminate microbes. Our UV-C LED technology is lab-tested to provide 99.9% air and surface disinfection efficacy and is effective in disinfecting against various viruses, including the COVID-19 virus. Traditionally, conventional UV lamps were used to disinfect air and surfaces. Our UV-C LEDs are not only 70% more energy-efficient compared to conventional mercury-based UV lamps but are also much safer. Unlike conventional mercury lamps that emit harmful UV-A and UV-B radiation, our UV-C LEDs emit only UV-C and are non-cancerous to humans. UV-C LEDs also have a general lifespan of over two years, which is longer than conventional UV Lamps.

Our UV-C Disinfection Ecosystem has a wide array of applications and can operate in various scenarios, particularly in hospitals, healthcare facilities, hotels, hospitality facilities, retail stores, shopping malls, offices, and large working spaces. For instance, AirGuard can be installed in the HVAC system of a shopping mall to disinfect airflows throughout retail shops, food courts, lobbies, bathrooms, and elevator systems. A typical mall with a 36ft atrium with a total area of 10,000ft<sup>2</sup> could be purified at a virus reduction rate of 98% via AirGuard UV-C disinfection in 10 minutes. Moreover, O-RX robots may autonomously patrol and disinfect mall corridors and pathway at a rate of up to 2,500

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2 *https://ec.europa.eu/health/ph_risk/committees/04_sccp/docs/sccp_o_031b.pdf*

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square feet per hour. O-RX robots may utilize its lift integration technology to maximize its coverage between multiple floors. For small, confined spaces or private spaces in the mall, such as bathrooms, employee only offices, or kitchens where the O-RX robots may not be programmed to enter, TreX can instead be stationed as a portable disinfection unit.

*AirGuard — Air Disinfection Solution*

AirGuard is designed to clean and disinfect indoor airflow using our UV-C LED technology. AirGuard's UV-C LEDs modules are integrated within the HVAC systems, such as air conditioning units and ventilation ducts. These modules are able to inactivate airborne viruses and bacteria through ultraviolet germicidal irradiation ("UVGI"), disinfecting the air circulated indoors as it flows through the HVAC system. The modules have been lab tested to achieve a 99.9% disinfection efficacy within an 8 foot range, while a typical industry HVAC duct is no longer than 2 feet in length.

The AirGuard system is designed to be compact and easy to install in most HVAC systems, with minimal modification required. The system is further customizable with options for additional sensors to monitor temperature, airflow, and overall air quality.

Each AirGuard module's physical dimensions are as follows: height: 1.8 inches, width: 1.2 inches, length: 8.5 inches, weight 10.6 oz.

*O-RX — UV-C LED Disinfection AMR*

In response to the COVID-19 pandemic, Otsaw pioneered the world's first incorporation of UV-C LED technology within an AMR: the O-RX. This combination is a powerful tool to combat the spread of COVID-19 and other pathogens.

Leveraging on our highly scalable software and hardware platforms, the development of the O-RX, from conceptualization, design, materials procurement, prototype testing to certification, was completed in eight weeks. We successfully launched the final model of O-RX in June, 2020, three months after the World Health Organization ("WHO") declared COVID-19 a global pandemic. As the testament to its high safety standards and product quality, the O-RX has undergone rigorous testing under various conditions and has been certified by TÜV SÜD, an internationally-accredited vehicular inspection and product certification services company.

O-RX is a fully autonomous disinfection UV-C LED robot. It combines our UV-C LED technology and robotics technologies to allow the disinfecting process to be fully autonomous, mobile, and safe, thereby achieving a higher disinfection efficiency as compared to conventional methods and reducing the dependence on human resources.

O-RX can autonomously navigate and disinfect up to approximately 2,500 square feet per hour. Integrated with our UV-C LED technology, O-RX has been lab-tested and certified against the live human Coronavirus specimen and other pathogens, where it achieved a disinfection efficacy of 99.9% within 5 minutes at an 8-feet distance.

The O-RX can be operated remotely via Otsaw's Field Management Software to schedule for autonomous disinfection, docking and charging, and to provide a live video feed for monitoring and simultaneously managing multiple operating AMRs.

O-RX's physical dimensions are as follows: height: 51.6 inches, diameter: 19.2 inches, weight 132 pounds.

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*TreX — Multi-Use Portable Disinfection Unit*

TreX is the stationary counterpart in Otsaw's UV-C Disinfection Ecosystem. TreX, along with O-RX and AirGuard, forms a comprehensive disinfection solution for our customer's facilities management needs. TreX is a stationary, multi-use, compact, and portable UV-C LED disinfection unit. TreX complements O-RX and AirGuard, although it can also be used independently. TreX can be deployed in confined spaces with low or no ventilation such as bathrooms, bars, kitchens, and crawl spaces. TreX features remote access functionality to turn the device on or off and a pre-set disinfection timer. It also features a motion detection sensor that automatically turns off the UV-C lights to ensure human safety.

*Example of Use Cases — UV-C LED Disinfection System*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our AirGuard air disinfection solution is widely deployed in Singapore, including public transportation, universities, and office buildings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our O-RX disinfection robot is deployed in office buildings, casinos, and shopping malls by real estate companies, property management companies and security service providers in Singapore, Thailand, and China.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The customers of our TreX Portable Disinfection Unit include NGOs, public services providers, and cleaning services providers in Singapore, Malaysia, and China. The TreX units have been deployed in clinics, hospitals, mosques, indoor playgrounds, and office buildings.

#### The TransCar System — Healthcare Intralogistics Solution in Joint Venture with Swissslog Healthcare
Logistics and the handling of clinical and non-clinical materials are crucial to hospital operations and healthcare facilities management. These tasks include housekeeping and cleaning, food services, laundry, handling of general and sterile supplies, retrieval and delivery of medicines, medical equipment, biological samples, postal packages, medical waste disposal, amongst others.

However, these non-nursing activities tasks do not add value to healthcare service quality and can be managed through autonomation. An extensive survey conducted in the US, Canada, and Germany revealed that non-value-adding or non-nursing activities consume around 40% of nurses' time<sup>3</sup>. Even before the COVID-19 pandemic, healthcare professionals were a scarce and critical resource for hospitals. The COVID-19 pandemic further highlighted the shortage of healthcare workers and the critical need to improve productivity as some hospitals were pushed to capacity with the surge of patients and healthcare workers were forced to make difficult decisions to prioritize care for critically ill patients while trying to avoid infection themselves. We believe that these challenges have led to a growing demand for hospitals worldwide to upgrade their intralogistics infrastructure in order to relieve the burden on nursing staff and resolve labor challenges.

To capitalize on this post-COVID market opportunity and disrupt the healthcare facilities management industry, we have partnered with Swisslog Healthcare to provide next-generation clinical and non-clinical material handling intralogistics automation solutions for healthcare providers worldwide.

#### The Otsaw-Swisslog Healthcare Joint Venture
In December 2021, Otsaw Technology Solutions Pte. Ltd. ("Otsaw Technology") and Swisslog Healthcare entered into a series of agreements to establish the Otsaw-Swisslog JV. Swisslog Healthcare, headquartered in Switzerland, is a leading global provider of hospital automated intralogistics solutions. Swisslog Healthcare is a highly regarded provider of AGV solutions, in the business of developing, manufacturing and selling AGVs as well as providing maintenance services under service contracts. Swisslog carries out its AGV business in several countries and their customers are mainly hospitals and contractors engaged by hospitals.

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3 See, Yen, P. Y., Kellye, M., Lopetegui, M., Saha, A., Loversidge, J., Chipps, E. M., ... & Buck, J. (2018). Nurses' Time Allocation and Multitasking of Nursing Activities: A Time Motion Study. In AMIA Annual Symposium Proceedings (Vol. 2018, p. 1137). American Medical Informatics Association.

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Since the establishment of the Otsaw-Swisslog JV, Otsaw has been responsible for developing the next-generation of TransCar solutions worldwide. Otsaw has taken over further development of the TransCar's navigation technology to upgrade the existing TransCar platform with our autonomous navigation competencies and core software technologies. The next-generation Transcar 5.0 is designed as a seamless drop-in replacement for the previous TransCar, originally developed and deployed by Swisslog Healthcare. This allows Otsaw to deploy our AMR into hospitals without requiring any infrastructure changes, ensuring a low entry barrier for adoption.

We believe we have been able to leverage Swisslog Healthcare's product development expertise and existing sales/service footprint through the Otsaw-Swisslog JV. The Otsaw-Swisslog JV accelerated Otsaw's penetration into the global healthcare market while minimizing execution risk and optimizing capital allocation. Through the joint venture, Otsaw has benefitted from Swisslog Healthcare's longstanding relationships and goodwill with many of our target customers in healthcare globally, providing Otsaw with an immediate customer base, market access and entry channels to the healthcare market in Europe and APAC. This has enabled us to cross sell our AMR platforms (the O-R3 and Camello<sup>+</sup>) and UV-C LED disinfection solutions (TReX, AirGuard, and O-RX), in synergy with the TransCar system, utilizing Swisslog Healthcare's global marketing channels. Ultimately, we expect the Otsaw-Swisslog JV to continue delivering efficient, cost-effective and reliable AI-enabled facilities management solutions for hospitals and the healthcare industry, covering hospital intralogistics, security, housekeeping and disinfection.

#### Key Arrangement of the Otsaw-Swisslog JV
The Otsaw-Swisslog JV was owned 40% by Swisslog Healthcare and 60% by Otsaw Technology Solutions Pte Ltd. The shareholding by Otsaw Technology Solutions Pte Ltd was subsequently increased to 73.33% on January 12, 2023, 86.66% on November 16, 2023, 93.3% on January 11, 2024, and 100% on January 20, 2025. The respective rights of Swisslog Healthcare and Otsaw Technology Solutions Pte Ltd in respect of the Otsaw-Swisslog JV are set forth in the: 1) shareholders agreement dated November 30, 2021 (as amended on November 30, 2023) entered into between (i) Otsaw Technology Solutions Pte Ltd; (ii) Swisslog Healthcare; and (iii) Otsaw-Swisslog JV (the "Shareholders Agreement"); 2) the master asset sale agreement dated November 16, 2021 entered into between (i) Swisslog Healthcare; (ii) Otsaw Technology Solutions Pte Ltd; and (iii) Otsaw Digital Pte. Ltd (the "Master Asset Sale Agreement") and 3) the umbrella agreement dated November 30, 2024 entered into between (i) Otsaw Limited, (ii) Otsaw Digital Pte. Ltd., (iii) Otsaw Technology Solutions Pte. Ltd., (iv) Swisslog Healthcare Holding AG and (v) Otsaw Swisslog Healthcare Robotics Pte. Ltd ("Umbrella Agreement"). Those agreements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Allow the Otsaw-Swisslog JV to identify the specific assets to be acquired from Swisslog Healthcare;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mandate the Otsaw-Swisslog JV to continue to develop and market the TransCar system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Govern the management mechanisms of the Otsaw-Swisslog JV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Grant the Otsaw-Swisslog JV the royalty free right to use the Swisslog Healthcare brand name; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Include put and call options regarding the membership interests in the Otsaw-Swisslog JV, as well as other customary provisions related to transfers of such interests.

The Umbrella Agreement amends certain terms of the Otsaw-Swisslog JV, including terms in relation to the put and call options. The Umbrella Agreement also provides for the purchase of the remaining stock and inventory as provided for under the Master Asset Sale Agreement.

*Asset Transfer and Acquisition*

Under the Master Asset Sale Agreement, Otsaw-Swisslog JV has acquired: 1) the existing customer services and maintenance contracts of the TransCar systems installed in Singapore, Germany, Italy, Netherlands, Norway and Switzerland; and 2) advance payments, claims, books and records in relation to the TransCar systems in Singapore, Germany, Italy, Netherlands, Norway and Switzerland. As consideration, Swisslog Healthcare received S$1.5 million in cash, 36,613 ordinary shares in Otsaw Technology Solutions Pte Ltd. and a 40% ownership in the Otsaw-Swisslog JV. Upon completion of the group reorganization on May 25, 2023, Swisslog Healthcare became a minority shareholder in Otsaw Limited.

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*IP and Technology Transfer*

Under the Master Asset Sale Agreement, the Otsaw-Swisslog JV and Otsaw were given the right to acquire and have acquired the intellectual property rights relating to the TransCar systems and the process know-how relating to their manufacturing and maintenance. This includes: (i) knowledge transfer of the codebase/code documentation, (ii) operation training, and (iii) documents relating to the manufacture, operation, and enhancement of the TransCar system. Furthermore, Swisslog Healthcare is obligated to assist in the transfer of know-how in relation to the design, function and maintenance of the TransCar system to the Otsaw-Swisslog JV and Otsaw.

*Manufacturing and Supply of the TransCar System*

Under the Supply Agreement, Reis Robotics will produce and manufacture the TransCar AGVs for the Otsaw-Swisslog JV. Based on discussions and mutual understanding between the parties at a meeting, the parties have agreed to continue performance under the existing Supply Agreement through June 30, 2025 and Reis Robotics will discontinue manufacturing of the TransCar AGVs on June 30, 2025. No formal amendment to the Supply Agreement was executed in connection with this extension. The next generation of TransCar, TransCar 5.0, will be produced in-house at our manufacturing facility in Singapore.

*Service and Maintenance*

Mandated by the Shareholders Agreement, and pursuant to the Master Asset Sale Agreement, the Otsaw-Swisslog JV entered into service agreements on December 1, 2021 with (i) Swisslog Healthcare GmbH; and (ii) Swisslog Healthcare Asia Pacific Pte. Ltd. respectively, for a term of 1 year with the option to renew these service agreements for up to two successive periods of 1 year each (subject to 3 or 6 months prior written notice, as applicable). These agreements have since been terminated on 31 December 2022 and the existing customer services and maintenance contracts acquired by the Otsaw-Swisslog JV under the Master Asset Sale Agreement have been novated to the Otsaw-Swisslog JV. However, we have not novated the contracts with our customers in Italy, which mainly comprises Italian hospitals. We have instead appointed Swisslog Healthcare ltaly S.P.A. SU as our agent, given the stringent local qualifications and experience required for a company to serve Italian hospitals. The Otsaw-Swisslog JV is therefore responsible for fulfilling the obligations under the existing customer services and maintenance contracts except in Italy, where Swisslog Healthcare Italy S.P.A. SU handles these responsibilities.

*Management of the Otsaw-Swisslog JV*

The Otsaw-Swisslog JV is managed by a board of directors (the "JV Board"). All decisions are made by a majority vote of the members of the JV Board. The chairman of the JV Board will be Mr. Ling Ting Ming or any other director appointed by Otsaw Technology. If the chairman is not able to fulfill his duties as chairman at any meeting of the JV Board, the chairman of that meeting shall be any director appointed by Otsaw. In the event of an equality of votes, the chairman shall have a casting vote.

Swisslog Healthcare and Otsaw Technology shall each be entitled to appoint up to the number of directors as set out below:

---

| | | | |
|:---|:---|:---|:---|
|  **Shareholder** | **No. of directors (for so <br>long as Otsaw Technology <br>and Swisslog Healthcare <br>respectively hold Shares <br>representing 60% and 40% <br>of the shares of <br>Otsaw-Swisslog JV** | **No. of directors (for so <br>long as Otsaw Technology <br>and Swisslog Healthcare <br>respectively hold Shares <br>representing 86.665% and <br>13.335% of the shares of <br>Otsaw-Swisslog JV** | **No. of directors (for so <br>long as Otsaw Technology <br>and Swisslog Healthcare <br>respectively hold Shares <br>representing 93.33% and <br>6.67% of the shares of <br>Otsaw-Swisslog JV** |
|  Otsaw Technology | 2 | 2 | 3 |
|  Swisslog Healthcare | 1 | 1 | 1 |

---

*Royalty*

For as long as Swisslog Healthcare is a shareholder, the Otsaw-Swisslog JV will have the right to use the Swisslog Healthcare brand name royalty free. As at January 20, 2025, following the exercise of options relating to the Swisslog asset acquisition, Otsaw Swisslog Healthcare Robotics Pte. Ltd. is 100% owned by Otsaw Technology Solutions Pte. Ltd. The Otsaw-Swisslog JV no longer uses the Swisslog Healthcare brand name, and there are therefore no royalties payable.

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*Put and Call Options*

Under the Shareholders Agreement, Otsaw grants Swisslog Healthcare the put option and Swisslog grants Otsaw the call option to acquire Swisslog Healthcare's 40% interest in the Otsaw-Swisslog JV, in three tranches comprising 1,333 shares per tranche exercisable on the 1<sup>st</sup>, 2<sup>nd</sup> and 3<sup>rd</sup> anniversary from November 30, 2022 (or at any time before the respective date of each tranche), at a strike price of SGD 800,000 per tranche. The final consideration to be paid for each tranche is subject to a consideration adjustment calculated based on a shortfall in the anticipated and actual revenue of the Otsaw-Swisslog JV. The put option gives Swisslog Healthcare the right to require Otsaw to purchase Swisslog Healthcare's 40% interest in the Otsaw-Swisslog JV pursuant to the put and call arrangement. The call option gives Otsaw the right to purchase Swisslog Healthcare's interest in the Otsaw-Swisslog JV pursuant to the put and call arrangement. The first call option was exercised by Otsaw on January 12, 2023 for the purchase of 1,333 shares. Although the first option was to be exercised at a strike price of SGD 800,000, the final consideration paid was SGD 130,000 (USD 97,002) due to revenue targets not being met following the consideration adjustment clause. The second call option was exercised by Otsaw on January 11, 2024 for the purchase of 1,333 shares. Although the second option was to be exercised at a strike price of SGD 800,000, the final consideration paid was SGD 451,000 (USD 335,648) due to revenue targest not being met following the consideration adjustment clause. The third call option was exercised by Otsaw on January 20, 2025 for the purchase of 1,334 shares at a strike price of SGD 800,000 and final consideration of the same value. As at January 20, 2025, following the exercise of options relating to the Swisslog asset acquisition, Otsaw Swisslog Healthcare Robotics Pte. Ltd. is 100% owned by Otsaw Technology Solutions Pte. Ltd., which is headquartered and incorporated in Singapore.

#### The TransCar AGV System
The TransCar AGV System was initially developed and commercialized by Swisslog Healthcare in 2004 and is designed specifically to provide low-maintenance intralogistics and material handling solutions for heavy payload and cargo transportation in hospital environments. As of the date of this prospectus, there are over 580 installed TransCar AGV systems in EMEA and APAC markets. The TransCar AGV is a laser guided, low-height, self-guided vehicle that is designed to go under wheel-supported cargo carts (with payloads up to 1000 pounds), lift them up and transport them to designated locations that are written to the Radio Frequency Identification ("RFID") tags on the carts. By automating heavy payload movements such as the distribution of bulk food, medical and surgical supplies, soiled dishes, clean and soiled linens, trash and medical waste, the TransCar can efficiently, safely, and reliably serve multiple departments throughout the hospital on a 24/7 basis. The TransCar AGV System frees hospital staff from routine supply and delivery tasks, allowing them to focus on critical activities and patient-care, thereby improving the quality of care while reducing operational costs.

The TransCar AGVs can navigate through multiple-floor facilities via elevators and can interface with automatic doors, battery charging stations, and cart washers to achieve maximum mobility throughout the hospitals without direct human intervention. The Transcar AGVs employ a virtual pathing combined with a laser-contour matching and following guidance system for navigation. The dual-range laser scanner, complemented by ultrasonic sensors and side tape switches, provides the TransCarAGV with the ability to detect obstacles and humans. When the TransCar AGV encounters obstacles and humans, it announces an audio warning about its approach, slows down and stops the vehicle. A floor detection sensor prevents the TransCar AGV from driving off stairs and an inclination sensor keeps the cargo-cart on the AGV level on ramps. For maximum safety, the TransCar AGV is also equipped with a key switch and emergency buttons. The key switch overrides the system allowing for manual control of the vehicle and the emergency buttons directly stop the vehicle.

The TransCar AGV System is easy to maintain, expand and update. The on-board laser-contour matching and following guidance system requires no wall targets, embedded wires or costly building modifications. Route planning and programming of the AGVs are customizable using Swisslog's fleet management software, the TransCar Management System ("TCMS"). The TCMS manages the routing, timing and speed setting of the AGVs to optimize vehicle usage and ensure consistent delivery performance through defined driving paths and speeds. If hospital layouts change, the operators of the hospital or our software engineers can modify and update the virtual maps stored in the TCMS, and download them to each vehicle through Wi-Fi.

As part of the TransCar AGV System, we supply payload-specific carts to meet the unique needs of each hospital department, such as hot and chilled food carts, stainless steel case carts and sterile carts for supplies, fiberglass and bin-forming carts for trash and supplies, and general purpose flatbed carts. A hospital's existing carts can be also used with minimal modifications. The TransCar AGV System can also be integrated with tow-through cart washers/dryers and options are available for the automatic dumping of waste and/or soiled linen carts using automatic dumpers.

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*Contract with a public hospital in Singapore that is part of the SingHealth Group for TransCar AGVs*

In 2023, we secured a US$2 million contract with a public hospital in Singapore that is part of the SingHealth Group for the delivery and installation of the TransCar AGVs, with phased payments based on project milestones. As of the date of this prospectus, we have received an aggregate of S$1,682,300 under the contract, comprising S$600,000 as down payment upon confirmation of order and S$1,082,300 as payment upon material readiness for shipment. The other payment milestones that have yet to be completed relate to an aggregate payment of S$1,121,533, comprising a payment of S$841,150 due upon completion of installation and S$280,383 due upon successful completion of the user acceptance test. The expected timeline for completion of both milestones is October 30, 2025 and March 30, 2026 respectively.

#### The Next Generation TransCar, Transcar 5.0
We are absorbing the know-hows and the technologies transfer from Swisslog Healthcare in relation to hardware and software technologies of the TransCar AGV systems, and are in the early research and development stage to upgrade the TransCar by utilizing our proprietary core software technologies and robotics autonomy expertise. The current TransCar systems are limited to operate in indoor, controlled environment (such as hospital), as their navigations require a pre-defined virtual travel route based on the virtual map downloaded to each individual AGVs which made up of a facility's interior (such as walls, doorways, frames, columns of the building). Furthermore, as the existing TransCar AGVs cannot bypass obstacle in their pathway, the obstacles have to be removed to ensure the TransCar AGVs remain in motion.

To "future-proof" the TransCar system, we envision the next generation TransCar, Transcar 5.0, currently in development to become a smarter, more maneuverable and efficient AMRs with path-planning and dynamic obstacle avoidance capability that can operate both indoors and outdoors, and capable of operating in a wider range of facilities and navigating in a more complex and dynamic environments.

To maximize the maneuverability of Transcar 5.0 and its outdoor and indoor autonomous navigation capacity, we plan to integrate our proprietary ANS and navigation technologies (such as Sensor Fusion, 3D-SLAM, machine perception and machine learning technologies) into the TransCar. We envision enabling Transcar 5.0 with advanced dynamic obstacle avoidance capacity, decentralized mapping, and path planning capabilities to autonomously navigate in complex, unknown indoor and outdoor environments, similar to our AMRs such as O-R3 and Camello<sup>+</sup>. With this upgraded capability, we expect that Transcar 5.0 will be able to: 1) actively prevent collision and dynamically change paths; 2) plan and change its path when encountering congestion; and 3) adjust speed autonomously if peak capacity is needed.

These upgrades increase the reliability of delivery, which is crucial in hospitals since minor delivery deviations can significantly impact healthcare quality for patients. Furthermore, in addition to the existing uses as hospital intralogistics solutions, with the enhanced capabilities and upgrade, we intend for Transcar 5.0 to be the intralogistics solutions for facilities such as logistic centers, distribution hubs, warehouses, factories, and government facilities, where the operating environment are more complex, dynamic and obstacle-rich. We expect to launch production of Transcar 5.0 in 2025.

#### The Synergy with our AMRs and UV-C LED Platform
The Otsaw-Swisslog JV enables us to capitalize on the existing TransCar technology, customer base and market access into hospitals worldwide. This JV opens large markets for us to cross-sell our mature AMRs (the O-R3 and Camello<sup>+</sup>) and UV-C LED ecosystems (TReX, AirGuard, and O-RX) to healthcare providers globally. We believe the synergy of TransCar, O-R3, Camello<sup>+</sup>, TReX, AirGuard, and O-RX systems enables us to provide efficient, cost-effective and reliable AI-enabled facilities management solutions for our healthcare customers, covering intralogistics, security and disinfection.

We envision to market a multi-layered and integrated AMR solution with multi-fleet coordination abilities to automate critical needs of hospitals, such as disinfection, security, housekeeping, and clinical and non-clinical, low volume and high-volume material intralogistics delivery. For example, AirGuard can be installed in a hospital's HVAC for air disinfection. TreX can be used as a portable disinfection unit for confined spaces, such as crawl spaces, basements, and bathrooms. O-RX robots can autonomously navigate within hospital facilities for disinfection operations. O-R3 robots can be utilized for outdoor surveillance and security of hospital facilities. Our Camello<sup>+</sup> robot can be used for small and low-volume cargo delivery for materials less than 45 pounds, including the delivery of food, medicine, paper-files or literature, clothes, and medical devices, between hospital buildings through outdoor pathways, while working in unison with the TransCar AGVs which are designed for indoor operations.

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We believe the integration of TransCar systems with our existing AMRs and disinfection systems will provide a synergized solution to alleviate the workloads of and pressure on front-line medical workers. This collaboration between systems provide healthcare personnel with relief from non-nursing and none-value-adding tasks. It optimizes human capital, solves healthcare shortages, eliminates human errors, and ultimately allows healthcare personnel to increase patient care time, productivity and quality of care, thereby improving the patient experience.

#### Research and Development
Innovation is the key to our success as we remain on the cutting edge of machine learning and robotic autonomy. Our research and development team consists of talented engineers, scientists, and professionals who have been pioneers in robotic autonomy and AI technologies. As of the date of this prospectus, our pioneering R&D and operational capabilities are built upon a team of over 51 experienced engineers based in Singapore. Our R&D team consists of over 19 robotics software, mechanical, electrical and product development engineers, and our operations team consists of over 38 project managers and field technicians. We recruit our experienced engineers both locally and globally and have established various training programs to keep them abreast of the most advanced AMR, robotics and AI software technologies.

#### Manufacturing and Supplier

#### Manufacturing and Production
We assemble our AMRs and UV-C LED disinfection products, including O-R3, Camello<sup>+</sup>, TreX, AirGuard, and O-RX, at our Singapore headquarters' production facility using components, sub-assemblies and materials that are manufactured by, and sourced from, more than 360 suppliers internationally. As a result, we have the ability to scale up our production with relatively limited capital investment because we only require additional assembly and warehouse space to increase our manufacturing capacity. Further, because our business model is capital efficient, we are able to adapt to shifts in customer demand and calibrate our growth plans to ensure that we maintain the appropriate production capacity at all times.

In relation to the production of TransCar AGVs, we currently rely on Reis Robotics for the production and manufacturing of the TransCar AGVs pursuant to the Supply Agreement, which was entered into on May 31, 2023 between KUKA Industries GmbH & Co. KG Obernburg (now Reis Robotics, following its acquisition by CT Pack Srl and Swiss FAI Holding AG on June 30, 2023 and its subsequent change of name) and Otsaw Swisslog Healthcare Robotics Pte. Ltd. Under the Supply Agreement, the duration of the first contractual year was for the period from May 1, 2023 to December 31, 2024. Based on discussions and mutual understanding between the parties at a meeting, the parties have agreed to continue performance under the existing Supply Agreement through June 30, 2025 and Reis Robotics will discontinue manufacturing of the TransCar AGVs on June 30, 2025. No formal amendment to the Supply Agreement was executed in connection with this extension. The next generation of TransCar, Transcar 5.0, will then be produced in-house at our manufacturing facility in Singapore. Under the Supply Agreement, Reis Robotics agreed to deliver 49 TransCar AGVs during the first contractual year in 2023, and for the following years, the Otsaw-Swisslog JV is to submit purchase orders to Reis Robotics for the TransCar AGVs for each respective year. In 2024, the Otsaw-Swisslog JV purchased 25 TransCar AGVs from Reis Robotics. The Supply Agreement also provides for pricing and delivery terms, as well as termination for cause provisions. If termination for good cause is undertaken by Reis Robotics, it is entitled to the payment of the contract price in full minus such savings incurred by Otsaw due to the termination, and Otsaw is obliged to reimburse all the expenses and costs which have been occurred until the termination. We are currently in the process of technology transfer and developing the production capacity for the TransCar AGVs in our Singapore headquarters.

#### Suppliers
Serial Microelectronics Pte. Ltd., Activ Technology Pte. Ltd. ("Active Technology"), Swisslog Healthcare GmbH, and Swisslog Healthcare Asia Pacific Pte. Ltd. are related parties to us (please refer to the section entitled "Related Party Transaction" for further detail regarding related party transactions and our policies and procedures with respect to such transactions). Serial Microelectronics Pte. Ltd. and Serial System International Pte. Ltd. ("Serial System") are part of Serial System Ltd. Swisslog Healthcare GmbH and Swisslog Healthcare Asia Pacific Pte. Ltd. are the subsidiaries of Swisslog Healthcare. Serial System International Pte. Ltd. and Swisslog Healthcare are the shareholders of our Group. Activ Technology Pte. Ltd. is controlled by our chairman of board and chief executive officer, Mr. Ling Ting Ming.

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We have ceased obtaining our supplies from Swisslog Healthcare GmbH and Swisslog Healthcare Asia Pacific Pte. Ltd. for the components required to manufacture the TransCar AGVs, and will procure the required components in-house.

We do not have long-term written purchase agreements with other suppliers, including Serial System, Activ Technology or other significant suppliers. Some components, such as semiconductors, chips and lithium batteries, are at times subject to industry-wide shortages, significant pricing fluctuations, and extended supply cycles. Although we benefit from our relationship with Serial System and Activ Technology as our shareholders, thereby minimizing our supply chain risks and optimizing our ability to secure a stable supply of semiconductors, chips and other key components, we have taken certain countermeasures including, but not limited to, adjusting production schedules, renegotiating supply arrangements, engaging multiple brokers, and purchasing larger quantities of key components in advance. While the global semiconductor supply shortage has eased in 2024, we may still encounter shortage for semiconductors on a periodic basis, which may impact the manufacturing of certain components which incorporate semiconductors. These delays and shortages could disrupt our production and lead to longer lead times for the delivery of our products to our customers.

We source components, sub-assemblies, and materials from a diverse network of over 360 suppliers internationally. While many raw materials and components are procured from multiple vendors, certain specialized components are sourced from a single or limited number of suppliers due to their technical complexity and industry availability. This is a strategic sourcing approach meant to ensure that the specialized components meet our precise technical requirements, thereby maintaining what we believe to be high quality standards in our products. Nevertheless, we continue to identify and qualify alternative suppliers to mitigate any risks of relying on a single or limited number of suppliers in respect of these specialized components. Our key suppliers include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• REIS Robotics GmbH & Co., KG — AGVs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• VRI GmbH — LiFePo4 Batteries & Chargers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SICK Pte Ltd — Sensors, Scanners, Encoders, Flexisoft Modules

Global supply chain disruptions may affect the availability of raw materials, including an increase in the cost, or decrease in the available supply of semiconductor chips, lithium-ion batteries, electrical components, alloys and non-ferrous metals. To mitigate these risks, we are actively exploring alternative sourcing strategies and supplier diversification. However, there is no assurance that these measures will fully eliminate potential supply constraints.

#### Sales, Distribution and Marketing
We sell, lease, and service our products through multiple global channels, including our direct sales team, local resellers in Singapore, and regional distributors globally across Indonesia, Malaysia, Australia, China, South Korea, Hong Kong, UAE, Oman, Kuwait, USA and the UK. Our products are sold or leased to the end-user by our inhouse direct sales team, resellers and distributors using one or both of the following methods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Robot-as-a-Service ("RaaS") model. Our AMRs (O-R3, Camello<sup>+</sup> and O-RX) are primarily offered through a RaaS subscription-based service model in which these AMRs are leased to the end-users for a fixed monthly fee, generally with a term of up to five years, for unlimited use and support. RaaS encompasses AMRs and products rentals as well maintenance, service, support, training, data transfer, Fleet Management and Control System access, docking stations, unlimited software, patches, firmware and select hardware upgrades.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct sales/purchase model. Our other products, including TransCar AGVs, AirGuard, and TreX, are primarily offered through a direct sales/purchase model in which our products are purchased by the end-user for a fixed purchase price, with additional potential revenue from an optional annual fee paid by the end-user for continuous software and hardware support for each year beginning the second year from purchase.

These two models are designed to facilitate our market penetration by addressing the different needs, cost-consideration and risk tolerance among our customer base. The RaaS model presents a compelling value proposition for end-users, and accelerates market adoption of our AMRs and products because it lowers the upfront costs of deployment, transforming capital expenditures into manageable operating expenses, and provides comprehensive operational and

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technical support with the flexibility to upgrade any leased products as new technologies are introduced, reinforcing its strategic advantage and long-term viability. Revenue from our direct sales model accounted for approximately 18.0% and 17.7% of our total revenues for the years ended April 30, 2024, and 2023, respectively, while revenue from our RaaS model accounted for approximately 2.7% and 4.7% of our total revenues for the years ended April 30, 2024 and 2023, respectively. Revenue from our direct sales model accounted for approximately 11.3% and 14.2% of our total revenues for the six months ended October 31, 2024, and 2023, respectively, while revenue from our RaaS model accounted for approximately 3.4% and 3.0% of our total revenues for the six months ended October 31, 2024, and 2023, respectively.

#### Regional Centers
In addition to our Singapore headquarters, we have established our Europe and United States regional centers to coordinate local sales, distributors, marketing, customer service, product support, and administrative functions for all of our products:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *European regional center.* Headquartered in Ausburg, Germany, this regional center is currently responsible for the direct sale of TransCar AGVs in Europe, supported by our Singapore headquarters. The European regional center coordinates closely with Swisslog Healthcare for the service, maintenance, and repair of the installed TransCar AGVs in Europe. We plan to expand the European regional center by adding sales, product, operation personnel to develop a direct sale and distributor network of AMRs and UV-C disinfection systems in Europe, in addition to the TransCar system, and to gradually take over the service, maintenance and repair function of TransCar AGVs in Europe from Swisslog Healthcare.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *United States regional center.* Headquartered in Boston, Massachusetts, our United States regional center is led by Ms. Cindy Luu, the General Manager of the Otsaw Digital, Inc. The United States regional center is currently responsible for our United States market expansion efforts, including specifically, business development, marketing, direct sales, and development of the distribution network of our products (including AMRs, UV-C disinfection systems, and TransCar AGVs) in the United States and Canada.

#### Advisory Services
On April 30, 2024, we entered into an engagement via an engagement agreement (as amended on December 12, 2024 and December 20, 2024) with CMD Global Partners, LLC ("CMD") under which CMD committed to provide financial services to us inclusive of raising capital through private placements of equity and/or debt securities or other financing arrangements and became an advisor to the Company's initial public offering (the "Engagement Agreement"). Under the Engagement Agreement upon the completion of any financing, we agreed to pay CMD a cash fee of 7.80% of the aggregate amount of any financing irrevocably committed at or in connection with such closing, whether or not drawn down. In connection with the advisory role, we also agreed to provide payment for incurred expenses not greater than US$150,000. Under the Engagement Agreement we also agreed to pay CMD a single success fee of US$75,000 in connection with the completion of this offering. CMD was given the exclusive right to act as an investment banker for significant corporate transactions for two years post-engagement and if a transaction occurs within the twelve month period or eight months after the termination of the 12 month period, we have agreed to pay CMD a fee of 3.80% of the total aggregate value of any financing transaction we enter into. We agreed to indemnify CMD under the terms of the Engagement Agreement.

On December 19, 2024 we entered into a second engagement via an advisory agreement with CMD under which CMD committed to providing advice on potential transactions, acquisitions, dispositions, and various other corporate matters (the "Advisory Agreement"). Under the Advisory Agreement we agreed to pay CMD retainer and incentive fees including US$675,000, or two instalments of US$337,500, as a retainer fee no later than April 15, 2025 or as soon as a financing transaction of US$5,000,000 or more is completed. Further retainer fees of US$250,000 are due by September 1, 2025, and February 15, 2026. Additionally, we will negotiate a separate incentive fee with CMD of up to $1,300,000, payable by February 15, 2026. The Advisory Agreement does not commit CMD to raising capital for us and can be terminated by either party with written notice, but certain provisions, including those related to fees, expenses, and indemnity, will remain in effect. We agreed to indemnify CMD under the terms of the Advisory Agreement.

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#### Sales and Distribution
We sell our products worldwide through multiple sales channels, including through our direct sales force and distributors, who resell our products to end customers. As of the date of the prospectus, our global network of distributors consisted of approximately 20 distributors, through which we have established distributor network in Singapore, Malaysia, Indonesia, South Korea, Hong Kong, UAE, Oman, Kuwait and Australia. We have established international reseller and strategic partnership agreements with all of our distributors. Pursuant to the international reseller agreements, our distributors purchase the products directly from us, with the option to either lease them to end-users under the RaaS model or resell to the end-users directly. Furthermore, all of our distributors are responsible for the installation, repair, replacement and maintenance of the products they have resold in their relevant territories. Our distributors are also required to implement marketing and promotion efforts and assume all expenses related to the promotion, sale and distribution of the product which the distributors undertake to distribute. All distributors are subject to our capped suggested retail price or lease price when reselling or leasing. The distributors work closely with our sales and marketing team to attend periodic training, make periodic reports of market conditions, sales and forecasting, and assist us by identifying potential customers, developing new businesses and maintaining relationships with the end-users.

We enter into both exclusive and non-exclusive distribution agreements with our distributors. For distributors who receive an exclusive right to distribute our products in the relevant territories, the exclusivity is contingent upon fulfilment of the commitment by the distributor to purchase a pre-defined number of minimum orders for a number of systems per period. We have the right to cancel the exclusivity of the distributor if the distributor fails to meet the set targets. While sales through our distributors currently represent a small percentage of our total revenue, we expect this to grow as we continue to expand our distributorship network.

#### Marketing
We promote our products and our brand through various online and offline marketing and branding activities. We continuously cooperate with third-party media platforms and marketing service providers to publish industry-related content for online marketing and targeting campaigns to identify potential corporate customers and directly reach customers through social media networks. We also market our products at trade shows (live and virtual) as well as company-sponsored private events and on-site demonstrations.

We maintain close and stable relationships with our direct customers and distributors. Our consistent business development efforts, combined with the quality and reputation of our products and services help us attract new customers. By word of mouth, our existing customers often refer new customers to us. We believe our brand is enhanced by knowledgeable marketing personnel who can demonstrate the unique solutions provided by our products. Most of our sales and marketing personnel have previously worked in notable technology companies and have years of sales experience and technological knowledge.

Our regional distributors globally across Indonesia, Malaysia, Australia, China, South Korea, Hong Kong, UAE, Oman, Kuwait, USA and the UK play a key role in our sales and marketing function. In order to continue to expand our distribution network and channels to penetrate new geographic markets, we established the "Otsaw Partner Program" to engage and recruit additional distributors and channel partners. The program is set up to provide marketing, product set-up, product servicing and maintenance training to our distributors and channel partners, with the goal of enabling our distributors to become an extension of our sales and marketing, customer support, and product maintenance efforts. The program also provides the mechanism for seamless coordination of our in-house technical support for our distributors and channel partners and ensures reliable knowledge and know-how transfer in order to optimize the quality of the on-site customer and product support by our distributors.

#### Service and Maintenance
After the sales of our products, we continue to offer high quality support from our operations team including project and service support to our customers and partners globally. We provide comprehensive project support to ensure the seamless implementation of our products, including planning, mapping, system and infrastructure setup, testing, and commissioning. Our service support ensures the optimal performance of the robot fleet through comprehensive and non-comprehensive service and maintenance packages. These tailored preventive and corrective maintenance solutions include routine inspections, software and system updates, as well as hardware repairs and replacements. Customers

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leasing our products through RaaS receive full-service support, including preventive and corrective maintenance, for the entire lease duration. Those who purchase our products benefit from a one-year warranty covering software and hardware defects in material and workmanship, with the option to extend coverage for an additional year at the time of purchase. After the warranty period, customers can opt for a customized service contract tailored to their specific needs.

As a general estimate, our comprehensive maintenance packages are priced at 10% of the robot cost or total project contract sum. For example, for a hospital project valued at US$5M, the comprehensive maintenance fee would be approximately US$500,000 per year. This ensures ongoing system reliability, optimal performance, and long-term support for the deployed robots.

Our operations support is provided globally to our customers either by (i) Otsaw personnel at our Singapore headquarters and European regional center, or (ii) regional distributors in regions or countries where we do not have a regional center or operational presence.

In relation to service and maintenance contracts, we have several large customers with whom we generated substantial revenue each year, and the composition of our largest customers has changed from year to year. For the six months ended October 31, 2024 and 2023, we derived approximately 85.3% and 82.8% of our total revenues from service and maintenance, respectively. In relation to our service and maintenance contracts, our revenue is concentrated among a small number of key customers. Although the composition of our largest customers has varied from year to year, a small group of customers continues to represent a significant portion of our revenue. For the fiscal year ended April 30, 2023, our top three customers — Engie Services Singapore Pte Ltd, Sengkang General Hospital Pte Ltd, and Universitätsmedizin Greifswald Kdör — accounted for approximately 13.75%, 10.51%, and 10.13% of our sales, respectively. For the six months ended October 31, 2023, these customers represented 13.26%, 10.16% and 14.51% of our sales, respectively. For the fiscal year ended April 30, 2024, our top three customers — Engie Services Singapore Pte Ltd, Ng Teng Fong General Hospital, and Sengkang General Hospital Pte Ltd — contributed approximately 10.68%, 12.10%, and 10.79% of our sales, respectively. For the six months ended October 31, 2024, these customers accounted for 21.79%, 11% and 17.5% of our sales, respectively. The products provided to our top three customers were sold to them and are not leased under the RaaS model. The service and maintenance contracts typically lasts for a duration of between one to three years, and include termination provisions for cause, including termination for any breach of applicable regulatory or legal requirements by us. There are no change of control provisions or other provisions relating to a change in regulatory requirements.

For the financial years ended April 30, 2024 and 2023, we derived approximately 79.3% and 77.6% of our total revenues from service and maintenance, respectively. For the six months ended October 31, 2024 and 2023, we derived approximately 85.3% and 82.8% of our total revenues from service and maintenance, respectively.

We are in the process of building our global help desk ("Global Help Desk") at our Singapore headquarters. The Global Help Desk will provide technical support for requests from our European regional center, the United States regional center, direct customers, and regional distributors. The Global Help Desk will be managed by our operations team, who are dedicated to efficient problem-solving and product recovery.

While the majority of our team members are based at our Singapore headquarters, we are in the process of expanding our team in Europe and are beginning to establish a team in the United States. This expansion is intended to support the ongoing growth of our regional centers and distributor network.

#### Seasonality
Our sales are not seasonal, and we do not anticipate them becoming so in the near term.

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#### Awards
We have received a number of awards and accreditations in recognition of our products and innovation. The following table sets forth the awards and accreditations we have been granted up to the date of prospectus:

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| | | | |
|:---|:---|:---|:---|
|  **Year** | **Award** | **Organized/Granted By** | **Our Products** |
| 2018 | 2<sup>nd</sup> Minister of Home Affairs — Merlion Award Winner 2018 | Ministry of Home Affairs, Singapore | O-R3 |
| 2019 | Singapore Security Industry Award 2019 | Security Association Singapore, Security Systems Association of Singapore, and the Security Industry Institute of Singapore | O-R3 |
| 2020 | Mobile Robot Guide — Technology Innovator Award | Mobile Robot Guide | O-RX |
| 2021 | Technology Excellence Award 2021 | Singapore Business Review | O-RX |
| 2022 | 2022 Winner of Virtually Unlimited Designer Category | Design Business Chamber Singapore | Camello |
| 2024 | WIPO-IPOS IP For Innovation Awards 2024 | WIPO-IPOS IP | Camello<sup>+</sup> |

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#### Certification
As of the date of prospectus, we have received the following certifications:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Relevant <br>authority/organization** | **Technology/<br>Products** | **Relevant <br>list/category** | **Qualification/ <br>License/Grading** | **Date of <br>grant/registration** | **Date of expiry** |
|  TÜV SÜD | UV-C Module from O-RX Robot | Effectiveness Against E-Coli and Human Coronavirus | 99.9% inactivation within 5 minutes at a working distance of 2.5 meters | June 09, 2020 | N/A |
|  Management System Certification (Singapore) | O-RX, Transcar, Camello, Autonomous Security Robot & Outdoor Security Robot | Quality management system | ISO 9001: 2015 | Oct 18, 2023 | Oct 17, 2026 |

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We intend to apply for the renewal of the above relevant certifications prior to their respective expiry dates and based on our past experience, we do not foresee any material difficulties in renewing the certifications.

#### Intellectual Property
We regard our trademarks, copyrights, patents, domain names, know-how, proprietary technologies, and similar intellectual property as critical to our success. We protect our intellectual property rights, both in the Singapore and abroad, through a combination of patent, trademark, copyright and trade secret protection, as well as confidentiality agreements with our employees and consultants. We rely on copyright, trademark, and patent law in the applicable jurisdictions where we operate. In addition to our significant IP protection, we rely on know-how, black box, and dark arts. We seek to control access to, and distribution of, our proprietary information through confidentiality procedures and non-disclosure agreements with manufacturer partners, third-party developers, distributor, and business partners. Unpatented research, development, know-how, and engineering skills make a vital contribution to our business. We pursue patent protection when we believe it is possible and consistent with our overall strategy for safeguarding intellectual property.

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Unpatented trade secrets are an important aspect of our business to control access to, and distribution of, our proprietary information. This is achieved through confidentiality procedures, contractual restrictions, and non-disclosure agreements with employees, manufacturer partners, third-party developers, distributors, and business partners.

As of the date of prospectus, we have 1 patent, 2 trademarks and 5 design registrations registered with the Registrar of Patents, Registrar of Trademarks and Registrar of Designs respectively in Singapore and 1 pending patent application and 1 pending trademark application in Singapore. In the United States, we have 1 patent registered with the United States Patent and Trademark Office and have 1 pending patent application. The registered Singapore and United States patents relate to our proprietary 3D SLAM technology — the software system for registering a three-dimensional map of an environment and the method for real-time simultaneous localization and mapping of robots, and include method, system and device claims. The pending patent applications relate to UV-C LED technology, which powers our UV-C disinfection products such as O-RX and TreX and include apparatus and system claims.

All of our design registrations are in the areas of AMR design, including the design registrations of O-R3, Camello<sup>+</sup>, and O-RX. The design registrations expire between the years 2023 and 2030.

#### Registered Singapore IP rights

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **No.** | **Nature and description of IP right** | **Class No. (and <br>Sub-Class <br>No., if any)** | **Country of <br>registration** | **Registered <br>owner** | **Approval<br>date** | **Expiry date/Next <br>renewal due date** |
| 1. | Design (Multi-Purpose Indoor/Outdoor Autonomous Mobile Robot) No. 30202300811W<br> ![](timage_003.jpg) | 15-99; 12-08 | Singapore | Otsaw Digital Pte. Ltd. | August 24, 2023 | Expiry date: July 18, 2038 Next renewal due date: July 18, 2028 |
| 2. | Design (Portable Disinfection Machine) No. 30202109611R<br> ![](timage_004.jpg) | 15-99 | Singapore | Otsaw Digital Pte. Ltd. | August 30, 2021 | Expiry date: August 04, 2036 Next renewal due date: August 04, 2026 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **No.** | **Nature and description of IP right** | **Class No. (and <br>Sub-Class <br>No., if any)** | **Country of <br>registration** | **Registered <br>owner** | **Approval<br>date** | **Expiry date/Next <br>renewal due date** |
| 3. | Design (Delivery Robot)<br>No. 30202008552W<br> ![](timage_005.jpg) | 15-99 | Singapore | Otsaw Digital Pte. Ltd. | November 03, 2020 | Expiry date: October 29, 2035 Next renewal due date: October 29, 2025 |
| 4. | Design (Disinfection Robot) No. 30202008551V<br> ![](timage_006.jpg) | 15-99 | Singapore | Otsaw Digital Pte. Ltd. | November 03, 2020 | Expiry date: October 29, 2035 Next renewal due date: October 29, 2025 |
| 5. | Design (Autonomous Robot) No. 30202008010S<br> ![](timage_007.jpg) | 12-08;<br>15-99; 07-05 | Singapore | Otsaw Digital Pte. Ltd. | May 26, 2020 | Expiry date: May 23, 2035 Next renewal due date: May 23, 2025 |
| 6. | Patent (Three-Dimensional Mapping of an Environment) <br>No. 10201804396Y<br> Protection relates to method, system and device claims. | International Patent Classification: G01S 17/89 G01C 21/20 | Singapore | Otsaw Digital Pte. Ltd. | September 25, 2024 | Expiry date: January 13, 2037 Next renewal due date: January 13, 2026 |
| 7. | Trademark<br> No. 40202024166T<br> ![](timage_008.jpg) | 11 | Singapore | Otsaw Digital Pte. Ltd. | Date of completion of registration procedure: April 14, 2021 | Expiry date: November 19, 2030 |
| 8. | Trademark<br> No. 40202024165U<br> ![](timage_009.jpg) | 11 | Singapore | Otsaw Digital Pte. Ltd. | Date of completion of registration procedure: April 27, 2021 | Expiry date: November 19, 2030 |

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#### Applications for Singapore IP rights

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **No.** | **Nature and description <br>of IP right** | **Class No. (and <br>Sub-Class <br>No., if any)** | **Application details** | **Applicant(s)** | **Status of <br>Application** |
| 1. | Patent (System, Method and Apparatus for Disinfection with Ultraviolet (UV) Radiation)<br> No. 11202260290Q<br> Protection sought relates to apparatus and system claims. | International Patent Classification:<br> A61L 2/10<br> A61L 2/24<br> H05B 47/125<br> H05B 47/19 | PCT Application No. PCT/SG2021/050213<br> PCT Publication No. WO/2021/242171 | &nbsp;&nbsp;&nbsp;&nbsp;• Agency for Science, Technology and Research<br> &nbsp;&nbsp;&nbsp;&nbsp;• Otsaw Digital Pte. Ltd. | Pending (Published) |
| 2. | Trademark No. 40202501601P<br> ![](tmoris_001.jpg) | 44, 45 |  | &nbsp;&nbsp;&nbsp;&nbsp;• Otsaw Digital Pte. Ltd. | Pending (Under Examination) |

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#### Registered U.S. IP rights

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **No.** | **Nature and description <br>of IP right** | **Class No. (and <br>Sub-Class <br>No., if any)** | **Country of <br>registration** | **Registered <br>owner** | **Approval date** | **Expiry date/Next <br>renewal due date** |
| 1. | Patent (Three-Dimensional Mapping of an Environment)<br> No. US 10,096,129 B2<br> Protection relates to method, system and device claims. | 382/106.000 | United States | Otsaw Digital Pte. Ltd. | October 9, 2018 | Expiry date: December 1, 2037 |

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#### Applications for U.S. IP rights

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **No.** | **Nature and description <br>of IP right** | **Class No. (and <br>Sub-Class <br>No., if any)** | **Application<br>details** | **Applicant(s)** | **Status of <br>Application** |
| 1. | Patent (System, Method and Apparatus for Disinfection with Ultraviolet (UV) Radiation) <br> No. US 2023/0181782 A1<br> Protection sought relates to apparatus and system claims. | 422/024.000 | Application No.<br> 17/925,914 <br> PCT No.<br> PCT/SG2021/050213 | &nbsp;&nbsp;&nbsp;&nbsp;• Agency for Science, Technology and Research<br> &nbsp;&nbsp;&nbsp;&nbsp;• Otsaw Digital Pte. Ltd. | Pending (Published) |

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#### Competition
By product area, the following is a breakdown of the competitive landscape. Our competitors are based primarily in the US and Europe.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The O-R3 AMR's principal competitors include autonomous security robot and platform developers, such as Kabam Robotics Pte. Ltd., Ninebot Asia Pte. Ltd., SMP Robotics Singapore Pte. Ltd., Knightscope, Inc., Robotics Assistance Devices, Inc. We believe that the O-R3 is able to stand out from similar products of our competitors due to its capabilities in navigating outdoor environment and in industry applications;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our UV-C disinfection systems principal competitors include Avidbots Corp, Sesto Robotics Pte. Ltd., ST Engineering Ltd., and Xenex Disinfection Services Inc. Our UV-C disinfection systems use proprietary UV-C LED technology, which we believe delivers safer and more effective disinfection compared to traditional mercury-based systems. Our UV-C LED technology robots also focus on hospital-grade cleaning for both healthcare and commercial spaces;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The TransCar AGV faces varied and intense competitive landscape that includes various major sizeable robotics and automation solutions companies globally, principal competitors include Oppent S.P.A., Oceaneering International, Inc., Aetheon Inc., Mobile Industrial Robots ApS, DS Automation Ltd., MLR System GmBH, and JBT Corporation. We believe that the TransCar AGV is able to stand out from similar products of our competitors because it is multifunctional and is able to handle food, medication, linen and sterile equipment deliveries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Camello<sup>+</sup> AMR competes with other ground-based unmanned delivery vehicles offered by its principal competitors, such as Starship Technologies, Kiwi Campus Inc., and Ottonomy.io. We believe that Camello<sup>+</sup> is able to stand out from similar products of our competitors because of its modular capabilities, allowing it to be adapted for different use cases, from basic last mile logistics to critical healthcare deliveries.

We believe that our AMRs and robotic solutions will augment and enhance human labor. As such, our primary competition will still be traditional modes of human labor, such as traditional facilities management service providers which provide security services, disinfection services, logistics services, and last-mile or intra-facility delivery services. However, these facilities management service providers may also be our potential customers. To overcome potential resistance to technology and to establish a positive industry perception of AMR and robot-enhanced facilities management services, we will continuously demonstrate to our customers, particularly those who are cost-sensitive, the value proposition and the cost-efficiency of our products in comparison to traditional labor — increased productivity, freeing labor by allowing human to focus on higher-value works, reduction of cost and reliance on human capital, and the enhanced reliability of robots to reduce human error.

We expect that we will compete on the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• technological, product, and software innovation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• product quality, reliability and safety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• product features and performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• product pricing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• production capacity, hence efficiency and economies of scales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• brand name recognition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• customer service and product support; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• existing customer relationships.

We believe we do and will compete favorably on these factors; however, our potential competitors may have greater financial, technical, manufacturing and other resources than we have. Our competitors may be able to deploy greater resources for the design, development, manufacturing, distribution, promotion, sales, marketing and support of their products. Additionally, our competitors may have greater name recognition, longer operating histories, larger sales forces, broader customer and industry relationships and other tangible and intangible resources than we have. These competitors also compete with us in recruiting and retaining qualified research and development, sales, marketing and management personnel, as well as in acquiring technologies complementary to, or necessary for, our products. Additional mergers and acquisitions in the industrial robotics market may result in even more resources being concentrated on our competitors.

#### Employees
As of the date of this prospectus, we had 107 full-time employees, 97 of whom are based in our headquarters in Singapore, 8 based in Germany and 2 based in the United States. As of October 31, 2024, we had 92 full-time employees 81 of whom are based in our headquarters, 9 based in Germany and 2 based in the United States. As of April 30, 2024, we had 88 full-time employees 77 of whom are based in our headquarters, 9 based in Germany and 2 based in the

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United States. As of April 30, 2023, we had 88 full-time employees, 77 of whom are based in our headquarters, 10 based in Germany and 1 based in the United States. As of April 30, 2022, we had 51 full time employees,49 of whom are based in our headquarters, 1 based in Germany and 1 based in the United States.

The following table sets forth the breakdown of our employees categorized by function as of the date of this prospectus.

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| | |
|:---|:---|
|  **Function** | **Number of <br>Employees** |
|  Research and Development | 18 |
|  Sales and Marketing | 10 |
|  Production | 8 |
|  Material | 3 |
|  Operation | 52 |
|  Finance | 4 |
|  Human Resource | 4 |
|  Business Development | 1 |
|  Management & Director | 7 |
|  Total | 107 |

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Our success depends on our ability to attract, motivate, train and retain qualified personnel. We believe we offer our employees competitive compensation packages and an environment that encourages in-house development. As a result, we have generally been able to attract and retain qualified personnel and maintain a stable core management team.

#### Facilities
We are headquartered in Singapore and operate in a corporate and assembly/manufacturing facility located at 10 Tampines North Drive 4 #01-03, Tampines North Singapore 528553, consisting of approximately 17,255 square feet. The initial lease expired on April 15, 2025, and on June 8, 2025, we signed a letter of acceptance with JTC Corporation to rent the premises for an additional 3 year period from June 1, 2025 to May 31, 2028. We believe that this facility, which includes office, demonstration, assembly, and repair space, will adequately serve our current needs.

We lease an office space in Germany, at Bürgermeister-Wegele-Straße 12, 86167 Augsburg, Germany. It is primarily used as the office space for our Europe regional center. The lease expires on July 31, 2027.

We lease an office space in the United States, at 99 South Bedford Street, Burlington, Massachusetts MA 01803, USA. It is primarily used as the office space for our United States regional center. The lease expires on July 31, 2026.

We lease our premises under operating lease agreements from independent third parties. We believe that our existing facilities are generally adequate to meet our current needs, but we expect to seek additional space as needed to accommodate future growth. Should we need additional space, we believe we will be able to obtain additional space on commercially reasonable terms.

#### Insurance
We maintain property insurance policies covering our equipment and facilities in accordance with customary industry practice. We carry occupational injury, medical, travel and pension insurance for our employees, in compliance with applicable regulations. We also carry director & officer (D&O) insurance. We will continue to review and assess our risk portfolio and make necessary and appropriate adjustments to our insurance practices to align with our needs and with industry practice in Singapore and in the market in which we operate.

#### Legal Proceedings
From time to time, we may become a party to various legal, arbitral or administrative proceedings or claims arising in the ordinary course of our business. Any of the pending lawsuits against us, or any other legal or administrative proceeding, regardless of the outcome, is likely to result in substantial cost and diversion of our resources, including our management's time and attention.

Other than as stated above, there are currently no material legal proceedings against us or that have been against us, and we are not aware of investigations being conducted by a governmental entity into our company.

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#### REGULATIONS
This section sets forth a summary of the significant regulations or requirements in the jurisdictions where we conduct material business operations as of the Latest Practicable Date. The primary laws and regulations to which we are subject to are autonomous vehicles, artificial intelligence, data protection and information security, consumer protection, intellectual property rights, anti-money laundering and terrorism financing and employment.

#### SINGAPORE

#### Regulations and Guidelines on Autonomous Vehicles
We sell or lease out to third parties autonomous robots which may be deployed in, *inter alia*, public areas. The Land Transport Authority of Singapore governs the use of autonomous vehicles on public paths under the Active Mobility Act 2017 of Singapore ("AMA"), the Road Traffic Act 1961 of Singapore ("RTA") and the Road Traffic (Autonomous Motor Vehicles) Rules 2017 ("RT(AMV)R") of Singapore. Under the AMA, an individual must not (i) drive on a footpath a motor vehicle that is not a motorized wheelchair or mobility scooter, and (ii) drive or ride on a shared path any motor vehicle that is not a power-assisted bicycle, personal mobility device, motorized wheelchair or mobility scooter. The definition of "motor vehicles" includes a robotic machine designed to move and operate independently of human control when the computer that controls it is programmed, which includes our autonomous robots.

The Minister of Transport may grant an exemption order to the AMA, RTA and/or RT(AMV)R, for specified motor vehicles that have passed the comprehensive testing framework. Under the exemption order, the specified motor vehicle may be allowed to drive on a specified footpath or a specified shared path subject to certain conditions as provided for under the respective exemption orders.

The RTA provides that the Land Transport Authority of Singapore may make rules generally as to the use of vehicles, their construction and equipment and the conditions under which they may be used. Sections 6C and 6D of the RTA set out the rules on trial and use of autonomous motor vehicles, and the exemptions and modified application of laws to approved trails and special uses. The definition of "autonomous motor vehicle" means a motor vehicle equipped wholly or substantially with an autonomous system (also commonly known as a driverless vehicle), and includes a trailer drawn by such a motor vehicle, which include the autonomous robots that we produce. Pursuant to which, the Minister of Transport of Singapore may (i) require the person authorized under the rules to undertake the approved trial or carry out the approved special use to have in place liability insurance before the approved trial or approved special use starts and to publish a notice about the approved trial or approved special use before the approved trial or approved special use starts, (ii) prescribe the circumstances when the approved trial or approved special use may or may not be undertaken, and (iii) prescribe the use of autonomous motor vehicles in the approved trial or approved special use, and their construction, design and equipment, for the safety of other road users.

In addition, the RT(AMV)R prohibits the trial and use of autonomous motor vehicles on any road, save for an authorization granted by the Land Transport Authority. In granting the authorization, the Land Transport Authority may impose such conditions as it thinks fit, which may include (i) stating the geographical area in which the approved trial or approved special use may be carried out, (ii) requiring a qualified safety operator to monitor the operation of the vehicle and to take over operation of the vehicle if necessary, and (iii) any other conditions having regard to the technical specifications of the autonomous motor vehicle.

In relation to the use of autonomous mobile robots for delivery within commercial buildings, the Infocomm Media Development Authority of Singapore has published Guidelines for the Use of Autonomous Mobile Robots for Delivery within Commercial Buildings in January 2021 for general information purposes, to provide the various stakeholders, which includes autonomous mobile robot manufacturers, mall operators, retailers, logistics providers, infrastructure owners, with guidelines to be able to integrate autonomous mobile robots into their operations, and within the wider ecosystem of the commercial building. The guidelines also provide recommendations to ensure safety in the deployment of such autonomous mobile robots in commercial buildings.

#### Guidelines on Artificial Intelligence
At present, Singapore does not have any specific regulation on artificial intelligence. The current approach taken is a prescriptive model, which consists of guidelines and non-binding frameworks for organizations to adopt. The Model Artificial Intelligence Governance Framework (First Edition) was released at the 2019 World Economic Forum

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Annual Meeting. On 21 January 2020, the Personal Data Protection Commission released the Model AI Governance Framework (Second Edition) (the "2020 Framework") at the 2020 World Economic Forum Annual Meeting, which includes additional considerations and refines the original model framework for greater relevance and usability. The underlying guiding principles are (i) decisions made by artificial intelligence should be explainable, transparent and fair, (ii) artificial intelligence should be human-centric. The Model Artificial Intelligence Governance Frameworks provide guidance on (i) internal governance structures and measures, (ii) determining the level of human involvement in artificial intelligence augmented decision making, (iii) operations management, and (iv) stakeholder interaction and communication, with an aim to translate ethical principles into practical recommendations that organizations may readily adopt to deploy artificial intelligence responsibly. In light of recent advances in generative artificial intelligence, the AI Verify Foundation and Infocomm Media Development Authority of Singapore have also developed a draft Model AI Governance Framework for Generative AI (the "2024 Framework"), which seeks to expand on the 2020 Framework by addressing new issues that have emerged from generative artificial intelligence and providing guidance on suggested practices for safety evaluation of generative artificial intelligence models.

#### Regulations on Data Protection and Information Security
While the Personal Data Protection Act 2012 of Singapore ("PDPA") does not single out artificial intelligence, it lays out a data protection framework on the collection, use and disclosure of personal data by organizations in Singapore to safeguard personal data, buttress public trust in the digital economy and spark data innovation. The PDPA is administered and enforced by the regulator, the Personal Data Protection Commission. It sets out data protection obligations which all organizations are required to comply with in undertaking activities relating to the collection, use or disclosure of personal data. A failure to comply with any of the above may subject (i) an organization to a fine of up to 10% of an organization's annual turnover in Singapore or S$1 million (approximately US$756,773), whichever is higher, or (ii) an individual to a fine of up to S$200,000 (approximately US$143,419).

A facilities management operator and/or an artificial intelligence technology company is required to comply with the PDPA, which generally requires organizations to give notice, obtain consent and inform individuals of the applicable purposes prior to collection, use or disclosure of personal data (being data, whether true or not, about an individual who can be identified from that data or from that data and other information to which organizations have or are likely to have access), and to provide individuals with the right to access and correct any error or omission in their personal data. Organizations are also required to put in place sufficient measures to protect the personal data in its possession or control from unauthorized access, loss or damage. On March 1, 2024, the Personal Data Protection Commission issued the Advisory Guidelines on the Use of Personal Data in AI Recommendation and Decision Systems, which provides specific guidance on how the PDPA applies in three typical stages of artificial intelligence system implementation.

Pursuant to the Personal Data Protection Commission's Advisory Guidelines on the PDPA for NRIC and other National Identification Numbers which took effect on September 1, 2019, an organization is not permitted to collect, use or disclose an individual's identification number unless (i) the collection, use or disclosure is required by the law, or (ii) it is necessary to establish or verify an individual's identity to a high degree of accuracy.

The PDPA also imposes various baseline obligations on organizations in relation to the permitted uses of, the accountability for, the accuracy of, the protection of, the retention of, and overseas transfers of, personal data. In addition, the PDPA requires organizations to check the "Do Not Call" registers prior to sending marketing messages addressed to Singapore telephone numbers, through telephone calls, text messages or faxes.

In the event of a data breach involving any personal data in an organization's possession or control, the PDPA requires the organization to take reasonable and expeditious steps to assess whether the data breach is notifiable under the Personal Data Protection Commission, and the organization is required to notify the Personal Data Protection Commission of the data breach if it is assessed to be one that: (i) results in, or is likely to result in, significant harm to an affected individual, or (ii) is, or is likely to be, of a significant scale. In addition to notifying the Personal Data Protection Commission, organizations are also required to notify the affected individuals of notifiable data breaches in any manner that is reasonable in the circumstances.

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#### Consumer Protection
There are various general consumer protection laws in place in Singapore, which apply generally to all relevant transactions but are not specifically targeted at regulating facilities management and/or artificial intelligence technology operations. One or more of these laws would be relevant in the context of regulating facilities management and/or artificial intelligence technology operations.

The Consumer Protection (Fair Trading) Act 2003 of Singapore ("CPFTA") sets out a legislative framework to allow consumers aggrieved by unfair practices to have recourse to civil remedies before the Singapore courts. The definition of "supplier" under the CPFTA includes persons who provide goods or services to consumers, or manufacture, assemble or produce goods, which we do through the provision of artificial intelligence technology for automated security, logistics and disinfection and healthcare logistics. Suppliers may be held liable for engaging in unfair practices in relation to consumer transactions. Unfair practices include, among other things: (i) doing or saying anything, or omit to say anything which would reasonably deceive or mislead consumers, (ii) making a false claim, (iii) taking unreasonable advantage of a consumer if the supplier knows or ought reasonably to know that the consumer is not in a position to protect his or her own interests or is not reasonably able to understand the character, nature, language or effect of the transaction or any matter related to the transaction, or (iv) making various forms of misrepresentations to the consumer. A consumer who has entered into a transaction involving an unfair practice may bring an action against the supplier. The right to bring an action does not apply where the remedy or relief sought exceeds S$30,000 (approximately US$21,362) and is subject to a limitation period of 2 years after (i) the date of the occurrence of the last material event on which the action is based or (ii) the earliest date on which the consumer had knowledge that the supplier had engaged in the unfair practice, whichever occurs later.

The CPFTA provides further protection to consumers for goods which do not conform to the applicable contract at any time within the period of 6 months from the date on which the goods were delivered, which is regarded as not having conformed to the applicable contract at the time of delivery. Accordingly, this is a breach of an express term of the contract and the implied condition that the goods will correspond with the description provided by the supplier to the consumer or the implied condition that the goods are of satisfactory quality or fitness for the purposes for which the goods were supplied. The consumer would have the right to require the supplier to (i) repair or replace the goods, (ii) reduce the amount to be paid for the sale by an appropriate amount or (iii) rescind the contract with regard to the goods in question.

The Consumer Protection (Trade Descriptions and Safety Requirements) Act 1975 of Singapore ("CP(TDSR**)**") prohibits misdescription of goods supplied in the course of trade. The definition of "trade descriptions" include any description, statement or indication which directly or indirectly relates to the (i) method of manufacture, production, processing or reconditioning of any goods and (ii) fitness for purpose, strength, performance, behavior or accuracy of any goods. This prohibition applies to all persons in the course of business and would be applicable to the facility management and/or artificial intelligence technology trade. Violations of the CP(TDSR) may be subject to criminal liability, such as imprisonment for up to 2 years and/or fines of up to SGD 10,000 (approximately US$7,118).

#### Regulations on Intellectual Property Rights
*<u>*<u>Designs</u>*</u>*

The Intellectual Property Office of Singapore administers the intellectual property legislative framework in Singapore, which includes designs, trademarks and patents. Singapore is a member of the main international conventions regulating intellectual property matters, and the WTO's Agreement on Trade Related Aspects of Intellectual Property Rights.

The Registered Designs Act 2000 of Singapore confers protection on registrable designs in Singapore, and the registered owner is granted exclusive rights to the external appearance of the article or non-physical product and has the right to control its use. There are two (2) key criteria for registration: the subject matter must be (i) a "design", which means features of shape, configuration, colors, pattern or ornament applied to any article or non-physical product that gives that article or non-physical product its appearance, and (ii) "new", being a design that is not the same as a design that has been registered or published in Singapore or elsewhere. An infringement of a registered design may give rise to civil liabilities. Registered designs will last for an initial period of 5 years and may be renewed for a second and third period of 5 years, subject to application for an extension and the payment of extension fees.

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*<u>*<u>Trade Marks</u>*</u>*

The Trade Marks Act 1998 of Singapore confers statutory protection on registrable trademarks on a first-to-file basis in Singapore, and the registered proprietor is granted a statutory monopoly of the trade mark in Singapore in relation to the product or service for which it is registered. There are three (3) key criteria for registration: the subject matter must be (i) a "trade mark", which is any sign capable of being represented graphically and which is capable of distinguishing goods or services dealt with or provided in the course of trade by a person from goods or services so dealt with or provided by any other person, (ii) "distinctive", if it is not descriptive of those goods or services and (iii) does not conflict with an earlier trademark, that is an earlier registered trade mark or trademark (which is registered or not) which is well known in Singapore. An infringement of a registered trade mark may give rise to civil and criminal liabilities. Registered trademarks are valid for a period of 10 years from the date of registration and may be renewed for further periods of 10 years.

*<u>*<u>Patents</u>*</u>*

The Patents Act 1994 of Singapore confers statutory protection on patentable inventions on a first-to-file basis in Singapore, and the registered proprietor will have the exclusive right to exploit the invention. There are three (3) key criteria for registration: the invention must (i) be new, (ii) involve an inventive step (being a step that is not obvious to a person who is skilled in the relevant art) and (iii) be capable of industrial application. An infringement of a registered patent may give rise to civil liabilities. Registered patents are valid for 20 years from the date of filing of the application, subject to the payment of annual renewal fees from the fifth year.

#### Regulations on Anti-money Laundering and Prevention of Terrorism Financing
The primary anti-money laundering legislation in Singapore is the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 (the "CDSA"), which provides for the confiscation of benefits derived from, and to combat, corruption, drug dealing and other serious crimes. Generally, the CDSA criminalizes the concealment or transfer of the benefits of criminal conduct as well as the knowing assistance of the concealment, transfer or retention of such benefits.

The Terrorism (Suppression of Financing) Act 2002 (the "TSOFA") is the primary legislation for the combating of terrorism financing. It was enacted to give effect to the International Convention for the Suppression of the Financing of Terrorism. Besides criminalizing the laundering of proceeds derived from drug dealing and other serious crimes and terrorism financing, the CDSA and the TSOFA also require suspicious transaction reports to be lodged with the Suspicious Transaction Reporting Office. If any person fails to lodge the requisite reports under the CDSA and the TSOFA, he may be subject to criminal liability.

#### Regulations on Employment
*<u>*<u>Employees</u>*</u>*

The Employment Act 1968 of Singapore ("EA") prescribes certain minimum conditions of service that employers are required to provide to employees covered under the EA ("employees"), including (i) minimum days of statutory annual and sick leave, (ii) paid public holidays, (iii) statutory protection against wrongful dismissal, (iv) provision of key employment terms in writing and (v) statutory maternity leave and childcare leave benefits.

In particular, Part IV of the EA sets out the requirements for rest days, hours of work and other conditions of service for workmen who receive salaries not exceeding S$4,500 (US$3,203) a month and other employees (other than workmen or a person employed in a managerial or an executive position) who receive salaries not exceeding S$2,600 a month (approximately US$1,860). Section 38(8) of the EA provides that employees are not allowed to work for more than 12 hours in any one day except in specified circumstances, such as where the work is essential to the life of the community, defense of security. In addition, Section 38(5) of the EA limits the extent of overtime work that an employee can perform to 72 hours a month.

Employers must seek the prior approval of the Commissioner for Labour ("Commissioner") for exemption if they require an employee or a class of employees to work for more than 12 hours a day or work overtime for more than 72 hours a month. The Commissioner may, after considering the operational needs of the employer and the health and

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safety of the relevant employee or class of employees, by order in writing exempt such relevant employees from the overtime limits subject to such conditions as the Commissioner thinks fit. Where such exemptions have been granted, the employer shall display the order or a copy thereof conspicuously in the place where such employees are employed.

Aside from minimum benefits in respect of the aforesaid terms of employment in the EA, other employment-related benefits which are prescribed by law include (i) contributions to be made by an employer to the Central Provident Fund, under the Central Provident Fund Act 1953 of Singapore, in respect of each employee who is a citizen or permanent resident of Singapore, (ii) provision of statutory maternity, paternity, childcare and adoption leave benefits (subject to the fulfilment of certain eligibility criteria) under the Child Development Co-Savings Act 2001 of Singapore, (iii) statutory protections against dismissal on the grounds of age, and statutory requirements to offer re-employment to an employee who attains the prescribed minimum requirement age, under the Retirement and Re-employment Act 1993 of Singapore, and (iv) statutory requirements relating to work injury compensation, and workplace safety, health and welfare, under the Work Injury Compensation Act 2019 of Singapore and the Workplace Safety and Health Act 2006 of Singapore, respectively.

In relation to the contributions made by an employer to the Central Provident Fund, the specific contribution rate varies depending on whether the employee is a Singapore citizen or permanent resident in the private or public sector and the age group and wage band of the employee. Generally, for employees who are Singapore citizens in the private sector or non-pensionable employees in the public sector, 55 years old or below and that earn more than S$750 (approximately US$545) a month, the employer's contribution rate is 17% of the employee's wages.

*<u>*<u>Foreign Employees</u>*</u>*

The availability and the employment of skilled and unskilled foreign workers are affected by the government's policies and regulations on the immigration and employment of foreign workers in Singapore. The policies and regulations are set out in, *inter alia*, the Employment of Foreign Manpower Act 1990 of Singapore ("EFMA") and the relevant Government Gazettes.

Under the EFMA, no person shall employ a foreign employee and no foreign employee shall be in the employment of an employer unless the foreign employee has a valid work pass. In relation to the employment of foreign professionals, employers must ensure that such persons apply for an "Employment Pass". In relation to the employment of semi-skilled or unskilled foreign workers, employers must ensure that such persons apply for a "Work Permit". In relation to the employment of foreign mid-level skilled workers, employers must ensure that such persons apply for "S Pass".

The Employment of Foreign Manpower (Work Passes) Regulations 2012 of Singapore ("EFMR") requires employers of work permit holders, *inter alia*, to (i) subsidize medical expenses of foreign workers (unless agreed otherwise), (ii) provide safe working conditions, (iii) provide acceptable accommodation consistent with any law or governmental regulations, and (iv) provide and maintain medial insurance for inpatient care and day surgery, with coverage of at least S$60,000 (approximately US$10,675) per every 12-month period.

The EFMR also requires employers of S Pass holders, *inter alia*, to (i) subsidize medical expenses of foreign worker (unless agreed otherwise) and (ii) provide and maintain medical insurance for inpatient care and day surgery, with coverage of at least S$60,000 (approximately US$10,675) per every 12-month period.

An employer of foreign workers is also subject to, *inter alia*, the provisions set out in the EA, the EMFA, the Immigration Act 1959 of Singapore and the Immigration Regulations.

*<u>*<u>Workplace Safety and Health</u>*</u>*

The Workplace Safety and Health Act 2006 of Singapore ("WSHA") governs the safety, healthcare and welfare of persons at work in workplaces. Under the WSHA, every employer has the duty to take, so far as is reasonably practicable, measures that are necessary to ensure the safety and health of his employees at work, as well as persons who may be affected by any undertaking carried on by him in the workplace. The measures necessary to ensure the safety and health of persons at work include:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) ensuring that those persons are not exposed to hazards arising out of the arrangement, disposal, manipulation, organization, processing, storage, transport, working or use of things in their workplace, or near their workplace and under the control of the employer;

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

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

In addition, a person who erects, installs or modifies any machinery or equipment for use at work must ensure, so far as is reasonably practicable, that the machinery or equipment is erected, installed or modified in such a manner that it is safe, and without risk to health, when properly used.

The definition of "workplace" means any premises where a person is at work or is to work, for the time being works, or customarily works, and includes a factory. The definition of "factory" means any premises specified in the Fourth Schedule of the WSHA and within which persons are employed in processes such as (i) the handling, sorting, packing, storing, altering, repairing, construction, processing or manufacturing of any goods or product, (ii) the handling, sorting, packing, storing, processing, manufacturing or use of any hazardous substances, (iii) the repair, construction or manufacturing of any vessel or vehicle, any building operation or work of engineering construction, and (iv) the operation or maintenance of any facility or system related to the provision of any public utility. Under the Fourth Schedule of the WSHA, workplaces specified as factories include, among others, any premises using an assembly-line manufacturing process in connection with the manufacturing, for the purposes of trade or gain, of any goods or products using mechanical power, not being a restaurant or kitchen.

The Commissioner for Workplace Safety and Health ("CWSH") may serve a remedial or stop-work order under the WSHA if he is satisfied that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the workplace is in such condition, or is so located, or any part of the machinery, equipment, plant or article in the workplace is so used, that any work or process carried on in the workplace cannot be carried on with due regard to the safety, health and welfare of persons at work;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any person has contravened any duty imposed by the WSHA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any person has done any act, or has refrained from doing any act which, in the opinion of the CWSH, poses or is likely to pose a risk to the safety, health and welfare of persons at work.

The remedial order shall direct the person served with the order to take such measures, to the satisfaction of the CWSH, (i) to remedy any danger so as to enable the work or process in the workplace to be carried on with due regard to the safety, health and welfare of the persons at work, (ii) to comply with any duty imposed under the WSHA, or (iii) to do or refrain from doing any act which, in the opinion of the CWSH, poses or is likely to pose a risk to the safety, health and welfare of persons at work. The stop-work order shall direct the person served with the order to immediately cease to carry on any work (i) indefinitely or (ii) until such measures as are required by the CWSH have been taken, to the satisfaction of the CWSH, to remedy any danger so as to enable the work at the workplace to be carried on with due regard to the safety, health and welfare of the persons at work.

The Workplace Safety and Health (General Provisions) Regulations of Singapore ("WSH General Regulations") sets out more specific duties of employers regarding workplace safety and health. For example, employers have the duty to take effective measures to protect persons in the workplace from overcrowding, excessive heat or cold and harmful radiations, or exposure to infectious agents or biohazardous material. The definition of "biohazardous material" includes any substance which contains toxins and any biological waste. Employers must also ensure that there is sufficient ventilation, lighting, floor drainage and sanitary conveniences at the workplace.

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Under the Workplace Safety and Health (Registration of Factories) Regulations 2008 of Singapore ("WSH Factories Regulations"), any person who occupies or uses any premises as a factory not falling within any of the classes of factories described in the First Schedule of the WSH Factories Regulation shall, before the commencement of operation of the factory, submit a notification to the CWSH informing his intention to occupy or use those premises as a factory. The notification is not subject to any renewal requirements.

Under the WSHA and the Workplace Safety and Health (Workplace Safety and Health Officers) Regulations 2007 of Singapore ("WSHO Regulations"), certain prescribed workplaces as set out in the Second Schedule of the WSHO Regulations are required to appoint a workplace safety and health officer or a workplace safety and health coordinator. Further, under the WSHA and the Workplace Safety and Health (Workplace Safety and Health Committee) Regulations ("WSHC Regulations"), certain prescribed workplaces as set out in Section 3 of the WSHC Regulations are required to appoint a workplace safety and health committee.

Under the Work Injury Compensation Act 2019 of Singapore ("WICA"), an employer is liable to pay compensation in accordance with the provisions thereof for any personal injury caused to an employee by an accident arising out of and in the course of employment. The WICA applies to any person who has entered into or works under a contract of service or apprenticeship with an employer, subject to certain prescribed exclusions. The amount of compensation in respect of any personal injury of an employee caused by accident arising out of and in the course of employment is computed in accordance with the provisions of the WICA, taking into account, among other things, the age of the employee and type of personal injuries suffered. Employers are also required to insure and maintain insurance against all liabilities that they may incur under the WICA.

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#### MANAGEMENT

#### Executive Officers and Directors
The following table provides information regarding our executive officers and directors as of the date of this prospectus:

---

| | | |
|:---|:---|:---|
|  **Name** | **Age** | **Position(s)** |
|  Ling Ting Ming | 52 | Chairman, director and chief executive officer |
|  Ken Toh | 52 | Chief financial officer |
|  Sean Goh Su Teng | 45 | Director nominee |
|  John M. Dolan\*<sup>(1)(2)(3)</sup> | 66 | Independent director nominee |
|  Susan E. Skerritt\*<sup>(1)(2)(3)</sup> | 70 | Independent director nominee |
|  Christopher T. Olivia\*<sup>(1)(2)(3)</sup> | 62 | Independent director nominee |

---

____________

(1) Member of the audit committee

(2) Member of the compensation committee

(3) Member of the nominating and corporate governance committee

\* We intend to appoint these individuals as independent directors, effective upon the Company's listing on Nasdaq.

**Ling Ting Ming, *chairman, director and chief executive officer***

Mr. Ling is the founder of the Otsaw Group. He serves as the chairman of the board of directors, director, and chief executive officer of Otsaw Limited. Mr. Ling serves as the executive director of Otsaw Digital Pte. Ltd., Otsaw Digital, Inc., Otsaw Technology Solutions Pte. Ltd., Otsaw Technology Pte. Ltd. and Otsaw Swisslog Healthcare Robotics Pte. Ltd, the subsidiaries of Otsaw Limited. He has over 27 years of experience and track record in information and communication technology, sales and marketing, and business management experience.

Mr. Ling commenced his career in information and communication technology at Newera Equipment Pte. Ltd. in 1996, after serving his National Service in the Singapore Armed Forces for 2.5 years since 1993. Between 1999 and 2006, he worked as the sales directors in various computer networks and system integrations companies, including: Suntronics Pte. Ltd. (from 1999 to 2003), Data & Wireless Pte. Ltd. (from 2000 to 2004), and Logicalis Singapore Pte. Ltd (from 2003 to 2006). In 2006, Mr. Ling founded the Activ Technology group of companies, which provides telecommunication and information network integration, and communications and power line construction services, with a presence in 5 countries (Singapore, Japan, China, Malaysia, and Hong Kong) and over 400 employees. In the Activ group of companies, Mr. Ling currently serves as: 1) the chief executive director of Activ Technology Pte. Ltd.; 2) the director of Activ Communications Pte. Ltd.; and 3) the executive director of Activ Engineering Pte. Ltd. Mr. Ling also serves as the director of SG Networks Pte. Ltd., a subsidiary of Serial System Limited (stock code: S69.SI).

Mr. Ling is the President of the Association of the Telecommunications Industry of Singapore (ATiS) and a council member of Association of Small & Medium Enterprises (ASME). He obtained the Diploma in Mechanical Engineering from Singapore Polytechnic in May 1992.

**Ken Toh, *chief financial officer***

Ken Toh has served as our Chief Financial Officer ("CFO") since February 2025. He brings over 23 years of extensive financial leadership experience across diverse industries, including early-stage startups and multinational corporations. Before joining Otsaw, Ken held the position of Regional Finance Director at TR Asia Investment Holdings Pte Ltd from 2010 to 2015, a precision engineering and fastener manufacturer and distributor with its parent company listed on the London Stock Exchange. Previously, Ken was the Financial Controller for Upek Pte Ltd from 2005 to 2010. Ken is a Chartered Accountant with a Bachelor of Accountancy from the Nanyang Technological University of Singapore which he obtained in 1997. He also holds a CFO Certificate from the Singapore Management University which he obtained in 2024.

**Sean Goh Su Teng, *executive director***

Mr. Sean Goh Su Teng is expected to be appointed as our executive director. He is the Deputy Group CEO of Serial System Ltd, bringing over 20 years of experience in the semiconductor and electronics industries, particularly in the Asia-Pacific region, including China, India, and ASEAN. Known for his expertise in business transformations and turnarounds, Sean has led major strategic initiatives across the region, including mergers and acquisitions. Previously,

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he served as Group Chief Operating Officer of Serial System Ltd, where he drove IT and operational transformations to improve business efficiency. Sean currently serves as an Executive Director of Serial System Ltd, a publicly listed company on the Singapore Stock Exchange, and as Non-Executive Chairman of Serial Achieva Ltd. He holds a Bachelor of Engineering (Honors) from Nanyang Technological University and has a strong track record in corporate leadership.

**John M. Dolan, *independent director nominee***

Dr. Dolan will be appointed as an independent director and will be the chairman of the nominating and corporate governance committee and a member of the compensation committee and audit committee. Dr. Dolan has been on the faculty of Carnegie Mellon University (CMU)'s Robotics Institute since 1991 and is director of the Master of Science in Robotic Systems Development (MRSD) and RI Summer Scholars Programs. He has extensive experience in multirobot systems and autonomous navigation and control, and was the Behaviors team lead for CMU's winning entry in the DARPA 2007 Urban Challenge race, which led to the current revolution in autonomous driving. He is PI for multiple projects in the CMU-Argo AI Autonomous Driving Center. He has been PI for DARPA, DOT, GM, NASA, NSF, and industry projects involving robots for autonomous driving, reconnaissance, exploration, manufacturing, environmental sensing, and reliable operation. Dr. Dolan is the former chairman of the SAE Unmanned Ground Vehicle Reliability Task Force, a member of the SAE On-Road Autonomous Vehicle Standards Committee, and a Senior Member of the IEEE. He has served on the program committee of numerous international conferences, including Robotics: Science and Systems (RSS), IEEE Systems, Man, and Cybernetics (SMC) and Autonomous Agents and Multi-Agent Systems (AAMAS). He has extensive experience in creating working systems through industrial collaborations including ABB, Bombardier, GM, Kajima, Leidos, SAIC, and Shimizu. He is the co-founder of three start-up companies: Ottomatika, Discovery Robotics, and Retrofit AI.

Dr. Dolan served as an active-duty and Reserve Army military intelligence officer, completing his reserve career as brigade commander of a Strategic Military Intelligence Group within the Military Intelligence Readiness Command. Dr. Dolan received his B.S.E. from Princeton University (1980) and his master's (1987) and doctorate (1991) from Carnegie Mellon University (CMU), all in mechanical engineering. Dr. Dolan also obtained his Master of Strategic Studies (2004) from U.S. Army War College.

**Susan E. Skerritt, *independent director nominee***

Susan E. Skerritt is expected to be appointed as an independent director and is expected to be the chairman of the audit committee and a member of the compensation committee and nominating and corporate governance committee. Susan E. Skerritt has a proven track record in leading strategic transformations across various industries. Susan E. Skerritt has served as the CEO of West Walk Advisors, LLC since 2018. She has also served as a Senior Advisor with Promontory Financial Group, a wholly owned subsidiary of IBM, providing consulting services to financial institutions on regulatory, governance, and risk management matters from February 2018 to June 2021. She previously served as a Senior Advisor with Boston Consulting Group providing treasury management services to the group's clients from January 2021 to May 2022. Over the course of the last 35 years, Ms. Skerritt has served in various executive leadership positions, including serving as Chairwoman, Chief Executive Officer and President of Deutsche Bank Trust Company Americas, Deutsche Bank's U.S. commercial banking entity from 2016 to 2018. Previously at Deutsche Bank, she led the transaction banking businesses in North and South America, and also led the global correspondent banking business. Prior to Deutsche Bank, Ms. Skerritt spent seven years at Bank of New York Mellon Trust Company, N.A. where she served as an Executive Vice President, and executive member of its Board of Directors. Ms. Skerritt's corporate board experience includes service as an independent non-executive director of the Board of Directors of the RBC U.S. Group Holdings LLC, the intermediate holding company for Royal Bank of Canada's U.S. operations, where she served as the Chair of its Human Resources and Corporate Governance Committee, as well as a member of its Audit and Risk Committee. Since 2018, Ms. Skerritt has served as a Director and member of the Audit Committee of Tanger, Inc. (NYSE:SKT) and, since 2022, has served as Chair of its Audit Committee. Since July 2021, she has served as a Director of IG Group Holdings plc (IGG:L) ("IG Group") and is currently a member of its Risk and Audit Committees. She has also served as the Chair of IG North America, a subsidiary of IG Group, since July 2024. Ms. Skerritt served as a Director of Community Financial Systems, Inc. from November 2020 to May 2025, a Director of VEREIT, Inc. (NYSE:VER) from February 2021 through November 2021 and as a Director of the Falcon Group and the Chair of the Audit and Risk Committee from February 2020 until February 2025. In May 2025, she was appointed a Director of Citibank Europe Plc, a subsidiary of Citigroup. She has also served on the Board of Trustees of Hamilton

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College since 1994. Ms. Skerritt was elected as a Trustee of the Village of Saltaire in June 2022. She previously served as a Director and Vice Chairman of the Board of Trustees of The Brooklyn Hospital Center from 2013 to 2022. Susan holds an MBA from NYU Stern in 1984 and a B.A. in Economics from Kirkland (Hamilton) College in 1977.

**Christopher T. Olivia, *independent director nominee***

Christopher T. Olivia is expected to be appointed as an independent director and is expected to be the chairman of the compensation committee and a member of the audit committee and nominating and corporate governance committee. Christopher T. Olivia, M.D., is a seasoned physician and healthcare executive with extensive leadership experience across diverse sectors, including hospital systems, health insurance, post-acute care, physician practices, and technology-driven healthcare services. From 2021 to 2023, he served as Chief Executive Officer of Rothman Orthopaedics, the largest surgical practice in the United States. Prior to that, from 2008 to 2012, he led the $17 billion merger of Highmark Blue Cross/Blue Shield and West Penn Allegheny Health System, resulting in the formation of one of the largest integrated payer-provider systems in the U.S. From 2019 to 2020, Dr. Olivia served as President and CEO at the Visiting Nurse Service of New York (VNSNY). He was also President at Continuum Health Alliance from 2013-2016, and held a leadership role at Cooper University Health System including serving as President and CEO from 2000-2008. Dr. Olivia has served as a founder, advisor, or board member to over 16 early-stage healthcare companies, many of which were venture or private equity-backed. He currently serves as a director at KVLR Capital (2024–present), Homestead Smart Health Plan (2017–present), the Goodwill of Philadelphia and Southern New Jersey (2020–present), and the Cooper Medical School of Rowan University (2021–present). His recent past directorships include Foundation Radiology (2009–2022) and Twiage Med (2016–2023), both private equity–backed companies that experienced successful exits. Dr. Olivia earned a bachelor's degree from Pennsylvania State University in 1984, a medical degree from Hahnemann University (now part of Drexel University) in 1988, completed post-graduate medical training at Columbia University and the University at Buffalo in 1992, and earned a master's degree in business administration from the Wharton School of the University of Pennsylvania in 1994.

#### Family Relationships
There are no family relationships among any of our directors, director nominees or executive officers as defined in Item 401 of Regulation S-K.

#### Employment Agreements and Director Offer Letters
We plan to enter into employment agreements with each of our executive officers pursuant to which such individuals agreed to serve as our executive officers. Pursuant to these agreements, we expect to be entitled to terminate an executive officer's employment for cause at any time. Each executive officer will agree not to, directly or indirectly, provide the same or substantially the same services that he/she provides to the Company to any other business in certain area.

We also plan to enter into director offer letters with each of our independent director nominees which agreements set forth the terms and provisions of their engagement.

#### Election of Officers
Our executive officers are appointed by, and serve at the discretion of, our board of directors.

#### Board of Directors
We expect our board of directors to consist of five directors, three of whom are expected to be independent as such term is defined by the Nasdaq Capital Market. We expect that all current directors will continue to serve after this offering.

The directors will be up for re-election at our annual general meeting of shareholders.

A director may vote in respect of any contract or transaction in which he is interested, provided, however that the nature of the interest of any director in any such contract or transaction shall be disclosed by him at or prior to its consideration and any vote on that matter. A general notice or disclosure to the directors or otherwise contained in the minutes of a meeting or a written resolution of the directors or any committee thereof of the nature of a director's

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interest shall be sufficient disclosure and after such general notice it shall not be necessary to give special notice relating to any particular transaction. A director may be counted for a quorum upon a motion in respect of any contract or arrangement which he shall make with our company, or in which he is so interested and may vote on such motion.

#### Code of Business Conduct and Ethics
Prior to the effectiveness of the registration statement of which this prospectus is a part, we intend to adopt a written code of business conduct and ethics that applies to our directors, officers and employees, including our chief executive officer, chief financial officer, principal accounting officer or controller or persons performing similar functions. We intend to disclose any amendments to the code of ethics, and any waivers of the code of ethics or the code of conduct for our directors, executive officers and senior finance executives, on our website to the extent required by applicable U.S. federal securities laws and the corporate governance rules of the Nasdaq.

#### Insider Trading Policies
Effective October 23, 2000, the SEC adopted rules related to insider trading. Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, provides an exemption to the insider trading rules in the form of an affirmative defense through the creation of formal 10b5-1 plans under which executives and other insiders may arrange the sale of securities of publicly traded companies on a regular pre-arranged basis pursuant to written 10b5-1 plans. Such 10b5-1 plans are entered into at a time when the plan participants are not aware of material non-public information and that otherwise comply with the requirements of Rule 10b5-1.

Our board of directors has adopted an insider trading policy that allows insiders to sell securities of our Company pursuant to pre-arranged trading plans.

#### Board Committees
We plan to establish three committees under the board of directors: an audit committee, a compensation committee and a nominating and corporate governance committee. We plan to adopt a charter for each of the three committees. Copies of our committee charters will be posted on our corporate investor relations website immediately prior to our listing on the Nasdaq Capital Market.

Each committee's members and functions are described below.

*Audit Committee.* Our audit committee will consist of Dr. John M. Dolan, Mr. Christopher T. Olivia and Ms. Susan E. Skerritt, upon the effectiveness of their appointments. Ms. Susan E. Skerritt is expected to be the chair of our audit committee. The audit committee will oversee our accounting and financial reporting processes and the audits of the financial statements of our company. The audit committee will be responsible for, among other things:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discussing the annual audited financial statements with management and the independent auditors;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving all proposed related party transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• meeting separately and periodically with management and the independent auditors; and

&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.

*Compensation Committee.* Our compensation committee will consist of Dr. John M. Dolan, Mr. Christopher T. Olivia and Ms. Susan E. Skerritt, upon the effectiveness of their appointments. Mr. Christopher T. Olivia is expected to be the chair of our compensation committee. The compensation committee will be responsible for, among other things:

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&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 shareholders for determination with respect to the compensation of our directors;

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

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

*Nominating and Corporate Governance Committee.* Our nominating and corporate governance committee will consist of Dr. John M. Dolan, Mr. Christopher T. Olivia, and Ms. Susan E. Skerritt, upon the effectiveness of their appointments. Dr. John M. Dolan is expected to be the chair of our nominating and corporate governance committee. We have determined that Dr. Dolan, Mr. Christopher T. Olivia and Ms. Skerritt satisfy the "independence" requirements under NASDAQ Rule 5605. The nominating and corporate governance committee will assist the board of directors 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;• selecting and recommending to the board nominees for election by the shareholders or appointment by the board;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making recommendations on the frequency and structure of board meetings and monitoring the functioning of the committees of the board; and

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

#### Controlled Company
We expect to continue to be a controlled company within the meaning of the Nasdaq Stock Market Rules, and as a result, we qualify for and intend to continue to rely on exemptions from certain corporate governance requirements.

Public Companies that qualify as a "controlled company" with securities listed on the Nasdaq Stock Market (Nasdaq), must comply with the exchange's continued listing standards to maintain their listings. Nasdaq has adopted qualitative listing standards. Companies that do not comply with these corporate governance requirements may lose their listing status. Under the Nasdaq rules, a "controlled company" is a company with more than 50% of its voting power held by a single person, entity or group. Under Nasdaq rules, a controlled company is exempt from certain corporate governance requirements, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement that a majority of the board of directors consist of independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement that a listed company have a nominating and governance committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement that a listed company have a compensation committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement for an annual performance evaluation of the nominating and governance committee and compensation committee.

Controlled companies must still comply with the exchange's other corporate governance standards. These include having an audit committee and the special meetings of independent or non-management directors.

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Upon completion of this offering, our issued and outstanding shares will consist of [•] Class A Ordinary Shares and [1] Class B Ordinary Share. Currently, our chief executive officer, chairman of the Board and controlling shareholder, Mr. Ling Ting Ming, indirectly owns more than 50% of the voting power of our outstanding Class A Ordinary Shares and Class B Ordinary Shares. Immediately after completion of this offering, he will own approximately [•]% of our total issued and outstanding Class A Ordinary Shares and [•]% of our total issued and outstanding Class B Ordinary Shares, representing approximately [•]% of the total voting power of our shares, assuming that the underwriters do not exercise their over-allotment option, which is more than 50% of the total voting power of our shares. As a result, we are, and will continue to be a "controlled company" as defined under Nasdaq Listing Rule 5615(c), because our Controlling Shareholder will hold more than 50% of the voting power for the election of directors. As a "controlled company," we are permitted to elect not to comply with certain corporate governance requirements. We do not plan to rely on these exemptions, but we may elect to do so after we complete this offering.

#### Duties of Directors
Under Cayman Islands law, our board of directors has the powers necessary for managing, and for directing and supervising, our business affairs. The functions and powers of our board of directors include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• convening shareholders' annual and extraordinary general meetings and reporting its work to shareholders at such meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• declaring dividends and distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appointing officers and determining the term of office of the officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exercising the borrowing powers of our company and mortgaging the property of our company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approving the transfer of shares in our company, including the registration of such shares in our share register.

Under Cayman Islands law, directors owe the following fiduciary duties: (i) duty to act in good faith in what the director believes to be in the best interests of the company as a whole; (ii) duty to exercise powers for the purposes for which those powers were conferred and not for a collateral purpose; (iii) duty not to improperly fetter the exercise of future discretion; (iv) duty not to put themselves in a position in which there is a conflict between their duty to the company and their personal interests; and (v) duty to exercise independent judgment. In addition to the above, directors also owe a duty to act with skill, care and diligence. This duty has been defined as a requirement to act as a reasonably diligent person having both the general knowledge, skill and experience that may reasonably be expected of a person carrying out the same functions as are carried out by that director in relation to the company and the general knowledge skill and experience which that director has. As set out above, directors have a duty not to put themselves in a position of conflict and this includes a duty not to engage in self-dealing, or to otherwise benefit as a result of their position. However, in some instances what would otherwise be a breach of this duty can be forgiven and/or authorized in advance by the shareholders provided that there is full disclosure by the directors. This can be done by way of permission granted in our memorandum and articles of association or alternatively by shareholder approval at general meetings. You should refer to "Description of Share Capital — Differences in Corporate Law" for additional information on our standard of corporate governance under Cayman Islands law.

#### Interested Transactions
Subject to any applicable stock exchange rules or disqualification by the chairperson of the relevant board meeting, a director may vote in respect of any contract or transaction or proposed contract or transaction notwithstanding that such director may be interested therein and if that director does so, that director's vote will be counted and the director 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. 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 must 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 is a sufficient declaration of interest in regard to any contract or transaction entered into by the Company.

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#### 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. We may choose to take advantage of the following exemptions afforded to foreign private issuers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from filing quarterly reports on Form 10-Q, from filing proxy solicitation materials on Schedule 14A or 14C in connection with annual or special meetings of shareholders, from providing current reports on Form 8-K disclosing significant events within four days of their occurrence, and from the disclosure requirements of Regulation FD.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from Section 16 rules regarding sales of Class A Ordinary Shares by insiders, which will provide less data in this regard than shareholders of U.S. companies that are subject to the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from the Nasdaq rules applicable to domestic issuers requiring disclosure within four business days of any determination to grant a waiver of the code of business conduct and ethics to directors and officers. Although we will require board approval of any such waiver, we may choose not to disclose the waiver in the manner set forth in the Nasdaq rules, as permitted by the foreign private issuer exemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from the requirement that our board of directors have a compensation committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from the requirements that director nominees are selected, or recommended for selection by our board of directors, either by (1) independent directors constituting a majority of our board of directors' independent directors in a vote in which only independent directors participate, or (2) a committee comprised solely of independent directors, and that a formal written charter or board resolution, as applicable, addressing the nominations process is adopted.

Furthermore, 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 intend to have an audit committee that satisfies Rule 5605(c)(3), consisting of committee members that meet the independence requirements of Rule 5605(c)(2)(A)(ii). If we rely on our home country corporate governance practices in lieu of certain of the rules of Nasdaq, our shareholders may not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq. If we choose to do so, we may utilize these exemptions for as long as we continue to qualify as a foreign private issuer.

Although we are permitted to follow certain corporate governance rules that conform to Cayman Islands requirements in lieu of many of the Nasdaq corporate governance rules, we intend to comply with the Nasdaq corporate governance rules applicable to foreign private issuers.

#### Other Corporate Governance Matters
The Sarbanes-Oxley Act of 2002, as well as related rules subsequently implemented by the SEC, requires foreign private issuers, including us, to comply with various corporate governance practices. In addition, Nasdaq rules provide that foreign private issuers may follow home country practices in lieu of the Nasdaq corporate governance standards, subject to certain exceptions and except to the extent that such exemptions would be contrary to U.S. federal securities laws.

Because we are a foreign private issuer, our members of our board of directors, executive board members and senior management are not subject to short-swing profit and insider trading reporting obligations under section 16 of the Exchange Act. They will, however, be subject to the obligations to report changes in share ownership under section 13 of the Exchange Act and related SEC rules.

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#### Remuneration and Borrowing
The directors may receive such remuneration as our board of directors may determine from time to time. Each director is entitled to be repaid or prepaid all traveling, hotel and other expenses properly incurred in going to, attending and returning from meetings of our board of directors or committees of our board of directors or general meetings of the shareholders 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 of the foregoing). The compensation committee will assist the directors in reviewing and approving the compensation structure for the directors. Our board of directors may exercise all the powers of the company to borrow money and to mortgage or charge our 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.

#### Qualification
There are no share ownership qualifications for directors. There are no other arrangements or understandings pursuant to which our directors are selected or nominated.

#### Director Compensation
All directors hold office until the next annual meeting of shareholders at which their respective class of directors is re-elected and until their successors have been duly elected and qualified. Officers are elected by and serve at the discretion of the board of directors. Employee directors do not receive separate compensation for their services as directors. Non-employee directors are entitled to receive an as-yet undetermined cash fee for serving as directors and may receive option grants from our company. In addition, directors are entitled to receive compensation for their actual travel expenses for each board of directors meeting attended.

#### Involvement in Certain Legal Proceedings
To the best of our knowledge, none of our directors or officers has been convicted in a criminal proceeding, excluding traffic violations or similar misdemeanors, nor has any been a party to any judicial or administrative proceeding during the past five years that resulted in a judgment, decree or final order enjoining the person from future violations of, or prohibiting activities subject to, federal or state securities laws, or a finding of any violation of federal or state securities laws, except for matters that were dismissed without sanction or settlement. Except as set forth in our discussion below in "Related Party Transactions," our directors and officers have not been involved in any transactions with us or any of our affiliates or associates which are required to be disclosed pursuant to the rules and regulations of the SEC.

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#### DIRECTOR AND EXECUTIVE COMPENSATION
We currently do not have a compensation committee approving our salary and benefit policies. We will have a compensation committee upon the Company's listing on Nasdaq. Our board of directors determined the compensation to be paid to our executive officers based on our financial and operating performance and prospects, and contributions made by the officers to our success. Each of the named officers is expected to be measured by a series of performance criteria by the board of directors, or the compensation committee on a yearly basis. Such criteria are expected to be set forth based on certain objective parameters such as job characteristics, required professionalism, management skills, interpersonal skills, related experience, personal performance and overall corporate performance.

Our board of directors has not adopted or established a formal policy or procedure for determining the amount of compensation paid to our executive officers. The board of directors will make an independent evaluation of appropriate compensation to key employees, with input from management. The board of directors has oversight of executive compensation plans, policies and programs.

#### Compensation of Executive Directors and Executive Officers
**For the fiscal year ended April 30, 2025, we paid an aggregate of SGD 486,595.39 (approximately USD 364,627.49), which is the total amount of base salary plus bonus, in cash to our executive officers and executive directors. For the six months ended October 31, 2024, we paid an aggregate of SGD213,319.3 (approximately USD 160,813.37) which is the total amount of base salary plus bonus, in cash to our executive officers and executive directors. For the fiscal year ended April 30, 2024, we paid an aggregate of SGD 441,642.84 (approximately USD 324,451.10), which is the total amount of base salary plus bonus, in cash to our executive officers and executive directors. For the fiscal year ended April 30, 2023, we paid an aggregate of SGD 416,575.35 (approximately USD 312,275.37), which is the total amount of base salary, in cash to our executive officers and executive directors. We have not set aside or accrued any amount to provide pension, retirement or other similar benefits for our executive officers and executive directors.**

#### Indemnification of our Directors and Executive Officers
We have entered into director offer letters and employment agreements with each of our directors and executive officers respectively. Under these agreements, we agree 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.

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.

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#### PRINCIPAL SHAREHOLDERS
The following table sets forth information with respect to beneficial ownership of our Class A Ordinary Shares and Class B Ordinary Shares as of the date of this prospectus by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each person who is known by us to beneficially own more than 5% of our outstanding Class A Ordinary Shares and Class B Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each of our director, director nominees and named executive officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All directors and named executive officers as a group.

The number and percentage of Class A Ordinary Shares and Class B Ordinary Shares beneficially owned before the offering are based on 99,312,858 Class A Ordinary Shares with a par value of $0.0001 per share, and 1 Class B Ordinary Share with a par value of $0.0001 per share being issued and outstanding as of the date of this prospectus. Holders of Class A Ordinary Shares are entitled to one (1) vote per share. The holder of the sole Class B Ordinary Share is entitled to that number of votes equal to sixty (60) percent of the total number of Class A Ordinary Shares and Class B Ordinary Shares outstanding as at the record date for determining those shareholders that are entitled to vote at the relevant general meetings of the Company. Information with respect to beneficial ownership has been furnished by each director, officer or beneficial owner of more than 5% of either Class A Ordinary Shares or Class B Ordinary Shares. Beneficial ownership is determined in accordance with the rules of the SEC and generally requires that such person have voting or investment power with respect to securities. In computing the number of Class A Ordinary Shares and Class B Ordinary Shares beneficially owned by a person listed below and the percentage ownership of such person, Class A Ordinary Shares and Class B Ordinary Shares underlying options, warrants or convertible securities held by each such person that are exercisable or convertible within 60 days of the date of this prospectus are deemed outstanding, but are not deemed outstanding for computing the percentage ownership of any other person. Except as

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otherwise indicated in the footnotes to the following table, or as required by applicable community property laws, all persons listed have sole voting and investment power for all Class A Ordinary Shares and Class B Ordinary Shares shown as beneficially owned by them. Unless otherwise indicated in the footnotes, the address for each principal shareholder is in the care of our Company at 10 Tampines North Drive 4, #01-03, Singapore 528553. As of the date hereof, we have 34 shareholders of record.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Executive Officers and Directors** | **Amount of <br>Beneficial <br>Ownership <br>of Class A <br>Ordinary <br>Shares<sup>(1)</sup>** | **Pre- <br>Offering <br>Percentage <br>Ownership <br>of Class A <br>Ordinary <br>Shares<sup>(2)</sup>** | **Post- <br>Offering <br>Percentage <br>Ownership <br>of Class A <br>Ordinary <br>Shares<sup>(2)(3)</sup>** | **Amount of <br>Beneficial <br>Ownership <br>of Class B <br>Ordinary <br>Shares Pre- <br>and Post- <br>Offering** | **Percentage <br>Ownership <br>of Class B <br>Ordinary <br>Shares** | **Pre-<br>Offering <br>Combined <br>Voting <br>Power of <br>Class A <br>and <br>Class B <br>Ordinary <br>Shares<sup>(2)</sup>** | **Post- <br>Offering <br>Combined <br>Voting <br>Power of <br>Class A <br>and <br>Class B <br>Ordinary <br>Shares<sup>(2)(3)</sup>** |
|  **Directors and Named Executive Officers:** |  |  |  |  |  |  |  |
|  Ling Ting Ming | 27915705 | 28.2% | —% | 1 | 100% | 55.1% | —% |
|  Sean Goh Su Teng<sup>(4)</sup> | 272536 | \*% | —% |  | —% | \*% | —% |
|  *All executive officers and directors as a group (2 persons)* |  |  |  |  | 100% | 55.3% | —% |
|  **5% or Greater Stockholders** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Serial System International Pte Ltd<sup>(5)</sup> | 15508696 | 15.7% | —% |  | —% | 9.8% | —% |
| &nbsp;&nbsp;&nbsp; Koh Choon Hui | 9655030 | 9.8% | —% |  | —% | 6.1% | —% |
| &nbsp;&nbsp;&nbsp; Goh Way Siong | 7800385 | 7.9% | —% |  | —% | 4.9% | —% |
| &nbsp;&nbsp;&nbsp; Waichun Logistics Technology Ltd<sup>(6)</sup> | 5725688 | 5.8% | —% |  | —% | 3.6% | —% |

---

____________

\* < 1%

(1) Beneficial ownership is determined in accordance with the rules of the SEC and includes voting or investment power with respect to the Class A Ordinary Shares and Class B Ordinary Shares. All shares represent only Class A Ordinary Shares and Class B Ordinary Shares held by shareholders as no options are issued or outstanding.

(2) Calculation based on [ ] Class A Ordinary Shares and [1] Class B Ordinary Shares issued and outstanding as of the date of this prospectus. Holders of Class A Ordinary Share are entitled to one (1) vote per share. The holder of the sole Class B Ordinary Share are entitled to that number of votes equal to sixty (60) percent of the total number of Class A Ordinary Shares and Class B Ordinary Shares outstanding as at the relevant record date.

(3) Assuming [ ] Class A Ordinary Shares are issued in the offering, not including [ ] Class A Ordinary Shares underlying the underwriter's over-allotment option.

(4) Director nominee.

(5) Serial System International Pte Ltd is controlled by Derek Goh, whose address is 20D Queen Astrid Park, Singapore 252200.

(6) Waichun Logistics Technology Ltd is controlled by Hui Xian, whose address is Room 903-04, 9/F, Wing On Plaza, No. 62 Mody Road, Tsim Sha Tsui, Hong Kong.

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#### RELATED-PARTY TRANSACTIONS
We plan to adopt an audit committee charter, which requires the committee to review all related-party transactions on an ongoing basis and all such transactions be approved by the committee.

In addition to the executive officer and director compensation arrangements discussed in "Executive Compensation", below we describe transactions since May 1, 2021, to which we have been a participant, in which the amount involved in the transaction is material to our company and in which any of the following is a party: (a) enterprises that directly or indirectly through one or more intermediaries, control or are controlled by, or are under common control with, our Company; (b) associates; (c) individuals owning, directly or indirectly, an interest in the voting power of our Company that gives them significant influence over our Company, and close members of any such individual's family; (d) key management personnel, that is, those persons having authority and responsibility for planning, directing and controlling the activities of our Company, including directors and senior management of companies and close members of such individuals' families; and (e) enterprises in which a substantial interest in the voting power is owned, directly or indirectly, by any person described in (c) or (d) or over which such a person is able to exercise significant influence.

#### Material Transactions with Related Parties
1. Nature of relationships with related parties

---

| | |
|:---|:---|
|  **Name of Related Party** | **Relationship with the Company** |
|  Ling Ting Ming | Founder, Shareholder, Chairman, Director and Chief Executive Officer of the Company |
|  Swisslog Healthcare AG, Swisslog Healthcare AG Branch Italy, Swisslog Healthcare AG Branch Netherlands, Swisslog Healthcare AG Branch Germany, Swisslog Healthcare GmbH, Swisslog UK, SAS Swisslog France and Swisslog Healthcare Asia Pacific Pte Ltd | Swisslog Healthcare AG holds 0.6% shareholding of Otsaw Limited. Therefore, Swisslog Healthcare AG Branch Italy, Swisslog Healthcare AG Branch Netherlands, Swisslog Healthcare AG Branch Germany, Swisslog Healthcare GmbH, Swisslog UK, SAS Swisslog France and Swisslog Healthcare Asia Pacific Pte Ltd are related parties of Otsaw Group. |
|  Activ Technology (S.H) Limited, Activ Technology (H.K.) Limited, Activ Technology Pte Ltd, SG Networks Pte Ltd and Ararrat Capital Pte Ltd. | Director and CEO of Otsaw Limited is the director and shareholder of Activ Technology (S.H) Limited, Activ Technology (H.K.) Limited, Activ Technology Pte Ltd, SG Networks Pte Ltd and Ararrat Capital Pte Ltd. |
|  Meyzer Management Advisory Pte Ltd and Meyzer Business Advisory Pte Ltd | Meyzer Management Advisory Pte Ltd and Meyzer Business Advisory Pte Ltd are owned by one of the directors who resigned on 31 August 2024. As a result, these companies ceased to be related parties from that date. |
|  Serial System International Pte Ltd, Asian Prosperity Singapore Pte Ltd and Serial Microelectronics Pte Ltd | Serial System International Pte Ltd holds 15.7% shareholding of Otsaw Limited. Serial System International Pte Ltd, Asian Prosperity Singapore Pte Ltd and Serial Microelectronics Pte Ltd are the group of companies held by Serial Ltd. Therefore, Asian Prosperity Singapore Pte Ltd and Serial Microelectronics Pte Ltd are the related parties of Otsaw Group. |

---

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2) Related party transactions and balances

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year** | **Sales to <br>related <br>parties<sup>(1)</sup>** | **Purchases <br>from related <br>parties<sup>(2)</sup>** | **Amount due <br>from related <br>parties\*** | **Amount due <br>to related <br>parties\*** |
|  **Shareholder** | **2024** | **—** | **—** | **—** | **—** |
|  | 2023 | **—** | **—** | **—** | **—** |
|  | 2022 | **—** | 684221 | **—** | 285103 |
|  **Swisslog** | **2024** | **25882** | **89361** | **279551** | **266755** |
|  | 2023 | 102110 | 1094195 | 211920 | 305182 |
|  | 2022 | 247080 | 133312 | 110602 | 91965 |
|  **Others** | **2024** | **782** | **62772** | **1124** | **88683** |
|  | 2023 | 1910 | 59596 | 2012 | 114795 |
|  | 2022 |  | 3615 |  | 42057 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year** | **Purchase <br>of Fixed <br>assets<sup>(3)</sup>** | **Interest** | **Amount due <br>to related <br>parties<sup>(4)</sup>\*\*** | **Others** |
|  **Shareholder** | **2024** | **—** | **1188624** | **6471060** | **400000** |
|  | 2023 |  | 340886 | 11053749 | 400000 |
|  | 2022 |  | 5309 | 1735172 |  |
|  **Others** | **2024** | **—** | **129937** | **217756** | **—** |
|  | 2023 |  |  | 187407 | **—** |
|  | 2022 | 35156 |  |  | **—** |
|  **Swisslog** | **2024** | **—** | **47547** | **—** | **1181900** |
|  | 2023 |  | 46596 |  | 1308032 |
|  | 2022 |  | 19733 |  | 1132263 |

---

____________

\* The amounts are classified as trade receivables and trade payables, respectively.

\*\* The amounts are total outstanding interest and principal. (Note 20 of audited financial statements)

\*\*\* All related party transactions described above are denominated in USD.

(1) Between financial year 2022 and 2024, Otsaw Group sold goods and services to Swisslog Healthcare AG Branch Italy, Swisslog Healthcare AG Branch Netherlands, Swisslog UK, SAS Swisslog France and Activ Technology Group.

(2) Between financial year 2022 and 2024, Otsaw Group purchased goods and services from Activ Technology Pte Ltd, Serial Microelectronics Pte Ltd, Swisslog Healthcare GmbH, Swisslog Healthcare AG Branch Germany, Swisslog Healthcare AG Branch Netherlands, Meyzer Management Advisory Pte Ltd and SG Networks Pte Ltd.

(3) During financial year 2022, purchase of fixed asset from Activ Technology Pte Ltd.

(4) During the year 2022, the Company obtained funds from Ararrat Capital Pte. Ltd., the Immediate and Ultimate Holding Company. The loan is unsecured, bears interest at 6% per annum and repayable on demand.

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#### SHARES ELIGIBLE FOR FUTURE SALE
Prior to this offering, there has been no market for our Class A Ordinary Shares. Future sales of substantial amounts of our Class A Ordinary Shares in the public market could adversely affect market prices prevailing from time to time. Furthermore, because only a limited number of Class A Ordinary Shares will be available for sale shortly after this offering due to existing contractual and legal restrictions on resale as described below, there may be sales of substantial amounts of our Class A Ordinary Shares in the public market after such restrictions lapse. This may adversely affect the prevailing market price of our Class A Ordinary Shares and our ability to raise equity capital in the future.

Upon completion of this offering, we will have an aggregate of [•] Class A Ordinary Shares outstanding, including [•] Class A Ordinary Shares that we are selling in this offering, and [1] Class B Ordinary Share outstanding, assuming no exercise of the underwriters' over-allotment option. Our Class A Ordinary Shares will be available for sale in the public market after the expiration or waiver of the lock-up agreements described below, subject to limitations imposed by U.S. securities laws on resale by our "affiliates" as that term is defined in Rule 144 under the Securities Act, or Rule 144.

We expect that all of our Class A Ordinary Shares being sold in this offering by the Company will be freely tradable without restriction or further registration under the Securities Act, unless purchased by "affiliates" as that term is defined under Rule 144. 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. Class A 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.

#### Eligibility of Restricted Shares for Sale in the Public Market
The remaining Class A Ordinary Shares that are not being sold in this offering, but which will be outstanding at the time this offering is complete, will be "restricted securities" as that phrase is defined in Rule 144. These Class A Ordinary Shares will be eligible for sale into the public market, under the provisions of Rule 144 commencing after the expiration of the restrictions under the lock-up agreements, subject in certain cases to volume restrictions discussed below under "*Shares Eligible for Future Sale — Rule 144*."

#### Lock-Up Agreements
All of our directors, executive officers, employees and other holders of 5% or more of our Class A Ordinary Shares and Class B Ordinary Shares, have agreed, subject to limited exceptions, not to offer, pledge, announce the intention to sell, 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 or otherwise dispose of, directly or indirectly, or enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of our Class A Ordinary Shares or such other securities for a period of one hundred eighty (180) days after the closing of the offering, without the prior written consent of the Representative. See "Underwriting."

#### Rule 144
All of our Class A Ordinary Shares and Class B Ordinary Shares that will be outstanding upon the completion of this offering, other than those Class A Ordinary Shares sold in this offering, are "restricted securities" as that term is defined in Rule 144 under the Securities Act and may be sold publicly in the United States only if they are subject to an effective registration statement under the Securities Act or pursuant to an exemption from the registration requirement such as those provided by Rule 144 and Rule 701 promulgated under the Securities Act.

In general, beginning 90 days after the date of this prospectus, a person (or persons whose shares are aggregated) who at the time of a sale is not, and has not been during the three months preceding the sale, an affiliate of ours and has beneficially owned our restricted securities for at least six months will be entitled to sell the restricted securities without registration under the Securities Act, subject only to the availability of current public information about us,

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and will be entitled to sell restricted securities beneficially owned for at least one year without restriction. Persons who are our affiliates and have beneficially owned our restricted securities for at least six months may sell a number of restricted securities within any three-month period that does not exceed the greater of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1% of the then outstanding ordinary shares of the same class, which immediately after this offering will equal [•] Class A Ordinary Shares, assuming the underwriters do not exercise their over-allotment option, and [•] Class B Ordinary Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the average weekly trading volume of our Class A Ordinary Shares of the same class, during the four calendar weeks preceding the date on which notice of the sale is filed with the SEC.

Sales by our affiliates under Rule 144 are also subject to certain requirements relating to manner of sale, notice and the availability of current public information about us.

#### Rule 701
In general, under Rule 701 of the Securities Act as currently in effect, each of our employees, consultants or advisors who purchases our Class A Ordinary Shares and Class B Ordinary Shares from us in connection with a compensatory stock plan or other written agreement executed prior to the completion of this offering is eligible to resell those Class A Ordinary Shares and Class B Ordinary Shares in reliance on Rule 144, but without compliance with some of the restrictions, including the holding period, contained in Rule 144. However, the Rule 701 shares would remain subject to lock-up arrangements and would only become eligible for sale when the lock-up period expires.

#### Regulation S
Regulation S provides generally that sales made in offshore transactions are not subject to the registration or prospectus-delivery requirements of the Securities Act.

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#### DESCRIPTION OF SHARE CAPITAL
Otsaw Limited was incorporated on June 10, 2022 under the Companies Act (As Revised) of the Cayman Islands and our affairs are governed by our amended and restated memorandum and articles of association and the Companies Act (As Revised) of the Cayman Islands which we refer to as the "Cayman Islands Companies Act" and the "Companies Act" below, and the common law of the Cayman Islands. Pursuant to our amended and restated memorandum and amended and restated articles of association, the authorized share capital of our company is US$50,000, divided into 499,999,999 Class A Ordinary Shares of a par value of US$0.0001 each, and 1 Class B Ordinary Share of a par value of US$0.0001 each. As of the date of this prospectus, 99,312,858 Class A Ordinary Shares and 1 Class B Ordinary Share are issued and outstanding.

The following are summaries of the material provisions of our amended and restated memorandum and articles of association and the Cayman Islands Companies Act, insofar as they relate to the material terms of our Class A Ordinary Shares and Class B Ordinary Shares. Copies of our amended and restated memorandum and articles of association are filed as exhibits to the registration statement of which this prospectus is a part. As a convenience to potential investors, we provide the below description of Cayman Islands law and our memorandum and articles of association together with a comparison to similar features under Delaware law.

#### Ordinary Shares

#### Class A Ordinary Shares
Each Class A Ordinary Share confers upon the shareholder the right to one vote per share at a meeting of our shareholders or on any resolution of shareholders. Holders of our Class A Ordinary Shares will vote together with holders of our Class B Ordinary Share as a single class on all resolutions submitted to a vote by the shareholders.

Each Class A Ordinary Share confers upon the shareholder the right to any dividend as provided for in our articles of association.

On a winding up of the Company, each Class A Ordinary Share confers upon the shareholder the right to repayment of capital and the right to participate in the profits or surplus assets of the Company in accordance with our articles of association.

All of our issued Class A Ordinary Shares are fully paid and non-assessable. Certificates representing the Class A Ordinary Shares will not be issued unless our directors determine otherwise. Our shareholders who are non-residents of the Cayman Islands may freely hold and vote their Class A Ordinary Shares.

At the completion of this offering, there will be [•] Class A Ordinary Shares issued and outstanding, assuming the underwriters do not exercise the over-allotment option and excluding the shares of Class A Ordinary Shares issuable upon the exercise of the representatives' warrants.

#### Class B Ordinary Shares
The Class B Ordinary Share confers upon the holder thereof that number of votes equal to sixty (60) percent of the total number of Class A Ordinary Shares and Class B Ordinary Shares outstanding as at the record date for determining those shareholders that are entitled to vote at the relevant general meeting of the Company. The holder of our Class B Ordinary Share will vote together with holders of our Class A Ordinary Shares as a single class on all resolutions submitted to a vote by the shareholders.

Class B Ordinary Shares do not confer upon the holders thereof any rights to receive dividends.

On a winding up of the Company, each Class B Ordinary Share confers upon the holder thereof the right to repayment of capital in accordance with our articles of association but confers no other right to participate in the profits or surplus assets of the Company.

Class B Ordinary Shares do not have any economic interest in the Company (save for the right to repayment of capital on a winding up).

Only one Class B Ordinary Share may be issued and outstanding at any time.

At the completion of this offering, there will be [1] Class B Ordinary Share issued and outstanding.

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#### Listing
We have applied to list our Class A Ordinary Shares on the Nasdaq under the symbol "OTSA." We cannot guarantee that we will be successful in listing on the Nasdaq; however, we will not complete this offering unless we receive a conditional approval letter.

#### Transfer Agent and Registrar
The transfer agent and registrar for the Class A Ordinary Shares is Vstock Transfer, LLC. Its address is 18 Lafayette Place, Woodmere, NY 11598, and its telephone number is (212) 828-8436.

#### Dividends
The holders of our Class A Ordinary Shares are entitled to such dividends or other distribution as may be declared by our board of directors, subject to the Companies Act. Our amended and restated articles of association provide that the directors may from time to time declare dividends (including interim dividends) and other distributions on our Class A Ordinary Shares in issue and authorize payment of the same out of our funds lawfully available. No dividend shall be paid otherwise than out of profits. The holder of the sole Class B Ordinary Share is not entitled to participate in any dividends, if declared.

#### Voting Rights
Holders of Class A Ordinary Shares and Class B Ordinary Shares shall, at all times, vote together as one class on all matters submitted to a vote by the shareholders at any general meeting. 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 (1) vote for each Class A Ordinary Share and that number of votes equal to sixty (60) percent of the total number of Class A Ordinary Shares and Class B Ordinary Shares outstanding as at the record date for determining those shareholders that are entitled to vote at the general meetings of the Company, for each Class B Ordinary Share held by them. At any general meeting, a resolution put to the vote of the meeting shall be decided by a poll and not on a show of hands.

An ordinary resolution to be passed by the shareholders requires the affirmative vote of a simple majority of the votes cast by such shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy or, in the case of corporations, by their duly authorized representatives, at a general meeting of the Company held in accordance with our articles of association. A special resolution requires the affirmative vote of not less than two-thirds of the votes cast by such shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy or, in the case of corporations, by their duly authorized representatives, at a general meeting of the Company of which notice specifying the intention to propose the resolution as a special resolution has been duly given. Both ordinary resolutions and special resolutions may also be passed by a unanimous written resolution signed by all our shareholders in one or more instruments each signed by one or more of such shareholders, as permitted by the Companies Act and our memorandum and articles of association. A special resolution will be required for important matters such as a change of name or making changes to our memorandum and articles of association.

#### Cumulative Voting
Delaware law permits cumulative voting for the election of directors only if expressly authorized in the certificate of incorporation. There are no prohibitions in relation to cumulative voting under the laws of the Cayman Islands but our amended and restated memorandum and articles of association does not provide for cumulative voting.

#### Meetings of Shareholders
The chairperson (being the chairperson of our board of directors) or the directors (acting by a resolution of the board) may call general meetings of shareholders whenever they think necessary or desirable and they must on a shareholders' requisition convene an extraordinary general meeting of the Company. 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-third (1/3) of all votes attaching to all the issued and outstanding shares that at the date of the deposit carry the right to vote at general meetings of the Company. We must provide at least seven calendar days' notice (exclusive of the day on which it is given or deemed to be given and of the day for which it is given), stating the place, the day and the hour of the general meeting and the general nature of the business and such notice must be given in accordance with

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the notices provisions of our articles of association (or in such other manner as may be prescribed by the Company), provided that a general meeting of the Company will, whether or not the required notice has been given and whether or not the provisions of our articles of association regarding general meetings have been complied with, be deemed to have been duly convened if it is agreed either (i) in the case of an annual general meeting, by all the shareholders (or their proxies) entitled to attend and vote thereat; or (ii) in the case of an extraordinary general meeting, by holders of two-thirds (2/3) of the shares having a right to attend and vote at the meeting.

No business may be transacted at any general meeting unless a quorum is present at the time the meeting proceeds to business. The quorum requirement is the presence in person or by proxy of, (a) if the Company has only one shareholder, that shareholder, or (b) if the Company has more than one shareholder, two shareholders holding shares that represent not less than three-fifths of the voting rights of the outstanding issued shares carrying the right to vote at such general meeting. If, within half an hour from the time appointed for the meeting, a quorum is not present, the meeting, if convened upon the requisition of shareholders, shall be dissolved. In any other case, it shall stand adjourned to the same day in the next week, at the same time and place, or to such other day and at such other time and place as the directors may determine, and if, at the adjourned meeting, a quorum is not present within fifteen (15) minutes from the time appointed for the meeting, the shareholders present shall be a quorum.

The chairperson of the board of directors, if any, will preside as the chairperson at every general meeting. If there is no chairperson of the board, or if at any general meeting such chairperson is not present within fifteen minutes after the time appointed for holding the meeting or if such chairperson is unwilling to act as chairperson of the meeting, any director or person nominated by the directors will preside as chairperson of that meeting, failing which the shareholders present shall choose any person present to be chairperson of that meeting.

A corporation that is a shareholder shall be deemed for the purpose of our amended and restated memorandum and articles of association to be present at a general meeting in person if represented by its duly authorized representative. This duly authorized representative shall be entitled to exercise the same powers on behalf of the corporation which he represents as that corporation could exercise if it were our individual shareholder.

#### Meetings of Directors
The business of our Company is managed by the directors. Our directors are free to meet together (either within or outside of the Cayman Islands) for the despatch of business, adjourn, and otherwise regulate their meetings and proceedings as they think fit. The quorum necessary for the transaction of the business of the directors may be fixed by the directors, and unless so fixed, shall be two directors, provided that if at any time there is only a sole director then the quorum shall be one. An action that may be taken by the directors at a meeting may also be taken by a resolution in writing signed by all of the directors.

#### No Pre-emptive Rights
There are no pre-emptive rights applicable to the issue by us of Class A Ordinary Shares under our amended and restated memorandum and articles of association or the Companies Act.

#### Transfer of Class A Ordinary Shares
Subject to any applicable stock exchange rules, each Class A Ordinary Share and Class B Ordinary Share is transferrable provided that the directors of the Company may in their absolute discretion decline to register any transfer of a share: (i) which is not fully paid up or on which the Company has a lien; (ii) if such transfer would breach or cause a breach of any: (a) applicable stock exchange rules; or (b) applicable law or regulation; or (iii) where any of the following requirements are not met: (a) 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 directors may reasonably require to show the right of the transferor to make the transfer; (b) the instrument of transfer is in respect of only one class of shares; (c) the instrument of transfer is properly stamped, if required; (d) 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; or (e) a fee of such maximum sum as the applicable stock exchange authority may determine to be payable, or such lesser sum as the directors may from time to time require, is paid to the Company in respect thereof.

Subject to the foregoing, a shareholder may transfer any share by an instrument of transfer in writing and in any usual or common form or in a form prescribed by any applicable stock exchange rules or in such other form as the directors may, in their absolute discretion, approve.

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#### Winding Up
If the Company is wound up the liquidator may, with the sanction of a special resolution of the Company and any other sanction required by the Cayman Islands Companies Act, divide amongst the shareholders in specie 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, subject to the articles of association, 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, thinks fit, but so that no shareholders will be compelled to accept any asset upon which there is a liability.

If the Company is wound up, and the assets available for distribution amongst the shareholders are insufficient to repay the whole of the share capital, such assets will be distributed so that, as nearly as may be, the losses will 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 are more than sufficient to repay the whole of the share capital at the commencement of the winding up, the surplus will 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 is without prejudice to the rights of the holders of shares issued upon special terms and conditions.

The foregoing is subject to any rights, restrictions or limitations attaching to any class of shares in the Company.

#### Calls on Class A Ordinary Shares and forfeiture of Class A Ordinary Shares
Our board of directors may from time to time make calls upon shareholders in respect of any moneys unpaid on their Class A Ordinary Shares and not by the conditions of allotment thereof made payable at fixed times, provided that no call will be payable at less than one month from the date fixed for the payment of the last preceding call, and each shareholder must (subject to receiving at least fourteen (14) 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 is deemed to have been made at the time when the resolution of the directors authorizing such call was passed and may be required to be paid by installments. A call may be revoked or postponed as the directors may determine.

#### Redemption, Repurchase and Surrender of Ordinary Shares
We may issue shares on terms that such shares are to be redeemed or are liable to be redeemed at the option of the shareholder or the Company. The redemption of shares will be effected in such manner and upon such terms as may be determined, before the issue of such shares, by either our board of directors or by our shareholders by ordinary resolution.

The Companies Act and our amended and restated memorandum and articles of association permits us to purchase our own shares, subject to certain restrictions and requirements. Subject to the Companies Act and our amended and restated memorandum and articles of association, we may purchase our own shares (including any redeemable shares) on such terms and in such manner as approved by the directors or by an ordinary resolution of our shareholders or otherwise in accordance with our articles of association. Under the Companies Act, the repurchase of any share may be paid out of our profits, or out of the share premium account, or out of the proceeds of a fresh issue of shares made for the purpose of such repurchase, or, if permitted under our articles of association, out of capital. If the repurchase proceeds are paid out of our capital, we must, immediately following such payment, be able to pay our debts as they fall due in the ordinary course of business. In addition, under the Companies Act, no such share may be repurchased (1) unless it is fully paid up, and (2) if such repurchase would result in there being no shares outstanding other than shares held as treasury shares. The repurchase of shares may be effected in such manner and upon such terms as may be authorized by or pursuant to our articles of association. In addition, under the Companies Act and the amended and restated memorandum and articles of association, our directors may accept the surrender of any fully paid share for no consideration unless, as a result of the surrender, the surrender would result in there being no shares in issue (or only shares held as treasury shares remaining in issue).

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#### Variations of Rights of Shares
Whenever and for so long as 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 varied with the consent in writing of the holders of at least three quarters of the issued shares of that class or with the sanction of a special resolution passed at a separate meeting of the shareholders of the shares of that class. To every such separate meeting all the provisions of our articles relating to general meetings of the Company or its the proceedings will, mutatis mutandis, apply, except that the necessary quorum shall be the presence in person or by proxy of two or more shareholders holding shares of the relevant class that represent not less than three-fifths of the voting rights of the outstanding issued shares of the relevant class carrying the right to vote at such meeting (and provided that, where there is only one holder of the shares of the relevant class, the presence in person or by proxy of the sole holder will constitute the quorum for the meeting of the holders of that class of shares), provided that if at any adjourned meeting of such holders a quorum as above defined is not present, those holders of shares of the relevant class who are present will form a quorum.

#### Changes in Capital
We may from time to time by an ordinary resolution of our shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increase our share capital by new shares of such amount as considered expedient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• consolidate and divide all or any of our share capital into shares of larger amount than our existing shares of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• subdivide our existing shares, or any of them, into shares of a smaller amount 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;• 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 our share capital by the amount of the shares so cancelled.

Our shareholders may by special resolution, subject to confirmation by the Grand Court of the Cayman Islands on an application by us for an order confirming such reduction, reduce our share capital and any capital redemption reserve in any manner authorized by the Companies Act.

#### Inspection of Books and Records
Holders of our Class A Ordinary Shares and Class B Ordinary Shares will have no general right under Cayman Islands law to inspect or obtain copies of our list of shareholders or our corporate records. However, we will provide our shareholders with annual audited financial statements. See "Where You Can Find Additional Information."

#### 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.

#### Issuance of additional Ordinary Shares
Our amended and restated memorandum and articles of association authorizes our board of directors to issue additional Class A Ordinary Shares from authorized but unissued shares, to the extent available, from time to time as our board of directors shall determine.

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#### Exempted Company
We are an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except that an exempted company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• does not have to file an annual return of its shareholders with the Registrar of Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is not required to open its register of members for inspection;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• does not have to hold an annual general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is prohibited from trading in the Cayman Islands with any person, firm or corporation except in furtherance of the business of the exempted company carried on outside the Cayman Islands (and for this purpose can effect and conclude contracts in the Cayman Islands and exercise in the Cayman Islands all of its powers necessary for the carrying on of its business outside the Cayman Islands);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may obtain an undertaking against the imposition of any future taxation in the Cayman Islands (such undertakings are usually given for 20 years in the first instance);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may register as a limited duration company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may register as a segregated portfolio company.

As used above, "limited liability" means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the company.

#### Differences in Corporate Law
The Companies Act and the laws of the Cayman Islands affecting Cayman Islands companies like us and our shareholders differ from laws applicable to Delaware corporations and their shareholders. Set forth below is a summary of the material differences between the provisions of the laws of the Cayman Islands applicable to us and the laws applicable to companies incorporated in the State of Delaware and their shareholders. Set forth below is a summary of certain significant differences between the provisions of the Companies Act applicable to us and the comparable laws applicable to companies incorporated in the State of Delaware in the United States.

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|  | **Delaware** | **Cayman Islands** |
|  Title of Organizational Documents | Certificate of Incorporation and Bylaws | Certificate of Incorporation and memorandum and articles of association |
|  Duties of Directors | Under Delaware law, the business and affairs of a corporation are managed by or under the direction of its board of directors. In exercising their powers, directors are charged with a fiduciary duty of care to protect the interests of the corporation and a fiduciary duty of loyalty to act in the best interests of its shareholders. The duty of care requires that directors act in an informed and deliberative manner and inform themselves, prior to making a business decision, of all material information reasonably available to them. The duty of | As a matter of Cayman Islands law, directors of Cayman Islands companies owe fiduciary duties to their respective companies to, amongst other things, act in good faith in their dealings with or on behalf of the company and exercise their powers and fulfill the duties of their office honestly. Core duties are:<br> &nbsp;&nbsp;&nbsp;&nbsp;• a duty to act in good faith in what the directors bona fide consider to be the best interests of the company (and in this regard, it should be noted that the duty is owed to the company and not to associate companies, subsidiaries or holding companies);<br> &nbsp;&nbsp;&nbsp;&nbsp;• a duty not to personally profit from opportunities that arise from the office of director; |

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|  | **Delaware** | **Cayman Islands** |
|  | care also requires that directors exercise care in overseeing and investigating the conduct of the corporation's employees. The duty of loyalty may be summarized as the duty to act in good faith, not out of self-interest, and in a manner which the director reasonably believes to be in the best interests of the shareholders. | &nbsp;&nbsp;&nbsp;&nbsp;• a duty of trusteeship of the company's assets;<br> &nbsp;&nbsp;&nbsp;&nbsp;• a duty not to put himself in a position where the structures of a company conflict of his or her personal interest on his or her duty to a third party to avoid conflicts of interest; and<br> &nbsp;&nbsp;&nbsp;&nbsp;• a duty to exercise powers for the purpose for which such powers were conferred.<br> A director of a Cayman Islands company also owes the company a duty to act with skill, care and diligence. A director need not exhibit in the performance of his or her duties a greater degree of skill than may be reasonably expected from a person of his or her knowledge and experience. However, there are indications that the courts are moving towards an objective standard with regard to the required skill and care. |
|  Limitations on Personal Liability of Directors | Subject to the limitations described below, a certificate of incorporation may provide for the elimination or limitation of the personal liability of a director to the corporation or its shareholders for monetary damages for a breach of fiduciary duty as a director. Such provision cannot limit liability for breach of loyalty, bad faith, intentional misconduct, unlawful payment of dividends or unlawful share purchase or redemption. In addition, the certificate of incorporation cannot limit liability for any act or omission occurring prior to the date when such provision becomes effective. | The Cayman Islands law does not limit the extent to which a company's articles of association may provide for indemnification of officers and directors. However, as a matter of public policy, Cayman Islands law will not allow the limitation of a director's liability to the extent that the liability is a consequence of the director committing a crime or of the director's own fraud, dishonesty or willful default. |
|  Indemnification of Directors, Officers, Agents, and Others | A corporation has the power to indemnify any director, officer, employee, or agent of corporation who was, is, or is threatened to be made a party who acted in good faith and in a manner he believed to be in the best interests of the corporation, and if with respect to a criminal proceeding, had no reasonable cause to believe his conduct would be unlawful, against amounts actually and reasonably incurred. | Cayman Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of directors and officers, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against the consequences of committing a crime, or against the indemnified person's own fraud or dishonesty.<br> Under our articles of association, we indemnify every director (including any alternate director appointed pursuant to the provisions of our 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") against all actions, proceedings, costs, charges, expenses, losses,  |

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|  | **Delaware** | **Cayman Islands** |
|  |  | damages or liabilities incurred or sustained by such Indemnified Person, other than as a result 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 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. |
|  Interested Directors | Under Delaware law, a transaction in which a director who has an interest in such transaction would not be voidable if (i) the material facts as to such interested director's relationship or interests are disclosed or are known to the board of directors and the board in good faith authorizes the transaction by the affirmative vote of a majority of the disinterested directors, even though the disinterested directors are less than a quorum, (ii) such material facts are disclosed or are known to the shareholders entitled to vote on such transaction and the transaction is specifically approved in good faith by vote of the shareholders, or (iii) the transaction is fair as to the corporation as of the time it is authorized, approved or ratified. Under Delaware law, a director could be held liable for any transaction in which such director derived an improper personal benefit. | Interested director transactions are governed by the terms of a company's memorandum and articles of association. |
|  Voting Requirements  | The certificate of incorporation may include a provision requiring supermajority approval by the directors or shareholders for any corporate action.<br> In addition, under Delaware law, certain business combinations involving interested shareholders require approval by a supermajority of the non-interested shareholders. | For the protection of shareholders, certain matters must be approved by special resolution of the shareholders as a matter of Cayman Islands law, including alteration of the memorandum or articles of association, appointment of inspectors to examine company affairs, reduction of share capital (subject, in relevant circumstances, to court approval), change of name, authorization of a plan of merger or consolidation or voluntary winding up of the company.<br> The Companies Act requires that a special resolution be passed by a majority of at least two-thirds or such higher percentage as set forth in the memorandum and articles of association, of shareholders being entitled to vote and do vote in person or by proxy at a general meeting, or, where permitted under the articles of association of a company, by unanimous written consent of shareholders entitled to vote at a general meeting. |

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|  | **Delaware** | **Cayman Islands** |
|  Voting for election of Directors  | Under Delaware law, unless otherwise specified in the certificate of incorporation or bylaws of the corporation, directors shall be elected by a plurality of the votes of the shares present in person or represented by proxy at the meeting and entitled to vote on the election of directors. | Directors are appointed in accordance with the terms of the memorandum and articles of association of the company. |
|  Cumulative Voting | No cumulative voting for the election of directors unless so provided in the certificate of incorporation. | No cumulative voting for the election of directors unless so provided in the memorandum and articles of association. |
|  Directors' Powers Regarding Bylaws | The certificate of incorporation may grant the directors the power to adopt, amend or repeal bylaws. | The memorandum and articles of association may only be amended by a special resolution of the shareholders. |
|  Nomination and Removal of Directors and Filling Vacancies on Board | Shareholders may generally nominate directors if they comply with advance notice provisions and other procedural requirements in company bylaws. Holders of a majority of the shares may remove a director with or without cause, except in certain cases involving a classified board or if the company uses cumulative voting. Unless otherwise provided for in the certificate of incorporation, directorship vacancies are filled by a majority of the directors elected or then in office. | Nomination and removal of directors and filling of board vacancies are governed by the terms of the memorandum and articles of association. |
|  Mergers and Similar Arrangements  | Under Delaware law, with certain exceptions, a merger, consolidation, exchange or sale of all or substantially all the assets of a corporation must be approved by the board of directors and a majority of the outstanding shares entitled to vote thereon. Under Delaware law, a shareholder of a corporation participating in certain major corporate transactions may, under certain circumstances, be entitled to appraisal rights pursuant to which such shareholder may receive cash in the amount of the fair value of the shares held by such shareholder (as determined by a court) in lieu of the consideration such shareholder would otherwise receive in the transaction. | 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 together with a declaration as to the solvency of the consolidated  |

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|  **Delaware** | **Cayman Islands** |
|  Delaware law also provides that a parent corporation, by resolution of its board of directors, may merge with any subsidiary, of which it owns at least 90% of each class of capital stock without a vote by shareholders of such subsidiary. Upon any such merger, dissenting shareholders of the subsidiary would have appraisal rights. | or surviving company, a list of the assets and liabilities of each constituent company and an undertaking that a copy of the certificate of merger or consolidation will be given to the shareholders 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.<br> A merger between a Cayman Islands parent company and its Cayman Islands subsidiary or subsidiaries does not require authorization by a resolution of shareholders if a copy of the plan of merger is given to every member of that Cayman subsidiary to be merged unless that member agrees otherwise. For this purpose a subsidiary is a company of which at least 90% of the votes are owned by the parent company.<br> The consent of each holder of a fixed or floating security interest of a constituent company is required unless this requirement is waived by a court in the Cayman Islands. |
|  | Except in certain limited circumstances, a dissenting shareholder of a Cayman Islands constituent company is entitled to payment of the fair value of his or her shares upon dissenting from a merger or consolidation. The exercise of such dissenter rights will preclude the exercise by the dissenting shareholder of any other rights to which he or she might otherwise be entitled by virtue of holding shares, except for the right to seek relief on the grounds that the merger or consolidation is void or unlawful.<br> In addition, there are statutory provisions that facilitate the reconstruction and amalgamation of companies, provided that the arrangement is approved (a) at least a majority in number of the creditors or class of creditors, who must, in addition, represent at least seventy-five percent in value of each such creditors or class of creditors; and/or (b) shareholders or a class of shareholders representing at least three-fourths in value of the shareholders or class of shareholders, in each case 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:<br> &nbsp;&nbsp;&nbsp;&nbsp;• the statutory provisions as to the required majority vote have been met;<br> &nbsp;&nbsp;&nbsp;&nbsp;• the shareholders have been fairly represented at the meeting in question; |

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|  | **Delaware** | **Cayman Islands** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;• the arrangement is such that an intelligent and honest man of that class acting in respect of his interest would reasonably approve; and<br> &nbsp;&nbsp;&nbsp;&nbsp;• the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act<br> When a takeover offer is made and accepted by holders of not less than 90.0% of the shares affected within four months, the offeror may, within a two-month period commencing on the expiration of such four month period, give notice to require the holders of the remaining shares to transfer such shares on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands by a dissenting shareholder within one month from the date on which the notice was given but this is unlikely to succeed unless there is evidence of fraud, bad faith or collusion.<br> 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. |
|  Shareholder Suits | Class actions and derivative actions generally are available to shareholders under Delaware law for, among other things, breach of fiduciary duty, corporate waste and actions not taken in accordance with applicable law. In such actions, the court generally has discretion to permit the winning party to recover attorneys' fees incurred in connection with such action. | 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, there are exceptions to the foregoing principle, including when:<br> &nbsp;&nbsp;&nbsp;&nbsp;• a company acts or proposes to act illegally or ultra vires;<br> &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<br> &nbsp;&nbsp;&nbsp;&nbsp;• those who control the company are perpetrating a "fraud on the minority." |
|  Inspection of Corporate Records | Under Delaware law, shareholders of a Delaware corporation have the right during normal business hours to inspect for any proper purpose, and to obtain copies of list(s) of shareholders and other books and records of the corporation and its subsidiaries, if any, to the extent the books and records of such subsidiaries are available to the corporation. | Shareholders of a Cayman Islands exempted company have no general right under Cayman Islands law to inspect or obtain copies of a list of shareholders or other corporate records (other than the copies of memorandum and articles of association and any special resolutions passed by such companies, and the registers of mortgages and charges of such companies) of the company. However, these rights may be provided in the company's memorandum and articles of association. |

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| | | |
|:---|:---|:---|
|  | **Delaware** | **Cayman Islands** |
|  Shareholder Proposals  | Unless provided in the corporation's certificate of incorporation or bylaws, Delaware law does not include a provision restricting the manner in which shareholders may bring business before a meeting. | The Companies Act does not provide shareholders with any right to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our articles provide that general meetings shall be convened on the written requisition of shareholders holding at the date of deposit of the requisition shares which carry in aggregate not less than one-third (1/3) of all votes attaching to all the issued and outstanding shares that as at the date of the deposit carry the right to vote at general meetings of the Company.. If there are no directors 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 forty-five (45) calendar days, the requisitionists, or any of them representing more than one-half (1/2) of the total voting rights of all of them, may convene a general meeting themselves, but such meeting must not be held after the expiration of three (3) calendar months after the expiration of the said forty-five (45) calendar days. The requisition must state the objects of the meeting, must be signed by the requisitionists and must be deposited at our registered office, and may consist of several documents in like form each signed by one or more requisitionists. Our articles provide no other right for shareholders to put any proposals before annual general meetings or extraordinary general meetings. |
|  Approval of Corporate Matters by Written Consent  | Delaware law permits shareholders to take action by written consent signed by the holders of outstanding shares having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting of shareholders. | The Companies Act allows a special resolution to be passed in writing if signed by all the voting shareholders (if authorized by the memorandum and articles of association). |
|  Calling of Special Shareholders Meetings  | Delaware law permits the board of directors or any person who is authorized under a corporation's certificate of incorporation or bylaws to call a special meeting of shareholders. | The Companies Act does not have provisions governing the proceedings of shareholders meetings which are usually provided in the memorandum and articles of association. |
|  Dissolution; Winding Up  | Under the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board of directors. | Under the Companies Act, the Company may be wound up by a special resolution of our shareholders or, if our company is unable to pay its debts as they fall due, by an ordinary resolution of our members passed at a general meeting. In addition, a company may be wound up by an order of the courts of the Cayman Islands. 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. |

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#### Anti-Money Laundering — Cayman Islands
In order to comply with legislation or regulations aimed at the prevention of money laundering, we may be required to adopt and maintain anti-money laundering procedures, and may require subscribers to provide evidence to verify their identity and source of funds. Where permitted, and subject to certain conditions, we may also delegate the maintenance of our anti-money laundering procedures (including the acquisition of due diligence information) to a suitable person.

We reserve the right to request such information as is necessary to verify the identity of a subscriber. In some cases the directors may be satisfied that no further information is required since an exemption applies under the Anti-Money Laundering Regulations (As Revised) of the Cayman Islands, as amended and revised from time to time (the "Regulations") or any other applicable law. Depending on the circumstances of each application, a detailed verification of identity might not be required where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the subscriber makes the payment for their investment from an account held in the subscriber's name at a recognized financial institution; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the subscriber is regulated by a recognized regulatory authority and is based or incorporated in, or formed under the law of, a recognized jurisdiction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the application is made through an intermediary which is regulated by a recognized regulatory authority and is based in or incorporated in, or formed under the law of a recognized jurisdiction and an assurance is provided in relation to the procedures undertaken on the underlying investors.

For the purposes of these exceptions, recognition of a financial institution, regulatory authority or jurisdiction will be determined in accordance with the Regulations by reference to those jurisdictions recognized by the Cayman Islands Monetary Authority as having equivalent anti-money laundering regulations.

In the event of delay or failure on the part of the subscriber in producing any information required for verification purposes, we may refuse to accept the application, in which case any funds received will be returned without interest to the account from which they were originally debited.

We also reserve the right to refuse to make any payment to a shareholder if our directors or officers suspect or are advised that the payment to such shareholder might result in a breach of applicable anti-money laundering or other laws or regulations by any person in any relevant jurisdiction, or if such refusal is considered necessary or appropriate to ensure our compliance with any such laws or regulations in any applicable jurisdiction.

If any person in the Cayman Islands knows or suspects or has reasonable grounds for knowing or suspecting that another person is engaged in criminal conduct or money laundering or is involved with terrorism or terrorist financing and property and the information for that knowledge or suspicion came to their attention in the course of business in the regulated sector, or other trade, profession, business or employment, the person will be required to report such knowledge or suspicion to (i) the Financial Reporting Authority ("FRA") of the Cayman Islands or a nominated officer, pursuant to the Proceeds of Crime Act (As Revised) of the Cayman Islands if the disclosure relates to criminal conduct or money laundering, or (ii) a police officer of the rank of constable or higher, or the FRA, pursuant to the Terrorism Act (As Revised) of the Cayman Islands, if the disclosure relates to involvement with terrorism or terrorist financing and property. Such a report shall not be treated as a breach of confidence or of any restriction upon the disclosure of information imposed by any enactment or otherwise.

#### Cayman Islands Data Protection
We have certain duties under the Data Protection Act (As Revised) of the Cayman Islands, as amended from time to time and any regulations, codes of practice or orders promulgated pursuant thereto (collectively the "DPA"), based on internationally accepted principles of data privacy.

*Privacy Notice*

This privacy notice explains the manner in which we collect, processes and maintain personal data about our investors pursuant to the DPA.

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We are committed to processing personal data in accordance with the DPA. In our use of personal data, we will be characterized under the DPA as a "data controller", while certain of our service providers, affiliates and delegates may act as "data processors" under the DPA. These service providers may process personal information for their own lawful purposes in connection with services that they provide us.

This privacy notice puts our shareholders on notice that, by virtue of making an investment in the Company, we and certain of our service providers may collect, record, store, transfer and otherwise process personal data by which individuals may be directly or indirectly identified.

If your personal data is collected, we expect it will be processed fairly and for lawful purposes, including (a) where the processing is necessary for us to perform a contract to which you are a party or for taking pre-contractual steps at your request (b) where the processing is necessary for compliance with any legal, tax or regulatory obligation to which we are subject or (c) where the processing is for the purposes of legitimate interests pursued by us or by a service provider to whom the data are disclosed. As a data controller, we will only use your personal data for the purposes for which we collected it. If we need to use your personal data for an unrelated purpose, we will contact you.

We anticipate that we will share your personal data with our service providers for the purposes set out in this privacy notice. We may also share relevant personal data where it is lawful to do so and necessary to comply with our contractual obligations or your instructions or where it is necessary or desirable to do so in connection with any regulatory reporting obligations. In exceptional circumstances, we will share your personal data with regulatory, prosecuting and other governmental agencies or departments, and parties to litigation (whether pending or threatened), in any country or territory including to any other person where we have a public or legal duty to do so (e.g. to assist with detecting and preventing fraud, tax evasion and financial crime or compliance with a court order).

We shall not hold your personal data for longer than necessary with regard to the purposes of the data processing.

We will not sell your personal data. Any transfer of personal data outside of the Cayman Islands shall be in accordance with the requirements of the DPA. Where necessary, we will ensure that separate and appropriate legal agreements are put in place with the recipient of that data.

We will only transfer personal data in accordance with the requirements of the DPA and will apply appropriate technical and organizational information security measures designed to protect against unauthorized or unlawful processing of the personal data and against the accidental loss, destruction or damage to the personal data.

If you are a natural person, this will affect you directly. If you are a corporate investor (including, for these purposes, legal arrangements such as trusts or exempted limited partnerships) that provides us with personal data on individuals connected to you for any reason in relation to your investment in our securities, this will be relevant for those individuals and you should inform such individuals of the content.

You have certain rights under the DPA, including (a) the right to be informed as to how we collect and use your personal data (and this privacy notice fulfills our obligation in this respect); (b) the right to obtain a copy of your personal data; (c) the right to require us to stop direct marketing; (d) the right to have inaccurate or incomplete personal data corrected; (e) the right to withdraw your consent and require us to stop processing or restrict the processing, or not begin the processing of your personal data; (f) the right to be notified of a data breach (unless the breach is unlikely to be prejudicial); (g) the right to obtain information as to any countries or territories outside the Cayman Islands to which we, whether directly or indirectly, transfer, intend to transfer or wish to transfer your personal data, general measures we take to ensure the security of personal data and any information available to us as to the source of your personal data; (h) the right to complain to the Office of the Ombudsman of the Cayman Islands; and (i) the right to require us to delete your personal data in some limited circumstances.

If you consider that your personal data has not been handled correctly, or you are not satisfied with our response to any requests you have made regarding the use of your personal data, you have the right to complain to the Cayman Islands Ombudsman. The Ombudsman can be contacted by calling +1 (345) 946-6283 or by email at info@ombudsman.ky.

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#### MATERIAL INCOME TAX CONSIDERATION
The following sets forth the material Cayman Islands, Singapore and U.S. federal income tax consequences related to an investment in our Class A Ordinary Shares. It is directed to U.S. Holders (as defined below) of our Class A Ordinary Shares and 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 description does not deal with all possible tax consequences relating to an investment in our Class A Ordinary Shares, such as the tax consequences under state, local and other tax laws.

The following brief description applies only to U.S. Holders (defined below) that hold Class A Ordinary Shares as capital assets and that have the U.S. dollar as their functional currency. This brief description is based on the tax laws of the United States in effect as of the date of this prospectus and on U.S. Treasury regulations in effect or, in some cases, proposed, as of the date of this prospectus, as well as judicial and administrative interpretations thereof available on or before such date. All of the foregoing authorities are subject to change, which change could apply retroactively and could affect the tax consequences described below. Unless otherwise noted in the following discussion, this section is the opinion of Ortoli Rosenstadt LLP, our U.S. counsel, insofar as it relates to legal conclusions with respect to matters of U.S. federal income tax law, of Mourant Ozannes (Cayman) LLP, our Cayman Islands counsel, insofar as it relates to legal conclusions with respect to matters of Cayman Islands tax law and Morgan Lewis Stamford LLC, our Singapore counsel, insofar as it relates to legal conclusions with respect to matters of Singapore tax law.

**POTENTIAL PURCHASERS OF OUR CLASS A ORDINARY SHARES ARE URGED TO CONSULT THEIR OWN TAX ADVISORS TO DETERMINE THE U.S. FEDERAL, STATE, LOCAL, AND NON-U.S. INCOME, GIFT, ESTATE OR GENERATION-SKIPPING TRANSFER, AND OTHER TAX AND TAX TREATY CONSIDERATIONS OF PURCHASING, OWNING AND DISPOSING OF OUR CLASS A ORDINARY SHARES.**

#### Cayman Islands Taxation
The Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to us levied by the government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or brought within the jurisdiction of, the Cayman Islands. The Cayman Islands is not party to any double tax treaties that are applicable to any payments made to or by Otsaw Limited. There are no exchange control regulations or currency restrictions in the Cayman Islands.

Payments of dividends and capital in respect of our Class A Ordinary Shares will not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a dividend or capital to any holder of our Class A Ordinary Shares, nor will gains derived from the disposal of our Class A Ordinary Shares be subject to Cayman Islands income or corporation tax.

No stamp duty is payable in respect of the issue of our Class A Ordinary Shares or on an instrument of transfer in respect of our Class A Ordinary Shares. However, an instrument of transfer in respect of our shares is stampable if executed in or brought into the Cayman Islands.

**United States Federal Income Tax Considerations**

The following discussion is a summary of U.S. federal income tax considerations generally applicable to the ownership and disposition of our Class A Ordinary Shares by U.S. Holders (as defined below) that acquire our Class A Ordinary Shares in this offering and hold our Class A Ordinary Shares as "capital assets" (generally, property held for investment) under the United States Internal Revenue Code of 1986, as amended (the "Code"). This discussion is based upon existing United States federal income tax law which is subject to differing interpretations or change, possibly with retroactive effect. There can be no assurance that the Internal Revenue Service, or the IRS, or a court will not take a contrary position. This discussion does not address all aspects of United States federal income taxation that may be relevant to particular investors in light of their specific circumstances, including investors subject to special tax rules (for example, certain financial institutions (including banks), cooperatives, pension plans, insurance companies, broker-dealers, traders in securities that have elected the mark-to-market method of accounting for their securities, partnerships and their partners, regulated investment companies, real estate investment trusts, and tax-exempt organizations (including private foundations)), investors who are not U.S. Holders, investors who own (directly, indirectly, or constructively) 10% or more of our stock (by vote or value), investors that will hold their Class A Ordinary Shares as part of a straddle, hedge, conversion, constructive sale, or other integrated transaction for

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United States federal income tax purposes, or U.S. Holders that have a functional currency other than the U.S. dollar, all of whom may be subject to tax rules that differ significantly from those summarized below. In addition, this discussion does not discuss any non-United States tax, state or local tax, or non-income tax (such as the U.S. federal gift or estate tax) considerations, or any consequences under the alternative minimum tax or Medicare tax on net investment income. Each U.S. Holder is urged to consult its tax advisor regarding the United States federal, state, local, and non-United States income and other tax considerations of an investment in our Class A Ordinary Shares.

#### General
For purposes of this discussion, a "U.S. Holder" is a beneficial owner of our Class A Ordinary Shares that is, for United States federal income tax purposes, (i) an individual who is a citizen or resident of the United States, (ii) a corporation (or other entity treated as a corporation for United States federal income tax purposes) created in, or organized under the laws of, the United States or any state thereof or the District of Columbia, (iii) an estate the income of which is includible in gross income for United States federal income tax purposes regardless of its source, or (iv) a trust (A) the administration of which is subject to the primary supervision of a United States court and which has one or more United States persons who have the authority to control all substantial decisions of the trust or (B) that has otherwise validly elected to be treated as a United States person under the Code.

If a partnership (or other entity or arrangement treated as a partnership for United States federal income tax purposes) is a beneficial owner of our Class A Ordinary Shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner as a U.S. Holder, as described above, and the activities of the partnership. Partnerships holding our Class A Ordinary Shares and partners in such partnerships are urged to consult their tax advisors as to the particular United States federal income tax consequences of an investment in our Class A Ordinary Shares.

#### Dividends
The entire amount of any cash distribution paid with respect to our Class A Ordinary Shares (including the amount of any non-U.S. taxes withheld therefrom, if any) generally will constitute dividends to the extent such distributions are paid out of our current or accumulated earnings and profits, as determined under United States federal income tax principles, and generally will be taxed as ordinary income in the year received by such U.S. Holder. To the extent amounts paid as distributions on the Class A Ordinary Shares exceed our current or accumulated earnings and profits, such distributions will not be dividends, but instead will be treated first as a tax-free return of capital to the extent of the U.S. Holder's adjusted tax basis, determined for federal income tax purposes, in the Class A Ordinary Shares with respect to which the distribution is made, and thereafter as capital gain. However, we do not intend to compute (or to provide U.S. Holders with the information necessary to compute) our earnings and profits under United States federal income tax principles. Accordingly, a U.S. Holder will be unable to establish that a distribution is not out of earnings and profits and should expect to treat the full amount of each distribution as a "dividend" for United States federal income tax purposes.

Any dividends that we pay will generally be treated as income from foreign sources for United States foreign tax credit purposes and will generally constitute passive category income. Depending on the U.S. Holder's particular facts and circumstances, a U.S. Holder may be eligible, subject to a number of complex limitations, to claim a foreign tax credit in respect of any foreign withholding taxes imposed (at a rate not exceeding any applicable treaty rate) on dividends received on our Class A Ordinary Shares. A U.S. Holder who does not elect to claim a foreign tax credit for foreign tax withheld may instead claim a deduction, for United States federal income tax purposes, in respect of such withholdings, but only for a year in which such U.S. Holder elects to do so for all creditable foreign income taxes. The rules governing the foreign tax credit are complex. U.S. Holders are advised to consult their tax advisors regarding the availability of the foreign tax credit under their particular circumstances.

Dividends paid in non-U.S. currency will be included in the gross income of a U.S. Holder in a U.S. dollar amount calculated by reference to a spot market exchange rate in effect on the date that the dividends are received by the U.S. Holder, regardless of whether such foreign currency is in fact converted into U.S. dollars on such date. Such U.S. Holder will have a tax basis for United States federal income tax purposes in the foreign currency received equal to that U.S. dollar value. If such dividends are converted into U.S. dollars on the date of receipt, a U.S. Holder generally should not be required to recognize foreign currency gain or loss in respect thereof. If the foreign currency so received is not converted into U.S. dollars on the date of receipt, such U.S. Holder will have a basis in the foreign currency equal to its U.S. dollar value on the date of receipt. Any gain or loss on a subsequent conversion or other disposition of the foreign currency generally will be treated as ordinary income or loss to such U.S. Holder and generally will be income

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or loss from sources within the United States for foreign tax credit limitation purposes. U.S. Holders should consult their own tax advisors regarding the treatment of foreign currency gain or loss, if any, on any foreign currency received by a U.S. Holder that are converted into U.S. dollars on a date subsequent to receipt.

#### Sale or Other Disposition of Class A Ordinary Shares
A U.S. Holder will generally recognize capital gain or loss upon a sale or other disposition of Class A Ordinary Shares, in an amount equal to the difference between the amount realized and the U.S. Holder's adjusted tax basis, determined for federal income tax purposes, in such Ordinary Shares, each amount determined in U.S. dollars. Any capital gain or loss will be long-term capital gain or loss if the Class A Ordinary Shares have been held for more than one year and will generally be United States source gain or loss for United States foreign tax credit purposes. The deductibility of a capital loss may be subject to limitations, particularly with regard to shareholders who are individuals. Each U.S. Holder is advised to consult its tax advisor regarding the tax consequences if a foreign tax is imposed on a disposition of our Class A Ordinary Shares, including the availability of the foreign tax credit under its particular circumstances.

A U.S. Holder that receives Singapore dollars or another currency other than U.S. dollars on the disposition of our Class A Ordinary Shares will realize an amount equal to the U.S. dollar value of the non-U.S. currency received at the spot rate on the date of sale (or, if the Class A Ordinary Shares are traded on a recognized exchange and in the case of cash basis and electing accrual basis U.S. Holders, the settlement date). An accrual basis U.S. Holder that does not elect to determine the amount realized using the spot rate on the settlement date will recognize foreign currency gain or loss equal to the difference between the U.S. dollar value of the amount received based on the spot market exchange rates in effect on the date of sale or other disposition and the settlement date. A U.S. Holder will have a tax basis in the currency received equal to the U.S. dollar value of the currency received on the settlement date. Any gain or loss on a subsequent disposition or conversion of the currency will be United States source ordinary income or loss.

#### Passive Foreign Investment Company Considerations
For United States federal income tax purposes, a non-United States corporation, such as our Company, will be treated as a "passive foreign investment company," or "PFIC" if, in the case of any particular taxable year, either (a) 75% or more of our gross income for such year consists of certain types of "passive" income or (b) 50% or more of the value of our assets (generally determined on the basis of a quarterly average) during such year produce or are held for the production of passive income. Based upon our current and expected income and assets (including goodwill and taking into account the expected proceeds from this offering) and the expected market price of our Class A Ordinary Shares following this offering, we do not expect to be a PFIC for the current taxable year or the foreseeable future.

However, while we do not expect to be or become a PFIC, no assurance can be given in this regard because the determination of whether we are or will become a PFIC for any taxable year is a fact-intensive inquiry made annually that depends, in part, upon the composition and classification of our income and assets. Fluctuations in the market price of our Class A Ordinary Shares may cause us to be or become a PFIC for the current or subsequent taxable years because the value of our assets for the purpose of the asset test, including the value of our goodwill and other unbooked intangibles, may be determined by reference to the market price of our Class A Ordinary Shares (which may be volatile). The composition of our income and assets may also be affected by how, and how quickly, we use our liquid assets and the cash raised in this offering. It is also possible that the Internal Revenue Service may challenge our classification of certain income or assets for purposes of the analysis set forth in subparagraphs (a) and (b), above or the valuation of our goodwill and other unbooked intangibles, which may result in our company being or becoming a PFIC for the current or future taxable years.

If we are classified as a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Shares, and unless the U.S. Holder makes a mark-to-market election (as described below), the U.S. Holder will generally be subject to special tax rules on (i) any excess distribution that we make to the U.S. Holder (which generally means any distribution paid during a taxable year to a U.S. Holder that is greater than 125% of the average annual distributions paid in the three preceding taxable years or, if shorter, the U.S. Holder's holding period for the Class A Ordinary Shares), and (ii) any gain realized on the sale or other disposition, including, under certain circumstances, a pledge, of Ordinary Shares. Under the PFIC rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such excess distribution and/or gain will be allocated ratably over the U.S. Holder's holding period for the Class A Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such amount allocated to the current taxable year and any taxable years in the U.S. Holder's holding period prior to the first taxable year in which we are a PFIC, each a pre-PFIC year, will be taxable as ordinary income;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such amount allocated to each prior taxable year, other than a pre-PFIC year, will be subject to tax at the highest tax rate in effect applicable to the U.S. Holder for that year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an interest charge generally applicable to underpayments of tax will be imposed on the tax attributable to each prior taxable year, other than a pre-PFIC year.

If we are a PFIC for any taxable year during which a U.S. Holder holds our Class A Ordinary Shares and we own any equity in a non-United States entity that is also a PFIC, or a lower-tier PFIC, such U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of the lower-tier PFIC for purposes of the application of these rules. U.S. Holders are advised to consult their tax advisors regarding the application of the PFIC rules to any of the entities in which we may own equity.

As an alternative to the foregoing rules, a U.S. Holder of "marketable stock" in a PFIC may make a mark-to-market election with respect to such stock, provided that certain requirements are met. The mark-to-market election is available only for stock that is regularly traded on a national securities exchange that is registered with the SEC, or on a foreign exchange or market that the IRS determines is a qualified exchange that has rules sufficient to ensure that the market price represents a legitimate and sound fair market value. Although we intend to apply for the listing of our Class A Ordinary Shares on the Nasdaq, we cannot guarantee that our listing will be approved. Furthermore, we cannot guarantee that, once listed, our Class A Ordinary Shares will continue to be listed and regularly traded on such exchange. U.S. Holders are advised to consult their tax advisors as to whether the Class A Ordinary Shares are considered marketable for these purposes.

If an effective mark-to-market election is made with respect to our Class A Ordinary Shares, the U.S. Holder will generally (i) include as ordinary income for each taxable year that we are a PFIC the excess, if any, of the fair market value of Ordinary Shares held at the end of the taxable year over its adjusted tax basis of such Ordinary Shares and (ii) deduct as an ordinary loss the excess, if any, of its adjusted tax basis of the Class A Ordinary Shares held at the end of the taxable year over the fair market value of such Class A Ordinary Shares held at the end of the taxable year, but only to the extent of the net amount previously included in income as a result of the mark-to-market election. The U.S. Holder's adjusted tax basis in the Class A Ordinary Shares would be adjusted to reflect any income or loss resulting from the mark-to-market election. If a U.S. Holder makes an effective mark-to-market election, in each year that we are a PFIC any gain recognized upon the sale or other disposition of the Class A Ordinary Shares will be treated as ordinary income and loss will be treated as ordinary loss, but only to the extent of the net amount previously included in income as a result of the mark-to-market election.

If a U.S. Holder makes a mark-to-market election in respect of a PFIC and such corporation ceases to be a PFIC, the U.S. Holder will not be required to take into account the mark-to-market gain or loss described above during any period that such corporation is not a PFIC.

Because a mark-to-market election generally cannot be made for any lower-tier PFICs that a PFIC may own, a U.S. Holder who makes a mark-to-market election with respect to our Class A Ordinary Shares may continue to be subject to the general PFIC rules with respect to such U.S. Holder's indirect interest in any of our non-United States subsidiaries if any of them is a PFIC.

If a U.S. Holder owns our Class A Ordinary Shares during any taxable year that we are a PFIC, such holder would generally be required to file an annual IRS Form 8621. Each U.S. Holder is advised to consult its tax advisor regarding the potential tax consequences to such holder if we are or become a PFIC, including the possibility of making a mark-to-market election.

#### Material Singapore Tax Considerations
The following discussion is a summary of the Singapore income tax, goods and services tax and stamp duty considerations relevant to the acquisition, ownership and disposal of the Company's Class A Ordinary Shares. The statements made herein regarding taxation are general in nature and based on certain aspects of the tax laws of Singapore and administrative guidelines issued by the relevant authorities in force as of the date of this prospectus and are subject to any changes in such laws or administrative guidelines, or in the interpretation of these laws or guidelines, occurring after such date, which changes could be made on a retroactive basis.

The statements below do not provide a comprehensive or exhaustive description of all of the Singapore tax considerations that may be relevant to a decision to purchase, own or dispose of the Company's Class A Ordinary Shares and do not address all the potential tax consequences applicable to all categories of investors, some of which (such as dealers in securities) may be subject to special rules. The statements are not intended to be and do not constitute legal or tax

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advice and no assurance can be given that courts or tax authorities responsible for the administration of such laws will agree with the interpretation adopted therein. Each prospective investor should consult an independent tax advisor regarding all the Singapore tax consequences applicable to them in respect of the acquisition, ownership of and/or disposal of the Company's Class A Ordinary Shares, in light of each prospective investor's particular circumstances.

***Individual Income Taxation***

An individual is a tax resident in Singapore in a "year of assessment" (which refers to the year in which tax is calculated and charged for income earned in the year preceding the year of assessment) if, in the year preceding the year of assessment, the individual resides in Singapore except for such temporary absences therefrom as may be reasonable and not inconsistent with a claim by such person to be resident in Singapore, and includes a person who is physically present in Singapore or exercised an employment (other than as a director of a company) in Singapore for 183 days or more during the year preceding the year of assessment, or if he resided in Singapore.

Singapore income tax is generally payable upon the income of any person accruing in or derived from Singapore or received in Singapore from outside Singapore.

With regard to an individual who is tax resident in Singapore, the individual will be subject to Singapore income tax at progressive rates which currently ranges from 0% to 24%. Further, all foreign-sourced income received in Singapore on or after January 1, 2004 by a Singapore tax resident individual (except for income received through a partnership in Singapore) is generally exempt from Singapore income tax if the Comptroller of Income Tax is satisfied that the tax exemption would be beneficial to the individual.

With regard to an individual who is not tax resident in Singapore, the individual will be subject to Singapore income tax at the current fixed rate of 24% for non-employment related taxable income. Further, all foreign-sourced income received in Singapore by a non-Singapore tax resident individual is exempt from Singapore income tax.

***Corporate Income Tax***

A company is regarded as tax resident in Singapore if the control and management of its business is exercised in Singapore. Generally, a company is considered a Singapore tax resident for a particular year of assessment if the control and management of its business was exercised in Singapore in the preceding calendar year.

Corporate taxpayers that are Singapore tax residents are subject to Singapore income tax on income accruing in or derived from Singapore and, subject to certain exceptions, on foreign-sourced income received or deemed to be received in Singapore. However, foreign-sourced income in the form of dividends, branch profits and service income received or deemed to be received in Singapore, by Singapore tax resident corporate taxpayers on or after June 1, 2003 is exempt from tax if certain prescribed conditions are met, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such income is subject to tax of a similar character to income tax under the law of the jurisdiction from which such income is received; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at the time the income is received in Singapore, the highest rate of tax of a similar character to income tax (by whatever name called) levied under the law of the territory from which the income is received on any gains or profits from any trade or business carried on by any company in that territory at that time is not less than 15%; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Comptroller of Income Tax is satisfied that the tax exemption would be beneficial to the person resident in Singapore.

Certain concessions and clarifications have also been announced by the IRAS, with respect to such conditions.

Non-resident corporate taxpayers are also subject to Singapore income tax on income accruing in or derived from Singapore, and on foreign-sourced income received or deemed received in Singapore, subject to certain exceptions.

The corporate tax rate in Singapore is currently 17%. In addition, three-quarters of up to the first S$10,000 of a company's (whether tax resident in Singapore or not) annual normal chargeable income, and one-half of up to the next S$190,000 of the company's annual normal chargeable income, is exempt from corporate tax from the year of assessment 2020 onwards. The remaining chargeable income (after the tax exemption) will be fully taxable at the prevailing corporate tax rate or applicable concessionary corporate tax rate.

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Newly incorporated companies which are tax resident in Singapore will also, subject to certain conditions and exceptions, be eligible for tax exemption on three-quarters of up to the first S$100,000 of a company's annual normal chargeable income, and one-half of up to the next S$100,000 of the company's annual normal chargeable income, for each of the company's first three years of assessment from the year of assessment 2020 onwards. The remaining chargeable income (after the tax exemption) will be taxed at the prevailing corporate tax rate or applicable concessionary corporate tax rate.

*Dividend Distributions in respect of Class A Ordinary Shares*

The Company does not intend to pay any dividends on the Class A Ordinary Shares for the foreseeable future. See "Dividend Policy" for more information.

For your information, in respect of a company that is not tax resident in Singapore, for Singapore tax purposes, dividends paid by the company should generally be considered as foreign sourced income. In respect of a company that is tax resident in Singapore, under the one-tier corporate tax system, tax on corporate profits is final and dividends paid by a Singapore resident company are tax exempt in the hands of a shareholder, regardless of whether the shareholder is a company or an individual and whether or not the shareholder is a Singapore tax resident. Singapore also does not currently impose withholding tax on dividend distributions.

*Gains on Disposal of Ordinary Shares*

Singapore generally does not impose tax on capital gains (i.e. gains which are considered to be capital in nature) but imposes tax on income. While there are no specific Singapore tax laws or regulations which prescribes the characterization of whether a gain is income or capital in nature, gains arising from the disposal of the Company's Class A Ordinary Shares may be construed to be of an income nature and subject to Singapore income tax if the gains arose from activities which the IRAS regard as the carrying on of a trade or business in Singapore. However, it should be noted that with effect from January 1, 2024, Section 10L of the SITA provides that gains from the sale or disposal of foreign assets on or after January 1, 2024 by a relevant entity are chargeable to tax when such gains are received or deemed to be received in Singapore from outside Singapore. A foreign asset generally refers to any movable or immovable property situated outside Singapore at the time of such sale or disposal or any rights or interest thereof, and with regard to any shares in or securities issued by a company, or any right or interest in such shares or securities, they are generally regarded to be situated where the company is incorporated. Accordingly, the precise status of each prospective investor will vary from one another and each investor should consult an independent tax advisor on the Singapore income tax and other tax consequences which may be applicable to their individual circumstances.

Subject to certain conditions being satisfied, gains derived by a company from the disposal of the Company's Class A Ordinary Shares between the period of June 1, 2012 and December 31, 2027 (inclusive of both dates) will not be subject to Singapore income tax, if the divesting company holds a minimum shareholding of 20% of the Ordinary Shares in the Company and these shares have been held for a continuous minimum period of 24 months.

In addition, shareholders who apply, or who are required to apply, the Singapore Financial Reporting Standard 39 ("FRS 39"), Financial Reporting Standard 109 ("FRS 109") or Singapore Financial Reporting Standard (International) 9 (Financial Instruments) ("SFRS(I) 9") (as the case may be), for the purposes of Singapore income tax may be required to recognize gains or losses (not being gains or losses in the nature of capital) in accordance with the provisions of FRS 39, FRS 109 or SFRS(I) 9 (as modified by the applicable provisions of the SITA) even though no sale or disposal of the Company's Class A Ordinary Shares was made. Holders of the Company's Class A Ordinary Shares who may be subject to such tax treatment should consult their own accounting and tax advisors regarding the Singapore income tax consequences of their acquisition, holding and disposal of the Company's Class A Ordinary Shares.

***Stamp Duty***

Stamp duty in Singapore is generally payable only on instruments relating to the transfer of immovable property located in Singapore or shares of companies incorporated in Singapore or shares which are maintained in any share register in Singapore. With regard to the transfer of shares, stamp duty is generally payable at the rate of 0.2% of the consideration for or the net asset value of the shares, whichever that is higher.

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There should be no Singapore stamp duty payable on the subscription for the Company's Class A Ordinary Shares.

Further, on the basis that the Company's Class A Ordinary Shares are neither shares of a Singapore incorporated company, nor shares which are maintained in any share register in Singapore, there should be no Singapore stamp duty implications arising on the transfer of such Class A Ordinary Shares.

#### Goods and Services Tax
The sale of the Company's Class A Ordinary Shares by a GST-registered investor belonging in Singapore for GST purposes to another person belonging in Singapore is an exempt supply not subject to GST. Any input GST incurred by the GST-registered investor in making the exempt supply is generally not recoverable from the Singapore Comptroller of GST.

Where the Company's Class A Ordinary Shares are sold by a GST-registered investor in the course of or furtherance of a business carried on by such investor contractually to and for the direct benefit of a person belonging outside Singapore, the sale should generally, subject to satisfaction of certain conditions, be considered a taxable supply subject to GST at 0%. Subject to the normal rules for input tax claims, any input GST incurred by the GST-registered investor in making such a supply in the course of or furtherance of a business carried out by such investor may be fully recoverable from the Singapore Comptroller of GST.

Each prospective investor should consult an independent tax advisor on the recoverability of input GST incurred on expenses in connection with the purchase and sale of the Company's Class A Ordinary Shares.

Services consisting of arranging, brokering, underwriting or advising on the issue, allotment or transfer of ownership of the Company's Class A Ordinary Shares rendered by a GST-registered person to an investor belonging in Singapore for GST purposes in connection with the investor's purchase, sale or holding of the Company's Class A Ordinary Shares should be subject to GST at the standard rate of 9%. Similar services rendered by a GST-registered person contractually to and for the direct benefit of an investor belonging outside Singapore should generally, subject to the satisfaction of certain conditions, be subject to GST at 0%.

With the implementation of reverse charge from January 1, 2020, the "directly benefit" condition for zero-rating (i.e. GST at 0%) will be amended to allow the zero-rating of a supply of services to the extent that the services directly benefit a person belonging outside Singapore or a GST-registered person in Singapore.

Under the reverse charge regime, a GST-registered partially exempt business that is not entitled to full input tax claims will be required to account for GST on all services that it procures from overseas suppliers (except for certain services which are specifically exempt from reverse charge). A non GST-registered person whose total value of imported services for a 12-month period exceeds S$1 million (either on a retrospective or prospective basis) and is not entitled to full input tax claims even if such person was GST-registered may become liable for GST registration and be required to account for GST both on its taxable supplies and imported services subject to reverse charge.

#### Estate Duty
Singapore estate duty has been abolished with respect to the estate of any person whose death has occurred on or after February 15, 2008.

#### Tax Treaties Regarding Withholding Taxes
There is currently no comprehensive avoidance of double taxation agreement between the United States and Singapore.

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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 incorporated under the laws of the Cayman Islands because of certain benefits associated with being a Cayman Islands company, such as political and economic stability, an effective judicial system, a favorable tax system, the absence of foreign exchange control or currency restrictions, and the availability of professional and support services. The Cayman Islands, however, has a less developed body of securities laws as compared to the U.S. and provides significantly less protection for investors than the U.S. Additionally, Cayman Islands companies may not have standing to sue in the federal courts of the U.S.

Most of our operations are conducted in Singapore and substantially all of our consolidated assets are located outside of the U.S. While we maintain an office in the U.S., and three of our independent directors are U.S. citizens, our executive officers, including our chief executive officer and chief financial officer, are nationals or residents of countries other than the United States, and all or a substantial portion of their assets are located outside the U.S. As a result, it may be difficult for investors to effect service of process within the U.S. upon us or these persons, or to enforce against us or them judgments obtained in U.S. courts, including judgments predicated upon the civil liability provisions of the U.S. federal securities laws or securities laws of any U.S. state.

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 under the federal securities laws of the United States or of any State of the United States. The address of our agent is 122 E. 42<sup>nd</sup> Street, 18<sup>th</sup> Floor, New York, New York 10168.

#### Cayman Islands
We have been advised by Mourant Ozannes (Cayman) LLP, our counsel as to Cayman Islands law, that it is uncertain whether the courts of the Cayman Islands will allow shareholders of our company to originate actions in the Cayman Islands based upon securities laws of the United States. In addition, there is uncertainty with regard to Cayman Islands law related to whether a judgment obtained from the U.S. courts under civil liability provisions of U.S. securities laws will be determined by the courts of the Cayman Islands as penal or punitive in nature. If such determination is made, the courts of the Cayman Islands will not recognize or enforce the judgment against a Cayman Islands company, such as our company. As the courts of the Cayman Islands have yet to rule on making such a determination in relation to judgments obtained from U.S. courts under civil liability provisions of U.S. securities laws, it is uncertain whether such judgments would be enforceable in the Cayman Islands. We have been further advised that although there is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, a judgment obtained in such jurisdiction will be recognized and enforced in the courts of the Cayman Islands at common law, without any re-examination of the merits of the underlying dispute, by an action commenced on the foreign judgment debt in the Grand Court of the Cayman Islands, provided such judgment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is given by a foreign court of competent jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) imposes on the judgment debtor a liability to pay a liquidated sum for which the judgment has been given;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is final;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is not in respect of taxes, a fine or a penalty; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) was not obtained in a manner and is not of a kind the enforcement of which is contrary to natural justice or the public policy of the Cayman Islands.

Mourant Ozannes (Cayman) LLP has informed us 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), a judgment in personam obtained in such jurisdiction will be recognized and enforced in the courts of the Cayman Islands at common law, without any re-examination of the merits of the underlying dispute, by an action commenced on the foreign judgment debt in the Grand Court of the Cayman Islands, provided such judgment (a) is given by a competent foreign court with jurisdiction to give the judgment, (b) imposes on the judgment debtor a liability to pay a liquidated sum for which the judgment has been given, (c) is final, (d) is not in respect of taxes, a fine or a penalty; and (e) was not obtained in a manner and is not of a kind the enforcement of which is contrary to natural justice or the public policy of the Cayman Islands. However, the Cayman Islands courts are unlikely to enforce a judgment obtained from the U.S. courts under

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civil liability provisions of the U.S. federal securities law if such judgment is determined by the courts of the Cayman Islands to give rise to obligations to make payments that are penal or punitive in nature. Because such a determination has not yet been made by a court of the Cayman Islands, it is uncertain whether such civil liability judgments from U.S. courts would be enforceable in the Cayman Islands.

#### Singapore
Morgan Lewis Stamford LLC, our counsel with respect to the laws of Singapore, has advised us that there is uncertainty as to whether the courts of Singapore would (i) recognize or enforce judgments of United States courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States or (ii) entertain original actions brought in Singapore against us or our directors or officers predicated upon the securities laws of the United States.

Morgan Lewis Stamford LLC has further advised us that in making a determination as to enforceability of a judgment of the courts of the United States, and subject to the Singapore courts having jurisdiction over the judgment debtor, the Singapore courts would have regard to whether the judgment was final and conclusive and on the merits of the case, given by a court of law of competent jurisdiction, and was expressed to be for a fixed sum of money. In general, an *in personam* foreign judgment that is final and conclusive (that is, in general, a judgment that makes a final determination of rights between the parties and cannot be re-opened or altered by the court that delivered it, or be overridden by another body not being an appellate or supervisory body, although it may be subject to an appeal), given by a competent court of law having jurisdiction over the parties subject to such judgment, and for a fixed and ascertainable sum of money, may be enforceable as a debt in the Singapore courts under common law unless procured by fraud, or the proceedings in which such judgments were obtained were not conducted in accordance with principles of natural justice, or the enforcement thereof would be contrary to public policy, or if the judgment would conflict with earlier judgment(s) from Singapore or earlier foreign judgment(s) recognized in Singapore, or if the judgment would amount to the direct or indirect enforcement of foreign penal, revenue or other public laws (save where any such component of the judgment can be duly severed from the rest of the judgment sought to be enforced). Civil liability provisions of the federal and state securities law of the United States permit the award of punitive damages against us, our directors and officers. Singapore courts would not recognize or enforce judgments against us, our directors and officers to the extent that doing so would amount to the direct or indirect enforcement of foreign penal, revenue or other public laws. It is uncertain as to whether a judgment of the courts of the United States under civil liability provisions of the federal securities law of the United States would be regarded by the Singapore courts as being pursuant to foreign, penal, revenue or other public laws.

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#### UNDERWRITING
In connection with this offering, we expect to enter into an underwriting agreement with Aegis Capital Corp. ("Aegis" or the "underwriter"), the underwriter named in this prospectus, with respect to the offering of the Class A Ordinary Shares described in this prospectus.

Subject to the terms and conditions of the underwriting agreement, we have agreed to sell to the underwriter, and the underwriter has agreed to purchase from us, at the initial public offering price less the underwriting discounts and commissions set forth on the cover page of this prospectus on a firm commitment basis, the number of Class A Ordinary Shares listed next to its name in the following table:

---

| | |
|:---|:---|
|  **Underwriter** | **Number of <br>Class A <br>Ordinary <br>Shares** |
|  Aegis Capital Corp. | [•] |
|  Total | [•] |

---

The underwriter is offering the shares subject to their acceptance of the shares from us and subject to prior sale. The underwriting agreement provides that the underwriter's obligation 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, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the representations and warranties made by us to the underwriter are true;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there is no material change in our business or the financial markets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we deliver customary closing documents to the underwriter.

The underwriter is obligated to take and pay for all of the shares offered by this prospectus if any such shares are taken. However, the underwriter is not required to take or pay for the shares covered by the underwriter's over-allotment option described below.

#### Discounts, Commissions and Reimbursement
The following table shows the public offering price, underwriting discount and proceeds, before expenses, to us. The information assumes either no exercise or full exercise by the underwriter of its over-allotment option.

---

| | | | |
|:---|:---|:---|:---|
|  | | **Total** | **Total** |
|  | **Per Class A <br>Ordinary <br>Share** | **No Exercise of<br> Over-Allotment<br> Option** | **Full Exercise of<br> Over-Allotment<br> Option** |
|  Initial public offering price | $| $| $|
|  Underwriting discounts and commissions (7%)<sup>(1)</sup> | $| $| $|
|  Non-accountable expense allowance (1%)<sup>(2)</sup> | $| $| $|
|  Proceeds, before expenses, to us | $| $| $|

---

____________

(1) We have agreed to pay the underwriting discounts of seven percent (7.0%) of the gross proceeds of this offering, at the closing of this offering, and each closing of the over-allotment option, if any. The fees do not include the expense reimbursement as described below.

(2) We have agreed to pay Aegis a non-accountable expense allowance equal to one percent (1.0%) of the gross proceeds of this offering.

We have also agreed to pay Aegis for all accountable actual out-of-pocket expenses relating to the offering, including but not limited to, (a) all filing fees and expenses relating to the registration of the Class A Ordinary Shares with the Commission; (b) all filing fees and expenses associated with the review of the offering of the Class A Ordinary Shares by FINRA; (c) all fees and expenses relating to the listing of the Company's equity or equity-linked securities on The Nasdaq Capital Market; (d) all fees, expenses and disbursements relating to the registration or qualification of the Class A Ordinary Shares under the "blue sky" securities laws of such states and other jurisdictions as Aegis may reasonably designate (including, without limitation, all filing and registration fees, and the reasonable fees and disbursements of the Company's "blue sky" counsel, which will be Aegis's counsel) unless such filings are not required

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in connection with the Company's proposed The Nasdaq Capital Market listing; (e) any fees for counsel to lead investors in this offering; (f) all fees, expenses and disbursements relating to the registration, qualification or exemption of the Securities under the securities laws of such foreign jurisdictions as Aegis may reasonably designate; (g) the costs of all mailing and printing of the offering documents; (h) transfer and/or stamp taxes, if any, payable upon the transfer of the Class A Ordinary Shares from the Company to Aegis; (i) the fees and expenses of the Company's accountants; and (j) up to $125,000 for reasonable legal fees and disbursements for Aegis's counsel. The total accountable actual out-of-pocket expenses shall not exceed $150,000 if the offering is completed by Aegis, or $100,000 if the offering is not completed by Aegis.

We estimate that the total expenses of this offering, including registration, filing and listing fees, printing fees and legal and accounting expenses, but excluding the underwriting discounts and commissions, will be approximately $[•].

#### Over-Allotment Option
We have granted to the underwriter a 45-day option following the closing of this offering to purchase up to an additional 15.0% of the total number of Class A Ordinary Shares to be offered by us in this offering at the initial public offering price less the underwriting discounts and commissions. The underwriter may exercise this option solely for the purpose of covering over-allotments, if any, in connection with this offering. To the extent the option is exercised, each underwriter must purchase a number of additional Class A Ordinary Shares approximately proportionate to such underwriter's initial purchase commitment. Any Class A Ordinary Shares issued or sold under the option will be issued and sold on the same terms and conditions as the other Class A Ordinary Shares that are the subject of this offering.

#### Discretionary Accounts
The underwriter does not intend to confirm sales of the securities offered hereby to any accounts over which it has discretionary authority.

#### Lock-Up Agreements
All of our directors, officers, employees, and principal stockholders (defined as owners of 5% who or that own any of our company's securities (including warrants, options, convertible securities, and ordinary shares of our company)) as of the effective date of prospectus shall agree in writing, in a form satisfactory to Aegis, not to offer, sell, transfer or otherwise dispose of, directly or indirectly, any such securities (or underlying securities) of our company for a period of one hundred eighty (180) days from the closing of this offering without the express written consent of Aegis, which consent may be given or withheld in the sole discretion of Aegis.

#### Underwriter's Warrants
We have agreed to issue to Aegis or its designees warrants to purchase up to a total of 5% of the aggregate number of Class A Ordinary Shares sold in this offering (excluding any shares sold pursuant to the over-allotment option). The warrants are exercisable at an exercise price equal to 125% of the public offering price of the Class A Ordinary Shares sold in this offering. The representative's warrants will be exercisable beginning six months from the date of the closing of the offering, and will terminate on the fifth anniversary of the commencement date of sales in this offering. The representative's warrants are not exercisable or convertible for more than five years from the commencement date of sales in this offering. The representative's warrants provide for customary anti-dilution provisions, a single demand registration right, and unlimited "piggyback" registration rights with respect to the registration of the Class A Ordinary Shares underlying the warrants, with a term of such demand and "piggyback" registration rights not to exceed five years and seven years from the commencement of sales in the offering, respectively, in accordance with FINRA Rule 5110(g). We will bear all fees and expenses attendant to registering the securities issuable on exercise of the warrants other than underwriting commissions incurred and payable by the holders. The representative's warrants and the Class A Ordinary Shares issuable upon exercise thereof are registered on the registration statement of which this prospectus forms a part.

The warrants have been deemed compensation by FINRA and are therefore subject to a 180-day lock-up pursuant to FINRA Rule 5110(e)(1). The underwriter, or its permitted assignees, will not sell, transfer, assign, pledge, or hypothecate these warrants or the securities underlying these warrants, nor will it engage in any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of the warrants or

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the underlying securities for a period of 180 days from effectiveness. The warrants may be exercised as to all or a lesser number of Class A Ordinary Shares and will provide for cashless exercise in the event there is not an effective registration statement for the underlying shares.

#### Company Standstill
We have agreed that without the prior written consent of the underwriter, we will not, for a period of one hundred eighty (180) days after the closing of this offering, subject to certain exceptions, (a) offer, sell, issue, or otherwise transfer or dispose of, directly or indirectly, any equity of our company or any securities convertible into or exercisable or exchangeable for equity of our company; (b) file or caused to be filed any registration statement with the SEC relating to the offering of any equity of our company or any securities convertible into or exercisable or exchangeable for equity of our company; or (c) enter into any agreement or announce the intention to effect any of the actions described in subsections (a) or (b) hereof.

#### Right of First Refusal
We have granted Aegis a right of first refusal for a period of 24 months from the closing of the offering to act as (i) sole book-runner, sole manager, sole placement agent or sole agent in the event we decide to finance or refinance any of our indebtedness and (ii) sole book-running manager, sole underwriter or sole placement agent in the event we decided to raise funds by means of a public offering (including an at-the-market offering) or a private placement or any other capital raising financing of equity, equity-linked or debt securities.

#### Indemnification
We have agreed to indemnify the underwriter against certain liabilities, including liabilities under the Securities Act and to contribute to payments the underwriter may be required to make in respect thereof.

#### Electronic Offer, Sale and Distribution of Ordinary Shares
A prospectus in electronic format may be made available on the websites maintained by one or more underwriters, or selling group members, if any, participating in the offering. The underwriters may agree to allocate a number of Class A Ordinary Shares to the underwriter and selling group members for sale to their online brokerage account holders. Internet distributions will be allocated by the underwriter and selling group members that may make Internet distributions on the same basis as other allocations.

#### Listing
We have applied to list our Class A Ordinary Shares for trading on the Nasdaq under the symbol "OTSA." We cannot guarantee that we will be successful in listing on the Nasdaq; however, we will not complete the offering unless we receive a conditional approval letter.

#### Stabilization

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if the underwriter is concerned that there may be downward pressure on the price of the Class A Ordinary Shares in the open market that could adversely affect investors who purchase in this offering. To the extent that the underwriter creates a naked short position, they will purchase Class A Ordinary Shares in the open market to cover the position.

The underwriter has advised us that, pursuant to Regulation M of the Securities Act, it may also engage in other activities that stabilize, maintain or otherwise affect the price of the Class A Ordinary Shares, including the imposition of penalty bids. This means that if the underwriter purchases Class A Ordinary Shares in the open market in stabilizing transactions or to cover short sales, the underwriter can require the syndicate member that sold those Class A Ordinary Shares as part of this offering to repay the underwriting discount received by them.

These activities may have the effect of raising or maintaining the market price of the Class A Ordinary Shares or preventing or retarding a decline in the market price of the Class A Ordinary Shares, and, as a result, the price of the Class A Ordinary Shares may be higher than the price that otherwise might exist in the open market. If the underwriter commences these activities, they may discontinue them at any time. The underwriter may carry out these transactions on The Nasdaq Capital Market, in the over-the-counter market or otherwise.

#### Pricing of the Offering
Prior to this offering, there has been no public market for our Class A Ordinary Shares. The initial public offering price will be determined by negotiations between us and the underwriter. In determining the initial public offering price, we and the underwriter expect to consider a number of factors including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the information set forth in this prospectus and otherwise available to the underwriter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our prospects and the history and prospects for the industry in which we compete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an assessment of our management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our prospects for future earnings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the general condition of the securities markets at the time of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the recent market prices of, and demand for, publicly traded securities of generally comparable companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other factors deemed relevant by the underwriter and us.

Neither we nor the underwriter can assure investors that an active trading market will develop for our Class A Ordinary Shares, or that the Class A Ordinary Shares will trade in the public market at or above the initial public offering price.

#### Other Relationships
The underwriter and certain of its affiliates may provide from time-to-time certain commercial banking, financial advisory, investment banking and other services for us and our affiliates in the ordinary course of their business, for which they may receive customary fees and commissions. However, we have not yet had, and have no present arrangements with any of the underwriter for any further services.

#### Selling Restrictions
No action may be taken in any jurisdiction other than the United States that would permit a public offering of the Class A Ordinary Shares or the possession, circulation or distribution of this prospectus in any jurisdiction where action for that purpose is required. Accordingly, the Class A Ordinary Shares may not be offered or sold, directly or indirectly, and neither the prospectus nor any other offering material or advertisements in connection with the Class A Ordinary Shares may be distributed or published in or from any country or jurisdiction except under circumstances that will result in compliance with any applicable laws, rules and regulations of any such country or jurisdiction.

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.

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#### Cayman Islands
No invitation, whether directly or indirectly, may be made to the public in the Cayman Islands to subscribe for the Class A Ordinary Shares. This prospectus does not constitute a public offer of the Class A Ordinary Shares, whether by way of sale or subscription, in the Cayman Islands. The underwriter has represented and agreed that they have not offered or sold, and will not offer or sell, directly or indirectly, any Class A Ordinary Shares to any member of the public in the Cayman Islands.

#### Hong Kong
No Class A Ordinary Shares have been, may be or will be offered or sold in Hong Kong, by means of any document. This document has not been and will not be registered with the Registrar of Companies in Hong Kong. Accordingly, this document may not be issued, circulated or distributed in Hong Kong, and the Class A Ordinary Shares may not be offered for subscription to members of the public in Hong Kong. Each person acquiring the Class A Ordinary Shares will be required, and is deemed by the acquisition of the Class A Ordinary Shares, to confirm that he is aware of the restriction on offers of the Class A Ordinary Shares described in this document and the relevant offering documents and that he is not acquiring, and has not been offered any Class A Ordinary Shares in circumstances that contravene any such restrictions.

#### Peoples' Republic of China
This prospectus may not be circulated or distributed in the PRC and the Class A Ordinary Shares may not be offered or sold, and will not offer or sell to any person for re-offering or resale directly or indirectly to any resident of the PRC except pursuant to applicable laws, rules and regulations of the PRC. For the purpose of this paragraph only, the PRC includes the special administrative regions of Hong Kong and Macau, but excludes Taiwan.

***Singapore***

This prospectus or any other offering material relating to the Class A Ordinary Shares has not been registered as a prospectus with the Monetary Authority of Singapore under the Securities and Futures Act, Chapter 289 of Singapore, or the SFA. Accordingly, (a) the Class A Ordinary Shares have not been, and will not be, offered or sold or made the subject of an invitation for subscription or purchase of such Class A Ordinary Shares in Singapore, and (b) this prospectus or any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the Class A Ordinary Shares have not been and will not be circulated or distributed, whether directly or indirectly, to the public or any member of the public in Singapore other than (i) to an institutional investor as specified in Section 274 of the SFA, (ii) to a relevant person (as defined in Section 275 of the SFA) and in accordance with the conditions specified in Section 275 of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

Where the Class A Ordinary Shares are subscribed or purchased under Section 275 of the SFA by a relevant person which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor, securities (as defined in Section 239(1) of the SFA) of that corporation or the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the Class A Ordinary Shares pursuant to an offer made under Section 275 of the SFA except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to an institutional investor or to a relevant person defined in Section 275(2) of the SFA, or to any person arising from an offer referred to in Section 275(1A) or Section 276(4)(i)(B) of the SFA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where no consideration is or will be given for the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) where the transfer is by operation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) as specified in Section 276(7) of SFA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) as specified in Regulation 32 of the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005 of Singapore.

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#### EXPENSES RELATING TO THIS OFFERING
Set forth below is an itemization of the total expenses, excluding underwriting discounts, that we expect to incur in connection with this offering. With the exception of the SEC registration fee, the Nasdaq listing fee and the FINRA filing fee, all amounts are estimates.

---

| | |
|:---|:---|
|  Securities and Exchange Commission Registration Fee | $[--] |
|  Nasdaq Capital Market Listing Fee | $[--] |
|  FINRA Filing Fee | $3087.50 |
|  Legal Fees and Expenses | $[--] |
|  Accounting Fees and Expenses | $[--] |
|  Printing and Engraving Expenses | $[--] |
|  Transfer Agent Expenses | $[--] |
|  Investor Relations Fee | $[--] |
|  Miscellaneous Expenses | $[--] |
|  **Total Expenses** | $**[--]** |

---

These expenses will be borne by us. Underwriting discounts will be borne by us in proportion to the numbers of Class A Ordinary Shares sold in the offering.

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

#### LEGAL MATTERS
The validity of the Class A Ordinary Shares offered hereby and certain legal matters as to Cayman Islands law will be passed upon for us by Mourant Ozannes (Cayman) LLP. Ortoli Rosenstadt LLP is acting as counsel to our company regarding U.S. securities law matters. Certain legal matters as to Singapore law will be passed upon for us by Morgan Lewis Stamford LLC. Sichenzia Ross Ference Carmel is acting as U.S. securities counsel for the underwriters in connection with this offering.

#### EXPERTS
The consolidated financial statements of Otsaw Limited and its Subsidiaries as of April 30, 2024 and April 30, 2023, and for the years then ended, appearing in this proxy statement/prospectus have been audited by Prager Metis CPAs, LLC, an independent registered public accounting firm, as stated in their report thereon (which report contains an explanatory paragraph describing conditions that raise substantial doubt about Otsaw Limited and Its Subsidiaries' ability to continue as a going concern as described in Note 2 to the financial statements) appearing elsewhere herein, and are included in reliance upon such report given on the authority of such firm as experts in accounting and auditing. Prager Metis CPAs, LLC has office at 401 Hackensack Avenue 4<sup>th</sup> Floor, Hackensack, NJ 07601. Their telephone number is (201) 342-7753.

#### DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION FOR <br>SECURITIES ACT LIABILITIES
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 forgoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

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

#### WHERE YOU CAN FIND MORE INFORMATION
We have filed with the SEC a registration statement on Form F-1, including relevant exhibits and schedules under the Securities Act, covering the Class A Ordinary Shares offered by this prospectus. You should refer to our registration statements and their exhibits and schedules if you would like to find out more about us and about the Class A Ordinary Shares. This prospectus summarizes the material provisions of contracts and other documents that we refer you to. Since the prospectus may not contain all the information that you may find important, you should review the full text of these documents.

Immediately upon the completion of this offering, we will be subject to periodic reporting and other informational requirements of the Exchange Act, as applicable to foreign private issuers. Accordingly, we will be required to file reports, including annual reports on Form 20-F, and other information with the SEC. As a foreign private issuer, we are exempt from the rules of the Exchange Act prescribing the furnishing and content of proxy statements to shareholders under the federal proxy rules contained in Sections 14(a), (b) and (c) of the Exchange Act, and our executive officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act.

You can request copies of these documents upon payment of a duplicating fee, by writing to the SEC. Please call the SEC at 1-800-SEC-0330 for further information on the operation of the public reference rooms. The SEC also maintains a website that contains reports, proxy statements and other information about issuers, such as us, who file electronically with the SEC. The address of that website is *http://www.sec.gov*. The information on that website is not a part of this prospectus.

No dealer, 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.

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

#### INDEX TO CONSOLIDATED FINANCIAL STATEMENTS<br>Otsaw Limited

---

| | |
|:---|:---|
|  | **Pages** |
|  **Audit Consolidated Financial Statements for the Years Ended April 30, 2024 and 2023** |  |
|  [Report of Independent Registered Public Accounting Firms — Prager Metis CPAs LLC <br>(PCAOB ID: 273)](#T500) | F-2 |
|  [Consolidated Statements of Financial Positions](#T501) | F-3 |
|  [Consolidated Statements of Loss and Other Comprehensive Loss](#T502) | F-4 |
|  [Consolidated Statements of Changes in Equity](#T503) | F-5 |
|  [Consolidated Statements of Cash Flows](#T504) | F-7 |
|  [Notes to the Consolidated Financial Statements](#T505) | F-8 |

---

---

| | |
|:---|:---|
|  **Unaudited Condensed Consolidated Financial Statements for the Six Months Ended October 31, 2024 and 2023** |  |
|  [Unaudited Condensed Consolidated Statements of Financial Positions](#T506) | F-43 |
|  [Unaudited Condensed Consolidated Statements of Loss and Other Comprehensive Loss](#T507) | F-44 |
|  [Unaudited Condensed Consolidated Statements of Changes in Equity](#T508) | F-45 |
|  [Unaudited Condensed Consolidated Statements of Cash Flows](#T509) | F-46 |
|  [Notes to the Unaudited Condensed Consolidated Financial Statements](#T510) | F-48 |

---

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

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Shareholders of Otsaw Limited

#### Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated statements of financial position of Otsaw Limited and its subsidiaries (the "Company") as of April 30, 2024 and 2023, and the related consolidated statements of loss and other comprehensive loss, changes in equity, and cash flows for the years ended April 30, 2024 and 2023, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of April 30, 2024 and 2023, and the results of its operations and its cash flows for the years ended April 30, 2024 and 2023, in conformity with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board.

#### Substantial Doubt about the Company's Ability to Continue as a Going Concern
The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As described in Note 2 to the consolidated financial statements, the Company has a net working capital deficiency of $10,012,865 and $12,701,025 respectively, as of April 30, 2024 and 2023. The Company also incurred a net loss before tax of $6,458,189 and net operating cash outflow of $2,304,590 for the year ended April 30, 2024, and needs to raise additional funds to sustain its operations. The Company has incurred recurring losses and has accumulated losses of $21,868,746 as of April 30, 2024. These conditions, among others, raise substantial doubt about the Company's ability to continue as a going concern. Management's plans concerning these matters are also described in Note 2. The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

#### Basis for Opinion
These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated 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 consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

---

| |
|:---|
|  */s/ Prager Metis CPAs LLC* |
|  We have served as the Company's auditor since 2022. |
|  Hackensack, New Jersey |

---

October 23, 2024, except for the effects of the matters discussed in Note 1 (Correction of Immaterial Misstatement), and Note 27 which are as of March 26, 2025.

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

#### OTSAW LIMITED AND ITS SUBSIDIARIES<br>CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **April 30, <br>2024** | **April 30, <br>2023** |
|  |  | **USD** | **USD** |
|  **ASSETS** |  |  |  |
|  **Non-current assets** |  |  |  |
|  Property, plant and equipment | 10 | 1217149 | 1592379 |
|  Intangible assets | 11 | 3326859 | 4028429 |
|  Trade and other receivables | 13 | 74746 | 92943 |
|  **Total non-current assets** |  | 4618754 | 5713751 |
|  **Current assets** |  |  |  |
|  Inventories | 12 | 205770 | 657504 |
|  Trade and other receivables | 13 | 1327996 | 1454729 |
|  Cash and cash equivalents | 14 | 30331 | 34982 |
|  **Total current assets** |  | 1564097 | 2147215 |
|  **TOTAL ASSETS** |  | 6182851 | 7860966 |
|  **EQUITY AND LIABILITIES** |  |  |  |
|  **Equity** |  |  |  |
|  Share Capital | 15 | 9862 | 1 |
|  Additional paid in Capital | 15 | 25985207 |  |
|  Common control reserve | 15 |  | 6353626 |
|  Stock option reserve |  | 22619 | 22619 |
|  Currency translation reserve | 17 | (12568) | (117704) |
|  Capital reserve | 17 | (9462751) | 1653247 |
|  Accumulated losses |  | (21868746) | (15573613) |
|  Total equity attributable to owners of the Company |  | (5326377) | (7661824) |
|  Non-controlling interests |  | (323352) | (291859) |
|  **Total Net capital deficiency** |  | (5649729) | (7953683) |
|  **Current liabilities** |  |  |  |
|  Trade and other payables | 18 | 4633840 | 3300432 |
|  Lease liabilities | 19 | 254306 | 306652 |
|  Loan from related parties | 20 | 6688816 | 11241156 |
|  **Total current liabilities** |  | 11576962 | 14848240 |
|  **Non-current liabilities** |  |  |  |
|  Trade and other payables | 18 |  | 523873 |
|  Lease liabilities | 19 | 255618 | 442536 |
|  **Total non-current liabilities** |  | 255618 | 966409 |
|  **Total liabilities** |  | 11832580 | 15814649 |
|  **TOTAL STOCKHOLDERS' EQUITY AND LIABILITIES** |  | 6182851 | 7860966 |

---

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

#### OTSAW LIMITED AND ITS SUBSIDIARIES<br> CONSOLIDATED STATEMENTS OF LOSS AND OTHER COMPREHENSIVE LOSS

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Year ended April 30,** | **Year ended April 30,** |
|  | **Notes** | **2024** | **2023** |
|  |  | **USD** | **USD** |
|  **Revenue** | **4** | 5288329 | 5111140 |
|  Cost of revenue |  | (3615387) | (3850184) |
|  **Gross profit** |  | 1672942 | 1260956 |
|  Other income | **5** | 366269 | 739323 |
|  Operating expenses |  | (7087285) | (8012521) |
| &nbsp;&nbsp;&nbsp; General and administration |  | (5183824) | (5301178) |
| &nbsp;&nbsp;&nbsp; Sales and marketing |  | (1030463) | (1495204) |
| &nbsp;&nbsp;&nbsp; Research and development |  | (872998) | (1216139) |
|  Operating loss |  | (5048074) | (6012242) |
|  Finance cost | **6** | (1410115) | (694769) |
|  **Loss before income tax** |  | (6458189) | (6707011) |
|  Income tax expenses | **8** | (71686) | (1656) |
|  **Loss for the financial year** |  | (6529875) | (6708667) |
|  **Other comprehensive income/(loss):** |  |  |  |
|  *Components of other comprehensive income that will be reclassified to profit or loss, net of taxation* |  |  |  |
|  Foreign currency translation reserve |  | 87549 | (178690) |
|  Total other comprehensive income/(loss), net of taxation |  | 87549 | (178690) |
|  **Total comprehensive loss for the financial year** |  | (6442326) | (6887357) |
|  **Loss attributable to:** |  |  |  |
|  Owners of the Company |  | (6295133) | (5898182) |
|  Non-controlling interests |  | (234742) | (810485) |
|  **Loss for the financial year** |  | (6529875) | (6708667) |
| &nbsp;&nbsp;&nbsp; **Total comprehensive loss attributable to:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Owners of the Company |  | (6189997) | (6055610) |
| &nbsp;&nbsp;&nbsp; Non-controlling interests |  | (252329) | (831747) |
|  **Total comprehensive loss for the financial year** |  | (6442326) | (6887357) |
|  **Loss per share** |  |  |  |
|  Basic and diluted | 9 | (0.07) | (589.82) |

---

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

#### OTSAW LIMITED AND ITS SUBSIDIARIES<br>CONSOLIDATED STATEMENTS OF CHANGE IN EQUITY<br> FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | | | | | | | | |
|  | **<br>Ordinary <br>shares<br>Shares** | **<br>Share <br>Capital <br>USD** | **<br>Common <br>Control <br>Reserve <br>USD** | **<br>Capital <br>Reserve <br>USD** | **<br>Share <br>Option <br>reserve <br>USD** | **<br>Currency <br>translation <br>reserve <br>USD** | **<br>Accumulated <br>losses<br>USD** | **Attributable <br>to owners <br>of the <br>Company <br>USD** | **<br>Non-<br>controlling <br>interest <br>USD** | **<br>Total <br>equity <br>USD** |
|  **Balance at April 30, 2022** | **10000** | **1** | **6353626** | **3456140** | **22619** | **39724** | (9675431) | **196679** | **532641** | **729320** |
|  Repurchase of ordinary shares by holding Company | **—** | **—** |  | (1802893) |  |  |  | **(1802893)** | 7247 | **(1795646)** |
|  **Total comprehensive loss for the financial year** | **—** | **—** | **—** |  |  | (157428) | (5898182) | **(6055610)** | (831747) | **(6887357)** |
|  Loss for the year | **—** | **—** | **—** |  |  |  | (5898182) | **(5898182)** | (810485) | **(6708667)** |
|  Translation reserve – other comprehensive loss | **—** | **—** | **—** |  |  | (157428) |  | **(157428)** | (21262) | **(178690)** |
|  **Balance at April 30, 2023** | **10000** | **1** | **6353626** | **1653247** | **22619** | **(117704)** | **(15573613)** | **(7661824)** | **(291859)** | **(7953683)** |

---

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

#### OTSAW LIMITED AND ITS SUBSIDIARIES

#### CONSOLIDATED STATEMENTS OF CHANGE IN EQUITY

#### FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024 — (Continued)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | | |  | | | | | |
|  | **Ordinary <br>Shares <br>Number** | **Share <br>Capital <br>USD** | **Additional <br>Paid in <br>Capital <br>USD** | **Common <br>Control <br>Reserve <br>USD** | **<br>Capital <br>Reserve <br>USD** | **Share <br>Option <br>reserve <br>USD** | **Currency <br>translation <br>reserve <br>USD** | **<br>Accumulated <br>losses <br>USD** | **Attributable <br>to owners of <br>the Company <br>USD** | **Non-<br>controlling <br>interest<br>USD** | **Total <br>equity <br>USD** |
|  **Balance at May 1, 2023** | **10000** | **1** | **—** | **6353626** | **1653247** | **22619** | **(117704)** | **(15573613)** | **(7661824)** | **(291859)** | **(7953683)** |
|  Common Control reserve |  |  | 6353626 | (6353626) |  |  |  |  | **—** |  | **—** |
|  Issuance of ordinary shares (share swap) | 94240000 | 9424 | 10885738 |  | (11115998) |  |  |  | **(220836)** | 220836 | **—** |
|  Issuance of ordinary shares (shareholders loan conversion) | 4373140 | 437 | 8745843 |  |  |  |  |  | **8746280** |  | **8746280** |
|  **Total comprehensive loss for the financial year** | **—** | **—** | **—** | **—** | **—** | **—** | 105136 | (6295133) | **(6189997)** | **(252329)** | **(6442326)** |
|  Loss for the year |  |  |  | **—** |  |  |  | (6295133) | **(6295133)** | (234742) | **(6529875)** |
|  Translation reserve, total other comprehensive income |  |  |  |  |  |  | 105136 |  | **105136** | (17587) | **87549** |
|  **Balance at April 30, 2024** | **98623140** | **9862** | **25985207** | **—** | **(9462751)** | **22619** | **(12568)** | **(21868746)** | **(5326377)** | **(323352)** | **(5649729)** |

---

The company has 1 Class B Ordinary Share issued. Class A Ordinary Shares and the Class B Ordinary Share rank pari passu with one another and have the same rights, preferences, privileges and restrictions, except Holders of Class A Ordinary Shares and Class B Ordinary Shares shall at all times vote together as one class on all resolutions submitted to a vote by the Members. At a general meeting, each Class A Ordinary Share shall entitle the holder thereof to one (1) vote on all matters subject to vote at general meetings of the Company, and each Class B Ordinary Share shall entitle the holder thereof to that number of votes equal to sixty (60) percent of the total number of Class A Ordinary Shares and Class B Ordinary Shares outstanding as at the record date for determining those Shareholders that are entitled to vote at the general meetings of the Company. Each Class A Ordinary Share shall confer upon the holder thereof the right to receive dividends as provided for in these Articles. Class B Ordinary Shares do not confer upon the holders thereof any rights to receive dividends. On a winding up of the Company, each Class A Ordinary Share shall confer upon the holder thereof the right to repayment of capital in accordance with these Articles and the right to participate in the profits or surplus assets of the Company in accordance with these Articles; and (b) each Class B Ordinary Share shall confer upon the holder thereof the right to repayment of capital in accordance with these Articles but shall confer no other right to participate in the profits or surplus assets of the Company.

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

#### OTSAW LIMITED AND ITS SUBSIDIARIES<br>CONSOLIDATED STATEMENTS OF CASH FLOWS<br>FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **2024** | **2023** |
|  |  | **USD** | **USD** |
|  **Operating activities** |  |  |  |
|  Loss before income tax |  | (6458189) | (6707011) |
|  **Adjustments for:** |  |  |  |
|  Amortization of intangible assets | **11** | 720406 | 850903 |
|  Intangible Asset written off |  | 37608 |  |
|  Depreciation on property, plant and equipment | **10** | 661992 | 639259 |
|  Loss on disposal of property, plant and equipment |  | 75887 |  |
|  Finance cost | **6** | 1410115 | 694769 |
|  Currency translation |  | 87549 | (178690) |
|  Provision for inventory obsolescence | **12** | 141424 | 837962 |
|  Inventory Written Off |  | 46865 |  |
|  Property, plant and equipment written off | **10** |  | 137142 |
|  |  | (3276343) | (3725666) |
|  **Working capital adjustments:** |  |  |  |
|  Inventories |  | 383107 | (318291) |
|  Trade and other receivables |  | 144931 | (489288) |
|  Trade and other payables |  | 761986 | 220023 |
|  **Cash used in operating activities** |  | (1986319) | (4313222) |
|  Interest paid |  | (246585) | (334434) |
|  Income tax – Other paid |  | (71686) | (1656) |
|  **Net cash used in operating activities** |  | (2304590) | (4649312) |
|  **Cashflow from investing activity** |  |  |  |
|  Purchase of property, plant and equipment (exclude ROU asset) |  | (371226) | (284900) |
|  Investment in intangible assets |  | (128916) | (27656) |
|  **Net cash used in investing activities** |  | (500142) | (312556) |
|  **Cashflow from financing activities** |  |  |  |
|  Other financial liability |  |  | (3069035) |
|  Proceed from related party loans |  | 3759733 | 8209416 |
|  Repayment of related party loans |  | (675110) |  |
|  Repurchase of ordinary shares by holding Company |  |  | (776769) |
|  Repayment of lease liabilities |  | (308116) | (269322) |
|  **Net cash flows generated from financing activities** |  | 2776507 | 4094290 |
|  Increase (decrease) in cash and cash equivalent during the year |  | (28225) | (867578) |
|  Foreign exchange impact on cash |  | 23574 | (177118) |
|  Cash and cash equivalents at beginning of financial year |  | 34982 | 1079678 |
|  **Cash and cash equivalents at end of financial year** |  | 30331 | 34982 |

---

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#### OTSAW LIMITED AND ITS SUBSIDIARIES<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
These notes form an integral part of and should be read in conjunction with the accompanying Consolidated financial statements.

1. Reporting entity

Otsaw Limited ("Otsaw" or the "Company"), was incorporated on 10 June 2022 in the Cayman Islands and is wholly owned by Ling, Ting Ming. Otsaw Digital Pte Ltd ("Otsaw Digital") is a private company incorporated on 4 May 2015 in the Republic of Singapore. Ling, Ting Ming is the founder and current CEO of Otsaw Digital. Otsaw acquired 100 percent interest in Otsaw Digital effective 3 May 2023.

Otsaw's acquisition of Otsaw Digital was facilitated through a share swap arrangement. Subsequent to the acquisition, Otsaw became the legal and beneficial owner of such Otsaw Digital shares and full control was acquired by Otsaw on this date.

The acquisition of control of Otsaw Digital by Otsaw is considered to be a transaction under common control as ultimately both entities were controlled by Ling, Ting Ming before and after the transaction. Therefore, the consolidated financial statements have been retrospectively recast to reflect Otsaw's controlling interest in Otsaw Digital for all periods presented. For the period prior to the incorporation of Otsaw, the consolidated financial statements reflect Ling, Ting Ming's controlling interest in Otsaw Digital, which he held through Arrarat Capital Pte Ltd, a personal holding company owned and controlled by Ling, Ting Ming with no other operations that does not form part of the consolidated group.

There is currently no specific guidance on accounting for common control transactions under International Financial Reporting Standards issued by the International Accounting Standards Board ("IFRS"). In the absence of specific guidance Otsaw elected to apply the "pooling of interests" method of accounting. Under "pooling of interests" the assets and liabilities of Otsaw Digital are carried over at their book values with no adjustment made for the acquisition price and prior periods are restated as if the common control transaction had occurred at the beginning of the earliest period presented.

These consolidated annual financial statements comprise Otsaw and its subsidiaries (collectively the "group" and individually "group companies"). The group is primarily involved in security, logistics and disinfection robot services, development of autonomous mobile robotic software and investment holding.

The consolidated financial statements of the Company for the financial year ended April 30, 2024 are authorised for issue by the Board of Directors on October 23, 2024.

#### Basis of measurement
The consolidated annual financial statements have been prepared on the historical cost basis with the exception of certain financial instruments which have been fair valued.

#### Functional and presentation currency
These consolidated annual financial statements are presented in United State Dollar (USD), which is the Group's presentation currency. The Group's functional currencies are Singapore Dollar (SGD), Euro (EUR) and United State Dollar (USD).

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#### OTSAW LIMITED AND ITS SUBSIDIARIES<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
1. Reporting entity (cont.)

#### Correction of Immaterial Misstatement
During the year ended April 30, 2024, the Company identified classification errors in the Consolidated Statement of Loss and Other Comprehensive Loss for the year ended April 30, 2023. Accordingly, the accompanying Consolidated Statement of Loss and Other Comprehensive Loss for the year ended April 30, 2023 has been corrected to conform with 2024 fiscal year presentation for better reflecting the function of the expenses, as presented in below table.

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| | | | |
|:---|:---|:---|:---|
|  **(In USD)** | **2023<br>Before<br>Reclassification** | **Reclassification** | **2023<br>After<br>Reclassification** |
|  Cost of revenue | 3683844 | 166340 | 3850184 |
|  Operating expenses |  |  |  |
| &nbsp;&nbsp;&nbsp; General and administration | 7045235 | (1744057) | 5301178 |
| &nbsp;&nbsp;&nbsp; Sales and marketing | 900032 | 595172 | 1495204 |
| &nbsp;&nbsp;&nbsp; Research and development | 233594 | 982545 | 1216139 |
|  Total Operating expenses | 8178861 | (166340) | 8012521 |

---

For the year ended April 30, 2023, (1) employment expenses of USD166,340 (salaries and social security benefits), relating to operations onsite staff cost, were reclassified from General and administration expense to Cost of revenue; (2) employment expenses of USD595,172 (salaries and social security benefits), relating to Sales and Marketing team, were reclassified from General and administration expense to Sales and marketing expense; and (3) employment expenses of USD982,545 (salaries and social security benefits), relating to Research and Development team, were reclassified from General and administration expense to Research and development expense.

The employment expenses were initially classified for the 2023 fiscal year based on individual employee's cost in respective cost centre without specific identification of their time spent on different functional activities they performed. Upon a further review of their time spent on different functional activities, these expenses are assessed to be more appropriate to be reclassified to the respective Cost Centre. The reclassifications are assessed necessary and better reflect their time spent on different functional activities.

The Company assessed the materiality of the misstatement quantitatively and qualitatively and has concluded that this is an immaterial misstatement as the correction of the classification errors is primarily reclassifications within operating expenses and/or between operating expenses and cost of revenue, and is not material to the consolidated financials taken as a whole for the year ended April 30, 2023. These reclassifications had no impact on Total operating loss and Net loss in the consolidated finance statements. In addition, there is no impact on the Consolidated Statements of Financial Position, Consolidated Statements of Change in Equity and Consolidated Statements of Cash Flows.

The Company analyzed and considered all relevant quantitative and qualitative factors and determined that the Consolidated Statement of Loss and Other Comprehensive Loss for the year ended April 30, 2023 should be corrected, even though such revision was assessed to be immaterial to the consolidated financial statements. Accordingly, the Company corrected its presentation of cost of revenue and each line item of operating expenses for the year ended April 30, 2023 within Consolidated Statement of Loss and Other Comprehensive Loss to reflect updated classifications of employment expenses based on functional activities that conform with 2024 fiscal year presentation.

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#### OTSAW LIMITED AND ITS SUBSIDIARIES<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
1. Reporting entity (cont.)

As of April 30, 2024, the Group's principal subsidiaries consist of the following:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Name of subsidiaries** | **Date and Country of <br>incorporation** | **Principal activities** | **Issued and fully <br>paid/registered <br>share capital** | **Proportion <br>of ownership <br>interest <br>(%)** | **Proportion <br>of ownership <br>interest <br>(%)** |
|  |  |  | **USD** | **2024** | **2023** |
|  Otsaw Digital Pte Ltd<sup>1</sup> | 4 May 2015, Singapore | Investment holding Company | 25995068 | 100 | 100 |
|  Otsaw Technology Solutions Pte. Ltd<sup>2</sup> | 23 Oct 2020, Singapore | Investment holding Company | 5190489 | 100 | 72.7 |
|  Otsaw Technology Pte. Ltd<sup>2</sup> | 26 Oct 2020, Singapore | Software development and manufacture of industrial robots | 1 | 100 | 72.7 |
|  OTSAW Digital Inc. | 15 Jul 2019, USA | Software development and regional sales office | 2000 | 100 | 100 |
|  Otsaw Swisslog Healthcare Robotics GMBH<sup>3</sup> | 14 Jun 2021, Germany | Manufacture of industrial robots including automated guided vehicles | 28170 | 93.3 | 72.7 |
|  Otsaw Swisslog Healthcare Robotics Pte Ltd<sup>3</sup> | 18 Nov 2021, Singapore | Manufacture of industrial robots including automated guided vehicles | 4610462 | 93.3 | 72.7 |
|  Otsaw Oya Technology Solutions Inc. | 31 Jan 2022, USA | Solar photovoltaic projects and robotics solutions | 10 | 60 | 60 |
|  Otsaw Logistic Pte. <br>Ltd.<sup>4</sup> | 18 Feb 2021, Singapore | Freight transport arrangement | 75398 |  | 72.7 |

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____________

1 On 3 May 2023, Otsaw Digital Pte Ltd became a 100% subsidiary of Otsaw Limited (note 1 — Reporting entity).

2 Otsaw Digital Pte Ltd executed a share swap for minority shareholders in subsidiary Otsaw Technology Solutions Pte Ltd, minority shareholders received shares in Otsaw Digital Pte Ltd and Otsaw Limited.

3 On November 16, 2023, Otsaw Swisslog Healthcare Robotics Pte Ltd converted SGD6,133,156 shareholders loan to share capital by issuing 10,000 additional shares to Otsaw Technologies Solutions Pte Ltd. Otsaw Technologies Solutions Pte Ltd effective ownership interest increased from 72.7% to 87% after the shareholder loan conversion. On January 11, 2024, Otsaw Technologies Solutions Pte Ltd increased it's shareholding in Otsaw Swisslog Healthcare Robotics Pte Ltd by 1,333 shares through the exercise of an option relating to the Swisslog asset acquisition on 1 December 2021. Cash payment of SGD451,000 was made for full consideration. Otsaw Technologies Solutions Pte Ltd effective ownership interest increased from 87% to 93.3% after exercise the purchase option.

4 On January 31, 2024 Otsaw Logistic Pte Ltd which was loss making and did not form part of Otsaw's core business was sold to Mr Ling, a related party, the founder and CEO of Otsaw for consideration of SGD1.

2. Summary of significant accounting policies

2.1 Basis of preparation

The Consolidated financial statements of the Group and the statement of financial position of the Company have been prepared in accordance with International Financial Reporting Standards (IFRS) under the historical cost convention, except as disclosed in the accounting policies below.

In the current year, the Company has adopted all the new and revised IFRSs that are relevant to its operations and effective for current financial year. The adoption of these new or revised IFRSs did not result in changes to the Company's accounting policies and has no material effect on the current or prior year's Consolidated financial statements and is not expected to have a material effect on future periods.

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2. Summary of significant accounting policies (cont.)

Standards issued but not yet effective

The Group will apply for the first-time certain standards and amendments, which are effective for annual periods beginning on or after May 1, 2024. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. Based on an initial assessment, the following new and amended standards are not expected to have a significant impact on the Group's consolidated financial statements.

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| | | |
|:---|:---|:---|
|  **IFRS** | **Title** | **Annual periods <br>beginning on/after** |
|  *Amendments to IFRS 10 and IAS 28* | *Sale or Contribution of Assets between an Investor and its Associate or Joint Venture* | *To be determined* |

---

The Group and the Company do not intend to early adopt any of the above new/revised standards, interpretations and amendments to the existing standards. Management anticipates that the adoption of the aforementioned revised/new standards will not have a material impact on the consolidated financial statements of the Group in the period of their initial adoption.

2.2 Going concern

The Consolidated financial statements of the Group and Company have been prepared on a going concern basis notwithstanding the net current liabilities of USD 10,012,865 and USD 12,701,025 respectively for the prior year. The Group also incurred a net loss before tax of USD 6,458,189 and net operating cash outflow of USD 2,304,590 for the financial year then ended. The Group has incurred recurring losses and has an accumulated losses of $21,868,746 as of April 30, 2024. These factors indicate the existence of a material uncertainty which may cast significant doubt over the Group's ability to continue as going concerns.

The ability of the Group to continue as going concern is dependent on the undertaking of its shareholder and CEO, Mr. Ting Ling Ming, to provide continuing financial support to enable the Group to meet their liabilities as and when they fall due.

2.3 Basis of consolidation

The Consolidated financial statements of the Group comprise the financial statements of the Company and its subsidiaries. Subsidiaries are entities (including structured entities) (i) over which the Group has power and the Group is (ii) able to use such power to (iii) affect its exposure, or rights, to variable returns from then through its involvement with them.

The Group reassesses whether it controls the subsidiaries if facts and circumstance indicate that there are changes to the one or more of the three elements of control.

When the Group has less than a majority of the voting rights of an investee, it still has power over the investee when the voting rights are sufficient, after considering all relevant facts and circumstances, to give it the practical ability to direct the relevant activities of the investee unilaterally. The Group considers, among others, the extent of its voting rights relative to the size and dispersion of holdings of the other vote holders, currently exercisable substantive potential voting rights held by all parties, rights arising from contractual arrangements and voting patterns at previous shareholders' meetings.

Subsidiaries are consolidated from the date on which control is transferred to the Group up to the effective date on which control ceases, as appropriate.

Intra-group assets and liabilities, equity, income, expenses and cashflows relating to intragroup transactions are eliminated on consolidation.

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2. Summary of significant accounting policies (cont.)

The financial statements of the subsidiaries used in the preparation of the Consolidated financial statements are prepared for the same reporting date as that of the Company. Where necessary, accounting policies of subsidiaries have been changed to ensure consistency with the policies adopted by the Group.

Non-controlling interests are identified separately from the Group's equity therein. On an acquisition-by-acquisition basis, non-controlling interests may be initially measured either at fair value or at their proportionate share of the fair value of the acquiree's identifiable net assets. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests' share of subsequent changes in equity.

Changes in the Group's interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. Any differences between the amount by which the non-controlling interests are adjusted to reflect the changes in the relative interests in the subsidiary and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the Company.

When the Group loses control over a subsidiary, the profit or loss on disposal is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling interests. Amounts previously recognised in other comprehensive income in relation to the subsidiary are accounted for (i.e. reclassified to profit or loss or transferred directly to accumulated profits) in the same manner as would be required if the relevant assets or liabilities were disposed of. The fair value of any investments retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under IFRS 9 Financial Instruments or, when applicable, the cost on initial recognition of an investment in an associate or jointly controlled entity.

2.4 Revenue recognition

The Group is principally in the business of manufacturing and leasing of autonomous mobile robot services and software. Revenue from contracts with its customers is measured based on the consideration to which the Group expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties. Revenue is recognised when the Group satisfies a performance obligation by transferring a promised good or service to the customer, which is when the customer obtains control of the good or service. A performance obligation may be satisfied at a point in time or over time. The Company's sales contracts could include single or multiple performance obligations, and these are discussed under each revenue model below. The amount of revenue recognised is the amount allocated to the satisfied performance obligation.

Customers may also purchase an additional year of warranty in conjunction with the initial purchase of products. This extended warranty is accounted for separately as a distinct performance obligation with a separate contract, with revenue recognized over the extended warranty period.

<u>Leasing of robots (Robot as a service, or "RaaS")</u>

Revenue from leasing of robot (RaaS) is a subscription-based model allowing customers to lease our robots for a fixed monthly fee, which includes maintenance and support services. Such sales contracts usually include single performance obligation, which is to provide our customer with the right to use our robots for the agreed-upon period, as specified in the lease contract. Subscription Renewal is automatic for a certain period of time, but the customer can opt not to renew by giving notice no less than 3 months before the expiration of the Initial Term of the contract. The lease can be terminated at any time either at the Company's or at the customer's discretion on a 3 months' notice. The Company considers renewal option in determining the lease term. Revenue from these subscriptions is recognized over time on a straight-line basis over the lease term, which typically ranges from 1 to 5 years.

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2. Summary of significant accounting policies (cont.)

In accordance with IFRS 16, our leasing of robots (RaaS) to customers is classified as an operating lease since control of the asset does not transfer to the customer. We retain ownership and responsibility for maintenance, while customers pay a recurring subscription fee. The leased RaaS robots are recorded as non-current assets on our consolidated balance sheet (included in the Property, plant and equipment), net of accumulated depreciation, while lease payments from customers are recognized as income over the lease period. The lease income of US$139,142 for the year ended April 30, 2024 comprises 8 robots leased to Singapore customers contributing to US$81,642 and 2 robots leased to USA customers contributing to US$57,500.

<u>Services and maintenance</u>

Services and maintenance relates to ongoing support, preventive and corrective maintenance, software updates, and training. Such sales contracts usually include single performance obligation, which is to deliver services to the customer. Renewal option is provided to customers and timing of renewal is at customers' discretion. Customers can opt to purchase a service and maintenance contract tailored to their requirements, offered at a fixed price without variable consideration. Revenue is recognized over time on a straight-line basis over the duration of the service contract, typically lasting an average of 5 years.

<u>Sales of robots and related IT products</u>

This includes the sale of autonomous mobile robots (AMRs) and related IT products, such as software and hardware components, including spare parts and services related to robot setup and commissioning. Such sales contracts may include single or multiple performance obligations. The single performance obligation is to deliver products or services to the customer. In cases whereby a contract includes multiple performance obligations (e.g., hardware sales bundled with a service contract on project basis), the multiple performance obligations include delivering Robots, delivering Batteries, Installation and Commissioning, User Acceptance Testing and Warranty support. We allocate the transaction price to each performance obligation based on its respective standalone selling price in accordance with IFRS 15. This ensures revenue is recognized appropriately when obligations are fulfilled.

<u>Contract assets and liabilities</u>

Contract Assets relates to Unbilled Revenue for which the corresponding maintenance service has been provided and cost has been incurred with revenue recognized but has not yet issued an invoice. These unbilled revenues are included under "Trade and other receivables" on the Consolidated Statements of Financial Position, amounting to $215,851 and $144,051 respectively for the years ended April 30, 2024 and 2023 (See Note 13).

Contract Liabilities related to Deposits Received from customers for which products or services have not been delivered. These customer deposits received are included under "Trade and other payables" on the Consolidated Statements of Financial Position, amounting to $731,708 and $140,648 respectively for the years ended April 30, 2024 and 2023 (See Note 18).

2.5 Borrowing costs

Borrowing costs are recognised in profit or loss in the period in which they are incurred.

2.6 Retirement benefit costs

Payments to defined contribution retirement benefit plans are charged as an expense as they fall due. Payments made to state-managed retirement benefit schemes, such as the Singapore Central Provident Fund, are dealt with as payments to defined contribution plans where the Group's obligations under the plans are equivalent to those arising in a defined contribution retirement benefit plan.

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2. Summary of significant accounting policies (cont.)

2.7 Employee leave entitlements

Employee entitlements to annual leave are recognised when they accrue to employees. A provision is made for the estimated liability for annual leave as a result of services rendered by employees up to the end of the financial year.

2.8 Employee Stock Ownership Plan

The Otsaw Share Option Plan 1 (the "Plan 1") for key management personnel and employees of the Group was approved by the shareholders on 22 May 2018. As part of the reorganisation of the group, the Otsaw Digital Pte Ltd employee stock ownership plan lapsed during the year. The Group is planning to set up a new plan in the future.

On 22 May 2018 (the "Date of Grant"), the Otsaw Digital Pte Ltd, granted 130,000 share options under the Plan 1 to its employees, an aggregate number of 60,000 share options has been granted to its employees subsequently on the grant date, 1 October 2019 and 1 July 2020 respectively. As of the financial year end, 0 Option Shares (unvested and unissued) remain outstanding.

On 29 December 2020, the Group has adopted the Share Options Plan 2 (the "Plan 2"), the Company has granted 20,000 share options under the Plan 2 to its employees. All options lapsed during the year.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Date of grant** | **Balance as at <br>1 May<br>2023** | **Granted** | **Exercised** | **Lapsed or <br>expired** | **Balance as at <br>30 April<br>2024** | **Exercise <br>price per <br>share<br>(S$)** |
|  22 May 2018 | 130000 |  |  | (130000) |  | 0.001 |
|  1 October 2019 | 20000 |  |  | (20000) |  | 0.001 |
|  1 July 2020 | 40000 |  |  | (40000) |  | 0.001 |
|  29 December 2020 | 20000 |  |  | (20000) |  | 25% FV\* |

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____________

\* 25% of the fair market value per share for a period of 3 months from the vesting date

2.9 Income tax

Income tax expense represents the sum of the tax currently payable and deferred tax.

Current income tax for current and prior periods is recognised at the amount expected to be paid to or recovered from the tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions, where appropriate, on the basis of amounts expected to be paid to the tax authorities.

Deferred income tax is recognised for all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements except when the deferred income tax arises from the initial recognition of an asset or liability in a transaction that is not a business combination and affects neither accounting nor taxable profit or loss at the time of the transaction.

A deferred income tax liability is recognised on temporary differences arising on investments in subsidiaries, except where the Group is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.

A deferred income tax asset is recognised to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and tax losses can be utilised.

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2. Summary of significant accounting policies (cont.)

The carrying amount of deferred tax assets is reviewed at the end of each financial year and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised based on the tax rates (and tax laws) that have been enacted or substantively enacted by the end of the financial year and based on the tax consequence that will follow from the manner in which the Group expects, at the end of the financial year, to recover or settle the carrying amounts of its assets and liabilities.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered

Current and deferred tax are recognised as an expense or income in profit or loss, except when they relate to items credited or debited directly to equity, in which case the tax is also recognised directly in equity, or where they arise from the initial accounting for a business combination. In the case of a business combination, the tax effect is taken into account in calculating goodwill or determining the excess of the acquirer's interest in the net fair value of the acquiree's identifiable assets, liabilities and contingent liabilities over cost.

2.10 Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses. The cost of property, plant and equipment includes its purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Dismantlement, removal or restoration costs are included as part of the cost of property, plant and equipment if the obligation for dismantlement, removal or restoration is incurred as a consequence of acquiring or using the property, plant and equipment.

Subsequent expenditure relating to property, plant and equipment is added to the carrying amount of the asset only when it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably. All other repair and maintenance expenses are recognised in profit or loss when incurred.

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, using the straight-line method, on the following bases:

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| | |
|:---|:---|
|  | **Useful lives** |
|  Furniture and fittings | 3 years |
|  Office equipment | 3 years |
|  Testing equipment and tools | 3 years |
|  Robotic software | 3 years |
|  Robotic hardware | 3 years |
|  Premises | 6 years |

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For right-of-use assets for which ownership of the underlying asset is not transferred to the Group by the end of the lease term, depreciation is charged over the lease term, using the straight-line method. The lease periods are disclosed in Note 19.

The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.

The estimated useful lives, residual values and depreciation methods are reviewed, and adjusted as appropriate, at the end of each financial year.

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2. Summary of significant accounting policies (cont.)

The gain or loss, being the difference between the sales proceeds and the carrying amount of the asset, arising on disposal or retirement of an item of property, plant and equipment is recognised in profit or loss.

Fully depreciated property, plant and equipment are retained in the Consolidated financial statements until they are no longer in use.

2.11 Intangible assets

<u>Internally generated intangible assets</u>

Expenditure from the research phase of an internal project to create an intangible asset is expensed in profit or loss when it is incurred. Where the research phase cannot be distinguished from the development phase of an internal project, the Group treats the expenditure on that project as if it were incurred in the research phase only.

An internally-generated intangible asset arising from development (or from the development phase of an internal project) is recognised, if, and only if, all the following have been demonstrated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the technical feasibility of completing the intangible asset so that it will be available for use or sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the intention to complete the intangible asset and use or sell it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to use or sell the intangible asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• how the intangible asset will generate probable future economic benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to measure reliably the expenditure attributable to the intangible asset during its development.

The amount initially recognised for internally-generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally-generated intangible asset can be recognised, development expenditure is charged to profit or loss in the period in which it is incurred.

Subsequent to initial recognition, internally-generated intangible assets are reported at cost less accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets acquired separately.

The amortisation charge is recognised in profit or loss and is assessed for impairment when there is an indication that the intangible asset may be impaired. The estimated amortisation period and amortisation methods are reviewed, and adjusted as appropriate, at the end of each financial year.

2.12 Impairment of non-financial assets

The Group reviews the carrying amounts of its non-financial assets as at each reporting date to assess for any indication of impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Irrespective of whether there is any indication of impairment, the Group also tests its intangible assets with indefinite useful lives and intangible assets not yet available for use for impairment annually by comparing their respective carrying amounts with their corresponding recoverable amounts.

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2. Summary of significant accounting policies (cont.)

The recoverable amount of an asset or cash-generating unit is the higher of its fair value less costs to sell and its value-in-use. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

An impairment loss for the amount by which the asset's carrying amount exceeds the recoverable amount is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

The Group recognises a financial asset or a financial liability in its statement of financial position when the Group becomes party to the contractual provisions of the instrument.

2.13 Financial instruments

<u>Financial assets</u>

<u>Initial recognition and measurement</u>

With the exception of trade receivables that do not contain a significant financing component or for which the Group applies a practical expedient, all financial assets are initially measured at fair value, plus transaction costs, except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value. Such trade receivables that do not contain a significant financing component or for which the Group applies a practical expedient are measured at transaction price as defined in IFRS 15 Revenue from Contracts with Customers in Note 2.4.

The classification of the financial assets at initial recognition as subsequently measured at amortised cost, fair value through other comprehensive income ("FVTOCI") and fair value through profit or loss ("FVTPL") depends on the Group's business model for managing the financial assets and the contractual cash flow characteristics of the financial asset.

The Group's business model refers to how the Group manages its financial assets in order to generate cash flows which determines whether cash flows will result from collecting contractual cash flows, selling financial assets or both.

The Group determines whether the asset's contractual cash flows are solely payments of principal and interest ("SPPI") on the principal amount outstanding to determine the classification of the financial assets.

<u>Financial assets at amortised cost</u>

A financial asset is subsequently measured at amortised cost if the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost include Trade and other receivables, cash and cash equivalents and unquoted corporate bonds.

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2. Summary of significant accounting policies (cont.)

Subsequent to initial recognition, the financial assets at amortised cost are measured using the effective interest method and is subject to impairment. Gains or losses are recognised in profit or loss when the asset is derecognised, modified or impaired.

<u>Effective interest method</u>

The effective interest method is a method of calculating the amortised cost of a financial instrument and allocating the interest income or expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts or payments (including all fees on points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial instrument, or where appropriate, a shorter period, to the net carrying amount of the financial instrument. Income and expense are recognised on an effective interest basis for debt instruments other than those financial instruments at fair value through profit or loss.

<u>Impairment of financial assets</u>

The Group recognises a loss allowance for expected credit losses ("ECL") on financial assets measured at amortised cost. At each reporting date, the Group assesses whether the credit risk on a financial asset has increased significantly since initial recognition by assessing the change in the risk of a default occurring over the expected life of the financial instrument. Where the financial asset is determined to have low credit risk at the reporting date, the Group assumes that the credit risk on a financial asset has not increased significantly since initial recognition.

The Group uses reasonable and supportable forward-looking information that is available without undue cost or effort as well as past due information when determining whether credit risk has increased significantly since initial recognition.

Where the credit risk on that financial instrument has increased significantly since initial recognition, the Group measures the loss allowance for a financial instrument at an amount equal to the lifetime ECL. Where the credit risk on that financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-month ECL.

The Group applies the simplified approach to recognise the ECL for trade receivables and contract assets, which is to measure the loss allowance at an amount equal to lifetime ECL. As a practical expedient, the Group uses an allowance matrix derived based on historical credit loss experience adjusted for current conditions and forecasts of future economic conditions for measuring ECL.

While they are not financial assets, contract assets arising from the Group's contracts with customers under IFRS 15 are assessed for impairment in accordance with IFRS 9, similar to that of trade receivables.

The amount of ECL or reversal thereof that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognised is recognised in profit or loss.

The Group directly reduces the gross carrying amount of a financial asset when the entity has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof.

For details on the Group's accounting policy for its impairment of financial assets, refer to Note 22.

<u>Derecognition of financial assets</u>

The Group derecognises a financial asset only when the contractual rights to the cash flows from the financial asset expire, or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership of the financial asset and continues to control the transferred asset, the Group recognises its retained interest in the asset and an

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2. Summary of significant accounting policies (cont.)

associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds receivables.

<u>**Financial liabilities and equity instruments**</u>

<u>Classification as debt or equity</u>

Financial liabilities and equity instruments issued by Group are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument.

<u>Equity instruments</u>

An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments are recorded at the proceeds received, net of direct issue costs.

*Ordinary share capital*

Ordinary share capital is classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options are recognised as a deduction from equity.

<u>Financial liabilities</u>

<u>Initial recognition and measurement</u>

All financial liabilities are initially measured at fair value, minus transaction costs, except for those financial liabilities classified as at fair value through profit or loss, which are initially measured at fair value.

Financial liabilities are classified as either financial liabilities at fair value through profit or loss or other financial liabilities.

Financial liabilities are classified as at fair value through profit or loss if the financial liability is either held for trading or it is designated as such upon initial recognition. Financial liabilities classified as at fair value through profit or loss comprise derivatives that are not designated or do not qualify for hedge accounting.

<u>Other financial liabilities</u>

*Trade and other payables*

Trade and other payables are initially measured at fair value, net of transaction costs, and are subsequently measured at amortised cost, where applicable, using the effective interest method, with interest expense recognised on an effective yield basis in finance costs. A gain or loss is recognised in profit or loss when the liability is derecognised and through the amortisation process.

<u>Derecognition of financial liabilities</u>

The Group derecognises financial liabilities when, and only when, the Group's obligations are discharged, cancelled or they expire.

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2. Summary of significant accounting policies (cont.)

2.14 Inventories

Inventories are stated at the lower of cost and net realisable value. Costs comprise direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Cost is calculated using the weighted average method. Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

2.15 Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and demand deposits, bank overdrafts and other short-term highly liquid investments which are readily convertible to known amounts of cash and are subject to insignificant risk of changes in value.

2.16 Leases

At inception of a contract, the Group assessed whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

Where a contract contains more than one lease component, the Group allocates the consideration in the contract to each lease component on the basis of the relative standalone price of the lease component. Where the contract contains non-lease components, the Group applied the practical expedient to not to separate non-lease components from lease components, and instead account for each lease component and any associated non-lease components as a single lease component.

The Group recognises a right-of-use asset and lease liability at the lease commencement date for all lease arrangement for which the Group is the lessee, except for leases which have lease term of 12 months or less and leases of low value assets for which the Group applied the recognition exemption allowed under IFRS 16 Leases. For these leases, the Group recognises the lease payment as an operating expense on a straight-line basis over the term of the lease.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, less any lease incentives received, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term. When the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option, the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property, plant and equipment. The right-of-use asset is also reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability, where applicable.

Right-of-use assets are presented within "property, plant and equipment".

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the lessee's incremental borrowing rate.

The Group generally uses the incremental borrowing rate as the discount rate. To determine the incremental borrowing rate, the Group obtains a reference rate and makes certain adjustments to reflect the terms of the lease and the asset leased.

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2. Summary of significant accounting policies (cont.)

The lease payments included in the measurement of the lease liability comprise the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fixed payments, including in-substance fixed payments less any lease incentive receivable,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amounts expected to be payable under a residual value guarantee,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the exercise price under a purchase option that the Group is reasonably certain to exercise, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payments of penalties for terminating the lease if the Group is reasonably certain to terminate early and lease payments for an optional renewal period if the Group is reasonably certain to exercise an extension option.

The lease liability is measured at amortised cost using the effective interest method. The Group remeasures the lease liability when there is a change in the lease term due to a change in assessment of whether it will exercise a termination or extension or purchase option or due to a change in future lease payment resulting from a change in an index or a rate used to determine those payment.

Where there is a remeasurement of the lease liability, a corresponding adjustment is made to the right-of-use asset or in profit or loss where there is a further reduction in the measurement of the lease liability and the carrying amount of the right-of-use asset has been reduced to zero.

2.17 Government grants

Government grants are recognised when there is reasonable assurance that the grant will be received and all attaching conditions will be complied with. Where the grant relates to an expense, the grant is recognised as income in profit or loss on a systematic basis over the periods in which the related costs, for which the grants are intended to compensate, is expensed. Where the grant relates to an asset, the grant is recognised as deferred capital grant on the statement of financial position and is amortised to profit or loss over the expected useful life of the relevant asset by equal annual instalment.

Non-monetary government grant is recognised at nominal amount.

2.18 Foreign currency transactions and translation

The Company's reporting currency is the U.S. dollar. The functional currencies of the Otsaw Group and its subsidiaries are their local currencies (Singapore dollar, U.S. dollar, Euro). The Company engages in foreign currency denominated transactions with customers and suppliers, as well as between subsidiaries with different functional currencies. Gains and losses resulting from transactions denominated in non-functional currencies are recognized in earnings.

At the end of the reporting period, assets and liabilities are translated into U.S. dollars using the exchange rate at the balance sheet date and revenue and expense accounts are translated at a weighted average exchange rate for the period or for the year then ended. Resulting translation adjustments are made directly to accumulated other comprehensive income.

Exchange differences arising on the settlement of monetary items or on translating monetary items at rates different from those at which they were translated on initial recognition during the period, or in previous consolidated financial statements, are recognized in profit or loss in the period in which they arise.

When a gain or loss on a non-monetary item is recognized to other comprehensive income and accumulated in equity, any exchange component of that gain or loss is recognized to other comprehensive income and accumulated in equity. When a gain or loss on a non-monetary item is recognized in profit or loss, any exchange component of that gain

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2. Summary of significant accounting policies (cont.)

or loss is recognized in profit or loss. Cash flows arising from transactions in a foreign currency are recorded in U.S. dollars by applying to the foreign currency amount the exchange rate between the U.S. dollar and the foreign currency at the date of the cash flow.

2.19 Dividends

Equity dividends are recognised as a liability when they become legally payable. Interim dividends are recorded in the financial year in which they are declared payable. Final dividends are recorded in the financial year in which dividends are approved by shareholders. A corresponding amount is recognised in equity.

2.20 Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker responsible for allocating resources and assessing performance of the operating segments.

3. Critical accounting judgements and key sources of estimation uncertainty

The Group made judgements, estimates and assumptions about the carrying amounts of assets and liabilities that were not readily apparent from other sources in the application of the Group's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors that are considered to be reasonable under the circumstances. Actual results may differ from the estimates.

3.1 Critical judgements made in applying the Group's accounting policies

Management is of the opinion that there are no critical judgements (other than those involving estimates) that have a significant effect on the amounts recognised in the financial statements.

3.2 Key sources of estimation uncertainty

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

#### Impairment of intangible assets
Intangible assets with finite useful lives are amortised on a straight-line basis over their estimated useful lives. The Management estimates the useful lives of intangible assets to be 2~10 years. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset is accounted for by changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The Company also tests its intangible assets not yet available for use for impairment annually by comparing their respective carrying amounts with their corresponding recoverable amounts. The carrying amount of the Group's and Company's intangible assets as at April 30, 2024 was USD 3,326,859 (2023: USD 4,028,429, refer to Note 11).

4. Revenue

Revenue consists of the following:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  | **USD** | **USD** |
|  **Revenue from contracts with customer** |  |  |
|  Service and maintenance | 4,195,079 | 3,964,964 |
|  Sales of robots | 954,108 | 902,492 |
|  Robotics as a service (RaaS) | 139,142 | 243,684 |
|  | 5,288,329 | 5,111,140 |

---

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**OTSAW LIMITED AND ITS SUBSIDIARIES<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024**

4. Revenue (cont.)

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  | **USD** | **USD** |
|  **Primary geographical markets** |  |  |
|  Asia Pacific | 2,954,960 | 2,850,835 |
|  Europe | 1,954,769 | 2,245,805 |
|  USA | 378,600 | 14,500 |
|  | 5,288,329 | 5,111,140 |

---

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  | **USD** | **USD** |
|  **Timing of revenue recognition** |  |  |
|  Product and services transferred at a point in time | 954,108 | 976,932 |
|  Leasing of robots and services transferred over-time | 4,334,221 | 4,134,208 |
|  | 5,288,329 | 5,111,140 |

---

5. Other income

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  | **USD** | **USD** |
|  Government grants | 142390 | 216034 |
|  Swisslog consideration adjustment | 259875 | 486468 |
|  Miscellaneous (expense)/income | (35996) | 36821 |
|  | 366269 | 739323 |

---

6. Finance cost

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  | **USD** | **USD** |
|  Lease liabilities | 44,006 | 28,503 |
|  Borrowings | 1,318,561 | 619,670 |
|  Others | 47,548 | 46,596 |
|  | 1,410,115 | 694,769 |

---

7. Loss before income tax

This is determined after charging the following:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  | **USD** | **USD** |
|  Amortisation of intangible assets (Note 11) | 720406 | 850903 |
|  Depreciation of property, plant and equipment (Note 10) | 661992 | 639259 |
|  Employee expense | 3527052 | 3712579 |
|  Property, plant and equipment written off |  | 137142 |
|  Bad debt written off | 13571 |  |
|  Intangible Asset written off | 37608 |  |
|  Inventory Written Off | 46865 |  |
|  Loss on disposal of property, plant and equipment | 16178 |  |

---

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**OTSAW LIMITED AND ITS SUBSIDIARIES<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024**

8. Income tax expense

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  | **USD** | **USD** |
|  Current year |  |  |
|  Other – Security transfer tax | 71,686 | 1,656 |

---

Reconciliation of effective tax rate is as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  | **USD** | **USD** |
|  Loss before income tax | (6458189) | (6707011) |
|  Tax benefit at income tax rate 17% | (1097892) | (1140192) |
|  Expenses not deductible for tax purposes | 566355 | 267569 |
|  Income not subjected to tax | (155997) |  |
|  Deferred tax assets not recognised | 813423 | 891777 |
|  Difference in tax rates applicable to subsidiary | (125889) | (19154) |
|  Security transfer tax | 71686 | 1656 |
|  | 71686 | 1656 |

---

The Company's main operating subsidiaries are incorporated in Singapore and accordingly are subject to an income tax rate of 17% (2023: 17%).

As at the reporting date, the Group has unutilised tax losses of USD 15,369,613 (2023: USD 10,584,770), available for offset against future profits. No deferred tax asset has been recognised due to the uncertainty in the availability of future taxable profit.

9. Earnings per share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i) Basic and dilutive earnings per share**

Basic earnings per share are calculated by dividing the net profit attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding during the financial year.

For the purpose of calculating diluted earnings per share, profit attributable to equity holders of the Company and the weighted average number of ordinary shares outstanding are adjusted for the effects of all dilutive potential ordinary shares. There are no potentially dilutive outstanding securities for the years ended April 30, 2024 and 2023.

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  | **USD** | **USD** |
|  Net loss attributable to equity holders of the Company | (6295133) | (5898182) |
|  Weighted average number of ordinary shares outstanding for basic and diluted earnings per share | 91384656 | 10000 |
|  Basic and diluted earnings/(loss) per share (USD per share) | (0.07) | (589.82) |

---

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#### OTSAW LIMITED AND ITS SUBSIDIARIES<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
10. Property, plant and equipment

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **USD** | **Right-of use-asset** | **Right-of use-asset** | **Owned assets** | **Owned assets** | **Owned assets** | **Owned assets** | **Owned assets** | **Owned assets** | **Owned assets** | **Owned assets** |
|  **Group** | **Premises** | **Office <br>equipment** | **Furniture <br>and <br>fittings** | **Office <br>equipment** | **Testing <br>equipment <br>and tools** | **Robotic <br>software** | **Robotic <br>hardware** | **Renovations** | **Research <br>and <br>development** | **Total** |
|  Cost At 1 May 2022 | 916146 | 2166 | 102693 | 283769 | 20586 | 152835 | 825957 | 256517 |  | 2560669 |
|  Additions | 304937 | 3964 | 15209 | 101807 |  |  | 169083 | 11307 |  | 606307 |
|  Disposal | (226483) |  |  |  |  |  | (23137) |  |  | (249620) |
|  Written off |  |  |  |  |  |  | (249754) |  |  | (249754) |
|  Reclassification |  |  |  |  |  |  | 179037 |  |  | 179037 |
|  Exchange difference | 31301 | 193 | 4334 | 14792 | 3516 | 5820 | 27094 | 10083 |  | 97133 |
|  At 30 April 2023 | 1025901 | 6323 | 122236 | 400368 | 24102 | 158655 | 928280 | 277907 |  | 2943772 |
|  Additions | 183245 |  | 8977 | 19177 |  |  | 43551 | 4724 | 294797 | 554471 |
|  Disposal | (319430) |  | (1163) | (39603) |  |  | (40959) | (80378) |  | (481533) |
|  Reclassification<sup>1</sup> |  |  |  |  |  |  | (197751) |  |  | (197751) |
|  Exchange difference | (29485) | (126) | (2420) | (10149) | (482) | (3170) | (22494) | (3947) | (3790) | (76063) |
|  At 30 April 2024 | **860231** | **6197** | **127630** | **369793** | **23620** | **155485** | **710627** | **198306** | **291007** | **2742896** |
|  **Accumulated depreciation** |  |  |  |  |  |  |  |  |  |  |
|  At 1 May 2022 | 175251 | 1925 | 22667 | 72937 | 6148 | 149170 | 357752 | 14561 |  | 800411 |
|  Depreciation | 281739 | 1565 | 33093 | 107640 | 6163 | 2365 | 116132 | 90562 |  | 639259 |
|  Disposal | (164950) |  |  |  |  |  | (10423) |  |  | (175373) |
|  Written off |  |  |  |  |  |  | (112612) |  |  | (112612) |
|  Reclassification |  |  |  |  |  |  | 124169 |  |  | 124169 |
|  Exchange difference | 7289 | 117 | 1784 | 5887 | 404 | 5746 | 51238 | 3074 |  | 75539 |
|  At 30 April 2023 | **299329** | **3607** | **57544** | **186464** | **12715** | **157281** | **526256** | **108197** |  | **1351393** |
|  Depreciation | 304664 | 1348 | 34918 | 107575 | 6227 | 1364 | 122703 | 83193 |  | 661992 |
|  Disposal | (213446) |  | (778) | (25041) |  |  | (14792) | (54568) |  | (308625) |
|  Reclassification<sup>1</sup> |  |  |  |  |  |  | (78089) |  |  | (78089) |
|  Exchange difference | (6560) | (89) | (1558) | (5125) | (334) | (3160) | (81851) | (2247) |  | (100924) |
|  At 30 April 2024 | **383987** | **4866** | **90126** | **263873** | **18608** | **155485** | **474227** | **134575** | **—** | **1525747** |
|  **Carrying amount** |  |  |  |  |  |  |  |  |  |  |
|  At 30 April 2024 | **476244** | **1331** | **37504** | **105920** | **5012** | **—** | **236400** | **63731** | **291007** | **1217149** |
|  At 30 April 2023 | 726572 | 2716 | 64692 | 213904 | 11387 | 1374 | 402024 | 169710 |  | 1592379 |

---

____________

1 Reclass to inventory

11. Intangible assets

Acquired Intangible Assets were as of follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Favourable <br>rights** | **Contract <br>backlogs** | **Customer <br>relationships** | **Intellectual <br>properties** | **Total** |
|  | **USD** | **USD** | **USD** | **USD** | **USD** |
|  **Cost** |  |  |  |  |  |
|  At 1 May 2022 | 370451 | 374896 | 3220681 | 947429 | 4913457 |
|  Exchange difference | 14107 | 14276 | 122647 | 36079 | 187109 |
|  At 30 April 2023 | 384558 | 389172 | 3343328 | 983508 | 5100566 |
|  Additions |  |  |  |  |  |
|  Exchange difference | (7684) | (7777) | (66808) | (19653) | (101922) |
|  At 30 April 2024 (Note 16) | 376874 | 381395 | 3276520 | 963855 | 4998644 |

---

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11. Intangible assets (cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Favourable <br>rights** | **Contract <br>backlogs** | **Customer <br>relationships** | **Intellectual <br>properties** | **Total** |
|  | **USD** | **USD** | **USD** | **USD** | **USD** |
|  **Accumulated amortisation** |  |  |  |  |  |
|  At 1 May 2022 | 51451 | 78103 | 134195 | 56395 | 320144 |
|  Amortisation | 124717 | 189320 | 325284 | 136699 | 776020 |
|  Exchange difference | 5429 | 8241 | 14159 | 5948 | 33777 |
|  At 30 April 2023 | 181597 | 275664 | 473638 | 199042 | 1129941 |
|  Amortisation | 127263 | 112692 | 331927 | 139490 | 711372 |
|  Exchange difference | (5267) | (6961) | (13739) | (5774) | (31741) |
|  At 30 April 2024 | 303593 | 381395 | 791826 | 332758 | 1809572 |
|  **Carrying amount** |  |  |  |  |  |
|  At 30 April 2024 | **73281** | **—** | **2484694** | **631097** | **3189072** |
|  At 30 April 2023 | 202961 | 113508 | 2869690 | 784466 | 3970625 |

---

The Group's acquired intangible assets are from Swisslog assets acquisition (note 16).

Internally developed intangible assets were as of follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Development <br>Cost** | **Computer <br>Software/Licence** | **Total** |
|  | **USD** | **USD** | **USD** |
|  **Cost** |  |  |  |
|  At 1 May 2022 | **1903942** | **23830** | **1927772** |
|  Additions | 27656 |  | 27656 |
|  Reclass to Property, Plant and Equipment | (179037) |  | (179037) |
|  Exchange difference | 73272 | 908 | 74180 |
|  At 30 April 2023 | **1825833** | **24738** | **1850571** |
|  Additions | 1825 | 127091 | 128916 |
|  Write off | (37608) |  | (37608) |
|  Exchange difference | (23975) | (2128) | (26103) |
|  At 30 April 2024 | **1766075** | **149701** | **1915776** |
|  **Accumulated amortisation and impairment** |  |  |  |
|  At 1 May 2022 | **1738639** | **23830** | **1762469** |
|  Amortisation | 74883 |  | 74883 |
|  Reclass to Property, Plant and Equipment | (124169) |  | (124169) |
|  Exchange difference | 78676 | 908 | 79584 |
|  At 30 April 2023 | **1768029** | **24738** | **1792767** |
|  Amortisation | 9034 |  | 9034 |
|  Exchange difference | (23318) | (494) | (23812) |
|  At 30 April 2024 | **1753745** | **24244** | **1777989** |
|  **Carrying amount** |  |  |  |
|  At 30 April 2024 | **12330** | **125457** | **137787** |
|  At 30 April 2023 | **57804** | **—** | **57804** |

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11. Intangible assets (cont.)

The Group's internally developed intangible assets mainly pertain to development costs of new robots and the related software.

---

| | | | |
|:---|:---|:---|:---|
|  **Carrying amount** | **Internally <br>developed** | **Acquired** | **Total** |
|  | **USD** | **USD** | **USD** |
|  At 30 April 2024 | **137787** | **3189072** | **3326859** |
|  At 30 April 2023 | 57804 | 3970625 | 4028429 |

---

12. Inventories

Inventories at 30 April consist of the following:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  | **USD** | **USD** |
|  Components | 422254 | 612733 |
|  Finished goods | 762902 | 882733 |
|  Provision for Inventory obsolescence – Components | (216601) |  |
|  – Finished goods | (762785) | (837962) |
|  | 205770 | 657504 |

---

13. Trade and other receivables

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  | **USD** | **USD** |
|  Trade receivables: |  |  |
| &nbsp;&nbsp;&nbsp; – Third parties | 386572 | 946422 |
| &nbsp;&nbsp;&nbsp; – Related parties | 280675 | 213932 |
|  Contract assets (Unbilled revenue) | 215851 | 144051 |
|  | 883098 | 1304405 |
|  Other receivables | 46428 | 56603 |
|  Prepayments | 340655 | 63481 |
|  Deposits | 132561 | 123183 |
|  | 519644 | 243267 |
|  Total trade and other receivables | 1402742 | 1547672 |
|  Less: non-current portion | (74746) | (92943) |
|  Current portion | 1327996 | 1454729 |

---

Trade receivables are non-interest bearing and are generally on 30 days (2023: 30 days) terms. They are recognised at their original invoice amounts which represent their fair values on initial recognition. Trade receivables are denominated in Singapore dollar, Euro and United State dollar.

Other receivables are unsecured, interest-free, and not expected to be repaid within the next twelve months.

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14. Cash and cash equivalents

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  | **USD** | **USD** |
|  Cash at banks | 30,331 | 30,677 |
|  Cash on hand |  | 463 |
|  Fixed deposits |  | 3,842 |
|  | 30,331 | 34,982 |

---

Cash and cash equivalents are denominated in the following currencies:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  | **USD** | **USD** |
|  Singapore dollar | 28,610 | 15,945 |
|  United States dollar | 916 | 16,240 |
|  Euro | 805 | 2,797 |
|  | 30,331 | 34,982 |

---

15. Share capital

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of Shares** | **Number of Shares** | **USD** | **USD** |
|  | **2024** | **2023** | **2024** | **2023** |
|  Class A Ordinary shares | 98,623,140 | 10,000 | 25,995,069 | 1 |

---

The company has authorized 499,999,999 Class A Ordinary Shares of par value US$0.0001 per share and 1 Class B Ordinary Share of par value US$0.0001.

The holders of the Class A Ordinary Shares are entitled to receive dividends as declared from time to time.

In May 2023, the Company did a share split, the sole issued and outstanding ordinary share in the Company of par value US$1.00 was subdivided into 10,000 ordinary shares of par value US$0.0001 per share; and the Company redesignation the sole and outstanding ordinary share in the Company to 10,000 ordinary shares of par value US$0.0001 per share following the Share Split (the Initial Shares) be re-designated as 10,000 Class A Ordinary Shares (the redesignation); and

Authorised share capital of the Company was increased from US$1.00, divided into 10,000 Class A Ordinary Shares of par value US$0.0001 per share, to US$50,000, divided into 499,999,999 Class A Ordinary Shares of par value US$0.0001 per share and 1 Class B Ordinary Share of par value US$0.0001 by the creation of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 499,989,999 new Class A Ordinary Shares of par value US$0.0001 per share, each having the rights set forth in the Amended and Restated M&A and ranking pari passu for all purposes and identical in all respects with the existing Class A Ordinary Shares of par value US$0.0001 per share in the capital of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 1 new Class B Ordinary Share of par value US$0.0001 per share, having the rights set forth in the Amended and Restated M&A.

In May 2023, the Company issued 94,240,000 Class A Ordinary Shares to the shareholders of Otsaw Digital Pte Ltd as part of the group restructuring. After this restructuring, Otsaw Digital was 100% owned by the Company.

In January 2024, the Company issued 4,373,140 Class A ordinary shares as part of a USD8,746,280 loan to share capital conversion (note 20).

The holders of the Class A Ordinary Shares and the Class B Ordinary Share rank pari passu with one another and have the same rights, preferences, privileges and restrictions, except holders of Class A Ordinary Shares and Class B Ordinary Shares shall at all times vote together as one class on all resolutions submitted to a vote by the Members. At a general meeting, each Class A Ordinary Share shall entitle the holder thereof to one (1) vote on all matters subject

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15. Share capital (cont.)

to vote at general meetings of the Company, and each Class B Ordinary Share shall entitle the holder thereof to that number of votes equal to sixty (60) percent of the total number of Class A Ordinary Shares and Class B Ordinary Shares outstanding as at the record date for determining those Shareholders that are entitled to vote at the general meetings of the Company.

16. Otsaw-Swisslog Healthcare Joint Venture

In November 2021, Otsaw Technology Solutions Pte. Ltd. ("Otsaw Technology") and Swisslog Healthcare Holding AG ("Swisslog Healthcare") entered into a series of agreements to establish the Otsaw-Swisslog JV. Swisslog Healthcare, headquartered in Switzerland, is a leading global provider of hospital automated intralogistics solutions. Swisslog Healthcare is a highly regarded provider of AGV solutions, in the business of developing, manufacturing and selling AGVs as well as providing maintenance services under service contracts. Swisslog carries out its AGV business in several countries and their customers are mainly hospitals and contractors engaged by hospitals.

Since the establishment of the Otsaw-Swisslog JV, Otsaw has been responsible for developing the next-generation of TransCar solutions worldwide. Otsaw has taken over further development of the TransCar's navigation technology to upgrade the existing TransCar platform with our autonomous navigation competencies and core software technologies. The next-generation Transcar 5.0 is designed as a seamless drop-in replacement for the previous TransCar, originally developed and deployed by Swisslog Healthcare. This allows Otsaw to deploy our AMR into hospitals without requiring any infrastructure changes, ensuring a low entry barrier for adoption.

We believe we have been able to leverage Swisslog Healthcare's product development expertise and existing sales/service footprint through the Otsaw-Swisslog JV. The Otsaw-Swisslog JV accelerated Otsaw's penetration into the global healthcare market while minimizing execution risk and optimizing capital allocation. Through the joint venture, Otsaw has benefitted from Swisslog Healthcare's longstanding relationships and goodwill with many of our target customers in healthcare globally, providing Otsaw with an immediate customer base, market access and entry channels to the healthcare market in Europe and APAC. This has enabled us to cross sell our AMR platforms (the O-R3 and Camello<sup>+</sup>) and UV-C LED disinfection solutions (TReX, AirGuard, and O-RX), in synergy with the TransCar system, utilizing Swisslog Healthcare's global marketing channels. Ultimately, we expect the Otsaw-Swisslog JV to continue delivering efficient, cost-effective and reliable AI-enabled facilities management solutions for hospitals and the healthcare industry, covering hospital intralogistics, security, housekeeping and disinfection.

*Key Arrangement of the Otsaw-Swisslog JV*

The Otsaw-Swisslog JV was owned 40% by Swisslog Healthcare and 60% by Otsaw Technology Solutions Pte Ltd. when the JV was set up. The shareholding by Otsaw Technology Solutions Pte Ltd was subsequently increased to 73.33% on January 12, 2023, 86.66% on November 16, 2023, 93.3% on January 11, 2024, and 100% on January 20, 2025. The respective rights of Swisslog Healthcare and Otsaw Technology Solutions Pte Ltd in respect of the Otsaw-Swisslog JV are set forth in the: 1) shareholders agreement dated November 30, 2021 (as amended on November 30, 2023) entered into between (i) Otsaw Technology Solutions Pte Ltd; (ii) Swisslog Healthcare; and (iii) Otsaw-Swisslog JV (the "Shareholders Agreement"); 2) the master asset sale agreement dated November 16, 2021 entered into between (i) Swisslog Healthcare; (ii) Otsaw Technology Solutions Pte Ltd; and (iii) Otsaw Digital Pte. Ltd (the "Master Asset Sale Agreement") and 3) the umbrella agreement dated November 30, 2024 entered into between (i) Otsaw Limited, (ii) Otsaw Digital Pte. Ltd., (iii) Otsaw Technology Solutions Pte. Ltd., (iv) Swisslog Healthcare Holding AG and (v) Otsaw Swisslog Healthcare Robotics Pte. Ltd. Those agreements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Allow the Otsaw-Swisslog JV to identify the specific assets to be acquired from Swisslog Healthcare;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mandate the Otsaw-Swisslog JV to continue to develop and market the TransCar system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Govern the management mechanisms of the Otsaw-Swisslog JV;

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16. Otsaw-Swisslog Healthcare Joint Venture (cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Grant the Otsaw Swisslog JV the royalty free right to use the Swisslog Healthcare brand name; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Include put and call options regarding the membership interests in the Otsaw-Swisslog JV, as well as other customary provisions related to transfers of such interests.

*Asset Transfer and Acquisition*

Under the Master Asset Sale Agreement, Otsaw-Swisslog JV has acquired: 1) the existing customer services and maintenance contracts of the TransCar systems installed in Singapore, Germany, Italy, Netherlands, Norway and Switzerland; and 2) advance payments, claims, books and records in relation to the TransCar systems in Singapore, Germany, Italy, Netherlands, Norway and Switzerland. As consideration, Swisslog Healthcare received S$1.5 million in cash, 36,613 ordinary shares in Otsaw Technology Solutions Pte Ltd. and a 40% ownership in the Otsaw-Swisslog JV. Upon completion of the group reorganization on May 25, 2023, Swisslog Healthcare became a minority shareholder in Otsaw Limited.

*IP and Technology Transfer*

Under the Master Asset Sale Agreement, the Otsaw-Swisslog JV and Otsaw were given the right to acquire and have acquired the intellectual property rights relating to the TransCar systems and the process know-how relating to their manufacturing and maintenance. This includes: (i) knowledge transfer of the codebase/code documentation, (ii) operation training, and (iii) documents relating to the manufacture, operation, and enhancement of the TransCar system. Furthermore, Swisslog Healthcare is obligated to assist in the transfer of know-how in relation to the design, function and maintenance of the TransCar system to the Otsaw-Swisslog JV and Otsaw.

*Service and Maintenance* 

Mandated by the Shareholders Agreement, and pursuant to the Master Asset Sale Agreement, the Otsaw-Swisslog JV entered into service agreements on December 1, 2021 with (i) Swisslog Healthcare GmbH; and (ii) Swisslog Healthcare Asia Pacific Pte. Ltd. respectively, for a term of 1 year with the option to renew these service agreements for up to two successive periods of 1 year each (subject to 3 or 6 months prior written notice, as applicable). These agreements have since been terminated on 31 December 2022 and the existing customer services and maintenance contracts acquired by the Otsaw-Swisslog JV under the Master Asset Sale Agreement have been novated to the Otsaw-Swisslog JV. However, we have not novated the contracts with our customers in Italy, which mainly comprises Italian hospitals. We have instead appointed Swisslog Healthcare ltaly S.P.A. SU as our agent, given the stringent local qualifications and experience required for a company to serve Italian hospitals. The Otsaw-Swisslog JV is therefore responsible for fulfilling the obligations under the existing customer services and maintenance contracts except in Italy, where Swisslog Healthcare Italy S.P.A. SU handles these responsibilities.

*Royalty* 

For as long as Swisslog Healthcare is a shareholder, the Otsaw-Swisslog JV will have the right to use the Swisslog Healthcare brand name royalty free. As at January 20, 2025, following the exercise of options relating to the Swisslog asset acquisition, Otsaw Swisslog Healthcare Robotics Pte. Ltd. is 100% owned by Otsaw Technology Solutions Pte. Ltd. The Otsaw-Swisslog JV no longer uses the Swisslog Healthcare brand name, and there are therefore no royalties payable.

*Put and Call Options* 

Under the Shareholders Agreement, Otsaw grants Swisslog Healthcare the put option and Swisslog grants Otsaw the call option to acquire Swisslog Healthcare's 40% interest in the Otsaw-Swisslog JV, in three tranches comprising of 1,333 shares per tranche exercisable on the 1st, 2nd and 3rd anniversary from November 30, 2022, at a strike price of SGD 800,000 per tranche. The put option gives Swisslog Healthcare the right to require Otsaw to purchase Swisslog

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16. Otsaw-Swisslog Healthcare Joint Venture (cont.)

Healthcare's 40% interest in the Otsaw-Swisslog JV pursuant to the put and call arrangement. The call option gives Otsaw the right to purchase Swisslog Healthcare's interest in the Otsaw-Swisslog JV pursuant to the put and call arrangement. As at January 20, 2025, following the exercise of options relating to the Swisslog asset acquisition, Otsaw Swisslog Healthcare Robotics Pte. Ltd. is 100% owned by Otsaw Technology Solutions Pte. Ltd., which is headquartered and incorporated in Singapore.

*Accounting of the Acquisition of Assets*

In November 2021, as a result of the above Otsaw-Swisslog JV arrangement, Otsaw Technology Solutions Pte Ltd recorded Intangible Assets that were acquired from Swisslog Healthcare. Total purchase consideration was USD 5,031,632. It consists of cash USD 1,077,281 (S$1.5 million), 36,613 ordinary share of Otsaw Technology Solutions Pte Ltd USD 2,238,590, ordinary share of Otsaw Swisslog Healthcare Robotics Pte Ltd USD 2,889 and deferred consideration USD1,594,699 (a 40% ownership).

In January 2023, a deferred consideration payment of USD 97,002 and a consideration adjustment of USD486,468 were made due to revenue targets not met, resulting in recognising other income of the said amount.

In January 2024, a deferred consideration payment of USD 335,648 and a consideration adjustment of USD 259,875 were made due to revenue targets not met, resulting in recognising other income of the said amount.

The carrying amount of the acquired intangible assets as at April 30, 2024 was USD 3,189,072 (2023: USD 3,970,625).

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  | **USD** | **USD** |
|  Favourable rights | 73281 | 202961 |
|  Contract backlogs |  | 113508 |
|  Customer relationships | 2484694 | 2869690 |
|  Intellectual property | 631097 | 784466 |
|  Total (Note 11) | 3189072 | 3970625 |

---

17. Other reserves

<u><u>Currency translation reserve</u></u>

The currency translation reserve comprises foreign exchange differences arising from the translation of the financial statements of foreign operations whose functional currencies are different from the presentation currency of the Group.

<u><u>Capital reserve</u></u>

The capital reserve comprises Issuance of ordinary shares by a subsidiary, and contributed surplus and the repurchase of shares in subsidiary from minority interest shareholders.

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18. Trade and other payables

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  | **USD** | **USD** |
|  Trade payables – Third Parties | 884321 | 797864 |
| &nbsp;&nbsp;&nbsp; – Related Parties<sup>(1)</sup> | 354939 | 419468 |
|  Other payables – Third Parties | 285626 | 204063 |
| &nbsp;&nbsp;&nbsp; – Related Parties<sup>(2)</sup> | 560339 | 1308032 |
|  Amount due to a director | 400000 | 400000 |
|  Amounts due to related parties | 499 | 509 |
|  Contract liabilities (Deposits received) | 731708 | 140648 |
|  Accruals | 1363658 | 495234 |
|  Provision for unutilised leave | 52750 | 58487 |
|  Total trade and other payables | 4633840 | 3824305 |
|  Less: non-current portion |  | (523873) |
|  Current portion | 4633840 | 3300432 |

---

____________

(1) Purchases from the related parties Activ Technology Pte Ltd, Swisslog Healthcare AG Branch Germany, Swisslog Healthcare AG Branch Netherlands and Swisslog Healthcare GmbH.

(2) Deferred consideration with Swisslog Healthcare Holding AG for the acquisition of Swisslog assets acquisition.

Amounts due to related parties, and director are interest free, unsecured, repayable upon demand, and to be settled in cash.

Related parties are entities with common direct or indirect shareholder and/or director or management. It is related party if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operating decisions.

Trade payables and other payables are denominated in the following currencies:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  | **USD** | **USD** |
|  Singapore dollars | 2,971,361 | 1,530,025 |
|  United States dollars | 742,359 | 982,946 |
|  Euro | 920,120 | 1,311,334 |
|  | 4,633,840 | 3,824,305 |

---

19. The Group as a lessee

The Group head office leases office premise in Singapore under a 3-year lease arrangement and office equipment under a 3-year lease agreement. In Germany, the Group leases office premises under a 53-month lease agreement. In US, the Group leases office premises under a 37-month lease agreement. Lease payments are made in advance at the beginning of each month during the term of tenancy.

<u>Extension options</u>

The Group has lease contracts with extension options exercisable up to 3 years before the end of the non-cancellable contract period. These extension options are exercisable by the Group and not by the lessors. The extension options are used by the Group to provide operation flexibility in terms of managing the assets used in the Group's operation.

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19. The Group as a lessee (cont.)

<u>Recognition exemptions</u>

The Group has certain office equipment and office premises with lease terms of 12 months or less. For such leases, the Group has elected not to recognise right-of-use assets and lease liabilities.

(a) Right-of-use assets

The carrying amount of right-of-use assets by class of underlying asset classified within property, plant and equipment are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Premises** | **Office <br>equipment** | **Total** |
|  | **USD** | **USD** | **USD** |
|  **<u>Group and Company</u>** |  |  |  |
|  At 1 May 2022 | 740895 | 242 | 741137 |
|  Additions | 304937 | 3964 | 308901 |
|  Disposal | (61533) |  | (61533) |
|  Depreciation | (281739) | (1565) | (283304) |
|  Exchange difference | 24012 | 75 | 24087 |
|  At 30 April 2023 | 726572 | 2716 | 729288 |
|  Additions | 183245 |  | 183245 |
|  Disposal | (105984) |  | (105984) |
|  Depreciation | (304664) | (1348) | (306012) |
|  Exchange difference | (22925) | (37) | (22962) |
|  **At 30 April 2024** | **476244** | **1331** | **477575** |

---

The total cash outflow for leases during the financial year ended April 30, 2024 is USD 308,116 (2023: USD 269,322).

(b) Lease liabilities

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  | **USD** | **USD** |
|  Lease liabilities – non-current | 255,618 | 442,536 |
|  Lease liabilities – current | 254,306 | 306,652 |
|  | 509,924 | 749,188 |

---

The Group's aggregated lease maturities as of April 30, 2024 as follow:

---

| | | |
|:---|:---|:---|
|  **Year** | **Operating <br>leases** | **Operating <br>leases** |
|  | **USD** |  |
| 2025 |  | 275137 |
| 2026 |  | 149590 |
| 2027 |  | 99260 |
| 2028 |  | 20527 |
|  **Total minimum lease payments** |  | **544514** |
|  Less: Imputed interest |  | (34590) |
|  Total lease liability |  | **509924** |

---

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19. The Group as a lessee (cont.)

(c) Amounts recognised in profit or loss

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  | **USD** | **USD** |
|  Interest expense on lease liabilities | 44,006 | 28,503 |

---

20. Loan from related parties

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  | **USD** | **USD** |
|  Loan from related parties | 411,665 | 9,459,541 |
|  Director | 6,277,151 | 1,781,615 |
|  | 6,688,816 | 11,241,156 |

---

Director loans bears interest at 12% per annum from 1 May 2023, previous to this the interest rate was 6% per annum.

In the prior year, the Company obtained funds from Ararrat Capital Pte. Ltd., a company owned by director. The loan is unsecured, bears interest at 6% per annum and repayable on demand.

During the year, USD8,746,280 related party loans were converted to share capital (Note 15).

21. Significant related party transactions

A related party is defined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A person or a close member of that person's family is related to the Group and Company if that person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Has control or joint control over the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Has significant influence over the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Is a member of the key management personnel of the Company or of a parent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An entity is related to the Group and the Company if any of the following conditions applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The entity and the Company are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a Company of which the other entity is a member);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Both entities are joint ventures of the same third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) One entity is a joint venture of a third entity and the other entity is an associate of the third entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The entity is a post-employment benefit plan for the benefit of employees of either the Company or an entity related to the Company. If the Company is itself such a plan, the sponsoring employers are also related to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The entity is controlled or jointly controlled by a person identified in (a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) A person identified in (a) (i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The entity, or any member of a group of which it is a part, provides key management personnel services to the reporting entity or to the parent of the reporting entity.

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21. Significant related party transactions (cont.)

The effect of the Group's and Company's transactions and arrangements with related parties is reflected in these consolidated financial statements. The balances are unsecured, interest-free and repayable on demand unless otherwise stated. In addition to the transactions and balances disclosed elsewhere in the consolidated financial statements, the Group had the following significant related party transactions and balances during the reporting period:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year** | **Sales to related <br>parties<sup>(1)</sup>** | **Purchases from <br>related parties<sup>(2)</sup>** | **Amount due <br>from related <br>parties\*** | **Amount due to <br>related parties\*** |
|  Swisslog | **2024** | **25882** | **89361** | **279551** | **266755** |
|  | 2023 | 102110 | 1094195 | 211920 | 305182 |
|  Others | **2024** | **782** | **62772** | **1124** | **88683** |
|  | 2023 | 1910 | 59596 | 2012 | 114795 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year** | **Interest** | **Amount due <br>to related <br>parties\*\*** | **Others** |
|  Shareholder | **2024** | **1,188,624** | **6,471,060** | **400,000** |
|  | 2023 | 340,886 | 11,053,749 | 400,000 |
|  Others | **2024** | **129,937** | **217,756** | **—** |
|  | 2023 |  | 187,407 | **—** |
|  Swisslog | **2024** | **47,547** | **—** | **1,181,900** |
|  | 2023 | 46,596 |  | 1,308,032 |

---

____________

\* The amounts are classified as trade receivables and trade payables, respectively. (Notes 13 & 18).

\*\* The amounts are total outstanding interest and principal. (Note 20)

(1) During the year, Otsaw Group sold goods and services to Swisslog Healthcare AG Branch Italy, Swisslog Healthcare AG Branch Netherlands, Swisslog UK, SAS Swisslog France and Activ Technology Group.

(2) During the year, Otsaw Group purchased goods and services from Activ Technology Pte Ltd, Swisslog Healthcare GmbH, Swisslog Healthcare AG Branch Germany, Swisslog Healthcare AG Branch Netherlands, Meyzer Management Advisory Pte Ltd and SG Networks Pte Ltd.

Swisslog Healthcare AG holds 6.7% shareholding of Otsaw Swisslog Healthcare Robotics Pte Ltd and 0.6% shareholding of Otsaw Limited. Therefore, Swisslog Healthcare AG Branch Italy, Swisslog Healthcare AG Branch Netherlands, Swisslog Healthcare AG Branch Germany, Swisslog Healthcare GmbH, Swisslog UK, SAS Swisslog France and Swisslog Healthcare Asia Pacific Pte Ltd are the related party of Otsaw Group.

Director and CEO of Otsaw Limited is the director and shareholder of Activ Technology (S.H) Limited, Activ Technology (H.K.) Limited, Activ Technology Pte Ltd, SG Networks Pte Ltd and Ararrat Capital Pte Ltd.

Meyzer Management Advisory Pte Ltd and Meyzer Business Advisory Pte Ltd are owned by one of the directors.

Serial System International Pte Ltd holds 15.7% shareholding of Otsaw Limited. Serial System International Pte Ltd, Asian Prosperity Singapore Pte Ltd and Serial Microelectronics Pte Ltd are the group of companies held by Serial Ltd. Therefore, Asian Prosperity Singapore Pte Ltd and Serial Microelectronics Pte Ltd are the related parties of Otsaw Group.

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21. Significant related party transactions (cont.)

#### Compensation of directors and key management personnel
The remuneration of directors and other members of key management during the financial year was as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  | **USD** | **USD** |
|  Short-term employee benefits | 196849 | 205673 |
|  Post-employment benefits | 9666 | 8927 |
|  Total | 206515 | 214600 |

---

22. Financial instruments and financial risks

The Group's activities expose it to credit risk, market risks (including foreign currency risk) and liquidity risk. The Group's overall risk management strategy seeks to minimise adverse effects from the volatility of financial markets on the Group's financial performance.

The Board of Directors is responsible for setting the objectives and underlying principles of financial risk management for the Group. The management then establishes the detailed policies such as authority levels, oversight responsibilities, risk identification and measurement, exposure limits and hedging strategies, in accordance with the objectives and underlying principles approved by the Board of Directors.

There have been no changes to the Group's exposure to these financial risks or the manner in which it manages and measures the risk. Market risk exposures are measured using sensitivity analysis indicated below.

#### Credit risk
Credit risk refers to the risk that the counterparty will default on its contractual obligations resulting in a loss to the Group. The Group has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral where appropriate, as a means of mitigating the risk of financial loss from defaults.

The Group's credit risk arises from bank balances, trade and other receivables, other debt instruments carried at amortised cost as well as contract assets. Bank balances are mainly deposits with banks with high credit-ratings assigned by international credit rating agencies and the Group does not expect the impairment loss from bank balances to be material, if any.

To assess and manage its credit risk, the Group categorises the aforementioned financial assets and contract assets according to their risk of default. The Group defines default to have taken place when internal or/and external information indicates that the financial asset is unlikely to be received, which could include a breach of debt covenant, and/or where contractual payments are 90 days past due as per IFRS 9's presumption.

In their assessment, the management considers, amongst other factors, the latest relevant credit ratings from reputable external rating agencies where available and deemed appropriate, historical credit experiences, latest available financial information and latest applicable credit reputation of the debtor.

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#### OTSAW LIMITED AND ITS SUBSIDIARIES<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
22. Financial instruments and financial risks (cont.)

The Group's internal credit risk grading categories are as follows:

---

| | | |
|:---|:---|:---|
|  **Category** | **Description** | **Basis of recognising ECL** |
| 1 | Low credit risk<sup>Note 1</sup> | 12-months ECL |
| 2 | Non-significant increase in credit risk since initial recognition and financial asset is ≤ 30 days past due | 12-months ECL |
| 3 | Significant increase in credit risk since initial recognition<sup>Note 2</sup> or financial asset is > 30 days past due | Lifetime ECL |
| 4 | Evidence indicates that financial asset is credit-impairedNote<sup>3</sup> | Difference between financial asset's gross carrying amount and present value of estimated future cash flows discounted at the financial asset's original effective interest rate |
| 5 | Evidence indicates that the management has no reasonable expectations of recovering the write off amount<sup>Note 4</sup> | Written off |

---

Note 1. Low credit risk

The financial asset is determined to have low credit risk if the financial assets have a low risk of default, the counterparty has a strong capacity to meet its contractual cash flow obligations in the near term and adverse changes in economic and business conditions in the longer term may, but will not necessarily, reduce the ability of the counterparty to fulfil its contractual cash flow obligations. Generally, this is the case when the Group assesses and determines that the debtor has been, is in and is highly likely to be, in the foreseeable future and during the (contractual) term of the financial asset, in a financial position that will allow the debtor to settle the financial asset as and when it falls due.

Note 2. Significant increase in credit risk

In assessing whether the credit risk of the financial asset has increased significantly since initial recognition, the Group compares the risk of default occurring on the financial asset as of reporting date with the risk of default occurring on the financial asset as of date of initial recognition, and considered reasonable and supportable information, that is available without undue cost or effort, that is indicative of significant increases in credit risk since initial recognition.

In assessing the significance of the change in the risk of default, the Group considers both past due (i.e. whether it is more than 30 days past due) and forward looking quantitative and qualitative information.

Forward looking information includes the assessment of the latest performance and financial position of the debtor, adjusted for the Group's future outlook of the industry in which the debtor operates based on independently obtained information (e.g. expert reports, analyst's reports etc.) and the most recent news or market talks about the debtor, as applicable. In its assessment, the Group will generally, for example, assess whether the deterioration of the financial performance and/or financial position, adverse change in the economic environment (country and industry in which the debtor operates), deterioration of credit risk of the debtor, etc. is in line with its expectation as of the date of initial recognition of the financial asset. Irrespective of the outcome of the above assessment, the Group presumes that the credit risk on a financial asset has increased significantly since initial recognition when contract payments are >30 days past due, unless the Group has reasonable and supportable information that demonstrates otherwise.

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

22. Financial instruments and financial risks (cont.)

Note 3. Credit impaired

In determining whether financial assets are credit-impaired, the Group assesses whether one or more events that have a detrimental impact on the estimated future cashflows of the financial asset have occurred. Evidence that a financial asset is credit impaired includes the following observable data:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant financial difficulty of the debtor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Breach of contract, such as a default or being more than 90 days past due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is becoming probable that the debtor will enter bankruptcy or other financial reorganisation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The disappearance of an active market for the financial asset because of financial difficulties.

Note 4. Write off

Generally, the Group writes off, partially or fully, the financial asset when it assesses that there is no realistic prospect of recovery of the amount as evidenced by, for example, the debtor's lack of assets or income sources that could generate sufficient cashflows to repay the amounts subjected to the write-off.

The Group performs ongoing credit evaluation of its counterparties' financial condition and generally does not require collateral.

The Group do not have any significant credit exposure to any single counterparty or any groups of counterparties having similar characteristics other than the geographical location of their operations.

As at the end of the financial year, 66% (2023: 27%) of the trade receivable is concentrated in Singapore. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the statements of financial position.

<u>Trade receivables (Note 13)</u>

The Group uses the practical expedient under IFRS 9 in the form of allowance matrix to measure the ECL for trade receivables, where the loss allowance is equal to lifetime ECL.

The ECL for trade receivables are estimated using an allowance matrix by reference to the historical credit loss experience of the customers for the last 3 years prior to the respective reporting dates for various customer groups that are assessed by geographical locations, product types and internal ratings, adjusted for forward looking factors specific to the debtors and the economic environment which could affect the ability of the debtors to settle the financial assets. In considering the impact of the economic environment on the ECL rates, the Group assesses, for example, the gross domestic production growth rates of the country and the growth rates of the major industries which its customers operate in.

Trade receivables are written off when there is evidence to indicate that the customer is in severe financial difficulty such as being under liquidation or bankruptcy and there is no reasonable expectation for recovering the outstanding balances.

No expected loss allowance is provided on the Group's trade receivables as at 30 April, 2024 as all trade receivables of the Group are within the credit period according to the terms agreed with the customers.

<u>Other receivables (Note 13)</u>

As of April 30, 2024, the Group recorded other receivables of USD 519,644 (2023: USD 243,267). The Group assessed the loss allowance of these amounts on a 12-month ECL basis consequent to their assessment. In its assessment of the credit risk of the subsidiaries, the Group considered amongst other factors, the financial position of the subsidiaries

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

22. Financial instruments and financial risks (cont.)

as of April 30, 2024, the past financial performance and cashflow trends, adjusted for the outlook of the industry and economy in which the subsidiaries operate in. Using 12-month ECL, the Group recognised an allowance loss of USD Nil (2023: USD Nil) for other receivables.

#### Market risks
The Group's activities expose it primarily to the financial risks of changes in foreign currency exchange rates. The objective of market risk management is to manage and control market risk exposures within acceptance parameters, while optimising the return on risk.

<u>Foreign currency risk</u>

The Group is exposed to foreign currency risk on certain income, expenses, monetary assets, mainly cash and cash equivalents, and liabilities that are denominated in currencies other than the functional currencies of the respective entities in the Group. As at the reporting date, the Group does not have significant foreign currency risk exposure except for the financial assets denominated in Euro and United States dollar.

The carrying amounts of the Group's foreign currency denominated monetary assets and monetary liabilities as at the end of the financial year are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
|  | **2024** | **2023** | **2024** | **2023** |
|  | **USD** | **USD** | **USD** | **USD** |
|  Euro | 210822 | 812695 | (517031) | (456112) |
|  United States dollar | 23218 | 4407 | (2652552) | (9490334) |

---

*Foreign currency sensitivity analysis*

The following table details the sensitivity to a 5% (2023: 5%) increase or decrease in the relevant foreign currencies against the functional currency of each Group entity. 5% (2023: 5%) is the sensitivity rate representing management's assessment of the possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 5% (2023: 5%) change in foreign currency rates.

If the relevant foreign currency strengthens by 5% (2023: 5%) against the functional currency of each Group entity, profit or loss will increase or (decrease) by:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **United States dollar impact** | **United States dollar impact** | **Euro dollar impact** | **Euro dollar impact** |
|  | **2024** | **2023** | **2024** | **2023** |
|  | **USD** | **USD** | **USD** | **USD** |
|  <u>Group</u> |  |  |  |  |
|  (Loss) or profit | (131467) | (474296) | (15310) | 17829 |

---

<u>Interest rate risk</u>

Interest rate is the risk that the value of a financial instrument will fluctuate due to changes in market interest rates.

The Group is not exposed to significant interest rate risk as it has no significant interest-bearing financial assets and liabilities at the reporting date.

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

#### OTSAW LIMITED AND ITS SUBSIDIARIES<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
22. Financial instruments and financial risks (cont.)

#### Liquidity risk
Liquidity risk refers to the risk in which the Group encounters difficulties in meeting its short-term obligations. Liquidity risk is managed by matching the payment and receipt cycles. The Group monitors its liquidity risk and maintains a level of cash and bank balances deemed adequate by management to finance the Group's operations and mitigate the effects of fluctuations in cash flows.

The table below summarises the maturity profile of the Group's financial assets and liabilities at the reporting date based on contractual undiscounted repayment obligations:

---

| | | | |
|:---|:---|:---|:---|
|  | **Less than <br>1 year** | **2 to 5<br> years** | **Total** |
|  **<u>Group</u>** | **USD** | **USD** | **USD** |
|  **<u>Undiscounted financial assets</u>** |  |  |  |
|  Cash and cash equivalents | 30331 |  | 30331 |
|  Trade receivables and other receivable (excluding prepayments) | 987341 | 74746 | 1062087 |
|  **As at 30 April, 2024** | 1017672 | 74746 | 1092418 |
|  Cash and cash equivalents | 34982 |  | 34982 |
|  Trade receivables and other receivable (excluding prepayments) | 1391248 | 92943 | 1484191 |
|  **As at 30 April, 2023** | 1426230 | 92943 | 1519173 |
|  **<u>Undiscounted financial liabilities</u>** |  |  |  |
|  Trade and other payables (excluding deferred grant income and provision for unutilised leave) | 4581090 |  | 4581090 |
|  Lease liabilities | 254306 | 255618 | 509924 |
|  **As at 30 April, 2024** | 4835396 | 255618 | 5091014 |
|  Trade and other payables (excluding deferred grant income and provision for unutilised leave) | 3241945 | 523873 | 3765818 |
|  Lease liabilities | 306652 | 442536 | 749188 |
|  **As at 30 April, 2023** | 3548597 | 966409 | 4515006 |
|  **– At 30 April, 2024** | (3817724) | (180872) | (3998596) |
|  **– At 30 April, 2023** | (2122367) | (873466) | (2995833) |

---

<u>Financial instruments by category</u>

The following table summarises the carrying amounts of financial assets and liabilities recorded at the end of the year:

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **2024** | **2023** |
|  |  | **USD** | **USD** |
|  ***Financial assets at amortised cost*** |  |  |  |
|  Trade receivables and other receivables | 13 | 1327996 | 1454729 |
|  Cash and cash equivalents | 14 | 30331 | 34982 |
|  |  | 1358327 | 1489711 |
|  ***Financial liabilities at amortised cost*** |  |  |  |
|  Trade and other payables | 18 | 4633840 | 3824305 |
|  Lease liabilities | 19 | 509924 | 749188 |
|  |  | 5143764 | 4573493 |

---

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

#### OTSAW LIMITED AND ITS SUBSIDIARIES<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
23. Fair value of assets and liabilities

Except as disclosed in the respective notes, the carrying amounts of cash and cash equivalents, trade and other receivables and payables, approximate their fair values due to their short term maturities.

24. Capital management

The primary objective of the Group's capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholders value.

The Group manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. No changes were made in the objectives, policies or processes during the financial year ended April 30, 2024.

The Group are not subject to any externally imposed capital requirement for the financial year ended April 30, 2024.

25. Development of COVID-19 outbreak and its impact on the Group

COVID-19 outbreak has brought about an unprecedented challenge for many entities, with increased uncertainty in the global economy. As the situation is still evolving, the full effect of the outbreak is still uncertain and the Group is therefore unable to provide a quantitative estimate of the potential impact of this outbreak on the Group. The Group continues to monitor and evaluate any possible impact on the Group´s business and will consider implementation of various measures to mitigate the effects arising from the COVID-19 situation. Based on management's latest assessment, there is no indicator that the going concern assumption used by the Group in preparing the financial statements is inappropriate.

26. Segment information

The group has 2 reportable segments, as described below, which are the Group's strategic business units. The strategic business units offer different products and services, and are managed separately because they require different technology and marketing strategies. For each of the strategic business units, the Group's CEO, the chief operating decision maker "CODM" reviews internal management reports on a regular basis. The following summary describes the operations in each of the Group's reportable segments:

---

| | |
|:---|:---|
|  Autonomous Mobile Robots ("AMR") | Design, manufacture and sale/lease of AMR's for the security, last mile delivery/courier and healthcare industries. The AMR's autonomously patrol, survey, deliver, disinfect and monitor a geo-fenced area to augment the security/last mile delivery and healthcare industries with real-time on-site data collection and analysis ability. |
|  Healthcare Intralogistics Automated Guided Vehicles ("AGV") | Sale/lease and maintenance of AGV's that is utilised within hospitals and healthcare facilities for the transport of heavy, bulky or palletised goods. |

---

Information regarding the results of each reportable segment is included below. There was no inter-segment sale for the current and prior year.

The accounting policies of the operating segments are the same as the Group's accounting policies described in note 2 to the consolidated financial statements. Segment results of revenue and profit (loss) are the primary measures reported to CODM for the purposes of resource allocation and performance assessment. The CODM does not review assets and liabilities by operating segment for the purpose of resource allocation and performance assessment. Therefore, only segment operating results are presented.

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

26. Segment information (cont.)

The following table sets forth the segment revenue and operating profit for the periods presented.

#### Segment Results of Operations

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended April 30,** | **For the Years Ended April 30,** | **For the Years Ended April 30,** | **For the Years Ended April 30,** | **For the Years Ended April 30,** | **For the Years Ended April 30,** | **For the Years Ended April 30,** | **For the Years Ended April 30,** |
|  | **2024** | **2024** | **2024** | **2024** | **2023** | **2023** | **2023** | **2023** |
|  | **AMR <br>US$** | **AGV <br>US$** | **Others <br>US$** | **Total <br>US$** | **AMR <br>US$** | **AGV <br>US$** | **Others <br>US$** | **Total <br>US$** |
|  **Revenues** | 477610 | 4761221 | 49498 | 5288329 | 453863 | 4582837 | 74440 | 5111140 |
|  **Cost of revenue** | (134113) | (3470774) | (10500) | (3615387) | (187427) | (3460213) | (22544) | (3850184) |
|  **Gross profit** | 343497 | 1290447 | 38998 | 1672942 | 266436 | 1122264 | 51896 | 1260956 |
|  **Other income** | 362077 | 996 | 3196 | 366269 | 701482 | 5311 | 32530 | 739323 |
|  **Operating expenses** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; General and administration | (3077310) | (1699891) | (406623) | (5183824) | (3898405) | (1085182) | (317590) | (5301178) |
| &nbsp;&nbsp;&nbsp; Sales and marketing | (689822) | (338555) | (2086) | (1030463) | (998097) | (494160) | (2947) | (1495204) |
| &nbsp;&nbsp;&nbsp; Research and development | (576052) | (296946) |  | (872998) | (850221) | (365918) |  | (1216139) |
| &nbsp;&nbsp;&nbsp; Total operating expenses | (4343184) | (2335392) | (408709) | (7087285) | (5746723) | (1945260) | (320537) | (8012521) |
|  **Operating loss** | (3637610) | (1043949) | (366515) | (5048074) | (4778805) | (997325) | (236111) | (6012242) |
| &nbsp;&nbsp;&nbsp; **Finance cost** | (1390632) | (14990) | (4493) | (1410115) | (677717) | (2669) | (14383) | (694769) |
|  **Loss before income tax** | (5028242) | (1058938) | (371009) | (6458189) | (5456523) | (999994) | (250494) | (5317473) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Revenue** | **Asia Pacific** | **Europe** | **North <br>America** | **Total** |
| **2024** | **2954960** | **1954769** | **378600** | **5288329** |
| **2023** | 2850835 | 2245805 | 14500 | 5111140 |

---

27. Events after the end of the reporting year

During September 2024 Otsaw Digital Pte Ltd borrowed SGD2,000,000 from Curzon Capital Pte Ltd for working capital requirement. Loan is repayable over 3 years, 1/3 of loan balance at end of each year. Loan accrue interest at 16% p.a. Director's personal guarantee provided by Mr. Ling Ting Ming.

On November 30, 2024, an umbrella agreement in respect of the Otsaw-Swisslog JV was entered into between (i) Otsaw Limited, (ii) Otsaw Digital Pte. Ltd., (iii) Otsaw Technology Solutions Pte. Ltd., (iv) Swisslog Healthcare Holding AG and (v) Otsaw Swisslog Healthcare Robotics Pte. Ltd.

On January 20, 2025, following the exercise of options relating to the Swisslog asset acquisition, Otsaw Swisslog Healthcare Robotics Pte. Ltd paid the 3rd and last tranche of SGD800,000 to Swisslog Healthcare and is then 100% owned by Otsaw Technology Solutions Pte. Ltd. (See Note 16).

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

#### OTSAW LIMITED AND ITS SUBSIDIARIES<br>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **October 31, <br>2024** | **April 30, <br>2024** |
|  |  | **USD** | **USD** |
|  **ASSETS** |  |  |  |
|  **Non-current assets** |  |  |  |
|  Property, plant and equipment | 9 | 1126918 | 1217149 |
|  Intangible assets | 10 | 3241504 | 3326859 |
|  Trade receivables and other assets | 12 | 75694 | 74746 |
|  **Total non-current assets** |  | 4444116 | 4618754 |
|  **Current assets** |  |  |  |
|  Inventories | 11 | 295938 | 205770 |
|  Trade receivables and other assets | 12 | 1519977 | 1327996 |
|  Cash and cash equivalents | 13 | 78336 | 30331 |
|  **Total current assets** |  | 1894251 | 1564097 |
|  **TOTAL ASSETS** |  | 6338367 | 6182851 |
|  **EQUITY AND LIABILITIES** |  |  |  |
|  **Equity** |  |  |  |
|  Share Capital | 14 | 9862 | 9862 |
|  Additional paid in Capital |  | 25985207 | 25985207 |
|  Stock option reserve |  | 22619 | 22619 |
|  Currency translation reserve |  | (238901) | (12568) |
|  Capital reserve |  | (9462751) | (9462751) |
|  Accumulated losses |  | (25108914) | (21868746) |
|  Total equity attributable to owners of the Company |  | (8792878) | (5326377) |
|  Non-controlling interests |  | (356485) | (323352) |
|  **Total Net capital deficiency** |  | (9149363) | (5649729) |
|  **Current liabilities** |  |  |  |
|  Trade and other payables | 16 | 5298451 | 4633840 |
|  Lease liabilities | 17 | 223886 | 254306 |
|  Loans and Borrowings | 18 | 8770950 | 6688816 |
|  **Total current liabilities** |  | 14293287 | 11576962 |
|  **Non-current liabilities** |  |  |  |
|  Loans and Borrowings | 18 | 1006062 |  |
|  Lease liabilities | 17 | 188381 | 255618 |
|  **Total non-current liabilities** |  | 1194443 | 255618 |
|  **Total liabilities** |  | 15487730 | 11832580 |
|  **TOTAL STOCKHOLDERS' EQUITY AND LIABILITIES** |  | 6338367 | 6182851 |

---

*The accompanying notes form an integral part of the unaudited condensed consolidated financial statements.*

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

#### OTSAW LIMITED AND ITS SUBSIDIARIES<br>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF LOSS AND <br>OTHER COMPREHENSIVE LOSS

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **Six Months ended October 31,** | **Six Months ended October 31,** |
|  | **Notes** | **2024** | **2023** |
|  |  | **USD** | **USD** |
|  **Revenue** | 4 | 1775983 | 2767837 |
|  Cost of revenue |  | (1310973) | (2053715) |
|  **Gross profit** |  | 465010 | 714122 |
|  Other income |  | 39043 | 37619 |
|  Operating expenses |  | (3280368) | (3179140) |
|  General and administration |  | (2544649) | (2385168) |
|  Sales and marketing |  | (365414) | (532206) |
|  Research and development |  | (370305) | (261766) |
|  Operating loss |  | (2776315) | (2427399) |
|  Finance cost | 5 | (513158) | (414799) |
|  **Loss before income tax** |  | (3289473) | (2842198) |
|  Income tax expenses | 7 |  | (71596) |
|  **Loss for the financial year** |  | (3289473) | (2913794) |
|  Other comprehensive income/(loss): |  |  |  |
|  *Components of other comprehensive income that will be reclassified to profit or loss, net of taxation* |  |  |  |
|  Foreign currency translation reserve |  | (210161) | 43324 |
|  Total other comprehensive income/(loss), net of taxation |  | (210161) | 43324 |
|  **Total comprehensive loss for the financial year** |  | (3499634) | (2870370) |
|  **Loss attributable to:** |  |  |  |
|  Owners of the Company |  | (3240168) | (2739407) |
|  Non-controlling interests |  | (49305) | (174387) |
|  **Loss for the financial year** |  | (3289473) | (2913794) |
|  **Total comprehensive loss attributable to:** |  |  |  |
|  Owners of the Company |  | (3466501) | (2722615) |
|  Non-controlling interests |  | (33133) | (147755) |
|  **Total comprehensive loss for the financial year** |  | (3499634) | (2870370) |
|  **Loss per share** |  |  |  |
|  Basic and diluted |  | (0.03) | (0.03) |

---

*The accompanying notes form an integral part of the unaudited condensed consolidated financial statements.*

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

#### OTSAW LIMITED AND ITS SUBSIDIARIES<br>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY <br>FOR THE SIX MONTHS ENDED OCTOBER 31, 2024 AND 2023

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Additional <br>Paid in <br>Capital** | **Common <br>control <br>reserve** | **Capital <br>reserve** | **Share <br>option <br>reserve** | **Currency <br>translation <br>reserve** | **Accumulated <br>losses** | **Attributed <br>to owners <br>of the <br>company** | **Non-<br>controlling <br>interest** | **Total <br>equity** |
|  | **Ordinary <br>shares <br>Number** | **Share <br>capital** | **Additional <br>Paid in <br>Capital** | **Common <br>control <br>reserve** | **Capital <br>reserve** | **Share <br>option <br>reserve** | **Currency <br>translation <br>reserve** | **Accumulated <br>losses** | **Attributed <br>to owners <br>of the <br>company** | **Non-<br>controlling <br>interest** | **Total <br>equity** |
|  |  | **USD** | **USD** | **USD** | **USD** | **USD** | **USD** | **USD** | **USD** | **USD** | **USD** |
|  **At May 1, 2024** | **98623140** | **9862** | **25985207** | **—** | **(9462751)** | **22619** | **(12568)** | **(21868746)** | **(5326377)** | **(323352)** | **(5649729)** |
|  **Total comprehensive loss for the financial year** |  |  |  |  |  |  | (226333) | (3240168) | (3466501) | (33133) | (3499634) |
|  Loss for the year |  |  |  |  |  |  |  | (3240168) | (3240168) | (49305) | (3289473) |
|  Translation reserve |  |  |  |  |  |  | (226333) |  | (226333) | 16172 | (210161) |
|  **Balance at Oct 31, 2024** | 98623140 | 9862 | 25985207 |  | (9462751) | 22619 | (238901) | (25108914) | (8792878) | (356485) | (9149363) |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Additional <br>Paid in <br>Capital** | **Common <br>control <br>reserve** | **Capital <br>reserve** | **Share <br>option <br>reserve** | **Currency <br>translation <br>reserve** | **Accumulated <br>losses** | **Attributed <br>to owners <br>of the <br>company** | **Non-<br>controlling <br>interest** | **Total <br>equity** |
|  | **Ordinary <br>shares <br>Number** | **Share <br>capital** | **Additional <br>Paid in <br>Capital** | **Common <br>control <br>reserve** | **Capital <br>reserve** | **Share <br>option <br>reserve** | **Currency <br>translation <br>reserve** | **Accumulated <br>losses** | **Attributed <br>to owners <br>of the <br>company** | **Non-<br>controlling <br>interest** | **Total <br>equity** |
|  |  | **USD** | **USD** | **USD** | **USD** | **USD** | **USD** | **USD** | **USD** | **USD** | **USD** |
|  **At May 1, 2023** | **10000** | **1** | **—** | **6353626** | **1653247** | **22619** | **(117704)** | **(15573613)** | **(7661824)** | **(291859)** | **(7953683)** |
|  Issuance of ordinary shares (share swap) | 94240000 | 9424 | 10885738 |  | (11115998) |  |  |  | (220836) | 220836 |  |
|  Common control reserve |  |  | 6353626 | (6353626) |  |  |  |  |  |  |  |
|  Total comprehensive loss for the financial year |  |  |  |  |  |  | 16792 | (2739407) | (2722615) | (147755) | (2870370) |
|  Loss for the year |  |  |  |  |  |  |  | (2739407) | (2739407) | (174387) | (2913794) |
|  Translation reserve |  |  |  |  |  |  | 16792 |  | 16792 | 26632 | 43424 |
|  **Balance at Oct 31, 2023** | **94250000** | **9425** | **17239364** | **—** | **(9462751)** | **22619** | **(100912)** | **(18313020)** | **(10605275)** | **(218778)** | **(10824053)** |

---

*The accompanying notes form an integral part of the unaudited condensed consolidated financial statements.*

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

#### OTSAW LIMITED AND ITS SUBSIDIARIES<br>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS <br>FOR THE SIX MONTHS ENDED OCTOBER 31, 2024 AND 2023

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **2024** | **2023** |
|  |  | **USD** | **USD** |
|  **Operating activities** |  |  |  |
|  Loss before income tax |  | (3289473) | (2842198) |
|  **Adjustments for:** |  |  |  |
|  Amortisation of intangible assets | 10 | 305325 | 401211 |
|  Depreciation on property, plant and equipment | 9 | 528710 | 315788 |
|  Bad debts written off | 6 | 156692 |  |
|  Finance cost | 5 | 513158 | 414799 |
|  Currency translation |  | (65074) | 290261 |
|  Late payment penalty – Loans |  | 23991 | 874 |
|  Provision for inventory written back |  | (7641) |  |
|  |  | (1834312) | (1419265) |
|  **Working capital adjustments:** |  |  |  |
|  Inventories |  | (82527) | 78579 |
|  Trade and other receivables |  | (222835) | 59987 |
|  Trade and other payables |  | 638802 | 682758 |
|  **Cash used in operating activities** |  | (1500872) | (597941) |
|  Interest paid |  | (45095) | (87939) |
|  Income tax – Other paid |  | 0 | (71596) |
|  **Net cash used in operating activities** |  | (1545967) | (757476) |
|  **Cashflow from investing activity** |  |  |  |
|  Purchase of property, plant and equipment |  | (546059) | (98616) |
|  Investment in intangible assets |  | (130070) | (70205) |
|  **Net cash used in investing activities** |  | (676129) | (168821) |
|  **Cashflow from financing activities** |  |  |  |
|  Proceeds from Third party loan |  | 1509092 | 0 |
|  Proceed from related party loans |  | 1136614 | 1422192 |
|  Repayment of related party loans |  | (127757) | (209029) |
|  Repayment of lease liabilities | 18 | (172076) | (165481) |
|  **Net cash flows generated from financing activities** |  | 2345873 | 1047682 |
|  Increase (decrease) in cash and cash equivalent during the year |  | 123777 | 121385 |
|  Foreign exchange impact on cash |  | (75772) | (95578) |
|  Cash and cash equivalents at beginning of financial year |  | 30331 | 34982 |
|  **Cash and cash equivalents at end of financial year** |  | 78336 | 60789 |

---

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

#### OTSAW LIMITED AND ITS SUBSIDIARIES<br>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — (Continued)<br>FOR THE SIX MONTHS ENDED OCTOBER 31, 2024 AND 2023

#### Reconciliation of liabilities arising from financing activities

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1 May <br>2024** | **Financing <br>cash inflows/<br>(outflows)** | **Non-cash changes** | **Non-cash changes** | **Non-cash changes** |  |
|  | **1 May <br>2024** | **Financing <br>cash inflows/<br>(outflows)** | **Interest <br>expense** | **Addition <br>of Lease** | **Exchange <br>Difference** | **31 October<br>2024** |
|  | **USD** | **USD** | **USD** | **USD** | **USD** | **USD** |
|  Lease liabilities | **509924** | **(172076)** | **13308** | **0** | **61111** | **412267** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1 May <br>2023** | **Financing <br>cash inflows/<br>(outflows)** | **Non-cash changes** | **Non-cash changes** | **Non-cash changes** |  |
|  | **1 May <br>2023** | **Financing <br>cash inflows/<br>(outflows)** | **Interest <br>expense** | **Addition <br>of Lease** | **Exchange <br>Difference** | **31 October<br>2023** |
|  | **USD** | **USD** | **USD** | **USD** | **USD** | **USD** |
|  Lease liabilities | **749188** | **(165480)** | **15284** | **0** | **(21488)** | **577504** |

---

*The accompanying notes form an integral part of the unaudited condensed consolidated financial statements.*

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

#### OTSAW LIMITED AND ITS SUBSIDIARIES<br>NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE SIX MONTHS ENDED OCTOBER 31, 2024 AND 2023
These notes form an integral part of and should be read in conjunction with the accompanying unaudited condensed consolidated financial statements.

**1. Reporting entity**

Otsaw Limited ("Otsaw" or the "Company"), was incorporated on 10 June 2022 in the Cayman Islands and is wholly owned by Ling, Ting Ming. Otsaw Digital Pte Ltd ("Otsaw Digital") is a private company incorporated on 4 May 2015 in the Republic of Singapore. Ling, Ting Ming is the founder and current CEO of Otsaw Digital. Otsaw acquired 100 percent interest in Otsaw Digital effective 3 May 2023.

Otsaw's acquisition of Otsaw Digital was facilitated through a share swap arrangement. Subsequent to the acquisition, Otsaw became the legal and beneficial owner of such Otsaw Digital shares and full control was acquired by Otsaw on this date.

The acquisition of control of Otsaw Digital by Otsaw is considered to be a transaction under common control as ultimately both entities were controlled by Ling, Ting Ming before and after the transaction. Therefore, the unaudited condensed consolidated financial statements have been retrospectively recast to reflect Otsaw's controlling interest in Otsaw Digital for all periods presented. For the period prior to the incorporation of Otsaw, the unaudited condensed consolidated financial statements reflect Ling, Ting Ming's controlling interest in Otsaw Digital, which he held through Arrarat Capital Pte Ltd, a personal holding company owned and controlled by Ling, Ting Ming with no other operations that does not form part of the consolidated group.

There is currently no specific guidance on accounting for common control transactions under International Financial Reporting Standards issued by the International Accounting Standards Board ("IFRS"). In the absence of specific guidance Otsaw elected to apply the "pooling of interests" method of accounting. Under "pooling of interests" the assets and liabilities of Otsaw Digital are carried over at their book values with no adjustment made for the acquisition price and prior periods are restated as if the common control transaction had occurred at the beginning of the earliest period presented.

These unaudited condensed consolidated six months financial statements comprise Otsaw and its subsidiaries (collectively the "group" and individually "group companies"). The group is primarily involved in telepresence robot services, development of telepresence robotic software and investment holding.

The unaudited condensed consolidated financial statements of the Company for the six months ended October 31, 2024 are authorised for issue by the Board of Directors on March 1, 2025.

**Basis of measurement**

The unaudited condensed consolidated six months financial statements have been prepared on the historical cost basis with the exception of certain financial instruments which have been fair valued.

#### Functional and presentation currency
These unaudited condensed consolidated six months financial statements are presented in United State Dollar (USD), which is the Group's presentation currency. The Group's functional currencies are Singapore Dollar (SGD), Euro (EUR) and United State Dollar (USD).

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#### OTSAW LIMITED AND ITS SUBSIDIARIES<br>NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE SIX MONTHS ENDED OCTOBER 31, 2024 AND 2023
**1. Reporting entity** (cont.)

As of October 31, 2024, the Group's principal subsidiaries consist of the following:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Name of subsidiaries** | **Date and Country <br>of incorporation** | **Principal activities** | **Issued and fully <br>paid/registered <br>share capital** | **Proportion of <br>ownership <br>interest <br>(%)** | **Proportion of <br>ownership <br>interest <br>(%)** |
|  |  |  | **USD** | **Oct 31, <br>2024** | **Apr 30, <br>2024** |
|  Otsaw Digital Pte Ltd | 4 May 2015, <br>Singapore | Investment holding Company | 25995068 | 100 | 100 |
|  Otsaw Technology Solutions Pte.Ltd | 23 Oct 2020, <br>Singapore | Investment holding Company | 5190489 | 100 | 100 |
|  Otsaw Technology Pte.Ltd | 26 Oct 2020, <br>Singapore | Software development and manufacture of industrial robots | 1 | 100 | 100 |
|  OTSAW Digital Inc. | 15 Jul 2019, <br>USA | Software development and regional sales office | 2000 | 100 | 100 |
|  Otsaw Swisslog Healthcare GMBH | 14 June 2021, <br>Germany | Manufacture of industrial robots including automated guided vehicles | 28170 | 93.3 | 93.3 |
|  Otsaw Swisslog Healthcare Robotics Pte Ltd | 18 Nov 2021, <br>Singapore | Manufacture of industrial robots including automated guided vehicles | 4610462 | 93.3 | 93.3 |
|  Otsaw Oya Technology Solutions Inc. | 31 Jan 2022, <br>USA | Solar photovoltaic projects and robotics solutions | 10 | 60 | 60 |

---

2. Summary of significant accounting policies

**2.1 Basis of preparation**

The interim condensed consolidated financial statements for the six months ended October 31, 2024 have been prepared in accordance with International Accounting Standard ("IAS") 34 *Interim Financial Reporting*, as issued by the International Accounting Standards Board ("IASB"). The interim condensed consolidated financial statements are prepared based on the same accounting policies used in the Group's annual consolidated financial statements as of and for the year ended April 30, 2024 (the "annual consolidated financial statements").

The interim condensed consolidated financial statements do not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the annual consolidated financial statement.

The principal accounting policies adopted in the preparation of the interim consolidated financial statements of the Group are consistent with those followed in the most recent annual audited consolidated financial statements.

Standards issued but not yet effective

The Group will apply for the first-time certain standards and amendments, which are effective for annual periods beginning on or after May 1, 2024. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. Based on an initial assessment, the following new and amended standards are not expected to have a significant impact on the Group's unaudited condensed consolidated financial statements.

---

| | | |
|:---|:---|:---|
|  **IFRS** | **Title** | **Annual periods <br>beginning on/ after** |
|  *Amendments to IFRS 10 and IAS 28* | *Sale or Contribution of Assets between an Investor and its Associate or Joint Venture* | *To be determined* |

---

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

**2. Summary of significant accounting policies** (cont.)

The Group and the Company do not intend to early adopt any of the above new/revised standards, interpretations and amendments to the existing standards. Management anticipates that the adoption of the aforementioned revised/new standards will not have a material impact on the unaudited condensed consolidated financial statements of the Group in the period of their initial adoption.

**2.2 Going concern**

The six months unaudited condensed consolidated financial statements of the Group and Company have been prepared on a going concern basis notwithstanding the net current liabilities of USD 12,399,036 and USD 10,012,865 respectively as of October 31, 2024 and April 30, 2024. The Group also incurred a net loss before tax of USD 3,289,473 and net operating cash outflow of USD 1,545,967 and USD 757,476 for the six months then ended October 31, 2024 and 2023. The Group has incurred recurring losses and has accumulated losses of $25,108,914 as of October 31, 2024. These factors indicate the existence of material uncertainty which may cast significant doubt over the Group's ability to continue as going concerns.

The ability of the Group to continue as going concern is dependent on the undertaking of its shareholder and CEO, Mr Ting Ling Ming, to provide continuing financial support to enable the Group to meet their liabilities as and when they fall due.

**2.3 Basis of consolidation**

The unaudited condensed consolidated financial statements of the Group comprise the financial statements of the Company and its subsidiaries. Subsidiaries are entities (including structured entities) (i) over which the Group has power and the Group is (ii) able to use such power to (iii) affect its exposure, or rights, to variable returns from then through its involvement with them.

The Group reassesses whether it controls the subsidiaries if facts and circumstance indicate that there are changes to the one or more of the three elements of control.

When the Group has less than a majority of the voting rights of an investee, it still has power over the investee when the voting rights are sufficient, after considering all relevant facts and circumstances, to give it the practical ability to direct the relevant activities of the investee unilaterally. The Group considers, among others, the extent of its voting rights relative to the size and dispersion of holdings of the other vote holders, currently exercisable substantive potential voting rights held by all parties, rights arising from contractual arrangements and voting patterns at previous shareholders' meetings.

Subsidiaries are consolidated from the date on which control is transferred to the Group up to the effective date on which control ceases, as appropriate.

Intra-group assets and liabilities, equity, income, expenses and cashflows relating to intragroup transactions are eliminated on consolidation.

The financial statements of the subsidiaries used in the preparation of the unaudited condensed consolidated financial statements are prepared for the same reporting date as that of the Company. Where necessary, accounting policies of subsidiaries have been changed to ensure consistency with the policies adopted by the Group.

Non-controlling interests are identified separately from the Group's equity therein. On an acquisition-by-acquisition basis, non-controlling interests may be initially measured either at fair value or at their proportionate share of the fair value of the acquiree's identifiable net assets. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests' share of subsequent changes in equity.

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2. Summary of significant accounting policies (cont.)

Changes in the Group's interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. Any differences between the amount by which the non-controlling interests are adjusted to reflect the changes in the relative interests in the subsidiary and the fair value of the consideration paid or received is recognized directly in equity and attributed to the owners of the Company.

When the Group loses control over a subsidiary, the profit or loss on disposal is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling interests. Amounts previously recognized in other comprehensive income in relation to the subsidiary are accounted for (i.e. reclassified to profit or loss or transferred directly to accumulated profits) in the same manner as would be required if the relevant assets or liabilities were disposed of. The fair value of any investments retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under IFRS 9 Financial Instruments or, when applicable, the cost on initial recognition of an investment in an associate or jointly controlled entity.

**2.4 Revenue recognition**

The Group is principally in the business of manufacturing and leasing of autonomous mobile robot services and software. Revenue from contracts with its customers is measured based on the consideration to which the Group expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties. Revenue is recognised when the Group satisfies a performance obligation by transferring a promised good or service to the customer, which is when the customer obtains control of the good or service. A performance obligation may be satisfied at a point in time or over time. The Company's sales contracts could include single or multiple performance obligations, and these are discussed under each revenue model below. The amount of revenue recognised is the amount allocated to the satisfied performance obligation.

Customers may also purchase an additional year of warranty in conjunction with the initial purchase of products. This extended warranty is accounted for separately as a distinct performance obligation with a separate contract, with revenue recognized over the extended warranty period.

<u><u>Leasing of robots (Robot as a service, or "RaaS")</u></u>

Revenue from leasing of robot (RaaS) is a subscription-based model allowing customers to lease our robots for a fixed monthly fee, which includes maintenance and support services. Such sales contracts usually include single performance obligation, which is to provide our customer with the right to use our robots for the agreed-upon period, as specified in the lease contract. Subscription Renewal is automatic for a certain period of time, but the customer can opt not to renew by giving notice no less than 3 months before the expiration of the Initial Term of the contract. The lease can be terminated at any time either at the Company's or at the customer's discretion on a 3 months' notice. The Company considers renewal option in determining the lease term. Revenue from these subscriptions is recognized over time on a straight-line basis over the lease term, which typically ranges from 1 to 5 years.

In accordance with IFRS 16, our leasing of robots (RaaS) to customers is classified as an operating lease since control of the asset does not transfer to the customer. We retain ownership and responsibility for maintenance, while customers pay a recurring subscription fee. The leased RaaS robots are recorded as non-current assets on our consolidated balance sheet (included in the Property, plant and equipment), net of accumulated depreciation, while lease payments from customers are recognized as income over the lease period. The lease income of US$60,245 for the period ended October 30, 2024 comprises 6 robots leased to Singapore customers contributing to US$53,745 and 1 robots leased to USA customers contributing to US$6,500.

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2. Summary of significant accounting policies (cont.)

<u><u>Services and maintenance</u></u>

Services and maintenance relates to ongoing support, preventive and corrective maintenance, software updates, and training. Such sales contracts usually include single performance obligation, which is to deliver services to the customer. Renewal option is provided to customers and timing of renewal is at customers' discretion. Customers can opt to purchase a service and maintenance contract tailored to their requirements, offered at a fixed price without variable consideration. Revenue is recognized over time on a straight-line basis over the duration of the service contract, typically lasting an average of 5 years.

<u><u>Sales of robots and related IT products</u></u>

This includes the sale of autonomous mobile robots (AMRs) and related IT products, such as software and hardware components, including spare parts and services related to robot setup and commissioning. Such sales contracts may include single or multiple performance obligations. The single performance obligation is to deliver products or services to the customer. In cases whereby a contract includes multiple performance obligations (e.g., hardware sales bundled with a service contract on project basis), the multiple performance obligations include delivering Robots, delivering Batteries, Installation and Commissioning, User Acceptance Testing and Warranty support. We allocate the transaction price to each performance obligation based on its respective standalone selling price in accordance with IFRS 15. This ensures revenue is recognized appropriately when obligations are fulfilled.

<u><u>Contract assets and liabilities</u></u>

Contract Assets relates to Unbilled Revenue for which the corresponding maintenance service has been provided and cost has been incurred with revenue recognized but has not yet issued an invoice. These unbilled revenues are included under "Trade and other receivables" on the Consolidated Statements of Financial Position, amounting to $262,758 and $215,851 respectively as of October 31, 2024 and April 30, 2024 (See Note 12).

Contract Liabilities related to Deposits Received from customers for which products or services have not been delivered. These customer deposits received are included under "Trade and other payables" on the Consolidated Statements of Financial Position, amounting to $920,976 and $731,708 respectively as of October 31, 2024 and April 30, 2024 (See Note 16).

**2.5 Employee leave entitlements**

Employee entitlements to annual leave are recognized when they accrue to employees. A provision will be made for the estimated liability for annual leave as a result of services rendered by employees up to the end of the financial year.

**2.6 Employee Stock Ownership Plan**

The Otsaw Share Option Plan 1 (the "Plan 1") for key management personnel and employees of the Group was approved by the shareholders on 22 May 2018. As part of the reorganization of the group, the Otsaw Digital Pte Ltd employee stock ownership plan lapsed during the year. The Group is planning to set up a new plan in the future.

On 22 May 2018 (the "Date of Grant"), the Otsaw Digital Pte Ltd, granted 130,000 share options under the Plan 1 to its employees, an aggregate number of 60,000 share options has been granted to its employees subsequently on the grant date, 1 October 2019 and 1 July 2020 respectively. As of the six months end, 0 Option Shares (unvested and unissued) remain outstanding.

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**2. Summary of significant accounting policies** (cont.)

On 29 December 2020, the Group has adopted the Share Options Plan 2 (the "Plan 2"), the Company has granted 20,000 share options under the Plan 2 to its employees. All options lapsed during the year.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Date of grant** | **Balance as at <br>1 May <br>2023** | **Granted** | **Exercised** | **Lapsed or <br>expired** | **Balance as at <br>30 April <br>2024** | **Exercise <br>price per <br>share <br>(S$)** |
|  22 May 2018 | 130000 |  |  | (130000) |  | 0.001 |
|  1 October 2019 | 20000 |  |  | (20000) |  | 0.001 |
|  1 July 2020 | 40000 |  |  | (40000) |  | 0.001 |
|  29 December 2020 | 20000 |  |  | (20000) |  | 25%FV\* |

---

____________

\* 25% of the fair market value per share for a period of 3 months from the vesting date

**2.7 Income tax**

Income tax expense represents the sum of the tax currently payable and deferred tax.

Current income tax for current and prior periods is recognized at the amount expected to be paid to or recovered from the tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions, where appropriate, on the basis of amounts expected to be paid to the tax authorities.

Deferred income tax is recognized for all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements except when the deferred income tax arises from the initial recognition of an asset or liability in a transaction that is not a business combination and affects neither accounting nor taxable profit or loss at the time of the transaction.

A deferred income tax liability is recognized on temporary differences arising on investments in subsidiaries, except where the Group is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.

A deferred income tax asset is recognized to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and tax losses can be utilised.

The carrying amount of deferred tax assets is reviewed at the end of each financial year and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised based on the tax rates (and tax laws) that have been enacted or substantively enacted by the end of the financial year and based on the tax consequence that will follow from the manner in which the Group expects, at the end of the financial year, to recover or settle the carrying amounts of its assets and liabilities.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered

Current and deferred tax are recognized as an expense or income in profit or loss, except when they relate to items credited or debited directly to equity, in which case the tax is also recognized directly in equity, or where they arise from the initial accounting for a business combination. In the case of a business combination, the tax effect is taken into account in calculating goodwill or determining the excess of the acquirer's interest in the net fair value of the acquiree's identifiable assets, liabilities and contingent liabilities over cost.

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**2. Summary of significant accounting policies** (cont.)

**2.8 Property, plant and equipment**

Property, plant and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses. The cost of property, plant and equipment includes its purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Dismantlement, removal or restoration costs are included as part of the cost of property, plant and equipment if the obligation for dismantlement, removal or restoration is incurred as a consequence of acquiring or using the property, plant and equipment.

Subsequent expenditure relating to property, plant and equipment is added to the carrying amount of the asset only when it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably. All other repair and maintenance expenses are recognized in profit or loss when incurred.

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, using the straight-line method, on the following bases:

---

| | |
|:---|:---|
|  | **Useful lives** |
|  Furniture and fittings | 3 years |
|  Office equipment | 3 years |
|  Testing equipment and tools | 3 years |
|  Robotic software | 3 years |
|  Robotic hardware | 3 years |
|  Premises | 6 years |

---

For right-of-use assets for which ownership of the underlying asset is not transferred to the Group by the end of the lease term, depreciation is charged over the lease term, using the straight-line method. The lease periods are disclosed in Note 17.

The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.

The estimated useful lives, residual values and depreciation methods are reviewed, and adjusted as appropriate, at the end of each financial year.

The gain or loss, being the difference between the sales proceeds and the carrying amount of the asset, arising on disposal or retirement of an item of property, plant and equipment is recognized in profit or loss.

Fully depreciated property, plant and equipment are retained in the unaudited condensed consolidated financial statements until they are no longer in use.

**2.9 Intangible assets**

<u><u>Internally generated intangible assets</u></u>

Expenditure from the research phase of an internal project to create an intangible asset is expensed in profit or loss when it is incurred. Where the research phase cannot be distinguished from the development phase of an internal project, the Group treats the expenditure on that project as if it were incurred in the research phase only.

An internally-generated intangible asset arising from development (or from the development phase of an internal project) is recognized, if, and only if, all the following have been demonstrated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the technical feasibility of completing the intangible asset so that it will be available for use or sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the intention to complete the intangible asset and use or sell it;

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**2. Summary of significant accounting policies** (cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to use or sell the intangible asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• how the intangible asset will generate probable future economic benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to measure reliably the expenditure attributable to the intangible asset during its development.

The amount initially recognized for internally-generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally-generated intangible asset can be recognized, development expenditure is charged to profit or loss in the period in which it is incurred.

Subsequent to initial recognition, internally-generated intangible assets are reported at cost less accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets acquired separately.

The amortisation charge is recognized in profit or loss and is assessed for impairment when there is an indication that the intangible asset may be impaired. The estimated amortisation period and amortisation methods are reviewed, and adjusted as appropriate, at the end of each financial year.

**2.10 Impairment of non**-financial **assets**

The Group reviews the carrying amounts of its non-financial assets as at each reporting date to assess for any indication of impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Irrespective of whether there is any indication of impairment, the Group also tests its intangible assets with indefinite useful lives and intangible assets not yet available for use for impairment annually by comparing their respective carrying amounts with their corresponding recoverable amounts.

The recoverable amount of an asset or cash-generating unit is the higher of its fair value less costs to sell and its value-in-use. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

An impairment loss for the amount by which the asset's carrying amount exceeds the recoverable amount is recognized immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

The Group recognises a financial asset or a financial liability in its statement of financial position when the Group becomes party to the contractual provisions of the instrument.

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

**2. Summary of significant accounting policies** (cont.)

**2.11 Financial instruments**

<u>**<u>Financial assets</u>**</u>

<u><u>Initial recognition and measurement</u></u>

With the exception of trade receivables that do not contain a significant financing component or for which the Group applies a practical expedient, all financial assets are initially measured at fair value, plus transaction costs, except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value. Such trade receivables that do not contain a significant financing component or for which the Group applies a practical expedient are measured at transaction price as defined in IFRS 15 Revenue from Contracts with Customers in Note 2.4.

The classification of the financial assets at initial recognition as subsequently measured at amortised cost, fair value through other comprehensive income ("FVTOCI") and fair value through profit or loss ("FVTPL") depends on the Group's business model for managing the financial assets and the contractual cash flow characteristics of the financial asset.

The Group's business model refers to how the Group manages its financial assets in order to generate cash flows which determines whether cash flows will result from collecting contractual cash flows, selling financial assets or both.

The Group determines whether the asset's contractual cash flows are solely payments of principal and interest ("SPPI") on the principal amount outstanding to determine the classification of the financial assets.

<u><u>Financial assets at amortised cost</u></u>

A financial asset is subsequently measured at amortised cost if the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost include Trade and other receivables, cash and cash equivalents and unquoted corporate bonds.

Subsequent to initial recognition, the financial assets at amortised cost are measured using the effective interest method and is subject to impairment. Gains or losses are recognized in profit or loss when the asset is derecognized, modified or impaired.

<u><u>Effective interest method</u></u>

The effective interest method is a method of calculating the amortised cost of a financial instrument and allocating the interest income or expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts or payments (including all fees on points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial instrument, or where appropriate, a shorter period, to the net carrying amount of the financial instrument. Income and expense are recognized on an effective interest basis for debt instruments other than those financial instruments at fair value through profit or loss.

<u><u>Impairment of financial assets</u></u>

The Group recognises a loss allowance for expected credit losses ("ECL") on financial assets measured at amortised cost. At each reporting date, the Group assesses whether the credit risk on a financial asset has increased significantly since initial recognition by assessing the change in the risk of a default occurring over the expected life of the financial instrument. Where the financial asset is determined to have low credit risk at the reporting date, the Group assumes that the credit risk on a financial asset has not increased significantly since initial recognition.

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

**2. Summary of significant accounting policies** (cont.)

The Group uses reasonable and supportable forward-looking information that is available without undue cost or effort as well as past due information when determining whether credit risk has increased significantly since initial recognition.

Where the credit risk on that financial instrument has increased significantly since initial recognition, the Group measures the loss allowance for a financial instrument at an amount equal to the lifetime ECL. Where the credit risk on that financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-month ECL.

The Group applies the simplified approach to recognise the ECL for trade receivables and contract assets, which is to measure the loss allowance at an amount equal to lifetime ECL. As a practical expedient, the Group uses an allowance matrix derived based on historical credit loss experience adjusted for current conditions and forecasts of future economic conditions for measuring ECL.

While they are not financial assets, contract assets arising from the Group's contracts with customers under IFRS 15 are assessed for impairment in accordance with IFRS 9, similar to that of trade receivables.

The amount of ECL or reversal thereof that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognized is recognized in profit or loss.

The Group directly reduces the gross carrying amount of a financial asset when the entity has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof.

For details on the Group's accounting policy for its impairment of financial assets, refer to Note 20.

<u><u>Derecognition of financial assets</u></u>

The Group derecognises a financial asset only when the contractual rights to the cash flows from the financial asset expire, or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership of the financial asset and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds receivables.

<u>**Financial liabilities and equity instruments**</u>

<u><u>Classification as debt or equity</u></u>

Financial liabilities and equity instruments issued by Group are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument.

<u><u>Equity instruments</u></u>

An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments are recorded at the proceeds received, net of direct issue costs.

*Ordinary share capital*

Ordinary share capital is classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options are recognized as a deduction from equity.

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

**2. Summary of significant accounting policies** (cont.)

<u><u>Financial liabilities</u></u>

<u><u>Initial recognition and measurement</u></u>

All financial liabilities are initially measured at fair value, minus transaction costs, except for those financial liabilities classified as at fair value through profit or loss, which are initially measured at fair value.

Financial liabilities are classified as either financial liabilities at fair value through profit or loss or other financial liabilities.

Financial liabilities are classified as at fair value through profit or loss if the financial liability is either held for trading or it is designated as such upon initial recognition. Financial liabilities classified as at fair value through profit or loss comprise derivatives that are not designated or do not qualify for hedge accounting.

<u><u>Other financial liabilities</u></u>

*Trade and other payables*

Trade and other payables are initially measured at fair value, net of transaction costs, and are subsequently measured at amortised cost, where applicable, using the effective interest method, with interest expense recognized on an effective yield basis in finance costs. A gain or loss is recognized in profit or loss when the liability is derecognized and through the amortisation process.

<u><u>Derecognition of financial liabilities</u></u>

The Group derecognises financial liabilities when, and only when, the Group's obligations are discharged, cancelled or they expire.

**2.12 Inventories**

Inventories are stated at the lower of cost and net realisable value. Costs comprise direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Cost is calculated using the weighted average method. Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

**2.13 Cash and cash equivalents**

Cash and cash equivalents comprise cash on hand and demand deposits, bank overdrafts and other short-term highly liquid investments which are readily convertible to known amounts of cash and are subject to insignificant risk of changes in value.

**2.14 Leases**

At inception of a contract, the Group assessed whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

Where a contract contains more than one lease component, the Group allocates the consideration in the contract to each lease component on the basis of the relative standalone price of the lease component. Where the contract contains non-lease components, the Group applied the practical expedient to not to separate non-lease components from lease components, and instead account for each lease component and any associated non-lease components as a single lease component.

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

**2. Summary of significant accounting policies** (cont.)

The Group recognises a right-of-use asset and lease liability at the lease commencement date for all lease arrangement for which the Group is the lessee, except for leases which have lease term of 12 months or less and leases of low value assets for which the Group applied the recognition exemption allowed under IFRS 16 Leases. For these leases, the Group recognises the lease payment as an operating expense on a straight-line basis over the term of the lease.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, less any lease incentives received, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term. When the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option, the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property, plant and equipment. The right-of-use asset is also reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability, where applicable.

Right-of-use assets are presented within "property, plant and equipment".

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the lessee's incremental borrowing rate.

The Group generally uses the incremental borrowing rate as the discount rate. To determine the incremental borrowing rate, the Group obtains a reference rate and makes certain adjustments to reflect the terms of the lease and the asset leased.

The lease payments included in the measurement of the lease liability comprise the following:

- fixed payments, including in-substance fixed payments less any lease incentive receivable,

- variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date,

- amounts expected to be payable under a residual value guarantee,

- the exercise price under a purchase option that the Group is reasonably certain to exercise, and

- payments of penalties for terminating the lease if the Group is reasonably certain to terminate early and lease payments for an optional renewal period if the Group is reasonably certain to exercise an extension option.

The lease liability is measured at amortised cost using the effective interest method. The Group remeasures the lease liability when there is a change in the lease term due to a change in assessment of whether it will exercise a termination or extension or purchase option or due to a change in future lease payment resulting from a change in an index or a rate used to determine those payment.

Where there is a remeasurement of the lease liability, a corresponding adjustment is made to the right-of-use asset or in profit or loss where there is a further reduction in the measurement of the lease liability and the carrying amount of the right-of-use asset has been reduced to zero.

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

**OTSAW LIMITED AND ITS SUBSIDIARIES<br>NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE SIX MONTHS ENDED OCTOBER 31, 2024 AND 2023**

**2. Summary of significant accounting policies** (cont.)

**2.15 Government grants**

Government grants are recognized when there is reasonable assurance that the grant will be received and all attaching conditions will be complied with. Where the grant relates to an expense, the grant is recognized as income in profit or loss on a systematic basis over the periods in which the related costs, for which the grants are intended to compensate, is expensed. Where the grant relates to an asset, the grant is recognized as deferred capital grant on the statement of financial position and is amortised to profit or loss over the expected useful life of the relevant asset by equal annual instalment.

Non-monetary government grant is recognized at nominal amount.

**2.16 Foreign currency transactions and translation**

The Company's reporting currency is the U.S. dollar. The functional currencies of the Otsaw Group and its subsidiaries are their local currencies (Singapore dollar, U.S. dollar, Euro). The Company engages in foreign currency denominated transactions with customers and suppliers, as well as between subsidiaries with different functional currencies. Gains and losses resulting from transactions denominated in non-functional currencies are recognized in earnings.

At the end of the reporting period, assets and liabilities are translated into U.S. dollars using the exchange rate at the balance sheet date and revenue and expense accounts are translated at a weighted average exchange rate for the period or for the year then ended. Resulting translation adjustments are made directly to accumulated other comprehensive income.

Exchange differences arising on the settlement of monetary items or on translating monetary items at rates different from those at which they were translated on initial recognition during the period, or in previous unaudited condensed consolidated financial statements, are recognized in profit or loss in the period in which they arise.

When a gain or loss on a non-monetary item is recognized to other comprehensive income and accumulated in equity, any exchange component of that gain or loss is recognized to other comprehensive income and accumulated in equity. When a gain or loss on a non-monetary item is recognized in profit or loss, any exchange component of that gain or loss is recognized in profit or loss. Cash flows arising from transactions in a foreign currency are recorded in U.S. dollars by applying to the foreign currency amount the exchange rate between the U.S. dollar and the foreign currency at the date of the cash flow.

**2.17 Dividends**

Equity dividends are recognized as a liability when they become legally payable. Interim dividends are recorded in the financial year in which they are declared payable. Final dividends are recorded in the financial year in which dividends are approved by shareholders. A corresponding amount is recognized in equity.

**2.18 Segment reporting**

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker responsible for allocating resources and assessing performance of the operating segments.

**3. Critical accounting judgements and key sources of estimation uncertainty**

The Group made judgements, estimates and assumptions about the carrying amounts of assets and liabilities that were not readily apparent from other sources in the application of the Group's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors that are considered to be reasonable under the circumstances. Actual results may differ from the estimates.

**3.1 Critical judgements made in applying the Group's accounting policies**

Management is of the opinion that there are no critical judgements (other than those involving estimates) that have a significant effect on the amounts recognized in the financial statements.

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

**3. Critical accounting judgements and key sources of estimation uncertainty** (cont.)

**3.2 Key sources of estimation uncertainty**

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

**Impairment of intangible assets**

Intangible assets with finite useful lives are amortised on a straight-line basis over their estimated useful lives. The Management estimates the useful lives of intangible assets to be 2-10 years. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset is accounted for by changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The Company also tests its intangible assets not yet available for use for impairment annually by comparing their respective carrying amounts with their corresponding recoverable amounts. The carrying amount of the Group's and Company's intangible assets as at October 31, 2024 was USD 3,241,504 (April 30, 2024: USD 3,326,859, refer to Note 10).

**4. Revenue**

Revenue consists of the following:

---

| | | |
|:---|:---|:---|
|  | **Six Months ended <br>October 31,** | **Six Months ended <br>October 31,** |
|  | **2024**  | **2023**  |
|  | **USD** | **USD** |
|  **Revenue from contracts with customer** |  |  |
| &nbsp;&nbsp;&nbsp; Service and maintenance | 1515459 | 2292670 |
| &nbsp;&nbsp;&nbsp; Sales of robots | 201057 | 393754 |
| &nbsp;&nbsp;&nbsp; Robotics as a service (RaaS) | 59467 | 81413 |
|  | **1775983** | **2767837** |
|  **Primary geographical markets** |  |  |
| &nbsp;&nbsp;&nbsp; Asia Pacific | 1246178 | 1374999 |
| &nbsp;&nbsp;&nbsp; Europe | 441072 | 1286838 |
| &nbsp;&nbsp;&nbsp; US | 88733 | 106000 |
|  | **1775983** | **2767837** |
|  **Timing of revenue recognition** |  |  |
| &nbsp;&nbsp;&nbsp; Product and services transferred at a point in time | 201057 | 393754 |
| &nbsp;&nbsp;&nbsp; Product and services transferred over-time | 1574926 | 2374083 |
|  | **1775983** | **2767837** |

---

**5. Finance cost**

---

| | | |
|:---|:---|:---|
|  | **Six Months ended<br>October 31,** | **Six Months ended<br>October 31,** |
|  | **2024** | **2023** |
|  | **USD** | **USD** |
|  Lease liabilities | 13,308 | 15,284 |
|  Borrowings | 475,777 | 375,771 |
|  Others | 24,073 | 23,744 |
|  | **513,158** | **414,799** |

---

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

**6. Loss before income tax**

This is determined after charging the following:

---

| | | |
|:---|:---|:---|
|  | **Six Months ended <br>October 31,** | **Six Months ended <br>October 31,** |
|  | **2024** | **2023** |
|  | **USD** | **USD** |
|  Amortisation of intangible assets (Note 10) | 305325 | 401211 |
|  Depreciation of property, plant and equipment (Note 9) | 516366 | 266923 |
|  Depreciation of property, plant and equipment (Cost of revenue) | 12344 | 48865 |
|  Employment expenses | 2578050 | 2569541 |
|  Bad debt written off | 156692 |  |

---

**7. Income tax expense**

---

| | | |
|:---|:---|:---|
|  | **Six Months ended <br>October 31,** | **Six Months ended <br>October 31,** |
|  | **2024** | **2023** |
|  | **USD** | **USD** |
|  Current year |  |  |
|  Other – Security transfer tax |  | 71,596 |

---

Reconciliation of effective tax rate is as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  | **USD** | **USD** |
|  Loss before income tax | (3289473) | (2842198) |
|  Tax benefit at domestic income tax rate | (554127) | (483174) |
|  Expenses not deductible for tax purposes | 146699 | 247501 |
|  Income not subjected to tax |  |  |
|  Deferred tax assets not recognized | 512028 | 308118 |
|  Difference in tax rates applicable to subsidiary | (104600) | (72445) |
|  Security transfer tax |  | 71596 |
|  |  | 71596 |

---

The Company's main operating subsidiaries are incorporated in Singapore and accordingly are subject to an income tax rate of 17% (2024: 17%).

As at the reporting date, the Group has unutilised tax losses of USD18,381,545 (Apr 24: USD 15,369,613), available for offset against future profits. No deferred tax asset has been recognized due to the uncertainty in the availability of future taxable profit.

**8. Earnings per share**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i) Basic and dilutive earnings per share**

Basic earnings per share is calculated by dividing the net profit attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding during the financial year.

For the purpose of calculating diluted earnings per share, profit attributable to equity holders of the Company and the weighted average number of ordinary shares outstanding are adjusted for the effects of all dilutive potential ordinary shares. There are no potentially dilutive outstanding securities for the six months ended October 31, 2024 and 2023.

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

8. Earnings per share (cont.)

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  | **USD** | **USD** |
|  Net loss attributable to equity holders of the Company | (3240168) | (2739407) |
|  Weighted average number of ordinary shares outstanding for basic and diluted earnings per share | 98623140 | 86031149 |
|  Basic and diluted earnings/(loss) per share (USD per share) | (0.03) | (0.03) |

---

**9. Property, plant and equipment**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **USD** | **Right-of use-asset** | **Right-of use-asset** | **Owned assets** | **Owned assets** | **Owned assets** | **Owned assets** | **Owned assets** | **Owned assets** | **Owned assets** | **Owned assets** |
|  **Group** | **Premises** | **Office <br>equipment** | **Furniture <br>and <br>fittings** | **Office <br>equipment** | **Testing <br>equipment <br>and tools** | **Robotic <br>software** | **Robotic <br>hardware** | **Renovations** | **Research <br>and <br>development** | **Total** |
|  At 01 May 2024 | **860231** | **6197** | **127630** | **369793** | **23620** | **155485** | **710627** | **198306** | **291007** | **2742896** |
|  Additions | 163460 |  |  |  |  |  | 167422 |  | 215177 | 546059 |
|  Disposal |  |  |  |  |  |  |  |  |  |  |
|  Reclassification<sup>1</sup> |  |  |  |  |  |  |  |  |  |  |
|  Exchange difference | 11028 | 168 | 3214 | 13817 | 640 | 4212 | (1358) | 5244 | 8150 | 45115 |
|  At 31 October 2024 | **1034719** | **6365** | **130844** | **383610** | **24260** | **159697** | **876691** | **203550** | **514334** | **3334070** |
|  **Accumulated depreciation** |  |  |  |  |  |  |  |  |  |  |
|  At 01 May 2024 | **383987** | **4866** | **90126** | **263873** | **18608** | **155485** | **474227** | **134575** | **—** | **1525747** |
|  Depreciation | 265780 | 683 | 17446 | 49512 | 2305 |  | 159101 | 33883 |  | 528710 |
|  Disposal |  |  |  |  |  |  |  |  |  |  |
|  Reclassification<sup>1</sup> |  |  |  |  |  |  |  |  |  |  |
|  Exchange difference | 5263 | 163 | 2403 | 7894 | 508 | 4212 | 128592 | 3660 |  | 152695 |
|  At 31 October 2024 | **655030** | **5712** | **109975** | **321279** | **21421** | **159697** | **761920** | **172118** | **—** | **2207152** |
|  **Carrying amount** |  |  |  |  |  |  |  |  |  |  |
|  At 31 October 2024 | **379689** | **653** | **20869** | **62331** | **2839** | **—** | **114771** | **31432** | **514334** | **1126918** |
|  At 30 April 2024 | **476244** | **1331** | **37504** | **105920** | **5012** | **—** | **236400** | **63731** | **291007** | **1217149** |
|  At 01 May 2023 | **1025901** | **6323** | **122236** | **400368** | **24102** | **158655** | **928280** | **277907** | **0** | **2943772** |
|  Additions | 0 | 0 | 8977 | 10965 | 0 | 0 | 30657 | 4724 | 43293 | 98616 |
|  Disposal | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  Written off | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  Reclassification<sup>1</sup> | 0 | 0 | 0 | 0 | 0 | 0 | (48845) | 0 | 0 | (48845) |
|  Exchange difference | (31833) | 129 | (2942) | (8989) | (580) | (3819) | (67636) | (6688) | 0 | (122358) |
|  At 31 October 2023 | **994068** | **6452** | **128271** | **402344** | **23522** | **154836** | **842456** | **275943** | **43293** | **2871185** |
|  **Accumulated depreciation** |  |  |  |  |  |  |  |  |  |  |
|  At 01 May 2023 | **299329** | **3607** | **57544** | **186464** | **12715** | **157281** | **526256** | **108197** | **0** | **1351393** |
|  Depreciation | 88887 | 673 | 17050 | 56364 | 2848 | 743 | 101728 | 47495 | 0 | 315788 |
|  Disposal | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  Reclassification<sup>1</sup> | 0 | 0 | 0 | 0 | 0 | 0 | (3664) | 0 | 0 | (3664) |
|  Exchange difference | 51135 | (97) | (1222) | (4148) | (351) | (3797) | (86462) | (4120) | 0 | (49062) |
|  At 31 October 2023 | **439351** | **4183** | **73372** | **238680** | **15212** | **154227** | **537858** | **151572** | **0** | **1614455** |
|  **Carrying amount** |  |  |  |  |  |  |  |  |  |  |
|  At 31 October 2023 | **554717** | **2269** | **54899** | **163664** | **8310** | **609** | **304598** | **124371** | **43293** | **1256730** |
|  At 30 April 2023 | **726572** | **2716** | **64692** | **213904** | **11387** | **1374** | **402024** | **169710** | **—** | **1592379** |

---

____________

1 Reclass to inventory

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

**10. Intangible assets**

Acquired Intangible Assets were as of follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Favourable <br>rights** | **Contract <br>backlogs** | **Customer <br>relationships** | **Intellectual <br>properties** | **Total** |
|  | **USD** | **USD** | **USD** | **USD** | **USD** |
|  **Cost** |  |  |  |  |  |
|  At 1 May 2024 | 376874 | 381395 | 3276520 | 963855 | 4998644 |
|  Exchange difference | 10208 | 10332 | 88756 | 26110 | 135406 |
|  At 31 October 2024 | 387082 | 391727 | 3365276 | 989965 | 5134050 |
|  **Accumulated amortisation** |  |  |  |  |  |
|  At 1 May 2024 | 303593 | 381395 | 791826 | 332758 | 1809572 |
|  Amortisation | 64433 |  | 168055 | 70624 | 303112 |
|  Exchange difference | 8304 | 10332 | 21658 | 9104 | 49398 |
|  At 31 October 2024 | 376330 | 391727 | 981539 | 412486 | 2162082 |
|  **Carrying amount** |  |  |  |  |  |
|  At 31 October 2024 (Note 15) | **10752** | **0** | **2383737** | **577479** | **2971968** |
|  At 30 April 2024 (Note 15) | **73281** | **0** | **2484694** | **631097** | **3189072** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Favourable <br>rights** | **Contract <br>backlogs** | **Customer <br>relationships** | **Intellectual<br>properties** | **Total** |
|  | **USD** | **USD** | **USD** | **USD** | **USD** |
|  **Cost** |  |  |  |  |  |
|  At 1 May 2023 | 384558 | 389172 | 3343328 | 983508 | 5100566 |
|  Additions | 0 | 0 | 0 | 0 | 0 |
|  Exchange difference | (9256) | (9367) | (80470) | (23672) | (122765) |
|  At 31 October 2023 | 375302 | 379805 | 3262858 | 959836 | 4977801 |
|  **Accumulated amortisation** |  |  |  |  |  |
|  At 1 May 2023 | 181597 | 275664 | 473638 | 199042 | 1129941 |
|  Amortisation | 63552 | 96472 | 165755 | 69658 | 395437 |
|  Exchange difference | (5373) | (8156) | (14011) | (5888) | (33428) |
|  At 31 October 2023 | 239776 | 363980 | 625382 | 262812 | 1491950 |
|  **Carrying amount** |  |  |  |  |  |
|  At 31 October 2023 | **135526** | **15825** | **2637476** | **697024** | **3485851** |
|  At 30 April 2023 | **202961** | **113508** | **2869690** | **784466** | **3970625** |

---

The Group's acquired intangible assets are from Swisslog assets acquisition (note 15).

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

**10. Intangible assets** (cont.)

Internally developed intangible assets were as of follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Development <br>Cost** | **Computer <br>Software/Licence** | **Total** |
|  | **USD** | **USD** | **USD** |
|  **Cost** |  |  |  |
|  At 1 May 2024 | **1766075** | **149701** | **1915776** |
|  Additions | 0 | 130070 | 130070 |
|  Exchange difference | 1656 | 4216 | 5872 |
|  At 31 October 2024 | **1767731** | **283987** | **2051718** |
|  **Accumulated amortisation and impairment** |  |  |  |
|  At 1 May 2024 | **1753745** | **24244** | **1777989** |
|  Amortisation | 2213 | 0 | 2213 |
|  Exchange difference | 1324 | 656 | 1980 |
|  At 31 October 2024 | **1757282** | **24900** | **1782182** |
|  **Carrying amount** |  |  |  |
|  At 30 April 2024 | **12330** | **125457** | **137787** |
|  At 31 October 2024 | **10449** | **259087** | **269536** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Development <br>Cost** | **Computer <br>Software/Licence** | **Total** |
|  | **USD** | **USD** | **USD** |
|  **Cost** |  |  |  |
|  At 1 May 2023 | **1825833** | **24738** | **1850571** |
|  Additions | 40628 | 29577 | 70205 |
|  Write off | 0 | 0 | 0 |
|  Exchange difference | (30073) | (1060) | (31133) |
|  At 31 October 2023 | **1836388** | **53255** | **1889643** |
|  **Accumulated amortisation and impairment** |  |  |  |
|  At 1 May 2023 | **1768029** | **24738** | **1792767** |
|  Amortisation | 5774 | 0 | 5774 |
|  Exchange difference | (28056) | (595) | (28651) |
|  At 31 October 2023 | **1745747** | **24143** | **1769890** |
|  **Carrying amount** |  |  |  |
|  At 31 October 2023 | **90641** | **29112** | **119753** |
|  At 30 April 2023 | **57804** | **—** | **57804** |

---

The Group's internally developed intangible assets mainly pertain to development costs of new robots and the related software.

---

| | | | |
|:---|:---|:---|:---|
|  **Carrying amount** | **Internally <br>developed** | **Acquired** | **Total** |
|  | **USD** | **USD** | **USD** |
|  At 31 October 2024 | **269536** | **2971968** | **3241504** |
|  At 30 April 2024 | **137787** | **3189072** | **3326859** |

---

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

**OTSAW LIMITED AND ITS SUBSIDIARIES<br>NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE SIX MONTHS ENDED OCTOBER 31, 2024 AND 2023**

**11. Inventories**

---

| | | |
|:---|:---|:---|
|  | **October 31, <br>2024** | **April 30, <br>2024** |
|  | **USD** | **USD** |
|  Components | 427354 | 422254 |
|  Finished goods | 786245 | 762902 |
|  WIP | 90931 |  |
|  Provision for Inventory obsolescence – Components | (222469) | (216601) |
|  – Finished goods | (786123) | (762785) |
|  | 295938 | 205770 |

---

**12. Trade and other receivables**

---

| | | |
|:---|:---|:---|
|  | **October 31, <br>2024** | **April 30, <br>2024** |
|  | **USD** | **USD** |
|  Trade receivables: |  |  |
|  – Third parties | 290089 | 386572 |
|  – Related parties | 315703 | 280675 |
|  Contract assets (Unbilled revenue) | 262758 | 215851 |
|  | **868550** | **883098** |
|  Other receivables: |  |  |
|  Amount due from related party | 6034 | 0 |
|  Other receivables | 40848 | 46428 |
|  Prepayments | 546115 | 340655 |
|  Deposits | 134124 | 132561 |
|  | **727121** | **519644** |
|  Total trade and other receivables | 1595671 | 1402742 |
|  Less: non-current portion | (75694) | (74746) |
|  **Current portion** | **1519977** | **1327996** |

---

Trade receivables are non-interest bearing and are generally on 30 days (2024: 30 days) terms. They are recognized at their original invoice amounts which represent their fair values on initial recognition. Trade receivables are denominated in Singapore dollar, Euro and United State dollar.

Other receivables are unsecured, interest-free, and not expected to be repaid within the next twelve months

**13. Cash and cash equivalents**

---

| | | |
|:---|:---|:---|
|  | **October 31, <br>2024** | **April 30, <br>2024** |
|  | **USD** | **USD** |
|  Cash at banks | 78,336 | 30,331 |
|  | 78,336 | 30,331 |

---

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

**13. Cash and cash equivalents** (cont.)

Cash and cash equivalents are denominated in the following currencies:

---

| | | |
|:---|:---|:---|
|  | **October 31, <br>2024** | **April 30, <br>2024** |
|  | **USD** | **USD** |
|  Singapore dollar | 59,659 | 28,610 |
|  United States dollar | 2,806 | 916 |
|  Euro | 15,871 | 805 |
|  | 78,336 | 30,331 |

---

**14. Share capital**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of Shares** | **Number of Shares** | **USD** | **USD** |
|  | **October 31, <br>2024** | **April 30, <br>2024** | **October 31, <br>2024** | **April 30, <br>2024** |
|  Class A Ordinary shares | 98,623,140 | 98,623,140 | 9,862 | 9,862 |

---

The company has authorized 499,999,999 Class A Shares of par value US$0.0001 per share and 1 Class B Share of par value US$0.0001.

The holders of the Class A Ordinary Shares are entitled to receive dividends as declared from time to time.

In May 2023, the Company did a share split, the sole issued and outstanding ordinary share in the Company of par value US$1.00 was subdivided into 10,000 ordinary shares of par value US$0.0001 per share; and the Company redesignation the sole and outstanding ordinary share in the Company to 10,000 ordinary shares of par value US$0.0001 per share following the Share Split (the Initial Shares) be re-designated as 10,000 Class A Ordinary Shares (the redesignation); and

Authorised share capital of the Company was increased from US$1.00, divided into 10,000 Class A Ordinary Shares of par value US$0.0001 per share, to US$50,000, divided into 499,999,999 Class A Ordinary Shares of par value US$0.0001 per share and 1 Class B Ordinary Share of par value US$0.0001 by the creation of:

1) 499,989,999 new Class A Ordinary Shares of par value US$0.0001 per share, each having the rights set forth in the Amended and Restated M&A and ranking pari passu for all purposes and identical in all respects with the existing Class A Ordinary Shares of par value US$0.0001 per share in the capital of the Company; and

2) 1 new Class B Ordinary Share of par value US$0.0001 per share, having the rights set forth in the Amended and Restated M&A.

In May 2023, the Company issued 94,240,000 Class A Ordinary Shares to the shareholders of Otsaw Digital Pte Ltd as part of the group restructuring. After this restructuring, Otsaw Digital was 100% owned by the Company.

The holders of the Class A Ordinary Shares and the Class B Ordinary Share rank pari passu with one another and have the same rights, preferences, privileges and restrictions, except holders of Class A Ordinary Shares and Class B Ordinary Shares shall at all times vote together as one class on all resolutions submitted to a vote by the Members. At a general meeting, each Class A Ordinary Share shall entitle the holder thereof to one (1) vote on all matters subject to vote at general meetings of the Company, and each Class B Ordinary Share shall entitle the holder thereof to that number of votes equal to sixty (60) percent of the total number of Class A Ordinary Shares and Class B Ordinary Shares outstanding as at the record date for determining those Shareholders that are entitled to vote at the general meetings of the Company.

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

**15. Otsaw**-Swisslog **Healthcare Joint Venture**

In November 2021, Otsaw Technology Solutions Pte. Ltd. ("Otsaw Technology") and Swisslog Healthcare Holding AG ("Swisslog Healthcare") entered into a series of agreements to establish the Otsaw-Swisslog JV. Swisslog Healthcare, headquartered in Switzerland, is a leading global provider of hospital automated intralogistics solutions. Swisslog Healthcare is a highly regarded provider of AGV solutions, in the business of developing, manufacturing and selling AGVs as well as providing maintenance services under service contracts. Swisslog carries out its AGV business in several countries and their customers are mainly hospitals and contractors engaged by hospitals.

Since the establishment of the Otsaw-Swisslog JV, Otsaw has been responsible for developing the next-generation of TransCar solutions worldwide. Otsaw has taken over further development of the TransCar's navigation technology to upgrade the existing TransCar platform with our autonomous navigation competencies and core software technologies. The next-generation Transcar 5.0 is designed as a seamless drop-in replacement for the previous TransCar, originally developed and deployed by Swisslog Healthcare. This allows Otsaw to deploy our AMR into hospitals without requiring any infrastructure changes, ensuring a low entry barrier for adoption.

We believe we have been able to leverage Swisslog Healthcare's product development expertise and existing sales/service footprint through the Otsaw-Swisslog JV. The Otsaw-Swisslog JV accelerated Otsaw's penetration into the global healthcare market while minimizing execution risk and optimizing capital allocation. Through the joint venture, Otsaw has benefitted from Swisslog Healthcare's longstanding relationships and goodwill with many of our target customers in healthcare globally, providing Otsaw with an immediate customer base, market access and entry channels to the healthcare market in Europe and APAC. This has enabled us to cross sell our AMR platforms (the O-R3 and Camello+) and UV-C LED disinfection solutions (TReX, AirGuard, and O-RX), in synergy with the TransCar system, utilizing Swisslog Healthcare's global marketing channels. Ultimately, we expect the Otsaw-Swisslog JV to continue delivering efficient, cost-effective and reliable AI-enabled facilities management solutions for hospitals and the healthcare industry, covering hospital intralogistics, security, housekeeping and disinfection.

*Key Arrangement of the Otsaw-Swisslog JV*

The Otsaw-Swisslog JV was owned 40% by Swisslog Healthcare and 60% by Otsaw Technology Solutions Pte Ltd. when the JV was set up. The shareholding by Otsaw Technology Solutions Pte Ltd was subsequently increased to 73.33% on January 12, 2023, 86.66% on November 16, 2023, 93.3% on January 11, 2024, and 100% on January 20, 2025. The respective rights of Swisslog Healthcare and Otsaw Technology Solutions Pte Ltd in respect of the Otsaw-Swisslog JV are set forth in the: 1) shareholders agreement dated November 30, 2021 (as amended on November 30, 2023) entered into between (i) Otsaw Technology Solutions Pte Ltd; (ii) Swisslog Healthcare; and (iii) Otsaw-Swisslog JV (the "Shareholders Agreement"); 2) the master asset sale agreement dated November 16, 2021 entered into between (i) Swisslog Healthcare; (ii) Otsaw Technology Solutions Pte Ltd; and (iii) Otsaw Digital Pte. Ltd (the "Master Asset Sale Agreement") and 3) the umbrella agreement dated November 30, 2024 entered into between (i) Otsaw Limited, (ii) Otsaw Digital Pte. Ltd., (iii) Otsaw Technology Solutions Pte. Ltd., (iv) Swisslog Healthcare Holding AG and (v) Otsaw Swisslog Healthcare Robotics Pte. Ltd. Those agreements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Allow the Otsaw-Swisslog JV to identify the specific assets to be acquired from Swisslog Healthcare;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mandate the Otsaw-Swisslog JV to continue to develop and market the TransCar system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Govern the management mechanisms of the Otsaw-Swisslog JV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Grant the Otsaw Swisslog JV the royalty free right to use the Swisslog Healthcare brand name; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Include put and call options regarding the membership interests in the Otsaw-Swisslog JV, as well as other customary provisions related to transfers of such interests.

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

**15. Otsaw-Swisslog Healthcare Joint Venture** (cont.)

*Asset Transfer and Acquisition*

Under the Master Asset Sale Agreement, Otsaw-Swisslog JV has acquired: 1) the existing customer services and maintenance contracts of the TransCar systems installed in Singapore, Germany, Italy, Netherlands, Norway and Switzerland; and 2) advance payments, claims, books and records in relation to the TransCar systems in Singapore, Germany, Italy, Netherlands, Norway and Switzerland. As consideration, Swisslog Healthcare received S$1.5 million in cash, 36,613 ordinary shares in Otsaw Technology Solutions Pte Ltd. and a 40% ownership in the Otsaw-Swisslog JV. Upon completion of the group reorganization on May 25, 2023, Swisslog Healthcare became a minority shareholder in Otsaw Limited.

*IP and Technology Transfer*

Under the Master Asset Sale Agreement, the Otsaw-Swisslog JV and Otsaw were given the right to acquire and have acquired the intellectual property rights relating to the TransCar systems and the process know-how relating to their manufacturing and maintenance. This includes: (i) knowledge transfer of the codebase/code documentation, (ii) operation training, and (iii) documents relating to the manufacture, operation, and enhancement of the TransCar system. Furthermore, Swisslog Healthcare is obligated to assist in the transfer of know-how in relation to the design, function and maintenance of the TransCar system to the Otsaw-Swisslog JV and Otsaw.

*Service and Maintenance*

Mandated by the Shareholders Agreement, and pursuant to the Master Asset Sale Agreement, the Otsaw-Swisslog JV entered into service agreements on December 1, 2021 with (i) Swisslog Healthcare GmbH; and (ii) Swisslog Healthcare Asia Pacific Pte. Ltd. respectively, for a term of 1 year with the option to renew these service agreements for up to two successive periods of 1 year each (subject to 3 or 6 months prior written notice, as applicable). These agreements have since been terminated on 31 December 2022 and the existing customer services and maintenance contracts acquired by the Otsaw-Swisslog JV under the Master Asset Sale Agreement have been novated to the Otsaw-Swisslog JV. However, we have not novated the contracts with our customers in Italy, which mainly comprises Italian hospitals. We have instead appointed Swisslog Healthcare ltaly S.P.A. SU as our agent, given the stringent local qualifications and experience required for a company to serve Italian hospitals. The Otsaw-Swisslog JV is therefore responsible for fulfilling the obligations under the existing customer services and maintenance contracts except in Italy, where Swisslog Healthcare Italy S.P.A. SU handles these responsibilities.

*Royalty*

For as long as Swisslog Healthcare is a shareholder, the Otsaw-Swisslog JV will have the right to use the Swisslog Healthcare brand name royalty free. As at January 20, 2025, following the exercise of options relating to the Swisslog asset acquisition, Otsaw Swisslog Healthcare Robotics Pte. Ltd. is 100% owned by Otsaw Technology Solutions Pte. Ltd. The Otsaw-Swisslog JV no longer uses the Swisslog Healthcare brand name, and there are therefore no royalties payable.

*Put and Call Options*

Under the Shareholders Agreement, Otsaw grants Swisslog Healthcare the put option and Swisslog grants Otsaw the call option to acquire Swisslog Healthcare's 40% interest in the Otsaw-Swisslog JV, in three tranches comprising of 1,333 shares per tranche exercisable on the 1<sup>st</sup>, 2<sup>nd</sup> and 3<sup>rd</sup> anniversary from November 30, 2022, at a strike price of SGD 800,000 per tranche. The put option gives Swisslog Healthcare the right to require Otsaw to purchase Swisslog Healthcare's 40% interest in the Otsaw-Swisslog JV pursuant to the put and call arrangement. The call option gives Otsaw the right to purchase Swisslog Healthcare's interest in the Otsaw-Swisslog JV pursuant to the put and call arrangement. As at January 20, 2025, following the exercise of options relating to the Swisslog asset acquisition, Otsaw Swisslog Healthcare Robotics Pte. Ltd. is 100% owned by Otsaw Technology Solutions Pte. Ltd., which is headquartered and incorporated in Singapore.

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

**15. Otsaw-Swisslog Healthcare Joint Venture** (cont.)

*Accounting of the Acquisition of Assets*

In November 2021, as a result of the above Otsaw-Swisslog JV arrangement, Otsaw Technology Solutions Pte Ltd recorded Intangible Assets that were acquired from Swisslog Healthcare. Total purchase consideration was USD 5,031,632. It consists of cash USD 1,077,281 (S$1.5 million), 36,613 ordinary share of Otsaw Technology Solutions Pte Ltd USD 2,238,590, ordinary share of Otsaw Swisslog Healthcare Robotics Pte Ltd USD 2,889 and deferred consideration USD1,594,699 (a 40% ownership).

In January 2023, a deferred consideration payment of USD 97,002 and a consideration adjustment of USD486,468 were made due to revenue targets not met, resulting in recognising other income of the said amount.

In January 2024, a deferred consideration payment of USD 335,648 and a consideration adjustment of USD 259,875 were made due to revenue targets not met, resulting in recognising other income of the said amount.

The carrying amount of the acquired intangible assets as at October 31, 2024 was USD 2,971,968 (April 30, 2024: USD 3,189,072).

---

| | | |
|:---|:---|:---|
|  | **October 31, <br>2024** | **April 30, <br>2024** |
|  | **USD** | **USD** |
|  Favourable rights | 10752 | 73281 |
|  Customer relationships | 2383737 | 2484694 |
|  Intellectual property | 577479 | 631097 |
|  Total (Note 10) | 2971968 | 3189072 |

---

**16. Trade and other payables**

---

| | | |
|:---|:---|:---|
|  | **October 31, <br>2024** | **April 30, <br>2024** |
|  | **USD** | **USD** |
|  Trade payables-Third Parties | 1136780 | 884321 |
|  – Related Parties<sup>(1)</sup> | 400124 | 354939 |
|  Other payables-Third Parties | 860626 | 285626 |
|  – Related Parties<sup>(2)</sup> | 599621 | 560339 |
|  Amount due to a director<sup>(3)</sup> | 0 | 400000 |
|  Amounts due to/(from) related parties | 512 | 499 |
|  Contract liabilities (Deposits received) | 920976 | 731708 |
|  Accruals | 1325883 | 1363658 |
|  Provision for unutilised leave | 53929 | 52750 |
|  Total trade and other payables | 5298451 | 4633840 |
|  Less: non-current portion | 0 | 0 |
|  Current portion | 5298451 | 4633840 |

---

____________

(1) Purchases from the related parties Activ Technology Pte Ltd, Swisslog Healthcare AG Branch Germany, Swisslog Healthcare AG Branch Netherlands and Swisslog Healthcare GmbH.

(2) Deferred consideration with Swisslog Healthcare Holding AG for the acquisition of Swisslog assets acquisition.

(3) Amount due to director is mapped under Other Payables Third parties on 31 October 2024 due to resignation of director on 31 August 2024.

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

**16. Trade and other payables** (cont.)

Amounts due to related parties, and director are interest free, unsecured, repayable upon demand, and to be settled in cash.

Related parties are entities with common direct or indirect shareholder and/or director or management. It is related party if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operating decisions.

Trade payables and other payables are denominated in the following currencies:

---

| | | |
|:---|:---|:---|
|  | **October 31, <br>2024** | **April 30, <br>2024** |
|  | **USD** | **USD** |
|  Singapore dollars | 3,556,488 | 2,971,361 |
|  United States dollars | 586,305 | 742,359 |
|  Euro | 1,155,658 | 920,120 |
|  | 5,298,451 | 4,633,840 |

---

**17. The Group as a lessee**

The Group head office leases office premise in Singapore under a 3-year lease arrangement and office equipment under a 3-year lease agreement. In Germany, the Group leases office premises under a 53-month lease agreement. In US, the Group leases office premises under a 37-month lease agreement. Lease payments are made in advance at the beginning of each month during the term of tenancy.

<u><u>Extension options</u></u>

The Group has lease contracts with extension options exercisable up to 3 years before the end of the non-cancellable contract period. These extension options are exercisable by the Group and not by the lessors. The extension options are used by the Group to provide operation flexibility in terms of managing the assets used in the Group's operation.

<u><u>Recognition exemptions</u></u>

The Group has certain office equipment and office premises with lease terms of 12 months or less. For such leases, the Group has elected not to recognise right-of-use assets and lease liabilities.

**(a) Right**-of-use **assets**

The carrying amount of right-of-use assets by class of underlying asset classified within property, plant and equipment are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Premises** | **Office <br>equipment** | **Total** |
|  | **USD** | **USD** | **USD** |
|  **<u>Group and Company</u>** |  |  |  |
|  At 01 May 2024 | 476244 | 1331 | 477575 |
|  Additions | 0 | 0 | 0 |
|  Disposal | 0 | 0 | 0 |
|  Adjustments | 52216 | 0 | 52216 |
|  Depreciation | (154537) | (683) | (155220) |
|  Exchange difference | 5766 | 5 | 5771 |
|  **At 31 October 2024** | **379689** | **653** | **380342** |

---

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

**17. The Group as a lessee** (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | **Premises** | **Office <br>equipment** | **Total** |
|  | **USD** | **USD** | **USD** |
|  **<u>Group and Company</u>** |  |  |  |
|  At 01 May 2023 | 726572 | 2716 | 729288 |
|  Additions |  |  |  |
|  Disposal |  |  |  |
|  Depreciation | (88887) | (673) | (89560) |
|  Exchange difference | (82968) | 226 | (82742) |
|  **At 31 October 2023** | **554717** | **2269** | **556986** |

---

The total cash outflow for leases during the six months ended October 31, 2024 is USD 172,076 (April 30, 2024: USD 308,116).

**(b) Lease liabilities**

---

| | | |
|:---|:---|:---|
|  | **October 31, <br>2024** | **Apr 30, <br>2024** |
|  | **USD** | **USD** |
|  Lease liabilities – non-current | 188,381 | 255,618 |
|  Lease liabilities – current | 223,886 | 254,306 |
|  | 412,267 | 509,924 |

---

The Group's aggregated lease maturities as of October 31, 2024 as follows:

---

| | |
|:---|:---|
|  **Year** | **USD** |
|  Year 1 | 164166 |
|  Year 2 | 150431 |
|  Year 3 | 100101 |
|  Year 4 | 20737 |
|  **Total minimum lease payments** | **435435** |
|  Less: Imputed interest | (23168) |
|  Total lease liability | **412267** |

---

**(c) Amounts recognized in profit or loss**

---

| | | |
|:---|:---|:---|
|  | **October 31, <br>2024** | **October 31, <br>2023** |
|  | **USD** | **USD** |
|  Interest expense on lease liabilities | 13,308 | 15,284 |

---

**18. Loans and Borrowings**

---

| | | |
|:---|:---|:---|
|  | **October 31, <br>2024** | **April 30, <br>2024** |
|  | **USD** | **USD** |
|  Loan from related parties | 641574 | 411665 |
|  Loan from third party | 3257852 | 0 |
|  Director | 5877586 | 6277151 |
|  Total Loans and Borrowings | 9777012 | 6688816 |
|  Less: non-current portion | 1006062 |  |
|  Current portion | 8770950 | 6688816 |

---

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

**18. Loans and Borrowings** (cont.)

The non-current portion of loans as of October 31, 2024, consists solely of third-party loans amounting to $1,006,062.

Director loans bear interest at 12% per annum from 1 May 2023, previous to this the interest rate was 6% per annum.

On September 04, 2024, the Company obtained a secured loan facility from Curzon Capital Pte Ltd which bears interest rate at 16% per annum. It is repayable over 3 years equally at the end of each year, with an option for early prepayment subject to a notice period. The loan is secured by a combination of a Personal Guarantee, Corporate Guarantee, Debenture (Floating Charge over Inventory), and a Deed of Subordination. In the event of default, default interest of 5% per annum applies, and the lender has the right to enforce the security.

**19. Significant related party transactions**

A related party is defined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A person or a close member of that person's family is related to the Group and Company if that person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Has control or joint control over the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Has significant influence over the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Is a member of the key management personnel of the Company or of a parent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An entity is related to the Group and the Company if any of the following conditions applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The entity and the Company are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a Company of which the other entity is a member);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Both entities are joint ventures of the same third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) One entity is a joint venture of a third entity and the other entity is an associate of the third entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The entity is a post-employment benefit plan for the benefit of employees of either the Company or an entity related to the Company. If the Company is itself such a plan, the sponsoring employers are also related to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The entity is controlled or jointly controlled by a person identified in (a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) A person identified in (a) (i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The entity, or any member of a group of which it is a part, provides key management personnel services to the reporting entity or to the parent of the reporting entity.

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**19. Significant related party transactions** (cont.)

The effect of the Group's and Company's transactions and arrangements with related parties is reflected in these unaudited condensed consolidated financial statements. The balances are unsecured, interest-free and repayable on demand unless otherwise stated. In addition to the transactions and balances disclosed elsewhere in the unaudited condensed consolidated financial statements, the Group had the following significant related party transactions and balances during the reporting period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Sales to <br>related <br>parties<sup>(1)</sup>** | **Purchases <br>from related <br>parties<sup>(2)</sup>** |  | **Amount due <br>from related <br>parties\*** | **Amount due <br>to related <br>parties\***  |
|  | **Six months ended** |  |  | **As of** |  |  |
|  Swisslog | **31 Oct, 2024** | 68240 | 34731 | **31 Oct, 2024** | 314549 | 269299 |
|  | **31 Oct, 2023** | 10858 | 78103 | **30 Apr, 2024** | 279551 | 266755 |
|  | **Six months ended** |  |  | **As of** |  |  |
|  Others | **31 Oct, 2024** |  | 32330 | **31 Oct, 2024** | 1154 | 131336 |
|  | **31 Oct, 2023** |  | 31130 | **30 Apr, 2024** | 1124 | 88683 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Interest** |  | **Amount due <br>to related <br>parties\*\*** | **Others**  |
|  | **Six months ended** |  | **As of** |  |  |
|  Shareholder | **31 Oct, 2024** | 288483 | **31 Oct, 2024** | 6228945 |  |
|  | **31 Oct, 2023** | 105220 | **30 Apr, 2024** | 6471060 | 400000 |
|  | **Six months ended** |  | **As of** |  |  |
|  Others  | **31 Oct, 2024** | 78187 | **31 Oct, 2024** | 290214 |  |
|  | **31 Oct, 2023** | 270552 | **30 Apr, 2024** | 217756 |  |
|  | **Six months ended** |  | **As of** |  |  |
|  Swisslog | **31 Oct, 2024** | 24073 | **31 Oct, 2024** |  | 1295836 |
|  | **31 Oct, 2023** | 23744 | **30 Apr, 2024** |  | 1181900 |

---

____________

\* The amounts are classified as trade receivables and trade payables, respectively. (Notes 13 & 18).

\*\* The amounts are total outstanding interest and principal. (Note 20)

(1) During the year, Otsaw Group sold goods and services to Swisslog Healthcare AG Branch Italy, Swisslog Healthcare AG Branch Netherlands, Swisslog UK, SAS Swisslog France and Activ Technology Group.

(2) During the year, Otsaw Group purchased goods and services from Activ Technology Pte Ltd, Swisslog Healthcare GmbH, Swisslog Healthcare AG Branch Germany, Swisslog Healthcare AG Branch Netherlands, Meyzer Management Advisory Pte Ltd and SG Networks Pte Ltd.

Swisslog Healthcare AG holds 6.7% shareholding of Otsaw Swisslog Healthcare Robotics Pte Ltd and 0.6% shareholding of Otsaw Limited. Therefore, Swisslog Healthcare AG Branch Italy, Swisslog Healthcare AG Branch Netherlands, Swisslog Healthcare AG Branch Germany, Swisslog Healthcare GmbH, Swisslog UK, SAS Swisslog France and Swisslog Healthcare Asia Pacific Pte Ltd are the related party of Otsaw Group.

Director and CEO of Otsaw Limited is the director and shareholder of Activ Technology (S.H) Limited, Activ Technology (H.K.) Limited, Activ Technology Pte Ltd, SG Networks Pte Ltd and Ararrat Capital Pte Ltd.

Meyzer Management Advisory Pte Ltd and Meyzer Business Advisory Pte Ltd were owned by a director who resigned on 31 August 2024. As a result, these companies ceased to be related parties from that date.

Serial System International Pte Ltd holds 15.73% shareholding of Otsaw Limited. Serial System International Pte Ltd, Asian Prosperity Singapore Pte Ltd and Serial Microelectronics Pte Ltd are the group of companies held by Serial Ltd. Therefore, Asian Prosperity Singapore Pte Ltd and Serial Microelectronics Pte Ltd are the related parties of Otsaw Group.

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**19. Significant related party transactions** (cont.)

**Compensation of directors and key management personnel**

The remuneration of directors and other members of key management during the six months was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31, <br>2024**  | **October 31, <br>2023**  |
|  | **USD** | **USD** |
|  Short-term employee benefits | 94,955 | 102,947 |
|  Post-employment benefits | 5,227 | 4,625 |
|  | 100,182 | 107,572 |

---

**20. Financial instruments and financial risks**

The Group's activities expose it to credit risk, market risks (including foreign currency risk) and liquidity risk. The Group's overall risk management strategy seeks to minimise adverse effects from the volatility of financial markets on the Group's financial performance.

The Board of Directors is responsible for setting the objectives and underlying principles of financial risk management for the Group. The management then establishes the detailed policies such as authority levels, oversight responsibilities, risk identification and measurement, exposure limits and hedging strategies, in accordance with the objectives and underlying principles approved by the Board of Directors.

There have been no changes to the Group's exposure to these financial risks or the manner in which it manages and measures the risk. Market risk exposures are measured using sensitivity analysis indicated below.

#### Credit risk
Credit risk refers to the risk that the counterparty will default on its contractual obligations resulting in a loss to the Group. The Group has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral where appropriate, as a means of mitigating the risk of financial loss from defaults.

The Group's credit risk arises from bank balances, trade and other receivables, other debt instruments carried at amortised cost as well as contract assets. Bank balances are mainly deposits with banks with high credit-ratings assigned by international credit rating agencies and the Group does not expect the impairment loss from bank balances to be material, if any.

To assess and manage its credit risk, the Group categorises the aforementioned financial assets and contract assets according to their risk of default. The Group defines default to have taken place when internal or/and external information indicates that the financial asset is unlikely to be received, which could include a breach of debt covenant, and/or where contractual payments are 90 days past due as per IFRS 9's presumption.

In their assessment, the management considers, amongst other factors, the latest relevant credit ratings from reputable external rating agencies where available and deemed appropriate, historical credit experiences, latest available financial information and latest applicable credit reputation of the debtor.

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#### OTSAW LIMITED AND ITS SUBSIDIARIES<br>NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE SIX MONTHS ENDED OCTOBER 31, 2024 AND 2023
**20. Financial instruments and financial risks** (cont.)

The Group's internal credit risk grading categories are as follows:

---

| | | |
|:---|:---|:---|
|  **Category** | **Description** | **Basis of recognising ECL** |
| 1 | Low credit risk<sup>Note1</sup> | 12-months ECL |
| 2 | Non-significant increase in credit risk since initial recognition and financial asset is ≤ 30 days past due | 12-months ECL |
| 3 | Significant increase in credit risk since initial recognition<sup>Note2</sup> or financial asset is > 30 days past due | Lifetime ECL |
| 4 | Evidence indicates that financial asset is credit-impairedNote3 | Difference between financial asset's gross carrying amount and present value of estimated future cash flows discounted at the financial asset's original effective interest rate |
| 5 | Evidence indicates that the management has no reasonable expectations of recovering the write off amount<sup>Note4</sup> | Written off |

---

Note 1. Low credit risk

The financial asset is determined to have low credit risk if the financial assets have a low risk of default, the counterparty has a strong capacity to meet its contractual cash flow obligations in the near term and adverse changes in economic and business conditions in the longer term may, but will not necessarily, reduce the ability of the counterparty to fulfil its contractual cash flow obligations. Generally, this is the case when the Group assesses and determines that the debtor has been, is in and is highly likely to be, in the foreseeable future and during the (contractual) term of the financial asset, in a financial position that will allow the debtor to settle the financial asset as and when it falls due.

Note 2. Significant increase in credit risk

In assessing whether the credit risk of the financial asset has increased significantly since initial recognition, the Group compares the risk of default occurring on the financial asset as of reporting date with the risk of default occurring on the financial asset as of date of initial recognition, and considered reasonable and supportable information, that is available without undue cost or effort, that is indicative of significant increases in credit risk since initial recognition.

In assessing the significance of the change in the risk of default, the Group considers both past due (i.e. whether it is more than 30 days past due) and forward looking quantitative and qualitative information.

Forward looking information includes the assessment of the latest performance and financial position of the debtor, adjusted for the Group's future outlook of the industry in which the debtor operates based on independently obtained information (e.g. expert reports, analyst's reports etc) and the most recent news or market talks about the debtor, as applicable. In its assessment, the Group will generally, for example, assess whether the deterioration of the financial performance and/or financial position, adverse change in the economic environment (country and industry in which the debtor operates), deterioration of credit risk of the debtor, etc. is in line with its expectation as of the date of initial recognition of the financial asset. Irrespective of the outcome of the above assessment, the Group presumes that the credit risk on a financial asset has increased significantly since initial recognition when contract payments are >30 days past due, unless the Group has reasonable and supportable information that demonstrates otherwise.

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**20. Financial instruments and financial risks** (cont.)

Note 3. Credit impaired

In determining whether financial assets are credit-impaired, the Group assesses whether one or more events that have a detrimental impact on the estimated future cashflows of the financial asset have occurred. Evidence that a financial asset is credit impaired includes the following observable data:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant financial difficulty of the debtor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Breach of contract, such as a default or being more than 90 days past due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is becoming probable that the debtor will enter bankruptcy or other financial reorganisation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The disappearance of an active market for the financial asset because of financial difficulties.

Note 4. Write off

Generally, the Group writes off, partially or fully, the financial asset when it assesses that there is no realistic prospect of recovery of the amount as evidenced by, for example, the debtor's lack of assets or income sources that could generate sufficient cashflows to repay the amounts subjected to the write-off.

The Group performs ongoing credit evaluation of its counterparties' financial condition and generally does not require collateral.

The Group do not have any significant credit exposure to any single counterparty or any groups of counterparties having similar characteristics other than the geographical location of their operations.

As at the end of the six months ended 31 October 2024, 60% (April 2024: 66%) of the trade receivable is concentrated in Singapore. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the statements of financial position.

<u>Trade receivables (Note 12)</u>

The Group uses the practical expedient under IFRS 9 in the form of allowance matrix to measure the ECL for trade receivables, where the loss allowance is equal to lifetime ECL.

The ECL for trade receivables are estimated using an allowance matrix by reference to the historical credit loss experience of the customers for the last 3 years prior to the respective reporting dates for various customer groups that are assessed by geographical locations, product types and internal ratings, adjusted for forward looking factors specific to the debtors and the economic environment which could affect the ability of the debtors to settle the financial assets. In considering the impact of the economic environment on the ECL rates, the Group assesses, for example, the gross domestic production growth rates of the country and the growth rates of the major industries which its customers operate in.

Trade receivables are written off when there is evidence to indicate that the customer is in severe financial difficulty such as being under liquidation or bankruptcy and there is no reasonable expectation for recovering the outstanding balances.

As of October 31, 2024, the Group recognised a credit loss allowance of USD 156,692 (April 30, 2024: Nil) on trade receivables that were assessed to be uncollectible.

<u>Other receivables (Note 12)</u>

As of October 31, 2024, the Group recorded other receivables of USD 727,121 (April 30, 2024: USD 519,644). The Group assessed the loss allowance of these amounts on a 12-month ECL basis consequent to their assessment. In its assessment of the credit risk of the subsidiaries, the Group considered amongst other factors, the financial position of

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**20. Financial instruments and financial risks** (cont.)

the subsidiaries as of October 31, 2024, the past financial performance and cashflow trends, adjusted for the outlook of the industry and economy in which the subsidiaries operate in. Using 12-month ECL, the Group recognized an allowance loss of USD Nil (April 30, 2024: USD Nil) for other receivables.

***Market risks***

The Group's activities expose it primarily to the financial risks of changes in foreign currency exchange rates. The objective of market risk management is to manage and control market risk exposures within acceptance parameters, while optimising the return on risk.

<u>Foreign currency risk</u>

The Group is exposed to foreign currency risk on certain income, expenses, monetary assets, mainly cash and cash equivalents, and liabilities that are denominated in currencies other than the functional currencies of the respective entities in the Group. As at the reporting date, the Group does not have significant foreign currency risk exposure except for the financial assets denominated in Euro and United States dollar.

The carrying amounts of the Group's foreign currency denominated monetary assets and monetary liabilities as of October 31, 2024 and April 30, 2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
|  | **October 31, <br>2024** | **April 30, <br>2024** | **October 31, <br>2024** | **April 30, <br>2024** |
|  | **USD** | **USD** | **USD** | **USD** |
|  Euro | 235889 | 210822 | (523279) | (517031) |
|  United States dollar | 7548 | 23218 | (996376) | (2652552) |

---

*Foreign currency sensitivity analysis*

The following table details the sensitivity to a 5% (April 30, 2024: 5%) increase or decrease in the relevant foreign currencies against the functional currency of each Group entity. 5% (April 30, 2024: 5%) is the sensitivity rate representing management's assessment of the possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 5% (April 30, 2024: 5%) change in foreign currency rates.

If the relevant foreign currency strengthens by 5% (April 30, 2024: 5%) against the functional currency of each Group entity, profit or loss will increase or (decrease) by:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **United States dollar impact** | **United States dollar impact** | **Euro dollar impact** | **Euro dollar impact** |
|  | **October 31, <br>2024** | **October 31, <br>2023** | **October 31, <br>2024** | **October 31, <br>2023** |
|  | **USD** | **USD** | **USD** | **USD** |
|  <u>Group</u> |  |  |  |  |
|  (Loss) or profit | (49441) | (479039) | (14370) | (6373) |

---

<u>Interest rate risk</u>

Interest rate is the risk that the value of a financial instrument will fluctuate due to changes in market interest rates.

The Group is not exposed to significant interest rate risk as it has no significant interest-bearing financial assets and liabilities at the reporting date.

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**20. Financial instruments and financial risks** (cont.)

***Liquidity risk***

Liquidity risk refers to the risk in which the Group encounters difficulties in meeting its short-term obligations. Liquidity risk is managed by matching the payment and receipt cycles. The Group monitors its liquidity risk and maintains a level of cash and bank balances deemed adequate by management to finance the Group's operations and mitigate the effects of fluctuations in cash flows.

The table below summarises the maturity profile of the Group's financial assets and liabilities at the reporting date based on contractual undiscounted repayment obligations:

---

| | | | |
|:---|:---|:---|:---|
|  **Group** | **Less than <br>1 year** | **2 to 5 <br>years** | **Total** |
|  | **USD** | **USD** | **USD** |
|  **<u>Undiscounted financial assets</u>** |  |  |  |
|  Cash and cash equivalents | 78336 | 0 | 78336 |
|  Trade receivables and other receivable (excluding prepayments) | 973862 | 75694 | 1049556 |
|  **As at 31 October, 2024** | 1052198 | 75694 | 1127892 |
|  Cash and cash equivalents | 30331 | 0 | 30331 |
|  Trade receivables and other receivable (excluding prepayments) | 987341 | 74746 | 1062087 |
|  **As at 30 April, 2024** | 1017672 | 74746 | 1092418 |
|  **<u>Undiscounted financial liabilities</u>** |  |  |  |
|  Trade and other payables (excluding deferred grant income and provision for unutilised leave) | 5244522 | 0 | 5244522 |
|  Lease liabilities | 223886 | 188381 | 412267 |
|  **As at 31 October, 2024** | 5468408 | 188381 | 5656789 |
|  Trade and other payables (excluding deferred grant income and provision for unutilised leave) | 4581090 | 0 | 4581090 |
|  Lease liabilities | 254306 | 255618 | 509924 |
|  **As at 30 April, 2024** | 4835396 | 255618 | 5091014 |
|  **– At 31 October, 2024** | (4416210) | (112687) | (4528897) |
|  **– As at 30 April, 2024** | (3817724) | (180872) | (3998596) |

---

<u>Financial instruments by category</u>

The following table summarises the carrying amounts of financial assets and liabilities recorded at the end of the year:

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **October 31, <br>2024**  | **April 30, <br>2024**  |
|  |  | **USD** | **USD** |
|  ***Financial assets at amortised cost*** |  |  |  |
|  Trade receivables and other receivables | 12 | 1519977 | 1327996 |
|  Cash and cash equivalents | 13 | 78336 | 30331 |
|  |  | 1598313 | 1358327 |
|  ***Financial liabilities at amortised cost*** |  |  |  |
|  Trade and other payables | 16 | 5298451 | 4633840 |
|  Lease liabilities | 17 | 412267 | 509924 |
|  |  | 5710718 | 5143764 |

---

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**21. Fair value of assets and liabilities**

Except as disclosed in the respective notes, the carrying amounts of cash and cash equivalents, trade and other receivables and payables, approximate their fair values due to their short term maturities.

**22. Capital management**

The primary objective of the Group's capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholders value.

The Group manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. No changes were made in the objectives, policies or processes during the six months ended October 31, 2024.

The Group are not subject to any externally imposed capital requirement for the six months ended October 31, 2024.

**23. Development of COVID**-19 **outbreak and its impact on the Group**

COVID-19 outbreak has brought about an unprecedented challenge for many entities, with increased uncertainty in the global economy. As the situation is still evolving, the full effect of the outbreak is still uncertain and the Group is therefore unable to provide a quantitative estimate of the potential impact of this outbreak on the Group. The Group continues to monitor and evaluate any possible impact on the Group´s business and will consider implementation of various measures to mitigate the effects arising from the COVID-19 situation. Based on management's latest assessment, there is no indicator that the going concern assumption used by the Group in preparing the financial statements is inappropriate.

**24. Segment information**

The group has 2 reportable segments, as described below, which are the Group's strategic business units. The strategic business units offer different products and services, and are managed separately because they require different technology and marketing strategies. For each of the strategic business units, the Group's CEO, the chief operating decision maker "CODM" reviews internal management reports on a regular basis. The following summary describes the operations in each of the Group's reportable segments:

---

| | |
|:---|:---|
|  Autonomous Mobile Robots ("AMR") | Design, manufacture and sale/lease of AMR's for the security, last mile delivery/courier and healthcare industries. The AMR's autonomously patrol, survey, deliver, disinfect and monitor a geo-fenced area to augment the security/last mile delivery and healthcare industries with real-time on-site data collection and analysis ability. |
|  Healthcare Intralogistics Automated Guided Vehicles ("AGV") | Sale/lease and maintenance of AGV's that is utilised within hospitals and healthcare facilities for the transport of heavy, bulky or palletised goods. |

---

Information regarding the results of each reportable segment is included below. There was no inter-segment sale for the current and prior year.

The accounting policies of the operating segments are the same as the Group's accounting policies described in note 2 to the consolidated financial statements. Segment results of revenue and profit (loss) are the primary measures reported to CODM for the purposes of resource allocation and performance assessment.

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**24. Segment information** (cont.)

The CODM does not review assets and liabilities by operating segment for the purpose of resource allocation and performance assessment. Therefore, only segment revenue and segment results are presented, for the six months ended October 31, 2024 and 2023.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **October 31, 2024** | **AMR** | **AGV** | **Other** | **Total** |
|  Revenue | 152299 | 1623684 |  | 1775983 |
|  Cost of revenue | (72740) | (1238233) |  | (1310973) |
|  **Gross profit** | **79559** | **385451** | **—** | **465010** |
|  Other income | 36438 | 2605 |  | 39043 |
|  **Operating expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Selling and marketing | (261853) | (95889) | (7672) | (365414) |
| &nbsp;&nbsp;&nbsp; General and administration | (1514203) | (907929) | (122517) | (2544649) |
| &nbsp;&nbsp;&nbsp; Research and development | (209078) | (161227) |  | (370305) |
|  | (1985134) | (1165045) | (130189) | (3280368) |
|  **Operating loss** | **(1869137)** | **(776989)** | **(130189)** | **(2776315)** |
|  Finance costs | (507006) | (6152) |  | (513158) |
|  **Loss before income tax** | **(2376143)** | **(783141)** | **(130189)** | **(3289473)** |
|  Income tax |  |  |  |  |
|  **Loss for the year** | **(2376143)** | **(783141)** | **(130189)** | **(3289473)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **October 31, 2023** | **AMR** | **AGV** | **Other** | **Total** |
|  Revenue | 156030 | 2575108 | 36699 | 2767837 |
|  Cost of revenue | (49807) | (1995977) | (7931) | (2053715) |
|  **Gross profit** | **106223** | **579131** | **28768** | **714122** |
|  Other income | 35349 |  | 2270 | 37619 |
|  **Operating expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Selling and marketing | (322197) | (200007) | (10002) | (532206) |
| &nbsp;&nbsp;&nbsp; General and administration | (1443537) | (780336) | (161295) | (2385168) |
| &nbsp;&nbsp;&nbsp; Research and development | (106248) | (155518) |  | (261766) |
|  | (1871982) | (1135861) | (171297) | (3179140) |
|  **Operating loss** | **(1730410)** | **(556730)** | **(140259)** | **(2427399)** |
|  Finance costs | (402985) | (7944) | (3870) | (414799) |
|  **Loss before income tax** | **(2133395)** | **(564674)** | **(144129)** | **(2842198)** |
|  Income tax | (71596) |  |  | (71596) |
|  **Loss for the year** | **(2204991)** | **(564674)** | **(144129)** | **(2913794)** |

---

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**24. Segment information** (cont.)

#### Geographical segments
Geographical segments are analysed by three principal geographical areas, namely North America, Europe, and Asia Pacific. In presenting information on the geographical segments, revenue is based on the location of customers regardless of where the goods are shipped to. The Revenue for the six months ended October 31,

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Revenue** | **Asia Pacific** | **Europe** | **North America** | **Total** |
| **2024** | 1246178 | 441072 | 88733 | **1775983** |
| **2023** | 1374999 | 1286838 | 106000 | **2767837** |

---

**25. Events after the end of the reporting period**

On November 30, 2024, an umbrella agreement in respect of the Otsaw-Swisslog JV was entered into between (i) Otsaw Limited, (ii) Otsaw Digital Pte. Ltd., (iii) Otsaw Technology Solutions Pte. Ltd., (iv) Swisslog Healthcare Holding AG and (v) Otsaw Swisslog Healthcare Robotics Pte. Ltd.

On January 20, 2025, following the exercise of options relating to the Swisslog asset acquisition, Otsaw Swisslog Healthcare Robotics Pte. Ltd paid the 3rd and last tranche of SGD800,000 (1,334 shares) to Swisslog Healthcare and is then 100% owned by Otsaw Technology Solutions Pte. Ltd. (See Note 15).

In January 2025, the Company issued 301,348 new ordinary shares to its shareholders for a total consideration of USD 550,000.

In March 2025, Otsaw Digital Pte Ltd borrowed SGD 500,000 from Capital, Credit & Risk Partners Pte. Ltd. for working capital requirement. The loan is repayable in 3 months and accrues interest at 16% per annum.

In March 2025, the Company issued 388,370 new ordinary shares to its shareholders for a total consideration of USD 530,000.

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#### PART II — INFORMATION NOT REQUIRED IN THE PROSPECTUS

#### Item 6. Indemnification of Directors and Officers.
Cayman Islands law does not limit the extent to which a company's articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime.

The underwriting agreement, the form of which will be filed as Exhibit 1.1 to this registration statement, provide for indemnification by the underwriter of us and our officers and directors for certain liabilities, including liabilities arising under the Securities Act, but only to the extent that such liabilities are caused by information relating to the underwriter furnished to us in writing expressly for use in this registration statement and certain other disclosure documents.

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

#### Item 7. Recent Sales of Unregistered Securities.
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 issuances were exempt from registration under the Securities Act in reliance on Regulation D under the Securities Act or pursuant to Section 4(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.

Upon incorporation on June 10, 2022, the Company issued 1 ordinary share to WB Corporate Services (Cayman) Ltd. which was transferred to Mr. Ling Ting Ming on the same date. These shares were issued in reliance on the exemption under Section 4(a)(2) and/or Regulation S of the Securities Act.

On May 17, 2023, the sole shareholder of the Company passed resolutions to: (i) effect a 1:10,000 share split, (ii) to designate the then issued and outstanding ordinary shares into Class A Ordinary Shares of a par value of US$0.0001 each, (iii) to increase the authorized share capital of the Company to US$50,000 divided into 499,999,999 Class A Ordinary Shares of a par value of US$0.0001 each and 1 Class B Ordinary Share of a par value of US$0.0001, and (iv) amend and restate the Company's memorandum and articles of association.

On May 25, 2023, the Company issued 1 Class B Ordinary Share to JCE Feeder LLC and 94,250,000 Class A Ordinary Shares to certain other shareholders. These shares were issued in reliance on the exemption under Section 4(a)(2) and/or Regulation S of the Securities Act. Concurrently, the Company repurchased 10,000 Class A Ordinary Shares at par value from Ling Ting Ming.

On January 14, 2024, the Company issued a total of 4,373,140 Class A Ordinary Shares to Ling Ting Ming and certain other subscribers, with such issuance having an economic effective date of 30 April 2024.

On December 27, 2024, JCE Feeder LLC transferred its 1 Class B Ordinary Share to Ling Ting Ming.

On January 14, 2025, the Company issued an aggregate of 301,349 Class A Ordinary Shares to Loe Ali Wista, Chiam Kok Yaw, Sibylle Weber- Hörl, Alexandre Chenesseau and Cheong Hai Thoo.

On March 4, 2025, the Company issued 278,454 Class A shares to Capital, Credit & Risk Partners Pte Ltd for the total consideration of USD380,000.

On March 4, 2025, the Company issued 109,916 Class A shares to Kevin Wibowo for the total consideration of USD150,000.

On March 7, 2025, Ling Ting Ming transferred a total of 247,305 Class A Ordinary Shares to Lim Annie Chloe Hwa Hoong.

#### Item 8. Exhibits and Financial Statement Schedules.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Exhibits.

See Exhibit Index beginning on page II-6 of this registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Statement Schedules. All financial statement schedules are omitted because they are not applicable or the information is included in the registrant's consolidated financial statements or related notes thereto.

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

#### Item 9. Undertakings.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned registrant hereby undertakes:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in this registration statement or any material change to such information in this registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Registrant is relying on Rule 430B (§230.430B of this chapter):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Registrant is subject to Rule 430C, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be

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

part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) That, for the purpose of determining liability of the Registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, the undersigned Registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) To file a post-effective amendment to the registration statement to include any financial statements required by item 8.A. of Form 20-F at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Act need not be furnished, provided, that the Registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph (a)(4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant under Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) For the purpose of determining any liability under the Securities Act of 1933, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in such Act and will be governed by the final adjudication of such issue.

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

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Singapore on June 9, 2025.

---

| | |
|:---|:---|
|  **Otsaw Limited** | **Otsaw Limited** |
|  By: | /s/ *Ling Ting Ming* |
|  Name:  | Ling Ting Ming |
|  Title: | Chief Executive Officer |

---

#### POWER OF ATTORNEY
Each person whose signature appears below constitutes and appoints Ling Ting Ming and Ken Toh and each of them, individually, as attorneys-in-fact with full power of substitution, for him or her in any and all capacities, to do any and all acts and all things and to execute any and all instruments which said attorneys and agents may deem necessary or desirable to enable the registrant to comply with the Securities Act, and any rules, regulations and requirements of the SEC thereunder, in connection with the registration under the Securities Act of ordinary shares of the registrant, or the Shares, including, without limitation, the power and authority to sign the name of each of the undersigned in the capacities indicated below to the Registration Statement on Form F-1, or the Registration Statement, to be filed with the SEC with respect to such Shares, to any and all amendments or supplements to such Registration Statement, whether such amendments or supplements are filed before or after the effective date of such Registration Statement, to any related Registration Statement filed pursuant to Rule 462 under the Securities Act, and to any and all instruments or documents filed as part of or in connection with such Registration Statement or any and all amendments thereto, whether such amendments are filed before or after the effective date of such Registration Statement; and each of the undersigned hereby ratifies and confirms all that such attorneys and agents shall do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities set forth below on June 9, 2025.

---

| | |
|:---|:---|
|  **Name** | **Title** |
|  /s/ *Ling Ting Ming* | Chairman, Director and Chief Executive Officer |
|  Ling Ting Ming | (Principal Executive Officer) |
|  /s/ *Ken Toh* | Chief Financial Officer |
|  Ken Toh | (Principal Financial Officer and Principal Accounting Officer) |
|  /s/ *Sean Goh Su Teng* | Director Nominee |
|  Sean Goh Su Teng |  |
|  /s/ *John M. Dolan* | Independent Director Nominee |
|  John M. Dolan |  |
|  /s/ *Susan E. Skerritt* | Independent Director Nominee |
|  Susan E. Skerritt |  |
|  /s/ *Christopher T. Olivia* | Independent Director Nominee |
|  Christopher T. Olivia |  |

---

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

#### SIGNATURE OF AUTHORIZED AGENT IN THE UNITED STATES
Pursuant to the Securities Act of 1933 as amended, the undersigned, the duly authorized agent in the United States of America, has signed this registration statement thereto in New York, NY on June 9, 2025.

---

| | |
|:---|:---|
|  Authorized U.S. Representative<br>**Cogency Global Inc.** | Authorized U.S. Representative<br>**Cogency Global Inc.** |
|  By: | /s/ *Colleen A. De Vries* |
|  Name: | Colleen A. De Vries |
|  Title: | Senior Vice President |

---

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

#### EXHIBIT INDEX

---

| | |
|:---|:---|
|  **Exhibit No.** | **Description** |
|  1.1\*\* | Form of Underwriting Agreement |
|  3.1\* | [<u>Memorandum and Articles of Association</u>](ea022721306ex3-1_otsaw.htm) |
|  4.1\*\* | Form of Representative's Warrants |
|  5.1\*\* | Opinion of Mourant Ozannes (Cayman) LLP regarding the validity of the securities being registered |
|  5.2\*\* | Opinion of Ortoli Rosenstadt LLP regarding the validity of the Representative's Warrants |
|  8.1\*\* | Opinion of Mourant Ozannes (Cayman) LLP regarding certain Cayman Islands tax matters (included in Exhibit 5.1) |
|  10.1\* | [<u>Employment Agreement between the Registrant and Mr. Ling Ting Ming</u>](ea022721306ex10-1_otsaw.htm) |
|  10.2\* | [<u>Employment Agreement between the Registrant and Mr. Ken Toh</u>](ea022721306ex10-2_otsaw.htm) |
|  10.3\* | [<u>Director Offer Letter between the Registrant and Mr. Sean Goh Su Teng</u>](ea022721306ex10-3_otsaw.htm) |
|  10.4\* | [<u>Independent Director Offer Letter between the Registrant and Mr. John M. Dolan</u>](ea022721306ex10-4_otsaw.htm) |
|  10.5\* | [<u>Independent Director Offer Letter between the Registrant and Ms. Susan E. Skerritt</u>](ea022721306ex10-5_otsaw.htm) |
|  10.6\* | [<u>Independent Director Offer Letter between the Registrant and Mr. Christopher T. Olivia</u>](ea022721306ex10-6_otsaw.htm) |
|  10.7\* | [<u>Supply Agreement among Reis Robotics GmbH & Co. KG, Swiss FAI Holding AG, and Otsaw Swisslog Healthcare Robotics Pte. Ltd.</u>](ea022721306ex10-7_otsaw.htm) |
|  10.8\* | [<u>Shareholders Agreement among Otsaw Technology Solutions Pte Ltd, Swisslog Healthcare,</u> <u>and</u> <u>Ot</u><u>saw-Swissl</u><u>og JV</u>](ea022721306ex10-8_otsaw.htm) |
|  10.9\* | [<u>Amendment to Shareholders Agreement among Otsaw Technology Solutions Pte Ltd, Swisslog Healthcare, and Otsaw-Swisslog JV</u>](ea022721306ex10-9_otsaw.htm) |
|  10.10\* | [<u>Master Asset Sale Agreement among Swisslog Healthcare, Otsaw Technology Solutions Pte Ltd, and Otsaw Digital</u>](ea022721306ex10-10_otsaw.htm) |
|  10.11\* | [<u>Umbrella Agreement among the Company, Otsaw Digital, Otsaw Technology Solutions Pte. Ltd., Swisslog Healthcare and Otsaw Swisslog Healthcare Robotics Pte. Ltd.</u>](ea022721306ex10-11_otsaw.htm) |
|  10.12\* | [<u>Agreement between the Company and a public hospital in Singapore for the delivery and installation of TransCar AGVs</u>](ea022721306ex10-12_otsaw.htm) |
|  10.13\* | [<u>Engagement letter between the Company and CMD Global Partners, LLC, as amended</u>](ea022721306ex10-13_otsaw.htm) |
|  10.14\* | [<u>Advisory Agreement between the Company and CMD Global Partners, LLC, as amended</u>](ea022721306ex10-14_otsaw.htm) |
|  10.15\* | [<u>Lease agreement between the Company and JTC Corporation for the office in Singapore</u>](ea022721306ex10-15_otsaw.htm) |
|  10.16\* | [<u>Lease agreement between the Company and Keller & Hosp AG for the office in Germany</u>](ea022721306ex10-16_otsaw.htm) |
|  10.17\* | [<u>Lease agreement between the Company and 99 South Bedford Street LLC for the office in the</u> <u>United Sta</u><u>tes</u>](ea022721306ex10-17_otsaw.htm) |
|  14.1\* | [<u>Code of Business Conduct and Ethics of the Registrant</u>](ea022721306ex14-1_otsaw.htm) |
|  14.2\* | [<u>Insider Trading Policy of the Registrant</u>](ea022721306ex14-2_otsaw.htm) |
|  21.1\* | [<u>List of Subsidiaries</u> <u>of the Registrant</u>](ea022721306ex21-1_otsaw.htm) |
|  23.1\* | [<u>Consent of Prager Metis CPAs LLC</u>](ea022721306ex23-1_otsaw.htm) |
|  23.2\*\* | Consent of Mourant Ozannes (Cayman) LLP (included in Exhibit 5.1) |
|  23.3\*\* | Consent of Morgan, Lewis & Bockius LLP as Singapore counsel to the Registrant (included in Exhibit 99.1) |
|  24.1\* | [Power of attorney (included in signature pages of Registration Statement)](#T1000) |
|  99.1\*\* | Opinion of Morgan, Lewis & Bockius LLP Singapore counsel to the Registrant, regarding certain Singapore law matters  |
|  99.2\* | [<u>Consent of</u> <u>Mr.</u> <u>John M. Dolan</u>](ea022721306ex99-2_otsaw.htm) |
|  99.3\* | [<u>Consent of</u> <u>Ms.</u> <u>Susan E. Skerritt</u>](ea022721306ex99-3_otsaw.htm) |
|  99.4\* | [<u>Consent of</u> <u>Mr.</u> <u>Christopher T. Olivia</u>](ea022721306ex99-4_otsaw.htm) |
|  99.5\* | [<u>Consent of Mr. Sean Goh Su Teng</u>](ea022721306ex99-5_otsaw.htm) |
|  99.6\* | [<u>Form of Audit Committee Charter</u>](ea022721306ex99-6_otsaw.htm) |
|  99.7\* | [<u>Form of Compensation Committee Charter</u>](ea022721306ex99-7_otsaw.htm) |
|  99.8\* | [<u>Form of Nominating and Corporate Governance Committee Charter</u>](ea022721306ex99-8_otsaw.htm) |
|  99.9\* | [Executive Compensation Recovery Policy](ea022721306ex99-9_otsaw.htm) |
|  107\* | [<u>Filing Fee Table</u>](ea022721306ex-fee_otsaw.htm) |

---

____________

\* Filed herein

\*\* To be filed via amendment

## Exhibit 3.1

**Exhibit 3.1**

**COMPANIES ACT (AS AMENDED)**

**COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED MEMORANDUM AND ARTICLES OF ASSOCIATION**

**OF**

**OTSAW LIMITED**

(adopted by Special Resolutions passed on 17 May 2023)

---

| | |
|:---|:---|
| *www.verify.gov.ky File#: 391753*<br>| ![](ex3-1_001.jpg) <br>*Filed: 17-May-2023 15:38 EST*<br>*Auth Code: D59521676536* |

---

**COMPANIES ACT (AS AMENDED)**

**COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED MEMORANDUM OF ASSOCIATION**

**OF**

**OTSAW LIMITED**

(adopted by a Special Resolution passed on 17 May 2023)

1. The name of the Company is Otsaw Limited.

2. The Registered Office of the Company is situated at offices of Mourant Governance
Services (Cayman) Limited, 94 Solaris Avenue, Camana Bay, PO Box 1348, Grand Cayman KY1-1108, Cayman Islands or at such other place 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 from 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.

---

| | |
|:---|:---|
| *www.verify.gov.ky File#: 391753*<br>| ![](ex3-1_001.jpg)<br>*Filed: 17-May-2023 15:38 EST* |
| 1 | *Auth Code: D59521676536* |

---

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
shares of a par value of US$0.0001 each, comprising of (i) 499,999,999 Class A ordinary shares of par value of US$0.0001 each and (ii)
1 Class B ordinary share of par value of US$0.0001. Subject to the Companies Act and the articles of association of the Company (as amended
or substituted from time to time, 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 jurisdictions.

9. Capitalised terms that are not defined in this Memorandum of Association bear the same meanings as those
given in the Articles.

---

| | |
|:---|:---|
| *www.verify.gov.ky File#: 391753*<br>| ![](ex3-1_001.jpg)<br>*Filed: 17-May-2023 15:38 EST* |
| 2 | *Auth Code: D59521676536* |

---

**COMPANIES ACT (AS AMENDED)**

**COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED ARTICLES OF ASSOCIATION**

**OF**

**OTSAW LIMITED**

(adopted by a Special Resolution passed on 17 May 2023)

**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.

**INTERPRETATION**

1. In these Articles the following defined terms will have the meanings ascribed to them, if not inconsistent
with the subject or context:

---

| | |
|:---|:---|
| **"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, 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; |

---

---

| | |
|:---|:---|
| *www.verify.gov.ky File#: 391753*<br>| ![](ex3-1_001.jpg)<br>*Filed: 17-May-2023 15:38 EST* |
| 1 | *Auth Code: D59521676536* |

---

---

| | |
|:---|:---|
| **"Articles"** or **"Articles of Association"** | means these articles of association of the Company, as amended or substituted from time to time; |
| **"Board"** or **"Board of Directors"** | means the board of directors of the Company; |
| **"Chairperson"** | means the chairperson of the Board of Directors; |
| **"Class"** or **"Classes"** | means any class or classes of Shares as may from time to time be issued by the Company; |
| **"Class A Ordinary Share"** | means a Class A ordinary share of a par value of US$0.0001 in the capital of the Company and having the rights provided for in these Articles; |
| **"Class B Ordinary Share"** | means a Class B ordinary share of a par value of US$0.0001 in the capital of the Company and having the rights provided for in these Articles; |
| **"Commission"** | means the Securities and Exchange Commission of the United States 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; |
| **"Companies Act"** | means the Companies Act (as amended) of the Cayman Islands and any statutory amendment or re-enactment thereof; |
| **"Company"** | means Otsaw Limited, a Cayman Islands exempted company; |
| **"Company's Website"** | means the main corporate/investor relations website of the Company, the address or domain name of which has been disclosed in any registration statement filed by the Company with the Commission in connection with its initial public offering of the Class A Ordinary Shares, or which has otherwise been notified to Shareholders; |
| **"Designated Stock Exchange"** | means any stock exchange in the United States on which any Shares or other securities of the Company are listed for the time being; |

---

---

| | |
|:---|:---|
| *www.verify.gov.ky File#: 391753*<br>| ![](ex3-1_001.jpg)<br>*Filed: 17-May-2023 15:38 EST* |
| 2 | *Auth Code: D59521676536* |

---

---

| | | |
|:---|:---|:---|
| **"Designated Stock Exchange Rules"** | means the relevant code, rules and regulations, as amended, from time to time, applicable as a result of the listing of any Shares or other securities of the Company on the Designated Stock Exchange; | means the relevant code, rules and regulations, as amended, from time to time, applicable as a result of the listing of any Shares or other securities of the Company on the Designated Stock Exchange; |
| **"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; | 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; |
| **"electronic"** | has the meaning given to it in the Electronic Transactions Act; | has the meaning given to it in the Electronic Transactions Act; |
| **"electronic communication"** | means electronic posting to the Company's Website, electronic transmission to any number, address or internet website or other electronic delivery methods as otherwise decided and approved by not less than two-thirds of the vote of the Board; | means electronic posting to the Company's Website, electronic transmission to any number, address or internet website or other electronic delivery methods as otherwise decided and approved by not less than two-thirds of the vote of the Board; |
| **"electronic record"** | has the meaning given to it in the Electronic Transactions Act; | has the meaning given to it in the Electronic Transactions Act; |
| **"Electronic Transactions Act"** | means the Electronic Transactions Act (as amended) of the Cayman Islands and any statutory amendment or re-enactment thereof; | means the Electronic Transactions Act (as amended) of the Cayman Islands and any statutory amendment or re-enactment thereof; |
| **"fully paid"** | means paid up as to the par value in respect of the issue of any Shares and includes credited as paid up; | means paid up as to the par value in respect of the issue of any Shares and includes credited as paid up; |
| **"Memorandum of Association"** | means the memorandum of association of the Company, as amended or substituted from time to time; | means the memorandum of association of the Company, as amended or substituted from time to time; |
| **"Ordinary Resolution"** | means a resolution: | means a resolution: |
|  | (a) | passed by a simple majority of the votes cast by such Shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy or, in the case of corporations, by their duly authorised representatives, at a general meeting of the Company held in accordance with these Articles; 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 such 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; |
| **"Ordinary Share"** | means a Class A Ordinary Share or a Class B Ordinary Share; | means a Class A Ordinary Share or a Class B Ordinary Share; |
| **"paid up"** | means paid up as to the par value in respect of the issue of any Shares and includes credited as paid up; | 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; | 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; | 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; |

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| **"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, as amended, or any similar federal statute and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time; |
| **"Share"** | means a share in the share capital of the Company. All references to "Shares" herein shall be deemed to be Shares of any or all Classes as the context may require. For the avoidance of doubt in these Articles the expression "Share" shall include a fraction of a Share; |
| **"Shareholder"** or **"Member"** | means a Person who is registered as a 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 such 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 chairperson 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;

&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) 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;(h) any requirements as to delivery under the Articles include delivery in the form of an electronic record
or an electronic communication;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 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;(j) 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, 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 Members, cause the Company to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue, allot and dispose of Shares (including, without limitation, preferred shares)
(whether in certificated form or non-certificated form) to such Persons, in such manner, 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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) grant options with respect to Shares and issue warrants,
convertible securities or similar instruments conferring the right upon the holders thereof to subscribe for, purchase or receive any
Shares or securities in the capital of the Company on such terms as the Directors may from time to time determine.

9. The Directors, or the Members by Ordinary Resolution, 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 the Members 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 the Directors think appropriate. Notwithstanding Article
19, the Directors may issue from time to time, out of the authorised share capital of the Company (other than the
authorised but unissued Ordinary Shares), series of preferred shares in their absolute discretion and without approval of the Members;
provided, however, before any preferred shares of any such series are issued, the Directors shall 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 Members 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;

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&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, provided that the commission
shall not exceed the rate of 10% of the price at which the Shares in respect whereof the same is paid are issued or an amount equal to
10% of that price (as the case may be). 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.

12. As at the effective date of the adoption of these Articles, the Company has established two classes of
Shares: Class A Ordinary Shares, and Class B Ordinary Shares.

**CLASS A ORDINARY SHARES AND CLASS B ORDINARY SHARES**

13. Except as otherwise provided in these Articles, Holders of Class A Ordinary Shares and Class B
 Ordinary Shares shall at all times vote together as one class on all resolutions submitted to a vote by the Members. At a general
 meeting, each Class A Ordinary Share shall entitle the holder thereof to one (1) vote on all matters subject to vote at general
 meetings of the Company, and each Class B Ordinary Share shall entitle the holder thereof to that number of votes equal to sixty
 (60) percent of the total number of Class A Ordinary Shares and Class B Ordinary Shares outstanding as at the record date for
 determining those Shareholders that are entitled to vote at the general meetings of the Company.

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14. Each Class A Ordinary Share shall confer upon the holder thereof the right to receive
dividends as provided for in these Articles. Class B Ordinary Shares do not confer upon the holders thereof any rights to receive dividends.

15. On a winding up of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Class A Ordinary Share shall confer upon the holder thereof the right to repayment
of capital in accordance with these Articles and the right to participate in the profits or surplus assets of the Company in accordance
with these Articles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each Class B Ordinary Share shall confer upon the holder thereof the right to repayment
of capital in accordance with these Articles but shall confer no other right to participate in the profits or surplus assets of the Company.

16. Class B Ordinary Shares shall not have any economic interest (save for the right
to repayment of capital on a winding up, as set forth in Article 15(b)) and are not convertible into Class A Ordinary
Shares or any other Class of Shares under any circumstances. Class A Ordinary Shares are not convertible into Class B Ordinary Shares
under any circumstances.

17. Only one Class B Ordinary Share may be issued and outstanding at any time.

18. Except as set out in Articles 13, 14 and
15, the Class A Ordinary Shares and the Class B Ordinary Shares shall rank *pari passu* with one another and
shall have the same rights, preferences, privileges and restrictions.

**MODIFICATION OF RIGHTS**

19. Whenever and for so long as 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 varied with the consent in writing of the holders of at least three-quarters 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 the presence in person or by proxy of two or more Members holding
 Shares of the relevant Class that represent not less than three-fifths of the voting rights of the outstanding issued Shares of the
 relevant Class carrying the right to vote at such meeting (and provided that, in any case where there is only one holder of the
 Shares of the relevant Class, the presence in person or by proxy of that sole holder shall constitute the quorum for the meeting of
 the holders of that Class of Shares), provided that if at any adjourned meeting of such holders a quorum as above defined is not
 Present, those holders of Shares of the relevant Class who are Present shall form a quorum).

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20. The rights conferred upon the holders of the Shares of any Class (except for Class
B Ordinary Shares) issued with preferred or other rights shall, unless otherwise expressly provided by the terms of issue or other rights
attaching to the Shares of that Class, be deemed to be 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 Class B Ordinary Shares shall not be deemed to be 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.

**SHARE CERTIFICATES**

21. The Shares will be issued in fully registered, book-entry form. Certificates will
not be issued unless the Directors determine otherwise. All share certificates, if any, shall specify the Share or Shares held by that
Person, provided that in respect of a Share or Shares held jointly by several Persons the Company shall not be bound to issue more than
one certificate, and delivery of a certificate for a Share to one of several joint holders shall be sufficient delivery to all. All certificates
for Shares shall be delivered personally or sent through the post addressed to the Member entitled thereto at the Member's registered
address as appearing in the Register.

22. Every share certificate of the Company shall bear legends required under the applicable laws, including
the Securities Act.

23. Any two or more certificates representing Shares of any one Class held by any Member
may at the Member's request be cancelled and a single new certificate for such Shares issued in lieu on payment (if the Directors
shall so require) of one dollar (US$1.00) or such smaller sum as the Directors shall determine.

24. 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 Member 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.

25. 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**

26. 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.

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**LIEN**

27. 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.

28. 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 (14) 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.

29. 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.

30. 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**

31. The Directors may from time to time make calls upon the Shareholders in respect of
any moneys unpaid on their Shares and not by the conditions of allotment thereof made payable at fixed times, provided that no call shall
be payable at less than one month from the date fixed for the payment of the last preceding call, and each Shareholder shall (subject
to receiving at least fourteen (14) 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 and may be required to be paid by installments. A call may be revoked or postponed as the Directors
may determine.

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32. The joint holders of a Share shall be jointly and severally liable to pay calls in respect thereof.

33. 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.

34. 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 on allotment or
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.

35. 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.

36. 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 Member 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**

37. 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.

38. The notice shall name a further day (not earlier than the expiration of fourteen
(14) 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.

39. 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. Such forfeiture shall include all dividends declared in respect of the forfeited Shares
and not actually paid before the forfeiture.

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40. 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.

41. 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 (together with interest at the rate of 8% per annum from the date of
forfeiture on the money for the time being unpaid if the Directors think fit to enforce payment of such interest), but his liability shall
cease if and when the Company receives payment in full of the amount unpaid on the Shares forfeited.

42. A certificate or statutory declaration in writing under the hand of a Director or
the secretary of the company 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.

43. 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.

44. 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**

45. Subject to these Articles and the Designated Stock Exchange Rules or any relevant
securities laws, any Shareholder may transfer all or any Shares by an instrument of transfer which shall be in writing and in any usual
or common form or in a form prescribed by the Designated Stock Exchange or in such other form as the Directors may, in their absolute
discretion, approve. The instrument of transfer shall 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.

46. (a) Subject to the Designated Stock Exchange Rules and to
any rights and restrictions for the time being attached to any Share, 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. The Directors may also decline to register any
transfer of a Share if such transfer would breach or cause a breach of: (i)
the Designated Stock Exchange Rules; or (ii) applicable law or regulation.

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&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.

47. The registration of transfers may, on ten (10) calendar days' notice being
given by advertisement in such one or more newspapers, by electronic means or by any other means in accordance with 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 (30) calendar days in any calendar year.

48. 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 three calendar months after the date on which the instrument
of transfer was lodged with the Company send notice of the refusal to each of the transferor and the transferee.

**TRANSMISSION OF SHARES**

49. 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 joint
holders, the survivors or survivor, or the legal personal representatives of the deceased survivor, shall be the only Persons recognised
by the Company as having any title to the Share. However, nothing herein shall release the estate of a deceased joint holder from any
liability in respect of any Share which had been jointly held by him with other Persons.

50. 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.

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51. If the Person so becoming entitled elects to be registered himself, he shall lodge with the Company a
notice in writing signed by him stating that he so elects. If he elects to have another Person registered he shall testify his election
by executing to that Person a transfer of the Shares. All the limitations. restrictions, and provisions of these Articles relating to
the right to transfer and the registration of transfers of Shares shall be applicable to any such notice or transfer as aforesaid as if
the death or bankruptcy of the Member had not occurred and the notice or transfer were a transfer signed by that Member.

52. 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
(90) 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**

53. 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**

54. Save for Class B Ordinary Shares, 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 except
for Class B Ordinary Shares which may not be altered other than subject to cancellation under 55(d).

55. 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 expedient;

&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;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subdivide its Shares, or any of them, into Shares of an amount smaller than that
fixed by the Memorandum of Association, 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;(d) 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 or which have been forfeited and diminish the amount of its share capital by the amount of the
Shares so cancelled.

56. 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**

57. 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 either the Board or by the Shareholders by Ordinary Resolution;

&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 by the Shareholders by Ordinary Resolution, 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.

58. The redemption or purchase of any Share shall not oblige the Company to redeem or
purchase any other Share other than as may be required pursuant to applicable law and any other contractual obligations of the Company.

59. 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. All Shares purchased by the Company shall be cancelled.

60. Unless the Directors determine otherwise, any Share in respect of which notice of
redemption has been given shall not be entitled to participate in the profits of the Company in respect of the period after the date specified
as the date of redemption in the notice of redemption.

61. The Directors may accept the surrender for no consideration of any fully paid Share.

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**TREASURY SHARES**

62. The Directors may, prior to the purchase, redemption or surrender of any Share, determine that such Share
shall be held as a Treasury Share.

63. 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).

64. No dividend may be declared or paid, and no other distribution (whether in cash or
otherwise) of the Company's assets (including any distribution of assets to Shareholders on a winding up) may be declared or paid
in respect of a Treasury Share.

65. Treasury Shares and other Shares that are owned by the Company (but not by any of
its subsidiaries) shall not be voted, directly or indirectly, at any general meeting and shall not be counted in determining the total
number of issued and outstanding Shares at any given time.

**GENERAL MEETINGS**

66. All general meetings other than annual general meetings shall be called extraordinary general meetings.

67. (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.

68. (a) The Chairperson or 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 Members holding at the date
of deposit of the requisition Shares which carry in aggregate not less than one-third (1/3) of all votes attaching to all the 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 forty-five (45) calendar days, the
 requisitionists, or any of them representing more than one-half (1/2) 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 (3) calendar months after the expiration of the said forty-five (45) calendar days.

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&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**

69. At least seven (7) calendar 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 (2/3) of the Shareholders having
a right to attend and vote at the meeting.

70. 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**

71. No business except for the appointment of a chairperson 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. The quorum
shall be the presence in person or by proxy of, (a) if the Company has only one Member, that Member, or (b) if the Company has more than
one Member, two Members holding Shares that represent not less than three-fifths of the voting rights of the outstanding issued Shares
carrying the right to vote at such general meeting.

72. If within half an hour from the time appointed for the meeting a quorum is not Present,
the meeting, if convened on the requisition of or by Shareholders, meeting shall be dissolved. In any other case it shall stand adjourned
to the same day in the next week, at the same time and place or to such other day and at such other time and place as the Directors may
determine and if at such adjourned meeting a quorum is not Present within fifteen (15) minutes from the time appointed for holding the
meeting, the Shareholders Present shall be a quorum.

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73. 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.

74. The Chairperson, if any, shall preside as chairperson at every general meeting of
the Company. If there is no such Chairperson, 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 chairperson of the meeting, any Director or Person nominated by the Directors shall
preside as chairperson of that meeting, failing which the Shareholders Present shall choose any Person Present to be chairperson of that
meeting.

75. The chairperson of any general meeting (including any Virtual Meeting) shall be entitled
to attend and participate at any such general meeting by means of Communication Facilities, and to act as the chairperson of such general
meeting, in which event the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The chairperson 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 chairperson 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 chairperson 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.

76. The chairperson 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 (14) 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.

77. 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.

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78. At any general meeting, a resolution put to the vote of the meeting shall be decided by a poll and not
on a show of hands.

79. A poll shall be taken in such manner as the chairperson of the meeting directs, and the result of the
poll shall be deemed to be the resolution of the meeting.

80. All questions submitted to a meeting shall be decided by an Ordinary Resolution except
where a greater majority is required by these Articles or by the Companies Act. In the case of an equality of votes, the chairperson of
the meeting shall be entitled to a second or casting vote.

81. A poll shall be taken forthwith or at such time as the chairperson of the meeting directs.

**VOTES OF SHAREHOLDERS**

82. Subject to any rights and restrictions for the time being attached to any Share,
on a poll every Shareholder Present at the meeting shall have one (1) vote for each Class A Ordinary Share and that number of votes equal
to sixty (60) percent of the total Class A Ordinary Shares and Class B Ordinary Shares outstanding at the time of voting for each Class
B Ordinary Share of which he is the holder.

83. 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.

84. Shares carrying the right to vote that are held by a Shareholder of unsound mind,
or in respect of whom an order has been made by any court having jurisdiction in lunacy, may be voted by his committee, or other Person
in the nature of a committee appointed by that court, and any such committee or other Person may vote in respect of such Shares by proxy.

85. 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.

86. On a poll, votes may be given either personally or by proxy.

87. 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 poll. 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. The instrument appointing a proxy shall be deemed to confer
authority to demand or join in demanding a poll.

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88. An instrument appointing a proxy may be in any usual or common form or such other
form as the Directors may approve and may be expressed to be for a particular meeting or any adjournment thereof or generally until revoked.

89. 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 forty-eight (48) hours after it is demanded,
be deposited as aforesaid after the poll has been demanded and not less than twenty-four (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 forty-eight (48)
hours after it was demanded, be delivered at the meeting at which the poll was demanded to the chairperson of the meeting 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 chairperson 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.

90. No objection shall be raised to the qualification of any voter except at the meeting
or adjourned meeting at which the vote objected to is given or tendered, and every vote not disallowed at such meeting shall be valid
for all purposes. Any such objection made in due time shall be referred to the chairperson of the meeting, whose decision shall be final
and conclusive.

91. A vote given in accordance with the terms of an instrument of proxy or attorney shall
be valid notwithstanding the previous death or unsoundness of mind of the principal or revocation of the instrument or of the authority
under which the instrument was executed, or the transfer of the Shares in respect of which the instrument was given, if no intimation
in writing of such death, unsoundness of mind, revocation, or transfer as aforesaid has been received by the Company at the Registered
Office before the commencement of the meeting or adjourned meeting at which the instrument is used.

92. 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. Such resolution
in writing may consist of several documents each signed by one or more Shareholders.

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**CORPORATIONS ACTING BY REPRESENTATIVES AT MEETINGS**

93. 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**

94. If a recognised clearing house (or its nominee(s)) or depositary (or its nominee(s))
is a Member 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 Member holding the number and Class of Shares
specified in such authorisation.

**DIRECTORS**

95. (a) There shall be a Board of Directors consisting of not less than one or more than twelve persons (exclusive of alternate Directors) PROVIDED
HOWEVER that the Company may from time to time by Ordinary Resolution increase or reduce the limits in the number of Directors (provided
that the minimum number of Directors shall not at any time be less than one).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board of Directors shall elect and appoint a Chairperson by a majority of the
Directors then in office. The period for which the Chairperson will hold office will also be determined by a majority of all of the Directors
then in office. The Chairperson shall preside as chairperson at every meeting of the Board of Directors. To the extent the Chairperson
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 chairperson of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Board may, by the affirmative vote of a simple majority of the Directors then
in office, or 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
existing Board.

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&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A Director may be removed from office by the affirmative vote of two-thirds of the
Directors then in office (except with regard to the removal of the Chairperson, who may be removed from office by the affirmative vote
of all other Directors then in office) or by Ordinary Resolution (except with regard to the removal of the Chairperson, who may be removed
from office by Special 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).

may be filled by Ordinary Resolution or by the affirmative vote of a simple majority of the remaining Directors present and voting at
a Board meeting.

96. 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.

97. A Director shall not be required to hold any Shares in the Company by way of qualification.
A Director who is not a Member of the Company shall nevertheless be entitled to attend and speak at general meetings.

98. The remuneration of the Directors may be determined by the Directors.

99. 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**

100. 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 of the Company 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.

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101. 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 chairperson 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**

102. 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.

103. 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.

104. 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.

105. 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.

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106. 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.

107. 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.

108. 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.

109. 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.

110. 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**

111. 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**

112. 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 affixings 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.

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113. 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 affixings 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.

114. 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**

115. The office of a Director shall be vacated, if the Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) becomes prohibited by applicable law from being a Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) becomes bankrupt or makes any arrangement or composition with his creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) dies or is found to be or becomes of unsound mind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) resigns his office by notice in writing to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) without special leave of absence from the Board, is absent from meetings of the Board for more than 6
consecutive months; 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**

116. The Directors may meet together (either within or outside of 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 chairperson
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 subject to the Company providing prior notice of at least five (5) Business Days;
provided that the Directors may in their discretion agree to reduce or waive such notice requirement, and any irregularity or deficiency
in giving of notice for a meeting shall be deemed to be so waived if all the Directors entitled to attend the meeting attend the meeting
or are represented at the meeting by an alternate Director or proxy.

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117. 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 Communication Facilities and such participation shall be deemed to constitute
presence in person at the meeting.

118. The quorum necessary for the transaction of the business of the Board may be fixed
by the Directors, and unless so fixed, the quorum shall be two Directors PROVIDED ALWAYS that if there shall at any time be only a sole
Director the quorum shall be one. A Director represented by proxy or by an alternate Director at any meeting shall be deemed to be present,
and considered only one person for this purpose. For the purposes of this Article an alternate Director or proxy appointed by a Director
shall be counted in a quorum at a meeting at which the Director appointing him is not present.

119. 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 chairperson 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.

120. 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.

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121. 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.

122. 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.

123. When the chairperson 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.

124. A resolution in writing signed by all the Directors or all the members of a 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.

125. 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.

126. Subject to any regulations imposed on it by the Directors, a committee appointed
by the Directors may elect a chairperson of its meetings. If no such chairperson is elected, or if at any meeting the chairperson is not
present within fifteen minutes after the time appointed for holding the meeting, the committee members present may choose one of them
to be chairperson of the meeting.

127. 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 chairperson shall have a second or casting vote.

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128. 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**

129. 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 chairperson 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**

130. 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. No dividends shall be paid otherwise than out of profits.

131. 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.

132. 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.
The Directors may also without placing the same to reserve carry forward any profits which they may think prudent not to declare as dividend.

133. 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. The Directors may deduct from
 any dividend payable to any Shareholder all sums of money, if any, presently payable
by him to the Company on account of calls or otherwise in relation to the Shares of the Company.

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134. 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.

135. All dividends shall be apportioned and paid proportionately 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; provided that if
any Share is issued on terms providing that it shall rank for dividend as from a particular date that share shall rank for dividends accordingly.
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.

136. 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.

137. No dividend shall bear interest against the Company.

138. 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**

139. 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 in compliance with applicable law.

140. 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.

141. 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 or by Special Resolution.

142. 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.

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143. 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.

144. 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.

145. 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 Members.

146. 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**

147. Subject to the Companies Act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Directors may resolve to recommend to the Company to resolve by Ordinary Resolution
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) when such resolutions have been passed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Directors shall 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 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;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the allotment to the Shareholders respectively, credited as fully paid, of Shares or debentures to which
they may be entitled on the capitalization; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) generally do all acts and things required to give effect to such resolutions.

148. 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 Members;

&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 Members;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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 Members.

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**SHARE PREMIUM ACCOUNT**

149. 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.

150. 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**

151. 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.

152. Notices sent from one country to another shall be sent or forwarded by prepaid airmail or a recognised
courier service.

153. 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.

154. 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 (5) 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

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&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.

155. 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.

156. 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**

157. Subject to the relevant laws, rules and regulations applicable to the Company, no
Member 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 Members of the Company to communicate to the public.

158. 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 Members including, without limitation, information contained in the Register and transfer books of
the Company.

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**INDEMNITY**

159. 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.

160. 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**

161. Unless the Directors otherwise prescribe, the financial year of the Company shall end on December 31st
in each calendar year and shall begin on January 1st in each calendar year.

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**NON-RECOGNITION OF TRUSTS**

162. 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**

163. 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 Members 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, subject to Article 164, 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.

164. If the Company shall be wound up, and the assets available for distribution amongst
the Members shall be insufficient to repay the whole of the share capital, such assets shall be distributed so that, as nearly as may
be, the losses shall be borne by the Members in proportion to the par value of the Shares held by them. If in a winding up the assets
available for distribution amongst the Members shall be more than sufficient to repay the whole of the share capital at the commencement
of the winding up, the surplus shall be distributed amongst the Members in proportion to the par value of the Shares held by them at the
commencement of the winding up subject to a deduction from those Shares in respect of which there are monies due, of all monies payable
to the Company for unpaid calls or otherwise. This Article is without prejudice to the rights of the holders of Shares issued upon special
terms and conditions.

**AMENDMENT OF ARTICLES OF ASSOCIATION**

165. 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**

166. 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 (30) calendar days in any calendar
year.

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167. 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 (90) calendar days prior to the date of declaration of such dividend, fix a subsequent date as the record date
for such determination.

168. 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**

169. 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**

170. 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 or to any stock exchange on which securities of the Company may from time to time be listed any information regarding
the affairs of the Company including without limitation information contained in the Register and books of the Company.

**MERGER AND CONSOLIDATION**

171. The Company shall have the power to merge or consolidate with one or more other constituent
companies (as defined in the Companies Act) upon such terms as the Directors may determine and (to the extent required by the Companies
Act) with the approval of a Special Resolution.

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**EXCLUSIVE FORUM**

172. Subject to Article 173, unless the Company consents in writing
to the selection of an alternative forum, the courts of the Cayman Islands shall have exclusive jurisdiction to hear, settle and/or determine
any dispute, controversy or claim related to the Company (including any non-contractual dispute, controversy
or claim) whether arising out of or in connection with these Articles or otherwise, including any questions regarding the existence, validity,
formation or termination of any dispute, controversy or claim related to the Company. For the avoidance of doubt and without limiting
the jurisdiction of the courts of the Cayman Islands to hear, settle and/or determine disputes related to the Company, the courts of the
Cayman Islands shall be the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Company, (ii)
any action asserting a claim of breach of a fiduciary duty owed by any Director, officer or other employee of the Company to the Company
or the Members, (iii) any action asserting a claim arising pursuant to any provision of the Companies Act or these Articles including
but not limited to any purchase or acquisition of Shares, security or guarantee provided in consideration thereof, or (iv) any action
asserting a claim against the Company which if brought in the United States of America would be a claim arising under the internal affairs
doctrine (as such concept is recognised under the laws of the United States from time to time).

173. Unless the Company consents in writing to the selection of an alternative forum,
the United States District Court for the Southern District of New York (or, if the United States District Court for the Southern District
of New York lacks subject matter jurisdiction over a particular dispute, the state courts in New York County, New York) shall be the exclusive
forum within the United States for the resolution of any complaint asserting a cause of action arising out of or relating in any way to
the federal securities laws of the United States, regardless of whether such legal suit, action, or proceeding also involves parties other
than the Company. Any person or entity purchasing or otherwise acquiring any Share or other securities in the Company, or purchasing or
otherwise acquiring the Class A Ordinary Shares issued pursuant to deposit agreements, cannot waive compliance with the federal securities
laws of the United States and the rules and regulations thereunder with respect to claims arising under the Securities Act and shall be
deemed to have notice of and consented to the provisions of this Article and Article 172. Without prejudice to the
foregoing, if any part of this Article or Article 172 is held to be illegal, invalid or unenforceable under applicable
law, the legality, validity or enforceability of the rest of these Articles shall not be affected and this Article and Article 172
shall be interpreted and construed to the maximum extent possible to apply in the relevant jurisdiction with whatever modification
or deletion may be necessary so as best to give effect to the intention of the Company.

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## Exhibit 10.1

**Exhibit 10.1**

**EMPLOYMENT AGREEMENT**

This Employment Agreement (the "Agreement") is made and entered into on **June 5, 2025** by and between **Mr. Ling Ting Ming** (the "Executive") and **Otsaw Limited**, a Cayman Islands company (the "Company").

WHEREAS, the Executive will be the **Chief Executive Officer** of the Company as of the date of the listing of the Company on Nasdaq Capital Market (the "Effective Date").

WHEREAS, the Company and the Executive desire to enter into this Agreement to memorialize the terms and conditions of the Executive's employment with the Company starting on the date hereof.

NOW, THEREFORE, in consideration of the premises, the mutual covenants and representations contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

**<u>Article I.</u> <u>Employment; Responsibilities; Compensation</u>**

**Section 1.01 Employment**. Subject to <u>ARTICLE 3</u>, the Company hereby agrees to employ Executive, and Executive hereby agrees to be employed by the Company, in accordance with this Agreement, for the period commencing as of the Effective Date and ending (1) year after the Effective Date ("Initial Term"). the Initial Term shall automatically be extended one additional year unless either party gives written notice to the other party 60 days prior to expiration of the Initial Term that it or she, as applicable, does not wish to extend this Agreement. Executive's continued employment after the expiration of the Initial Term shall be in accordance with and governed by this Agreement, unless modified by the parties to this Agreement in writing. For purposes of this Agreement the Initial Term and any extended term shall be referred to as the "TERM".

**Section 1.02 Responsibilities; Loyalty**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the terms of this Agreement, Executive is employed in the position of Chief Executive Officer of the Company, and shall perform the functions and responsibilities of that position. Additional or different duties may be assigned by the Company from time to time. Executive's position, job descriptions, duties and responsibilities maybe modified from time to time in the sole discretion of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Executive shall devote the whole of Executive's professional time, attention and energies to the performance of Executive's work. Executive agrees to comply with all policies of the Company, if any, in effect from time to time, and to comply with all laws, rules and regulations, including those applicable to the Company.

**Section 1.03 Compensation**. The compensation for this Agreement is as per the Executive's existing agreement with the wholly owned subsidiary of the Company, Otsaw Digital Pte Ltd. **The Compensation shall also be subject to the approval of Company's Board of Directors and/or Compensation Committees.**

**Section 1.04 Business Expenses**. The Company shall reimburse Executive for all business expenses that are reasonable and necessary and incurred by Executive while performing his duties under this Agreement, upon presentation of expense statements, receipts and/or vouchers or such other information and documentation as the Company may reasonably require.

**Section 1.05 Clawback**. Any compensation paid to the Executive shall be subject to recovery by the Company, and the Executive shall be required to repay such compensation, if (a) such recovery and repayment is required by applicable law or (b) either in the year such compensation is paid, or within the three (3) year period thereafter the Company is required to prepare an accounting restatement due to material noncompliance of the Company with any financial reporting requirement under applicable securities laws and the Executive is either (i) a named executive officer or (ii) an employee who is responsible for preparation of the Company's financial statements. The parties agree that the repayment obligations set forth in this Section 1.05 shall only apply to the extent repayment is required by applicable law, or to the extent the Executive's compensation is determined to be in excess of the amount that would have been deliverable to the Executive taking into account any restatement or correction of any inaccurate financial statements or materially inaccurate performance metric criteria.

**<u>Article II.</u> <u>Confidential Information; Post-Employment Obligations; Company Property; Indemnification</u>**

**Section 2.01 Company Property.** As used in this Article II, the term the "Company" refers to the Company and each of its direct and indirect subsidiaries. All written materials, records, data and other documents relating to Company business, products or services prepared or possessed by Executive during Executive's employment by the Company are the Company's property. All information, ideas, concepts, improvements, discoveries and inventions that are conceived, made, developed or acquired by Executive individually or in conjunction with others during Executive's employment (whether during business hours and whether on Company's premises or otherwise) that relate to Company business, products or services are the Company's sole and exclusive property. All memoranda, notes, records, files, correspondence, drawings, manuals, models, specifications, computer programs, maps and all other documents, data or materials of any type embodying such information, ideas, concepts, improvements, discoveries and inventions are Company property. At the termination of Executive's employment with the Company for any reason, Executive shall return all of the Company's documents, data or other Company property to the Company.

**Section 2.02 Confidential Information; Non-Disclosure.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Executive acknowledges that the business of the Company is highly competitive and that the Company will provide Executive with access to Confidential Information. Executive acknowledges that this Confidential Information constitutes a valuable, special and unique asset used by the Company in its business to obtain a competitive advantage over competitors. Executive further acknowledges that protection of such Confidential Information against unauthorized disclosure and use is of critical importance to the Company in maintaining its competitive position. Executive agrees that Executive will not, at any time during or after Executive's employment with the Company, make any unauthorized disclosure of any Confidential Information of the Company, or make any use thereof, except in the carrying out of Executive's employment responsibilities to the Company. Executive also agrees to preserve and protect the confidentiality of third-party Confidential Information to the same extent, and on the same basis, as the Company's Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes hereof, "Confidential Information" includes all non-public information regarding the Company's business operations and methods, existing and proposed investments and investment strategies, financial performance, compensation arrangements and amounts (whether relating to the Company or to any of its employees), contractual relationships, business partners and relationships (including customers and suppliers), strategies, business plans and other confidential information that is used in the operation, technology and business dealings of the Company, regardless of the medium in which any of the foregoing information is contained, so long as such information is actually confidential and proprietary to the Company.

**Section 2.03 Non-Competition Obligations.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Executive acknowledges and agrees that as an employee and representative of the Company, Executive will be responsible for building and maintaining business relationships and goodwill with current and future operating partners, investors, partners and prospects on a personal level. Executive acknowledges and agrees that this responsibility creates a special relationship of trust and confidence between the Company, Executive and these persons or entities. Executive also acknowledges that this creates a high risk and opportunity for Executive to misappropriate these relationships and the goodwill existing between the Company and such persons. Executive acknowledges and agrees that it is fair and reasonable for the Company to take steps to protect itself from the risk of such misappropriation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Executive acknowledges and agrees that, in exchange for his agreement in SECTION 2.03(c) below, he will receive substantial, valuable consideration from the Company upon the execution of this Agreement and during the course of this Agreement, including, (i) Confidential Information and access to Confidential Information, (ii) compensation and other benefits and (c) access to the Company's prospects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During the Non-Compete Term and provided that the Company has made all severance payments provided for herein (to the extent applicable), Executive will not, directly or indirectly, provide the same or substantially the same services that he provides to the Company to any Business Enterprise in the Market Area (as defined below) without prior written consent, which will not be unreasonably withheld. This includes working as an agent, consultant, employee, officer, director, partner or independent contractor or being a shareholder, member, joint venturer or equity owner in, any such Business Enterprise; PROVIDED, HOWEVER, that the foregoing shall not restrict Executive from holding up to 5% of the voting power or equity of one or more Business Enterprises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For purposes of hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "BUSINESS ENTERPRISE" means any corporation, partnership, limited liability company, sole proprietorship, joint venture or other business association or entity (other than the Company) engaged in the business of offering products or services that are materially competitive with the Company in the Market Area;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "MARKET AREA" means: (1) Singapore, (2) New York County, New York, and (3) any geographic area in which the Company is conducting any business during the Term, and for which the Executive has material responsibilities or about which the Executive has material Confidential Information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) "NON-COMPETE TERM" means in the case of termination for any reason, the period from the Effective Date to the date ending 2 years following the date of termination.

**Section 2.04 Non-Solicitation of Executives**. During the Non-Compete Term, Executive will not, either directly or indirectly, call on, solicit or induce any other executive or officer of the Company or its affiliates with whom Executive had contact, knowledge of, or association with in the course of employment with the Company to terminate his employment, and will not assist any other person or entity in such a solicitation; PROVIDED, HOWEVER, that with respect to soliciting any executive or officer whose employment was terminated by the Company or its affiliates, or general solicitations for employment not targeted at current officers or employees of the Company or its affiliates, the foregoing restriction shall not apply.

**Section 2.05 Indemnification**. 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.

**<u>Article III.</u> <u>Termination of Employment</u>**

**Section 3.01 Termination of Employment.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Executive's employment with the Company shall be terminated (i) immediately upon the death of Executive without further action by the Company, (ii) upon Executive's Permanent Disability without further action by the Company, (iii) by the Company for Cause, (iv) by Executive without Good Reason, (v) by the Company without Cause or by Executive for Good Reason, including by the Company without Cause or by Executive for Good Reason within 12 months following a Change of Control, <u>provided</u> that, in the case of clause (v), the terminating party must give at least 30 days' advance written notice of such termination. For purposes of this ARTICLE III, "date of termination" means the date of Executive's death, the date of Executive's Permanent Disability, or the date of Executive's separation from service with the Company, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) For purposes hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "CAUSE" shall include (A) continued failure by Executive to perform substantially Executive's duties and responsibilities (other than a failure resulting from Permanent Disability) that is materially injurious to the Company and that remains uncorrected for 10 days after receipt of appropriate written notice from the Board; (B) engagement in willful, reckless or grossly negligent misconduct that is materially injurious to Company or any of its affiliates, monetarily or otherwise; (C) except as provided by (D), the indictment of Executive with a crime involving moral turpitude or a felony; (D) the indictment of Executive for an act of criminal fraud, misappropriation or personal dishonesty; or (E) a material breach by Executive of any provision of this Agreement that is materially injurious to the Company and that remains uncorrected for 10 days following written notice of such breach by the Company to Executive identifying the provision of this Agreement that Company determined has been breached. For purposes of (C) and (D), if the criminal charge is subsequently dismissed with prejudice or the Executive is acquitted at trial or on appeal then the Executive will be deemed to have been terminated without Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "CHANGE OF CONTROL" means the occurrence of any one or more of the following events that occurs after the Effective Date:

1) Any "person" (as such term is used in sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the "EXCHANGE ACT")) becomes a "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than 50% of the voting power of the then outstanding securities of the Company; provided that a Change of Control shall not be deemed to occur as a result of a transaction in which the Company becomes a subsidiary of another corporation and in which the stockholders of the Company, immediately prior to the transaction, will beneficially own, immediately after the transaction, shares entitling such stockholders to more than 50% of all votes to which all stockholders of the parent corporation would be entitled in the election of directors; or

2) The consummation of (A) a merger or consolidation of the Company with another corporation where the stockholders of the Company, immediately prior to the merger or consolidation, will not beneficially own, immediately after the merger or consolidation, shares entitling such stockholders to more than 50% of all votes to which all stockholders of the surviving corporation would be entitled in the election of directors, (B) a sale or other disposition of all or substantially all of the assets of the Company, or (C) a liquidation or dissolution of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "GOOD REASON" shall mean one or more of the following conditions arising not more than six months before Executive's termination date without Executive's consent: (A) a material breach by the Company of any provision of this Agreement; (B) assignment by the Board or a duly authorized committee thereof to Executive of any duties that materially and adversely alter the nature or status of Executive's position, job descriptions, duties, title or responsibilities from those of a President and Chief Executive Officer, or eligibility for Company compensation plans; (C) requirement by the Company for Executive to relocate to a primary place of business which is more than

50 miles away from the Executive's primary place of business as of the Effective Date of this Agreement; or (D) a material reduction in Executive's Base Salary in effect at the relevant time. Notwithstanding anything herein to the contrary, Good Reason will exist only if Executive provides notice to the Company of the existence of the condition otherwise constituting Good Reason within 90 days of the initial existence of the condition, and the Company fails to remedy the condition on or before the 30th day following its receipt of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "PERMANENT DISABILITY" shall mean Executive's inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months. Executive will be deemed permanently disabled if determined to be totally disabled by the Social Security Administration or if determined to be disabled in accordance with a disability insurance program that applies a definition of disability that complies with the requirements of this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If Executive's employment is terminated under any of the foregoing circumstances, all future compensation to which Executive is otherwise entitled and all future benefits for which Executive is eligible, other than those already earned but which is unpaid, shall cease and terminate as of the date of termination, except as specifically provided in this ARTICLE III.

**<u>Article IV.</u> <u>Miscellaneous</u>**

**Section 4.01 Notices**. All notices and other communications required or permitted to be given hereunder shall be in writing and shall be deemed to have been duly given if delivered personally, mailed by certified mail (return receipt requested) or sent by overnight delivery service, or electronic mail, or facsimile transmission.

**Section 4.02 Severability and Reformation**. If any one or more of the terms, provisions, covenants or restrictions of this Agreement shall be determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions shall remain in full force and effect, and the invalid, void or unenforceable provisions shall be deemed severable. Moreover, if any one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to duration, geographical scope, activity or subject, it shall be reformed by limiting and reducing it to the minimum extent necessary, so as to be enforceable to the extent compatible with the applicable law as it shall then appear.

**Section 4.03 Assignment.** This Agreement shall be binding upon and inure to the benefit of the heirs and legal representatives of Executive and the permitted assigns and successors of the Company, but neither this Agreement nor any rights or obligations hereunder shall be assignable or otherwise subject to hypothecation by Executive (except by will or by operation of the laws of intestate succession) or by the Company, except that the Company may assign this Agreement to any successor (whether by merger, purchase or otherwise), if such successor expressly agrees to assume the obligations of the Company hereunder.

**Section 4.04 Amendment**. This Agreement may be amended only by writing signed by Executive and by the Company.

**Section 4.05 Governing Law**. This Agreement shall be construed, interpreted, and governed in accordance with the laws of Singapore, without reference to rules relating to conflicts of law.

**Section 4.06 Dispute Resolution.** Any dispute, controversy, difference or claim arising out of or relating 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 Singapore International Arbitration Centre ("SIAC") under the SIAC Rules in force when the Notice of Arbitration is submitted. The seat of arbitration shall be Singapore. The number of arbitrators shall be three. The language of the arbitration shall be English. Each party irrevocably submits to the exclusive jurisdiction of the arbitration in Singapore and waives any objection to proceedings on the grounds of venue or that proceedings have been brought in an inappropriate forum.

**Section 4.07 Entire Agreement.** This Agreement contains the entire understanding between the parties hereto with respect to the subject matter hereof and supersedes in all respects any prior or other agreement or understanding, written or oral, between the Company or any affiliate of the Company and Executive with respect to such subject matter, including the Employment Agreement.

**Section 4.08 Counterparts; No Electronic Signatures.** This Agreement may be executed in two or more counterparts, each of which will be deemed an original. For purposes of determining whether a party has signed this Agreement or any document contemplated hereby or any amendment or waiver hereof, only a handwritten signature on a paper document or a facsimile transmission of a handwritten original signature will constitute a signature, notwithstanding any law relating to or enabling the creation, execution or delivery of any contract or signature by electronic means.

**Section 4.09 Construction.** The headings and captions of this Agreement are provided for convenience only and are intended to have no effect in construing or interpreting this Agreement. The language in all parts of this Agreement shall be in all cases construed in accordance to its fair meaning and not strictly for or against the Company or Executive. The words "include," "includes," and "including" will be deemed to be followed by "without limitation."

**IN WITNESS WHEREOF**, the parties hereto have executed this Agreement on the date first written above:

---

| | |
|:---|:---|
| **Otsaw Limited** | **Otsaw Limited** |
| By: | */s/ Ken Toh* |
|  | Ken Toh, Chief Financial Officer, Otsaw Limited |

---

---

| |
|:---|
| **AGREED AND ACCEPTED:** |
| /s/ Ling Ting Ming |
| Name |
| Ling Ting Ming |

---

## Exhibit 10.2

**Exhibit 10.2**

**EMPLOYMENT AGREEMENT**

This Employment Agreement (the "Agreement") is made and entered into on **June 5, 2025** by and between **Mr. Ken Toh** (the "Executive") and **Otsaw Limited**, a Cayman Islands company (the "Company").

WHEREAS, the Executive will be the **Chief Financial Officer** of the Company as of the date of the listing of the Company on Nasdaq Capital Market (the "Effective Date").

WHEREAS, the Company and the Executive desire to enter into this Agreement to memorialize the terms and conditions of the Executive's employment with the Company starting on the date hereof.

NOW, THEREFORE, in consideration of the premises, the mutual covenants and representations contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

**<u>Article I.</u> <u>Employment; Responsibilities; Compensation</u>**

**Section 1.01 Employment**. Subject to <u>ARTICLE 3</u>, the Company hereby agrees to employ Executive, and Executive hereby agrees to be employed by the Company, in accordance with this Agreement, for the period commencing as of the Effective Date and ending (1) year after the Effective Date ("Initial Term"). the Initial Term shall automatically be extended one additional year unless either party gives written notice to the other party 60 days prior to expiration of the Initial Term that it or she, as applicable, does not wish to extend this Agreement. Executive's continued employment after the expiration of the Initial Term shall be in accordance with and governed by this Agreement, unless modified by the parties to this Agreement in writing. For purposes of this Agreement the Initial Term and any extended term shall be referred to as the "TERM".

**Section 1.02 Responsibilities; Loyalty**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the terms of this Agreement, Executive is employed in the position of Chief Financial Officer of the Company, and shall perform the functions and responsibilities of that position. Additional or different duties may be assigned by the Company from time to time. Executive's position, job descriptions, duties and responsibilities maybe modified from time to time in the sole discretion of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Executive shall devote the whole of Executive's professional time, attention and energies to the performance of Executive's work. Executive agrees to comply with all policies of the Company, if any, in effect from time to time, and to comply with all laws, rules and regulations, including those applicable to the Company.

**Section 1.03 Compensation**. The compensation for this Agreement is as per the Executive's existing agreement with the wholly owned subsidiary of the Company, Otsaw Digital Pte Ltd. **The Compensation shall also be subject to the approval of Company's Board of Directors and/or Compensation Committees.**

**Section 1.04 Business Expenses**. The Company shall reimburse Executive for all business expenses that are reasonable and necessary and incurred by Executive while performing his duties under this Agreement, upon presentation of expense statements, receipts and/or vouchers or such other information and documentation as the Company may reasonably require.

**Section 1.05 Clawback**. Any compensation paid to the Executive shall be subject to recovery by the Company, and the Executive shall be required to repay such compensation, if (a) such recovery and repayment is required by applicable law or (b) either in the year such compensation is paid, or within the three (3) year period thereafter the Company is required to prepare an accounting restatement due to material noncompliance of the Company with any financial reporting requirement under applicable securities laws and the Executive is either (i) a named executive officer or (ii) an employee who is responsible for preparation of the Company's financial statements. The parties agree that the repayment obligations set forth in this Section 1.05 shall only apply to the extent repayment is required by applicable law, or to the extent the Executive's compensation is determined to be in excess of the amount that would have been deliverable to the Executive taking into account any restatement or correction of any inaccurate financial statements or materially inaccurate performance metric criteria.

**<u>Article II.</u> <u>Confidential Information; Post-Employment Obligations; Company Property</u>**

**Section 2.01 Company Property.** As used in this Article II, the term the "Company" refers to the Company and each of its direct and indirect subsidiaries. All written materials, records, data and other documents relating to Company business, products or services prepared or possessed by Executive during Executive's employment by the Company are the Company's property. All information, ideas, concepts, improvements, discoveries and inventions that are conceived, made, developed or acquired by Executive individually or in conjunction with others during Executive's employment (whether during business hours and whether on Company's premises or otherwise) that relate to Company business, products or services are the Company's sole and exclusive property. All memoranda, notes, records, files, correspondence, drawings, manuals, models, specifications, computer programs, maps and all other documents, data or materials of any type embodying such information, ideas, concepts, improvements, discoveries and inventions are Company property. At the termination of Executive's employment with the Company for any reason, Executive shall return all of the Company's documents, data or other Company property to the Company.

**Section 2.02 Confidential Information; Non-Disclosure.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Executive acknowledges that the business of the Company is highly competitive and that the Company will provide Executive with access to Confidential Information. Executive acknowledges that this Confidential Information constitutes a valuable, special and unique asset used by the Company in its business to obtain a competitive advantage over competitors. Executive further acknowledges that protection of such Confidential Information against unauthorized disclosure and use is of critical importance to the Company in maintaining its competitive position. Executive agrees that Executive will not, at any time during or after Executive's employment with the Company, make any unauthorized disclosure of any Confidential Information of the Company, or make any use thereof, except in the carrying out of Executive's employment responsibilities to the Company. Executive also agrees to preserve and protect the confidentiality of third-party Confidential Information to the same extent, and on the same basis, as the Company's Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes hereof, "Confidential Information" includes all non-public information regarding the Company's business operations and methods, existing and proposed investments and investment strategies, financial performance, compensation arrangements and amounts (whether relating to the Company or to any of its employees), contractual relationships, business partners and relationships (including customers and suppliers), strategies, business plans and other confidential information that is used in the operation, technology and business dealings of the Company, regardless of the medium in which any of the foregoing information is contained, so long as such information is actually confidential and proprietary to the Company.

**Section 2.03 Non-Competition Obligations.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Executive acknowledges and agrees that as an employee and representative of the Company, Executive will be responsible for building and maintaining business relationships and goodwill with current and future operating partners, investors, partners and prospects on a personal level. Executive acknowledges and agrees that this responsibility creates a special relationship of trust and confidence between the Company, Executive and these persons or entities. Executive also acknowledges that this creates a high risk and opportunity for Executive to misappropriate these relationships and the goodwill existing between the Company and such persons. Executive acknowledges and agrees that it is fair and reasonable for the Company to take steps to protect itself from the risk of such misappropriation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Executive acknowledges and agrees that, in exchange for his agreement in SECTION 2.03(c) below, he will receive substantial, valuable consideration from the Company upon the execution of this Agreement and during the course of this Agreement, including, (i) Confidential Information and access to Confidential Information, (ii) compensation and other benefits and (c) access to the Company's prospects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During the Non-Compete Term and provided that the Company has made all severance payments provided for herein (to the extent applicable), Executive will not, directly or indirectly, provide the same or substantially the same services that he provides to the Company to any Business Enterprise in the Market Area (as defined below) without prior written consent, which will not be unreasonably withheld. This includes working as an agent, consultant, employee, officer, director, partner or independent contractor or being a shareholder, member, joint venturer or equity owner in, any such Business Enterprise; PROVIDED, HOWEVER, that the foregoing shall not restrict Executive from holding up to 5% of the voting power or equity of one or more Business Enterprises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For purposes of hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "BUSINESS ENTERPRISE" means any corporation, partnership, limited liability company, sole proprietorship, joint venture or other business association or entity (other than the Company) engaged in the business of offering products or services that are materially competitive with the Company in the Market Area;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "MARKET AREA" means: (1) Singapore, (2) New York County, New York, and (3) any geographic area in which the Company is conducting any business during the Term, and for which the Executive has material responsibilities or about which the Executive has material Confidential Information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "NON-COMPETE TERM" means in the case of termination for any reason, the period from the Effective Date to the date ending 2 years following the date of termination.

**Section 2.04 Non-Solicitation of Executives**. During the Non-Compete Term, Executive will not, either directly or indirectly, call on, solicit or induce any other executive or officer of the Company or its affiliates with whom Executive had contact, knowledge of, or association with in the course of employment with the Company to terminate his employment, and will not assist any other person or entity in such a solicitation; PROVIDED, HOWEVER, that with respect to soliciting any executive or officer whose employment was terminated by the Company or its affiliates, or general solicitations for employment not targeted at current officers or employees of the Company or its affiliates, the foregoing restriction shall not apply.

**Section 2.05 Indemnification**. 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.

**<u>Article III.</u> <u>Termination of Employment</u>**

**Section 3.01 Termination of Employment.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Executive's employment with the Company shall be terminated (i) immediately upon the death of Executive without further action by the Company, (ii) upon Executive's Permanent Disability without further action by the Company, (iii) by the Company for Cause, (iv) by Executive without Good Reason, (v) by the Company without Cause or by Executive for Good Reason, including by the Company without Cause or by Executive for Good Reason within 12 months following a Change of Control, <u>provided</u> that, in the case of clause (v), the terminating party must give at least 30 days' advance written notice of such termination. For purposes of this ARTICLE III, "date of termination" means the date of Executive's death, the date of Executive's Permanent Disability, or the date of Executive's separation from service with the Company, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "CAUSE" shall include (A) continued failure by Executive to perform substantially Executive's duties and responsibilities (other than a failure resulting from Permanent Disability) that is materially injurious to the Company and that remains uncorrected for 10 days after receipt of appropriate written notice from the Board; (B) engagement in willful, reckless or grossly negligent misconduct that is materially injurious to Company or any of its affiliates, monetarily or otherwise; (C) except as provided by (D), the indictment of Executive with a crime involving moral turpitude or a felony; (D) the indictment of Executive for an act of criminal fraud, misappropriation or personal dishonesty; or (E) a material breach by Executive of any provision of this Agreement that is materially injurious to the Company and that remains uncorrected for 10 days following written notice of such breach by the Company to Executive identifying the provision of this Agreement that Company determined has been breached. For purposes of (C) and (D), if the criminal charge is subsequently dismissed with prejudice or the Executive is acquitted at trial or on appeal then the Executive will be deemed to have been terminated without Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "CHANGE OF CONTROL" means the occurrence of any one or more of the following events that occurs after the Effective Date:

1) Any "person" (as such term is used in sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the "EXCHANGE ACT")) becomes a "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than 50% of the voting power of the then outstanding securities of the Company; provided that a Change of Control shall not be deemed to occur as a result of a transaction in which the Company becomes a subsidiary of another corporation and in which the stockholders of the Company, immediately prior to the transaction, will beneficially own, immediately after the transaction, shares entitling such stockholders to more than 50% of all votes to which all stockholders of the parent corporation would be entitled in the election of directors; or

2) The consummation of (A) a merger or consolidation of the Company with another corporation where the stockholders of the Company, immediately prior to the merger or consolidation, will not beneficially own, immediately after the merger or consolidation, shares entitling such stockholders to more than 50% of all votes to which all stockholders of the surviving corporation would be entitled in the election of directors, (B) a sale or other disposition of all or substantially all of the assets of the Company, or (C) a liquidation or dissolution of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "GOOD REASON" shall mean one or more of the following conditions arising not more than six months before Executive's termination date without Executive's consent: (A) a material breach by the Company of any provision of this Agreement; (B) assignment by the Board or a duly authorized committee thereof to Executive of any duties that materially and adversely alter the nature or status of Executive's position, job descriptions, duties, title or responsibilities from those of a President and Chief Executive Officer, or eligibility for Company compensation plans; (C) requirement by the Company for Executive to relocate to a primary place of business which is more than 50 miles away from the Executive's primary place of business as of the Effective Date of this Agreement; or (D) a material reduction in Executive's Base Salary in effect at the relevant time. Notwithstanding anything herein to the contrary, Good Reason will exist only if Executive provides notice to the Company of the existence of the condition otherwise constituting Good Reason within 90 days of the initial existence of the condition, and the Company fails to remedy the condition on or before the 30th day following its receipt of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "PERMANENT DISABILITY" shall mean Executive's inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months. Executive will be deemed permanently disabled if determined to be totally disabled by the Social Security Administration or if determined to be disabled in accordance with a disability insurance program that applies a definition of disability that complies with the requirements of this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If Executive's employment is terminated under any of the foregoing circumstances, all future compensation to which Executive is otherwise entitled and all future benefits for which Executive is eligible, other than those already earned but which is unpaid, shall cease and terminate as of the date of termination, except as specifically provided in this ARTICLE III.

**<u>Article IV.</u> <u>Miscellaneous</u>**

**Section 4.01 Notices**. All notices and other communications required or permitted to be given hereunder shall be in writing and shall be deemed to have been duly given if delivered personally, mailed by certified mail (return receipt requested) or sent by overnight delivery service, or electronic mail, or facsimile transmission.

**Section 4.02 Severability and Reformation**. If any one or more of the terms, provisions, covenants or restrictions of this Agreement shall be determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions shall remain in full force and effect, and the invalid, void or unenforceable provisions shall be deemed severable. Moreover, if any one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to duration, geographical scope, activity or subject, it shall be reformed by limiting and reducing it to the minimum extent necessary, so as to be enforceable to the extent compatible with the applicable law as it shall then appear.

**Section 4.03 Assignment.** This Agreement shall be binding upon and inure to the benefit of the heirs and legal representatives of Executive and the permitted assigns and successors of the Company, but neither this Agreement nor any rights or obligations hereunder shall be assignable or otherwise subject to hypothecation by Executive (except by will or by operation of the laws of intestate succession) or by the Company, except that the Company may assign this Agreement to any successor (whether by merger, purchase or otherwise), if such successor expressly agrees to assume the obligations of the Company hereunder.

**Section 4.04 Amendment**. This Agreement may be amended only by writing signed by Executive and by the Company.

**Section 4.05 Governing Law**. This Agreement shall be construed, interpreted, and governed in accordance with the laws of Singapore, without reference to rules relating to conflicts of law.

**Section 4.06 Dispute Resolution.** Any dispute, controversy, difference or claim arising out of or relating 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 Singapore International Arbitration Centre ("SIAC") under the SIAC Rules in force when the Notice of Arbitration is submitted. The seat of arbitration shall be Singapore. The number of arbitrators shall be three. The language of the arbitration shall be English. Each party irrevocably submits to the exclusive jurisdiction of the arbitration in Singapore and waives any objection to proceedings on the grounds of venue or that proceedings have been brought in an inappropriate forum.

**Section 4.07 Entire Agreement.** This Agreement contains the entire understanding between the parties hereto with respect to the subject matter hereof and supersedes in all respects any prior or other agreement or understanding, written or oral, between the Company or any affiliate of the Company and Executive with respect to such subject matter, including the Employment Agreement.

**Section 4.08 Counterparts; No Electronic Signatures.** This Agreement may be executed in two or more counterparts, each of which will be deemed an original. For purposes of determining whether a party has signed this Agreement or any document contemplated hereby or any amendment or waiver hereof, only a handwritten signature on a paper document or a facsimile transmission of a handwritten original signature will constitute a signature, notwithstanding any law relating to or enabling the creation, execution or delivery of any contract or signature by electronic means.

**Section 4.09 Construction.** The headings and captions of this Agreement are provided for convenience only and are intended to have no effect in construing or interpreting this Agreement. The language in all parts of this Agreement shall be in all cases construed in accordance to its fair meaning and not strictly for or against the Company or Executive. The words "include," "includes," and "including" will be deemed to be followed by "without limitation."

**IN WITNESS WHEREOF**, the parties hereto have executed this Agreement on the date first written above:

---

| | |
|:---|:---|
| **Otsaw Limited** | **Otsaw Limited** |
| By: | */s/ Ling Ting Ming* |
|  | Ling Ting Ming, Chief Executive Officer, Otsaw Limited |

---

---

| | |
|:---|:---|
| **AGREED AND ACCEPTED:** | **AGREED AND ACCEPTED:** |
| */s/ Ken Toh* | */s/ Ken Toh* |
| Name | Ken Toh |

---

## Exhibit 10.3

**Exhibit 10.3**

**Otsaw Limited**<br> 10 Tampines North Drive 4, #01-03<br> JTC Space @ Tampines North<br> Singapore 528553

**June 5, 2025**

Mr. Sean Goh Su Teng

98 Tai Hwan Heights

Singapore 555443

**Re: Director Offer Letter – Sean Goh Su Teng**

Dear Mr. Sean Goh:

Otsaw Limited, a Cayman Islands limited liability company (the "Company" or "we"), is pleased to offer you a position as a 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 ("Director"). Should you choose to accept this position as a 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 (the "Board") and shall begin upon Company's listing on the Nasdaq Stock Market (the "Commencement Date").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Term</u>.** This Agreement is effective upon the Commencement Date. 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 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 a Director and such other duties as are reasonably contemplated by you holding office as a Director of the Company or which may reasonably be assigned to you by the Board from time to time (hereinafter, your "Duties"). During the term of this Agreement, you may attend and participate at each meeting regarding the business and operation issues of the Company as regularly or specially called, via teleconference, video conference or in person. You shall consult with the members of the Board and committee (if any) regularly and as necessary via telephone, electronic mail or other forms of correspondence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Services for Others</u>.** You shall be free to represent or perform services for other persons during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Compensation</u>.** As compensation for your services to the Company, you will receive upon execution of this Agreement a compensation of US$80,000 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 Policy</u>.** During the term under this Agreement, the Company shall include you as an insured under its officers and directors' insurance policy, if available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>No Assignment</u>.** Because of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you without the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Confidential Information; Non-Disclosure</u>.** In consideration of your access to certain Confidential Information (as defined below) of the Company, in connection with your business relationship with the Company, you hereby represent and agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a. <u>Definition</u>.** For purposes of this Agreement the term "Confidential Information" means: (i) any information which the Company possesses that has been created, discovered or developed by or for the Company, and which has or could have commercial value or utility in the business in which the Company is engaged; (ii) any information which is related to the business of the Company and is generally not known by non-Company personnel; and (iii) Confidential Information includes, without limitation, trade secrets and any information concerning products, processes, formulas, designs, inventions (whether or not patentable or registrable under copyright or similar laws, and whether or not reduced to practice), discoveries, concepts, ideas, improvements, techniques, methods, research, development and test results, specifications, data, know-how, software, formats, marketing plans, and analyses, business plans and analyses, strategies, forecasts, customer and supplier identities, characteristics and agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b. <u>Exclusions</u>.** Notwithstanding the foregoing, the term Confidential Information shall not include: (i) any information which becomes generally available or is readily available to the public other than as a result of a breach of the confidentiality portions of this Agreement, or any other agreement requiring confidentiality between the Company and you; (ii) information received from a third party in rightful possession of such information who is not restricted from disclosing such information; (iii) information known by you prior to receipt of such information from the Company, which prior knowledge can be documented and (iv) information you are required to disclose pursuant to any applicable law, regulation, judicial or administrative order or decree, or request by other regulatory organization having authority pursuant to the law; provided, however, that you shall first have given prior written notice to the Company and made a reasonable effort to obtain a protective order requiring that the Confidential Information not be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c. <u>Documents</u>.** You agree that, without the express written consent of the Company, you will not remove from the Company's premises, any notes, formulas, programs, data, records, machines or any other documents or items which in any manner contain or constitute Confidential Information, nor will you make reproductions or copies of same. You shall promptly return any such documents or items, along with any reproductions or copies to the Company upon the Company's demand, upon termination of this Agreement, or upon your termination or Resignation (as defined in Section 9 herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d. <u>Confidentiality</u>.** You agree that you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or indirectly, any Confidential Information or anything relating to such information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company. You further agree that you will not use any Confidential Information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company, and that the provisions of this paragraph (d) shall survive termination of this Agreement. Notwithstanding the foregoing, you may disclose Confidential Information to your legal counsel and accounting advisors who have a need to know such information for accounting or tax purposes and who agree to be bound by the provisions of this paragraph (d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e. <u>Ownership</u>.** You agree that the Company shall own all right, title and interest (including patent rights, copyrights, trade secret rights, mask work rights, trademark rights, and all other intellectual and industrial property rights of any sort throughout the world) relating to any and all inventions (whether or not patentable), works of authorship, mask works, designations, designs, know-how, ideas and information made or conceived or reduced to practice, in whole or in part, by you during the term of this Agreement and that arise out of your Duties (collectively, "**Inventions"**) and you will promptly disclose and provide all Inventions to the Company. You agree to assist the Company, at its expense, to further evidence, record and perfect such assignments, and to perfect, obtain, maintain, enforce, and defend any rights assigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Non-Solicitation</u>.** During the term of your appointment, you shall not solicit for employment any employee of the Company with whom you have had contact due to your appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Termination and Resignation</u>.** Your services as 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>Governing Law; Arbitration</u>.** All questions with respect to the construction and/or enforcement of this Agreement, and the rights and obligations of the parties hereunder, shall be determined in accordance with the law of the State of New York. All disputes with respect to this Agreement, including the existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out of or relating to it shall be referred to and finally resolved by arbitration administered by the American Arbitration Association at its New York office in force when the Notice of Arbitration is submitted. The law of this arbitration clause shall be New York law. The seat of arbitration shall be in New York. The number of arbitrators shall be one. The arbitration proceedings shall be conducted in English.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>Entire Agreement; Amendment; Waiver; Counterparts</u>.** This Agreement expresses the entire understanding with respect to the subject matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof. Any term of this Agreement may be amended and observance of any term of this Agreement may be waived only with the written consent of the parties hereto. Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach or failure of the same term or condition or waiver of any other term or condition of this Agreement. The failure of any party at any time to require performance by any other party of any provision of this Agreement shall not affect the right of any such party to require future performance of such provision or any other provision of this Agreement. This Agreement may be executed in separate counterparts each of which will be an original and all of which taken together will constitute one and the same agreement, and may be executed using facsimiles of signatures, and a facsimile of a signature shall be deemed to be the same, and equally enforceable, as an original of such signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. <u>Indemnification</u>**. The Company shall, to the maximum extent provided under applicable law, indemnify and hold you harmless from and against any expenses, including reasonable attorney's fees, judgments, fines, settlements and other legally permissible amounts ("Losses"), incurred in connection with any proceeding arising out of, or related to, your performance of your Duties, other than any such Losses incurred as a result of your gross negligence or willful misconduct. The Company shall advance to you any expenses, including reasonable attorneys' fees and costs of settlement, incurred in defending any such proceeding to the maximum extent permitted by applicable law. Such costs and expenses incurred by you in defense of any such proceeding shall be paid by the Company in advance of the final disposition of such proceeding promptly upon receipt by the Company of (a) written request for payment; (b) appropriate documentation evidencing the incurrence, amount and nature of the costs and expenses for which payment is being sought; and (c) an undertaking adequate under applicable law made by or on your behalf to repay the amounts so advanced if it shall ultimately be determined pursuant to any non-appealable judgment or settlement that you are not entitled to be indemnified by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. <u>Acknowledgement</u>.** You accept this Agreement subject to all the terms and provisions of this Agreement. You agree to accept as binding, conclusive, and final all decisions or interpretations of the Board of Directors of the Company of any questions arising under this Agreement.

The Agreement has been executed and delivered by the undersigned and is made effective as of the date set first set forth above.

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| **Otsaw Limited** | **Otsaw Limited** |
| By: | */s/ Ling Ting Ming* |
|  | Name: Ling Ting Ming |
|  | Title: Chairman and Chief Executive Officer |

---

---

| |
|:---|
| **AGREED AND ACCEPTED:** |
| */s/ Sean Goh Su Teng* |

---

Sean Goh Su Teng<br>

## Exhibit 10.4

**Exhibit 10.4**

**Otsaw Limited**<br> 10 Tampines North Drive 4, #01-03<br> JTC Space @ Tampines North<br> Singapore 528553

**June 5, 2025**

Mr. John M. Dolan

5540 Bryant Street

Pittsburgh, PA 15206

United States

**Re: Independent Director Offer Letter – John M. Dolan**

Dear Mr. John M. Dolan:

Otsaw 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 ("Independent Director"). Should you choose to accept this position as an Independent Director, this letter agreement (the "Agreement") shall constitute an agreement between you and the Company and contains all the terms and conditions relating to the services you agree to provide to the Company. Your appointment shall also be subject to the approval of Company's Board of Directors (the "Board") and shall begin upon Company's listing on the Nasdaq Stock Market (the "Commencement Date").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Term</u>.** This Agreement is effective upon the Commencement Date. 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 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 and such other duties as are reasonably contemplated by you holding office as an Independent Director of the Company or which may reasonably be assigned to you by the Board from time to time, including being the chairman of the nomination committee of the Board (hereinafter, your "Duties"). During the term of this Agreement, you may attend and participate at each meeting regarding the business and operation issues of the Company as regularly or specially called, via teleconference, video conference or in person. You shall consult with the members of the Board and committee (if any) regularly and as necessary via telephone, electronic mail or other forms of correspondence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Services for Others</u>.** You shall be free to represent or perform services for other persons during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Compensation</u>.** As compensation for your services to the Company, you will receive upon execution of this Agreement a compensation of US$80,000 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 Policy</u>.** During the term under this Agreement, the Company shall include you as an insured under its officers and directors' insurance policy, if available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>No Assignment</u>.** Because of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you without the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Confidential Information; Non-Disclosure</u>.** In consideration of your access to certain Confidential Information (as defined below) of the Company, in connection with your business relationship with the Company, you hereby represent and agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a. <u>Definition</u>.** For purposes of this Agreement the term "Confidential Information" means: (i) any information which the Company possesses that has been created, discovered or developed by or for the Company, and which has or could have commercial value or utility in the business in which the Company is engaged; (ii) any information which is related to the business of the Company and is generally not known by non-Company personnel; and (iii) Confidential Information includes, without limitation, trade secrets and any information concerning products, processes, formulas, designs, inventions (whether or not patentable or registrable under copyright or similar laws, and whether or not reduced to practice), discoveries, concepts, ideas, improvements, techniques, methods, research, development and test results, specifications, data, know-how, software, formats, marketing plans, and analyses, business plans and analyses, strategies, forecasts, customer and supplier identities, characteristics and agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b. <u>Exclusions</u>.** Notwithstanding the foregoing, the term Confidential Information shall not include: (i) any information which becomes generally available or is readily available to the public other than as a result of a breach of the confidentiality portions of this Agreement, or any other agreement requiring confidentiality between the Company and you; (ii) information received from a third party in rightful possession of such information who is not restricted from disclosing such information; (iii) information known by you prior to receipt of such information from the Company, which prior knowledge can be documented and (iv) information you are required to disclose pursuant to any applicable law, regulation, judicial or administrative order or decree, or request by other regulatory organization having authority pursuant to the law; provided, however, that you shall first have given prior written notice to the Company and made a reasonable effort to obtain a protective order requiring that the Confidential Information not be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c. <u>Documents</u>.** You agree that, without the express written consent of the Company, you will not remove from the Company's premises, any notes, formulas, programs, data, records, machines or any other documents or items which in any manner contain or constitute Confidential Information, nor will you make reproductions or copies of same. You shall promptly return any such documents or items, along with any reproductions or copies to the Company upon the Company's demand, upon termination of this Agreement, or upon your termination or Resignation (as defined in Section 9 herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d. <u>Confidentiality</u>.** You agree that you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or indirectly, any Confidential Information or anything relating to such information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company. You further agree that you will not use any Confidential Information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company, and that the provisions of this paragraph (d) shall survive termination of this Agreement. Notwithstanding the foregoing, you may disclose Confidential Information to your legal counsel and accounting advisors who have a need to know such information for accounting or tax purposes and who agree to be bound by the provisions of this paragraph (d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e. <u>Ownership</u>.** You agree that the Company shall own all right, title and interest (including patent rights, copyrights, trade secret rights, mask work rights, trademark rights, and all other intellectual and industrial property rights of any sort throughout the world) relating to any and all inventions (whether or not patentable), works of authorship, mask works, designations, designs, know-how, ideas and information made or conceived or reduced to practice, in whole or in part, by you during the term of this Agreement and that arise out of your Duties (collectively, "**Inventions"**) and you will promptly disclose and provide all Inventions to the Company. You agree to assist the Company, at its expense, to further evidence, record and perfect such assignments, and to perfect, obtain, maintain, enforce, and defend any rights assigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Non-Solicitation</u>.** During the term of your appointment, you shall not solicit for employment any employee of the Company with whom you have had contact due to your appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Termination and Resignation</u>.** Your services as an 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>Governing Law; Arbitration</u>.** All questions with respect to the construction and/or enforcement of this Agreement, and the rights and obligations of the parties hereunder, shall be determined in accordance with the law of the State of New York. All disputes with respect to this Agreement, including the existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out of or relating to it shall be referred to and finally resolved by arbitration administered by the American Arbitration Association at its New York office in force when the Notice of Arbitration is submitted. The law of this arbitration clause shall be New York law. The seat of arbitration shall be in New York. The number of arbitrators shall be one. The arbitration proceedings shall be conducted in English.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>Entire Agreement; Amendment; Waiver; Counterparts</u>.** This Agreement expresses the entire understanding with respect to the subject matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof. Any term of this Agreement may be amended and observance of any term of this Agreement may be waived only with the written consent of the parties hereto. Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach or failure of the same term or condition or waiver of any other term or condition of this Agreement. The failure of any party at any time to require performance by any other party of any provision of this Agreement shall not affect the right of any such party to require future performance of such provision or any other provision of this Agreement. This Agreement may be executed in separate counterparts each of which will be an original and all of which taken together will constitute one and the same agreement, and may be executed using facsimiles of signatures, and a facsimile of a signature shall be deemed to be the same, and equally enforceable, as an original of such signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. <u>Indemnification</u>**. The Company shall, to the maximum extent provided under applicable law, indemnify and hold you harmless from and against any expenses, including reasonable attorney's fees, judgments, fines, settlements and other legally permissible amounts ("Losses"), incurred in connection with any proceeding arising out of, or related to, your performance of your Duties, other than any such Losses incurred as a result of your gross negligence or willful misconduct. The Company shall advance to you any expenses, including reasonable attorneys' fees and costs of settlement, incurred in defending any such proceeding to the maximum extent permitted by applicable law. Such costs and expenses incurred by you in defense of any such proceeding shall be paid by the Company in advance of the final disposition of such proceeding promptly upon receipt by the Company of (a) written request for payment; (b) appropriate documentation evidencing the incurrence, amount and nature of the costs and expenses for which payment is being sought; and (c) an undertaking adequate under applicable law made by or on your behalf to repay the amounts so advanced if it shall ultimately be determined pursuant to any non-appealable judgment or settlement that you are not entitled to be indemnified by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. <u>Acknowledgement</u>.** You accept this Agreement subject to all the terms and provisions of this Agreement. You agree to accept as binding, conclusive, and final all decisions or interpretations of the Board of Directors of the Company of any questions arising under this Agreement.

The Agreement has been executed and delivered by the undersigned and is made effective as of the date set first set forth above.

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| **Otsaw Limited** | **Otsaw Limited** |
| By: | */s/ Ling Ting Ming* |
|  | Name: Ling Ting Ming |
|  | Title: Chairman and Chief Executive Officer |

---

---

| |
|:---|
| **AGREED AND ACCEPTED:** |
| */s/ John M. Dolan* |

---

John M. Dolan<br>

## Exhibit 10.5

**Exhibit 10.5**

**Otsaw Limited**<br> 10 Tampines North Drive 4, #01-03<br> JTC Space @ Tampines North<br> Singapore 528553

**November 12, 2024**

Ms. Susan E. Skerritt

10 Montague Terrace

Apt. 3CD

Brooklyn, NY 11201

United States of America

**Re: Independent Director Offer Letter – Susan E. Skerritt**

Dear Ms. Susan E. Skerritt:

Otsaw 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 ("Independent Director"). Should you choose to accept this position as an Independent Director, this letter agreement (the "Agreement") shall constitute an agreement between you and the Company and contains all the terms and conditions relating to the services you agree to provide to the Company. Your appointment shall also be subject to the approval of Company's Board of Directors (the "Board") and shall begin upon Company's listing on the Nasdaq Stock Market (the "Commencement Date").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Term</u>.** This Agreement is effective upon the Commencement Date. 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 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 and such other duties as are reasonably contemplated by you holding office as an Independent Director of the Company or which may reasonably be assigned to you by the Board from time to time, including being the chairman of the audit committee of the Board (hereinafter, your "Duties"). During the term of this Agreement, you may attend and participate at each meeting regarding the business and operation issues of the Company as regularly or specially called, via teleconference, video conference or in person. You shall consult with the members of the Board and committee (if any) regularly and as necessary via telephone, electronic mail or other forms of correspondence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Services for Others</u>.** You shall be free to represent or perform services for other persons during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Compensation</u>.** As compensation for your services to the Company, you will receive upon execution of this Agreement a compensation of US$80,000 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 Policy</u>.** During the term under this Agreement, the Company shall include you as an insured under its officers and directors' insurance policy, if available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>No Assignment</u>.** Because of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you without the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Confidential Information; Non-Disclosure</u>.** In consideration of your access to certain Confidential Information (as defined below) of the Company, in connection with your business relationship with the Company, you hereby represent and agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a. <u>Definition</u>.** For purposes of this Agreement the term "Confidential Information" means: (i) any information which the Company possesses that has been created, discovered or developed by or for the Company, and which has or could have commercial value or utility in the business in which the Company is engaged; (ii) any information which is related to the business of the Company and is generally not known by non-Company personnel; and (iii) Confidential Information includes, without limitation, trade secrets and any information concerning products, processes, formulas, designs, inventions (whether or not patentable or registrable under copyright or similar laws, and whether or not reduced to practice), discoveries, concepts, ideas, improvements, techniques, methods, research, development and test results, specifications, data, know-how, software, formats, marketing plans, and analyses, business plans and analyses, strategies, forecasts, customer and supplier identities, characteristics and agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b. <u>Exclusions</u>.** Notwithstanding the foregoing, the term Confidential Information shall not include: (i) any information which becomes generally available or is readily available to the public other than as a result of a breach of the confidentiality portions of this Agreement, or any other agreement requiring confidentiality between the Company and you; (ii) information received from a third party in rightful possession of such information who is not restricted from disclosing such information; (iii) information known by you prior to receipt of such information from the Company, which prior knowledge can be documented and (iv) information you are required to disclose pursuant to any applicable law, regulation, judicial or administrative order or decree, or request by other regulatory organization having authority pursuant to the law; provided, however, that you shall first have given prior written notice to the Company and made a reasonable effort to obtain a protective order requiring that the Confidential Information not be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c. <u>Documents</u>.** You agree that, without the express written consent of the Company, you will not remove from the Company's premises, any notes, formulas, programs, data, records, machines or any other documents or items which in any manner contain or constitute Confidential Information, nor will you make reproductions or copies of same. You shall promptly return any such documents or items, along with any reproductions or copies to the Company upon the Company's demand, upon termination of this Agreement, or upon your termination or Resignation (as defined in Section 9 herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d. <u>Confidentiality</u>.** You agree that you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or indirectly, any Confidential Information or anything relating to such information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company. You further agree that you will not use any Confidential Information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company, and that the provisions of this paragraph (d) shall survive termination of this Agreement. Notwithstanding the foregoing, you may disclose Confidential Information to your legal counsel and accounting advisors who have a need to know such information for accounting or tax purposes and who agree to be bound by the provisions of this paragraph (d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e. <u>Ownership</u>.** You agree that the Company shall own all right, title and interest (including patent rights, copyrights, trade secret rights, mask work rights, trademark rights, and all other intellectual and industrial property rights of any sort throughout the world) relating to any and all inventions (whether or not patentable), works of authorship, mask works, designations, designs, know-how, ideas and information made or conceived or reduced to practice, in whole or in part, by you during the term of this Agreement and that arise out of your Duties (collectively, "**Inventions"**) and you will promptly disclose and provide all Inventions to the Company. You agree to assist the Company, at its expense, to further evidence, record and perfect such assignments, and to perfect, obtain, maintain, enforce, and defend any rights assigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Non-Solicitation</u>.** During the term of your appointment, you shall not solicit for employment any employee of the Company with whom you have had contact due to your appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Termination and Resignation</u>.** Your services as an 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>Governing Law; Arbitration</u>.** All questions with respect to the construction and/or enforcement of this Agreement, and the rights and obligations of the parties hereunder, shall be determined in accordance with the law of the State of New York. All disputes with respect to this Agreement, including the existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out of or relating to it shall be referred to and finally resolved by arbitration administered by the American Arbitration Association at its New York office in force when the Notice of Arbitration is submitted. The law of this arbitration clause shall be New York law. The seat of arbitration shall be in New York. The number of arbitrators shall be one. The arbitration proceedings shall be conducted in English.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>Entire Agreement; Amendment; Waiver; Counterparts</u>.** This Agreement expresses the entire understanding with respect to the subject matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof. Any term of this Agreement may be amended and observance of any term of this Agreement may be waived only with the written consent of the parties hereto. Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach or failure of the same term or condition or waiver of any other term or condition of this Agreement. The failure of any party at any time to require performance by any other party of any provision of this Agreement shall not affect the right of any such party to require future performance of such provision or any other provision of this Agreement. This Agreement may be executed in separate counterparts each of which will be an original and all of which taken together will constitute one and the same agreement, and may be executed using facsimiles of signatures, and a facsimile of a signature shall be deemed to be the same, and equally enforceable, as an original of such signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. <u>Indemnification</u>**. The Company shall, to the maximum extent provided under applicable law, indemnify and hold you harmless from and against any expenses, including reasonable attorney's fees, judgments, fines, settlements and other legally permissible amounts ("Losses"), incurred in connection with any proceeding arising out of, or related to, your performance of your Duties, other than any such Losses incurred as a result of your gross negligence or willful misconduct. The Company shall advance to you any expenses, including reasonable attorneys' fees and costs of settlement, incurred in defending any such proceeding to the maximum extent permitted by applicable law. Such costs and expenses incurred by you in defense of any such proceeding shall be paid by the Company in advance of the final disposition of such proceeding promptly upon receipt by the Company of (a) written request for payment; (b) appropriate documentation evidencing the incurrence, amount and nature of the costs and expenses for which payment is being sought; and (c) an undertaking adequate under applicable law made by or on your behalf to repay the amounts so advanced if it shall ultimately be determined pursuant to any non-appealable judgment or settlement that you are not entitled to be indemnified by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. <u>Acknowledgement</u>.** You accept this Agreement subject to all the terms and provisions of this Agreement. You agree to accept as binding, conclusive, and final all decisions or interpretations of the Board of Directors of the Company of any questions arising under this Agreement.

The Agreement has been executed and delivered by the undersigned and is made effective as of the date set first set forth above.

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| **Otsaw Limited** | **Otsaw Limited** |
| By: |  |
|  | Name: Ling Ting Ming |
|  | Title: Chairman and Chief Executive Officer |

---

---

| |
|:---|
| **AGREED AND ACCEPTED:** |
| */s/ Susan E. Skerritt* |

---

Susan E. Skerritt<br>

## Exhibit 10.6

**Exhibit 10.6**

**Otsaw Limited**<br> 10 Tampines North Drive 4, #01-03<br> JTC Space @ Tampines North<br> Singapore 528553

**June 5, 2025**

Mr. Christopher T. Olivia

5 Willow Point

Moorestown

NJ 08057 USA

**Re: Independent Director Offer Letter – Christopher T. Olivia**

Dear Mr. Christopher T. Olivia:

Otsaw 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 ("Independent Director"). Should you choose to accept this position as an Independent Director, this letter agreement (the "Agreement") shall constitute an agreement between you and the Company and contains all the terms and conditions relating to the services you agree to provide to the Company. Your appointment shall also be subject to the approval of Company's Board of Directors (the "Board") and shall begin upon Company's listing on the Nasdaq Stock Market (the "Commencement Date").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Term</u>.** This Agreement is effective upon the Commencement Date. 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 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 and such other duties as are reasonably contemplated by you holding office as an Independent Director of the Company or which may reasonably be assigned to you by the Board from time to time, including being the chairman of the compensation committee of the Board (hereinafter, your "Duties"). During the term of this Agreement, you may attend and participate at each meeting regarding the business and operation issues of the Company as regularly or specially called, via teleconference, video conference or in person. You shall consult with the members of the Board and committee (if any) regularly and as necessary via telephone, electronic mail or other forms of correspondence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Services for Others</u>.** You shall be free to represent or perform services for other persons during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Compensation</u>.** As compensation for your services to the Company, you will receive upon execution of this Agreement a compensation of US$80,000 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 Policy</u>.** During the term under this Agreement, the Company shall include you as an insured under its officers and directors' insurance policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>No Assignment</u>.** Because of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you without the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Confidential Information; Non-Disclosure</u>.** In consideration of your access to certain Confidential Information (as defined below) of the Company, in connection with your business relationship with the Company, you hereby represent and agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a. <u>Definition</u>.** For purposes of this Agreement the term "Confidential Information" means: (i) any information which the Company possesses that has been created, discovered or developed by or for the Company, and which has or could have commercial value or utility in the business in which the Company is engaged; (ii) any information which is related to the business of the Company and is generally not known by non-Company personnel; and (iii) Confidential Information includes, without limitation, trade secrets and any information concerning products, processes, formulas, designs, inventions (whether or not patentable or registrable under copyright or similar laws, and whether or not reduced to practice), discoveries, concepts, ideas, improvements, techniques, methods, research, development and test results, specifications, data, know-how, software, formats, marketing plans, and analyses, business plans and analyses, strategies, forecasts, customer and supplier identities, characteristics and agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b. <u>Exclusions</u>.** Notwithstanding the foregoing, the term Confidential Information shall not include: (i) any information which becomes generally available or is readily available to the public other than as a result of a breach of the confidentiality portions of this Agreement, or any other agreement requiring confidentiality between the Company and you; (ii) information received from a third party in rightful possession of such information who is not restricted from disclosing such information; (iii) information known by you prior to receipt of such information from the Company, which prior knowledge can be documented and (iv) information you are required to disclose pursuant to any applicable law, regulation, judicial or administrative order or decree, or request by other regulatory organization having authority pursuant to the law; provided, however, that you shall first have given prior written notice to the Company and made a reasonable effort to obtain a protective order requiring that the Confidential Information not be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c. <u>Documents</u>.** You agree that, without the express written consent of the Company, you will not remove from the Company's premises, any notes, formulas, programs, data, records, machines or any other documents or items which in any manner contain or constitute Confidential Information, nor will you make reproductions or copies of same. You shall promptly return any such documents or items, along with any reproductions or copies to the Company upon the Company's demand, upon termination of this Agreement, or upon your termination or Resignation (as defined in Section 9 herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d. <u>Confidentiality</u>.** You agree that you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or indirectly, any Confidential Information or anything relating to such information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company. You further agree that you will not use any Confidential Information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company, and that the provisions of this paragraph (d) shall survive termination of this Agreement. Notwithstanding the foregoing, you may disclose Confidential Information to your legal counsel and accounting advisors who have a need to know such information for accounting or tax purposes and who agree to be bound by the provisions of this paragraph (d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e. <u>Ownership</u>.** You agree that the Company shall own all right, title and interest (including patent rights, copyrights, trade secret rights, mask work rights, trademark rights, and all other intellectual and industrial property rights of any sort throughout the world) relating to any and all inventions (whether or not patentable), works of authorship, mask works, designations, designs, know-how, ideas and information made or conceived or reduced to practice, in whole or in part, by you during the term of this Agreement and that arise out of your Duties (collectively, "**Inventions"**) and you will promptly disclose and provide all Inventions to the Company. You agree to assist the Company, at its expense, to further evidence, record and perfect such assignments, and to perfect, obtain, maintain, enforce, and defend any rights assigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Non-Solicitation</u>.** During the term of your appointment, you shall not solicit for employment any employee of the Company with whom you have had contact due to your appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Termination and Resignation</u>.** Your services as an 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>Governing Law; Arbitration</u>.** All questions with respect to the construction and/or enforcement of this Agreement, and the rights and obligations of the parties hereunder, shall be determined in accordance with the law of the State of New York. All disputes with respect to this Agreement, including the existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out of or relating to it shall be referred to and finally resolved by arbitration administered by the American Arbitration Association at its New York office in force when the Notice of Arbitration is submitted. The law of this arbitration clause shall be New York law. The seat of arbitration shall be in New York. The number of arbitrators shall be one. The arbitration proceedings shall be conducted in English.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>Entire Agreement; Amendment; Waiver; Counterparts</u>.** This Agreement expresses the entire understanding with respect to the subject matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof. Any term of this Agreement may be amended and observance of any term of this Agreement may be waived only with the written consent of the parties hereto. Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach or failure of the same term or condition or waiver of any other term or condition of this Agreement. The failure of any party at any time to require performance by any other party of any provision of this Agreement shall not affect the right of any such party to require future performance of such provision or any other provision of this Agreement. This Agreement may be executed in separate counterparts each of which will be an original and all of which taken together will constitute one and the same agreement, and may be executed using facsimiles of signatures, and a facsimile of a signature shall be deemed to be the same, and equally enforceable, as an original of such signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. <u>Indemnification</u>**. The Company shall, to the maximum extent provided under applicable law, indemnify and hold you harmless from and against any expenses, including reasonable attorney's fees, judgments, fines, settlements and other legally permissible amounts ("Losses"), incurred in connection with any proceeding arising out of, or related to, your performance of your Duties, other than any such Losses incurred as a result of your gross negligence or willful misconduct. The Company shall advance to you any expenses, including reasonable attorneys' fees and costs of settlement, incurred in defending any such proceeding to the maximum extent permitted by applicable law. Such costs and expenses incurred by you in defense of any such proceeding shall be paid by the Company in advance of the final disposition of such proceeding promptly upon receipt by the Company of (a) written request for payment; (b) appropriate documentation evidencing the incurrence, amount and nature of the costs and expenses for which payment is being sought; and (c) an undertaking adequate under applicable law made by or on your behalf to repay the amounts so advanced if it shall ultimately be determined pursuant to any non-appealable judgment or settlement that you are not entitled to be indemnified by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. <u>Acknowledgement</u>.** You accept this Agreement subject to all the terms and provisions of this Agreement. You agree to accept as binding, conclusive, and final all decisions or interpretations of the Board of Directors of the Company of any questions arising under this Agreement.

The Agreement has been executed and delivered by the undersigned and is made effective as of the date set first set forth above.

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| | |
|:---|:---|
| Sincerely, | Sincerely, |
| **Otsaw Limited** | **Otsaw Limited** |
| By: | */s/ Ling Ting Ming* |
|  | Name: Ling Ting Ming |
|  | Title: Chairman and Chief Executive Officer |

---

---

| |
|:---|
| **AGREED AND ACCEPTED:** |
| */s/ Christopher T. Olivia* |

---

Christopher T. Olivia<br>

## Exhibit 10.7

**Exhibit 10.7**

![](ex10-7_001.jpg)

Supply Agreement

between

KUKA Industries GmbH & Co. KG Walter-Reis-Straße 1

63785 Obernburg

(hereinafter referred to as „KUKA Industries")

and

OTSAW SWISSLOG HEALTHCARE ROBOTICS PTE LTD

10 Tampines North Drive 4, #01-03, Singapore 528553

Singapore 528553

(hereinafter referred to as „OTSAW")

**KUKA Industries GmbH & Co. KG** Walter-Reis-Str. 1, 63785 Obernburg / Deutschland T +49 6022 503 - 0 F +49 6022 503 - 110

info.industries.de@kuka.com www.kuka.com **Amtsgericht** Aschaffenburg HRA 4918, DUNS 34 160 3581

**Persönlich haftende und geschäftsführende Gesellschafterin:** Reis Holding GmbH Walter-Reis-Str. 1, 63785 Obernburg / Deutschland

**Geschäftsführung:** Walter Hefele, Nicolai Kowarschik **Amtsgericht** Aschaffenburg HRB 10545

1. CONFIDENTIALITY OBLIGATION

This agreement contains technical, commercial, economic and organizational information and data (hereinafter: Confidential Information) that are confidential and the property of KUKA Industries GmbH & Co. KG. The parties undertake to treat the Confidential Information disclosed to them directly or indirectly by the other party (in writing or any other form) before or after this agreement has been signed as strictly confidential, not to make it accessible to third parties and not to use it for other commercial purposes than those described in this contract. The Confidential Information contained in this agreement has been disclosed solely for the purpose of evaluation during offer phase and project execution during validity of this agreement and should only be disclosed to those persons who are involved in the project execution process.

---

| | |
|:---|:---|
| 1 | GENERAL |

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---

| | |
|:---|:---|
| Contact Person KUKA Industries | Contact Person KUKA Industries |
| Name: | Dr. Volker Wuensch |
| phone.: | +49 6022 503-133 |
| e-mail: | volker.wuensch@kuka.com |

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| | |
|:---|:---|
| Contact Person OTSAW | Contact Person OTSAW |
| name: | Tran Thanh Quang (Louis) |
| phone.: | +65 85251226 |
| e-mail: | louis.tran@otsaw.com |

---

2 SCOPE OF WORK KUKA INDUSTRIES

KUKA Industries shall deliver the following goods and services on the basis of the documents attached to this agreement:

- 49 Transcar AGV in Standard-Version (excluding RFID) ID 5445250 according to the design drawings as per Annex 2 for the first contractual year.

**Note:**

The above-mentioned delivery quantity is based on the currently available IPC quantities. In order to be able to act in a market-oriented manner, a further retrieval of vehicles is only possible if the IPCs are provided by the client in the required quantity. The IPCs shall be provided by OTSAW in the required quantity within 3 weeks of receipt of a written order by KUKA Industries at a unit price of € 1,700.00.

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**Optional**

- Stainless steel hood after testing and approval KUKA Industries,

- RFID Reader

**Batteries/rechargable batteries**

The batteries and rechargable batteries of the Transcar AGVs are not included in the scope of supply of KUKA Industries.

**Preliminary acceptance/Delivery release at KUKA Industries**

Before delivery, KUKA Industries will check the functionality of the Transcars on the basis of the following points:

- Visual inspection for completeness and externally recognizable defects

- Functional test (according to mutually agreed checklist(s) according to Annex 1

The pre-acceptance/delivery release will be documented in a FAT protocol (see Annex 1). OTSAW or his end customer can participate in the functional test at his own request after prior information of Kuka Industries.

Components resulting from tests, or the production of prototypes shall only be used for in- corporation into sample products and prototypes. OTSAW is obliged to implement all necessary measures to ensure that the prototypes produced by KUKA Industries will not be incorporated into serial products nor be introduced into the market in any other way. OTSAW is obliged to clearly label prototypes as such.

**EC Declaration of Incorporation acc. to EC Machines Directive 2006/42/EG**

KUKA Industries complies with the relevant statutory provisions, standards, and safety requirements. A Declaration of Incorporation acc. to the EC Machines Directive 2006/42/EG Annex II, Part 1, Section B (no CE labelling and CE declaration) for the operation of the system will be issued and handed over to OTSAW, considering the current statutory requirements.

Those machines that are intended to be incorporated into or assembled with other machines, other than so called "stand-alone-machines", can freely be marketed with a Declaration of Incorporation. They are not CE markable (see also Art. 13 EC Directive Machinery 2006/42/EC).

For the avoidance of doubt, OTSAW has to sign the Declaration of Incorporation with regard to specification and design and to make available to Kuka Industries in due time. Thereafter, KUKA Industries will sign only for the mechanical assembly of the components, which it has carried out.

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3 PROVISION OF DATA BY CUSTOMER

OTSAW is obligated to hand over to KUKA Industries at the start of the project, but at the latest a week after placement of an order under this agreement, all the relevant data, giving the data inventory. OTSAW guarantees the correctness and completeness of the data provided.

Prior to the start of manufacturing on the basis of this agreement, the parties shall align the revision status and which will be used as basis for manufacturing.

In particular, KUKA Industries is not obligated to examine the technical data, drawings or any other information in the specifications of OTSAW and its suppliers, its specification sheet, its construction guidelines, nor any further documents that form an integral part of the contract or that are subsequently made available to KUKA Industries in the course of the project development.

If the data, drawings, or any other information of OTSAW should prove to be incorrect or incomplete at a later point in time or undergo a subsequent change, KUKA Industries will only carry out necessary changes to the construction and any further necessary measures only in return for the reimbursement of the extra costs that thereby arise.

OTSAW shall provide to Kuka Industries workshop the IPC for the placed orders under this agreement, latest within 10 weeks prior to planned delivery date.

**Emission protection**

If the use of the delivered systems/products leads to emissions, OTSAW is obliged to operate the delivered systems/products only making use of suitable equipment (e.g., suction equipment) that complies with the applicable environmental protection laws and the statutory emission limits.

**Noise protection**

Unless listed in the scope of supply of KUKA Industries, OTSAW is obliged to ensure that noise protection measures and secondary measures, particularly protective walls, or enclosures/booths, are warranted.

4 DELIVERY AND DATES

The following delivery steps and dates shall apply:

**Steps of Delivery:**

Delivery of a total of 49 Transcars for the first contractual year.

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As far as possible, the Transcars will be delivered in lots of each 5 pieces Transcar AGVs of type ID 5445250 (Standard without RFID). Other delivery lots shall be subject to mutual agreement.

**Delivery calls/purchase orders and Purchase Commitment**

The agreed total amount of Transcar AGV's for the first contractual year is 49 pieces. The duration of the first contractual year is from 1<sup>st</sup> May 2023 to 31<sup>st</sup> December 2024. The following contractual years will usually start on 1<sup>st</sup> January. OTSAW is obliged to order the last lot for the first contractual year not later than 30<sup>th</sup> September 2024 by officially signed purchase order based on this agreement. For the following years, the lots and quantity shall be agreed not later than 30<sup>th</sup> September. The minimum of quantity is agreed on 30 pieces. Latest by the first day of the respective contractual year, OTSAW shall submit a "blanko" purchase order for the Transcars for the respective year. The delivery calls under such "blanko" purchase order will be separately submitted in batches as agreed between the Parties. In case no binding agreement has been achieved until 30<sup>th</sup> September of the respective contractual year, this agreement shall automatically terminate on 31<sup>st</sup> December of the same contractual year.

If the delivery calls/purchase orders under this agreement are not made on time as agreed above, KUKA Industries reserves the right to invoice all expenses and costs incurred up to that point. These include in particular but not limited to costs for purchased parts, material that have been procured exclusively for the scope of delivery of this agreement and cannot be used for any other purpose.

**Delivery time**

The delivery time shall be 16 weeks for the first batch of a contractual year after receipt of written order under this agreement. If OTSAW submits a "blanko" purchase order for 49 Transcars at the beginning of the respective contractual year, the delivery time for all following delivery calls (batches) for the respective contractual year can be reduced to 12 weeks (except the first batch). In case of an order of more than 5 pieces, the delivery time need to be reevaluated by Kuka Industries.

KUKA Industries will inform OTSAW immediately about any postponements in the delivery time

If an Order is not fully delivered on the specified Delivery Date, then, OTSAW may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) exercise any one or more of the following rights and remedies:

&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) extend this Agreement with immediate effect for the delayed order until it is finally delivered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) claim damages for Costs directly resulting from KUKA Industries's failure to deliver the Order on the Delivery Date; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) claim by way of liquidated damages a sum equal to for each full week of delay 0.2 % of the price of each of the outstanding Product but in the aggregate not more than 5 % of the price of each of the outstanding Products that KUKA Industries has failed to deliver as on the specified Delivery Date. The Parties agree that the foregoing sum shall be a genuine pre-estimate of the loss to OTSAW resulting from such delay in delivery. If OTSAW exercises its rights under this Clause (b), it shall not be entitled to any of the remedies set out in Clause (a) in respect of the late delivery of the Products.

The parties have an economic interest in meeting the mutually agreed delivery dates. However, the any further impacts of the Covid-19 pandemic and/or the Ukraine/Russia war is still not fully foreseeable for any party. The same applies to the currently very volatile procurement market. In the event of a delay, KUKA Industries is obliged to inform OTSAW immediately of the circumstances and to check whether the schedule can otherwise be met. The same shall apply to OTSAW in the event of a delay in acceptance. The Parties shall then adjust the schedule accordingly. If the schedule is directly or indirectly affected due to the current exceptional situation (e.g., pandemic coronavirus, semiconductor crisis, Ukraine/Russian war, as well as the global procurement crisis), any compensation for damages resulting thereof or in connection with, is expressly excluded. Shall the situation occur, both parties shall discuss and align on the revised expiry date of the contract.

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| | |
|:---|:---|
| 5 | PRICES |

---

The applicable prices are set forth in Annex 4

The order quantities and prices of the AGV's for the following years are shown in Annex 4. For subsequent years, prices shall be mutually agreed in July of the current reference year. The new prices will then be recorded in Annex 4.

Significant price changes, related to the components relevant to this scope of delivery, which were unforeseeable at the time of conclusion of this agreement, must be communicated immediately and can be mutually agreed at any time. They must be notified no later than three (3) months before the planned change.

**Technical Changes/Modification**

In case of technical changes resulting from product changes, discontinuations, etc. KUKA Industries will inform OTSAW in good time in order to develop solutions together with the OTSAW. The additional or reduced costs shall be summarized in a plus-minus list.

KUKA Industries shall notify OTSAW of the discontinuation of component/s for the production of the Products during the term of the contract so that OTSAW may make the necessary decisions (e.g. product redesign, end-of-life-order, last call order) regarding the assurance of future product supplies. KUKA Industries assures supplies of all components to fulfill this contract by either pre-purchasing of all the parts or contractually binding his suppliers to provide the required components throughout the contract duration.

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6 COMMERCIAL CONDITIONS

The price per delivery lot plus the statutory value added tax is payable as follows:

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| | |
|:---|:---|
| 50% | after placement of respective delivery call (payable within 14 days after issuance of invoice); |

---

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| | |
|:---|:---|
| 50% | after delivery of the respective batch FCA Obernburg, or in case the delivery is delayed due to reasons attributable to OTSAW 2 weeks after Kuka Industries announced readiness for delivery (payable within 14 days after issuance of invoice). |

---

**Partial delivery / partial invoicing**

Partial deliveries are accepted. If the delivery will be in lots, the invoicing and payment shall be made in accordance with the respective delivery lots.

**Terms of Delivery**

The delivery shall be based on FCA Kuka Industries workshop Obernburg (according to Incoterms 2010).

7 LEGAL CONDITIONS

**Warranty and liability**

Unless otherwise expressly agreed, any warranty or liability of KUKA Industries for defects of the Contractual Goods shall be defined by applicable law.

The warranty period with reference to the scope of supply of the quotation will be 24 months. In case of quotations for work and services the warranty period shall begin upon technical handover or scheduled final acceptance, whichever comes first. In case of purchase and other delivery contracts without final acceptance the warranty period shall begin upon delivery.

KUKA Industries will not give any warranty and shall not incur any liability in connection with the use of free-issue equipment and the reuse of any existing devices, components, or line parts as well as for components resulting from tests or from the production of prototypes.

KUKA Industries shall be liable, whether for breach of contract, by way of an indemnity, in tort or on any other legal grounds whatsoever, only for gross negligence or willful conduct, unless in cases of (i) death or personal injury, (ii) breach of an obligation essential for this type of contract or (iii) liability of KUKA Industries to OTSAW which may not be limited or excluded according to mandatory provisions of law. In case of breach of an essential contractual obligation due to simple negligence, KUKA Industries however shall only be liable for damages reasonably foreseeable.

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Furthermore, any liability of KUKA Industries, whether (i) based on breach of contract, (ii) by way of an indemnity, (iii) in tort or (iv) on any other legal grounds whatsoever, for any con- sequential and / or indirect damages (in particular, but not limited to, lost profits, lost revenues, lost opportunities, and damages due to business interruption), is excluded, unless such damages have been caused willfully. For the avoidance of doubt, the liability of KUKA Indus-tries for lost profits, lost revenues, lost opportunities, and damages due to business interruption shall be excluded also, if such damages are qualified as direct damages according to applicable law.

To the extent that KUKA Industries' liability is excluded or limited based on the foregoing provisions, the exclusion or limitation shall apply accordingly for legal representatives, mediators, and vicarious agents of KUKA Industries.

**Termination for good cause**

The Parties have the right to terminate the contract for good cause.

A good cause shall especially constitute i). a failure by OTSAW to perform any of his fundamental obligations under the contract, including by not limited to, delay in payment; ii). bankruptcy or insolvency proceedings against OTSAW; iii). delay in taking delivery of the contractual goods or performance; and iv). a breach of fundamental contractual obligations.

Partial termination is only possible, if the scope of supply, which is subject to partial termination, is clearly defined.

In any event of a termination for good cause undertaken by KUKA Industries, KUKA Industries is entitled to the payment of the contract price in full minus such savings incurred by OTSAW due to the termination. Furthermore, OTSAW is obliged to reimburse all the expenses and costs which have been occurred until the termination. KUKA Industries' right to claim further damages remains effective.

**Reservation of title**

KUKA Industries retains title to the scope of supply until receipt of all payments and fulfillment of all other claims against OTSAW arising from the order.

**Force Majeure**

Delays or the failure of the performance within the framework of the contract because of an event of force majeure without error or fault on the part of the Contractual Partner concerned shall be deemed excused if the event continues. This presupposes that the affected Contractual Partner informs the other Contractual Partner in writing immediately after the occurrence of the event of force majeure, but no later than 3 days thereafter, of the type and extent of the event of force majeure that has occurred and its effects, including the probable duration.

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Events of force majeure are unforeseeable, unavoidable, and extraordinary events such as natural catastrophes such as floods, earthquakes, hurricanes or other extreme natural events, shortages of raw materials, energy, and labor, industrial disputes, involuntary or un-foreseeable operational disruptions, fires, unrest, wars, sabotage, terrorist attacks as well as the outbreak of an epidemic or pandemic.

If the affected Contractual Partner cannot provide credible assurance that a delay due to force majeure will not exceed 60 days or if a delay due to force majeure exceeds 60 days, the other party may terminate the contract without liability.

If, due to the current pandemic (corona virus), the Ukraine/Russian war and the consequences thereof, the execution of the agreement is delayed in whole or in part or becomes impossible (in particular shortage of raw materials or components, entry bans, shutdown), neither of the parties shall be responsible and the resulting liability of the parties is excluded (including contractual penalties, interest on arrears, damages caused by delay). If one of the parties is affected by a delay/impossibility, it shall inform the other party thereof, stating the respective event and the expected duration. Any delivery or performance deadlines - even during the period of delay - shall be extended by the duration of the disruptions in performance caused by these circumstances; this shall also apply if such circumstances occur at subcontractors.

In the event of impediment to performance, over a period of more than 4 months or a repeated significant impediment to performance, the parties shall negotiate an adjustment of the agreement upon written request by one of the parties.

If the parties do not reach an agreement within 8 weeks, either party shall be entitled to terminate the contract without notice.

**Export control**

The supplies and performances (performance of contract) are subject to the reserve that the fulfilment is not prevented by any impediments arising out of national or international regulations, especially export control regulations and embargoes or other sanctions. The parties undertake to provide all information and documents required for export / transfer / import. Delays due to export examinations or approval procedures will invalidate terms and deadlines. If required authorizations are not granted, the contract regarding the parts concerned shall be considered as not concluded; claims for damages will be excluded in so far and due to missed deadlines mentioned above.

Confidential 05.05.2023 9/11

**Industrial Property Rights**

KUKA Industries grants to OTSAW a non-exclusive and non-transferable right of utilization to all the findings and inventions embodied in the scope of supply - no matter if they have been (i) already found before start of the order or only developed during it and if they are (ii) patentable or not - for the purpose of start-up, operation, maintenance, and repair of the scope of supply under this contract. The transfer of further rights is subject to a separate written agreement. KUKA Industries reserves all rights of any kind for provided documents and information, especially any rights to inventions and (industrial) property rights.

**Compliance**

The parties declare their commitment to a corruption-free business community. They under- take to refrain from a) any kind of corrupt conduct and b) any other kind of criminal practices, and to take all necessary measures to prevent such conduct.

In the event of a breach of this obligation by either party, the other party is entitled to terminate any contract for this project without prior notice.

Furthermore, in the event of a breach of this obligation by either party, the other party is entitled to discontinue any business relationships with the breaching party without incurring any liability to the breaching party.

**General Provisions**

This agreement, its validity, termination, interpretation, execution and any dispute under and in connection therewith shall be subject to the Laws of Germany, excluding its Conflict of Laws provisions and the provisions of the United Nations Convention on Contracts for the International Sale of Goods (CISG). The courts of Frankfurt am Main (Germany) shall have exclusive jurisdiction.

**Term of Agreement**

This agreement shall become effective with signature by both parties and shall automatically expire on 31<sup>st</sup> December 2026.

Confidential 05.05.2023 10/11

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| | |
|:---|:---|
| **Annexes** |  |
| Annex 1 | FAT-Protocol |
| Annex 2 | status of drawing/design at the effective date of this agreement |
| Annex 3 | Maintenance Card |
| Annex 4 | price sheet |

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Signatures

For KUKA Industries GmbH & Co. KG: <br>Place/date: Obernburg, <u>31.05.2023</u>

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| | |
|:---|:---|
| /s/ ppa. Uwe Gessner | /s/ Walter Hefele |
| ppa. Uwe Gessner | Walter Hefele |
| CFO | CEO |

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For OTSAW SWISSLOG HEALTHCARE ROBOTICS PTE LTD: <br>Place/date: Singapore,<u> </u>

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| | |
|:---|:---|
| /s/ Morne Grundlingh | /s/ Tran Thanh Quang, Louis |
| Morne Grundlingh | Tran Thanh Quang, Louis |
| CFO | CTO |

---

Confidential 05.05.2023 11/11

## Exhibit 10.8

**Exhibit 10.8**

***Execution Version***

 ****

 ****

DATED THE 30<sup>TH</sup> DAY OF NOVEMBER 2021

**BETWEEN**

**Otsaw Technology Solutions Pte. Ltd.**

AND

**Swisslog Healthcare Holding AG**

AND

**Otsaw Swisslog Healthcare Robotics Pte. Ltd.**

as the **Company**

**SHAREHOLDERS AGREEMENT**

**THIS AGREEMENT** dated the 30<sup>th</sup> day of November 2021 is entered into

**BETWEEN:**

(1) **Otsaw Technology Solutions Pte. Ltd.** (Company Registration No. 202033912W),
a company incorporated in Singapore and having its registered office at 12 Kaki Bukit View, #04-00, Singapore 415948 ()"**Otsaw** ");

(2) **Swisslog Healthcare Holding AG** (Company Registration No. **CHE-317.331.234**),
a company incorporated in Switzerland and having its registered office at Webereiweg 3, 5033 Buchs AG, Switzerland ()"**Swisslog** ");
and

(3) **Otsaw Swisslog Healthcare Robotics Pte. Ltd.** (Company Registration No. 202140168D),
a company incorporated in Singapore and having its registered office at 12 Kaki Bukit View #04- 00 Singapore 415948 (the "**Company** "),

(each a ***Party*** and together, the ***Parties***.)

**WHEREAS:**

(A) Otsaw is in the robotics technology business, and leverages technology, robotics
and artificial intelligence to digitise a wide range of integrated facility management services including security, cleaning and disinfection,
maintenance and delivery services.

(B) Swisslog, its Subsidiaries and certain Related Corporations are engaged in the
business of developing and manufacturing the "TransCar" Automated Guided Vehicles which are sold to and used by customers,
and providing maintenance services in respect of the Automated Guided Vehicles under service contracts. This business is carried out in
several countries, including the Territories. The customers of this business are mainly hospitals.

(C) Swisslog and the Otsaw had entered into a master asset sale agreement dated 16
November 2021 (the "**SPA**") for the transfer of certain assets and the assumption of certain liabilities.

(D) Swisslog and Otsaw hereto have agreed to come together to establish the Company
to carry out the Business (as defined below) for the parties' mutual benefit. Around the date of this Agreement, the Shares (as
defined below) which have been issued and allotted are as set out in Part A of Schedule 2 to this Agreement.

(E) Swisslog and Otsaw have agreed to enter into this Agreement to regulate their rights
between them as shareholders of the Company and certain aspects of the affairs of and their dealings with the Company.

**NOW IT IS HEREBY AGREED** as follows:

1. DEFINITIONS

1.1 In this Agreement unless the context otherwise requires:

"**Affiliate**" shall mean, in relation to a company, a person or company directly or indirectly Controlling, Controlled by or under direct or indirect common Control with such company; and in relation to a natural person, a person directly or indirectly Controlled by such person or the family members of such person;

"**AGV Manufacturing Operations**" shall have the meaning ascribed to it in the SPA;

"**Articles**" shall mean the Articles of Association or other constitutional documents of the Company from time to time;

"**Auditors**" shall mean the external auditors for the time being of the Company;

"**Automated Guided Vehicles**" or "**AGVs**" means the TransCar Automated Guided Vehicles originally developed by Swisslog and/or certain Subsidiaries and Related Corporations of Swisslog, and which, prior to the date of this Agreement, were originally manufactured by KUKA AG and/or any of KUKA AG's Affiliates for Swisslog and any similar automated guided vehicles the Company manufactures and develops from time to time;

"**AGV Manufacturing Operations**" shall have the meaning ascribed to it in the SPA;

"**Board**" or "**Board of Directors**" shall mean the Board of Directors for the time being of the Company;

"**Board Reserved Matters**" shall have the meaning ascribed to it in Clause 4.8;

"**Business**" shall mean the business described in Clause 2.2;

"**Business Day**" means a day on which banks are generally open for business in Singapore and Frankfurt, Germany (other than Saturdays, Sundays and days which are gazetted or otherwise declared as public holidays);

"**Call Option**" shall have the meaning ascribed to it in Clause 7C.1;

"**Call Option Notice**" shall have the meaning ascribed to it in Clause 7C.2;

"**Call Option Price**" shall have the meaning ascribed to it in Clause 7C.1;

"**Call Option Shares**" shall have the meaning ascribed to it in Clause 7C.1;

"**Canadian JBT Contract**" means the contract concluded with Humber River Regional Hospital (Canada) and concerning the provision of maintenance services in respect of AGVs by the Vendor Group in Canada;

"**Chairman**" shall mean the chairman for the time being of the Board referred to in Clause 4.4;

"**Companies Act**" shall mean the Companies Act, Chapter 50 of Singapore, as amended, modified or supplemented from time to time;

"**Completion**" shall have the meaning ascribed to it in the SPA;

"**Completion Date**" shall have the meaning ascribed to it in the SPA;

"**Confidential Information**" shall have the meaning ascribed to it in Clause 12.1;

"**Constitution**" shall mean the constitution of the Company, as amended, modified or supplemented from time to time;

"**Contract Compensation**" shall have the meaning ascribed to it in the SPA;

"**Control**" means, in relation to a person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where a person has direct or indirect control:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) of the affairs of the first-mentioned person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) over more than fifty (50%) of the total voting rights conferred by all of the issued
shares in the capital of the first-mentioned person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) of a majority of the board of directors of the first-mentioned person, in each case, whether pursuant to
relevant constitutional documents, contract, agreement or otherwise; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the possession, directly or indirectly, of power to direct or cause the direction
of the management, decisions, actions and/or policies of that person, whether through the ownership of voting shares or by contract or
otherwise; and

and the expressions "**is Controlled by**" and "**is under the Control of**" and any other similar reference shall be construed accordingly;

"**Default Sale Shares**" shall have the meaning ascribed to it in Clause 8.1;

"**Default Transfer Notice**" shall have the meaning ascribed to it in Clause 8.1;

"**Defaulting Shareholder**" shall have the meaning ascribed to it in Clause 8.1;

"**Designation Terms**" shall have the meaning ascribed to it in Clause 16;

"**Director**" shall mean a director of the Company for the time being;

"**Encumbrance**" means any mortgage, assignment of receivables, debenture, lien, hypothecation, charge, pledge, title retention, right to acquire, security interest, option, pre- emptive or other similar right, right of first refusal, restriction, third-party right or interest, any other encumbrance, condition or security interest whatsoever or any other type of preferential arrangement (including without limitation, a title transfer or retention arrangement) having similar effect;

"**Event of Default**" shall have the meaning ascribed to it in Clause 8.1;

"**Financial Year**" shall mean the 12-month period ending on 30 April or such other date as determined by the Company;

"**French AGV Business**" means the business of (i) developing and manufacturing the Lamcar automated guided vehicles which are sold to and used by customers in France, and (ii) providing maintenance services in respect of (a) the Lamcar automated guided vehicles under service contracts in France and (b) the French TransCar Contracts.

"**French TransCar Contracts**" means the contracts concluded with (i) France - Chu Sud Francilien and (ii) France - Hopital Bourgoin Jallieu and concerning the provision of maintenance services in respect of AGVs by the Vendor Group in France;

"**Independent Expert**" shall have the meaning ascribed to it in the SPA;

"**KUKA AG**" means KUKA Aktiengesellschaft, the ultimate parent company of Swisslog;

"**Maintenance Operations**" means the provision of maintenance services in respect of the Automated Guided Vehicles under the Contracts carried on in the Territories and which customers are mainly hospitals and contractors engaged by hospitals;

"**Manufacturing Agreement**" shall have the meaning ascribed to it in the SPA;

"**Non-Defaulting Shareholder**" shall have the meaning ascribed to it in Clause 8.1.3;

"**Offer Acceptance Period**" shall have the meaning ascribed to it in Clause 6.3;

"**Offered Subscription Shares**" shall have the meaning ascribed to it in Clause 6.3;

"**Put Option**" shall have the meaning ascribed to it in Clause 7B.1;

"**Put Option - Default Valuation**" shall have the meaning ascribed to it in Clause 7B.5;

"**Put Option Notice**" shall have the meaning ascribed to it in Clause 7B.2;

"**Put Option Price**" shall have the meaning ascribed to it in Clause 7B.1;

"**Put Option Shares**" shall have the meaning ascribed to it in Clause 7B.1;

"**Related Corporation**" shall have the meaning given under Section 6 of the Companies Act;

"**Restricted Entities**" shall have the meaning ascribed to it in Clause 12.2.3;

"**Revenue Period**" shall have the meaning ascribed to it in the SPA;

"**Revenue Statement**" shall have the meaning ascribed to it in the SPA;

"**Service Agreements**" shall have the meaning ascribed to it in the SPA;

"**Shareholder Reserved Matters**" shall have the meaning ascribed to it in Clause 5.5;

"**Shareholders**" shall mean the shareholders for the time being of the Company who are parties to this Agreement;

"**Shareholding Proportion**" shall mean in relation to any Shareholder, the proportion as is equal to the proportion in which the number of Shares registered in the name of such Shareholder at any given time bears to the total number of issued Shares at the same given time;

"**Shares**" shall mean ordinary shares in the capital of the Company;

"**Singapore Dollars**" or "**S$**" means the lawful currency of Singapore;

"**SIAC**" shall have the meaning ascribed to it in Clause 17.1;

"**SIAC Rules**" shall have the meaning ascribed to it in Clause 17.1;

"**SPA**" shall have the meaning ascribed to it in Recital (C) and a copy is set out in Schedule 1;

"**Subscription Offer**" shall have the meaning ascribed to it in Clause 6.2;

"**Subsidiary**" shall have the meaning given under Section 5 of the Companies Act;

"**Swedish JBT Contract**" means the contract concluded with Karolinska, Huddinge Sjukehus, Stockholm and concerning the provision of maintenance services in respect of AGVs by the Vendor Group in Sweden;

"**Swisslog Designations**" shall have the meaning ascribed to it in Clause 16;

"**Swisslog Director**" shall have the meaning ascribed to it in Clause 4.1;

"**Territories**" means the world;

"**Tranche**" shall have the meaning ascribed to it in Clause 7B.1.

"**Transaction Documents**" shall have the meaning ascribed to it in the SPA;

"**Transferred Assets**" shall have the meaning ascribed to it in the SPA;

"**Vendor Group Designations**" shall have the meaning ascribed to it in the SPA;

"**Vendor Group**" shall have the meaning ascribed to it in the SPA;

References to "**person**" include an individual, a firm, a company, an organisation, a partnership and a corporation.

1.2 In this Agreement unless the context otherwise requires, words importing the singular
include the plural and vice versa and words importing a gender include every gender.

1.3 The words "**hereto** ", "**herein** ", "**hereon** "
and "**hereunder**" and words of similar import, when used in this Agreement, refer to this Agreement as a whole and not
to any particular provision of this Agreement.

1.4 Headings are for ease of reference only and have no legal effect.

1.5 Unless the context otherwise requires, references herein to "**Clause** "
or "**Clauses**" are references to the clause or clauses of this Agreement.

2. THE COMPANY

2.1 <u>The Company</u>: The Company was incorporated on 18 November 2021 under the Companies
Act of the laws of the Republic of Singapore with the company registration number 202140168D.

2.2 <u>Business:</u> The main business (the "**Business**") of the Company
shall be developing and manufacturing the Automated Guided Vehicles which are sold to and used by customers, and providing maintenance
services in respect of the Automated Guided Vehicles under service contracts, carried on by the Company in the Territories and subsisting
at the date of this Agreement, and which customers are mainly hospitals.

2.3 <u>Constitution</u>: In the event of any conflict between the provisions of this
Agreement and the Constitution, this Agreement shall prevail and it is agreed that the parties shall wherever necessary procure the present
Constitution to be amended to reflect the provisions of this Agreement. If not done prior to the date of this Agreement, the present Constitution
shall be amended to reflect the provisions of this Agreement (and otherwise to the reasonable satisfaction of both Otsaw and Swisslog)
within 20 Business Days following the date of this Agreement.

2.4 <u>Diversification:</u> Subject to Clause 4.8, the Company may from time to time
extend the nature or area of its Business and/or carry on such other business.

2.5 <u>Agreements Entered</u> into <u>Pursuant to the SPA</u>: Pursuant to the SPA,
the Company has entered, or will enter, into Service Agreements between (i) Swisslog Healthcare GmbH and certain other members of the
Vendor Group and (ii) Swisslog Healthcare Asia Pacific Pte. Ltd. with the Company respectively. The existing Manufacturing Agreement between
Kuka AG and Swisslog will remain in place until expiration of its term. Pursuant to the SPA, to the extent requested by Otsaw, Swisslog
shall use its reasonable efforts to procure that KUKA AG shall, and the Company shall, each use its reasonable endeavours to agree to
the terms of and enter into a manufacturing agreement upon the expiry of the existing Manufacturing Agreement. Until the expiry of the
existing Manufacturing Agreement, the existing Manufacturing Agreement shall continue to apply, and the Company shall be entitled to request
that orders be placed pursuant to the existing Manufacturing Agreement, and Swisslog shall place those orders as soon as reasonably practicable
and sell such AGVs to the Company at cost, and Swisslog shall take such actions pursuant to the existing Manufacturing Agreement as reasonably
requested by the Company.

2.6 <u>Company's Dealings</u>: Any dealings by the Company and its Directors,
any Shareholders or any Affiliates of such persons in relation to the supply of goods or services, including any service agreement or
manufacturing agreement, shall be on normal arm's length terms negotiated between the relevant parties and no such person shall claim
or be entitled to any preferential treatment in relation thereto by reason of the relationship of such persons under this Agreement or
any shareholding in connection with the Company. For the avoidance of doubt, the Parties agree that they shall not seek
to rescind, terminate or invalidate or otherwise re-negotiate the Service Agreements and the existing Manufacturing Agreement referred
to in Clause 2.5 on the basis that these were not on arm's length terms).

2.7 <u>Obligations of Shareholders</u>: In consideration of the mutual obligations
of the parties herein contained, and except as the Shareholders may otherwise agree in writing or save as otherwise provided or contemplated
in this Agreement, each of the Shareholders shall exercise their powers in relation to the Company to procure that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company carries on the Business and conducts its affairs in a proper and efficient
manner and in accordance with all applicable laws, regulations, licenses, consents, approvals or authorisations from any relevant authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company, the Directors and the Shareholders, shall comply strictly and expeditiously
with the provisions of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company shall cause to be kept accurate and complete accounting records relating
to the business, undertaking and affairs of the Company which records shall be made available at all reasonable times for inspection by
the Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Company shall prepare monthly management accounts (in such format as shall be
prescribed by Otsaw for its Subsidiaries incorporated in Singapore (and materially corresponding to the format circulated to Swisslog
prior to this Agreement if not agreed otherwise by Swisslog in writing) and provide them to the Board of Directors and the Shareholders
within 20 Business Days following the end of the month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Company shall prepare annual accounts for each Financial Year, in each case
in accordance with generally accepted accounting principles and practices in Singapore and in compliance with all applicable legislation
in respect of the accounting reference period and which shall be audited by the Auditors, and shall procure and present them for approval
to the Board of Directors and, once approved, shall send them to the Shareholders (however latest within 6 months following the end of
the relevant financial year);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Company shall prepare, or cause to be prepared, in each financial year for
the subsequent financial year an annual business plan and budget for the Company and shall send such draft annual business plan and budget
for the approval to the Board of Directors no later than 20 Business Days prior to the end of each financial year, and after the annual
business plan and budget is approved by the Board the Company shall send these to the Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Company shall do all that the Auditors may reasonably require by way of records
and accounts and provide the Auditors with such information and explanations as they reasonably require and otherwise assist the Auditors
in all reasonable ways;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) if the Company requires any approval, consent or licence for the carrying on of
its business in the places and in the manner in which it is for the time being carried on or proposed to be carried on, the Company will
use its best endeavours to obtain and maintain the same in full force and effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company shall promptly inform the Board of Directors of any material development
affecting the business or financial condition of the Company.

2.8 <u>Auditors</u>: The first Auditors of the Company shall be Mazars LLP.

3. COVENANTS AND WARRANTIES

<u>Representations and Warranties</u>

3.1 Each Shareholder represents and warrants in favour of the other Shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (In the case of a corporation) that it is a corporation duly incorporated in its place
of incorporation, and that it has full corporate authority to enter into this Agreement and to perform its obligations hereunder accordingly
to the terms hereof, and that it has taken all necessary corporate or other action, and has obtained all necessary consents, to authorise
its entry into and performance of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (In the case of an individual) that he has full legal capacity to enter into this
Agreement and to perform his obligations hereunder according to the terms hereof, and that it has taken all necessary actions, and has
obtained all necessary consents (if applicable), to authorise his entry into and performance of this Agreement.

3.2 The foregoing representations and warranties shall be deemed to be repeated by each
Shareholder (including any new Shareholder) upon the execution by any transferee (or allottee) of any deed of ratification and accession
pursuant to Clause 7.2.

4 ORGANISATION OF THE COMPANY

<u>Board of Directors and Proceedings</u>

4.1 <u>Appointment of Directors</u>: The Shareholders agree that, for so long as Otsaw
and Swisslog respectively hold Shares of the Company, they shall each be entitled to appoint up to the number of Directors as set out
below:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Shareholder** | &nbsp;&nbsp;**No. of Directors** (for<br> so long as Otsaw and<br> Swisslog respectively<br> hold Shares <br> representing 60% and <br> 40% of the total <br> number of issued <br> shares of the <br> Company) | &nbsp;&nbsp;**No. of Directors** (for <br> so long as Otsaw and<br> Swisslog respectively <br> hold Shares<br> representing 73% and <br> 27% of the total <br> number of issued <br> shares of the <br> Company) | &nbsp;&nbsp;**No. of Directors** (for <br> so long as Otsaw and<br> Swisslog respectively<br> hold Shares <br> representing 86% and <br> 14% of the total <br> number of issued <br> shares of the<br> Company) |
| &nbsp;&nbsp;Otsaw | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Swisslog | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 |

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(The relevant director appointed by Swisslog, the "**Swisslog Director**")

A Shareholder that is entitled to appoint a Director(s) may also remove that Director(s). A Shareholder that is entitled to appoint or remove a Director(s) shall do so by giving written notice to the Company and to the other Shareholder(s), and in the case of removal of a Director, also to the Director being removed, in accordance with the notification provision provided in this Agreement. A Shareholder that ceases to be entitled to appoint a Director(s) shall take the steps necessary for the removal of any Director(s) appointed by it. The Company and the Shareholders shall take the steps necessary for the appointment and/or removal of such Director(s) upon the receipt of such written notice, such that the appointment and/or removal of such Director(s) is in accordance with the Companies Act and the Constitution.

4.2 <u>Alternate Directors</u>: A Director may at any time appoint any other person
(other than a Director) to be his alternate and to remove such alternate Director. All appointments and removals of alternate Directors
made by any Director shall be in writing under the hand of the Director making the same and shall take effect as of its receipt at the
office of the Company or on the date of appointment or the removal, as the case may be, specified in the notice, whichever is the later.

4.3 <u>Director's Powers</u>: Subject to the provisions of this Agreement, the
Constitution and the Companies Act, the Board of Directors shall set the policies for the Company and shall exercise all powers of control
and management over the Company's affairs.

4.4 <u>Chairman</u>: The Chairman of the Board will be Ling Ting Ming or any other
Director appointed by Otsaw. If the Chairman is not able to fulfill his duties as Chairman at any meeting of the Board, the chairman of
that meeting shall be any Director appointed by Otsaw. In the event of an equality of votes, the Chairman shall have a casting vote.

4.5 <u>Quorum for Board Meetings</u>: In the event that (a) for so long as Otsaw and
Swisslog respectively hold Shares representing 60% and 40% of the total number of issued shares of the Company, the quorum for all meetings
of the Board shall require one (1) Director appointed by Otsaw and one (1) Director appointed by Swisslog; and (b) for so long as Otsaw
and Swisslog respectively hold Shares representing 73% and 27% of the total number of issued shares of the Company, or for so long as
Swisslog holds Shares representing less than 27% of the total number of issued shares of the Company, the quorum for all meetings of the
Board shall require any two (2) Directors. For the avoidance of doubt, this shall be without prejudice to the Board Reserved Matters.

4.6 <u>Notice for Board Meeting</u>: At least seven (7) days' notice, or such
shorter notice as may be agreed by the Directors, in writing of each meeting of the Board shall be given to each Director of the Company
at the address from time to time provided by him to the Company for such purpose and such notice shall be accompanied by an agenda of
the matters to be considered at the meeting. No decision shall be taken on any matter at a meeting of the Board unless notice of such
matter shall have been given in the manner aforesaid or waiver of such notice has been given in respect of such matter by all of the members
of the Board. Each meeting of the Board shall be held in Singapore or such other place as may be agreed by the Directors.

4.7 <u>Director's Interests</u>: A Director shall disclose the nature of his interest
in accordance with Section 156 of the Companies Act in respect of any contract or arrangement in which he is or may be interested and
shall not be prohibited from voting or being counted in a quorum at any Board meeting in respect of any such contract or arrangement in
which he is or may be interested provided he has disclosed the nature of his interest in accordance with Section 156 of the Companies
Act.

4.8 <u>Board Reserved Matters</u>: Notwithstanding anything to the contrary in this
Agreement, the matters listed in Schedule 3 (the "**Board Reserved Matters**") require the consent or the approving vote
of the Swisslog Director as further set forth in Schedule 3.

4.9 <u>Decisions of the Board</u>: Save as provided in this Agreement (and for the
avoidance of doubt, subject to Clause 4.8), decisions of the Board shall be decided by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a simple majority of votes of the Directors present and voting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a resolution in writing, signed by a majority of the Directors, provided that such
Directors would fulfil the quorum requirements and a copy of the resolution in writing has been sent to all Directors (excluding alternate
Directors) at least 3 (three) Business Days prior to the passing of the resolution in writing, which shall be as valid and effectual as
if it had been passed at a meeting of the Board duly convened and held. For the purpose of this paragraph, "in writing" and
"signed" shall include copies of signatures sent by facsimile or email. For the avoidance of doubt, (i) this Clause shall
be without prejudice to the rights of a Director to request or summon a meeting of the Directors at any time (which right shall be set
forth in the Constitution), and (ii) shortly after the facsimile or email copy of the resolution is sent to the company secretary's
office, an original signed copy of the resolution should be sent to the company secretary's office for filing. Any such resolution
may consist of several documents in like form, each signed by one (1) or more Directors. Such resolution shall be circulated to all Directors.
The alternate Directors may sign a resolution in place of the Director in respect of whom he is appointed,

Provided that for the purpose of sub-clause (a), the Directors may meet together either in person or by telephone, radio, conference television or similar communication equipment or any other form of audio or audio-visual instantaneous communication by which all persons participating in the meeting are able to hear and be heard by all other participants, for the despatch of business and adjourn and otherwise regulate their meetings as they think fit and that the quorum for such teleconference meetings shall be the same as the quorum required for a Board meeting provided under this Agreement. A resolution passed by such a conference shall, notwithstanding that the Directors are not present together at one place at the time of the conference, be deemed to have been passed at a meeting of the Directors held on the day and at the time at which the conference was held and shall be deemed to have been held at the registered office of the Company, unless otherwise agreed, and all Directors participating at that meeting shall be deemed for all purposes of this Agreement to be present at that meeting.

<u>Management and Operations</u>

4.10 <u>Management / Key Executives</u>:

Unless the Parties otherwise agree, the Parties shall procure that the Company shall utilise the following persons for the positions stated below:-

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| | |
|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Position** |
| &nbsp;&nbsp;Tobias Klesen | &nbsp;&nbsp;General Manager |
| &nbsp;&nbsp;Raymond Lee Shuxin | &nbsp;&nbsp;Chief Financial Officer |
| &nbsp;&nbsp;Tan Yuey | &nbsp;&nbsp;Chief Marketing Officer |
| &nbsp;&nbsp;Louis Tran | &nbsp;&nbsp;Chief Technical Officer |
| &nbsp;&nbsp;Sandra Ahlers | &nbsp;&nbsp;Business Manager |

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5 GENERAL MEETINGS AND ACTIONS REQUIRING SHAREHOLDERS APPROVAL

5.1 <u>Quorum for General Meeting</u>: The quorum for a general meeting of the Company
shall be any two (2) shareholders. If within half an hour from the time appointed for the general meeting a quorum is not present, the
general meeting shall stand adjourned to the same day in the next week at the same time and place, or to such other day and at such other
time and place as the Directors may determine unanimously, and at such adjourned general meeting only the attendance by Otsaw shall be
sufficient to form a quorum for such adjourned general meeting. For the avoidance of doubt, this shall be without prejudice to the Shareholder
Reserved Matters.

5.2 <u>Notice for General Meeting</u>: At least fourteen (14) days' notice, or such
shorter notice as may be agreed by the Shareholders, in writing of each General Meeting shall be given to each Shareholder at the address
from time to time provided by him to the Company for such purpose and such notice shall be accompanied by an agenda of the matters to
be considered at the General Meeting. No decision shall be taken on any matter at a General Meeting unless notice of such matter shall
have been given in the manner aforesaid or waiver of such notice has been given in respect of such matter by all of the Shareholders.
Each General Meeting shall be held in Singapore or such other place as may be agreed by the Shareholders.

5.3 <u>Venue for General Meeting</u>: Subject to Clause 5.2, the Shareholders may meet
at any place, including meetings by audio and/or visual conference, for the despatch of their business, adjourn and otherwise regulate
their meetings as they deem fit.

5.4 <u>Voting at General Meetings</u>: All matters raised at any general meeting of
the Company shall, unless otherwise required by the Companies Act, the Constitution or the provisions of this Agreement, be decided by
ordinary resolution of the Shareholders present and voting at the meeting.

5.5 <u>Shareholder Reserved Matters</u>: The matters listed in Schedule 4 (the "**Shareholder Reserved Matters**") require the consent or the approving vote of Swisslog as further set forth in Schedule 4.

6 RIGHT OF FIRST OFFER FOR ISSUE OF NEW SHARES

6.1 Without limiting the effect of Clause 9, the Shareholders hereby agree that each
of the Shareholders shall have a pre-emptive right for the new issuance of shares of the Company, so that the shareholding composition
of each of the Shareholders as reflected under Part A or Part B of Schedule 2 (as the case may be) of this Agreement shall not be diluted.
Any new issuance of shares of the Company shall be in accordance with Clauses 6.2 to 6.5 except if the relevant Shareholder expressly
waives its right to subscribe for the new issued shares.

6.2 Without limiting the effect of Clauses 4.8 and 5.5, the Shareholders shall procure
that all issues of new shares by the Company are first offered to the Shareholders in accordance with their respective Shareholding Proportion
(as nearly as may be) (a "**Subscription Offer** ").

6.3 Subject to Clause 6.2, a Subscription Offer may be accepted by the relevant Shareholder
as to all or some only of the shares comprised in such Subscription Offer (the "**Offered Subscription Shares**") within
fifteen (15) days from the date of the Subscription Offer (the "**Offer Acceptance Period**") by giving written notice
to the Company (stating the number of Offered Subscription Shares it wishes to subscribe), and failing which, such Subscription Offer
shall be deemed to be declined.

In the event the Subscription Offer is declined or deemed to be declined, the portion of the Offered Subscription Shares which is not subscribed for shall be offered to all other Shareholders who subscribed for their Offered Subscription Shares in full on a *pro rata* basis pursuant to their Shareholding Proportion *inter se* (which procedure shall be repeated until all Offered Subscription Shares have been allotted (as nearly as may be without involving fractions or increasing the number allotted to any subscribing Shareholder beyond that applied for by it or not all Offered Subscription Shares may be allotted to the Shareholders due to the Offered Subscription Shares being undersubscribed. In such case where any of the Offered Subscription Shares remain undersubscribed, the Offered Subscription Shares shall be allotted to the relevant subscribing Shareholders in accordance with their applications and any remaining Offered Subscription Shares may be offered to any other person as the Directors may determine at the same price and on the same terms as the offer to the subscribing Shareholders.

6.4 The right of either Shareholder to participate in the Subscription Offer shall not
apply to an initial public offering of the Shares.

6.5 For the avoidance of doubt, this Clause 6 shall not limit the effect of Clause 9.

7 TRANSFER OF SHARES

7.1 <u>Restriction on Transfer</u>: No Shareholder shall, without the prior written
consent of the other Shareholder or as otherwise contemplated by Clause 7.2, Clause 7B, Clause 7C or the SPA, (a) transfer any of the shares
of the Company held by it or otherwise sell, dispose of or deal with all or any part of its interest in such shares of the Company or
(b) create or allow to subsist any Encumbrance over its shares of the Company.

7.2 <u>Transfer to Related Corporation</u>: Any Shareholder who wishes to transfer any
of its shares of the Company to any Related Corporation of that Shareholder may do so, provided that in the event that such Related Corporation
shall cease to be a Related Corporation of the Shareholder, the Shareholder shall procure that such Related Corporation shall, on or before
such cessation, transfer all of the shares of the Company back to the Shareholder. In the event of a transfer of shares of the Company
pursuant to this Clause, the Related Corporation shall execute a deed of ratification and accession in respect of this Agreement, and
the Shareholder before such transfer shall continue to be bound by the provisions of this Agreement.

7B. PUT OPTION

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| | |
|:---|:---|
| 7B.1 | <u>Put Option:</u> In consideration of the mutual covenants, undertakings and agreements contained herein, Otsaw, on the date of this Agreement, hereby irrevocably grants to Swisslog a put option (the "**Put Option**") to require Otsaw to purchase all of the Shares of the Company held by Swisslog in accordance with the schedule set out below (as adjusted for any share splits, sub- divisions, consolidations, scrip dividends, reclassifications or similar re-capitalisation events) (the "**Put Option Shares**") at the respective price set out below (the "**Put Option Price**"). The shareholding composition of each of the Shareholders at completion of the respective Tranche of Put Option Shares is reflected under Part B of Schedule 2 of this Agreement. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Number of Tranche ("Tranche")** | **Date** | **Shares to be<br> transferred from <br> Swisslog to Otsaw** |  | **Put Option Price** |
| 1<sup>st</sup> (First) Tranche | 1 (one) year from Completion Date | 1,333 Shares | S$ | 800000 |
| 2<sup>nd</sup> (Second) Tranche | 2 (two) years from Completion Date | 1,333 Shares | S$ | 800000 |
| 3<sup>rd</sup> (Third) Tranche | 3 (three) years from Completion Date | 1,334 Shares | S$ | 800000 |

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| | |
|:---|:---|
| 7B.2 | <u>Put Option Notice:</u> Subject to the terms of this Clause 7B, on or after the respective date set out in Clause 7B.1, Swisslog may exercise the Put Option in relation to the respective Tranche by giving a notice in writing to Otsaw of its exercise of the Put Option (the "**Put Option Notice**"). |

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| | |
|:---|:---|
| 7B.3 | The completion of the transfer of each Tranche of Put Option Shares by Swisslog to Otsaw pursuant to the exercise of the Put Option shall take place within the period of thirty (30) days commencing immediately after the date of receipt by Otsaw of the Put Option Notice, such completion shall take place at the office of the Company, and at such completion:- |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Swisslog shall deliver or have delivered to Otsaw a duly executed transfer in relation
to the respective Tranche of the Put Option Shares in favour of Otsaw, and the relevant share certificate(s) and to do all acts and things
necessary to complete such transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Otsaw shall pay to Swisslog the respective Put Option Price, provided that, any
payments of the Put Option Price shall be made subject to any set-off or deduction or any counterclaim whether any such set-off, deduction
or counterclaim arises under this Agreement or the SPA and further subject to the provisions of Clause 18.10;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Otsaw and Swisslog shall procure the passing of resolutions by the Board of Directors
of the Company approving the registration of the transfer of the respective Tranche of the Put Option Shares to Otsaw (subject to the
transfer being duly stamped).

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| | |
|:---|:---|
| 7B.4 | If in any case Swisslog after having become bound as aforesaid makes default in transferring the Put Option Shares in accordance with the schedule set out above in Clause 7B.1, the Company may receive the respective Put Option Price and Otsaw shall be deemed to have appointed any one (1) Director or the secretary of the Company as its agent to execute a transfer of the Put Option Shares of the Company to Otsaw, and upon the execution of such transfer the Company shall hold the purchase money in trust for Swisslog. The receipt by the Company of the purchase money shall be a good discharge to Otsaw, and after Otsaw's name has been entered in the register of members in purported exercise of the aforesaid power, the validity of the proceedings shall not be questioned by any person. |

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7B.5 In case Otsaw defaults in paying the Put Option Price on any tranche of the Put Option, that tranche of Put Option Shares shall not be transferred, and the following shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) either Swisslog shall be free to transfer any and all of its Shares to any third
party without any further restrictions or consents/approvals required; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Swisslog shall have the right to require that Otsaw transfers to Swisslog all
 of the Shares held by Otsaw for a price equivalent to the fair value of such Shares as shall be determined by an international third
 party independent valuer to be appointed by Swisslog with a discount of 30% applied to such fair value (the "**Put Option - Default Valuation** "). On the completion of the transfer of the Shares held by Otsaw to Swisslog, Swisslog shall pay to
 Otsaw the Put Option - Default Valuation, subject to any other provisions in Clause 7B.6. All costs and expenses incurred in
 connection with the appointment of such third party independent valuer shall be borne by the Company. Once the right under
 sub-clause (ii) above is exercised by Swisslog, Clause 7B.3 above shall apply *mutatis mutandis* with Swisslog being the
 purchasing party and Otsaw being the selling party. Completion shall take place within 10 Business Days after the independent valuer
 has rendered the Put Option – Default Valuation.

The Parties agree that Swisslog may, in its sole discretion, exercise its right under sub-clause (i) or under sub-clause (ii), and not both. The Parties agree that once its right under either sub- clause (i) or sub-clause (ii) is exercised and the transfers of the respective Shares are completed, Swisslog shall have no further remedies in respect of Otsaw's default in paying the applicable Put Option Price, Otsaw shall be released and discharged from all remaining Put Option Prices which have not already been paid (and whether or not the respective Tranche has been exercised or is exercisable) and all liabilities arising from or related to its default in paying the Put Option Price (or any portion thereof), and Swisslog shall have no further claims and demands for the payment of the Put Option Price (or any portion thereof) or arising from or related to such default by Otsaw in paying the applicable Put Option Prices.

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| | |
|:---|:---|
| 7B.6 | In the event that Swisslog exercises its right under Clause 7B.5(ii), Swisslog hereby grants to Otsaw and Otsaw Digital Pte. Ltd. the option to require Swisslog to sell all of the ordinary shares in the capital of Otsaw held by Swisslog or its related corporation (as adjusted for any share splits, sub-divisions, consolidations, scrip dividends, reclassifications or similar re-capitalisation events) at a price of S$3.1 Million to be exercised latest within 5 Business Days prior to the completion of the transfer of Shares. Once the right under this Clause is exercised by Otsaw or Otsaw Digital Pte. Ltd., Clause 7C.3 below shall apply *mutatis mutandis* with Otsaw or Otsaw Digital Pte. Ltd. being the purchasing party and Swisslog being the selling party, the shares being transferred would refer to the ordinary shares in the capital of Otsaw in place of the Company, and references to the Company would be substituted by references to Otsaw. For the avoidance of doubt, the put option granted under this Clause 7B.6 may be exercised by Otsaw and/or Otsaw Digital Pte. Ltd. Completion of the transfers contemplated by Clause 7B.6 and Clause 7B.5(ii) shall occur simultaneously. Any corresponding payments under Clause 7B.5 and this Clause 7B.6 shall be set off against each other with the balance remaining payable by the relevant Party. |

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| | |
|:---|:---|
| 7B.7 | Notwithstanding anything to the contrary in these Clauses 7B.5 and 7B. 6 and for the avoidance of doubt, in case Otsaw defaults in paying the Put Option Price on any tranche of the Put Option, Swisslog shall be free to (only) claim the payment of the Put Option Price pursuant to the SPA without being obliged to pursue or elect either of the options under sub-clause (i) or under sub- clause (ii) of Clause 7B.5. |

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7C. CALL OPTION

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| | |
|:---|:---|
| 7C.1 | <u>Call Option:</u> In consideration of the mutual covenants, undertakings and agreements contained herein, Swisslog, on the date of this Agreement, hereby irrevocably grants to Otsaw a call option (the "**Call Option**") to require Swisslog to sell an aggregate of all of the Shares of the Company held by Swisslog, whether in accordance with the schedule set out below or at any time before the respective date of each Tranche, (as adjusted for any share splits, sub-divisions, consolidations, scrip dividends, reclassifications or similar re-capitalisation events) (the "**Call Option Shares**") at the respective price set out below (the "**Call Option Price**"). The shareholding composition of each of the Shareholders at completion of the respective Tranche of Call Option Shares is reflected under Part B of Schedule 2 of this Agreement. |

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| | | | |
|:---|:---|:---|:---|
| **Number of Tranche** | **Date** | **Shares to be<br> transferred from <br> Swisslog to Otsaw** | **Call Option<br> Price** |
| 1<sup>st</sup> (First) Tranche | 1 (one) year from Completion Date | 1,333 Shares | S$800,000 |
| 2<sup>nd</sup> (Second) Tranche | 2 (two) years from Completion Date | 1,333 Shares | S$800,000 |
| 3<sup>rd</sup> (Third) Tranche | 3 (three) years from Completion Date | 1,334 Shares | S$800,000 |

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For the avoidance of doubt, Swisslog hereby agrees and acknowledges that Otsaw may exercise the Call Option at any time provided that the Call Option is exercised for all the three (3) Tranches at the same time.

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| | |
|:---|:---|
| 7C.2 | <u>Call Option Notice:</u> Subject to the terms of this Clause 7C, on or after the respective date set out in Clause 7C.1, Otsaw may exercise the Call Option in relation to the respective Tranche or all Tranches by giving a notice in writing to Swisslog of its exercise of the Call Option in relation to that respective Tranche (the "**Call Option Notice**"). |

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| | |
|:---|:---|
| 7C.3 | The completion of the transfer of each Tranche of Call Option Shares by Swisslog to Otsaw pursuant to the exercise of the Call Option shall take place within the period of thirty (30) days commencing immediately after the date of receipt by Swisslog of the Call Option Notice, such completion shall take place at the office of the Company, and at such completion:- |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Swisslog shall deliver or have delivered to Otsaw a duly
executed transfer in relation to the respective Tranche of the Call Option Shares in favour of Otsaw, and the relevant share certificate(s)
and to do all acts and things necessary to complete such transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Otsaw shall pay to Swisslog the respective Call Option Price
provided that, any payments of the Call Option Price shall be made subject to any set-off or deduction or any counterclaim whether any
such set-off, deduction or counterclaim arises under this Agreement or the SPA and further subject to the provisions of Clause 18.10;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Otsaw shall procure the passing of resolutions by the Board
of Directors of the Company approving the registration of the transfer of the respective Tranche of the Call Option Shares to Otsaw (subject
to the transfer being duly stamped).

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| | |
|:---|:---|
| 7C.4 | If in any case Swisslog after having received a Call Option Notice makes default in transferring the respective Tranche of the Call Option Shares in accordance with the schedule set out above in Clause 7C.1, the Company may receive the respective Call Option Price and Otsaw shall be deemed to have appointed any one (1) Director or the secretary of the Company as its agent to execute a transfer of the Call Option Shares of the Company to Otsaw, and upon the execution of such transfer the Company shall hold the purchase money in trust for Swisslog. The receipt by the Company of the purchase money shall be a good discharge to Otsaw, and after Otsaw's name has been entered in the register of members in purported exercise of the aforesaid power, the validity of the proceedings shall not be questioned by any person. |

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Stamp duties in connection with the Put Option and Call Option shall be borne by Otsaw. For the avoidance of doubt, in case the Put Option was exercised for a respective Tranche, the Call Option may not be exercised further with respect to such Tranche and vice-versa.

8 COMPULSORY TRANSFERS

8.1 <u>Events of Default</u>: If any Shareholder (a "**Defaulting Shareholder** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.1 shall go into voluntary liquidation or a resolution is passed for the
 liquidation or winding up of the Shareholder, or any petition is filed in court (and is not withdrawn within sixty (60) days) or an
 order of the court is made for its compulsory liquidation or shall have a judicial manager, receiver or similar officer appointed in
 respect of any substantial part of its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.2 shall compound or make any composition or arrangement with its creditors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.3 shall become insolvent and the Defaulting Shareholder has failed to satisfy the
other Shareholder (the "**Non-Defaulting Shareholder**") of its ability to pay its debts within twenty-one (21) days of
the date of the notice of default served under this Clause 8.1;or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.4 shall have any distress, execution, sequestration or other process levied or enforced
upon or sued out against its property or assets which is not discharged within thirty (30) days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.5 shall be acquired, merged into or amalgamated with any other company, corporation
or other legal entity, without the prior written consent of the other Shareholders;

(each of the above being an "**Event of Default**") then upon the Company or the Non-Defaulting Shareholder being aware of the Event of Default, the Non-Defaulting Shareholder shall be entitled to serve on the Defaulting Shareholder, a notice (the "**Default Transfer Notice**") requiring to buy all Shares of the Company held by the Non-Defaulting Shareholder (the "**Default Sale Shares**") at fair value of such Shares (and only in the case of Clause 8.1.5 above, with a discount of 40% applied to such fair value) as determined by an international third party independent valuer to be appointed by the Non-Defaulting Shareholder (with the Defaulting Shareholder's consent which shall not be unreasonably withheld). All costs and expenses incurred in connection with the appointment of such third party independent valuer shall be borne by the Company.

8.2 <u>Acceptance</u>: Upon the Non-Defaulting Shareholder having served on the Defaulting
Shareholder, a Default Transfer Notice, the Non-Defaulting Shareholder shall become bound to pay the price within thirty (30) days from
the expiration of the date of the Default Transfer Notice (as may be prolonged until the valuation of the Shares is rendered as contemplated
by Clause 8.1) and the Defaulting Shareholder shall be bound upon payment thereof to transfer the Default Sale Shares to the Non-Defaulting
Shareholder, and such transfer shall not preclude or prejudice the rights and remedies available to a Non-Defaulting Shareholder against
the Defaulting Shareholder for any liability, loss, damage, cost or expense (including, without limitation, legal fees and expenses).

8.3 <u>Default in Transfer</u>: If in any case the Defaulting Shareholder after having
become bound as aforesaid makes default in transferring the Default Sale Shares, the Company may receive the purchase money and the Non-Defaulting
Shareholder shall be deemed to have appointed any one (1) Director or the secretary of the Company as its agent to execute a transfer
of the Default Sale Shares to the Non-Defaulting Shareholder, and upon the execution of such transfer the Company shall hold the purchase
money in trust for the Defaulting Shareholder. The Company shall distribute such purchase money to the Defaulting Shareholder immediately
upon receipt of a written request from the Defaulting Shareholder subject to the right of set off by the Company of all amounts which
the Company is legally entitled to recover from the Defaulting Shareholder. The receipt of the Company for the purchase money shall be
a good discharge to the Non-Defaulting Shareholder, and after the Non-Defaulting Shareholder's name has been entered in the Register
of Members in purported exercise of the aforesaid power, the validity of the proceedings shall not be questioned by any person.

9. FINANCING

9.1 Without limiting the effect of Clauses 4.8 or 5.5, the Board shall determine from
time to time the manner of providing finance for the Business, whether by way of contributions from Shareholders subscribing for new shares
of the Company, by way of shareholders' loans on such interest to be agreed by the Shareholders and/or by way of loans and other
credit facilities from banks or other financial institutions, on such terms as the Board may resolve; provided that this shall be without
prejudice to any Board Reserved Matter or Shareholder Reserved Matter. In the event that the Board or the Shareholders have approved a
manner of providing finance for the Business, whether by way of contributions from Shareholders subscribing for new shares of the Company
or by way of shareholders' loans on such interest to be agreed by the Shareholders and in line with the other provisions of this
Agreement (in particular the Board Reserved Matter or Shareholder Reserved Matter), the Shareholders shall use their reasonable endeavours
to subscribe for new shares of the Company or to provide shareholders' loans in accordance with their respective Shareholding Proportion.

9.2 It is hereby agreed that in the event that the Board or the Shareholders have approved
a manner of providing finance for the Business, whether by way of contributions from Shareholders subscribing for new shares of the Company
or by way of shareholders' loans on such interest to be agreed by the Board as a Restricted Matter, and any Shareholder is in default
of any of its payment to the Company, the other Shareholder may make such payment to the Company notwithstanding that such payment would
be in excess of its Shareholding Proportion of any liability, and:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the event that the manner of providing finance for the Business is by way of
contributions from Shareholders subscribing for new shares of the Company, the Shareholder that has made such payment shall be issued
Shares of the Company notwithstanding that this is in excess of its Shareholding Proportion and notwithstanding Clauses 4.8 and 5.5; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the event that the manner of providing finance for the Business is by way of
shareholders' loans, the other Shareholder shall forthwith reimburse the Shareholder that has made such payment for all amounts
paid in excess of its Shareholding Proportion of the liability and all costs and expenses reasonably incurred, in order to adopt such
shareholder's loan.

For the avoidance of doubt, the rights conferred in this Clause 9.2 are in addition to and shall not limit the rights and remedies of a Shareholder under Clause 8.

10. CO-OPERATION

<u>Co-Operation</u>: The Shareholders shall use their reasonable endeavours to co-operate and work together in promoting the Business as well as the smooth and efficient administration and operations of the Company.

11. DURATION AND TERMINATION

11.1 <u>Duration</u>: This Agreement shall take effect from the date hereof and shall continue
until terminated in accordance with the provisions hereof or upon the Company being put into liquidation. If this Agreement is terminated
in accordance with the provisions hereof, this Agreement (other than the clauses which shall survive termination, including without limitation
this Clause 11, Clause 12 (Confidentiality and Non-competition), Clause 13 (Indemnity), Clause 17 (Arbitration), Clause 18.1 (Notices)
and Clause 18.8 (Governing Law) shall be of no further effect.

11.2 <u>Continuation of Agreement</u>: If any Shareholder sells all of its shares of
the Company in accordance with the provisions of this Agreement then subject to Clause 12, it shall be released from all of its obligations
hereunder, and if, following any such transfer, there is more than one (1) Shareholder bound by the provisions
of this Agreement, then this Agreement shall continue in full force and effect as between the continuing Shareholders.

11.3 <u>Rights not Prejudiced</u>: The termination of this Agreement howsoever caused
and the ceasing by any Shareholder to hold any shares of the Company shall be without prejudice to any obligations or rights of any of
the parties hereto which have accrued prior to such termination or cessation and shall not affect any provision of this Agreement which
is expressly or by implication provided to come into effect on or to continue in effect after such termination or cessation.

12. CONFIDENTIALITY AND NON-COMPETITION

12.1 <u>Confidential Information</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.1 Each party hereto shall not and shall procure that the Company shall not
 except as authorised by the Board reveal to any person, firm or company any of the trade secrets, secret or confidential operations,
 processes or dealings or confidential information of any of the Shareholders or the Company or any information concerning the
 organisation, business, finances, transactions or affairs of any of the Shareholders or the Company which may come to his knowledge
 hereunder (collectively, the "**Confidential Information**") and shall keep with complete secrecy all trade secrets
 and other confidential information entrusted to him and shall not use or attempt to use any such information in any manner which may
 injure or cause loss either directly or indirectly to any of the Shareholders or the Company or its Business or may be likely so to
 do. These restrictions shall continue to apply after the termination of this Agreement without limit in point of time provided
 that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) this obligation shall not apply to any Confidential Information to the extent it
is in the public domain (other than as a result of any act or breach of this Agreement by any party hereto or is already known to or independently
developed by the recipient or received from a third party without any duty of confidentiality or is required to be disclosed by law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each of the parties may disclose Confidential Information to its servants, agents,
officers, professional advisers and other consultants, only on a "need to know" basis for the purpose of the performance and
exercise of its obligations under this Agreement provided that it must procure that each person to whom such disclosure is made is similarly
bound to observe its (as the case may be) duties under this Clause 12;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any party may disclose or otherwise make public (by way of announcement or otherwise)
Confidential Information to the extent required by the Singapore Exchange Securities Trading Limited or any other governmental or quasi-
government authority, including (without limitation as set out under the Listing Manual of the Singapore Exchange Securities Trading Limited)
and will give prior notification of any announcement to the other party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) either party may disclose or make public Confidential Information to the extent required
by law.

All parties shall take all reasonable steps to minimise the risk of disclosure of confidential information, by ensuring that only they themselves their directors, employees and/or agents whose duties will require them to possess any of such information shall have access thereto, and will be instructed to treat the same as confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.2 Disclosure by any party of any confidential information as set out in Clause 12.1
to any relevant planning authority, government or quasi-government department or agency, to any stock exchange pursuant to its rules and
regulations from time to time shall not be a breach of this Clause 12.1. Each party shall notify the other parties of any such disclosure
as soon as reasonably practicable.

12.2 <u>Non-Competition Restrictions</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.1 Otsaw has a business presence in Singapore, Thailand, Malaysia, People's
Republic of China, United States of America, Indonesia and Australia, and intends to expand its business presence globally. Swisslog undertakes
with Otsaw that it shall procure that Swisslog, the other members of the Vendor Group and any subsidiaries of Swisslog will not for a
period of 5 years following the Completion Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) directly or indirectly carry on, be engaged in or be economically interested in or
manage or assist any business which is of the same or similar type to the Maintenance Operations within the Territories and which is or
is likely to be in competition with the Maintenance Operations and/or relates to assets or activities which are of the same or similar
type as the Automated Guided Vehicles within the Territories and which are or are likely to be in competition with the Maintenance Operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) canvass or solicit the custom of any person, firm or company who has within the
12 months prior to Completion been a customer of the Vendor Group in relation to the Maintenance Operations
or a customer of the Vendor Group in relation to the manufacture of the Automated Guided Vehicles, in each case with respect to a Restricted
Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) use, cause to be used, register and/or cause to be registered any trade and service
marks, business names and/or company names of or associated with or used in connection with the Maintenance Operations, within the Territories,
save, for the avoidance of doubt, with respect to the Vendor Group Designations; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) directly or indirectly carry on, or be engaged in the AGV Manufacturing Operations
or the manufacturing of the same or similar type of Automated Guided Vehicles within the Territories and whereby such same or similar
type of Automated Guided Vehicles is or is likely to be in competition with Otsaw or a Purchaser Designee with respect to the Maintenance
Operations or the Automated Guided Vehicles;

("**Restricted Business**" means any restricted conduct or activity set forth in sub-clauses (a) and (d) above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.2 The Parties acknowledge and agree that Swisslog is carrying on the French AGV Business
and such French AGV Business qualifies as an "Excluded Asset" pursuant to the terms and conditions of the SPA and shall therefore
not be subject of the sale, purchase and transfer as contemplated by the SPA. To this end:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The French TransCar Contracts, the Swedish JBT Contract and the Canadian JBT Contract
shall not be considered to be a breach of the non-competition restrictions pursuant to Clause 12.2.1. The Parties agree that there shall
be no renewals or extensions of the French TransCar Contracts, the Swedish JBT Contract and the Canadian JBT Contract upon the expiry
or termination of these contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The French AGV Business shall not be subject to the non-competition restrictions pursuant
to Clause 12.2.1 for as long as it is only conducted in France, and there shall be no other business activities relating to the Automated
Guided Vehicles in France other than pursuant to the French TransCar Contracts to which Clause 12.2.2(a) shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.3 Otsaw acknowledges and agrees that (i) Swisslog is part of a group of companies and that the
 non-compete restrictions pursuant to this Clause 12.2 are only binding on Swisslog, the other members of the Vendor Group and
 subsidiaries of Swisslog (the "**Restricted Entities**") and (ii) the non-compete restrictions pursuant to this
 Clause 12.2 are not binding on any other
Affiliates of the Restricted Entities. The Restricted Entities shall not be regarded as having an indirect interest or engagement in any
business, conduct or other activity in case only such other Affiliates of the Restricted Entities are involved or engaged in such business,
conduct or other activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.4 Swisslog shall procure that the other Restricted Entities comply with the non-compete
restrictions pursuant to this Clause 12.2.

13. INDEMNITY

<u>Indemnity:</u> In the event that any Shareholder hereto shall be in breach of this Agreement, such party shall indemnify the other Shareholder hereto against and save harmless from any and all claims, losses, damages, costs, expenses and deficiencies including legal fees on a full indemnity basis, suffered, incurred or sustained by the other Shareholder hereto and in consequence of or in relation to any breaches of this Agreement. For this purpose, the losses suffered by a Shareholder shall include any claims, losses, damages, costs, expenses and deficiencies suffered, incurred or sustained by the Company, in proportion to its relative shareholding in the Company.

14. FORCE MAJEURE

<u>Force Majeure</u>: No claim for damage or any other remedy shall arise out of any breach of, or any failure to perform any of the obligations arising under, this Agreement if such breach or failure is caused by any force majeure event, provided that such party uses its best endeavours to avoid or mitigate all adverse effects of such force majeure.

15. GOOD FAITH AND RELATIONSHIP BETWEEN PARTIES

15.1 <u>Entire Agreement</u>: This Agreement embodies all the terms and conditions agreed
upon between the Parties hereto as to the subject matter of this Agreement and supersedes and cancels in all respects all previous agreements
and undertakings, if any, between the parties hereto with respect to the subject matter hereof, whether such be written or oral. No modification
or amendment of this Agreement and no waiver of any of the terms and conditions hereof shall be valid unless made in writing and signed
by all Shareholders.

15.2 <u>Carrying into Effect</u>: The Parties hereto hereby agree and declare that they
will execute and do all such acts and things as are necessary and within their power and authority for the time being to carry into effect
and/or to comply with the provisions of this Agreement.

15.3 <u>Partnership</u>: Nothing in this Agreement shall be construed to imply the existence
of a partnership between the Parties hereto other than as Shareholders in the Company in accordance with the terms of this Agreement or
to make one party hereto the representative or agent of any other party hereto or render such party liable or bound by any act or omission
of any other party hereto.

16. SWISSLOG CEASING TO BE A SHAREHOLDER

The Parties hereby agree that in the event that Swisslog ceases to be a Shareholder of the Company, the Company may nevertheless continue to carry on a business whether similar to the Business (or any part of it) or otherwise, under a title or name comprising or containing the word "Swisslog" or any other trademarks or designations of Swisslog and any of its Affiliates (collectively the "**Swisslog Designations**"), subject to the Parties agreeing on a royalty fee and any other market standard terms (collectively, the "**Designation Terms**"). If the Parties fail to agree on such Designation Terms, the Company and any of its Related Corporations, shall cease and desist to use the Swisslog Designations within 3 months but in any event within 5 months of Swisslog ceasing to be a Shareholder.

17. ARBITRATION

17.1 Any dispute arising out of or in connection with this Agreement, including any
question regarding its existence, validity or termination, shall be referred to and finally resolved by arbitration administered by the
Singapore International Arbitration Centre ()"**SIAC**") in accordance with the Arbitration Rules of the Singapore International
Arbitration Centre ()"**SIAC Rules**") for the time being in force, which rules are deemed to be incorporated by reference
in this Cause.

17.2 The seat of the arbitration shall be Singapore.

17.3 The Tribunal shall consist of one arbitrator.

17.4 The language to be used in the arbitral proceedings shall be English.

17.5 The law for the arbitration agreement shall be Singapore law.

18. MISCELLANEOUS

18.1 <u>Notices</u>: All notices, demands or other communications required or permitted
to be given or made hereunder shall be in writing and delivered personally or sent by prepaid registered post or by electronic mail at his or its electronic mail
address set out below (or to such other address or electronic mail address as any party may from time to time notify the others):-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Otsaw</u> 

Address: 12 Kaki Bukit View #04-00, Singapore 415948<br> Email address:Tobias@otsaw.com.sg / raymond@otsaw.com.sg <br> Attention: Tobias Klesen / Raymond Lee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>Swisslog</u> 

c/o Swisslog Healthcare Holding AG

Address: Webereiweg 3, 5033 Buchs AG, Switzerland

Email address: robert.oldin@swisslog-healthcare.com Florian.Dorow@kuka.com <br> Attention: Robert Oldin, Florian Dorow

with a copy to (which shall not constitute notice):

c/o Luther LLP

Address: 4 Battery Road, Bank of China Building #25-01, Singapore 049908, <br> Singapore

Email address: clemens.leitner@luther-lawfirm.com <br> Attention: Clemens Leitner

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) <u>Company</u> 

Address: 12 Kaki Bukit View #04-00, Singapore 415948

Email address:Tobias@otsaw.com.sg / raymond@otsaw.com.sg <br> Attention: Tobias Klesen / Raymond Lee

Any such notice, demand or communication shall be deemed to have been duly served (if given by electronic mail) immediately upon receiving acknowledgment of receipt from the intended recipient via the electronic mail (as the case may be) or (if given or made by letter) five (5) Business Days after posting and in proving the same it shall be sufficient to show that the envelope containing the same was duly addressed, stamped and posted.

18.2 <u>Illegality</u>: Notwithstanding that any provision of this Agreement may prove
to be illegal or unenforceable, the remaining provisions of this Agreement shall continue in full force and effect.

18.3 <u>Waiver of Breach</u>: Any waiver of any breach of this Agreement shall not be deemed
to apply to any succeeding breach of the provision or of any other provision of this Agreement. No failure to exercise and no delay in
exercising on the part of any of the parties hereto any right, power or privilege hereunder shall operate as a waiver thereof nor shall
any single or partial exercise of any right, power or privilege preclude any other or further exercise thereof or the exercise of any
other right, power or privilege. The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights or
remedies otherwise provided by law.

18.4 <u>Counterparts</u>: This Agreement may be executed in any number of counterparts,
each of which shall constitute an original but all of which shall be taken together to constitute one and the same instrument. The exchange
of copies of this Agreement and of signature pages by electronic transmission shall constitute effective execution and delivery of this
Agreement as to the relevant parties hereto and may be used in lieu of the original Agreement for all purposes. Signatures transmitted
by electronic transmission shall be deemed to be their original signatures for all purposes.

18.5 <u>Assignment</u>: No Party shall be entitled to assign any right or delegate any
responsibility under this Agreement without the prior written consent of the other Party.

18.6 <u>Benefit of Agreement</u>: This Agreement shall be binding on and shall ensure for the benefit of each Shareholder's successors and permitted assigns.

18.7 <u>Contracts (Rights of Third Parties) Act</u>: Except for Otsaw Digital Pte. Ltd.,
a person who is not a party to this Agreement shall have no right under the Contracts (Rights of Third Parties) Act, Chapter 53B of Singapore
to rely upon or enforce any of its terms.

18.8 <u>Governing Law</u>: This Agreement is governed by, and shall be construed in
accordance with, the laws of Singapore.

18.9 <u>Costs</u>: Each Party shall bear its own legal and other costs and expenses
incurred in connection with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.10 <u>Set Off</u>: Any payments to be made by any Party under this Agreement shall
be made subject to any set-off or deduction or any counterclaim whether any such set-off, deduction or counterclaim arises under this
Agreement, the relevant Transaction Documents or otherwise provided that: (a) other than for any set-off or deduction or counterclaim
for any Contract Compensation (i) the relevant claim underlying the set-off or deduction or counterclaim must have been duly notified
to the relevant other parties in accordance with the provision of this Agreement or the relevant other Transaction Documents before, and
(ii) if the applicable parties fail to agree on the amount of such claim, the party notifying the claim must duly process such claim and
initiate court or arbitral proceedings (as applicable) latest within 6 months following notification of such claim (failing to do so forfeits
the right to make such set-off, deduction or counterclaim under this Clause); and (b) for any set-off or deduction or counterclaim for
any Contract Compensation, (i) if Swisslog and Otsaw agree on the Revenue Statement, the amount of the Contract Compensation determined
based on the Revenue Statement, and (ii) if Swisslog and Otsaw cannot agree on the Revenue Statement within 30 Business Days following
the lapse of the Revenue Period, (x) until the decision of the Independent Expert is made, the limits for the Contract Compensation as
set forth in Schedule 6 of the SPA for that relevant year (unless Otsaw demands a lower amount, then such lower amount) or (y), following
the decision of the Independent Expert, the amount of the Contract Compensation determined based on the Revenue Statement after it is
reviewed, calculated and determined by the Independent Expert.

18.11 <u>Time of the Essence</u>: Any time or period mentioned in any provision of this
Agreement may be extended by mutual agreement between the Parties hereto but, subject to Clause 14, as regards any time, date or period
originally fixed or any time, date or period so extended as aforesaid, time shall be of the essence.

18.12 <u>Entire Agreement</u>: This Agreement embodies the entire terms and conditions
agreed upon by the Parties as to the subject matter of this Agreement and supersedes and cancels in all respects any previous agreement,
understanding, letter of intent, representation, warranty, undertaking and arrangement of any nature whatsoever amongst the Parties with
respect to the subject matter hereof, whether such be written or oral.

18.13 <u>Variation:</u> No variation of this Agreement shall be effective unless in writing
and signed by or on behalf of each of the Parties.

18.14 <u>Partial Invalidity</u>: The illegality, invalidity or unenforceability of any
provision of this Agreement under the law of any jurisdiction shall not affect its legality, validity or enforceability under the law
of any other jurisdiction nor the legality, validity or enforceability of any other provision.

**SCHEDULE 1 <br> SPA**

DATED 16 NOVEMBER 2021

BETWEEN

**Swisslog Healthcare Holding AG** <br> (as vendor)

**Otsaw Technology Solutions Pte. Ltd.** <br> (as purchaser)

AND

**Otsaw Digital Pte. Ltd.** <br> (as guarantor)

**MASTER ASSET SALE AGREEMENT**

**relating to the Sale and Purchase of Specific Swisslog Assets in<br> Singapore, Germany, Italy, Netherlands, Norway and Switzerland**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **No.** | **Clause** | **Page No.** |
| **1.** | **DEFINITIONS AND INTERPRETATIONS** | **1** |
| **2.** | **SALE AND TRANSFER** | **8** |
| **3.** | **CONSIDERATION** | **10** |
| **4.** | **CONDITIONS PRECEDENT** | **10** |
| **5.** | **ACTION PENDING COMPLETION** | **11** |
| **6.** | **EMPLOYEES** | **12** |
| **7.** | **CONTRACTS** | **13** |
| **8.** | **COMPLETION** | **15** |
| **9.** | **ALLOCATION OF PURCHASE PRICE** | **17** |
| **10.** | **CONSIDERATION ADJUSTMENTS** | **18** |
| **11.** | **WARRANTIES** | **19** |
| **12.** | **SPECIFIC WARRANTIES AND ACKNOWLEDGMENTS OF PURCHASER** | **21** |
| **13.** | **INDEMNITY AND INDEMNITY PROCEDURES** | **22** |
| **14.** | **THIRD PARTY CLAIM** | **24** |
| **15.** | **INDEMNITY BY PURCHASER** | **25** |
| **16.** | **POST-COMPLETION OBLIGATIONS** | **27** |
| **17.** | **TREATMENT OF STOCK AND INVENTORY** | **28** |
| **18.** | **NON-COMPETITION RESTRICTIONS** | **29** |
| **19.** | **GUARANTEE** | **30** |
| **20.** | **PUT OPTION** | **31** |
| **21.** | **PURCHASE OF JV COMPANY SHARES** | **32** |
| **22.** | **OTHER PROVISIONS** | **33** |

---

---

| | |
|:---|:---|
| **SCHEDULE 1** | **37** |
| **SCHEDULE 2** | **42** |
| **SCHEDULE 3** | **43** |
| **SCHEDULE 4** | **44** |
| **SCHEDULE 5** | **50** |
| **SCHEDULE 6** | **59** |
| **SCHEDULE 7** | **61** |
| **SCHEDULE 8** | **62** |
| **EXHIBIT A** | **A-1** |
| **EXHIBIT B** | **B-1** |

---

i

<u>**SCHEDULES AND EXHIBITS**</u>

---

| | |
|:---|:---|
| SCHEDULE 1: | DISCLOSURE SCHEDULE |
| SCHEDULE 2: | CONDITIONS PRECEDENT |
| SCHEDULE 3: | VENDOR GROUP |
| SCHEDULE 4: | VENDOR GROUP'S REPRESENTATIONS AND WARRANTIES |
| SCHEDULE 5: | FORM OF DEED OF NOVATION |
| SCHEDULE 6: | CONSIDERATION ADJUSTMENTS |
| SCHEDULE 7: | VENDOR GROUP DESIGNATIONS |
| SCHEDULE 8: | FULLY-DILUTED SHAREHOLDING STRUCTURES OF PURCHASER AND JV COMPANY |
| EXHIBIT A: | FORM OF SERVICE AGREEMENT |
| EXHIBIT B: | FORM OF SHAREHOLDERS AGREEMENT |

---

ii

**THIS MASTER ASSET SALE AGREEMENT** (this "**Agreement")** is made on 16 November 2021:

**BETWEEN:**

(1) **Swisslog Healthcare Holding AG** (Company
 Registration No. CHE-317.331.234), a company incorporated in Switzerland whose registered
 office is at Webereiweg 3, 5033
 Buchs AG, Switzerland (the "**Vendor** ");

(2) **Otsaw Technology Solutions Pte. Ltd.** (Company
 Registration No. 202033912W), a company incorporated in Singapore whose registered office
 is at 12 Kaki Bukit View #04-00, Singapore 415948 (the "**Purchaser** ");

**AND**

(3) **Otsaw Digital Pte. Ltd.** (Company Registration
 No. 201511868R), a company incorporated in Singapore whose registered office is at 12 Kaki
 Bukit View #04-00, Singapore 415948 (the "**Guarantor** ");

(collectively, the "**Parties**" and each, a "**Party**").

**WHEREAS:**

(A) The Vendor, its subsidiaries and certain related corporations are engaged in the business of (i) developing
and manufacturing the Automated Guided Vehicles (as defined below) which are sold to and used by customers, and (ii) providing maintenance
services in respect of the Automated Guided Vehicles under service contracts. This business is carried out in several countries, including
Singapore, Germany, Italy, Netherlands, Norway and Switzerland. The customers of this business are mainly hospitals and contractors engaged
by hospitals.

(B) The Purchaser desires to purchase, and the Vendor desires to sell and transfer the Transferred Assets
(as defined below) and the Purchaser desires to assume the Assumed Liabilities (as defined below) on the terms and subject to the conditions
set out in this Agreement.

(C) The Purchaser will incorporate a new private
 limited company in Singapore (the "**JV Company**") between the date
 of this Agreement and Completion and the name reserved for the JV Company is Otsaw Swisslog
 Healthcare Robotics Pte. Ltd. which shall act as the designee of the Purchaser for the sale,
 purchase and transfer of the Transferred Assets and the assumption of the Assumed Liabilities,
 it being understood that the JV Company may from time to time further incorporate wholly-owned
 subsidiaries which might act as the designee of the Purchaser hereunder in lieu of the JV
 Company. It is intended that the JV Company shall carry on the business of the Maintenance
 Operations and own the Intellectual Property Rights in relation to the Automated Guided Vehicles,
 on the terms and subject to the conditions set out in this Agreement.

(D) In consideration for the Vendor to enter into this Agreement, the Guarantor desires to guarantee certain
obligations of the Purchaser under or in connection with this Agreement, on the terms and subject to the conditions set out in this Agreement.

**NOW IT IS HEREBY AGREED** as follows:

1. DEFINITIONS AND INTERPRETATIONS

1.1. In this Agreement, the Schedules and the Exhibits, except where the context otherwise requires, the following
expressions bear the following meanings:

"**Accounts Receivable**" means all receivables owing to the Vendor Group relating to the Transferred Assets and/or the Maintenance Operations by any of its trade debtors or customers as at the Completion Date, including those identified in <u>Part 1 of the Disclosure Schedule.</u>

"**Actual Revenue**" has the meaning ascribed to it in Clause 10.2.

"**Advance Payments**" means advance payments and deposits received by the Vendor Group from customers under the Contracts as at the Completion Date for services to be performed after the Completion Date, and a list of such Advance Payments as of the date of this Agreement is set forth in <u>Part 1 of the Disclosure Schedule</u><u>.</u>

"**Affiliate**" means, with respect to a person, any person that directly or indirectly Controls, is directly or indirectly Controlled by or is under direct or indirect common Control with such person.

"**AGVs"** or "**Automated Guided Vehicles"** means the "TransCar" automated guided vehicles developed by the Vendor and/or other members of the Vendor Group, and which were manufactured by KUKA AG and/or any of its Affiliates, including those identified in <u>Part 1 of the Disclosure Schedule</u>.

"**AGV Manufacturing Operations"** means the operations of manufacturing the Automated Guided Vehicles as carried on by KUKA AG or any of its Affiliates from time to time, which Automated Guided Vehicles are sold to and used by customers of the Vendor Group.

"**Ancillary Agreements"** means the Service Agreements, the Shareholders Agreement and the Local Transfer Agreements.

"**Anticipated Revenue**" has the meaning ascribed to it in Clause 10.1.

"**Assumed Liabilities**" has the meaning ascribed to it in Clause 2.3.

"**Books and Records**" means all manuals, documents, information and business records (including accounting books and other financial records) relating to the Automated Guided Vehicles, the Transferred Assets and/or the Maintenance Operations as of the Completion Date, including those identified in <u>Part 1 of the Disclosure Schedule.</u>

"**Business Day"** means a day on which banks are generally open for business in Singapore and Frankfurt, Germany (other than Saturdays, Sundays and days which are gazetted or otherwise declared as public holidays).

"**Canadian JBT Contract"** means the contract concluded with Humber River Regional Hospital (Canada) and concerning the provision of maintenance services in respect of AGVs by the Vendor Group in Canada.

"**Cash Balance**" means cash and cash equivalents, any cash in hand and at bank and any cheques, bills, notes or securities held by the Vendor Group relating to the Transferred Assets and/or the Maintenance Operations or otherwise, excluding the Advance Payments.

"**Cash Price**" has the meaning ascribed to it in Clause 3.1(a).

"**Companies Act**" means the Companies Act, Chapter 50 of Singapore.

"**Completion"** means the completion of the sale and purchase of the Transferred Assets and the assumption of the Assumed Liabilities pursuant to Clause 8.

"**Completion Date**" means (i) the last Business Day of the calendar month in which the last Condition Precedent is fulfilled or waived (other than those Conditions Precedent that by their terms may only be fulfilled at Completion but subject to the fulfilment or waiver of those Conditions Precedent at such time) or (ii) such other date as may be agreed in writing between the Purchaser and the Vendor.

"**Conditions Precedent**" means the conditions precedent set forth in <u>**Schedule 2**</u><u>**.**</u>

"**Consideration"** means the consideration for the sale, purchase and transfer of the Transferred Assets, being the consideration specified in Clause 3.1.

"**Consideration Adjustments"** means the adjustments set out in <u>**Schedule 6**</u> and as referred to in Clause 10 respectively.

"**Contingent Shared Contract"** has the meaning ascribed to it in Clause 7.3.

"**Contingent Transferred Contract**" has the meaning ascribed to it in Clause 7.2.

"**Contract Compensation"** has the meaning ascribed to it in Clause 10.5.

"**Contract Notice"** has the meaning ascribed to it in Clause 7.2(b).

"**Contract Party**" has the meaning ascribed to it in Clause 7.2.

"**Contracts"** means the service and maintenance contracts which are identified in <u>Part 1 of the Disclosure Schedule</u><u>.</u>

"**Control**" means (and its permutations shall have correlative meanings) with respect to any person, the power to direct, directly or indirectly, the management, operations or business of such person, either by ownership over voting securities, contracts or otherwise.

"**Dataroom"** means the virtual dataroom set up for "Project Pilatus" accessible at https://www.securedocs.com/ (Project Pilatus – AGV Transaction) the content of which is evidenced by the Dataroom Media.

"**Dataroom Media**" has the meaning ascribed to it in Clause 8.2(e).

"**De Minimis Amount**" has the meaning ascribed to it in Clause 13.4.

"**Disclosed"** means fully and fairly disclosed in <u>Part 2 of the Disclosure Schedule</u> and with sufficient detail so as to enable a reasonable experienced purchaser, assisted by professional advisers, to identify and assess the nature, relevance and scope of the facts, matters and circumstances so disclosed.

"**Disclosure Schedule**" means the disclosure schedule as attached to this Agreement as <u>**Schedule 1**</u>**.**

"**Eligible Third Party Proceeds**" has the meaning ascribed to it in Clause 13.9.

"**Employment Offer**" has the meaning ascribed to it in Clause 6.3.

"**Encumbrance**" means any claim, charge, mortgage, security, lien, option, equity, power of sale, hypothecation or other third party rights, retention of title, right of pre-emption, right of first refusal or security interest of any kind.

"**Excluded Assets**" has the meaning ascribed to it in Clause 2.2.

"**Excluded Liabilities**" has the meaning ascribed to it in Clause 2.4.

"**Existing Policies**" has the meaning ascribed to it in Clause 5.3.

"**French AGV Business"** means the business of (i) developing and manufacturing the Lamcar automated guided vehicles which are sold to and used by customers in France, and (ii) providing maintenance services in respect of (a) the Lamcar automated guided vehicles under service contracts in France and (b) the French TransCar Contracts.

"**French TransCar Contracts"** means the contracts concluded with (i) France - Chu Sud Francilien and (ii) France - Hopital Bourgoin Jallieu and concerning the provision of maintenance services in respect of AGVs by the Vendor Group in France.

"**Guaranteed Liabilities"** has the meaning ascribed to it in Clause 19.1(a).

"**Indemnity Notice"** has the meaning ascribed to it in Clause 13.2.

"**Independent Expert"** has the meaning ascribed to it in Clause 9.3.

"**Intellectual Property**" means the Intellectual Property Rights owned and used by the Vendor Group to the extent relating to the Automated Guided Vehicles, the Transferred Assets and/or the Maintenance Operations as at the Completion Date, including those which are identified in <u>Part 1 of the Disclosure Schedule</u> (which excludes, for the avoidance of doubt, the Vendor Group Designations).

"**Intellectual Property Rights"** includes patents, know-how, trade secrets and other confidential information, registered designs, copyrights, design rights, trademarks, service marks, business or brand names, domain names, registrations of and applications to register any of the aforesaid items, rights in the nature of any of the aforesaid items in any country, rights in the nature of unfair competition rights and rights to sue for passing off and all relevant rights for the enforcement and protection thereof.

"**JV Company**" has the meaning ascribed to it in Recital (C).

"**JV Company Shares**" has the meaning ascribed to it in Clause 3.1(c).

"**JV Company Shares Put and Call Option**" has the meaning ascribed to it in Clause 21.

"**KUKA AG**" means KUKA Aktiengesellschaft, the ultimate parent company of the Vendor.

"**Liabilities"** means all liabilities, duties and obligations of every description, whether deriving from contract, common law, statute or otherwise, whether present or future, actual or contingent, ascertained or unascertained or disputed, know or unknown, and whether owed or incurred severally or jointly and as principal or surety or other howsoever, and "**Liability"** means any one of them.

"**Local Transfer Agreements**" has the meaning ascribed to it in Clause 8.4(c).

"**Long-Stop Date**" has the meaning ascribed to it in Clause 4.4.

"**Losses"** means all losses, liabilities, costs (including, without limitation, legal costs), charges, expenses, penalties, actions, proceedings, claims and demands.

"**Maintenance Operations"** means the provision of maintenance services in respect of the Automated Guided Vehicles under the Contracts carried on in the Territories and which customers are mainly hospitals and contractors engaged by hospitals.

"**Manufacturing Agreement**" means the manufacturing agreement entered into between KUKA AG and the Vendor for the manufacturing of the Automated Guided Vehicles as in force as of the date of this Agreement.

"**OTSAW Shares**" has the meaning ascribed to it in Clause 3.1(b).

"**Payables and Debts"** means any and all payables and debts and other forms of monetary indebtedness owed by the Vendor Group to third parties relating to the Transferred Assets and/or the Maintenance Operation as at the Completion Date, including those identified in <u>Part 1 of the Disclosure Schedule</u><u>.</u>

"**Payment Related Claims"** means any Vendor Indemnity Claim related to the payment of the Consideration, the Put Option, the JV Company Shares Put and Call Option, the Remaining Stock and Inventory Price and the valuation protection pursuant to Clause 20A.

"**Performance Bond Contracts"** has the meaning ascribed to it in Clause 5.5.

"**Post-Completion Operations"** has the meaning ascribed to it in Clause 10.3.

"**Preliminary Allocation"** has the meaning ascribed to it in Clause 9.1.

"**Purchaser's Allocation Notice**" has the meaning ascribed to it in Clause 9.2.

"**Purchaser Designee"** has the meaning ascribed to it in Clause 1.5.

"**Purchaser Liquidity Event"** has the meaning ascribed to it in Clause 20.1.

"**Purchaser Portion of the Shared Contract**" has the meaning ascribed to it in Clause 7.3.

"**Purchaser Warranties**" has the meaning ascribed to it in Clause 12.1.

"**Put Option**" has the meaning ascribed to it in Clause 20.1.

"**Put Option Completion**" has the meaning ascribed to it in Clause 20.4.

"**Put Option Completion Date**" has the meaning ascribed to it in Clause 20.4.

"**Put Option Notice"** has the meaning ascribed to it in Clause 20.1.

"**Put Option Price"** has the meaning ascribed to it in Clause 20.2.

"**Put Option Shares**" has the meaning ascribed to it in Clause 20.1.

"**Recovery Claim"** has the meaning ascribed to it in Clause 13.2.

"**Related Corporation**" shall have the meaning given under Section 6 of the Companies Act.

"**Relevant Transaction Documents"** has the meaning ascribed to it in Clause 11.1(a).

"**Remaining Stock and Inventory Price"** has the meaning ascribed to it in Clause 17.4.

"**Restricted Business"** has the meaning ascribed to it in Clause 18.1.

"**Restricted Entities**" has the meaning ascribed to it in Clause 18.3.

"**Revenue Period**" has the meaning ascribed to it in Clause 10.1.

**"Revenue Statement"** has the meaning ascribed to it in Clause 10.2.

"**Salaried Employees"** has the meaning ascribed to it in Clause 6.1.

"**Service Agreements**" has the meaning ascribed to it in Clause 8.4(a).

"**Shared Contract"** has the meaning ascribed to it in Clause 7.3.

"**Shareholders Agreement"** has the meaning ascribed to it in Clause 8.4(b).

"**Singapore Dollar(s)"** and "**S$"** mean the lawful currency of Singapore.

"**Stock and Inventory**" means the spare parts, stock, raw materials, and work in progress owned by the Vendor Group from time to time and which are used or intended to be used in connection with the Automated Guided Vehicles, the Transferred Assets and/or the Maintenance Operations.

"**Straddle Period**" means any taxable period that begins on or before and ends after the Completion Date.

"**Surviving Clauses**" means Clause 1, Clause 13, Clause 15, Clause 22.1, Clause 22.3, Clause 22.5, Clause 22.11, Clause 22.15 and Clause 22.18.

"**Swedish JBT Contract"** means the contract concluded with Karolinska, Huddinge Sjukehus, Stockholm and concerning the provision of maintenance services in respect of AGVs by the Vendor Group in Sweden.

"**Taxation" or "Tax"** means all forms of taxation whether direct or indirect and whether levied by reference to income, profits, gains, net wealth, asset values, turnover, added value or other reference and statutory, governmental, state, provincial, local governmental or municipal impositions, duties, contributions, rates and levies (including without limitation social security contributions and any other payroll taxes), whenever and wherever imposed (whether imposed by way of a withholding or deduction for or on account of tax or otherwise) and in respect of any person and all penalties, charges, costs and interest relating thereto.

"**Territories**" means the world.

"**Third Party Claim**" has the meaning ascribed to it in Clause 14.1.

"**Third Party Consents**" means all consents, licences, approvals, authorisations or waivers required from third parties for the conveyance, transfer or assignment in favour of a Purchaser Designee of any of the Transferred Assets and on terms reasonably acceptable to the Purchaser and the Vendor, and "**Third Party Consent"** means any one of them.

"**Threshold**" has the meaning ascribed to it in Clause 13.4.

"**Transaction Documents**" means this Agreement and the Ancillary Agreements.

"**Transaction Tax**" has the meaning ascribed to it in Clause 22.9.

"**Transferred Assets"** means the assets, properties and rights agreed to be sold pursuant to Clause 2 (for the avoidance of doubt, other than the Excluded Assets).

"**VAT or GST**" has the meaning ascribed to it in Clause 3.4.

"**Vendor Claims**" means all rights and claims of the Vendor Group relating to the Transferred Assets and/or the Maintenance Operations arising at any time after Completion and with respect to any events, matter and circumstances occurring after the Completion Date provided that any and all rights and claims of the Vendor Group under the Contracts shall follow the provisions set forth for "Contracts" in this Agreement, in particular the provisions for the transfer of Contracts pursuant to Clause 7.

"**Vendor Employee**" has the meaning ascribed to it in Clause 6.1.

"**Vendor Group**" means the Vendor and its subsidiaries which are identified in <u>**Schedule 3**</u><u>**.**</u>

"**Vendor Group Designations"** means the brands and designations of Vendor and its Affiliates set forth in <u>**Schedule 7,**</u> which exclude the brands and designations exclusively used by the Vendor Group relating to the Automated Guided Vehicles, the Transferred Assets, the Maintenance Operations.

"**Vendor Indemnity Claim"** has the meaning ascribed to it in Clause 15.2.

"**Vendor Indemnity Notice"** has the meaning ascribed to it in Clause 15.2.

"**Vendor Performance Bonds"** has the meaning ascribed to it in Clause 5.5.

"**Vendor Portion of the Shared Contract**" has the meaning ascribed to it in Clause 7.3.

"**Vendor Warranties**" has the meaning ascribed to it in Clause 11.2.

1.2. The Schedules and Exhibits to this Agreement shall be deemed to form part of this Agreement. In case of
inconsistencies or discrepancies between the Exhibits and Schedules and the body of this Agreement, the body of this Agreement shall prevail.

1.3. The headings in this Agreement are for convenience only and shall be ignored in construing this
 Agreement. Unless the context otherwise requires, words (including words defined herein) denoting the singular number only shall
 include the plural and *vice versa.* The words "written" and "in writing" include any means of visible
 reproduction. References to "Clauses", "Schedules" and "Exhibits" are to be construed as
 references to Clauses of, and Schedules to, and Exhibits to this Agreement. References to any agreement or document including this
 Agreement shall include such agreement or document as amended, modified, varied, novated, supplemented or replaced from time to
 time. The words "including", "in particular'' and words of similar import when used in this Agreement
 shall not be given a restrictive meaning and shall mean "including without limitation", unless the context otherwise
 requires or unless otherwise specified.

1.4. A Contract being "novated" or a "novation" of such Contract or any similar term means
that all rights under such Contract are transferred to a Purchaser Designee and the Assumed Liabilities under such Contract are assumed
by a Purchaser Designee, in each case in lieu and in discharge of the Vendor or the relevant member of Vendor Group from any Assumed Liabilities
under or in connection with such Contract. A "transfer'' of a Contract shall be understood as such novation of the applicable Contract.

1.5. Notwithstanding anything to the contrary in this Agreement, the Purchaser shall designate the JV Company
to purchase the Transferred Assets and assume the Assumed Liabilities and no such Transferred Assets and Assumed Liabilities shall be
directly transferred to or assumed by the Purchaser provided that the JV Company may further incorporate wholly-owned subsidiaries in
the applicable local jurisdictions to purchase the Transferred Assets and assume the Assumed Liabilities (the JV Company and each such
wholly-owned subsidiary, each a "**Purchaser Designee")** and further provided that, for the avoidance of doubt, this shall
be without prejudice to any Liability of the Purchaser under this Agreement or any other Transaction Document.

1.6. For ascertaining and identifying the Transferred Assets, Assumed Liabilities, Excluded Assets and Excluded
Liabilities, Completion shall deem to occur as of 00.00 am as of the Completion Date.

1.7. The term "TransCar" as used in this Agreement or any other Transaction Document derives
 from, and shall be interpreted pursuant to, the "TransCar" documentation as set forth in folder 28.1.2.3 –
 Technical Designs of the Dataroom. For the avoidance of doubt, "TransCar" forms part of the Intellectual Property.

**2.** **SALE AND TRANSFER** 

2.1. Subject
 to the terms and conditions of this Agreement, the Vendor hereby agrees to sell and transfer,
 or cause the other members of the Vendor Group to sell and transfer, and the Purchaser hereby
 agrees to cause a Purchaser Designee to purchase, at Completion, all of the Vendor Group's
 rights, title and interest in and to (collectively the "**Transferred Assets** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Books and Records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Intellectual Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Vendor Claims; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Advance Payments;

as the same may exist immediately prior to Completion and such Transferred Assets shall (unless otherwise specified in this Agreement) as part of the sale and transfer be assigned, conveyed and/or delivered to, and acquired and/or assumed by a Purchaser Designee, at Completion free of Encumbrances.

2.2. For the avoidance of doubt and notwithstanding
 anything to the contrary in this Agreement, except for the Transferred Assets, all other
 assets, properties or rights, of the Vendor Group (collectively, and including the assets,
 properties and rights listed below, the "**Excluded Assets**") shall be retained by the Vendor Group and shall be excluded from the Transferred Assets,
 including the Vendor Group's rights, title and interest in and to, the following assets,
 properties and rights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Cash Balance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all Accounts Receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Tax credit accruing or any other Tax refund to the Vendor
Group relating to the Transferred Assets and/or the Maintenance Operations for any period prior to the Completion Date (including any
Straddle Period which is allocable to that portion of the Straddle Period ending before the Completion Date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Vendor Group Designations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any assets, properties and rights related to the AGV Manufacturing
Operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the French AGV Business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Vendor Portion of the Shared Contracts as contemplated
by Clause 7.

 

2.3. Save
 for all Contingent Transferred Contracts or the Purchaser Portion of the Shared Contracts
 qualifying as a Contingent Shared Contract, to which Clause 7.5 shall apply until, for the
 avoidance of doubt, such Contracts have been transferred to a Purchaser Designee pursuant
 to a novation as contemplated by Clause 7, the Purchaser hereby agrees, effective as of Completion,
 to cause a Purchaser Designee to assume and cause a Purchaser Designee to pay, discharge
 and perform, in accordance with their terms, any and all Liabilities arising out of or relating
 to the ownership or use of the Transferred Assets or the operation or conduct of the Maintenance
 Operations, in each case from and after Completion, including (i) Taxes to the extent such
 Taxes are attributable or imposed on the Transferred Assets or the Maintenance Operations
 for any period beginning on or after the Completion Date or any Straddle Period which is
 allocable to that portion of the Straddle Period ending after the Completion Date, and (ii)
 any and all Liabilities to the extent required to be performed on or after the Completion
 Date under any Contract constituting part of the Transferred Assets; except in each case
 to the extent that (a) any such Liabilities are Excluded Liabilities or (b) otherwise are
 the express responsibility of the Vendor hereunder (collectively, the "**Assumed Liabilities** ").

2.4. Notwithstanding any other provisions of
 this Agreement, the Purchaser or any Purchaser Designee, shall not assume or be liable for
 (i) any and all Liabilities to the extent arising out of or relating to the Excluded Assets
 and (ii) any and all Liabilities arising out of or relating to the ownership or use of the
 Transferred Assets or the operation or conduct of the Maintenance Operations, in each case
 prior to Completion including (a) Taxes to the extent such Taxes are attributable or imposed
 on the Transferred Assets or the Maintenance Operations for any period ending on or before
 the Completion Date or any Straddle Period which is allocable to that portion of the Straddle
 Period ending before the Completion Date, (b) the Payables and Debts and (c) any and all
 other Liabilities to the extent required to be performed before the Completion Date under
 any Contract constituting part of the Transferred Assets (collectively, the "**Excluded Liabilities** ").

2.5. The Parties agree that the following Transferred Assets shall as part of the sale and transfer be assigned,
conveyed and delivered to a Purchaser Designee at Completion in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of the Books and Records, as follows: To the extent the Books and Records are in the physical or intermediate possession
of, controlled by or held by the Vendor or a member of the Vendor Group, the Vendor, or the applicable member of the Vendor Group, shall
transfer such possession (whether by physical delivery or, with respect to Books and Records whose nature does not make a physical delivery
feasible, by signs or declaration, as may be practicable) to a Purchaser Designee. Furthermore, if the applicable Purchaser Designee,
for any other reason, does not obtain possession of any of the Books and Records, the Vendor or the applicable member of the Vendor Group,
will hold such Books and Records as agent of and in trust for the applicable Purchaser Designee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of the Contracts and the Vendor Claims, by means of a transfer of the relevant rights and
assumption of the relevant Liabilities pursuant to a novation and, if required, by obtaining the necessary Third Party Consents. For the
avoidance of doubt, reference is made to Clause 7; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the case of Intellectual Property, by way of assignment and/or transfer of such Intellectual Property.

2.6. <u>Part 1 of the Disclosure Schedule</u> might be mutually
updated by the Vendor and the Purchaser 1 Business Day prior to the Completion Date to the extent required to depict any fluctuations
in the Transferred Assets between the date of this Agreement and Completion Date.

**3.** **CONSIDERATION** 

3.1. The consideration payable by the Purchaser
 for, collectively, the sale and transfer of the Transferred Assets and the performance by
 the Vendor of its obligation to continue to employ and bear the salaries of the Salaried
 Employees under Clause 6.1 (the "**Consideration**") shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) S$1.5 Million in cash
 (the "**Cash Price** "); <u>plus</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 36,613 ordinary shares in the Purchaser
 corresponding to a value of S$3.1 Million and furthermore corresponding to an approximately
 5.1% ownership in the Purchaser on a fully-diluted basis as of Completion (the "**OTSAW Shares** "); <u>plus</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 4,000 ordinary shares fully paid at an
 issue price of S$1.00 each in the JV Company corresponding to a 40% ownership in the JV Company
 on a fully-diluted basis as of Completion (the "**JV Company Shares** "),

and subject to (i) the Consideration Adjustments as per Clause 10; and (ii) a deduction for an amount equivalent to the Advance Payments.

3.2. The Consideration shall become payable by the Purchaser as set forth in this Agreement.

3.3. Wherever in this Agreement provision is made for the payment by one Party to another, such payment shall
be effected by telegraphic transfer to the account specified by the Party entitled to payment in writing on or before the due date for
payment. Payment of such sum shall be a good discharge to the payer of its obligation to make such payment.

3.4. The Consideration shall be exclusive of
 any value added or general sales Taxes (collectively "**VAT or GST**") and
 if VAT or GST is properly chargeable on the Consideration or certain parts thereof, the Purchaser
 or a Purchaser Designee shall pay the Vendor or the relevant member of the Vendor Group (in
 addition to the Consideration) the amount of such VAT or GST within 5 Business Days of receipt
 of a VAT or GST invoice in compliance with applicable laws.

**4.** **CONDITIONS PRECEDENT** 

4.1. The obligations of the Parties to consummate
 Completion is conditional upon satisfaction and/or waiver of the Conditions Precedent set
 out in <u>**Schedule 2**</u> .

4.2. The Vendor may at any time waive in whole or in part and conditionally or unconditionally the Condition
Precedent set out in paragraph 4 of <u>**Schedule 2**</u> by notice in writing to the
Purchaser.

The Purchaser may at any time waive in whole or in part and conditionally or unconditionally the Conditions Precedent set out in paragraphs 2 and 3 of <u>**Schedule 2**</u> by notice in writing to the Vendor.

4.3. The Vendor and the Purchaser may at any
 time mutually agree in writing to waive in whole or in part and conditionally or unconditionally
 the Conditions Precedent set out in paragraph 1 of <u>**Schedule 2**</u> **.** 

4.4. The Purchaser shall use its reasonable
 endeavours (at its own expense) to procure that the Conditions Precedent set out in paragraph **1** (to the extent related to the Purchaser or any Purchaser Designee) and paragraphs
 2 and 4 of <u>**Schedule 2**</u> shall
 be fulfilled as soon as reasonably practicable, and in any case on or before 31<sup>st</sup>
 December 2021 or such other date as the Purchaser and Vendor may agree in writing (the "**Long-Stop Date** ").

4.5. The Vendor shall use its reasonable endeavours
 (at its own expense) to procure that the Conditions Precedent set out in paragraph 1 (to
 the extent related to the Vendor or any member of Vendor Group) and paragraph 3 of <u>**Schedule 2**</u> shall be fulfilled as soon as reasonably practicable, and in any case on or before the Long-Stop
 Date.

4.6. If
 any of the Conditions Precedent set out in <u>**Schedule**</u>  **<u>2</u>** shall not have been satisfied and fulfilled or otherwise waived
 pursuant to Clause 4.2 or Clause 4.3 on or before the Long-Stop Date, then, if not otherwise
 agreed in writing by the Vendor or the Purchaser, the provisions of this Agreement (other
 than this Clause 4.6 and the Surviving Clauses) shall from such date *ipso facto* cease
 and determine and none of the Parties shall have any claim against the other for costs, damages,
 compensation or otherwise save in respect of any antecedent breach of this Agreement.

4.7. Each of the Purchaser and the Vendor shall inform promptly the other Party in writing upon becoming aware
of any facts, matter or circumstance resulting, or reasonably likely to result, in a Condition Precedent not being fulfilled as of the
Completion Date.

5. ACTION PENDING COMPLETION

5.1. The Vendor undertakes with the Purchaser that the Vendor shall procure that, pending Completion, the Maintenance
Operations will be carried on as a going concern solely in the ordinary course of business, save insofar as agreed in writing by the Purchaser,
and the Vendor Group shall not except with the prior written consent of the Purchaser (which shall not be unreasonably withheld, delayed
or conditioned):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) make any material change in the nature of the Maintenance Operations carried on at the date of this Agreement
as regards the nature, scope or the manner of conducting the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) make purchases of Stock and Inventory exceeding S$100,000 in
aggregate for each calendar month determined cumulatively (for that month and by all of the Vendor Group in aggregate);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) sell, transfer, lease, assign, encumber, dispose of or part with control of any interest in all or any
part of the Transferred Assets outside the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) enter into any long term contract or long term commitment (at least applicable for more than 12 months)
relating to the Transferred Assets and/or the Maintenance Operations, whether in the ordinary course of business or not;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) grant or issue or agree to grant or issue any mortgage, charge, debenture or security for money secured
over any of the Transferred Assets outside the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) commit or omit to do any act or thing the commission or (as the case may be) the omission of which (i)
would result in a breach of the Contracts or (ii) would result in any of the Contracts being adversely modified or terminated for cause.

5.2. The Purchaser may, pending Completion, reasonably request that the Vendor Group provides such assistance
as the Purchaser may reasonably require to allow the Purchaser Designee to carry on the Maintenance Operations from the Completion Date,
and provides the Purchaser, its employees and advisers to be given, at reasonable times and with prior reasonable notice, access to the
Transferred Assets, subject always to the Parties reaching prior agreement on the manner in which such assistance is to be provided and
the allocation of any costs resulting from providing such assistance. All information made available to the Purchaser pursuant to this
Clause shall be subject to the provisions of Clause 22.3.

5.3. Purchaser acknowledges that all insurance
 coverage for the Transferred Assets and the Maintenance Operations under policies of the
 Vendor and its Affiliates (collectively, the "**Existing Policies**") shall
 terminate as of Completion and the Purchaser and/or the Purchaser Designee, need to procure
 their own insurance coverage following Completion for the Transferred Assets and Maintenance
 Operations, in each case subject to Clause 5.4 below.

5.4. Any services rendered by the Vendor and its Affiliates under or in connection with a Contingent Transferred
Contract or a Contingent Shared Contract as contemplated by Clause 7 will continue to be covered under the Existing Policies of the Vendor
and its Affiliates for as long as the applicable Contingent Transferred Contract or applicable Purchaser Portion of the Shared Contract
qualifying as a Contingent Shared Contract has not been transferred to a Purchaser Designee. Once the applicable Contingent Transferred
Contract or applicable Purchaser Portion of the Shared Contract qualifying as a Contingent Shared Contract has been transferred to a Purchaser
Designee, any insurance coverage under the Existing Policies will cease to apply.

5.5. The Parties acknowledge and agree that
 there are currently performance bonds outstanding in connection with 2 Contracts (the "**Performance Bond Contracts** "), as further specified and disclosed in <u>Part 1 of the Disclosure Schedule</u> (collectively the "**Vendor Performance Bonds** ").
 In connection with the transfer of the Performance Bond Contracts (and as a condition to
 such transfer) as contemplated by Clause 7, the Vendor or the relevant Affiliate of the Vendor
 shall be absolutely and unconditionally released and discharged from any Liabilities under
 or in connection with the Vendor Performance Bonds. The Performance Bond Contracts shall
 remain as "Contingent Transferred Contracts" until (i) the date of such release
 and discharge, or (ii) the date on which the Vendor Performance Bonds expires, in each case
 subject to the relevant Third Party Consent, and shall until such point in time not be novated
 to a Purchaser Designee.

5.6. Save for the Contingent Transferred Contracts or the Purchaser Portion of the Shared Contracts qualifying
as a Contingent Shared Contract to which Clause 7.5 shall apply until, for the avoidance of doubt, such Contracts have been transferred
to a Purchaser Designee pursuant to a novation as contemplated by Clause 7, any and all Liabilities under or in connection with the Vendor
Performance Bonds following Completion shall be allocated amongst the Vendor and the Purchaser in accordance with the other provisions
of this Agreement, including, for the avoidance of doubt, in accordance with whether such Liabilities constitute Assumed Liabilities or
Excluded Liabilities.

**6.** **EMPLOYEES** 

6.1. The Parties acknowledge and agree that
 no employees employed by the Vendor or any Affiliate of the Vendor in the Maintenance Operations
 (each a "**Vendor Employee**") shall transfer to the Purchaser or a Purchaser
 Designee and therefore the employment relationship with such Vendor Employees shall continue
 to remain with the Vendor or the Affiliate of the Vendor following Completion. The Parties
 agree that for a period of 1 year from the Completion Date, the Vendor or any Affiliate of
 the Vendor (as the case may be) shall continue to employ (subject to Clause 6.3 below) and
 bear the salaries of those Vendor Employees as set forth in <u>Part 1 of the Disclosure Schedule</u> (the "**Salaried Employees** "). The
 Salaried Employees include the 4 employees employed by KUKA AG with the know-how and expertise
 in relation to the design and function of the Automated Guided Vehicles and the maintenance
 of the Automated Guided Vehicles. For the avoidance of doubt, after such 1 year period there
 shall be no obligation on part of the Vendor to continue to employ and bear the salaries
 of any such Salaried Employees as set forth in <u>Part 1 of the Disclosure Schedule.</u> 

6.2. For the avoidance of doubt, the Parties acknowledge and agree that the transactions contemplated hereby
do not constitute a transfer of a business on a going concern basis which might trigger the applicability of "Transfer of Undertakings"
provisions in the applicable local jurisdictions and, consequently, the employment relationships with the Vendor Employees do not mandatorily
transfer by operation of law to the Purchaser or a Purchaser Designee.

6.3. The JV Company or its relevant wholly-owned
 subsidiary shall offer employment to such Salaried Employee as specified in <u>Part 1 of the Disclosure Schedule</u> as to whom Clause 6.3 would apply, on terms and conditions
 no less favourable than those then existing between the Vendor Group and such Salaried Employee
 (whereby such terms have been disclosed by the Vendor to the Purchaser prior to the date
 of this Agreement) (the "**Employment Offer** "), as soon as reasonably practicable following Completion but no later than 3
 months following Completion, in respect of employment to commence after the expiry of the
 period of 12 months following Completion. Each of the Purchaser and the Vendor shall use
 its reasonable efforts to ensure that the applicable Salaried Employee accepts the Employment
 Offer latest within 12 months following Completion. For the avoidance of doubt, this shall
 be without prejudice to the obligation of the Vendor to bear the salary of such Salaried
 Employee for a period of 1 year from the Completion Date.

**7.** **CONTRACTS** 

7.1. In line with Clause 2 and subject to Clause 7.2, the Contracts shall be sold and transferred to the Purchaser,
and, with effect from Completion, all of the rights and benefits in relation to the Contracts that belonged to the Vendor and/or any member
of the Vendor Group (to the extent not qualifying as Excluded Assets) will be transferred to the Purchaser Designee together with the
Assumed Liabilities (to the extent not qualifying as Excluded Liabilities). Subject to Clause 7.6, the Vendor shall use its reasonable
endeavours to procure that each relevant Contract be novated to a Purchaser Designee with effect from Completion. For the avoidance of
doubt, for each Contract that can be novated to a Purchaser Designee without a Third Party Consent (if any) from the relevant counter-party
under the Contract, the Vendor shall procure that each such relevant Contract be novated to a Purchaser Designee on Completion.

7.2. In case the relevant Contract (each such
 Contract a "**Contingent Transferred Contract**") cannot be novated to a Purchaser
 Designee without a Third Party Consent from the relevant counter-party under a Contract (such
 party the "**Contract Party** "), the following shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall not constitute a transfer of such Contingent Transferred Contract and the relevant
member of the Vendor Group shall remain the party to this Contingent Transferred Contract until approval or consent has been granted by
the Contract Party in accordance with this Clause 7.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As soon as reasonably practicable following
 Completion, the Vendor shall despatch to the Contract Parties notices, informing of the envisaged
 transfer of the Transferred Assets hereunder and requesting the Third Party Consent of the
 Contract Party for the assumption and novation of the Contingent Transferred Contract as
 of Completion (such notice the "**Contract Notice** "). Each of Purchaser and
 Vendor shall use its reasonable efforts that the relevant Contract Party shall counter-sign
 the Contract Notice together with any novation agreements as contemplated by Clause 7.2(d)
 so that the relevant Contingent Transferred Contract novated to a Purchaser Designee as of
 Completion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In case the relevant Third Party Consent has not been granted by the Contract Party as at Completion
 Date, following Completion the Vendor and the Purchaser shall treat each other for the purpose of their internal relationship as if
 the Contingent Transferred Contract was novated to a Purchaser Designee, it being understood and provided that (i) any rights,
 receivables, revenues and benefits arising in connection with the relevant Contingent Transferred Contracts, as well as (ii) any
 Assumed Liabilities in connection with the relevant Contingent Transferred Contracts shall be for the account of a Purchaser
 Designee, (iii) any moneys, goods or other benefits received under the relevant Contingent Transferred Contracts by the relevant
 member of the Vendor Group shall be held by the relevant member of the Vendor Group as agent of and in trust for a Purchaser
 Designee and shall be promptly forwarded to a Purchaser Designee, subject to Clause 7.5 below, and (iv) the relevant member of the
 Vendor Group will (so far as it lawfully may) give all such assistance to a Purchaser Designee as the Purchaser may reasonably
 require to enable a Purchaser Designee to enforce its rights (respectively the Vendor Group's rights) under such Contingent
 Transferred Contract and will provide access to all relevant books, documents and other information in relation to
such Contingent Transferred Contract as the Purchaser may reasonably require from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Parties shall procure that the novation
agreements for the assumption and novation of the Contingent Transferred Contracts shall be substantially in the form set out in <u>**Schedule 5**</u> hereof and subject to any changes that the Parties may reasonably agree to (in particular taking into account the governing
law or jurisdiction of the underlying Contract).

7.3. Any Contract to be novated in accordance
 with Clause 2 and Clause 7.1 that is not exclusively related to the Maintenance Operations
 and as identified in <u>Part 1 of the Disclosure Schedule</u> (each, a "**Shared Contract**") shall be novated only with
 respect to, and to the extent that, those parts relating to the Maintenance Operations can
 be novated to a Purchaser Designee, or are appropriately amended or split, in order that
 (x) a Purchaser Designee shall be entitled to the rights and benefits of those parts of the
 Shared Contract that relate to the Maintenance Operations and shall assume the related portion
 of any Assumed Liabilities contemplated by this Agreement (the "**Purchaser Portion of the Shared Contract**") and (y) the Vendor (or the applicable member of the Vendor
 Group) shall be entitled to the rights and benefits of those parts of the Shared Contract
 other than those related to the Maintenance Operations and shall assume or retain the related
 portion of any Excluded Liabilities contemplated by this Agreement (the "**Vendor Portion of the Shared Contract** "). For the avoidance of doubt, Clause 7.2 shall
 apply to any Shared Contract that cannot be novated (or cannot be amended or split) by its
 terms without obtaining required Third Party Consents, and if any Shared Contract cannot
 be so partially novated (or cannot be amended or split) by its terms without such Third Party
 Consents from Completion until such time as such Third Party Consents are obtained (the "**Contingent Shared Contract** "), (i) (x) any rights, receivables, revenues and benefits arising
 in connection with the Purchaser Portion of the Shared Contract, as well as (y) any Assumed
 Liabilities in connection with the Purchaser Portion of the Shared Contract shall be for
 the account of a Purchaser Designee, (ii) any moneys, goods or other benefits received under
 the Purchaser Portion of the Shared Contract by the relevant member of the Vendor Group shall
 be held by the relevant member of the Vendor Group as agent of and in trust for a Purchaser
 Designee, and shall be promptly forwarded to a Purchaser Designee, subject to Clause 7.5
 below, and (iii) the relevant member of the Vendor Group will (so far as it lawfully may)
 give all such assistance to a Purchaser Designee as the Purchaser may reasonably require
 to enable the Purchaser Designee to enforce its or a Purchaser Designee's rights (respectively
 the Vendor Group's rights) under such Purchaser Portion of the Shared Contract and
 will provide access to all relevant books, documents and other information in relation to
 such Purchaser Portion of the Shared Contract as the Purchaser may reasonably require from
 time to time.

7.4. For the avoidance of doubt, the Vendor Portion of the Shared Contract shall solely remain with the Vendor
or the applicable member of the Vendor Group and the Purchaser shall not be entitled to any rights or benefits thereunder.

7.5. For the avoidance of doubt, the fees of the Vendor or the relevant member of the Vendor Group and any
other costs and expenses chargeable for the continued service of a Contingent Transferred Contract or the Purchaser Portion of the Shared
Contract qualifying as a Contingent Shared Contract (and therefore the allocation of the moneys, goods or other benefits received under
a Contingent Transferred Contract or the Purchaser Portion of the Shared Contract as contemplated by Clause 7.2 or Clause
7.3) shall be as set forth in the Service Agreements or as otherwise agreed in writing by the Purchaser or the JV Company, on the one
side, and the Vendor, on the other side, from time to time. The Vendor or the applicable member of the Vendor Group may deduct and withhold
from any moneys, goods or other benefits received under a Contingent Transferred Contract and the Purchaser Portion of the Shared Contract
qualifying as a Contingent Shared Contract the relevant fee payable under the Service Agreements and, to the extent applicable, any other
costs and expenses chargeable pursuant to the Service Agreements or otherwise agreed between the Purchaser or the JV Company, on the one
side, and the Vendor, on the other side, from time to time in writing, including the Stock and Inventory used or attributable to the servicing
of the applicable Contingent Transferred Contract or the Purchaser Portion
of the Shared Contract qualifying as a Contingent Shared Contract.

7.6. The Parties acknowledge and agree that with respect to the Contract as specified and disclosed at paragraph
12 of <u>Part 1 of the Disclosure Schedule,</u> this Contract shall remain as a "Contingent
Transferred Contract" until the date on which such Contract expires, and such Contract shall not be novated to a Purchaser Designee
unless otherwise agreed by the Purchaser in writing (for the avoidance of doubt, subject to any Third Party Consent, if required), and
any renewal of the Contract would be subject to the agreement of the Purchaser.

8. COMPLETION

8.1. Completion shall take place on the Completion Date at the offices of the Vendor or at such other place
as the Purchaser and the Vendor may agree in writing.

8.2. On Completion, the Vendor shall deliver or cause to be delivered to the Purchaser or a Purchaser Designee,
as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a copy of the board resolutions of the Vendor approving its entry into this Agreement and the sale of
the Transferred Assets by the Vendor or any other member of the Vendor Group and otherwise the transactions contemplated hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a certificate confirming the satisfaction
 and fulfilment of the Conditions Precedent listed in paragraphs 1 (to the extent related
 to the Vendor or any member of Vendor Group) and 3 of <u>**Schedule 2**</u> ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of the Books and Records, possession thereof as contemplated by Clause 2.5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a statement setting out the Advance Payments as at the Completion Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a statement setting out the Payables and Debts as at the Completion Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a USB drive (which shall be accessible
 without the need for any password) (the "**Dataroom Media**") that contains
 the true, correct and complete contents of the Dataroom;

and, for the avoidance of doubt, shall permit the Purchaser and the applicable Purchaser Designee to continue operating the Maintenance Operations to be sold and transferred under this Agreement.

8.3. On Completion, subject to compliance by the Vendor of its obligations in Clause 8.2, the Purchaser shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) deliver to the Vendor a copy of the board resolutions of the Purchaser approving its entry into this Agreement
and the acquisition of the Transferred Assets from the Vendor or any other member of the Vendor Group and the assumption of the Assumed
Liabilities and otherwise authorising the transactions contemplated hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) deliver to the Vendor a certificate confirming the satisfaction and fulfilment of the Conditions Precedent
listed in paragraph 1 (to the extent related to the Purchaser or any Purchaser Designee) and paragraphs 2 and 4 of <u>**Schedule 2;**</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) deliver to the Vendor a copy of the board resolutions of the Purchaser approving and authorizing the allotment
and issuance of the OTSAW Shares and the entry of the Vendor in the Purchaser's electronic register of members in respect thereof and
approving and authorising the execution and delivery of a share certificate with respect to the OTSAW Shares to the Vendor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) deliver
to the Vendor a copy of the shareholders resolutions of the Purchaser approving and authorizing the allotment and issuance of the OTSAW
Shares and waiving any pre-emption rights in respect of the allotment and issue of the OTSAW Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) deliver to the Vendor a copy of the board resolutions of the JV Company approving and authorizing the
allotment and issuance of the JV Company Shares and the entry of the Vendor in the JV Company's electronic register of members in respect
thereof and approving and authorising the execution and delivery to the Vendor of a share certificate for the JV Company Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) deliver to the Vendor a copy of the shareholders resolutions of the JV Company approving and authorizing
the allotment and issuance of the JV Company Shares and waiving any pre-emption rights in respect of the allotment and issue of the JV
Company Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) pay to the Vendor the Cash Price and subject to a deduction for an amount equivalent to the Advance Payments.

8.4. On Completion, subject to compliance by the Vendor of its obligations in Clause 8.2 and the Purchaser
of its obligations in Clause 8.3, the Parties, its Affiliates or other designees, as applicable, shall enter into the following agreements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) service agreements between (i) Swisslog
 Healthcare Asia Pacific Pte. Ltd. and (ii) Swisslog Healthcare GmbH and certain other members
 of the Vendor Group with the JV Company respectively for a period of not less than 1 year,
 with an option to renew for up to two successive periods of 1 year each (subject to 3 or
 6 months prior written notice, as applicable) for the applicable member of the Vendor Group
 to provide maintenance and other services to enable a Purchaser Designee to perform its obligations
 under the Contracts, and to set out the arrangements relating to the revenue and fees and
 reimbursements relating to a Contingent Transferred Contract or the Purchaser Portion of
 the Shared Contract qualifying as a Contingent Shared Contract, substantially corresponding
 to <u>**Exhibit A**</u> hereof (the "**Service Agreements**") (it being understood that the relevant Service Agreement for Singapore
 is attached hereto as <u>**Exhibit A**</u> and the relevant Service Agreement for certain countries in Europe shall be negotiated in
 good faith based upon the Service Agreement for Singapore between the date of this Agreement
 and Completion);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a shareholders agreement between the Vendor,
 Purchaser and the JV Company regarding their joint shareholding in, and governance of, the
 JV Company, substantially corresponding to <u>**Exhibit B**</u> hereof (the "**Shareholders Agreement** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with respect to jurisdictions in which
 Transferred Assets or Assumed Liabilities are located or where the sale and transfer of such
 Transferred Assets or Assumed Liabilities is otherwise governed by the laws of such jurisdictions,
 other forms and agreements as Vendor and Purchaser mutually agree are reasonably necessary
 or appropriate to effect the sale and transfer of the Transferred Assets or the assumption
 of the Assumed Liabilities pursuant to this Agreement, to be entered into by the Vendor or
 the relevant member of the Vendor Group, as transferor, and a Purchaser Designee, as transferee
 and the Purchaser (the "**Local Transfer Agreements** ").

8.5. On Completion, and following completion of the steps in Clause 8.2, Clause 8.3 and Clause 8.4, the Purchaser
shall, and the Purchaser shall procure the JV Company to, (a) allot and issue the OTSAW Shares and JV Company Shares to the Vendor; (b)
lodge the relevant return of allotment with the Accounting and Corporate Regulatory Authority to update the Purchaser's and the JV Company's
electronic register of members to reflect the Vendor as the holder the relevant shares; and (c) subject to the electronic registers of
members being so updated, the Purchaser and the JV Company shall issue and deliver (by courier) to the Vendor the share certificates for
the relevant shares.

8.6. All actions to be taken or performed at Completion shall be considered to have been taken simultaneously
and no such action shall be considered complete until all such actions have been completed and taken.

8.7. Without prejudice to any other remedies available to such Party, if in any respect the provisions of Clause
8.2 and Clause 8.3 are not complied with on the Completion Date, the Party not in default shall be entitled (in addition to and without
prejudice to its other rights and remedies conferred by law or otherwise, including the right to claim damages):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to elect to terminate this Agreement by written notice to the other Parties, and if this Agreement is
so terminated, then the provisions of this Agreement (other than this Clause 8.7 and the Surviving Clauses) shall from such date *ipso facto* cease and determine and none of the Parties shall have any claim against the other for costs, damages, compensation or otherwise
save in respect of any antecedent breach of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to effect Completion as far as practicable, having regard to the defaults (without prejudice to its rights
thereunder); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to fix a new date for Completion (not more than 20 Business Days after the initial Completion Date) in
which case the provisions of this Clause 8 shall apply to the Completion as so deferred.

8.8. Legal title to and beneficial ownership of the Transferred Assets shall pass to the Purchaser or the applicable
Purchaser Designee on Completion and risk or loss or damage to the Transferred Assets shall be deemed to have passed to the Purchaser
or the applicable Purchaser Designee on Completion, except as otherwise provided in this Agreement.

8.9. The Local Transfer Agreements shall be in a form as mutually agreed between the Purchaser and the Vendor.
The Local Transfer Agreements shall serve to effect and make enforceable vis-a-vis (a) the Vendor or the relevant member of the Vendor
Group, as transferor, and a Purchaser Designee, as transferee and the Purchaser and (b) third parties the transfer of the legal and beneficial
title to the applicable Transferred Assets or assumption of the Assumed Liability.

Each of the Purchaser and Vendor hereto shall not, and shall cause its respective Affiliates not to, bring any claim or demand (including for breach of any representation and warranty, covenant or indemnity relating to the transactions contemplated hereby) against the other Party or any of its Affiliates in respect of or based upon any of the Local Transfer Agreements, except to the extent necessary to enforce (by way of specific performance or similar relief) any transfer of the Transferred Assets or the assumption of Assumed Liabilities in a manner consistent with the terms of this Agreement. All other claims and demands (except as referred to above) shall be brought in accordance with, and be subject to the provisions, rights and limitations set out in this Agreement.

9. ALLOCATION OF PURCHASE PRICE

9.1. For the tax treatment of the Consideration,
 the Vendor shall no later than 20 Business Days following Completion deliver a draft allocation
 of the Consideration among the Transferred Assets and the performance by the Vendor of its
 obligation to continue to employ and bear the salaries of the Salaried Employees under Clause
 6.1 (the "**Preliminary Allocation** ").

9.2. If and to the extent the Purchaser does
 not contest the Preliminary Allocation, the allocation of the Consideration shall be deemed
 finally and bindingly determined as set forth in the Preliminary Allocation. If the Purchaser
 disagrees with the Preliminary Allocation, the Purchaser may, within 10 Business Days after
 delivery of the Preliminary Allocation, deliver a notice (the "**Purchaser's Allocation Notice**") to the Vendor to such effect, specifying those items as to
 which the Purchaser disagrees and setting forth Purchaser's proposed allocation. Vendor
 and Purchaser shall, during the 20 Business Days following the Purchaser's Allocation
 Notice use their reasonable efforts to reach an agreement on the disputed items or amounts
 in order to determine the allocation of the Consideration. If and to the extent the Purchaser
 and the Vendor have reached an agreement by the end of such 20 Business Day period, the allocation
 of the Consideration as agreed between the Purchaser and the Vendor shall be deemed finally
 and bindingly determined as between the Parties.

9.3. If and to the extent the Purchaser and the
 Vendor have not reached an agreement by the end of the 20 Business Day period as set forth
 in Clause 9.2, each of the Vendor and the Purchaser shall have the right to request
 that the allocation of the Purchaser shall be reviewed, calculated and determined by such
 party as the Purchaser and the Vendor shall agree and who shall act as an independent expert
 (the "**Independent Expert**") in accordance with Clause 9.4 below. The Purchaser
 and the Vendor shall each use their reasonable endeavours to agree on the Independent Expert
 as soon as reasonably practicable and in good faith.

9.4. The Independent Expert shall be requested to decide the issues in dispute in accordance with the provisions
of this Agreement and to deliver a written determination of the allocation of the Consideration as soon as reasonably practicable, but
no later than 20 Business Days after receiving a respective request from the Vendor and/or the Purchaser. The Parties shall provide the
Independent Expert with all information and documents, including access to books and records, employees and management of the relevant
Party, as reasonably required by the Independent Expert to prepare its decision and to otherwise perform its function as Independent Expert.
Unless jointly instructed otherwise by the Vendor and the Purchaser, the Independent Expert shall limit its decisions to the issues in
dispute. With respect to the issues in dispute, the decisions of the Independent Expert shall fall between the positions taken by the
Vendor and the Purchaser and therefore the Independent Expert shall not assign a value to any item greater than the greatest value for
such item claimed by either the Vendor or the Purchaser or less than the smallest value for such item claimed by either the Vendor or
the Purchaser. The determination of the allocation of the Consideration by the Independent Expert shall be deemed finally and bindingly
determined as between the Parties, save in case of manifest errors. The costs of the Independent Expert shall be borne by the JV Company.

**10.** **CONSIDERATION ADJUSTMENTS** 

10.1. The Parties acknowledge and agree that
 the anticipated revenue (the "**Anticipated Revenue**") to be generated in
 connection with the Contracts for each year during the period starting with the Completion
 Date and ending on the date falling 2 years after the Completion Date (the "**Revenue Period**") are as set forth in <u>**Schedule 6.**</u> 

10.2. Within 30 Business Days following the expiry
 of each of the 2 years after the Completion Date and, for the avoidance of doubt, up to the
 end of the Revenue Period, the Vendor and the Purchaser shall prepare, or cause to be prepared,
 a statement for each such year (the "**Revenue Statement**") setting forth
 the (i) actual revenue generated in connection with a Contract (the "**Actual Revenue** ",
 including also any payments as per Clause 10.3 below), during the Revenue Period either (x)
 since the Third Party Consent with respect to the relevant Contract had been granted and
 such Contract had been novated to a Purchaser Designee or (y), for as long as such Third
 Party Consent has not been granted, any revenue generated under such Contingent Transferred
 Contracts or the Purchaser Portion of the Shared Contracts qualifying as a Contingent Shared
 Contract for which a Purchaser Designee received moneys, goods or other benefits as contemplated
 by Clause 7.2, Clause 7.3 and Clause 7.5 and (ii) a comparison between the Actual Revenue
 and the Anticipated Revenue. For the purpose of preparing the Revenue Statement, the Parties
 shall provide each other with all information and documents, including access to books and
 records, employees and management of the relevant Party, as reasonably required by a Party.

10.3. The Actual Revenue shall include any revenue
 generated or other payment or benefit received by the Purchaser, the JV Company or any of
 their Affiliates (including any other Purchaser Designee) during the Revenue Period (i) with
 customers under the Contracts under any other contract or arrangement with such customer,
 in each case, for the avoidance of doubt, outside and not connected to the Contracts, and
 (ii) otherwise in connection with or attributable to the Maintenance Operations or similar
 operations or business of the Purchaser, the JV Company and their Affiliates (including any
 other Purchaser Designee) following Completion (the "**Post-Completion Operations** ").

10.4. If the Vendor and the Purchaser cannot agree on the Revenue Statement within 30 Business Days following
the lapse of the Revenue Period, each of the Vendor and the Purchaser shall have the right to request that the Revenue Statement shall
be reviewed, calculated and determined by the Independent Expert. Clause 9.4 shall apply *mutatis mutandis.* 

 

10.5. Once the Revenue Statement
 is agreed between the Vendor and the Purchaser or is otherwise final and binding and in case
 the Actual Revenue falls short of the Anticipated Revenue, an amount derived from the calculation
 mechanism as set out in <u>**Schedule 6**</u> (the "**Contract Compensation**") shall be payable by the Vendor within 20 Business Days, subject to Clause 10.6
 and Clause 10.7 below.

10.6. Any Contract Compensation payable pursuant to this Clause 10 shall be paid to the Purchaser. The Contract
Compensation shall in total not exceed the limits for the Contract Compensation as set forth in <u>**Schedule 6**</u> for each relevant year.

10.7. Notwithstanding anything to the contrary in this Agreement, Purchaser shall not, and shall cause the JV
Company and its Affiliates (including any other Purchaser Designee) not to, effect or permit any of the following: (i) take any action
with the primary intent of artificially increasing the amount of any payments potentially due to the Purchaser under this Clause 10, (ii)
act in bad faith with respect to attaining any Actual Revenue for the purpose of increasing the payments potentially due to the Purchaser
under this Clause 10, or (iii) fail to conduct or operate the Post-Completion Operations in a manner generally consistent with the efforts
and resources that the Purchaser, the JV Company or its Affiliates (including any other Purchaser Designee) would devote to its other
operations and businesses similar to the Post-Completion Operations. The Purchaser's rights to receive any potential payment from the
Vendor under this Clause 10 shall be reduced and/or diminished accordingly if Purchaser or the JV Company or its Affiliates (including
any other Purchaser Designee) effect or permit any of the above.

**11.** **WARRANTIES** 

11.1. Each of Purchaser, Guarantor and Vendor represents and warrants to the other Parties in relation to
 itself (in the case of the Purchaser and the Vendor and the Guarantor) and in relation to each member of the Vendor Group (in the
 case of the Vendor) and in relation to the JV Company and any other Purchaser Designee (in the case of the Purchaser) that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has the power to enter into, exercise
 its rights and perform and comply with its obligations under the Transaction Documents to
 which it is a party (the "**Relevant Transaction Documents**") and the
 board resolutions (or equivalent pursuant to jurisdiction of incorporation) of that Party
 approving its entrance into this Agreement and the transactions contemplated by this Agreement
 have been passed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all actions, conditions and things required to be taken, fulfilled
and done (including without limitation the obtaining of any necessary consents) in order to enable it to lawfully enter into, exercise
its rights and perform and comply with its obligations under the Relevant Transaction Documents and to ensure that those obligations
are legally binding and enforceable, have been taken, fulfilled and done;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) its entry into, the exercise of its rights and/or the performance of, or compliance with, its obligations
under the Relevant Transaction Documents do not and will not violate, or exceed any power or restriction granted or imposed by (i) any
law, regulation, authorisation, directive or order (whether or not having the force of law) to which
it is subject; (ii) its constitutive documents; or (iii) any agreement to which it is a party or which is binding on it or its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) its obligations under the Relevant Transaction Documents are valid, binding and enforceable in accordance
with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) save as otherwise provided for in this Agreement, it enters into the Relevant Transaction Documents for
itself in its own capacity and not pursuant to the direction of, or arrangement or undertaking with, any person and that it is not acting
as a nominee or trustee or agent for any person in relation to the Relevant Transaction Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) it is not insolvent or unable to pay its debts as and when they fall due and it will not become insolvent
or unable to pay its clients as a result of entering into the Relevant Transaction Documents.

The representations and warranties in Clause 11.1 are given as of the date of this Agreement and are deemed repeated immediately before Completion by reference to the facts and circumstances subsisting at such date.

11.2. The Vendor represents and warrants to the
 Purchaser that, except as Disclosed, all the Vendor Group's warranties and representations
 set out in <u>**Schedule 4**</u> of this
 Agreement (collectively with the applicable warranties and representations of the Vendor
 in Clause 11.1 above, the "**Vendor Warranties**") are true, accurate
 and not misleading in all material respects. The Vendor Warranties are given as of the date
 of this Agreement and are deemed repeated immediately before Completion by reference to the
 facts and circumstances subsisting at such date. The Vendor represents and warrants to the
 Purchaser that (a) as of the date of this Agreement, the Vendor has no knowledge that any
 of the Vendor Warranties is untrue or incorrect as of the date of this Agreement or of any
 other matter, event or circumstance that might entitle the Purchaser to a Recovery Claim;
 and (b) as of the date of this Agreement, the Vendor has no actual knowledge that any of
 the Purchaser Warranties is untrue or incorrect as of the date of this Agreement, provided
 that this statement shall not limit or prejudice any of the Vendor's rights or remedies
 granted by this Agreement.

11.3. The Vendor hereby represents and warrants to the Purchaser that each of the Vendor Warranties set out
in <u>**Schedule 4**</u> of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) shall not be impaired, affected, diminished, extinguished, affected by Completion or any other event or
matter or limited by reference to any other representation or warranty or any term of this Agreement except by a specific and duly authorised
written waiver or release by the Purchaser for whose benefit the representation or warranty was given and the Purchaser shall have a separate
claim and right of action in respect of every breach of each such Vendor Warranty; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is separate from and independent of the other representations and warranties set out in this Agreement.

11.4. The Vendor Warranties are qualified by the knowledge or awareness of the Vendor which shall encompass
(i) in respect of the Vendor, the actual knowledge of the managing directors *(Mitglied des Verwaltungsrats)* of the Vendor and (ii)
in respect of the members of the Vendor Group other than the Vendor, such knowledge of the managing directors *(Mitglied des Verwaltungsrats)* of the Vendor would be deemed to have following reasonable enquiry with the managing directors or similar officers of the other members
of the Vendor Group.

11.5. Each of the sub-clauses of this Clause 11 shall be read and construed separately.

12. SPECIFIC WARRANTIES AND ACKNOWLEDGMENTS OF PURCHASER

12.1. The Purchaser represents and warrants to the Vendor that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Part 1 of <u>**Schedule 8**</u> sets out a true, accurate
and not misleading list of, as at immediately before Completion, all holders of equity securities or options, warrants or other rights
convertible into or exchangeable for equity securities of the Purchaser, together with the number of equity securities or rights held
by each of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Part 2 of <u>**Schedule 8**</u> sets out a true, accurate
and not misleading list of, as at immediately before Completion, all holders of equity securities or options, warrants or other rights
convertible into or exchangeable for equity securities of the JV Company, together with the number of equity securities or rights held
by each of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The JV Company Shares and the OTSAW Shares, when issued will be duly authorised, properly allotted and
issued as fully paid free of any Encumbrances, and will have the rights, powers and preferences of ordinary shares pursuant to the respective
constitutions of the JV Company and the Purchaser. There is no Encumbrance, and there is no contract or agreement to create or give any
Encumbrance, in relation to any of the JV Company Shares and the OTSAW Shares, save for the proposed issuance and allotment in mid-November
2021 of an aggregate of 2,349,774 Shares in the capital of Otsaw to the Parties set out in Schedule 8;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Neither the JV Company or the Purchaser
 or any of their Affiliates (including any other Purchaser Designee) have entered into any
 contract or agreement whereby any person has the right (exercisable now or in the future
 and whether contingent or not) to call for the issue, allotment, redemption, repurchase,
 conversion, transfer of, or subscribe for, any equity securities in the JV Company or the
 Purchaser, save as disclosed in <u>**Schedule 8**</u> .
 No person is entitled to exercise any pre-emption or similar rights in case of the subscription
 and issuance of the JV Company Shares and the OTSAW Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) As of the date of this Agreement, the Purchaser has no knowledge that any of the Purchaser Warranties
is untrue or incorrect as of the date of this Agreement or of any other matter, event or circumstance that might entitle the Vendor to
a Recovery Claim; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) As of the date of this Agreement, the Purchaser has no actual knowledge that any of the Vendor Warranties
is untrue or incorrect as of the date of this Agreement, provided that this statement shall not limit or prejudice any of the Purchaser's
rights or remedies granted by this Agreement.

(collectively with the applicable representations and warranties of the Purchaser in Clause 11.1 above the "**Purchaser Warranties**").

The Purchaser Warranties are given as of the date of this Agreement and are deemed repeated immediately before Completion by reference to the facts and circumstances subsisting at such date.

12.2. Without limiting the Vendor Warranties and the Purchaser's reliance thereon, the Purchaser acknowledges
and agrees that it is not relying on any representation or warranty of the Vendor other than the Vendor Warranties; and the Vendor (or,
for the avoidance of doubt, any other member of the Vendor Group or any of their representatives) does not make any representation or
warranty whatsoever, express or implied, as to the Transferred Assets, Assumed Liabilities and the Maintenance Operations other than the
Vendor Warranties.

12.3. For the avoidance of doubt, the Purchaser acknowledges that the Vendor Group Designations are Excluded
Assets and save as provided for in the Service Agreements, the Shareholders Agreement or any other
consent granted by the Vendor in writing from time to time, the Purchaser, the JV Company, any other Purchaser Designee and/or Affiliate
shall not have any rights to use the Vendor Group Designations and shall cease and desist using any of them following Completion.

**13.** **INDEMNITY AND INDEMNITY PROCEDURES** 

13.1. <u>Indemnity</u> 

The Vendor hereby covenants and undertakes with the Purchaser that it shall indemnify, defend and hold harmless the Purchaser, or, at the selection of the Purchaser, any Purchaser Designee from and against any Losses to the extent arising or resulting from:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any inaccuracy or breach of warranties and representations of the Vendor Warranties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Excluded Assets or Excluded Liabilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any non-compliance or non-performance, or default in compliance or performance with, any covenant or other
agreement contemplating any performance or compliance by the Vendor or any member of Vendor Group set forth in this Agreement.

13.2. <u>Warranty Indemnity Claim Procedures</u> 

Following Completion, if the Purchaser becomes aware of any facts, matters or circumstances that might entitle the Purchaser to a claim or demand for indemnification under the Vendor's indemnities pursuant to Clause 13.1 (each a "**Recovery Claim**"), the Purchaser shall notify the Vendor promptly, but at the latest within 15 Business Days from becoming so aware, in writing (the "**Indemnity Notice**") and shall describe in such Indemnity Notice in reasonable details the facts, matters or circumstances then known to the Purchaser in order to substantiate the notified Recovery Claim. Any failure to provide an (appropriate) Indemnity Notice shall not release the Vendor from any of its Liabilities under this Agreement <u>except and to the extent</u> that such failure shall have caused the Losses for which the Vendor is liable for to be greater than such Losses would have been had the Purchaser given the Vendor prompt notice hereunder.

Following issuance of an Indemnity Notice, and in each case subject to the further procedures, restrictions and limitations set forth in this Agreement, the Purchaser shall be entitled to claim for indemnification against the Vendor in respect of the relevant Losses underlying the relevant Recovery Claim.

In the event the Vendor receives an Indemnity Notice, the Vendor shall notify the Purchaser within 30 Business Days following its receipt of such Indemnity Notice whether the Vendor disputes its liability to the Purchaser in connection with the notified Recovery Claim. Within such 30 Business Days period beginning on the date of receipt by the Vendor of the Indemnity Notice, the Purchaser and the Vendor shall reasonably cooperate with and assist each other in determining the validity of any such Recovery Claim and shall attempt to agree upon the rights and obligations of the respective Party with respect to such Recovery Claim. If the Vendor and the Purchaser are unable to agree as to any particular item or amount of such Recovery Claim, then either of the Parties may submit such Recovery Claim for resolution in accordance with Clause 22.19. For the avoidance of doubt, in case the Indemnity Notice involves a Third Party Claim, Clause 14 shall apply.

13.3. <u>Period of Limitation</u> 

A Recovery Claim shall expire (and shall be precluded) unless the Vendor receives an Indemnity Notice within 36 months after Completion. In case an Indemnity Notice is not timely delivered within the period stipulated above, any Recovery Claims shall become time-barred and forever deemed waived, released and discharged. If any Recovery Claim is based upon a Liability which is contingent only (such as, for the avoidance of doubt, in case of a Third Party Claim), the Vendor shall not be liable unless and until such contingent Liability gives rise to an actual Liability. The Purchaser shall nevertheless have the right to give an Indemnity Notice of that Recovery Claim before such time. The limitation periods set out in this Clause 13.3 shall be suspended in respect of the relevant matters or circumstances on which the relevant Recovery Claim is based during the period of time until the contingent Liability becomes an actual Liability.

13.4. <u>De-Minimis and Threshold</u> 

The Vendor shall only be liable for Recovery Claims if (i) the amount of the Liability pursuant to a single Recovery Claim or a series of similar Recovery Claims arising from substantially the same facts, matters or circumstances exceeds S$10,000 (the "**De Minimis Amount**"), in which case the full amount and not just the amount in excess of such amount shall be used for the Threshold, and (ii) the aggregate amount of a single Recovery Claim or all Recovery Claims exceeding the De Minimis Amount exceed S$100,000 (the "**Threshold**"), provided that if the Threshold is exceeded, the Vendor shall be liable for the full amount exceeding the De Minimis Amount and not just the amount in excess of the Threshold.

13.5. <u>Liability Limit</u> 

The aggregate liability of the Vendor in respect of any and all Recovery Claims by the Purchaser shall be limited to the sum of S$6 Million being the estimated cash value of the aggregate Consideration (taking into account the price to be paid for the acquisition of the JV Company Shares to be held by the Vendor and less the approximate aggregate salaries of the Salaried Employees to be borne pursuant to Clause 6.1).

13.6. <u>Mitigation of Losses</u> 

The Purchaser shall use reasonable efforts to take the actions as may be required or necessary to mitigate any Losses in connection with a Recovery Claim, including taking actions to remedy the Loss, asserting claims or demands against a third party or otherwise applying measures that would reduce or eliminate a Loss provided that the Vendor shall, as soon as reasonably practicable, reimburse or indemnify the Purchaser for any costs or other expenses incurred in connection therewith.

13.7. <u>General Exclusions and Limitations, Other Provisions</u> 

The Vendor shall have no liability for any Losses in connection with a Recovery Claim if and to the extent (i) the Purchaser or any of its Affiliates has already recovered any amounts from the Vendor or its Affiliates in respect of the same facts, matters or circumstances underlying the Recovery Claim and the Vendor or its Affiliates shall not be liable to make any duplicative payment in respect of the same Loss in relation to any Recovery Claim, (ii) a Loss arises or is increased as a result of changes in laws or accounting standards, including any changes in administrative practices by governmental authorities, in each case which occur after the Completion, (iii) a Loss (a) arises or is triggered by any action or omission allowed for in, provided for in, or otherwise contemplated to be taken by, this Agreement or any other Transaction Document or (b) would not have arisen or have been triggered but for any non-performance or non-compliance, or default in performance or compliance with, any covenant or other agreement of the Purchaser or any of its Affiliates set forth in this Agreement or any other Transaction Document.

The Vendor shall have no liability towards the Purchaser for a breach or inaccuracy of any Vendor Warranty if and to the extent that the facts, matters or circumstances forming the basis for and underlying such Recovery Claim were Disclosed.

The Vendor agrees that the Purchaser shall be entitled to treat the Losses of the Purchaser Designee as the Losses of the Purchaser, however, the Vendor shall not be liable to make double payment to the Purchaser and Purchaser Designee for the same Losses.

13.8. <u>Treatment</u> 

Any amounts paid by the Vendor in connection with a Recovery Claim shall be considered an adjustment to the Consideration to the extent allowed under applicable laws. Purchaser and Vendor, and each of their respective Purchaser Designees and members of the Vendor Group, shall prepare and file Tax returns (and if applicable, accounting documents) consistent with the treatment described in the foregoing sentence.

13.9. <u>Insurance</u> 

If any portion of Losses of a Recovery Claim may be covered, in whole or in part, by third party insurance coverage maintained by the Purchaser or the relevant Purchaser Designee or may otherwise be recovered by the Purchaser or the relevant Purchaser Designee from any third party, the Purchaser shall promptly give notice thereof to the Vendor, and the Vendor and the Purchaser shall, and shall procure the relevant Purchaser Designee to, use its reasonable efforts to recover or collect the amount of such Losses (all such proceeds actually received, net of Taxes and costs incurred by the Purchaser or the Purchaser Designee in seeking such collection collectively the "**Eligible Third Party Proceeds**").

In any case where the Purchaser or the relevant Purchaser Designee recovers from a third party any Eligible Third Party Proceeds in respect of any Losses which the Vendor has actually paid to or on behalf of the Purchaser in discharge of a Recovery Claim, the Purchaser or the relevant Purchaser Designee shall promptly pay over to the Vendor such Eligible Third Party Proceeds so recovered (after deducting therefrom the amount of expenses incurred in procuring such recovery) that the Vendor would not have had to pay pursuant to Clause 13.9 had such determination been made at the time of such payment, but not in excess of the sum of any amount previously paid by the Vendor to or on behalf of the Purchaser or the relevant Purchaser Designee in discharge of the Recovery Claim.

13.10. <u>Exclusive Remedy</u> 

From and after Completion, except for claims for specific performance and injunctive relief pursuant to any of the other Transaction Documents (including in particular the Local Transfer Agreements whereby reference is made to Clause 8.9), Purchaser's sole and exclusive remedy with respect to any and all claims and demands relating to this Agreement, the Transferred Assets, the Assumed Liabilities and the Maintenance Operations shall be pursuant to a Recovery Claim as set forth in this Clause 13 and subject to the further procedures, exclusions and limitations set out in this Agreement. For the avoidance of doubt, any claims made in relation to the subject of the Service Agreements and the Manufacturing Agreement shall be subject to provisions of the respective agreements.

Following Completion and notwithstanding anything to the contrary contained in this Agreement, no breach or inaccuracy of any representation or warranty or non-compliance or non-performance, or default in compliance or performance with, any covenant or other agreement contained herein shall give rise to any right on the part of Purchaser, on the one hand, or Vendor, on the other hand, to rescind this Agreement or withdraw from the transactions contemplated thereby.

13.11. <u>Carve-Out</u> 

The limitations set forth in this Clause 13 shall not apply to any Loss to the extent such Loss arises as a result of fraud or wilful misconduct on the part of the Vendor or any member of the Vendor Group.

**14.** **THIRD PARTY CLAIM** 

14.1. Upon receipt of an Indemnity Notice in
 respect of a pending or threatened claim or demand by a third party (including, for the avoidance
 of doubt, governmental authorities) that has given or could reasonably give rise to a Recovery
 Claim (such claim or demand being a "**Third Party Claim** "), the Vendor
 may, by notice to the Purchaser delivered within 20 Business Days after the receipt of the
 Indemnity Notice, assume the defence and control of such Third Party Claim with its own counsel
 and at its own expense. The Vendor shall allow the Purchaser a reasonable opportunity to
 participate in the defence of such Third Party Claim at its own cost and expense, for the
 avoidance of doubt, without controlling it.

14.2. If the Vendor elects to assume the defence and control of such Third Party Claim, the Vendor may, without
the prior written consent of the Purchaser (which shall not be unreasonably withheld, conditioned or delayed), consent to a settlement,
compromise or discharge of any Third Party Claim, if such settlement, compromise or discharge is on exclusively monetary terms and the
Vendor shall (i) pay or cause
to be paid all amounts arising out of such settlement, compromise or discharge concurrently with its effectiveness and (ii) obtain, as
a condition of any settlement, compromise or discharge, a complete and unconditional release of the Purchaser and its Affiliates from
any and all liability in respect of such Third Party Claim and without any payment by the Purchaser and its Affiliates.

14.3. The Purchaser shall, and shall cause its Affiliates to, cooperate with the Vendor and its Representatives
in contesting any Third Party Claim, including in making any counterclaim against the person asserting the Third Party Claim, or any cross-complaint
against any person (other than against the Purchaser or any of its Affiliates), subject to reimbursements for any costs or expenses reasonably
incurred by the Purchaser or any of its Affiliates in connection therewith.

14.4. Notwithstanding anything to the contrary contained herein, the Vendor shall not have the right to control
the defence of a Third Party Claim to the extent that (i) it involves any customer under a Contract which has already been transferred
to a Purchaser Designee as contemplated by Clause 7 (i.e. and therefore not qualifying as a "Contingent Transferred Contract"
or "Contingent Shared Contract") and (ii) such Third Party Claim could reasonably be expected to materially impair a Purchaser's
Designee relationship with such customer.

14.5. If the Vendor does not elect to control such Third Party Claim or Clause 14.4 is applicable, the Purchaser
shall control such Third Party Claim provided that (i) the Purchaser shall keep the Vendor reasonably informed with respect to such defence,
(ii) the Purchaser shall consult with the Vendor before taking any significant action in connection with such Third Party Claim, and (iii)
the Vendor may, at its own cost and expense, participate in (but, for the avoidance of doubt, not control) the defence of such Third Party
Claim. The Purchaser may, without the prior written consent of the Vendor (which shall not be unreasonably withheld, conditioned or delayed),
consent to a settlement, compromise or discharge of any Third Party Claim, if such settlement, compromise or discharge is on the condition
of a complete and unconditional release of the Vendor and its Affiliates from any and all liability in respect of such Third Party Claim
and without any payment by the Vendor and its Affiliates or the Purchaser and its Affiliates.

14.6. With respect to any proposed settlement, compromises or discharges which cannot be entered into without
the prior written consent of the relevant other Party pursuant to the provisions of Clause 14.2 and Clause 14.5, the Vendor and the Purchaser
shall discuss any such proposals in good faith and act reasonably with respect to the decision on whether to consent to any such proposed
settlements, compromises and discharges.

**15.** **INDEMNITY BY PURCHASER** 

15.1. <u>Indemnity</u> 

The Purchaser hereby covenants and undertakes with the Vendor that it shall indemnify, defend and hold harmless the Vendor and any other member of the Vendor Group from and against any Losses to the extent arising or resulting from:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any inaccuracy or breach of the Purchaser Warranties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Assumed Liability; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any non-compliance or non-performance, or default in compliance or performance with, any covenant or other
agreement contemplating any performance or compliance by the Purchaser or any Purchaser Designee set forth in this Agreement.

15.2. <u>Vendor Indemnity Claim Procedures</u> 

Following Completion, if the Vendor becomes aware of any facts, matters or circumstances that might entitle the Vendor to a claim or demand for indemnification under the Purchaser's indemnities pursuant to Clause 15.1 (the "**Vendor Indemnity Claim**"), the Vendor shall notify the Purchaser promptly, but at the latest within 15 Business Days from becoming so aware, in writing (the "**Vendor** **Indemnity Notice**") and shall describe in such Vendor Indemnity Notice in reasonable details the facts, matters or circumstances then known to the Vendor in order to substantiate the notified Vendor Indemnity Claim. Any failure to provide an (appropriate) Vendor Indemnity Notice shall not release the Purchaser from any of its Liabilities under this Agreement except and to the extent that such failure shall have caused the Losses for which the Purchaser is liable for to be greater than such Losses would have been had the Vendor given the Purchaser prompt notice hereunder.

Following issuance of a Vendor Indemnity Notice, and in each case subject to the further procedures, restrictions and limitations set forth in this Agreement, the Vendor shall be entitled to claim for indemnification against the Purchaser in respect of the relevant Losses underlying the relevant Vendor Indemnity Claim.

In the event the Purchaser receives a Vendor Indemnity Notice, the Purchaser shall notify the Vendor within 30 Business Days following its receipt of such Vendor Indemnity Notice whether the Purchaser disputes its liability to the Vendor in connection with the notified Vendor Indemnity Claim. Within such 30 Business Days period beginning on the date of receipt by the Vendor of the Vendor Indemnity Notice, the Purchaser and the Vendor shall reasonably cooperate with and assist each other in determining the validity of any such Vendor Indemnity Claim and shall attempt to agree upon the rights and obligations of the respective Party with respect to such Vendor Indemnity Claim. If the Vendor and the Purchaser are unable to agree as to any particular item or amount of such Vendor Indemnity Claim, then either of the Parties may submit such Vendor Indemnity Claim for resolution in accordance with Clause 22.19.

15.3. The Parties agree that the provisions of Clauses 13.3, 13.4, 13.6, 13.7, 13.9 and 13.10 shall apply *mutatis mutandis* to any Vendor Indemnity Claims by the Vendor against the Purchaser, except for Payment Related Claims. For Payment Related
Claims, the Parties agree that the provisions of Clauses 13.3 shall apply *mutatis mutandis* to any Payment Related Claims by the
Vendor against the Purchaser, provided that any Payment Related Claims shall expire (and shall be precluded) unless the Purchaser receives
a Vendor Indemnity Notice within 36 months after the respective time for the performance of the respective obligation underlying the Payment
Related Claims. For Payment Related Claims, for the avoidance of doubt, the Purchaser shall not be liable for any consequential, special
or indirect losses, including loss of profits or economic loss (in each case to the extent qualifying as consequential, special or indirect
loss), arising from any Payment Related Claims or any punitive damages.

15.4. The aggregate liability of the Purchaser in respect of any and all Vendor Indemnity Claims by the Purchaser
shall be limited to the sum of S$0.5 Million and except that it does not apply to any Payment Related Claims (or if and to the extent
the Payment Related Claims are not honoured due to a breach of a Purchaser Warranty, the Vendor Indemnity Claim related to the breach
of such Purchaser Warranty).

15.5. For the avoidance of doubt, any Losses incurred by the Vendor shall be assessed in light of the exercise
of the Put Option by the Vendor pursuant to Clause 20, the valuation protection pursuant to Clause 20A and/or the purchase or acquisition
of any of the JV Company Shares held by the Vendor as contemplated by Clause 21.

15.6. The limitations set forth in this Clause 15 (save for Clause 15.4) shall not apply to
any Loss to the extent such Loss arises as a result of fraud or wilful misconduct on the part of the Purchaser or any Affiliate of the
Purchaser.

**16.** **POST-COMPLETION OBLIGATIONS** 

16.1. At any time after Completion, each of Purchaser and Vendor shall (i) execute and deliver, or shall cause
to be executed and delivered, such documents and other instruments, as may be reasonably requested by the other Party and (ii) shall take
such other actions as may reasonably be necessary, proper or advisable, to the extent permitted by applicable laws, in each to carry out
the terms and conditions of this Agreement and implement the transactions contemplated hereby.

16.2. Without prejudice to the generality of Clause 16.1 above, if, following Completion, any right, property
or asset not forming part of the Transferred Assets is found to have been transferred to the Purchaser or Purchaser Designee in error,
Purchaser shall transfer, or shall cause the applicable Purchaser Designee to transfer to the Vendor or the applicable member of the Vendor
Group, at no cost to Vendor, such right, property or asset (and any related Liability) as soon as reasonably practicable. If, following
Completion, any right, property or asset forming part of the Transferred Assets is found to have been retained by the Vendor or any other
member of the Vendor Group in error, the Vendor shall transfer, or shall cause the applicable member of the Vendor Group to transfer,
at no cost to Purchaser or the applicable Purchaser Designee, such right, property or asset (and any related Liability) as soon as reasonably
practicable.

16.3. Notwithstanding Completion the Parties shall from time to time execute and deliver all deeds and documents
and afford to the Purchaser or the applicable Purchaser Designee such access as the Purchaser may reasonably require:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for the purpose of vesting in a Purchaser Designee the full benefit of the Transferred Assets and implementing
all the provisions of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for the purpose of vesting in a Purchaser Designee the full benefit of any rights, powers, remedies, claims
or defences (including, without limitation, rights of set-off and counterclaim) which the Vendor Group may have in relation to any Vendor
Claim, or otherwise ensuring that the same enure for the benefit of a Purchaser Designee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to enable any claim, action, suit, prosecution, litigation, proceedings, dispute or arbitration to which
the relevant member of the Vendor Group was a party and which relates to any Vendor Claim to be continued by or against a Purchaser Designee.

16.4. After Completion the Purchaser shall provide the Vendor and its advisors reasonable access, upon prior
notice during normal business hours, to such records, books, documents and affairs of the Purchaser and a Purchaser Designee (and the
opportunity to reasonably discuss with management and employees of Purchaser and Purchaser Designee), and provide copies of such information
as the Vendor may reasonably request, including in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the preparation of any Tax returns of the Vendor or any of its Affiliates; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any judicial, quasi-judicial, administrative, Tax, audit, or arbitration proceeding involving the Vendor
or any of its Affiliates; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the preparation of any financial statements or reports insofar as the Vendor or any of its Affiliates are involved.

16.5. The Vendor may retain copies of the Books and Records to the extent required pursuant to applicable laws.

16.6. To the extent requested by the Purchaser, the Vendor shall use its reasonable efforts to procure that
KUKA AG shall, and the JV Company shall, each use its reasonable endeavours to agree to the terms of and enter into a manufacturing agreement
upon the expiry of the Manufacturing Agreement. The Parties agree that the Manufacturing Agreement shall continue to apply, and the Purchaser
Designee shall be entitled to request that orders be placed pursuant to the Manufacturing Agreement, and the Vendor shall place those
orders as soon as reasonably practicable and sell such AGVs to the JV Company at cost, and the Vendor shall take such actions pursuant
to the Manufacturing Agreement as reasonably requested by the Purchaser Designee.

16.7. The Vendor shall provide assistance to facilitate the transfer of know-how in relation to the design and
function of the Automated Guided Vehicles and the maintenance of the Automated Guided Vehicles, to the JV Company, in each case to the
extent such assistance can be reasonably provided by the Vendor or any other member of Vendor Group and any material costs incurred by
the Vendor or any member of Vendor Group are reimbursed (subject to mutual agreement).

16.8. With respect to the French TransCar Contracts, the Swedish JBT Contract, the Canadian JBT Contract and
any other contract concerning the provision of maintenance services in respect of AGVs entered into by any Affiliate of the Vendor not
being a member of the Vendor Group (if any}, the Vendor and the Purchaser shall discuss in good faith upon the expiry of the applicable
contract on whether the JV Company shall take over such contracts and each of the Vendor and the Purchaser shall reasonably consider any
proposals made in connection therewith.

17. TREATMENT OF STOCK AND INVENTORY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1. As at the date of this Agreement, the Vendor shall prepare and deliver to Purchaser a list with the Stock
and Inventory, including the applicable book values, as part of <u>Part 1 to the Disclosure Schedule.</u> 

17.2. Following Completion, as part of the Service Agreements, the Vendor shall deliver to the JV Company monthly
updated lists of the Stock and Inventory, including the applicable book values. The Stock and Inventory shall continue to be used for
the servicing of the Contracts or any other customers agreed by the Purchaser or the JV Company, on the one side, and the Vendor, on the
other side, from time to time and the Vendor or the applicable member of the Vendor Group shall be entitled to charge for (the relevant
pieces of) Stock and Inventory as contemplated by the Service Agreements or as otherwise agreed in writing by the Purchaser or the JV
Company, on the one side, and the Vendor, on the other side, from time to time.

17.3. As might be reasonably requested by the Purchaser or the JV Company from time to time (and subject to
any payment terms reasonably acceptable to the Vendor), the Vendor may purchase or otherwise procure additional Stock and Inventory, either
to be delivered directly to the JV Company or any other Purchaser Designee or to a customer under a Contract, in each case as instructed
by the Purchaser or the JV Company. For the avoidance of doubt, the JV Company or any other Purchaser Designee shall be entitled to build-up
and procure its own spare parts, stock and raw materials outside the Stock and Inventory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4. The Purchaser shall use its reasonable efforts to procure that a Purchaser Designee purchases the entire
Stock and Inventory within the 18 months period following Completion Date. Notwithstanding the foregoing, the Purchaser shall procure
that a Purchaser Designee purchases the remaining Stock and Inventory at book value (the "**Remaining Stock and Inventory Price")** no later than the date following 36 months after the Completion Date, whereby the Remaining Stock and Inventory Price shall be payable by the
Purchaser or a Purchaser Designee to the Vendor.

18. NON-COMPETITION RESTRICTIONS

18.1. The Purchaser has a business presence in Singapore, Thailand, Malaysia, People's Republic of China, United
States of America, Indonesia and Australia, and intends to expand its business presence globally. The Vendor undertakes with the Purchaser
that it shall procure that the Vendor, the other members of the Vendor Group and any subsidiaries of the Vendor will not for a period
of 5 years following the Completion Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) directly or indirectly carry on, be engaged in or be economically interested in or manage or assist any
business which is of the same or similar type to the Maintenance Operations within the Territories and which is or is likely to be in
competition with the Maintenance Operations and/or relates to assets or activities which are of the same or similar type as the Automated
Guided Vehicles within the Territories and which are or are likely to be in competition with the Maintenance Operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) canvass or solicit the custom of any person, firm or company who has within the 12 months prior to Completion
been a customer of the Vendor Group in relation to the Maintenance Operations or a customer of the Vendor Group in relation to the manufacture
of the Automated Guided Vehicles, in each case with respect to a Restricted Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) use, cause to be used, register and/or cause to be registered any trade and service marks, business names
and/or company names of or associated with or used in connection with the Maintenance Operations, within the Territories, save, for the
avoidance of doubt, with respect to the Vendor Group Designations; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) directly or indirectly carry on, or be engaged in the AGV Manufacturing Operations or the manufacturing
of the same or similar type of Automated Guided Vehicles within the Territories and whereby such same or similar type of Automated Guided
Vehicles is or is likely to be in competition with the Purchaser or a Purchaser Designee with respect to the Maintenance Operations or
the Automated Guided Vehicles;

**("Restricted Business**" means any restricted conduct or activity set forth in sub-clauses (a) and (d) above).

18.2. The Parties acknowledge and agree that the Vendor is carrying on the French AGV Business and such French
AGV Business qualifies as an "Excluded Asset" pursuant to the terms and conditions of this Agreement and shall therefore not
be subject of the sale, purchase and transfer as contemplated by this Agreement. To this end:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The French TransCar Contracts, the Swedish JBT Contract and
the Canadian JBT Contract shall not be considered to be a breach of the non-competition restrictions pursuant to Clause 18.1. The Parties
agree that there shall be no renewals or extensions of the French TransCar Contracts, the Swedish JBT Contract and the Canadian JBT Contract
upon the expiry or termination of these contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The French AGV Business shall not be subject to the non-competition restrictions pursuant to Clause 18.1
for as long as it is only conducted in France, and there shall be no other business activities relating to the Automated Guided Vehicles
in France other than pursuant to the French TransCar Contracts to which Clause 18.2(a) shall apply.

18.3. The Purchaser acknowledges and agrees that (i) the Vendor is part
 of a group of companies and that the non-compete restrictions pursuant to this Clause 18 are only
 binding on the Vendor, the other members of the Vendor Group and subsidiaries of the Vendor (the "**Restricted Entities**") and (ii) the non-compete restrictions pursuant to this Clause 18 are not binding
 on any other Affiliates of the Restricted Entities. The Restricted Entities shall not be regarded
 as having an indirect interest or engagement in any business, conduct or other activity in case only
 such other Affiliates of the Restricted Entities are involved or engaged in such business, conduct
 or other activity.

18.4. The Vendor shall procure that the other Restricted Entities comply with the non-compete restrictions pursuant
to this Clause 18.

**19.** **GUARANTEE** 

19.1. The Guarantor hereby irrevocably and unconditionally:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) guarantees to the Vendor the punctual
 performance by the Purchaser of any and all of its duties, obligations or undertakings in
 connection with, or otherwise arising out of, the Payment Related Claims (the "**Guaranteed Liabilities** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) undertakes with the Vendor (i) that if the Purchaser shall be in breach, default or non-compliance with
any of the Guaranteed Liabilities, the Guarantor shall be liable therefor as if the Guarantor were the party principally bound by such
Guaranteed Liabilities, and (ii) to fully indemnify and keep fully indemnified and hold harmless the Vendor on demand, from and against
and in respect of any and all Loss suffered or incurred by the Vendor in connection with such breach, default or non-compliance with any
of the Guaranteed Liabilities, in any case to the same extent that the Purchaser would be liable for such Loss.

19.2. The guarantee of the Guarantor hereunder shall be a continuing security and will extend to the ultimate
and full payment and discharge of the Guaranteed Liabilities, regardless of any intermediate payment and discharge in whole or in part.

19.3. The obligations of the Guarantor under this Clause 19 will not be affected by an act, omission, matter
or thing which, but for this Clause 19, would reduce, release or prejudice any of its obligations under this Clause 19 including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any time, waiver or consent granted to, or composition with, the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the release of the Purchaser or any other person under the terms of any composition or arrangement with
any creditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any incapacity or lack of power, authority or legal personality of or dissolution or change in the members
or status of the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any amendment, novation, supplement or restatement this Agreement or any other document this Agreement
is referring to (and therefore also any variation, increase, extension or addition to the Guaranteed Liabilities, as amended from time
to time);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any unenforceability, illegality or invalidity of the Guaranteed Liabilities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any insolvency or similar proceedings.

19.4. The Vendor may proceed against the Guarantor hereunder without first having to proceed against the Purchaser.
The Guarantor waives any right it may have of first requiring the Vendor to proceed against or enforce any other rights or security or
claim payment from any person (including the Purchaser) before claiming from the Guarantor under this Clause 19. For the avoidance of
doubt, the Vendor agrees that the provisions of Clause 15 shall apply *mutatis mutandis* to any claims by the Vendor against the Guarantor in the event that the Vendor proceeds against the Guarantor hereunder without first
having proceeded against the Purchaser.

19.5. Until the ultimate and full payment and discharge of the Guaranteed Liabilities, the Guarantor will not
exercise any rights which it may have by reason of performance by it of its obligations under the Agreement or by reason of any amount
being payable, or liability arising, under this Clause 19 including any rights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to be indemnified by the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to take the benefit of any rights of the Purchaser under this Agreement or to initiate legal proceedings
or take any other action against the Purchaser to make any payment, or perform any obligation, in respect of which the Guarantor has given
a guarantee, undertaking or indemnity under this Clause 19 (in whole or in part and whether by way of subrogation or otherwise);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to exercise any right of set-off against the Purchaser; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to claim or prove as a creditor of the Purchaser in competition with the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.** **PUT OPTION** 

20.1. Subject to terms and conditions of this Clause 20, the Purchaser hereby
 grants the Vendor the option to require the Purchaser to purchase and acquire all of the OTSAW Shares
 held by the Vendor (as adjusted for any share splits, sub-divisions, consolidations, scrip dividends,
 reclassifications or similar re-capitalisation events) (the "**Put Option Shares** ")
 by serving a written notice on the Purchaser (the "**Put Option Notice**") within 20
 Business Days following the date falling 3 years commencing on the date immediately following the
 Completion Date at an amount equal to the Put Option Price provided that an initial public offer,
 trade sale or other exit or liquidity event with respect to the shares in the capital of the Purchaser
 (the "**Purchaser Liquidity Event**") has not occurred at the time of issuance of the
 Put Option Notice, subject to the terms and conditions of this Agreement (the "**Put Option** ").

20.2. The price for all Put Option Shares shall be S$3.1 Million on the
 basis that at the time of the Put Option Notice the Vendor has not disposed of any of its OTSAW Shares
 acquired on Completion, and if the Vendor has disposed of any of its OTSAW Shares the price will be
 adjusted accordingly (the "**Put Option Price** "). If the Vendor wishes to transfer
 any of its OTSAW Shares to any Related Corporation it may do so, provided that in the event that such
 Related Corporation shall cease to be a Related Corporation of the Vendor, the Vendor shall procure
 that such Related Corporation shall, on or before such cessation, transfer all of the OTSAW Shares
 back to the Vendor. For the purpose of the Put Option, any OTSAW Shares held by a Related Corporation
 of the Vendor shall be treated as OTSAW Shares held by the Vendor, and any transfer of OTSAW Shares
 by the Vendor to its Related Corporation shall not be treated as a disposal of such OTSAW Shares by
 the Vendor.

20.3. A Put Option Notice, once given, may not be withdrawn except with the consent of the Purchaser.

20.4. The date for effecting the sale and transfer of the Put Option Shares
 (the "**Put Option Completion** "; the date on which Put Option Completion occurs, the
 "**Put Option Completion Date**") shall be scheduled 20 Business Days after the delivery
 of the Put Option Notice.

20.5. On the Put Option Completion Date, the Purchaser and the Vendor shall deliver the required share transfer
form (signed by the relevant parties), resolutions of the Purchaser (signed by the directors appointed by the relevant parties) and share
certificates and the Purchaser shall make the relevant payment of the Put Option Price to the Vendor. Subject to payment of the Put Option
Price, the Put Option Shares
shall be sold free from all Encumbrances, fully paid up and non-assessable and shall be sold together with all rights, benefits and interests
attaching thereto as at the Put Option Completion Date.

20.6. In case the Put Option cannot be duly or timely implemented due to capital maintenance rules or other
laws governing distributions to shareholders or restrictions on company purchasing its shares applicable to the Purchaser, as may be reasonably
ascertained by reputable counsel of Vendor, the Guarantor shall be deemed to have given the Put Option instead of the Purchaser and the
provision of this Clause 20 shall apply *mutatis mutandis.* 

 

 

---

| | |
|:---|:---|
| **20A.** | **VALUATION PROTECTION** |

---

---

| | |
|:---|:---|
| 20A.1 | The Purchaser agrees that in the event that there is a proposed initial public offer for the shares in the capital of the Purchaser and in the event that it is anticipated that the value of the total number of OTSAW Shares held by the Vendor (as adjusted for any share splits, sub-divisions, consolidations, scrip dividends, reclassifications or similar re-capitalisation events) multiplied by the per-share offer price for shares in the capital of the Purchaser under the initial public offer is less than S$2.945 Million, then the Purchaser will procure that the Vendor will receive additional shares in the capital of the Purchaser such that the value of the total number of shares in the capital of the Purchaser to be held by the Vendor immediately prior to the initial public offering of the Purchaser multiplied by the per-share offer price for shares in the capital of the Purchaser under the initial public offer shall be no less than S$3.1 Million. For the avoidance of doubt, if it is anticipated that the value of the total number of OTSAW Shares held by the Vendor (as adjusted for any share splits, sub-divisions, consolidations, scrip dividends, reclassifications or similar re-capitalisation events) multiplied by the per-share offer price for shares in the capital of the Purchaser under the initial public offer is equal to or more than S$2.945 Million, no additional actions will be required on the part of the Purchaser. |

---

20A.2 Clause 20A.1 shall apply *mutatis mutandis* to any other Purchaser Liquidity Event, in the event that any Purchaser Liquidity Event other than an initial public offer is proposed.

---

| | |
|:---|:---|
| 20A.3 | If the Vendor wishes to transfer any of its OTSAW Shares to any Related Corporation it may do so, provided that in the event that such Related Corporation shall cease to be a Related Corporation of the Vendor, the Vendor shall procure that such Related Corporation shall, on or before such cessation, transfer all of the OTSAW Shares back to the Vendor. For the purpose of Clause 20A.1, any OTSAW Shares held by a Related Corporation of the Vendor shall be treated as OTSAW Shares held by the Vendor, and any transfer of OTSAW Shares by the Vendor to its Related Corporation shall not be treated as a disposal of such OTSAW Shares by the Vendor. |

---

**21.** **PURCHASE OF JV COMPANY SHARES** 

Pursuant to Clauses 78 and 7C of the Shareholders Agreement, the Purchaser shall grant to the Vendor a put option and the Vendor shall grant to the Purchaser a call option, for the sale and purchase of the JV Company Shares held by the Vendor in three tranches, exercisable yearly commencing on the date falling one year from the Completion Date. Each tranche shall comprise 1,333 or 1,334 ordinary shares (as the case may be) of the JV Company and shall be for a cash consideration of S$800,000 for each tranche (the "**JV Company Shares Put and Call Option**"). For the avoidance of doubt, any payments of the cash consideration for any tranche shall be made subject to any set-off or deduction or any counterclaim whether any such set-off, deduction or counterclaim arises under this Agreement or the Shareholders Agreement and subject to the other provisions of this Agreement (including Clause 22.14).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. OTHER PROVISIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1. Announcements or Press Releases

Save as may be required to be disclosed pursuant to any applicable laws or to any competent governmental or statutory authority or rules or regulations of any relevant regulatory, administrative or supervisory body or for the purpose of the satisfaction of the Conditions Precedent set out in <u>**Schedule 2,**</u> each Party undertakes that it or its Affiliates will not make any announcement or press release or disclosure in connection with this Agreement unless the other Parties hereto shall have given its consent to such announcement, press release or disclosure (which consent may not be unreasonably withheld). Each Party agrees to provide the other Parties with a draft of any announcement, press release or disclosure it or its Affiliates intend to make in connection with this Agreement, for review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2. Entire Agreement

This Agreement embodies the entire terms and conditions agreed upon by the Parties as to the subject matter of this Agreement and supersedes and cancels in all respects any previous agreement, understanding, letter of intent, representation, warranty, undertaking and arrangement of any nature whatsoever amongst the Parties with respect to the subject matter hereof, whether such be written or oral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.3. Confidentiality

Unless otherwise agreed to by the Parties or and save as permitted under Clause 22.1, each Party shall treat as confidential and not disclose or use any information received or obtained as a result of entry into this Agreement (or any agreement entered into pursuant to this Agreement) which relates to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the provisions but not the existence (subject to Clause 22.1) of this Agreement and any agreement entered
into pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the negotiations relating to this Agreement (and such other agreements); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a Party and its Affiliate's business, financial or other affairs (including without limitation,
future plans, targets, trade secrets, know-how, strategies, ideas, operations, compliance information, processes, methodologies and practices,
customer and supplier lists),

whether in writing, visual, pictorial, machine readable, or any other form (including prototypes and samples), and whether or not identified or marked to be proprietary, confidential or secret prior to their disclosure, and includes any copies, notes and other instruments derived or made therefrom.

The confidentiality obligations pursuant to Clause 22.3 shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any use or disclosure of confidential information (i) required by applicable laws or otherwise requested
by a governmental authority, (ii) required to exercise or enforce a Party's or its Affiliates' rights under, or otherwise perform, the
Transaction Documents or to vest any benefit of the Transaction Documents with a Party or its Affiliates, or (iii) made with the prior
written consent of the disclosing Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any confidential information which (i) is or subsequently becomes generally available to the public other
than as a direct or indirect result of a disclosure of a receiving Party or any of its Affiliates in breach of this Agreement, (ii) is
or subsequently becomes available to a receiving Party from a third-party source not (directly or indirectly) connected with a disclosing
Party provided that such third-party source has, to the knowledge of the receiving Party, no duty of confidentiality in respect of that
information to such disclosing Party or any of its Affiliates, or (iii) has been independently developed
or deduced by the receiving Party or any of its Affiliates without use of or reference to confidential information.

In the event that a receiving Party or any of its Affiliates are required by applicable laws or requested by a governmental authority to disclose any of the confidential information, the receiving Party will, to the extent legally permissible, provide the disclosing Party with prompt prior written notice so that the disclosing Party may seek a protective order or other appropriate remedy. In the event the disclosing Party determines to seek such protective order or other remedy, the receiving Party or any of its Affiliates will reasonably cooperate with such disclosing Party in seeking such protective order or other remedy.

For the avoidance of doubt, this Clause 22.3 shall not operate or prohibit any retention of copies of records or any disclosure in connection with the preparation and filing of financial statements or Tax returns of the Vendor or its Affiliates or as otherwise provided or allowed for pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.4. Assignment

No Party may assign all or any part of its rights or transfer all or any part of its obligations under this Agreement without the prior written consent of the other Parties. This Agreement shall be binding on and shall enure for the benefit of each Party's successors, permitted assigns, nominees, personal representatives, liquidators and trustees in bankruptcy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.5. Third Party Rights

Except for Purchaser Designee, a person who is not a Party to this Agreement shall have no rights under the Contracts (Rights of Third Parties) Act, Chapter 538 of Singapore to enforce any term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.6. Variation

No variation of this Agreement shall be effective unless in writing and signed by or on behalf of each of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.7. Time of the Essence

Any time or period mentioned in any provision of this Agreement may be extended by mutual agreement between the Parties but as regards any time, date or period originally fixed or any time, date or period so extended as aforesaid, time shall be of the essence.

22.8. Further Assurance. License to Intellectual Property

The Purchaser and the Vendor Group shall each do and execute or procure to be done and executed all such further acts, deeds, things and documents as may be necessary to give effect to the terms of this Agreement.

To the extent (and only to extent) required by the Vendor or any Affiliate of the Vendor, and for as long as so required, to perform (i) the services under the Service Agreements or any other obligation of the Vendor or any member of the Vendor Group pursuant to this Agreement (including Clause 7), and (ii) the services under the Manufacturing Agreement and the French TransCar Contracts as well as the Swedish JBT Contract and the Canadian JBT Contract (subject to Clauses 18.1 and 18.2), the Purchaser hereby grants a royalty-free, non-exclusive and non-transferable license to the Vendor (sublicensable to the relevant members of the Vendor Group) to use the Intellectual Property and the Books and Records to the extent relating thereto.

22.9. Duties

All excise, sales, use, registration, stamp, recording, documentary, conveyancing, property, transfer, and similar Tax directly or indirectly triggered by the transactions contemplated hereby (collectively "**Transaction Tax**") shall be borne by the Purchaser.

22.10. Compensation

Once a Loss is agreed or finally determined to be payable by a Party to another Party under or in connection with this Agreement, the relevant Party shall satisfy its obligations within 20 Business Days of such agreement or final determination.

22.11. Costs and Expenses

Except as provided in Clause 22.9 or as otherwise explicitly provided herein, each of the Parties shall pay its own costs and expenses (including legal costs) in connection with this Agreement and the transactions contemplated hereby.

22.12. Waiver

Failure by any Party to require performance of any term or condition of this Agreement shall not prevent the subsequent enforcement of such term or condition nor shall such failure be deemed to be a waiver of any subsequent breach of this Agreement, or any right or remedy granted by this Agreement or by the general law in respect of such breach.

22.13. Provisions not Affected by Completion

The representation and warranties and all other provisions of this Agreement insofar as the same shall not have been performed at Completion shall not be extinguished or affected by Completion, or by any other event or matter whatsoever (including, without limitation, any satisfaction and/or waiver of any Condition Precedent contained in <u>**Schedule 2)**</u>**,** except by prior specific and duly authorised written waiver or release by the Party receiving the benefit of the representation, warranty or other provision.

22.14. Set-off and Counterclaim

Any payments to be made by any Party under this Agreement shall be made subject to any set-off or deduction or any counterclaim whether any such set-off, deduction or counterclaim arises under this Agreement, the relevant Transaction Documents or otherwise provided that: (a) other than for any set-off or deduction or counterclaim for any Contract Compensation (i) the relevant claim underlying the set-off or deduction or counterclaim must have been duly notified to the relevant other parties in accordance with the provision of this Agreement or the relevant other Transaction Documents before, and (ii) if the applicable parties fail to agree on the amount of such claim, the party notifying the claim must duly process such claim and initiate court or arbitral proceedings (as applicable} latest within 6 months following notification of such claim (failing to do so forfeits the right to make such set-off, deduction or counterclaim under this Clause); and (b) for any set-off or deduction or counterclaim for any Contract Compensation, (i) if the Vendor and the Purchaser agree on the Revenue Statement, the amount of the Contract Compensation determined based on the Revenue Statement, and (ii) if the Vendor and the Purchaser cannot agree on the Revenue Statement within 30 Business Days following the lapse of the Revenue Period, (x) until the decision of the Independent Expert is made, the limits for the Contract Compensation as set forth in **Schedule 6** for that relevant year (unless the Purchaser demands a lower amount, then such lower amount) or (y), following the decision of the Independent Expert, the amount of the Contract Compensation determined based on the Revenue Statement after it is reviewed, calculated and determined by the Independent Expert.

22.15. Notices

All notices, demands or other communications required or permitted to be given or made hereunder shall be in writing and delivered personally or sent by prepaid registered post or by electronic mail at his or its electronic mail address set out below (or to such other address or electronic mail address as any party may from time to time notify the others):-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>The Vendor/The Vendor Group (including where any notice if given to any relevant member(s) of the Vendor Group)</u> 

c/o Swisslog Healthcare Holding AG

Address: Webereiweg 3, 5033 Buchs AG, Switzerland

Email address: robert.oldin@swisslog-healthcare.com; Florian.Dorow@kuka.com

Attention: Robert Oldin, Florian Dorow

with a copy to (which shall not constitute notice):

c/o Luther LLP

Address: 4 Battery Road, Bank of China Building #25-01, Singapore 049908, Singapore

Email address: clemens.leitner@luther-lawfirm.com

Attention: Clemens Leitner

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>The Purchaser</u> 

Address: 12 Kaki Bukit View #04-00, Singapore 415948

Email address: Tobias@otsaw.com.sg and raymond@otsaw.com.sg

Attention: Tobias Klesen / Raymond Lee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>The Guarantor</u> 

Address: 12 Kaki Bukit View #04-00, Singapore 415948

Email address: ling@otsaw.com

Attention: Ling Ting Ming

Any such notice, demand or communication shall be deemed to have been duly served (if given by electronic mail) immediately upon receiving acknowledgment of receipt from the intended recipient via the electronic mail (as the case may be) or (if given or made by letter) 5 Business Days after posting and in proving the same it shall be sufficient to show that the envelope containing the same was duly addressed, stamped and posted.

22.16. Partial Invalidity

The illegality, invalidity or unenforceability of any provision of this Agreement under the law of any jurisdiction shall not affect its legality, validity or enforceability under the law of any other jurisdiction nor the legality, validity or enforceability of any other provision.

22.17. Execution in Counterparts

This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same instrument. The exchange of copies of this Agreement and any documents and instruments contemplated to be executed by this Agreement and of signature pages by electronic transmission shall constitute effective execution and delivery of this Agreement and any documents and instruments contemplated to be executed by this Agreement as to the relevant parties thereto and may be used in lieu of the original Agreement or the relevant documents and instruments contemplated to be executed by this Agreement for all purposes. Signatures transmitted by electronic transmission shall be deemed to be their original signatures for all purposes.

22.18. Governing Law

This Agreement shall be governed by, and construed in accordance with, the laws of Singapore.

22.19. Arbitration

Any dispute arising out of or in connection with this Agreement, including any question regarding its existence, validity or termination, shall be referred to and finally resolved by arbitration administered by the Singapore International Arbitration Centre in accordance with the Arbitration Rules of the Singapore International Arbitration Centre for the time being in force, which rules are deemed to be incorporated by reference in this Clause. The seat of the arbitration shall be Singapore. The Tribunal shall consist of 1 arbitrator. The language of the arbitration shall be English. This arbitration clause shall be governed by, and construed in accordance with, the laws of Singapore.

**SCHEDULE 1**

**Disclosure Schedule**

<u>**Part 1 - Certain Transferred Assets and Excluded Liabilities**</u>

**1.** **Contracts** 

Location in VDR

Summary sheet of documents and individual contracts can be found in Dataroom

Dataroom Index: 28.2.1 AGV Contracts

The contract with Ng Teng Fong Hospital has expired, and ,the renewal contract is currently pending from the hospital.

**2.** **Intellectual Property** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;***No.*** | &nbsp;&nbsp;***Name*** | &nbsp;&nbsp;***Documentation Type*** | &nbsp;&nbsp;***Total No. Of Pages*** | &nbsp;&nbsp;***Document Reference Number/ Name*** | &nbsp;&nbsp;***Dataroom Index*** |
| &nbsp;&nbsp;***1*** | &nbsp;&nbsp;***Chassis L34000*** | &nbsp;&nbsp;***PDF*** | &nbsp;&nbsp;***22*** |  | &nbsp;&nbsp;***28.1.2.3.1*** |
| &nbsp;&nbsp;***2*** | &nbsp;&nbsp;***Longerons L34000*** | &nbsp;&nbsp;***PDF*** | &nbsp;&nbsp;***4*** |  | &nbsp;&nbsp;***28.1.2.3.2*** |
| &nbsp;&nbsp;***3*** | &nbsp;&nbsp;***Syst Levage L34000*** | &nbsp;&nbsp;***PDF*** | &nbsp;&nbsp;***9*** |  | &nbsp;&nbsp;***28.1.2.3.3*** |
| &nbsp;&nbsp;***4*** | &nbsp;&nbsp;***German Din Norms (Extract)*** | &nbsp;&nbsp;***PDF*** | &nbsp;&nbsp;***113*** | &nbsp;&nbsp;***13849-1*** | &nbsp;&nbsp;***28.1.2.3.5*** |
| &nbsp;&nbsp;***5*** | &nbsp;&nbsp;***German Din Norms (Extract)*** | &nbsp;&nbsp;***PDF*** | &nbsp;&nbsp;***21*** | &nbsp;&nbsp;***954-1*** | &nbsp;&nbsp;***28.1.2.3.5*** |
| &nbsp;&nbsp;***6*** | &nbsp;&nbsp;***German Din Norms (Extract)*** | &nbsp;&nbsp;***PDF*** | &nbsp;&nbsp;***104*** | &nbsp;&nbsp;***3691-4*** | &nbsp;&nbsp;***28.1.2.3.5*** |
| &nbsp;&nbsp;**7** | &nbsp;&nbsp;***German Din Norms (Extract)*** | &nbsp;&nbsp;***PDF*** | &nbsp;&nbsp;***12*** | &nbsp;&nbsp;***EN 1525*** | &nbsp;&nbsp;***28.1.2.3.5*** |
| &nbsp;&nbsp;***8*** | &nbsp;&nbsp;***Wartungsumfang Abgrenzung (Maintenance)*** | &nbsp;&nbsp;***PDF*** | &nbsp;&nbsp;***5*** |  | &nbsp;&nbsp;***28.1.2.11*** |
| &nbsp;&nbsp;**9** | &nbsp;&nbsp;***Factory***<br> ***Acceptance Test Procedure*** | &nbsp;&nbsp;***PDF*** |  | &nbsp;&nbsp;***K2 V1.7*** | &nbsp;&nbsp;***28.1.2.10*** |
| &nbsp;&nbsp;***10*** | &nbsp;&nbsp;***Stuckliste***<br> ***Transcar (parts list)*** | &nbsp;&nbsp;***PDF*** | &nbsp;&nbsp;***5*** |  | &nbsp;&nbsp;***28.1.2.3.8*** |
| &nbsp;&nbsp;***11*** | &nbsp;&nbsp;***AGV System Overview*** | &nbsp;&nbsp;***PPT*** |  |  | &nbsp;&nbsp;***28.1.2.3.11*** |
| &nbsp;&nbsp;***12*** | &nbsp;&nbsp;***Operation and Manintenance***<br> ***Manual*** | &nbsp;&nbsp;***PDF*** | &nbsp;&nbsp;***102*** | &nbsp;&nbsp;***AGV TransCar LTC2-LX (K2)*** | &nbsp;&nbsp;***28.1.2.8*** |
| &nbsp;&nbsp;***13*** | &nbsp;&nbsp;***Lito Module and Can Command*** | &nbsp;&nbsp;***PDF*** | &nbsp;&nbsp;***43*** | &nbsp;&nbsp;***LTIO1-Box*** **-**<br> ***Version: 1.3 vom***<br> ***29.10.2017*** | &nbsp;&nbsp;***28.1.2.12*** |
| &nbsp;&nbsp;***14*** | &nbsp;&nbsp;***Case Study*** **-**<br> ***Bejing China*** | &nbsp;&nbsp;***PDF*** | &nbsp;&nbsp;***2*** |  | &nbsp;&nbsp;***28.1.2.1*** |
| &nbsp;&nbsp;***15*** | &nbsp;&nbsp;***Case Study*** **-**<br> ***Berlin Germany*** | &nbsp;&nbsp;***PDF*** | &nbsp;&nbsp;***2*** |  | &nbsp;&nbsp;***28.1.2.1*** |
| &nbsp;&nbsp;***16*** | &nbsp;&nbsp;***Case Study*** **-**<br> ***Greifswald***<br> ***Germany*** | &nbsp;&nbsp;***PDF*** | &nbsp;&nbsp;***2*** |  | &nbsp;&nbsp;***28.1.2.1*** |

---

SCHEDULE TO MASTER ASSET SALE AGREEMENT

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;***17*** | &nbsp;&nbsp;***Case Study* -**<br> ***Bochum Germany*** | ***PDF*** | &nbsp;&nbsp;***2*** |  | &nbsp;&nbsp;***28.1.2.1*** |
| &nbsp;&nbsp;***18*** | &nbsp;&nbsp;***Case Study* -**<br> ***Hamburg***<br> ***Eppendorf Germany*** | ***PDF*** | &nbsp;&nbsp;***2*** |  | &nbsp;&nbsp;***28.1.2.1*** |
| &nbsp;&nbsp;***19*** | &nbsp;&nbsp;***Case Study* -**<br> ***Vienna Austria*** | &nbsp;&nbsp;***PDF*** | &nbsp;&nbsp;***2*** |  | &nbsp;&nbsp;***28.1.2.1*** |
| &nbsp;&nbsp;***20*** | &nbsp;&nbsp;***AGV Overview*** | &nbsp;&nbsp;***PDF*** | &nbsp;&nbsp;***7*** |  | &nbsp;&nbsp;***28.1.2.4*** |
| &nbsp;&nbsp;***21*** | &nbsp;&nbsp;***TransCar System Description*** | &nbsp;&nbsp;***PDF*** | &nbsp;&nbsp;***23*** |  | &nbsp;&nbsp;***28.1.2.3.10*** |
| &nbsp;&nbsp;***22*** | &nbsp;&nbsp;***Transcar Instruction Manual*** | &nbsp;&nbsp;***PDF*** | &nbsp;&nbsp;***78*** | &nbsp;&nbsp;***TransCar LTC2-LX K2*** | &nbsp;&nbsp;***28.1.2.6*** |
| &nbsp;&nbsp;***23*** | &nbsp;&nbsp;***Software*** |  |  | &nbsp;&nbsp; ***TransCar TCMS2- Software Code-***<br> ***Analyse*** -<br> &nbsp;&nbsp;&nbsp;&nbsp;***23.06.2021*** | &nbsp;&nbsp;***28.1.2.3.9*** |
| &nbsp;&nbsp;***24*** | &nbsp;&nbsp;***3D CAD Designs*** |  |  | &nbsp;&nbsp;***PDM system within the JV***- ***Reference shown in the dataroom*** | &nbsp;&nbsp;***28.1.2.3.6*** |
| &nbsp;&nbsp;***25*** | &nbsp;&nbsp;***AGV Trainings*** | &nbsp;&nbsp;***Word*** |  | &nbsp;&nbsp;***AGVFolder*** | &nbsp;&nbsp;***28.2.2.2*** |
| &nbsp;&nbsp;**26** | &nbsp;&nbsp;***Electrical Drawings*** | &nbsp;&nbsp;***PDF*** |  | &nbsp;&nbsp; ***Transcar K2 FD 12.2017.01***<br> &nbsp;&nbsp;&nbsp;&nbsp;***2018.12.05*** | &nbsp;&nbsp;***28.2.2.2.16*** |
| &nbsp;&nbsp;***27*** | &nbsp;&nbsp; ***"TransCar" name and logo (non-registered trademark*** —**see *Clause 1.7)*** |  |  |  | ***28.1.2.3***<br> ***and 28.2.2.1.3*** |

---

3. Books and Records

Dataroom Index: 28.2.3 and as set out under Paragraph 2 (Intellectual Property) above.

Open AGV Tickets: Dataroom Index: 28.2.5

Any other paper/ hardcopy records may be transferred to a Purchaser Designee after Completion during transition phase upon request.

4. Payables and Debts

Dataroom Index: 28.2.3

5. Advance Payments

Dataroom Index: 28.2.3

6. Shared Contracts

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| | |
|:---|:---|
| &nbsp;&nbsp;**Contract Name** | &nbsp;&nbsp;**Dataroom Index** |
| &nbsp;&nbsp;Changi General Hospital | &nbsp;&nbsp;28.2.1.5.1, 28.2.1.5.2 |
| &nbsp;&nbsp;KK Hospital | &nbsp;&nbsp;28.2.1.5.3 |
| &nbsp;&nbsp;Varese | &nbsp;&nbsp;28.2.1.2.2 |

---

7. **Vendor Performance Bonds** 

APAC Vendor Performance Bonds — Dataroom Index: 28.2.3.1.1

SCHEDULE TO MASTER ASSET SALE AGREEMENT

EMEA Vendor Performance Bonds

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;13 |  |  |  |  |  |  |
| &nbsp;&nbsp;14 | &nbsp;&nbsp;Mängelansprüchebürgschaft | &nbsp;&nbsp;Bayern LB | &nbsp;&nbsp;24.09.2020 | &nbsp;&nbsp;31.08.2022 | &nbsp;&nbsp;152.931.55 € | &nbsp;&nbsp;Züblin / Jena |
| &nbsp;&nbsp;15 |  |  |  |  |  |  |
| &nbsp;&nbsp;16 |  |  |  |  |  |  |
| &nbsp;&nbsp;17 | &nbsp;&nbsp;Vertragserfüllungs- und | &nbsp;&nbsp;R + V | &nbsp;&nbsp;08.07.2016 | &nbsp;&nbsp;23.10.2022 | &nbsp;&nbsp;100.722.08 € | &nbsp;&nbsp;Ingolstadt |
| &nbsp;&nbsp;18 | &nbsp;&nbsp;Mängelansprüchebürgschaft |  |  |  |  |  |
| &nbsp;&nbsp;19 |  |  |  |  |  |  |
| &nbsp;&nbsp;20 |  |  |  |  |  |  |

---

8. Salaried Employees

Sandra. A (Salaried Employee referenced to in Clause 6.3 of this Agreement)

Frank. C

Rainer. S

Thorsten. Moser

Juergen. O

9. Accounts Receivable

APAC Accounts Receivables can be found in Dataroom Index: 28.2.3.1.3

10. AGVs

Information can be found in Transcar Contract Summary. Dataroom Index: 28.2.1.8

11. Stock and Inventory

List/ Book value to be disclosed as of end of September. Information can be found in the Dataroom Index: 28.2.4

12. Contract referenced to in Clause 7.6 of this Agreement

KK Hospital

Information can be found in the Dataroom Index: 28.2.1.5.3

13. Contract referenced to in Section 6.5 of Schedule 4 of this Agreement

Yishun Hospital

Information can be found in the Dataroom Index: 28.2.1.5.7

SCHEDULE TO MASTER ASSET SALE AGREEMENT

**<u>Part 2 - Disclosures</u>**

**1.** **General and Interpretation** 

1.1 This Disclosure Schedule forms an integral part of the Agreement and sets out general and specific exceptions
and qualifications to the warranties and representations of the Vendor set out in Clause 11.1 of the Agreement and the Vendor Warranties
in <u>**Schedule 4**</u> of the Agreement. The Vendor shall not be in breach of any
Vendor Warranty (and such Vendor Warranty shall not be deemed inaccurate) in respect of any facts, matters or circumstances which are
Disclosed in this Disclosure Schedule.

1.2 Nothing in this Disclosure Schedule (i) shall imply any representation, warranty, covenant or other agreement
not expressly given in this Agreement or (ii) is intended to broaden the scope of any representation, warranty, covenant or other agreement
contained in the Agreement. No inclusion of any matter or item in this Disclosure Schedule (i) shall be construed as an admission or indication
that such matter or item is material or establish a standard of materiality or that such item is required to be referred to or disclosed
in the Disclosure Schedule and (ii) shall constitute, or be deemed to be, an admission of liability concerning a possible breach or violation
of any agreements, contracts or laws.

1.3 The disclosures made in this Disclosure Schedule are without prejudice and in addition to any and all
other rights, limitations, exclusions and qualifications expressly set out in the Agreement.

**2.** **Specific Disclosure** 

<u>Appendix A</u> to this Disclosure Schedule sets out specific disclosures made in relation to the Vendor Warranties. The section numbers in <u>Appendix A</u> correspond to the section numbers of the Vendor Warranties and the disclosures in any section or subsection of <u>Appendix A</u> shall qualify other sections and subsections to which the relevance of such item is reasonably apparent on its face, notwithstanding the omission of a reference or cross reference thereto.

SCHEDULE TO MASTER ASSET SALE AGREEMENT

**Appendix A: Disclosures**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**No.** | &nbsp;&nbsp;**Section No.** | **Disclosures** |
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Section 2 | &nbsp;&nbsp; The Vendor Group does not keep separate accounts or ledgers with respect to the Maintenance Operations but such accounts and ledgers are part of the overall bookkeeping of the Vendor Group. As part of the hand-over, the Books and Records will need to be carved-out from the general accounts and ledgers of the Vendor Group. |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Section 5 | &nbsp;&nbsp;transcar.com and other domains using the term "TransCar" are not owned by the Vendor Group and therefore not part of the term "Intellectual Property". |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Section 5.3 | &nbsp;&nbsp; The Vendor or any other member of the Vendor Group might have at some point in time handed over maintenance drawings to other persons (employees, third party service providers) without an NDA in place. However, any such disclosures did not result in the decrease in value of the Intellectual Property or any losses to the Maintenance Operations. |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Section 6.2 | &nbsp;&nbsp;The Vendor has diligently reviewed whether any service contracts exist with respect to legacy AGV installation within Vendor Group as well as potential TransCar service contracts outside of the Vendor Group. Besides the Contracts, following Completion it could be that additional AGV installations within the Vendor Group will surface as not all old installations are recorded in the ERP systems under control of the Vendor. Also, Affiliates of the Vendor outside of the Vendor Group could hold some AGV service contracts unknown to the Vendor. Reference is made to Clause 16.8 of the SPA. |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Section 8 | &nbsp;&nbsp;For the avoidance of doubt, the Vendor Group uses "off-the-shelf" software in relation to the Maintenance Operations (such as Microsoft Office etc) which can be procured on market standard terms. The Purchaser will need to procure such software following Completion. |

---

SCHEDULE TO MASTER ASSET SALE AGREEMENT

**SCHEDULE 2**

**Conditions Precedent**

1. The following consents and permits having been obtained:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all relevant consents and/or permits from relevant government authorities, to the extent required for
ownership, operation and management of Transferred Assets by the Purchaser or a Purchaser Designee following Completion (if any); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all other Third Party Consents in respect of the Books and Records that would allow the Purchaser to carry
on the business of the Maintenance Operations (if any).

2. The following having been completed:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The completion of an inspection of the AGVs and Stock and Inventory by the Purchaser to the reasonable
satisfaction of the Purchaser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The results of the due diligence exercise conducted by the Purchaser or its shareholder on the Transferred
Assets being reasonably satisfactory to the Purchaser or its shareholder (as the case may be).

3. All of the Vendor Warranties are true, accurate and not misleading in all material respects.

4. All of the Purchaser Warranties and the warranties and representations made by the Guarantor are true, accurate and not misleading
in all material respects.

SCHEDULE TO MASTER ASSET SALE AGREEMENT

**SCHEDULE 3**

**Vendor Group**

1. Swisslog Healthcare Asia Pacific Pte. Ltd.

2. Swisslog Healthcare AG

3. Swisslog Healthcare AG, Norwegian Branch

4. Swisslog Healthcare AG Branch of Italy

5. Swisslog Healthcare Netherlands BV

6. Swisslog Healthcare GmbH, Westerstede

7. Swisslog Augsburg GmbH

SCHEDULE TO MASTER ASSET SALE AGREEMENT

**SCHEDULE 4**

**Vendor Group's Representations and Warranties**

1. THE VENDOR GROUP

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. <u>Capacity and Authority of the Vendor Group</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Vendor and each member of the Vendor Group has the capacity to enter into, perform and deliver this
Agreement and the Local Transfer Agreements and has taken all necessary action to authorise the entry into, performance and delivery of
this Agreement and the Local Transfer Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) This Agreement when executed by the Vendor and the Local Transfer Agreements when executed by the Vendor
Group will constitute legal, valid and binding obligations of the Vendor Group enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The execution, delivery and performance of this Agreement and the Local Transfer Agreements by the Vendor
Group will not result in a breach of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any agreement, instrument or document to which it is a party or by which any of its assets are bound;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any order, judgment or decree of any court, governmental agency or regulatory body having jurisdiction
over the relevant member of the Vendor Group.

**1.2.** <u>Insolvency</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No winding up or insolvency order has been made or petition presented against any member of the Vendor
Group nor, to the knowledge of the Vendor Group, has any person threatened to present such an order or petition, nor has any member of
the Vendor Group made any composition with his creditors or requested a suspension of payment of his debts, nor has any steps been taken
in relation to them in respect of any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No distress, execution or other process has been levied on any asset owned or used by the Vel"\dor
Group, nor, to the knowledge of the Vendor Group, has any person threatened any such distress, execution or other process nor has an official
assignee or similar officer been appointed in respect of any of their assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Vendor Group is not insolvent or unable to pay its debts as and when they fall due and the Vendor
Group will not become insolvent or unable to pay its clients as a result of the Vendor entering into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Vendor Group has not made or proposed any arrangement or composition with its creditors or any class
of its creditors whether by court process or otherwise under which such creditors shall receive or be paid less than the amounts contractually
or otherwise due to them.

SCHEDULE TO MASTER ASSET SALE AGREEMENT

1.3. <u>Information</u> 

To the knowledge of the Vendor, all information, documents and other materials which the Purchaser has requested as part of its due diligence was made available in the Dataroom and is stored on the Dataroom Media.

All information provided in the Dataroom related to the Contracts, Books and Records and Intellectual Property (excluding, for the avoidance of doubt, any financial projections, business plans, forward looking statements and similar data or information) (collectively the "**Warranted Information")** was, as far as the Vendor is aware, when given true and accurate and the Vendor is not aware of any fact or matter which renders any such Warranted Information untrue, inaccurate or misleading.

All information in this Agreement relating to the Vendor Group, its business and assets, is true, complete and accurate.

The list of and information on the members of the Vendor Group as set out in <u>**Schedule 3**</u> is true, complete and accurate.

The information as set out in <u>Part 2 of the Disclosure Schedule</u> are true, complete and accurate.

**2.** **BOOKS AND RECORDS** 

The Books and Records, have been properly kept and written up in accordance with generally accepted accounting principles, standards and practices and fully and accurately present and reflect all applicable transactions entered into by the Vendor Group or to which either of the Vendor Group has been a party and all matters required by law to be entered therein and do not contain or reflect any material inaccuracies or discrepancies.

**3.** **BUSINESS** 

3.1. <u>Business</u> 

In each case since 1st January 2021:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Save for the transactions contemplated under this Agreement, the Vendor Group have carried on the Maintenance
Operations as a going concern in the ordinary and usual course of business and without entering into any transaction, disposing of any
assets, assuming any liability (including contingent liabilities) or making payment, in each case, which will have a material adverse
impact on the Vendor Group and which is not in the ordinary and normal course of its business and without alteration in the nature, scope
or manner (including nature and scale) of such Maintenance Operations in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) There has been no material adverse change in the financial or trading position or turnover of the Vendor
Group with respect to the Maintenance Operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Vendor Group have not by reason of any default connected to the Maintenance Operations by it or any
other person in any of its obligations become bound or liable to be called upon to repay prematurely any loan capital or borrowed moneys
or other forms of indebtedness or pay under any guarantee, indemnity or other forms of liability.

3.2. <u>Licences and Consents</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All licences, consents, authorisations,
 orders, warrants, confirmations, permissions, certificates, approvals, registrations and
 authorities necessary for the carrying on the Maintenance Operations by the Vendor Group
 and which are material to the business of the Vendor Group (the "**Licences** ")
 have been obtained, are in full force and effect, and are being complied with in all material
 respects.

SCHEDULE TO MASTER ASSET SALE AGREEMENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) As far as the Vendor is aware. there is no breach of any Licence or any intended or contemplated
refusal or revocation of any Licences.

3.3. <u>Compliance with Laws</u> 

Each member of the Vendor Group is conducting and carries on the Maintenance Operations in accordance with applicable laws, regulations and bye-laws (including but not limited to the directives issued by the regulatory authorities) in each country in which such entity of Vendor Group operates the Maintenance Operations in, and the Vendor Group is not in breach of any such laws, bye-laws or regulations (including but not limited to the directives issued by the regulatory authorities) and as far as the Vendor is aware, there is no investigation, disciplinary proceeding or enquiry by, or order, decree or judgment of, any court, tribunal, arbitrator or any governmental agency or regulatory body outstanding or anticipated against the any of the Vendor Group in connection with the Maintenance Operations which has had or may have a material adverse effect upon the assets or business of the Vendor Group. None of the Vendor Group has in the last 3 years received any notice or other communication (official or otherwise) from any court, tribunal, arbitrator, governmental agency or regulatory body with respect to an alleged, actual or potential violation and/or failure to comply with any such applicable laws, bye-law or regulation (including but not limited to the directives issued by the regulatory authorities), or requiring it to take or omit any action, in each case with respect to the Maintenance Operations.

3.4. <u>Litigation</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) None of the Vendor Group is a party to or involved whether as claimant or defendant or other party in any claim, legal action, proceeding,
suit, litigation, prosecution, investigation, enquiry, mediation, arbitration or other legal proceedings (other than as claimant in the
collection of debts arising in the ordinary and usual course of its business, none of which exceeds S$100,000) and related to the Maintenance
Operations, which is material to the business of Vendor Group, and as far as the Vendor is aware, there are no such proceedings threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No claim, legal action, proceeding, suit, litigation, prosecution, investigation, enquiry, mediation or
arbitration is pending or, as far as the Vendor is aware, threatened against the Vendor Group, in each case with respect to the Maintenance
Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) As far as the Vendor is aware, (a) there are no investigations, disciplinary proceedings, facts, matters
or other circumstances likely to lead to any such proceeding, prosecution, or enquiry relating to any matter, and (b) there are no investigations,
facts, matters or other circumstances likely to lead to any such claim or legal action, proceeding, suit, litigation, mediation or arbitration,
in each case with respect to the Maintenance Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) None of the Vendor nor any of the properties and assets or operations which it owns or in which it is
interested is subject to any continuing injunction, judgment or order of any court, arbitrator, governmental agency or regulatory body,
nor is in default under any order, licence, regulation or demand of any governmental agency or regulatory body or with respect to any
order, suit, injunction or decree of any court, which in any case has had or may have a material adverse effect on the Vendor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) None of the Vendor Group (excluding the Vendor) nor any of the
properties and assets or operations which they own or in which they are interested is subject to any continuing injunction, judgment
or order of any court, arbitrator, governmental agency or regulatory body, nor in default under any order, licence, regulation or demand
of any governmental agency or regulatory body or with respect to any order, suit, injunction or decree of any court, which in any case
has had or may have a material adverse effect on the Vendor Group (excluding the Vendor) with respect to completing the transactions
contemplated by this Agreement.

SCHEDULE TO MASTER ASSET SALE AGREEMENT

4. ASSETS, PLANT AND EQUIPMENT

4.1. All of the Transferred Assets:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) are, in the case of owned Transferred Assets, legally and beneficially
owned by the Vendor Group, and the Vendor Group has good and marketable title thereto, and the Transferred Assets do not comprise any
assets which are leased or licensed by the Vendor Group or used or held by it pursuant to leases or licences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) are, where capable of possession, in the possession or under the control of the Vendor Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) are free from Encumbrances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) are not the subject of any hire-purchase, factoring arrangement, conditional sale or credit agreement.

4.2. The lists of and information as set out in <u>Part 1 of the Disclosure Schedule,</u> which are under the headings of "Contracts", "Intellectual Property", "Books and
Records", "Advance Payments", "Payable and Debts", "Shared Contracts" and "Vendor Performance
Bonds", are true, complete and accurate.

**5.** **INTELLECTUAL PROPERTY** 

5.1. All Intellectual Property:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is owned by the Vendor Group, and the Intellectual Property does not comprise of any intellectual property
used by the Vendor Group under licence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as far as the Vendor is aware, are not being infringed or attacked or opposed by any person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the case of the Intellectual Property owned by the Vendor Group, are not subject to any Encumbrance
or any licence or authority in favour of another;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) none of the Intellectual Property is registered or the subject of applications for registration in any
patent, trade mark, domain name or other Intellectual Property registry anywhere in the world; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in the case of the business name, trade and service marks and company names forming part of the Intellectual
Property and intended to be used by the Purchaser Designee(s) in accordance with the use of such marks and names as of Completion, such
use is permitted by the Vendor Group, and such use does not infringe any rights of third parties.

5.2. The Intellectual Property comprises all the Intellectual Property Rights necessary or required relating
to the Maintenance Operations (excluding any "off-the-shelf' software that can be procured on market standard terms), taking into
account the transfer of know-how as contemplated by Clause 16.7 and any related documentation (such as manuals) forming part of the Books
and Records. For the avoidance of doubt, after Completion the Purchaser's consent would be required for the manufacture of any Automated
Guided Vehicles.

SCHEDULE TO MASTER ASSET SALE AGREEMENT

5.3. The Vendor Group has copyrights
in all drawings and design right in all designs relating to the Maintenance Operations and all such drawings and designs are in its possession
and it has not supplied copies of any such drawings or designs to any other person without having market standard confidentiality agreements
in place.

5.4. The Vendor Group has not received any claims, and there are no claims expected to be made and no applications
are pending in respect of any infringement of the Intellectual Property.

5.5. The Intellectual Property as set out in <u>Part 1 of the Disclosure Schedule</u> contains true, correct and accurate information in respect of all Intellectual Property used and owned by the Vendor Group
in all material respects (to the extent such Intellectual Property can be reduced to writing), and all Intellectual Property is in full
force and effect, and there is no infringement in respect of the Intellectual Property by any member of the Vendor Group.

5.6. <u>Change of Control</u> 

The transactions contemplated by this Agreement will not lead to any breach or right of termination or otherwise affect any Intellectual Property.

6. CONTRACTS AND MATERIAL TRANSACTIONS

6.1. <u>Documents</u> 

All Contracts are in the possession of the Vendor Group and such Contracts are valid, binding and enforceable by and against any of the Vendor Group as applicable, in accordance with their terms (subject to applicable bankruptcy, solvency and similar laws and general principles of equity) and are in full force and effect, in each case in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. <u>Contracts</u> 

Each of the Contracts is not a contract, transaction, arrangement, understanding, commitment, obligation or liability which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is not in the ordinary and usual course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is not on an arm's length basis; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) imposes obligations, restrictions or expenditure on the respective Vendor Group which will or is likely
to restrict such Vendor Group from carrying on the whole or a material part of its business in any part of the world.

The Contracts as set out in <u>Part 1 of the Disclosure Schedule</u> contains true, correct and accurate information in respect of all revenue-generating agreements of the Vendor Group relating to the Maintenance Operations, and such agreements are in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. <u>Default</u> 

None of the Vendor Group and, as far as the Vendor is aware, nor any other party to any agreement with any of the Vendor Group is in default under any of the Contracts nor as far as the Vendor is aware, are there any circumstances likely to give rise to such a default. As far as the Vendor is aware, no other party to the Contracts is in default under any of the Contracts.

SCHEDULE TO MASTER ASSET SALE AGREEMENT

6.4. <u>Compliance with Agreements</u> 

No notice of termination or of intention to terminate has been received in respect of any of the Contracts, and as far as the Vendor is aware, there are no grounds for rescission, avoidance or repudiation of the same.

6.5. In respect of the Contract which is identified as paragraph 12 in <u>Part 1 of the Disclosure Schedule,</u> there is no risk of a claim against the Vendor Group and/or the Purchaser pursuant to the Contract.

6.6. The Vendor is not aware that any customer under a Contract with a term of less than 12 months remaining
from the Completion Date intends not to renew such Contract and no corresponding notice has been served on any member of the Vendor Group.

7. TAXATION

In each case to the extent involving the Maintenance Operations or relating to the Transferred Assets:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each member of the Vendor Group has prepared, kept and preserved complete, accurate and up-to-date records
both as required by applicable laws and to enable it to deliver correct and complete Taxation returns (together with all attachments thereto
as required by applicable laws) and to calculate any present or, so far as possible, future Taxation liability of each member of the Vendor
Group or claim any waiver or relief from Taxation insofar as it depends on any transaction occurring on or before Completion, in each
case in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All Taxation due and payable by each member of the Vendor Group have been paid and each member of the
Vendor Group has complied with all information reporting and backup withholding requirements in all material respects. There are no liens
for Taxes on any asset of any of the Vendor Group other than for Taxes not yet due and payable.

8. SUFFICIENCY OF ASSETS

Taking into account the rights contemplated to be granted under, or the services contemplated to be provided pursuant to, this Agreement and the Ancillary Agreements and the Manufacturing Agreement, and assuming (a) the receipt of the required Third Party Consents or, failing such Third Party Consents, the transfer of the benefits and burdens as contemplated by Clause 7), and (b) the timely performance by Purchaser and the Purchaser Designees of their obligations under this Agreement and the Ancillary Agreements, the Transferred Assets are sufficient in all material respects for the Purchaser Designees to operate and conduct the Maintenance Operations immediately following Completion effectively and substantially in the manner in which the Maintenance Operations were operated and conducted during the 6 months prior to the Completion Date.

SCHEDULE TO MASTER ASSET SALE AGREEMENT

**SCHEDULE 5**

**Form of Deed of Novation**

SCHEDULE TO MASTER ASSET SALE AGREEMENT

<u>***For Singapore***</u>

<u>***Location:***</u>

***[Note: This form is prepared for use for Singapore.***

***For all other countries, the form would have to be modified accordingly.]***

DATED

BETWEEN

**[CUSTOMER]**

**[SWISSLOG HEALTHCARE ASIA PACIFIC PTE. LTD.]**

And

**[OTSAW SWISSLOG HEALTHCARE ROBOTICS PTE. LTD.]**

**DEED OF NOVATION**

<u>**THIS DEED OF NOVATION**</u> is made as of __________________ 2021

<u>**BETWEEN:**</u>

(1) **[CUSTOMER]** (Company Registration Number: [●]), a company incorporated in Singapore and
 having its registered office at [●] (" <u>**Customer**</u> ");

(2) **SWISSLOG HEALTHCARE ASIA PACIFIC PTE. LTD.** (Company Registration
 Number: 199300788E), a company incorporated in Singapore with its registered office at 11 Tampines Concourse,
 #02-07, Singapore 528729 ("  **<u>Original Party</u>**") ;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) **[OTSAW SWISSLOG HEALTHCARE ROBOTICS PTE. LTD.] [To be confirmed.]** (Company Registration Number:[●]), a company incorporated in
 Singapore and having its registered office at [●], Singapore [●] ()"**Substituting Party** "),

(collectively, the "<u>**Parties**</u>" and each, a "**<u>Party</u>**").

<u>**WHEREAS:**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Customer and the Original Party had entered into the agreement(s)
 which is identified in Schedule 1 (the "  **<u>Agreement</u> (s**)"), in relation to the service and maintenance of automated
 guided vehicles.

(B) A Master Asset Sale Agreement dated [16 November 2021] was
 entered into by a holding company of the Original Party as vendor with, *inter alia,* a holding company of the Substituting
 Party as purchaser, for the transfer of certain assets and the assumption of certain liabilities (the "  **<u>SPA</u>** "), and which assets include the Agreement(s). It was contemplated under the SPA that the Agreement(s) be transferred from the
 Original Party to the Substituting Party.

(C) This Deed is supplemental to the Agreement(s).

(D) As contemplated under the SPA, this Deed is entered into for
 the novation of the Agreement(s) from the Original Party to the Substituting Party (the "  **<u>Novation</u>** "), such
 that the Substituting Party shall, on and from the Effective Date, be substituted in place of the Original Party as a party to the
 Agreement(s).

<u>**NOW THIS DEED WITNESSETH**</u> **as** follows:

**1.**  **<u>INTERPRETATION</u>** 

1.1. Unless the context otherwise requires, words importing the singular
shall include the plural and vice versa and words importing a specific gender shall include the other genders (male, female or neuter).

1.2. The headings in this Deed are inserted for convenience only
and shall not affect the construction of this Deed.

**2.** <u>**NOVATION**</u> 

2.1 It is hereby agreed that all of the Original Party's rights,
benefits, liabilities and obligations in relation to the Agreement(s) will be novated to the Substituting Party on the following terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) novation of the Original Party's rights, benefits, liabilities
 and obligations to the Substituting Party in relation to the Agreement(s) will take effect on and from the date of this Deed (the
 "  **<u>Effective Date</u>** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Substituting Party shall, on and from the Effective Date, be substituted in place of the Original
Party as a party/"Service Provider" to the Agreement(s) and henceforth, the Agreement(s) shall
in respect of all matters arising on and after the Effective Date be treated in all respects as if the Substituting Party was a party/"Service
Provider" thereunder instead of the Original Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) on and from the Effective Date, the Substituting Party shall assume and duly perform and discharge all
liabilities and obligations, and be entitled to exercise and/or enforce all rights and benefits of the Original Party, arising on and
after the Effective Date in relation to the Agreement(s) in all respects as if the Substituting Party had been a party to the Agreement(s)
in place of the Original Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for the avoidance of doubt, the Original Party shall remain responsible and/or liable to the Customer
for any actual or alleged default or breach by the Original Party in relation to the Agreement(s) which arose before the Effective Date,
and the Original Party shall continue to have its rights and remedies in respect of the Customer for any actual or alleged default or
breach by the Customer in relation to the Agreement(s) which arose before the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Customer shall continue to be bound by the provisions of the Agreement(s) in every way, and shall
duly perform and discharge all liabilities and obligations whatsoever from time to time be performed or discharged by it under or by virtue
of the Agreement(s), and, from the Effective Date, be entitled to exercise and/or enforce all rights and benefits from time to time exercisable
or enforceable by it under or by virtue of the Agreement(s), as if the Substituting Party had been named as a party to the Agreement(s)
in place of the Original Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all advance payments and deposits received by the Original Party in respect of the Agreement(s) before
the Effective Date for services to be performed after the Effective Date are transferred to the Substituting Party as at the Effective
Date and shall be held by the Substituting Party from the Effective Date, and such advance payments and deposits (if any) are identified
in Schedule 2.

2.2 On and from the Effective Date, this Deed shall be supplemental to the Agreement(s) and shall be construed
and read as one with the Agreement(s), and in the event any of the provisions contained in the Agreement(s) are inconsistent with any
of the terms of this Deed, the terms of this Deed shall prevail.

2.3 For the purposes of the Agreement(s) and on and from the Effective Date, the notification particulars
of the Substituting Party shall be as follows:

<u>Substituting Party</u>

Address:

Email address:

Attention:

**3.** <u>**OTHER PROVISIONS**</u> 

3.1. **Third Party Rights** 

A person who is not a Party to this Deed shall have no rights under the Contracts (Rights of Third Parties) Act, Chapter 53B of Singapore to enforce any term of this Deed.

3.2. **Further Assurance** 

The Parties shall each do and execute or procure to be done and executed all such further acts, deeds, things and documents as may be necessary or expedient or as any Party hereto may reasonably request from time to time in order to give effect to the terms of this Deed.

3.3. **Costs and Expenses** 

Each of the Parties shall pay its own costs and expenses (including legal costs) in connection with this Deed hereby.

3.4. **Execution in Counterparts** 

This Deed may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same instrument.

3.5. **Governing Law** 

This Deed shall be governed by, and construed in accordance with, the laws of Singapore. The Parties hereto hereby submit to the [exclusive] jurisdiction of the courts of Singapore.

**SCHEDULE 1**

**The Agreement(s)**

**SCHEDULE 2**

**Advance Payments and Deposits**

<u>**IN WITNESS WHEREOF**</u> this Deed has been entered into by the Parties.

---

| |
|:---|
| **<u>CUSTOMER</u>** |
| The Common Seal of [CUSTOMER]) |
| was hereunto affixed) |
| in the presence of) |

---

 <br> Name: <br> Designation: Director

 <br> Name: <br> Designation: [Director/Secretary]\*

\* Please delete as appropriate.

***(Alternative execution block, for execution without* a *common seal.)***

 ****

---

| | | |
|:---|:---|:---|
| **<u>CUSTOMER</u>** |  |  |
| Signed as a Deed) |  |  |
| For and on behalf of) |  |  |
| [CUSTOMER]) |  |  |
|  | Director | Director/Secretary\* |
|  | Name: | Name: |
|  | in the presence of:- | \* *Please delete accordingly* |
|  | Witness\*\* |  |
|  | Name: |  |
|  | *\*\* Witness required only when* |  |
|  | *a single director signs on behalf of the Company* |  |

---

 

 

---

| |
|:---|
| **<u>ORIGINAL PARTY</u>** |
| The Common Seal of **Swisslog**) |
| **Healthcare Asia Pacific Pte. Ltd.**) |
| was hereunto affixed) |
| in the presence of) |

---

 <br> Name: <br> Designation: Director

 <br> Name: <br> Designation: [Director/Secretary]\*

\* Please delete as appropriate.

***(Alternative execution block, for execution without a common seal)***

 ****

---

| | | |
|:---|:---|:---|
| <u>**ORIGINAL PARTY**</u> |  |  |
| Signed as a Deed) |  |  |
| For and on behalf of) |  |  |
| **Swisslog**) |  |  |
| **Healthcare**) |  |  |
| **Asia Pacific Pte. Ltd.**) |  |  |
|  | Director | Director/Secretary\* |
|  | Name: | Name: |
|  | in the presence of:- | \* *Please delete accordingly* |
|  | Witness\*\* |  |
|  | Name: |  |
|  | *\*\* Witness required only when* |  |
|  | *a single director signs on behalf of the Company* |  |

---

 ****

 ****

---

| |
|:---|
| **<u>SUBSTITUTING PARTY</u>** |
| **The Common Seal of [Otsaw Swisslog Healthcare**) |
| **Robotics Pte. Ltd.]**) |
| was hereunto affixed) |
| in the presence of) |

---

 <br> Name: <br> Designation: Director

 <br> Name: <br> Designation: [Director/Secretary]\*

\* Please delete as appropriate.

***(Alternative execution block, for execution without a common seal)***

 ****

---

| | | |
|:---|:---|:---|
| <u>**SUBSTITUTING PARTY**</u> |  |  |
| Signed as a Deed) |  |  |
| For and on behalf of) |  |  |
| **[Otsaw Swisslog Healthcare**) |  |  |
| **Robotics Pte. Ltd.]**) |  |  |
|  | Director | Director/Secretary\* |
|  | Name: | Name: |
|  | in the presence of:- | \* *Please delete accordingly* |
|  | Witness\*\* |  |
|  | Name: |  |
|  | *\*\* Witness required only when* |  |
|  | *a single director signs on behalf of the Company* |  |

---

 ****

 ****

**SCHEDULE 6**

**Consideration Adjustments**

SCHEDULE TO MASTER ASSET SALE AGREEMENT

<u>**CONSIDERATION ADJUSTMENT MECHANISM**</u>

**Formula:**

---

| | | | |
|:---|:---|:---|:---|
| Consideration Adjustments = | <u>Actual revenue - Anticipated revenue</u> | <sub>X</sub> | Consideration |
| Payable in $SGP | Anticipated revenue |  |  |

---

Applicable in year 1 and year 2 only

Anticipated Revenue provided by Swisslog

---

| | | | |
|:---|:---|:---|:---|
| <br>EUR **('000)** | **2022**<br>**31-Dec-22** | **2023**<br>**31-Dec-23** | **2024**<br>**31-Dec-24** |
| APAC | 2391 | 2424 | 2461 |
| Germany | 2767 | 2957 | 3208 |
| Italy | 605 | 648 | 693 |
| Europe (Excluding France) | 452 | 475 | 480 |
| **Total Anticipated Revenue** | **6214** | **6505** | **6841** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Illustration of Shortfall** | **Year 1** | **Year 2** | **Year 3** | |  |
| Actual revenue | 4000 | 6179 | 6499 |  |  |
| Shortfall | (2214) | (325) | (342) |  |  |
| Shortfall % | **-36%** | **-5%** | -5% |  |  |
| Consideration allocation | 2224 | 2328 | 2448 | 7000 | $SGP |
| Consideration adjustments | (792) | (116) | n/a |  | $SGP |
| Cap % | **30%** | **15%** | n/a |  |  |
| Consideration cap in SGP$ | 667 | 349 | n/a | 1016 | $SGP |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Anticipated**<br>**Revenue** |<br>**Proportion** |<br>**Consideration** |
|  | **EUR'000** | % | **SGD'000** |
| Year 1 | 6214 | 32% | 2224 |
| Year 2 | 6505 | 33% | 2328 |
| Year 3 | 6841 | 35% | 2448 |
|  | 19560 | 100% | 7000 |

---

**SCHEDULE 7**

**Vendor Group Designations**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Logo/ Brand | ![](ex10-8_001.jpg) | |
| &nbsp;&nbsp;&nbsp;Logo/ Brand | ![](ex10-8_001.jpg) | &nbsp;&nbsp;&nbsp;**swisslog<br> healthcare** |

---

SCHEDULE TO MASTER ASSET SALE AGREEMENT

**SCHEDULE 8**

**Fully-Diluted Shareholding Structures of Purchaser and JV Company**

The information in the cap tables below is on a fully-diluted basis immediately prior to Completion and immediately after Completion.

<u>**Part 1:**</u>

**Shareholding Structure of Purchaser Immediately Prior to Completion**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Shareholders** | &nbsp;&nbsp; **NRIC No. /**<br> **Company<br> Registration No.** | &nbsp;&nbsp;**Number of Shares** | &nbsp;&nbsp;**Amount (S$)** | &nbsp;&nbsp;% **Ownership** |
| &nbsp;&nbsp; Otsaw Digital Pte. Ltd. | &nbsp;&nbsp;201511868R | &nbsp;&nbsp;500000 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;73.1 |
| &nbsp;&nbsp;Ca Mevzer Pte. Ltd. | &nbsp;&nbsp;201911925C | &nbsp;&nbsp;50000 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;7.3 |
| &nbsp;&nbsp; Evolve Capital Management Fund VCC | &nbsp;&nbsp;T20VC0178J | &nbsp;&nbsp;59036 | &nbsp;&nbsp;536686 | &nbsp;&nbsp;8.6 |
| &nbsp;&nbsp; Serial System International Pte. Ltd. | &nbsp;&nbsp;201524680M | &nbsp;&nbsp;21887 | &nbsp;&nbsp;198975 | &nbsp;&nbsp;3.2 |
| &nbsp;&nbsp;Koh Choon Hui | &nbsp;&nbsp;S0310105C | &nbsp;&nbsp;17623 | &nbsp;&nbsp;160205 | &nbsp;&nbsp;2.6 |
| &nbsp;&nbsp;Goh Way Siong | &nbsp;&nbsp;S8270577E | &nbsp;&nbsp;5808 | &nbsp;&nbsp;52786 | &nbsp;&nbsp;0.8 |
| &nbsp;&nbsp;Goh Si Hui Victoria | &nbsp;&nbsp;S9313823F | &nbsp;&nbsp;5646 | &nbsp;&nbsp;51348 | &nbsp;&nbsp;0.8 |
| &nbsp;&nbsp; Song Hoi See<br> *(Note: To be issued mid November)* | &nbsp;&nbsp;570110045061 | &nbsp;&nbsp;13706 | &nbsp;&nbsp;1349904 | &nbsp;&nbsp;2.0 |
| &nbsp;&nbsp; Chan Pey Kheng<br> *(Note: To be issued mid November)* | &nbsp;&nbsp;720928145502 | &nbsp;&nbsp;5076 | &nbsp;&nbsp;499935 | &nbsp;&nbsp;0.7 |
| &nbsp;&nbsp; YL Global Ventures Sdn Bhd<br> *(Note: To be issued mid November)* | &nbsp;&nbsp;20191008778 | &nbsp;&nbsp;4061 | &nbsp;&nbsp;399968 | &nbsp;&nbsp;0.6 |
| &nbsp;&nbsp; Palmeira Investments Limited *(Note: To be issued mid November)* | &nbsp;&nbsp;1948873 | &nbsp;&nbsp;1015 | &nbsp;&nbsp;99967 | &nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** |  | &nbsp;&nbsp;**683858** | &nbsp;&nbsp;**3949774** | &nbsp;&nbsp;**100.0** |

---

**Shareholding Structure of Purchaser Immediately After Completion**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Shareholders** | &nbsp;&nbsp; **NRIC No. /**<br> **Company**<br> **Registration No.** | &nbsp;&nbsp;**Number of Shares** | &nbsp;&nbsp;**Amount (S$)** | &nbsp;&nbsp;% **Ownership** |
| &nbsp;&nbsp;Otsaw Digital Pte. Ltd. | &nbsp;&nbsp;201511868R | &nbsp;&nbsp;500000 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;69.6 |
| &nbsp;&nbsp;Ca Mevzer Pte. Ltd. | &nbsp;&nbsp;201911925C | &nbsp;&nbsp;50000 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;7.0 |
| &nbsp;&nbsp;Evolve Capital Management Fund VCC | &nbsp;&nbsp;T20VC0178J | &nbsp;&nbsp;59036 | &nbsp;&nbsp;536686 | &nbsp;&nbsp;8.2 |
| &nbsp;&nbsp; Serial System<br> International Pte. Ltd. | &nbsp;&nbsp;201524680M | &nbsp;&nbsp;21887 | &nbsp;&nbsp;198975 | &nbsp;&nbsp;3.0 |
| &nbsp;&nbsp;Koh Choon Hui | &nbsp;&nbsp;S0310105C | &nbsp;&nbsp;17623 | &nbsp;&nbsp;160205 | &nbsp;&nbsp;2.5 |
| &nbsp;&nbsp;Goh Way Siong | &nbsp;&nbsp;S8270577E | &nbsp;&nbsp;5808 | &nbsp;&nbsp;52786 | &nbsp;&nbsp;0.8 |
| &nbsp;&nbsp;Goh Si Hui Victoria | &nbsp;&nbsp;S9313823F | &nbsp;&nbsp;5646 | &nbsp;&nbsp;51348 | &nbsp;&nbsp;0.8 |

---

SCHEDULE TO MASTER ASSET SALE AGREEMENT

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Shareholders** | &nbsp;&nbsp; **NRIC No. /**<br> **Company**<br> **Registration No.** | &nbsp;&nbsp;**Number of Shares** | &nbsp;&nbsp;**Amount (S$)** | &nbsp;&nbsp;% **Ownership** |
| &nbsp;&nbsp; Song Hoi See<br> *(Note: To be issued mid November)* | &nbsp;&nbsp;570110045061 | &nbsp;&nbsp;13706 | &nbsp;&nbsp;1349904 | &nbsp;&nbsp;1.9 |
| &nbsp;&nbsp; Chan Pey Kheng<br> *(Note: To be issued mid November)* | &nbsp;&nbsp;720928145502 | &nbsp;&nbsp;5076 | &nbsp;&nbsp;499935 | &nbsp;&nbsp;0.7 |
| &nbsp;&nbsp; YL Global Ventures Sdn Bhd<br> *(Note: To be issued mid November)* | &nbsp;&nbsp;20191008778 | &nbsp;&nbsp;4061 | &nbsp;&nbsp;399968 | &nbsp;&nbsp;0.6 |
| &nbsp;&nbsp; Palmefra Investments Limited<br> *(Note: To be issued mid November)* | &nbsp;&nbsp;1948873 | &nbsp;&nbsp;1015 | &nbsp;&nbsp;99967 | &nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Swisslog Healthcare Holding AG | &nbsp;&nbsp; CHE-<br> 317.331.234 | &nbsp;&nbsp;36613 | &nbsp;&nbsp; 3,100,000<br> (Consideration to be in a form otherwise than in cash) | &nbsp;&nbsp;5.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** |  | &nbsp;&nbsp;**720471** | &nbsp;&nbsp;**7049774** | &nbsp;&nbsp;**100** |

---

<u>**Part 2:**</u>

**Shareholding Structure of JV Company Immediately Prior to Completion**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Shareholders** | &nbsp;&nbsp;**Number of Shares** | &nbsp;&nbsp;**Amount ($S)** | &nbsp;&nbsp;% **Ownership** |
| &nbsp;&nbsp; Otsaw Technology Solutions Pte. Ltd.<br> &nbsp;&nbsp;202033912W | &nbsp;&nbsp;6000 | &nbsp;&nbsp;6000 | &nbsp;&nbsp;100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;6000 | &nbsp;&nbsp;6000 | &nbsp;&nbsp;**100** |

---

**Shareholding Structure of JV Company Immediately After Completion**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Shareholders** | &nbsp;&nbsp; **NRIC No./**<br> **Company<br> Registration No.** | &nbsp;&nbsp;**Number of Shares** | &nbsp;&nbsp;**Amount ($S)** | &nbsp;&nbsp;% **Ownership** |
| &nbsp;&nbsp;Otsaw Technology Solutions Pte. Ltd. | &nbsp;&nbsp;202033912W | &nbsp;&nbsp;6000 | &nbsp;&nbsp;6000 | &nbsp;&nbsp;60.0 |
| &nbsp;&nbsp;Swisslog Healthcare Holding AG | &nbsp;&nbsp;CHE- 317.331.234 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;40.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** |  | &nbsp;&nbsp;10000 | &nbsp;&nbsp;10000 | &nbsp;&nbsp;**100** |

---

SCHEDULE TO MASTER ASSET SALE AGREEMENT

**EXHIBIT A**

**Form of Service Agreements**

EXHIBIT TO MASTER ASSET SALE AGREEMENT

**Service Agreement**

**Between**

**[Otsaw Swisslog Healthcare Robotics Pte. Ltd.]<br> *[To be confirmed]***

**[Address]**

**(Customer)**

**And**

**Swisslog Healthcare Asia Pacific Pte. Ltd.**

**11 Tampines Concourse, #02-07, Singapore 528729**

**(Service Provider)**

**1.** **Goals & Objectives** 

1.1. The
 purpose of this Service Agreement is to ensure that the proper elements and commitments are
 in place to provide consistent service support and delivery to the Customer ()"**Services**") by the Service Provider (collectively with the Customer, "**Parties**" and each a "**Party** ").

1.2. The goal of this Service Agreement is to obtain mutual agreement
for service provision between the Customer and Service Provider.

1.3. The objectives of this Service Agreement are to

● provide a clear description of Services with reference to roles and responsibilities;

● provide the basis for charging; and

● match perceptions of demand with actual service delivery.

1.4. Swisslog
 Healthcare Holding AG ()"**Vendor** "), Otsaw Technology Solutions Pte Ltd ()"**Purchaser** ")
 and Otsaw Digital Pte Ltd (as guarantor) had entered into a Master Asset Sale Agreement dated
 [16 November 2021] (the "**SPA**") for
 the transfer of certain assets and the assumption of certain liabilities. Pursuant to the
 SPA, the service and maintenance contracts ()"**Contracts**" as
 further defined in the SPA) that had been entered into by the Vendor and certain subsidiaries
 and related corporations were transferred to the Purchaser Designee, and the Customer is
 a Purchaser Designee.

1.5. Capitalized Terms used herein and not otherwise defined shall have the meaning assigned to them in the
SPA.

1.6. Pursuant to the SPA, this Service Agreement is entered into for the Service Provider to provide maintenance
and other services to enable the Customer to perform its obligations under certain Contracts, and to set out the arrangements relating
to the revenue and fees and reimbursements relating to certain Contingent Transferred Contracts or certain of the Purchaser Portion of
the Shared Contracts qualifying as a Contingent Shared Contract.

1.7. Pursuant to the SPA, *inter a/ia,* the Contracts shall be sold and transferred to the Purchaser,
and, with effect from Completion, all of the rights and benefits in relation to the Contracts will be transferred to a Purchaser Designee
together with the Assumed Liabilities, and the Vendor shall use its reasonable endeavours to procure that each relevant Contract be novated
to a Purchaser Designee with effect from Completion.

1.8. Pursuant to the SPA, in the case of a Contingent Transferred Contract
 which has not been novated to a Purchaser Designee, the Vendor and the Purchaser shall treat each other for the purpose of their
 internal relationship as if the Contingent Transferred Contract was novated to a Purchaser Designee, it being understood and
 provided that (i) any rights, receivables, revenues and benefits arising in connection with the relevant Contingent Transferred
 Contracts, as well as (ii) any Assumed Liabilities in connection with the relevant Contingent Transferred Contracts shall be for the
 account of a Purchaser Designee.

1.9. The SPA also has provisions relating to the Purchaser Portion of the Shared Contract and materially the
same concept set forth in Clause 1.8 above applies to the Purchaser Portion of the Shared Contract qualifying as a Contingent Shared Contract
until such Contingent Shared Contract has been partially novated (or amended or split) to a Purchaser Designee.

1.10. Pursuant
to the SPA, following Completion, as part of the service agreement(s) to be entered into pursuant to the SPA, the Vendor shall deliver
to the Customer monthly updated lists of the Stock and Inventory, including the applicable book values. The Stock and Inventory shall
continue to be used for the servicing of the Contracts or any other customers agreed by Purchaser or the Customer, on the one side, and
the Vendor, on the other side, from time to time and the Vendor or the applicable subsidiary or related corporation of the Vendor shall
be entitled to charge for (the relevant pieces of) Stock and Inventory as contemplated by this Service Agreement or as otherwise agreed
in writing by the Purchaser or the Customer, on the one side, and the Vendor, on the other side, from time to time.

1.11. Pursuant to the SPA, the Vendor shall provide assistance to facilitate the transfer of know-how in relation
to the design and function of the Automated Guided Vehicles and the maintenance of the Automated Guided Vehicles, to the Purchaser Designee,
in each case to the extent such assistance can be reasonably provided by the Vendor or any applicable subsidiary or related corporation
of the Vendor and any material costs incurred by the Vendor or any applicable subsidiary or related corporation of the Vendor are reimbursed
(subject to mutual agreement between Vendor and Purchaser).

1.12. Pursuant to the SPA, to the extent (and only to extent) required by the Vendor or the relevant subsidiary
or related corporation of the Vendor, and for as long as so required to perform, *inter alia,* the Services under this Service Agreement,
the Purchaser has granted a royalty-free, non-exclusive and non-transferable license to the Vendor (sublicensable to the relevant subsidiary
or related corporation of the Vendor) to use the Intellectual Property and the Books and Records to the extent relating thereto.

**2.** **Periodic Review** 

2.1. This Service Agreement should be reviewed at a minimum once per fiscal year; however, in lieu of a review
during any period specified, the current agreement will remain in effect.

2.2. The Customer and the Service Provider are
 responsible for facilitating regular reviews of this document. Contents of this document,
 including the <u>**Appendices**,</u> may
 be amended as required by mutual agreement of the Parties. The Parties will incorporate all
 subsequent revisions and obtain consent and approvals in writing as required. Either Party
 can initiate the review of this Service Agreement.

3. Performance of Services, Modifications and Collaboration

3.1. The Services to be provided as well as detailed service descriptions of the responsibility of the Service
Provider in the ongoing execution of this Service Agreement are detailed in <u>**Appendices 2 and 3**</u> to this Service Agreement titled "Service Contract Execution" and "Sales and Technical Support"
respectively. These <u>**Appendices**</u> form an integral part to this Service Agreement.

3.2. Customer obligations, in particular information and documents to be provided by the Customer, are also
detailed in <u>**Appendices 2 and 3**</u> to this Service Agreement titled "Service
Contract Execution" and "Sales and Technical Support" respectively.

3.3. The Parties may adjust the contractual obligations to their needs at any time by mutual agreement in
 writing. Should the scope of Services change as a result, the Parties shall mutually agree on the new Services and corresponding
 adjustment to the fees.

3.4. The Parties shall support each other to the best of their
abilities in order to provide the Services in the best and quickest manner possible with reasonable diligence and in a cost-effective
manner.

4. Intellectual Property

Pursuant to the SPA, to the extent (and only to extent) required by the Vendor or the relevant subsidiary or related corporation of the Vendor (including the Service Provider), and for as long as so required to perform, *inter alia,* the Services under this Service Agreement, the Purchaser has granted a royalty-free, non-exclusive and non-transferable license to the Vendor (sublicensable to the relevant subsidiary or related corporation of the Vendor) to use the Intellectual Property and the Books and Records to the extent relating thereto. The Vendor has sublicensed to the Service Provider the right to use the Intellectual Property and the Books and ,Records to the extent relating to the performance of the Services under this Service Agreement.

5. Charging Model

5.1. The charging model and invoicing procedure
 is detailed in the <u>**Appendices**</u> .
 The <u>**Appendices**</u> form an integral
 part of this Service Agreement.

**5.2.** **Indemnity** 

The Service Provider hereby agrees that it shall indemnify, defend and hold harmless the Customer from and against any losses to the extent arising or resulting from:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any failure to comply with any agreed service standards of end customers by the Service Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any breach of any of the Contracts by the Service Provider.

5.3. The losses under the indemnity as set out in Clause 5.2 shall include all losses, liabilities, costs (including,
without limitation, legal costs), charges, expenses, penalties, claims, demands and any other payments owed to the end customers according
to the Service Contracts.

6. Contacts

6.1. Contacts for this Service Agreement are specified in the <u>**Appendices.**</u> 

6.2. The Parties appoint the contacts for the coordination of the Services in the <u>**Appendices**</u> (and to such other contacts as any Party may from time to time notify the other Party).

6.3. If no contact is appointed in the <u>**Appendices,**</u> the contacts in **Appendix 1** shall be responsible also for the coordination of the Services.

7. Exclusiveness of Services, Subcontractors

7.1. The Customer shall procure all Services marked as exclusive within the Appendices exclusively from the
Service Provider.

7.2. The Service Provider may subcontract the Services or parts thereof to third parties without the prior
consent of the Customer, and the Service Provider shall keep the Customer informed of its main subcontracting arrangements.

8. Liability

The Parties shall be entitled to all remedies in accordance with the laws in Singapore, including under contract or tort. However, any liability for any consequential and/or indirect damages (in particular, but not limited to, lost profits, lost revenues, lost opportunities and damages due to business interruption), is excluded, unless such damages have been caused willfully.

9. Confidentiality and Data Protection

9.1. The Parties commit to treat all information,
 business secrets and data (hereinafter "**Confidential Information**") concerning
 the Customer becoming known or being conveyed to the Service Provider in the course of this
 Service Agreement strictly confidential, to keep them in secret and to not make it available
 to third parties without the prior consent of the Customer in text form.

9.2. The Parties further commit to only use the Confidential Information in order to fulfill the responsibilities
out of this Service Agreement and not to use the Confidential Information in any other context.

9.3. The Parties further ensure that all employees of the Service Provider having access to the Confidential
Information will adhere to this confidentiality clause.

9.4. The obligation of confidentiality does not apply for Confidential Information that (i) is or becomes known
to the public without a breach of this confidentiality clause; (ii) became known to the Service Provider prior to the Customer's disclosure
of such information to the Service Provider; (iii) became known to the Service Provider from a source other than the Customer other than
by a breach of an obligation of confidentiality owed to the Customer; (iv) is independently developed by the Service Provider without
reference to the Confidential Information disclosed to the Service Provider; (v) is information for which further use or disclosure authorized
by the Customer; or (vi) has to be disclosed by the Service Provider due to mandatory rules of law or a court or government order.

9.5. The Parties are obliged to observe the applicable laws regarding the protection of personal data.

10. Duration and Termination

This Service Agreement is entered into with effect from [1 December] 2021 and for a term of 1 year. The Service Provider agrees that the Customer has an option to renew this Service Agreement for up to two successive terms of 1 year each, with a prior written notice of three (3) months prior to the end of each term. Each of the Parties agree that it shall not take steps to terminate this Service Agreement before the end of a term, except by mutual agreement of the Parties.

11. Force Majeure

11.1. For the avoidance of doubt, this Clause shall not prejudice or limit the liability of the Service Provider
under the indemnity as set out in Clause 5.2, meaning that any force majeure event will only be recognized if it qualifies as such also
under the respective Service Contract.

11.2. To the extent that this shall not result in any of the circumstances set out in Clauses 5.2(a) and 5.2(b)
as described in Clause 11.1 above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Delayed or aborted contractual performance in conjunction with this Service Agreement on account of an
event of force majeure without error or fault on the part of the concerned Party is considered excused for the duration of such event.
This presupposes that the concerned Party informs the other Party in writing without undue delay after the occurrence of the event of
force majeure, however no later than five days thereafter, on the nature and the extent of the event of force majeure and its effects,
including the expected duration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Events of force majeure are natural catastrophes such as floods, earthquakes, cyclones, tornadoes,
 hurricanes, Pandemics, or other commonly occurring phenomena of an extreme nature such as fires, unrest, wars, sabotage, terrorist
 attacks, pandemics and other unpredictable and inevitable events. If a delay caused by force majeure exceeds thirty days, then the
 Customer is entitled to terminate the contract without being liable to the Service Provider.

12. Miscellaneous

12.1. Any amendments to this Service Agreement must be made in writing. Likewise,any agreement to waive the requirement for written form
must itself be in writing.

12.2. General terms and conditions of the Parties do not apply to this Service Agreement.

12.3. The <u>**Appendices**</u> form an integral part of this
Service Agreement. In the event of a conflict between the body of the Service Agreement and the <u>**Appendices**</u> the latter shall prevail.

12.4. This Service Agreement shall be governed by the Laws of the Republic of Singapore. Any disputes arising
out of this Service Agreement shall be referred exclusively to the Courts of Singapore and the Parties hereby submit to the exclusive
jurisdiction of the Courts of Singapore.

12.5. If any provision of this Service Agreement is or becomes invalid or inapplicable, either partially or
in full, the validity of the remaining provisions shall remain entirely unaffected. The same applies if this Service Agreement should
contain omissions.

12.6. Each notice, demand or other communication to be given or made under this Service Agreement shall be in
writing and delivered or sent to the relevant Party at its address or e-mail as set forth in **Appendix 1** (or such other address
or electronic mail as the addressee has by three (3) business dfs' prior written notice specified to the other Parties hereto).

**Appendices**

---

| | | |
|:---|:---|:---|
| **Appendix #** | **Service** | **Term** |
| 1 | Main contacts |  |
| 2 | Service Contract Execution | Business execution, strategic |
| 3 | Sales and Technical Support | Business execution, strategic |
| 4 | Service Contract Document with End Customer |  |

---

**Appendix 1: Main contacts**

Service
 Provider: Swisslog Healthcare Asia Pacific, SingaporeAddress: 11 Tampines Concourse, Singapore

Primary
 contact: Managing Director - He PengHui

Secondary
 contact: Email: penghui.he@swisslog-healthcare.com <br> Finance & Admin Director - Ang Huileng Email: huileng.ang@swisslog-healthcare.com

Customer: [Otsaw Swisslog Healthcare Robotics Pte. Ltd.]

Address: 

Primary
 contact: General Manager - Tobias Klesen <br> Email: tobias@otsaw.com.sg

Secondary
 contact: [Title - Name]

 Email: [●]

**Appendix 2: Service Contract Execution**

---

| | |
|:---|:---|
| **Exclusive:** | Yes |
| **Background:** | To carry out the services under and in accordance with the existing and new active service contracts with the end customers at the hospitals as set out below: |

---

<u>**Service Contracts**</u>

(To be updated by the Customer and the Service Provider from time to time via mutual agreement in writing)

---

| | | |
|:---|:---|:---|
| End Customer Name | Hospital | Contract Reference |
| ISS ME Engineering | CHANGI GENERAL HOSPITAL INTEGRATED BUILDING | SG-MNE-050212-CGH |
| Engie Services Singapore Pte Ltd | CHANGI GENERAL HOSPITAL MAIN BUILDING | ENGIE/M016/CGH/M774/SPL/JUN/2016/034 |
| Engie Services Singapore Pte Ltd | KK WOMEN'S AND CHILDREN'S HOSPITAL | ENGIE/M016/KKH/M828/SPL/JUN/2019/017 |
| National University Health Services | NG TENG FONG GENERAL HOSPITAL | Will be renewed by Oct 2021 |
| YiShun Community Hospital | YISHUN COMMUNITY HOSPITAL | YCH/FMS/17009 REV 1 |
| Sengkang General Hospital Pte Ltd | SENGKANG GENERAL HOSPITAL | 2819401515 |
| Outram Community Hospital | OUTRAM COMMUNITY HOSPITAL | Comprehensive Servicing and Maintenance of Automated Guided Vehicle System at Singhealth Tower/Outram Community Hospital from 18 March 2021 to 17 March 2028 |

---

**[Note: Shared Contracts to be indicated.]**

**Service Description and Service Provider's Deliverables:**

Service Provider supports Customer to execute all above service contracts (the "**Service Contracts**"), which are subcontracted to Service Provider hereunder, and to which the provisions of Clause 7 of the SPA shall apply.

In case the Customer enters into any new service contract (other than the Contracts) for which it is intended that the Service Provider provides Services hereunder, the Customer shall send to the Service Provider the terms and conditions of such service contract in order for the Service Provider to verify whether the Service Provider is in a position to perform such Services. If so, the Customer and Service Provider may update the lists of Service Contracts as set forth above via mutual agreement in writing and such service contract shall qualify as a "Service Contract" within the meaning of this Agreement.

All preventive and corrective maintenance work will be executed by the Service Provider. The Service Provider will maintain the service level which is required by the respective Service Contracts with end customers. Please refer to the **Appendix 4** for all Service Contracts. **[Appendix 4** may also be updated by the Service Provider and the Customer from time to time via mutual agreement in writing.]

The Service Provider shall deliver to Customer monthly updated lists of the stock and inventory, which are the spare parts, stock, raw materials, and work in progress owned by the Vendor Group from time to time and which are used or intended to be used in connection with the Transcar automated guided vehicles, the assets transferred pursuant to the SPA and/or the provision of maintenance services in respect of the Transcar automated guided vehicles under the Contracts. This obligation shall cease when a Purchaser Designee purchases the entire stock and inventory.

**Customer Obligations**

(1) In the case of Contingent Transferred Contracts or the Purchaser
Portion of the Shared Contract qualifying as a Contingent Shared Contract, in each case which have not been novated to a Purchaser Designee:

**N/A**

(2) In the case of Service Contracts which have been novated to the Customer and other Service Contracts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Customer shall provide to the Service
 Provider, in a timely manner, the documents, information and data (hereinafter "**Information**") necessary for the proper provision of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Service Provider shall convey noticeable problems to the Customer without undue delay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Customer bears the responsibility for the accuracy and completeness of the delivered Information.

**Contacts:**

<u>Service Provider:</u>

---

| | |
|:---|:---|
| Primary contact: | Managing Director, Swisslog healthcare Asia Pacific Secondary |
| contact: | see above |
| <u>Customer:</u> |  |
| Primary contact: | [●] |
| Secondary contact: | [●] |
| **Term:** |  |
| Beginning date: | [1 December] 2021 |
| End date: | according to Service Agreement |
| Termination: | according to Service Agreement |

---

**Charging Model:**

(1) In the case of Contingent Transferred Contracts and Purchaser
Portion of the Shared Contract qualifying as a Contingent Shared Contract which have not been novated to a Purchaser Designee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Vendor and/or the applicable subsidiaries and related corporations shall continue to be a party to
the relevant Contingent Transferred Contract and receive payment thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Every month, the Service Provider shall provide to the Customer the invoices issued under those Service
Contracts to the end customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The
 Service Provider shall pay to the Customer 16% of the total invoice amounts between (i) the
 Vendor and/or the applicable subsidiaries and related corporations; and (ii) the end customers
 in each month. The Service Provider shall make payment to the Customer before the 3<sup>rd</sup>
 week of each month in respect of the invoice amounts between the Vendor and/or the applicable
 subsidiaries and related corporations and the end customers which were issued before the
 15+ day of the immediately preceding month. The Service Provider shall make payment to the
 Customer notwithstanding that any corresponding payment from the end customers has not been
 received. **[Note: Arrangements for Shared Contracts to be indicated.]** 

(2) In the case of Service Contracts which are Contracts and which have been novated to the Customer and new Service Contracts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Customer shall become a party to the relevant Contract and receive payment thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Every month, the Service Provider shall provide to the Customer the service report of each such Service
Contract or new Service Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Every month the Customer shall provide the Service Provider an overview of invoices issued to the end-customer.
The Customer shall pay to the Service Provider 84% of the total invoice amounts between the Customer and the end customers in each month.
The Customer will retain 16% of the total invoice amounts between the Customer and the end customers in each month.

The Service Delivery Manager (SDM) hired by the Customer will conduct a monthly meeting with the end customers to review the monthly report given by the Service Provider and the respective performance. The SDM will take note of any feedback from the end customers and analyse the top 10 repeated incidents/ trouble tickets reported. The SDM will work with the Service Provider to identify the root cause and rectify the repeated faults/repairs in a timely manner to ensure that, from the perspective of the end customer, the customer experience and service delivery are maintained at a high level.

The Customer shall make payment to the Service Provider before the 3<sup>rd</sup> week of each month in respect of the invoice amounts between the Customer and the end customers which were issued before the 15<sup>th</sup> day of the immediately preceding month. The Customer may delay payment to the Service Provider if there is any delay in the corresponding payment from the end customer that can be attributed to service delivery and performance issues arising from a delay or unsatisfactory quality of Services provided by the Service Provider as reported by the SDM.

**Appendix 3: Sales and Technical support**

---

| | |
|:---|:---|
| **Exclusive**: | no |
| **Background:** | Customer is responsible for managing its customers/partners in its region/countries. Customer delivers to end customer services like proposal and consultation for new or existing Automated Guided Vehicles projects or extensions or modernization or other technical services. In this respect Customer needs the technical support of the Service Provider, which has technical expertise and experience within its personnel. For the avoidance of doubt, the services set out under Appendix 3 are in addition to those set out under Appendix 2, and the charging model set out under Appendix 3 would apply to the additional services set out under Appendix 3. |

---

**Service Description and Service Provider's Deliverables:**

Service Provider supports Customer with customer visits, layouts, calculations, technical support throughout the tender processes and during installation as follows:

1. Tender
phase:

- Sales support

- Customer visits

- System Design

All used hours have to be recorded in respective time sheets per person reflecting a description of work, date, amount of hours and comments.

2. <u>Project execution phase:</u> 

- Manage the project

- Prepare the project design documents

- System installation, testing and commissioning

- Attend customer meetings

Service Provider will be available to provide its services within the following working hours:

- Office hours Monday – Friday – 9:00 - 18:00 o'clock

- Availability outside office hours according specific arrangements if applicable

Point of contact is secondary contact and, if there is no contact possible, then primary contact should be contacted.

**Customer Obligations:**

In particular, Customer's obligations are to:

- provide a clear task in writing including description (use template/checklist)

- define due dates

- define quality objectives

- provide documents

- provide project related process descriptions of customer processes

In general:

a. The Customer shall provide to the Service Provider, in a timely manner, the Information necessary for the proper provision of the
Services.

b. The Service Provider shall convey noticeable problems to the Customer without undue delay.

c. The Customer bears the responsibility for the accuracy and completeness of the delivered Information.

**Contacts:**

<u>Service Provider:</u>

Primary contact: Managing Director, Swisslog healthcare Asia Pacific Secondary <br>contact: Head of Project Realization/Head of Customer Care

<u>Customer:</u>

Primary contact: [●] <br>Secondary contact: [●]

**Term:** 

---

| | |
|:---|:---|
| Beginning date: | [as and when requested by the Customer, from 1 December] 2021 |
| End date: | according to Service Agreement |
| Termination: | according to Service Agreement |

---

**Charging Model:**

N/A, unless otherwise agreed to by the Parties. All fees for such sale and technical support are subject to the mutual agreement of the Parties, including for the reimbursement of material costs incurred.

Pursuant to the SPA, the Vendor shall provide assistance to facilitate the transfer of know-how in relation to the design and function of the Automated Guided Vehicles and the maintenance of the Automated Guided Vehicles, to, *inter alia,* the Customer, in each case to the extent such assistance can be reasonably provided by the Vendor or any applicable subsidiary or related corporation of the Vendor (including the Service Provider) and any material costs incurred by the Vendor or any applicable subsidiary or related corporation of the Vendor (including the Service Provider) are reimbursed (subject to prior mutual agreement).

**Subject to the provisions above, the indicative hourly rates of the Service Provider are set out below for reference purposes only.**

---

| | | | |
|:---|:---|:---|:---|
| **Resource Type** | **Hourly Rate During Office Hour(SGD)** | **Hourly Rate After Office Hour Monday to Saturday**<br> **(SGD)** | **Hourly Rate During Sunday and Public Holiday In Singapore (SGD)** |
| Project Manager | 135 | **202.5** | 270 |
| Testing & Commissioning Manager | 135 | 202.5 | 270 |
| Testing & Commissioning Engineer | **83** | 124.5 | 166 |
| Customer Service Team Lead | 110 | 165 | 220 |
| Customer Service Engineer | 83 | **124.5** | 166 |

---

**Appendix 4: Service Contract Document with End Customer**

**EXHIBIT B**

**Form** of **Shareholders Agreement**

EXHIBIT TO MASTER ASSET SALE AGREEMENT

DATED THE DAY OF 2021

**BETWEEN**

**Otsaw Technology Solutions Pte. Ltd.**

AND

**Swisslog Healthcare Holding AG**

AND

**[Otsaw Swisslog Healthcare Robotics Pte. Ltd.]**

as the **Company**

**SHAREHOLDERS AGREEMENT**

---

| | | |
|:---|:---|:---|
| **THIS AGREEMENT** dated the | day of | 2021 is entered into |

---

**BETWEEN:**

(1) **Otsaw Technology Solutions Pte. Ltd.** (Company Registration No. 202033912W), a company incorporated
 in Singapore and having its registered office at 12 Kaki Bukit View, #04-00, Singapore 415948
 ()"**Otsaw** ");

(2) **Swisslog Healthcare Holding AG** (Company Registration No. **CHE-317.331.234)**, a company incorporated
 in Switzerland and having its registered office at Webereiweg 3, 5033 Buchs AG, Switzerland **("Swisslog** "); and

(3) **[Otsaw Swisslog Healthcare Robotics Pte. Ltd.]** (Company Registration No. [●]), a company
 incorporated in Singapore and having its registered office at [●] (the "**Company** "),

(each a ***Party*** and together, the ***Parties***)

 ****

**WHEREAS:**

(A) Otsaw is in the robotics technology business, and leverages technology, robotics and artificial intelligence
to digitise a wide range of integrated facility management services including security, cleaning and disinfection, maintenance and delivery
services.

(B) Swisslog, its Subsidiaries and certain Related Corporations are engaged in the business of developing
and manufacturing the "TransCar" Automated Guided Vehicles which are sold to and used by customers, and providing maintenance
services in respect of the Automated Guided Vehicles under service contracts. This business is carried out in several countries, including
the Territories. The customers of this business are mainly hospitals.

(C) Swisslog
 and the Company had entered into a master asset sale agreement dated [●] (the "**SPA** ")
 for the transfer of certain assets and the assumption of certain liabilities.

(D) The Parties hereto have agreed to come together to establish the Company to carry out the Business (as
defined below) for the parties' mutual benefit. Around the date of this Agreement, the Shares (as defined below) which have been issued
and allotted are as set out in Part A of Schedule 2 to this Agreement.

(E) The Parties have agreed to enter into this Agreement to regulate their rights between them as shareholders
of the Company and certain aspects of the affairs of and their dealings with the Company.

**NOW IT IS HEREBY AGREED** as follows:

**1.** **DEFINITIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 In this Agreement unless the context otherwise requires:

"**Affiliate"** shall mean, in relation to a company, a person or company directly or indirectly Controlling, Controlled by or under direct or indirect common Control with such company; and in relation to a natural person, a person directly or indirectly Controlled by such person or the family members of such person;

"**AGV Manufacturing Operations**" shall have the meaning ascribed to it in the SPA;

"**Articles"** shall mean the Articles of Association or other constitutional documents of the Company from time to time;

"**Auditors**" shall mean the external auditors for the time being of the Company;

"**Automated Guided Vehicles"** means the TransCar Automated Guided Vehicles originally developed by Swisslog and/or certain Subsidiaries and Related Corporations of Swisslog, and which, prior to the date of this Agreement, were originally manufactured by KUKA AG and/or any of KUKA AG's Affiliates for Swisslog and any similar automated guided vehicles the Company manufactures and develops from time to time;

"**AGV Manufacturing Operations**" shall have the meaning ascribed to it in the SPA;

"**Board**" or "**Board of Directors**" shall mean the Board of Directors for the time being of the Company;

"**Board Reserved Matters**" shall have the meaning ascribed to it in Clause 4.8;

"**Business**" shall mean the business described in Clause 2.2;

"**Business Day"** means a day on which banks are generally open for business in Singapore and Frankfurt, Germany (other than Saturdays, Sundays and days which are gazetted or otherwise declared as public holidays);

"**Call Option**" shall have the meaning ascribed to it in Clause 7C.1;

"**Call Option Notice"** shall have the meaning ascribed to it in Clause 7C.2;

"**Call Option Price**" shall have the meaning ascribed to it in Clause 7C.1;

"**Call Option Shares**" shall have the meaning ascribed to it in Clause 7C.1;

"**Canadian TransCar Contract**" means the contract concluded with Humber River Regional Hospital (Canada) and concerning the provision of maintenance services in respect of AGVs by the Vendor Group in Canada.

"**Chairman**" shall mean the chairman for the time being of the Board referred to in Clause 4.4;

"**Companies Act"** shall mean the Companies Act, Chapter 50 of Singapore, as amended, modified or supplemented from time to time;

"**Completion**" shall have the meaning ascribed to it in the SPA;

"**Completion Date**" shall have the meaning ascribed to it in the SPA;

"**Confidential Information**" shall have the meaning ascribed to it in Clause 12.1;

"**Constitution**" shall mean the constitution of the Company, as amended, modified or supplemented from time to time;

"**Contract Compensation**" shall have the meaning ascribed to it in the SPA;

"**Control**" means, in relation to a person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where a person has direct or indirect control:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) of the affairs of the first-mentioned person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) over more than fifty (50%) of the total voting rights conferred by all of the issued shares in the capital of the first-mentioned
person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) of a majority of the board of directors of the first-mentioned person,

in each case, whether pursuant to relevant constitutional documents, contract, agreement or otherwise; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the possession, directly or indirectly, of power to direct or cause the direction of the management, decisions,
actions and/or policies of that person, whether through the ownership of voting shares or by contract or otherwise; and

and the expressions "**is Controlled by"** and "**is under the Control of**" and any other similar reference shall be construed accordingly;

"**Default Sale Shares**" shall have the meaning ascribed to it in Clause 8.1;

"**Default Transfer Notice**" shall have the meaning ascribed to it in Clause 8.1;

"**Defaulting Shareholder**" shall have the meaning ascribed to it in Clause 8.1;

"**Designation Terms**" shall have the meaning ascribed to it in Clause 16;

"**Director**" shall mean a director of the Company for the time being;

"**Encumbrance**" means any mortgage, assignment of receivables, debenture, lien, hypothecation, charge, pledge, title retention, right to acquire, security interest, option, pre-emptive or other similar right, right of first refusal, restriction, third-party right or interest, any other encumbrance, condition or security interest whatsoever or any other type of preferential arrangement (including without limitation, a title transfer or retention arrangement) having similar effect;

"**Event of Default**" shall have the meaning ascribed to it in Clause 8.1;

"**Financial Year**" shall mean the 12-month period ending on 30 April or such other date as determined by the Company;

"**French AGV Business**" means the business of (i) developing and manufacturing the Lamcar automated guided vehicles which are sold to and used by customers in France, and (ii) providing maintenance services in respect of (a) the Lamcar automated guided vehicles under service contracts in France and (b) the French TransCar Contracts.

"**French TransCar Contracts**" means the contracts concluded with (i) France - Chu Sud Francilien and (ii) France - Hopital Bourgoin Jallieu and concerning the provision of maintenance services in respect of AGVs by the Vendor Group in France.

"**Independent Expert**" shall have the meaning ascribed to it in the SPA;

"**KUKA AG**" means KUKA Aktiengesellschaft, the ultimate parent company of Swisslog;

"**Maintenance Operations**" shall have the meaning ascribed to it in the SPA;

"**Maintenance Operations**" means the provision of maintenance services in respect of the Automated Guided Vehicles under the Contracts carried on in the Territories and which customers are mainly hospitals and contractors engaged by hospitals;

"**Manufacturing Agreement**" shall have the meaning ascribed to it in the SPA;

"**Non-Defaulting Shareholder"** shall have the meaning ascribed to it in Clause 8.1.3;

"**Offered Subscription Shares**" shall have the meaning ascribed to it in Clause 6.3;

"**Put Option"** shall have the meaning ascribed to it in Clause 7B.1;

"**Put Option** - **Default Valuation**" shall have the meaning ascribed to it in Clause 7B.5;

"**Put Option Notice**" shall have the meaning ascribed to it in Clause 7B.2;

"**Put Option Price**" shall have the meaning ascribed to it in Clause 7B.1;

"**Put Option Shares**" shall have the meaning ascribed to *it* in Clause 7B.1;

"**Related Corporation**" shall have the meaning given under Section 6 of the Companies Act;

"**Restricted Entities**" shall have the meaning ascribed to it in Clause 12.2.3;

"**Revenue Period"** shall have the meaning ascribed to it in the SPA;

"**Revenue Statement**" shall have the meaning ascribed to it in the SPA;

"**Service Agreements**" shall have the meaning ascribed to it in the SPA;

"**Shareholder Reserved Matters**" shall have the meaning ascribed to it in Clause 5.5;

"**Shareholders**" shall mean the shareholders for the time being of the Company who are parties to this Agreement;

"**Shareholding Proportion**" shall mean in relation to any Shareholder, the proportion as is equal to the proportion in which the number of Shares registered in the name of such Shareholder at any given time bears to the total number of issued Shares at the same given time;

"**Shares**" shall mean ordinary shares in the capital of the Company;

"**Singapore Dollars**" or "**S$**" means the lawful currency of Singapore;

"**SIAC**" shall have the meaning ascribed to it in Clause 17.1;

"**SIAC Rules**" shall have the meaning ascribed to it in Clause 17.1;

"**SPA**" shall have the meaning ascribed to it in Recital (C) and a copy is set out in Schedule 1;

"**Subscription Offer**" shall have the meaning ascribed to it in Clause 6.2;

"**Subsidiary**" shall have the meaning given under Section 5 of the Companies Act;

"**Swedish TransCar Contract**" means the contract concluded with Karolinska, Huddinge Sjukehus, Stockholm and concerning the provision of maintenance services in respect of AGVs by the Vendor Group in Sweden.

"**Swisslog Designations**" shall have the meaning ascribed to it in Clause 16;

"**Swisslog Director**" shall have the meaning ascribed to it in Clause 4.1;

"**Territories**" means the world;

"**Tranche**" shall have the meaning ascribed to it in Clause 7B.1.

"**Transaction Documents**" shall have the meaning ascribed to it in the SPA;

"**Transferred Assets**" shall have the meaning ascribed to it in the SPA;

"**Vendor Group Designations**" shall have the meaning ascribed to it in the SPA;

"**Vendor Group**" shall have the meaning ascribed to it in the SPA;

References to "**person**" include an individual, a firm, a company, an organisation, a partnership and a corporation.

1.2 In this Agreement unless the context otherwise requires, words importing the singular include the plural
and vice versa and words importing a gender include every gender.

1.3 The
 words "**hereto** ", "**herein** ", "**hereon** "
 and "**hereunder**" and words of similar import, when used in this Agreement,
 refer to this Agreement as a whole and not to any particular provision of this Agreement.

1.4 Headings are for ease of reference only and have no legal effect.

1.5 Unless
 the context otherwise requires, references herein to "**Clause**" or "**Clauses**" are references to the clause or clauses of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **THE COMPANY** 

2.1 <u>The Company</u>: The Company was incorporated
 on [●] under the Companies Act of the laws of the Republic of Singapore with the company
 registration number [ **●** ]

2.2 <u>Business</u>:
 The main business (the "**Business**") of the Company shall be developing
 and manufacturing the Automated Guided Vehicles which are sold to and used by customers,
 and providing maintenance services in respect of the Automated Guided Vehicles under service
 contracts, carried on by the Company in the Territories and subsisting at the date of this
 Agreement, and which customers are mainly hospitals.

2.3 <u>Constitution</u>: In the event of any conflict between
the provisions of this Agreement and the Constitution, this Agreement shall prevail and it is agreed that the parties shall wherever necessary
procure the present Constitution to be amended to reflect the provisions of this Agreement. If not done prior to the date of this Agreement,
the presentConstitution shall be amended to reflect the provisions of this Agreement (and otherwise to the reasonable satisfaction of
both Otsaw and Swisslog) within 20 Business Days following the date of this Agreement.

2.4 <u>Diversification</u>: Subject to Clause 4.8, the Company
may from time to time extend the nature or area of its Business and/or carry on such other business.

2.5 <u>Agreements Entered</u> into <u>Pursuant to the SPA</u>: Pursuant to the SPA, the Company has entered, or will enter, into Service Agreements between (i) Swisslog Healthcare
GmbH and certain other members of the Vendor Group and (ii) Swisslog Healthcare Asia Pacific Pte. Ltd. with the Company respectively.
The existing Manufacturing Agreement between Kuka AG and Swisslog will remain in place until expiration of its term. Pursuant to the SPA,
to the extent requested by Otsaw, Swisslog shall use its reasonable efforts to procure that KUKA AG shall, and the Company shall, each
use its reasonable endeavours to agree to the terms of and enter into a manufacturing agreement upon the expiry of the existing Manufacturing
Agreement. Until the expiry of the existing Manufacturing Agreement, the existing Manufacturing Agreement shall continue to apply, and
the Company shall be entitled to request that orders be placed pursuant to the existing Manufacturing Agreement, and Swisslog shall place
those orders as soon as reasonably practicable and sell such AGVs to the Company at cost, and Swisslog shall take such actions pursuant
to the existing Manufacturing Agreement as reasonably requested by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Company's Dealings</u>: Any dealings by the Company and its Directors, any Shareholders or any Affiliates of such persons in relation to
 the supply of goods or services, including any service agreement or manufacturing agreement, shall be on normal arm's length
 terms negotiated between the relevant parties and no such person shall claim or be entitled to any preferential treatment in
 relation thereto by reason of the relationship of such persons under this Agreement or any shareholding in connection with the
 Company. For the avoidance of doubt, the Parties agree that they shall not seek to rescind, terminate or invalidate or otherwise
 re-negotiate the Service Agreements and the existing Manufacturing Agreement referred to in Clause 2.5 on the basis that these were
 not on arm's length terms).

2.7 <u>Obligations of Shareholders</u>: In consideration
 of the mutual obligations of the parties herein contained, and except as the Shareholders may otherwise agree in writing or save as
 otherwise provided or contemplated in this Agreement, each of the Shareholders shall exercise their powers in relation to the
 Company to procure that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company carries on the Business and conducts its affairs in a proper and efficient manner and in accordance
with all applicable laws, regulations, licenses, consents, approvals or authorisations from any relevant authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company, the Directors and the Shareholders, shall comply strictly and expeditiously with the provisions
of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company shall cause to be kept accurate and complete accounting records relating to the business,
undertaking and affairs of the Company which records shall be made available at all reasonable times for inspection by the Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Company shall prepare monthly management accounts (in such format as shall be prescribed by Otsaw
for its Subsidiaries incorporated in Singapore (and materially corresponding to the format circulated to Swisslog prior to this Agreement
if not agreed otherwise by Swisslog in writing) and provide them to the Board of Directors and the Shareholders within 20 Business Days
following the end of the month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Company shall prepare annual accounts for each Financial Year, in each case in accordance with generally
accepted accounting principles and practices in Singapore and in compliance with all applicable legislation in respect of the accounting
reference period and which shall be audited by the Auditors, and shall procure and present them for approval to the Board of Directors
and, once approved, shall send them to the Shareholders (however latest within 6 months following the end of the relevant financial year);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Company shall prepare, or cause to be prepared, in each financial year for the subsequent financial
year an annual business plan and budget for the Company and shall send such draft annual business plan and budget for the approval to
the Board of Directors no later than 20 Business Days prior to the end of each financial year, and after the annual business plan and
budget is approved by the Board the Company shall send these to the Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Company shall do all that the Auditors may reasonably require by way of records and accounts and provide
the Auditors with such information and explanations as they reasonably require and otherwise assist the Auditors in all reasonable ways;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) if the Company requires any approval, consent or licence for the carrying on of its business in the places
and in the manner in which it is for the time being carried on or proposed to be carried on, the Company will use its best endeavours
to obtain and maintain the same in full force and effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company shall promptly inform the Board of Directors of any material development affecting the business
or financial condition of the Company.

2.8 <u>Auditors:</u> The first Auditors of the Company shall be Mazars LLP.

3. COVENANTS AND WARRANTIES

<u>Representations and Warranties</u>

3.1 Each Shareholder represents and warrants in favour of the other Shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (In the case of a corporation) that it is a corporation duly incorporated in its place of incorporation,
and that it has full corporate authority to enter into this Agreement and to perform its obligations hereunder accordingly to the terms
hereof, and that it has taken all necessary corporate or other action, and has obtained all necessary consents, to authorise its entry
into and performance of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (In the case of an individual) that he has full legal capacity to enter into this Agreement and to perform
his obligations hereunder according to the terms hereof, and that it has taken all necessary actions, and has obtained all necessary consents
(if applicable), to authorise his entry into and performance of this Agreement.

3.2 The foregoing representations and warranties shall be deemed to be repeated by each Shareholder (including
any new Shareholder) upon the execution by any transferee (or allottee) of any deed of ratification and accession pursuant to Clause 7.2.

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| | |
|:---|:---|
| **4** | **ORGANISATION OF THE COMPANY** |

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<u>Board of Directors and Proceedings</u>

4.1 <u>Appointment of Directors:</u> The Shareholders agree
that, for so long as Otsaw and Swisslog respectively hold Shares of the Company, they shall each be entitled to appoint up to the number
of Directors as set out below:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Shareholder** | &nbsp;&nbsp; **No. of Directors** (for so long as Otsaw and Swisslog respectively hold Shares representing 60% and 40% of the total number of issued<br> shares of the Company) | &nbsp;&nbsp; **No. of Directors** (for so long as Otsaw and Swisslog respectively hold Shares representing 73% and 27% of the total number of issued<br> shares of the Company) | &nbsp;&nbsp; **No. of Directors** (for so long as Otsaw and Swisslog respectively hold Shares representing 86% and 14% of the total number of issued<br> shares of the Company) |
| &nbsp;&nbsp;Otsaw | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Swisslog | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 |

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(The relevant director appointed by Swisslog, the "**Swisslog Director**")

A Shareholder that is entitled to appoint a Director(s) may also remove that Director(s). A Shareholder that is entitled to appoint or remove a Director(s) shall do so by giving written notice to the Company and to the other Shareholder(s), and in the case of removal of a Director, also to the Director being removed, in accordance with the notification provision provided in this Agreement. A Shareholder that ceases to be entitled to appoint a Director(s) shall take the steps necessary for the removal of any Director(s) appointed by it. The Company and the Shareholders shall take the steps necessary for the appointment and/or removal of such Director(s) upon the receipt of such written notice, such that the appointment and/or removal of such Director(s) is in accordance with the Companies Act and the Constitution.

4.2 <u>Alternate Directors:</u> A Director may at any time
appoint any other person (other than a Director) to be his alternate and to remove such alternate Director. All appointments and removals
of alternate Directors made by any Director shall be in writing under the hand of the Director making the same and shall take effect as
of its receipt at the office of the Company or on the date of appointment or the removal, as the case may be, specified in the notice,
whichever is the later.

4.3 <u>Director's Powers:</u> Subject to the provisions of
this Agreement, the Constitution and the Companies Act, the Board of Directors shall set the policies for the Company and shall exercise
all powers of control and management over the Company's affairs.

4.4 <u>Chairman</u>: The Chairman of the Board will be Ling
Ting Ming or any other Director appointed by Otsaw. If the Chairman is not able to fulfill his duties as Chairman at any meeting of the
Board, the chairman of that meeting shall be any Director appointed by Otsaw. In the event of an equality of votes, the Chairman shall
have a casting vote.

4.5 <u>Quorum for Board Meetings</u>: In the event that (a)
for so long as Otsaw and Swisslog respectively hold Shares representing 60% and 40% of the total number of issued shares of the Company,
the quorum for all meetings of the Board shall require one (1) Director appointed by Otsaw and one (1) Director appointed by Swisslog;
and (b) for so long as Otsaw and Swisslog respectively hold Shares representing 73% and 27% of the total number of issued shares of the
Company, or for so long as Swisslog holds Shares representing less than 27% of the total number of issued shares of the Company, the quorum
for all meetings of the Board shall require any two (2) Directors. For the avoidance of doubt, this shall be without prejudice to the
Board Reserved Matters.

4.6 <u>Notice for Board Meeting:</u> At least seven (7) days'
notice, or such shorter notice as may be agreed by the Directors, in writing of each meeting of the Board shall be given to each Director
of the Company at the address from time to time provided by him to the Company for such purpose and such notice shall be accompanied by
an agenda of the matters to be considered at the meeting. No decision shall be taken on any matter at a meeting of the Board unless notice
of such matter shall have been given in the manner aforesaid or waiver of such notice has been given in respect of such matter by all
of the members of the Board. Each meeting of the Board shall be held in Singapore or such other place as may be agreed by the Directors.

4.7 <u>Director's Interests</u>: A Director shall disclose
the nature of his interest in accordance with Section 156 of the Companies Act in respect of any contract or arrangement in which he is
or may be interested and shall not be prohibited from voting or being counted in a quorum at any Board meeting in respect of any such
contract or arrangement in which he is or may be interested provided he has disclosed the nature of his interest in accordance with Section
156 of the Companies Act.

4.8 <u>Board Reserved Matters</u>:
 Notwithstanding anything to the contrary in this Agreement, the matters listed in Schedule 3 (the "**Board Reserved Matters**") require the consent or the approving vote of the Swisslog Director as further
 set forth in Schedule 3.

4.9 <u>Decisions of the Board</u>: Save as provided in
 this Agreement (and for the avoidance of doubt, subject to Clause 4.8), decisions of the Board shall be decided by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a simple majority of votes of the Directors present and voting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a resolution in writing, signed by a majority of the Directors, provided that such Directors would fulfil
the quorum requirements and a copy of the resolution in writing has been sent to all Directors (excluding alternate Directors) at least
3 (three) Business Days prior to the passing of the resolution in writing, which shall be as valid and effectual as if it had been passed
at a meeting of the Board duly convened and held. For the purpose of this paragraph, "in writing" and "signed" shall
include copies of signatures sent by facsimile or email. For the avoidance of doubt, (i) this Clause shall be without prejudice to the
rights of a Director to request or summon a meeting of the Directors at any time (which right shall be set forth in the Constitution),
and (ii) shortly after the facsimile or email copy of the resolution is sent to the company secretary's office, an original signed copy
of the resolution should be sent to the company secretary's office for filing. Any such resolution may consist of several documents in
like form, each signed by one (1) or more Directors. Such resolution shall be circulated to all Directors. The alternate Directors may
sign a resolution in place of the Director in respect of whom he is appointed,

Provided that for the purpose of sub-clause (a), the Directors may meet together either in person or by telephone, radio, conference television or similar communication equipment or any other form of audio or audio-visual instantaneous communication by which all persons participating in the meeting are able to hear and be heard by all other participants, for the despatch of business and adjourn and otherwise regulate their meetings as they think fit and that the quorum for such teleconference meetings shall be the same as the quorum required for a Board meeting provided under this Agreement. A resolution passed by such a conference shall, notwithstanding that the Directors are not present together at one place at the time of the conference, be deemed to have been passed at a meeting of the Directors held on the day and at the time at which the conference was held and shall be deemed to have been held at the registered office of the Company, unless otherwise agreed, and all Directors participating at that meeting shall be deemed for all purposes of this Agreement to be present at that meeting.

<u>Management and Operations</u>

4.10 <u>Management / Key Executives:</u> 

Unless the Parties otherwise agree, the Parties shall procure that the Company shall utilise the following persons for the positions stated below:-

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| | |
|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Position** |
| &nbsp;&nbsp;Tobias Klesen | &nbsp;&nbsp;General Manager |
| &nbsp;&nbsp;Raymond Lee Shuxin | &nbsp;&nbsp;Chief Financial Officer |
| &nbsp;&nbsp;Tan Yuey | &nbsp;&nbsp;Chief Marketina Officer |
| &nbsp;&nbsp;Louis Tran | &nbsp;&nbsp;Chief Technical Officer |
| &nbsp;&nbsp;Sandra Ahlers | &nbsp;&nbsp;Business Manager |

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5 GENERAL MEETINGS ANO ACTIONS REQUIRING SHAREHOLDERS APPROVAL

5.1 <u>Quorum for General Meeting:</u> The quorum for a general
meeting of the Company shall be any two (2) shareholders. If within half an hour from the time appointed for the general meeting a quorum
is not present, the general meeting shall stand adjourned to the same day in the next week at the same time and place, or to such other
day and at such other time and place as the Directors may determine unanimously, and at such adjourned general meeting only the attendance
by Otsaw shall be sufficient to form a quorum for such adjourned general meeting. For the avoidance of doubt, this shall be without prejudice
to the Shareholder Reserved Matters.

5.2 <u>Notice for General Meeting:</u> At least fourteen (14)
days' notice, or such shorter notice as may be agreed by the Shareholders, in writing of each General Meeting shall be given to each Shareholder
at the address from time to time provided by him to the Company for such purpose and such notice shall be accompanied by an agenda of
the matters to be considered at the General Meeting. No decision shall be taken on any matter at a General Meeting unless notice of such
matter shall have been given in the manner aforesaid or waiver of such notice has been given in respect of such matter by all of the Shareholders.
Each General Meeting shall be held in Singapore or such other place as may be agreed by the Shareholders.

5.3 <u>Venue for General Meeting:</u> Subject to Clause 5.2,
the Shareholders may meet at any place, including meetings by audio and/or visual conference, for the despatch of their business, adjourn
and otherwise regulate their meetings as they deem fit.

5.4 <u>Voting at General Meetings:</u> All matters raised at
any general meeting of the Company shall, unless otherwise required by the Companies Act, the Constitution or the provisions of this Agreement,
be decided by ordinary resolution of the Shareholders present and voting at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 <u>Shareholder Reserved Matters:</u> The matters listed in Schedule 4 (the "**Shareholder Reserved Matters**") require the consent or the approving vote of Swisslog as further set forth in Schedule 4.

6 RIGHT OF FIRST OFFER FOR ISSUE OF NEW SHARES

6.1 Without limiting the effect of Clause 9, the Shareholders hereby agree that each of the Shareholders shall
have a pre-emptive right for the new issuance of shares of the Company, so that the shareholding composition of each of the Shareholders
as reflected under Part A or Part B of Schedule 2
(as the case may be) of this Agreement shall not be diluted. Any new issuance of shares of the Company shall be in accordance with Clauses
6.2 to 6.5 except if the relevant Shareholder expressly waives its right to subscribe for the new issued shares.

6.2 Without limiting the effect of Clauses 4.8 and 5.5, the Shareholders
 shall procure that all issues of new shares by the Company are first offered to the Shareholders in
 accordance with their respective Shareholding Proportion (as nearly as may be) (a "**Subscription Offer** ").

6.3 Subject to Clause 6.2, a Subscription Offer may be accepted by the relevant
 Shareholder as to all or some only of the shares comprised in such Subscription Offer (the "**Offered Subscription Shares**") within fifteen (15) days from the date of the Subscription Offer (the
 "**Offer Acceptance Period**") by giving written notice to the Company (stating the
 number of Offered Subscription Shares it wishes to subscribe), and failing which, such Subscription
 Offer shall be deemed to be declined.

In the event the Subscription Offer is declined or deemed to be declined, the portion of the Offered Subscription Shares which is not subscribed for shall be offered to all other Shareholders who subscribed for their Offered Subscription Shares in full on a *pro rata* basis pursuant to their Shareholding Proportion *inter se* (which procedure shall be repeated until all Offered Subscription Shares have been allotted (as nearly as may be without involving fractions or increasing the number allotted to any subscribing Shareholder beyond that applied for by it or not all Offered Subscription Shares may be allotted to the Shareholders due to the Offered Subscription Shares being undersubscribed. In such case where any of the Offered Subscription Shares remain undersubscribed, the Offered Subscription Shares shall be allotted to the relevant subscribing Shareholders in accordance with their applications and any remaining Offered Subscription Shares may be offered to any other person as the Directors may determine at the same price and on the same terms as the offer to the subscribing Shareholders.

6.4 The right of either Shareholder to participate in the Subscription Offer shall not apply to an initial
public offering of the Shares.

6.5 For the avoidance of doubt, this Clause 6 shall not limit the effect of Clause 9.

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| | |
|:---|:---|
| **7** | **TRANSFER OF SHARES** |

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7.1 <u>Restriction on Transfer:</u> No Shareholder shall,
 without the prior written consent of the other Shareholder or as otherwise contemplated by Clause 7.2, Clause 7B, Clause 7C or the
 SPA, (a) transfer any of the shares of the
Company held by it or otherwise sell, dispose of or deal with all or any part of its interest in such shares of the Company or (b) create
or allow to subsist any Encumbrance over its shares of the Company.

7.2 <u>Transfer to Related Corporation:</u> Any Shareholder
who wishes to transfer any of its shares of the Company to any Related Corporation of that Shareholder may do so, provided that in the
event that such Related Corporation shall cease to be a Related Corporation of the Shareholder, the Shareholder shall procure that such
Related Corporation shall, on or before such cessation, transfer all of the shares of the Company back to the Shareholder. In the event
of a transfer of shares of the Company pursuant to this Clause, the Related Corporation shall execute a deed of ratification and accession
in respect of this Agreement, and the Shareholder before such transfer shall continue to be bound by the provisions of this Agreement.

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| | |
|:---|:---|
| **7B.** | **PUT OPTION** |

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| | |
|:---|:---|
| 7B.1 | <u>Put Option:</u> In consideration of the mutual covenants, undertakings and agreements contained herein, Otsaw, on the date of this Agreement, hereby irrevocably grants to Swisslog a put option (the "**Put Option**") to require Otsaw to purchase all of the Shares of the Company held by Swisslog in accordance with the schedule set out below (as adjusted for any share splits, sub-divisions, consolidations, scrip dividends, reclassifications or similar re-capitalisation events) (the "**Put Option Shares**") at the respective price set out below (the "**Put Option Price**"). The shareholding composition of each of the Shareholders at completion of the respective Tranche of Put Option Shares is reflected under Part B of Schedule 2 of this Agreement. |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Number of <br> Tranche <br> ("Tranche")** | &nbsp;&nbsp;**Date** | &nbsp;&nbsp;**Shares to be<br> transferred from <br> Swisslog to Otsaw** | &nbsp;&nbsp;**Put Option Price** |
| &nbsp;&nbsp;1st (First) Tranche | &nbsp;&nbsp;1 (one) year from Completion Date | &nbsp;&nbsp;1,333 Shares | &nbsp;&nbsp;S$800,000 |
| &nbsp;&nbsp;2nd (Second) Tranche | &nbsp;&nbsp;2 (two) years from Completion Date | &nbsp;&nbsp;1,333 Shares | &nbsp;&nbsp;S$800,000 |
| &nbsp;&nbsp;3rd (Third) Tranche | &nbsp;&nbsp;3 (three) years from Completion Date | &nbsp;&nbsp;1,334 Shares | &nbsp;&nbsp;S$800,000 |

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| | |
|:---|:---|
| 7B.2 | <u>Put Option Notice:</u> Subject to the terms of this Clause 7B, on or after the respective date set out in Clause 7B.1, Swisslog may exercise the Put Option in relation to the respective Tranche by giving a notice in writing to Otsaw of its exercise of the Put Option (the "**Put Option Notice** "). |

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| | |
|:---|:---|
| 7B.3 | The completion of the transfer of each Tranche of Put Option Shares by Swisslog to Otsaw pursuant to the exercise of the Put Option shall take place within the period of thirty (30) days commencing immediately after the date of receipt by Otsaw of the Put Option Notice, such completion shall take place at the office of the Company, and at such completion:- |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Swisslog shall deliver or have delivered to Otsaw a duly
executed transfer in relation to the respective Tranche of the Put Option Shares in favour of Otsaw, and the relevant share certificate(s)
and to do all acts and things necessary to complete such transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Otsaw shall pay to Swisslog the respective Put Option Price,
provided that, any payments of the Put Option Price shall be made subject to any set-off or deduction or any counterclaim whether any
such set-off, deduction or counterclaim arises under this Agreement or the SPA and further subject to the provisions of Clause 18.1 0;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Otsaw and Swisslog shall procure the passing of resolutions
by the Board of Directors of the Company approving the registration of the transfer of the respective Tranche of the Put Option Shares
to Otsaw (subject to the transfer being duly stamped).

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| | |
|:---|:---|
| 7B.4 | If in any case Swisslog after having become bound as aforesaid makes default in transferring the Put Option Shares in accordance with the schedule set out above in Clause 7B.1, the Company may receive the respective Put Option Price and Otsaw shall be deemed to have appointed any one (1) Director or the secretary of the Company as its agent to execute a transfer of the Put Option Shares of the Company to Otsaw, and upon the execution of such transfer the Company shall hold the purchase money in trust for Swisslog. The receipt by the Company of the purchase money shall be a good discharge to Otsaw, and after Otsaw's name has been entered in the register of members in purported exercise of the aforesaid power, the validity of the proceedings shall not be questioned by any person. |

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7B.5 In case Otsaw defaults in paying the Put Option Price on any tranche of the Put Option, that tranche of Put Option Shares shall not be transferred, and the following shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) either Swisslog shall be free to transfer any and all of its Shares to any third party without any further
restrictions or consents/approvals required; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Swisslog shall have the right to require
 that Otsaw transfers to Swisslog all of the Shares held by Otsaw for a price equivalent to
 the fair value of such Shares as shall be determined by an international third party independent
 valuer to be appointed by Swisslog with a discount of 30% applied to such fair value (the
 "**Put Option** - **Default Valuation** "). On the completion of the transfer
 of the Shares held by Otsaw to Swisslog, Swisslog shall pay to Otsaw the Put Option - Default
 Valuation, subject to any other provisions in Clause 7B.6. All costs and expenses incurred
 in connection with the appointment of such third party independent valuer shall be borne
 by the Company. Once the right under sub-clause (ii) above is exercised by Swisslog, Clause
 7B.3 above shall apply *mutatis mutandis* with Swisslog being the purchasing party and
 Otsaw being the selling party. Completion shall take place within 10 Business Days after
 the independent valuer has rendered the Put Option - Default Valuation.

The Parties agree that Swisslog may, in its sole discretion, exercise its right under sub-clause (i) or under sub-clause (ii), and not both. The Parties agree that once its right under either sub clause (i) or sub-clause (ii) is exercised and the transfers of the respective Shares are completed, Swisslog shall have no further remedies in respect of Otsaw's default in paying the applicable Put Option Price, Otsaw shall be released and discharged from all remaining Put Option Prices which have not already been paid (and whether or not the respective Tranche has been exercised or is exercisable) and all liabilities arising from or related to its default in paying the Put Option Price (or any portion thereof), and Swisslog shall have no further claims and demands for the payment of the Put Option Price (or any portion thereof) or arising from or related to such default by Otsaw in paying the applicable Put Option Prices.

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| | |
|:---|:---|
| 7B.6 | In the event that Swisslog exercises its right under Clause 7B.S(ii), Swisslog hereby grants to Otsaw and Otsaw Digital Pte. Ltd. the option to require Swisslog to sell all of the ordinary shares in the capital of Otsaw held by Swisslog or its related corporation (as adjusted for any share splits, sub-divisions, consolidations, scrip dividends, reclassifications or similar re-capitalisation events) at a price of S$3.1 Million to be exercised latest within 5 Business Days prior to the completion of the transfer of Shares. Once the right under this Clause is exercised by Otsaw or Otsaw Digital Pte. Ltd., Clause 7C.3 below shall apply *mutatis mutandis* with Otsaw or Otsaw Digital Pte. Ltd. being the purchasing party and Swisslog being the selling party, the shares being transferred would refer to the ordinary shares in the capital of Otsaw in place of the Company, and references to the Company would be substituted by references to Otsaw. For the avoidance of doubt, the put option granted under this Clause 7B.6 may be exercised by Otsaw and/or Otsaw Digital Pte. Ltd. Completion of the transfers contemplated by Clause 7B.6 and Clause 7B.5(ii) shall occur simultaneously. Any corresponding payments under Clause 7B.5 and this Clause 7B.6 shall be set off against each other with the balance remaining payable by the relevant Party. |

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| | |
|:---|:---|
| 7B.7 | Notwithstanding anything to the contrary in these Clauses 7B.5 and 7B. 6 and for the avoidance of doubt, in case Otsaw defaults in paying the Put Option Price on any tranche of the Put Option, Swisslog shall be free to (only) claim the payment of the Put Option Price pursuant to the SPA without being obliged to pursue or elect either of the options under sub-clause (i) or under sub clause (ii) of Clause 7B.5. |

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| | |
|:---|:---|
| **7C.** | **CALL OPTION** |

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| | |
|:---|:---|
| 7C.1 | <u>Call Option:</u> In consideration of the mutual covenants, undertakings and agreements contained herein, Swisslog, on the date of this Agreement, hereby irrevocably grants to Otsaw a call option (the "**Call Option**") to require Swisslog to sell an aggregate of all of the Shares of the Company held by Swisslog, whether in accordance with the schedule set out below or at any time before the respective date of each Tranche, (as adjusted for any share splits, sub-divisions, consolidations, scrip dividends, reclassifications or similar re-capitalisation events) (the "**Call Option Shares**") at the respective price set out below (the "**Call Option Price**"). The shareholding composition of each of the Shareholders at completion of the respective Tranche of Call Option Shares is reflected under Part B of Schedule 2 of this Agreement. |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Number of<br> Tranche <br> ("Tranche")** | &nbsp;&nbsp;**Date** | &nbsp;&nbsp;**Shares to be<br> transferred from<br> Swisslog to Otsaw** | &nbsp;&nbsp;**Call Option Price** |
| &nbsp;&nbsp;1<sup>st</sup> (First) Tranche | &nbsp;&nbsp;1 (one) year from Completion Date | &nbsp;&nbsp;1,333 Shares | &nbsp;&nbsp;S$800,000 |
| &nbsp;&nbsp;2<sup>nd</sup> (Second) Tranche | &nbsp;&nbsp;2 (two) years from Completion Date | &nbsp;&nbsp;1,333 Shares | &nbsp;&nbsp;S$800,000 |
| &nbsp;&nbsp;3<sup>rd</sup> (Third) Tranche | &nbsp;&nbsp;3 (three) vears from Completion Date | &nbsp;&nbsp;1,334 Shares | &nbsp;&nbsp;S$800,000 |

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For the avoidance of doubt, Swisslog hereby agrees and acknowledges that Otsaw may exercise the Call Option at any time provided that the Call Option is exercised for all the three (3) Tranches at the same time.

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| | |
|:---|:---|
| 7C.2 | <u>Call Option Notice:</u> Subject to the terms of this Clause 7C, on or after the respective date set out in Clause 7C.1, Otsaw may exercise the Call Option in relation to the respective Tranche or all Tranches by giving a notice in writing to Swisslog of its exercise of the Call Option in relation to that respective Tranche (the "**Call Option Notice**"). |

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| | |
|:---|:---|
| 7C.3 | The completion of the transfer of each Tranche of Call Option Shares by Swisslog to Otsaw pursuant to the exercise of the Call Option shall take place within the period of thirty (30) days commencing immediately after the date of receipt by Swisslog of the Call Option Notice, such completion shall take place at the office of the Company, and at such completion:- |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Swisslog shall deliver or have delivered to Otsaw a duly executed transfer in relation to the respective
Tranche of the Call Option Shares in favour of Otsaw, and the relevant share certificate(s) and to do all acts and things necessary to
complete such transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Otsaw shall pay to Swisslog the respective Call Option Price provided that, any payments of the Call Option
Price shall be made subject to any set-off or deduction or any counterclaim whether any such set-off, deduction or counterclaim arises
under this Agreement or the SPA and further subject to the provisions of Clause 18.1 0; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Otsaw shall procure the passing of resolutions by the Board of Directors of the Company approving the
registration of the transfer of the respective Tranche of the Call Option Shares to Otsaw (subject to the transfer being duly stamped).

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| | |
|:---|:---|
| 7C.4 | If in any case Swisslog after having received a Call Option Notice makes default in transferring the respective Tranche of the Call Option Shares in accordance with the schedule set out above in Clause 7C.1, the Company may receive the respective Call Option Price and Otsaw shall be deemed to have appointed any one (1) Director or the secretary of the Company as its agent to execute a transfer of the Call Option Shares of the Company to Otsaw, and upon the execution of such transfer the Company shall hold the purchase money in trust for Swisslog. The receipt by the Company of the purchase money shall be a good discharge to Otsaw, and after Otsaw's name has been entered in the register of members in purported exercise of the aforesaid power, the validity of the proceedings shall not be questioned by any person. |

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Stamp duties in connection with the Put Option and Call Option shall be borne by Otsaw. For the avoidance of doubt, in case the Put Option was exercised for a respective Tranche, the Call Option may not be exercised further with respect to such Tranche and vice-versa.

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| | |
|:---|:---|
| **8** | **COMPULSORY TRANSFERS** |

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8.1 <u>Events of Default:</u> If any Shareholder (a "**Defaulting Shareholder** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.1 shall go into voluntary liquidation or a resolution is passed for the liquidation or winding up of the
Shareholder, or any petition is filed in court (and is not withdrawn within sixty (60) days) or
an order of the court is made for its compulsory liquidation or shall have a judicial manager, receiver or similar officer appointed in
respect of any substantial part of its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.2 shall compound or make any composition or arrangement with its creditors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.3 shall become insolvent and the Defaulting
 Shareholder has failed to satisfy the other Shareholder (the "**Non-Defaulting Shareholder** ")
 of its ability to pay its debts within twenty-one (21) days of the date of the notice of
 default served under this Clause 8.1; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.4 shall
have any distress, execution, sequestration or other process levied or enforced upon or sued out against its property or assets which
is not discharged within thirty (30) days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.5 shall be acquired, merged into or amalgamated with any other company, corporation or other legal entity,
without the prior written consent of the other Shareholders;

(each of the above being an "**Event of Default**") then upon the Company or the Non-Defaulting Shareholder being aware of the Event of Default, the Non-Defaulting Shareholder shall be entitled to serve on the Defaulting Shareholder, a notice (the "**Default Transfer Notice**") requiring to buy all Shares of the Company held by the Non-Defaulting Shareholder (the "**Default Sale Shares**") at fair value of such Shares (and only in the case of Clause 8.1.5 above, with a discount of 40% applied to such fair value) as determined by an international third party independent valuer to be appointed by the Non-Defaulting Shareholder (with the Defaulting Shareholder's consent which shall not be unreasonably withheld). All costs and expenses incurred in connection with the appointment of such third party independent valuer shall be borne by the Company.

8.2 <u>Acceptance:</u> Upon the Non-Defaulting Shareholder
having served on the Defaulting Shareholder, a Default Transfer Notice, the Non-Defaulting Shareholder shall become bound to pay the price
within thirty (30) days from the expiration of the date of the Default Transfer Notice (as may be prolonged until the valuation of the
Shares is rendered as contemplated by Clause 8.1) and the Defaulting Shareholder shall be bound upon payment thereof to transfer the Default
Sale Shares to the Non-Defaulting Shareholder, and such transfer shall not preclude or prejudice the rights and remedies available to
a Non-Defaulting Shareholder against the Defaulting Shareholder for any liability, loss, damage, cost or expense (including, without limitation,
legal fees and expenses).

8.3 <u>Default in Transfer:</u> If in any case the Defaulting
Shareholder after having become bound as aforesaid makes default in transferring the Default Sale Shares, the Company may receive the
purchase money and the Non-Defaulting Shareholder shall be deemed to have appointed any one (1) Director or the secretary of the Company
as its agent to execute a transfer of the Default Sale Shares to the Non-Defaulting Shareholder, and upon the execution of such transfer
the Company shall hold the purchase money in trust for the Defaulting Shareholder. The Company shall distribute such purchase money to
the Defaulting Shareholder immediately upon receipt of a written request from the Defaulting Shareholder subject to the right of set off
by the Company of all amounts which the Company is legally entitled to recover from the Defaulting Shareholder. The receipt of the Company
for the purchase money shall be a good discharge to the Non-Defaulting Shareholder, and after the Non-Defaulting Shareholder's name has
been entered in the Register of Members in purported exercise of the aforesaid power, the validity of the proceedings shall not be questioned
by any person.

**9.** **FINANCING** 

9.1 Without limiting the effect of Clauses 4.8 or 5.5, the Board shall determine from time to time the manner
of providing finance for the Business, whether by way of contributions from Shareholders subscribing for new shares of the Company, by
way of shareholders' loans on such interest to be agreed by the Shareholders and/or by way of loans and other credit facilities from banks
or other financial institutions, on such terms as the Board may resolve; provided that this shall be without prejudice to any Board Reserved
Matter or Shareholder Reserved Matter. In the event that the Board or the Shareholders have approved a manner of providing finance for
the Business, whether by way of contributions from Shareholders subscribing for new shares of the Company or by way of shareholders' loans
on such interest to be agreed by the Shareholders and in line with the other provisions of this Agreement (in particular the Board Reserved
Matter or Shareholder Reserved Matter), the Shareholders shall use their reasonable endeavours to subscribe for new shares of the Company
or to provide shareholders· loans in accordance with their respective Shareholding Proportion.

9.2 It is hereby agreed that in the event that the Board or the Shareholders have approved a manner of providing
finance for the Business, whether by way of contributions from Shareholders subscribing for new shares of the Company or by way of shareholders'
loans on such interest to be agreed by the Board as a Restricted Matter, and any Shareholder is in default of any of its payment to the
Company, the other Shareholder may make such payment to the Company notwithstanding that such payment would be in excess of its Shareholding
Proportion of any liability, and:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the event that the manner of providing finance for the Business is by way of contributions from Shareholders
subscribing for new shares of the Company, the Shareholder that has made such payment shall be issued Shares of the Company notwithstanding
that this is in excess of its Shareholding Proportion and notwithstanding Clauses 4.8 and 5.5; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the event that the manner of providing finance for the Business is by way of shareholders' loans, the
other Shareholder shall forthwith reimburse the Shareholder that has made such payment for all amounts paid in excess of its Shareholding
Proportion of the liability and all costs and expenses reasonably incurred, in order to adopt such shareholder's loan.

For the avoidance of doubt, the rights conferred in this Clause 9.2 are in addition to and shall not limit the rights and remedies of a Shareholder under Clause 8.

10. CO-OPERATION

<u>Co-Operation:</u> The Shareholders shall use their reasonable endeavours to co-operate and work together in promoting the Business as well as the smooth and efficient administration and operations of the Company.

11. DURATION AND TERMINATION

11.1 <u>Duration</u>: This Agreement shall take effect from
the date hereof and shall continue until terminated in accordance with the provisions hereof or upon the Company being put into liquidation.
lf this Agreement is terminated in accordance with the provisions hereof, this Agreement (other than the clauses which shall survive termination,
including without limitation this Clause 11, Clause 12 (Confidentiality and Non-competition), Clause 13 {Indemnity), Clause 17 (Arbitration),
Clause 18.1 (Notices) and Clause 18.8 (Governing Law) shall be of no further effect.

11.2 <u>Continuation of Agreement:</u> If any Shareholder sells
all of its shares of the Company in accordance with the provisions of this Agreement then subject to Clause 12, it shall be released from
all of its obligations hereunder, and if, following any such transfer, there is more than one (1) Shareholder bound by the provisions
of this Agreement, then this Agreement shall continue in full force and effect as between the continuing Shareholders.

11.3 <u>Rights not Prejudiced:</u> The termination of this Agreement
howsoever caused and the ceasing by any Shareholder to hold any shares of the Company shall be without prejudice to any obligations or
rights of any of the parties hereto which have accrued prior to such termination or cessation and shall not affect any provision of this
Agreement which is expressly or by implication provided to come into effect on or to continue in effect after such termination or cessation.

12. CONFIDENTIALITY AND NON-COMPETITION

12.1 <u>Confidential Information:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.1 Each party hereto shall not and shall
procure that the Company shall not except as authorised by the Board reveal to any person, firm or company any of the trade secrets,
secret or confidential operations, processes or dealings or confidential information of any of the Shareholders or the Company or any
information concerning the organisation, business, finances, transactions or affairs of any of the Shareholders or the Company which
may come to his knowledge hereunder (collectively, the "**Confidential lnformation**") and shall keep with complete secrecy
all trade secrets and other confidential information entrusted to him and shall not use or attempt to use any such information in any
manner which may injure or cause loss either directly or indirectly to any of the Shareholders or the Company or its Business or may
be likely so to do. These restrictions shall continue to apply after the termination of this Agreement without limit in point of time
provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) this obligation shall not apply to any Confidential Information to the extent it is in the public domain
(other than as a result of any act or breach of this Agreement by any party hereto or is already known to or independently developed by
the recipient or received from a third party without any duty of confidentiality or is required to be disclosed by law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each of the parties may disclose Confidential Information to its servants, agents, officers, professional
advisers and other consultants, only on a "need to know" basis for the purpose of the performance and exercise of its obligations
under this Agreement provided that it must procure that each person to whom such disclosure is made is similarly bound to observe its
(as the case may be) duties under this Clause 12;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any party may disclose or otherwise make public (by way of announcement or otherwise) Confidential Information
to the extent required by the Singapore Exchange Securities Trading Limited or any other governmental or quas-government authority, including
(without limitation as set out under the Listing Manual of the Singapore Exchange Securities Trading Limited) and will give prior notification
of any announcement to the other party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) either party may disclose or make public Confidential Information to the extent required by law.

All parties shall take all reasonable steps to minimise the risk of disclosure of confidential information, by ensuring that only they themselves their directors, employees and/or agents whose duties will require them to possess any of such information shall have access thereto, and will be instructed to treat the same as confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.2 Disclosure by any party of any confidential information as set out in Clause 12.1 to any relevant planning
authority, government or quasi-government department or agency, to any stock exchange pursuant to its rules and regulations from time
to time shall not be a breach of this Clause 12.1. Each party shall notify the other parties of any such disclosure as soon as reasonably
practicable.

12.2 <u>Non-competition and Non-solicitation</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.1 The Purchaser has a business presence in Singapore, Thailand, Malaysia, People's Republic of China, United
States of America, Indonesia and Australia, and intends to expand its business presence globally. The Vendor undertakes with the Purchaser
that it shall procure that the Vendor, the other members of the Vendor Group and any subsidiaries of the Vendor will not for a period
of 5 years following the Completion Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) directly or indirectly carry on, be engaged in or be economically interested in or manage or assist any
business which is of the same or similar type to the Maintenance Operations within the Territories and which is or is likely to be in
competition with the Maintenance Operations and/or relates to assets or activities which are of the same or similar type as the Automated
Guided Vehicles within the Territories and which are or are likely to be in competition with the Maintenance Operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) canvass
or solicit the custom of any person, firm or company who has within the 12 months prior to Completion been a customer of the Vendor Group
in relation to the Maintenance Operations
or a customer of the Vendor Group in relation to the manufacture of the Automated Guided Vehicles, in each case with respect to a Restricted
Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) use, cause to be used, register and/or cause to be registered any trade and service marks, business names
and/or company names of or associated with or used in connection with the Maintenance Operations, within the Territories, save, for the
avoidance of doubt, with respect to the Vendor Group Designations; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) directly or indirectly carry on, or be engaged in the AGV Manufacturing Operations or the manufacturing
of the same or similar type of Automated Guided Vehicles within the Territories and whereby such same or similar type of Automated Guided
Vehicles is or is likely to be in competition with the Purchaser or a Purchaser Designee with respect to the Maintenance Operations or
the Automated Guided Vehicles;

("**Restricted Business**" means any restricted conduct or activity set forth in sub-clauses (a) and (d) above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.2 The Parties acknowledge and agree that the Vendor is carrying on the French AGV Business and such French
AGV Business qualifies as an "Excluded Asset" pursuant to the terms and conditions of this Agreement and shall therefore not
be subject of the sale, purchase and transfer as contemplated by this Agreement. To this end:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The French TransCar Contracts, the Swedish TransCar Contract and the Canadian TransCar Contract shall
not be considered to be a breach of the non competition restrictions pursuant to Clause 12.2.1. The Parties agree that there shall be
no renewals or extensions of the French TransCar Contracts, the Swedish TransCar Contract and the Canadian TransCar Contract upon the
expiry or termination of these contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The French AGV Business shall not be subject to the non-competition restrictions pursuant to Clause 12.2.1
for as long as it is only conducted in France, and there shall be no other business activities relating to the Automated Guided Vehicles
in France, Sweden and Canada other than pursuant to the French TransCar Contracts, the Swedish TransCar Contract and the Canadian TransCar
Contract to which Clause 12.2.2(a) shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.3 The Purchaser acknowledges and agrees
 that (i) the Vendor is part of a group of companies and that the non-compete restrictions
 pursuant to this Clause 12.2 are only binding on the Vendor, the other members of the Vendor
 Group and subsidiaries of the Vendor (the "**Restricted Entities**") and (ii)
 the non-compete restrictions pursuant to this Clause 12.2 are not binding on any other Affiliates
 of the Restricted Entities. The Restricted Entities shall not be regarded as having
 an indirect interest or engagement in any business, conduct or other activity in case only
 such other Affiliates of the Restricted Entities are involved or engaged in such business,
 conduct or other activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.4 The Vendor shall procure that the other Restricted Entities comply with the non-compete restrictions pursuant
to this Clause 12.2.

**13.** **INDEMNITY** 

<u>Indemnity:</u> In the event that any Shareholder hereto shall be in breach of this Agreement, such party shall indemnify the other Shareholder hereto against and save harmless from any and all claims, losses, damages, costs, expenses and deficiencies including legal fees on a full indemnity basis, suffered, incurred or sustained by the other Shareholder hereto and in consequence of or in relation to any breaches of this Agreement. For this purpose, the losses suffered by a Shareholder shall include any claims, losses, damages, costs, expenses and deficiencies suffered, incurred or sustained by the Company, in proportion to its relative shareholding in the Company.

**14.** **FORCE MAJEURE** 

<u>Force Majeure:</u> No claim for damage or any other remedy shall arise out of any breach of, or any failure to perform any of the obligations arising under, this Agreement if such breach or failure is caused by any force majeure event, provided that such party uses its best endeavours to avoid or mitigate all adverse effects of such force majeure.

**15.** **GOOD FAITH AND RELATIONSHIP BETWEEN PARTIES** 

15.1 <u>Entire Agreement:</u> This Agreement embodies all the
terms and conditions agreed upon between the Parties hereto as to the subject matter of this Agreement and supersedes and cancels in all
respects all previous agreements and undertakings, if any, between the parties hereto with respect to the subject matter hereof, whether
such be written or oral. No modification or amendment of this Agreement and no waiver of any of the terms and conditions hereof shall
be valid unless made in writing and signed by all Shareholders.

15.2 <u>Carrying into Effect:</u> The Parties hereto hereby
agree and declare that they will execute and do all such acts and things as are necessary and within their power and authority for the
time being to carry into effect and/or to comply with the provisions of this Agreement.

15.3 <u>Partnership:</u> Nothing in this Agreement shall be
construed to imply the existence of a partnership between the Parties hereto other than as Shareholders in the Company in accordance with
the terms of this Agreement or to make one party hereto the representative or agent of any other party hereto or render such party liable
or bound by any act or omission of any other party hereto.

**16.** **SWISSLOG CEASING TO BE A SHAREHOLDER** 

The Parties hereby agree that in the event that Swisslog ceases to be a Shareholder of the Company, the Company may nevertheless continue to carry on a business whether similar to the Business (or any part of it) or otherwise, under a title or name comprising or containing the word "Swisslog" or any other trademarks or designations of Swisslog and any of its Affiliates (collectively the "**Swisslog Designations**"), subject to the Parties agreeing on a royalty fee and any other market standard terms (collectively, the "**Designation Terms**"). If the Parties fail to agree on such Designation Terms, the Company and any of its Related Corporations, shall cease and desist to use the Swisslog Designations within 3 months but in any event within 5 months of Swisslog ceasing to be a Shareholder.

**17.** **ARBITRATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 Any dispute arising out of or in connection with this Agreement,
 including any question regarding its existence, validity or termination, shall be referred to and
 finally resolved by arbitration administered by the Singapore International Arbitration Centre ()"**SIAC** ")
 in accordance with the Arbitration Rules of the Singapore International Arbitration Centre ()"**SIAC Rules**") for the time being in force, which rules are deemed to be incorporated by reference
 in this Cause.

17.2 The seat of the arbitration shall be Singapore.

17.3 The Tribunal shall consist of one arbitrator.

17.4 The language to be used in the arbitral proceedings shall be English.

17.5 The law for the arbitration agreement shall be Singapore law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.** **MISCELLANEOUS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1 <u>Notices:</u> All notices, demands or other communications required or permitted to be given or made hereunder shall be
in writing and delivered personally or sent by prepaid registered post or by electronic mall at his or lts electronic mail address set
out below (or to such other address or electronic mail address as any party may from time to time notify the others):-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Otsaw

Address: 12 Kaki Bukit View #04-00, Singapore 415948

Email address:

Attention:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Swisslog

c/o Swisslog Healthcare Holding AG

Address: Webereiweg 3, 5033 Buchs AG, Switzerland

Email address: robert.oldin@swisslog-healthcare.com Florian.Dorow@kuka.com

Attention: Robert Oldin, Florian Dorow

with a copy to (which shall not constitute notice):

c/o Luther LLP

Address: 4 Battery Road, Bank of China Building #25-01, Singapore 049908,

Singapore

Email address: clemens.leitner@luther-lawfirm.com

Attention: Clemens Leitner

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) <u>Company</u> Address:

Email address:

Attention:

Any such notice, demand or communication shall be deemed to have been duly served (if given by electronic mail) immediately upon receiving acknowledgment of receipt from the intended recipient via the electronic mail (as the case may be) or (if given or made by letter) five (5) Business Days after posting and in proving the same it shall be sufficient to show that the envelope containing the same was duly addressed, stamped and posted.

18.2 <u>Illegality:</u> Notwithstanding that any provision of
this Agreement may prove to be illegal or unenforceable, the remaining provisions of this Agreement shall continue in full force and effect.

18.3 <u>Waiver of Breach:</u> Any waiver of any breach of this
Agreement shall not be deemed to apply to any succeeding breach of the provision or of any other provision of this Agreement. No failure
to exercise and no delay in exercising on the part of any of the parties hereto any right, power or privilege hereunder shall operate
as a waiver thereof nor shall any single or partial exercise of any right, power or privilege preclude any other or further exercise thereof
or the exercise of any other right, power or privilege. The rights and remedies provided in this Agreement are cumulative and not exclusive
of any rights or remedies otherwise provided by law.

18.4 <u>Counterparts:</u> This Agreement may be executed in
any number of counterparts, each of which shall constitute an original but all of which shall be taken together to constitute one and
the same instrument. The exchange of copies of this Agreement and of signature pages by electronic transmission shall constitute effective
execution and delivery of this Agreement as to the relevant parties hereto and may be used in lieu of the original Agreement for all purposes.
Signatures transmitted by electronic transmission shall be deemed to be their original signatures for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.5 <u>Assignment:</u> No Party shall be entitled to assign
any right or delegate any responsibility under this Agreement without the prior written consent of the other Party.

18.6 <u>Benefit of Agreement:</u> This Agreement shall be binding
on and shall ensure for the benefit of each Shareholder's successors and permitted assigns.

18.7 <u>Contracts (Rights of Third Parties) Act:</u> Except
for Otsaw Digital Pte. Ltd., a person who is not a party to this Agreement shall have no right under the Contracts (Rights of Third Parties)
Act, Chapter 53B of Singapore to rely upon or enforce any of its terms.

18.8 <u>Governing Law:</u> This Agreement is governed by, and
shall be construed in accordance with, the laws of Singapore.

18.9 <u>Costs:</u> Each Party shall bear its own legal and other
costs and expenses incurred in connection with this Agreement.

18.10 <u>Set Off:</u> Any payments to be made by any Party under this Agreement shall be
made subject to any set-off or deduction or any counterclaim whether any such set-off, deduction or counterclaim arises under this Agreement,
the relevant Transaction Documents or otherwise provided that: (a) other than for any set-off or deduction or counterclaim for any Contract
Compensation (i) the relevant claim underlying the set-off or deduction or counterclaim must have been duly notified to the relevant other
parties in accordance with the provision of this Agreement or the relevant other Transaction Documents before, and (ii) if the applicable
parties fail to agree on the amount of such claim, the party notifying the claim must duly process such claim and initiate court
or arbitral proceedings (as applicable) latest within 6 months following notification of such claim (failing to do so forfeits the right
to make such set-off, deduction or counterclaim under this Clause); and (b) for any set-off or deduction or counterclaim for any Contract
Compensation, (i) if Swisslog and Otsaw agree on the Revenue Statement, the amount of the Contract Compensation determined based on the
Revenue Statement, and (ii) if Swisslog and Otsaw cannot agree on the Revenue Statement within 30 Business Days following the lapse of
the Revenue Period, (x) until the decision of the Independent Expert is made, the limits for the Contract Compensation as set forth in
Schedule 6 of the SPA for that relevant year (unless the Purchaser demands a lower amount, then such lower amount) or (y), following the
decision of the Independent Expert, the amount of the Contract Compensation determined based on the Revenue Statement after it is reviewed,
calculated and determined by the Independent Expert.

18.11 <u>Time of the Essence:</u> Any time or period mentioned
in any provision of this Agreement may be extended by mutual agreement between the Parties hereto but, subject to Clause 14, as regards
any time, date or period originally fixed or any time, date or period so extended as aforesaid, time shall be of the essence.

18.12 <u>Entire Agreement:</u> This Agreement embodies the entire
terms and conditions agreed upon by the Parties as to the subject matter of this Agreement and supersedes and cancels in all respects
any previous agreement, understanding, letter of intent, representation, warranty, undertaking and arrangement of any nature whatsoever
amongst the Parties with respect to the subject matter hereof, whether such be written or oral.

18.13 <u>Variation:</u> No variation of this Agreement shall be effective unless in writing
and signed by or on behalf of each of the Parties.

18.14 <u>Partial Invalidity:</u> The illegality, invalidity or
unenforceability of any provision of this Agreement under the law of any jurisdiction shall not affect its legality, validity or enforceability
under the law of any other jurisdiction nor the legality, validity or enforceability of any other provision.

**SCHEDULE 1**

**SPA**

**SCHEDULE 2**

<u>**SHAREHOLDING IN [OTSAW SWISSLOG HEALTHCARE ROBOTICS PTE. LTD.]**</u>

**Part A - Around the Date of this Agreement**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of Shareholder** | &nbsp;&nbsp;**Ordinary Shares** | &nbsp;&nbsp;**Subscliiption Amount paid** | &nbsp;&nbsp;**Percentage of Shares** |
| &nbsp;&nbsp;Otsaw Technology Solutions Pte. Ltd. | &nbsp;&nbsp;6000 | &nbsp;&nbsp;S$6,000 | &nbsp;&nbsp;60% |
| &nbsp;&nbsp;Swisslog Healthcare Holding AG | &nbsp;&nbsp;4000 | &nbsp;&nbsp;S$4,000 | &nbsp;&nbsp;40% |
| &nbsp;&nbsp;**Total Number** | &nbsp;&nbsp;10000 | &nbsp;&nbsp;S$10,000 | &nbsp;&nbsp;100% |

---

**Part B - After Completion of the Respective Tranche as set out in Clauses 7B or 7C**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**After Completion of the <br> Respective Tranche** | &nbsp;&nbsp;**Aggregate Number and <br> Percentage of Shares held <br> by Otsaw** | &nbsp;&nbsp;**Aggregate Number and <br> Percentage of Shares held<br> by Swisslog** |
| &nbsp;&nbsp;1<sup>st</sup> (First) Tranche | &nbsp;&nbsp;7,333 (73%) | &nbsp;&nbsp;2667 (27%) |
| &nbsp;&nbsp;2<sup>nd</sup> (Second) Tranche | &nbsp;&nbsp;8,666 (86%) | &nbsp;&nbsp;1,334 (14%) |
| &nbsp;&nbsp;3<sup>rd</sup> (Third) Tranche | &nbsp;&nbsp;10,000 (100%) | &nbsp;&nbsp;0 (0%) |

---

**SCHEDULE 3**

<u>**Board Reserved Matters**</u>

The matters set out below require the consent or the approving vote of the Swisslog Director for so long as Swisslog holds Shares representing no less than 27% of the total number of issued Shares of the Company.

(1) the creation of any Encumbrance over any of the Company's assets in excess of S$500,000;

(2) the Company giving any guarantee, indemnity or security in respect of the obligations of any other person and which is not in the
ordinary course of business;

(3) the Company undertaking any type of business not ancillary or incidental to the Business;

(4) the issue and allotment by the Company of any shares or securities, including any options for the same;

(5) a reduction of the Company's issued share capital or share buy-back, and for the avoidance of doubt, does not include a share split
of share consolidation;

(6) the raising of any financial support by the Company from
its shareholders by way of contributions from shareholders subscribing for new shares of the Company;

(7) the approval of the sale, transfer or disposal of shares or securities in a Subsidiary held or owned by
the Company or any part thereof or any interest therein;

(8) the raising of any financing or the procurement of any financial support by the Company from its shareholders;

(9) the raising of any financing or the procurement of any financial support by the Company from any other
person in excess of S$500,000;

(10) the incurring of any expenditure or liability of a capital nature (including, for this purpose, the acquisition
of any undertaking or asset whether under lease or hire purchase or otherwise) by the Company in any Financial Year in respect of one
or more transactions in excess of S$500,000;

(11) Any transaction by the Company with any of its Related Corporations excluding Subsidiaries, any shareholder
or director of the Company, or any company or business in which the shareholders or directors of the Company or any one of them has a
financial interest;

(12) Payment of fees or remuneration of the directors and senior management of the Company, other than fees
or remuneration of the senior management of the Company which has been set out in an annual business plan and budget for the Company and
which has been approved by the Board; and

(13) giving of loans by the Company, irrespective if to a shareholder or any other third party, and which is
not in the ordinary course of business provided that in case any such loans are outstanding in excess of S$100,000 (or would be outstanding
in case the relevant loans are granted), any additional loans shall be deemed to be outside the ordinary course of business.

The matters set out below require the consent or the approving vote of the Swisslog Director for so long as Swisslog holds Shares representing no less than 14% of the total number of issued Shares of the Company.

(1) the Company undertaking any type of business not ancillary or incidental to the Business;

(2) the issue and allotment by the Company of any shares or securities, including any options for the same;

(3) a reduction of the Company's issued share capital or share buy-back, and for the avoidance of doubt, does
not include a share split of share consolidation;

(4) the raising of any financing or the procurement of any financial support by the Company from its shareholders
including Swisslog. For the avoidance of doubt, any financing or financial support from the shareholders of the Company but excluding
Swisslog shall not require the consent or the approving vote of the Swisslog Director under this paragraph;

(5) any transaction by the Company with any of its Related Corporations excluding Subsidiaries, any shareholder
or director of the Company, or any company or business in which the shareholders or directors of the Company or any one of them has a
financial interest, in excess of S$100,000 in one transaction or a series of related transactions; and

(6) giving of loans by the Company, irrespective if to a shareholder or any other third party, and which is
not in the ordinary course of business provided that in case any such loans are outstanding in excess of S$300,000 (or would be outstanding
in case the relevant loans are granted), any additional loans shall be deemed to be outside the ordinary course of business.

**SCHEDULE 4**

<u>**Shareholder Reserved Matters**</u>

The matters set out below require the consent or the approving vote of Swisslog for so long as Swisslog holds Shares representing no less than 27% of the total number of issued Shares of the Company.

(1) Amendment of the Company's Constitution or other constitutional documents.

(2) The Company entering into any agreement, transaction, obligation, commitment, understanding, arrangement
or liability to sell, transfer or in any other way dispose the whole or substantially the whole of its business, undertaking, assets or
property.

(3) The issue and allotment by the Company of any shares or securities, including any options for the same,
including the granting of options over any unissued share capital.

(4) a reduction of the Company's issued share capital or share buy-back, and for the avoidance of doubt, does
not include a share split of share consolidation.

(6) The amalgamation, winding up, dissolution or restructuring of the Company or placing it under voluntary
receivership or judicial management.

(7) The variation of any rights attaching to any Shares.

(8) The raising of any financing or the procurement of any financial support by the Company from its shareholders

The matters set out below require the consent or the approving vote of Swisslog for so long as Swisslog holds Shares representing no less than 14% of the total number of issued Shares of the Company.

(1) The Company entering into any agreement, transaction, obligation, commitment, understanding, arrangement
or liability to sell, transfer or in any other way dispose the whole or substantially the whole of its business, undertaking, assets or
property.

(2) The issue and allotment by the Company of any shares or securities, including any options for the same,
including the granting of options over any unissued share capital.

(3) a reduction of the Company's issued share capital or share buy-back, and for the avoidance of doubt, does
not include a share split of share consolidation.

(4) The amalgamation, winding up, dissolution or restructuring of the Company or placing it under voluntary
receivership or judicial management.

(5) the raising of any financing or the procurement of any financial support by the Company from its shareholders
including Swisslog. For the avoidance of doubt, any financing or financial support from the shareholders of the Company but excluding
Swisslog shall not require the consent or the approving vote of Swisslog under this paragraph.

**IN WITNESS WHEREOF** the parties hereto have executed this Agreement as of the date first above written.

---

| |
|:---|
| Name: Ling Ting Ming |
| Designation: Director |
| Name: Ling Ting Ming |
| Designation: Director |

---

In witness whereof the Parties have duly executed this Agreement on the day and year first above written.

---

| | |
|:---|:---|
| /s/ Robert Oldin | /s/ Robert Oldin |
| Name: | Robert Oldin |
| Designation: | CFO |
| /s/ Ling Ting Ming | /s/ Ling Ting Ming |
| Name: | Ling Ting Ming |
| Designation: | Director |
| /s/ Ling Ting Ming | /s/ Ling Ting Ming |
| Name: | Ling Ting Ming |
| Designation: | Director |

---

SIGNATURE PAGE TO MASTER ASSET SALE AGREEMENT

**SCHEDULE 2**

**<u>SHAREHOLDING IN OTSAW SWISSLOG HEALTHCARE ROBOTICS PTE. LTD.</u>**

**Part A – Around the Date of this Agreement**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Shareholder** | **Ordinary Shares** | **Subscription Amount paid** | **Subscription Amount paid** | **Percentage of Shares** |
| Otsaw Technology Solutions Pte. Ltd. | 6000 | S$ | 6000 | 60% |
| Swisslog Healthcare Holding AG | 4000 | S$ | 4000 | 40% |
| **Total Number** | 10000 | S$ | 10000 | 100% |

---

**Part B – After Completion of the Respective Tranche as set out in Clauses 7B or 7C**

---

| | | |
|:---|:---|:---|
| **After Completion of the Respective Tranche** | **Aggregate Number and<br> Percentage of Shares held<br> by Otsaw** | **Aggregate Number and<br> Percentage of Shares held<br> by Swisslog** |
| 1<sup>st</sup> (First) Tranche | 7,333 (73%) | 2667 (27%) |
| 2<sup>nd</sup> (Second) Tranche | 8,666 (86%) | 1,334 (14%) |
| 3<sup>rd</sup> (Third) Tranche | 10,000 (100%) | 0 (0%) |

---

**SCHEDULE 3**

**<u>Board Reserved Matters</u>**

The matters set out below require the consent or the approving vote of the Swisslog Director for so long as Swisslog holds Shares representing no less than 27% of the total number of issued Shares of the Company.

(1) the creation of any Encumbrance over any of the Company's assets in excess of S$500,000;

(2) the Company giving any guarantee, indemnity or security in respect of the obligations
of any other person and which is not in the ordinary course of business;

(3) the Company undertaking any type of business not ancillary or incidental to the Business;

(4) the issue and allotment by the Company of any shares or securities, including any options
for the same;

(5) a reduction of the Company's issued share capital or share buy-back, and for
the avoidance of doubt, does not include a share split of share consolidation;

(6) the raising of any financial support by the Company
from its shareholders by way of contributions from shareholders subscribing for new shares of the Company;

(7) the approval of the sale, transfer or disposal of shares or securities in a Subsidiary
held or owned by the Company or any part thereof or any interest therein;

(8) the raising of any financing or the procurement of any financial support by the
Company from its shareholders;

(9) the raising of any financing or the procurement of any financial support by the
Company from any other person in excess of S$500,000;

(10) the incurring of any expenditure or liability of a capital nature (including, for
this purpose, the acquisition of any undertaking or asset whether under lease or hire purchase or otherwise) by the Company in any Financial
Year in respect of one or more transactions in excess of S$500,000;

(11) Any transaction by the Company with any of its Related Corporations excluding Subsidiaries,
any shareholder or director of the Company, or any company or business in which the shareholders or directors of the Company or any one
of them has a financial interest;

(12) Payment of fees or remuneration of the directors and senior management of the Company,
other than fees or remuneration of the senior management of the Company which has been set out in an annual business plan and budget for
the Company and which has been approved by the Board; and

(13) giving of loans by the Company, irrespective if to a shareholder or any other third
party, and which is not in the ordinary course of business provided that in case any such loans are outstanding in excess of S$100,000
(or would be outstanding in case the relevant loans are granted), any additional loans shall be deemed to be outside the ordinary course
of business.

The matters set out below require the consent or the approving vote of the Swisslog Director for so long as Swisslog holds Shares representing no less than 14% of the total number of issued Shares of the Company.

(1) the Company undertaking any type of business not ancillary or incidental to the Business;

(2) the issue and allotment by the Company of any shares or securities, including any
options for the same;

(3) a reduction of the Company's issued share capital or share buy-back, and
for the avoidance of doubt, does not include a share split of share consolidation;

(4) the raising of any financing or the procurement of any financial support by the
Company from its shareholders including Swisslog. For the avoidance of doubt, any financing or financial support from the shareholders
of the Company but excluding Swisslog shall not require the consent or the approving vote of the Swisslog Director under this paragraph;

(5) any transaction by the Company with any of its Related Corporations excluding Subsidiaries,
any shareholder or director of the Company, or any company or business in which the shareholders or directors of the Company or any one
of them has a financial interest, in excess of S$100,000 in one transaction or a series of related transactions; and

(6) giving of loans by the Company, irrespective if to a shareholder or any other third
party, and which is not in the ordinary course of business provided that in case any such loans are outstanding in excess of S$300,000
(or would be outstanding in case the relevant loans are granted), any additional loans shall be deemed to be outside the ordinary course
of business.

**SCHEDULE 4**

**<u>Shareholder Reserved Matters</u>**

The matters set out below require the consent or the approving vote of Swisslog for so long as Swisslog holds Shares representing no less than 27% of the total number of issued Shares of the Company.

(1) Amendment of the Company's Constitution or other constitutional documents.

(2) The Company entering into any agreement, transaction, obligation, commitment, understanding,
arrangement or liability to sell, transfer or in any other way dispose the whole or substantially the whole of its business, undertaking,
assets or property.

(3) The issue and allotment by the Company of any shares or securities, including any
options for the same, including the granting of options over any unissued share capital.

(4) a reduction of the Company's issued share capital or share buy-back, and
for the avoidance of doubt, does not include a share split of share consolidation.

(6) The amalgamation, winding up, dissolution or restructuring of the Company or placing
it under voluntary receivership or judicial management.

(7) The variation of any rights attaching to any Shares.

(8) The raising of any financing or the procurement of any financial support by the
Company from its shareholders.

The matters set out below require the consent or the approving vote of Swisslog for so long as Swisslog holds Shares representing no less than 14% of the total number of issued Shares of the Company.

(1) The Company entering into any agreement, transaction, obligation, commitment, understanding,
arrangement or liability to sell, transfer or in any other way dispose the whole or substantially the whole of its business, undertaking,
assets or property.

(2) The issue and allotment by the Company of any shares or securities, including any
options for the same, including the granting of options over any unissued share capital.

(3) a reduction of the Company's issued share capital or share buy-back, and
for the avoidance of doubt, does not include a share split of share consolidation.

(4) The amalgamation, winding up, dissolution or restructuring of the Company or placing
it under voluntary receivership or judicial management.

(5) the raising of any financing or the procurement of any financial support by the
Company from its shareholders including Swisslog. For the avoidance of doubt, any financing or financial support from the shareholders
of the Company but excluding Swisslog shall not require the consent or the approving vote of Swisslog under this paragraph.

**IN WITNESS WHEREOF** the parties hereto have executed this Agreement as of the date first above written.

---

| | |
|:---|:---|
|  | /s/ Ling Ting Ming |
| Name: | Ling Ting Ming |
| Designation: | Director |
| /s/ Raymond Lee | /s/ Raymond Lee |
| Name: |  |
| Designation: |  |
|  | /s/ Ling Ting Ming |
| Name: | Ling Ting Ming |
| Designation: | Director |
| /s/ Raymond Lee | /s/ Raymond Lee |

---

**IN WITNESS WHEREOF** the parties hereto have executed this Agreement as of the date first above written.

---

| | | |
|:---|:---|:---|
|  | /s/ Ling Ting Ming | |
| Name: | Ling Ting Ming |  |
| Designation: | Director |  |
|  | /s/ Robert Oldin | /s/ René Rohner |
| Name: | Robert Oldin | René Rohner |
| Designation: | CEO | Finance Director |
|  | /s/ Ling Ting Ming |  |
| Name: | Ling Ting Ming |  |
| Designation: | Director |  |

---

## Exhibit 10.9

**Exhibit 10.9**

DATED THE 30th DAY OF NOVEMBER 2023

**BETWEEN**

**Otsaw Technology Solutions Pte. Ltd.**

AND

**Swisslog Healthcare Holding AG**

AND

**Otsaw Swisslog Healthcare Robotics Pte. Ltd.**

as the **Company**

**AMENDMENT AGREEMENT TO THE SHAREHOLDERS AGREEMENT**

**THIS AMENDMENT AGREEMENT TO THE SHAREHOLDERS AGREEMENT** dated the 30th day of November 2023 is entered into

**BETWEEN:**

(1) **Otsaw Technology Solutions Pte. Ltd.** (Company Registration No. 202033912W),
a company incorporated in Singapore and having its registered office at 12 Kaki Bukit View, #04-00, Singapore 415948 ()"**Otsaw** ");

(2) **Swisslog Healthcare Holding AG** (Company Registration No. **CHE-317.331.234**),
a company incorporated in Switzerland and having its registered office at Webereiweg 3, 5033 Buchs AG, Switzerland ()"**Swisslog** ");
and

(3) **Otsaw Swisslog Healthcare Robotics Pte. Ltd.** (Company Registration No.
 202140168D), a company incorporated in Singapore and having its registered office at 12 Kaki Bukit View #04- 00 Singapore 415948
 (the "**Company** "), (each a "**Party**" and together the "**Parties"**)

**WHEREAS:**

(A) The Parties had entered into a shareholders agreement dated 30th November 2021
(the "**Shareholders Agreement**") with respect to the shareholding in the Company. As of the date of this Agreement, Otsaw
holds 7,333 ordinary shares in the Company and Swisslog holds 2,667 ordinary shares in the Company. There are no other shareholders in
the Company.

(B) The Company, as debtor, owes certain intra-group payables and loans to Otsaw amounting
to SGD 6,133,156.00 (the "**Intra-Group Debt** "). Otsaw requested to convert the Intra-Group Debt into 10,000 ordinary
shares of the Company (the "**Capital Increase** "). The Capital Increase requires the consent of Swisslog pursuant to the
Shareholders Agreement.

(C) In consideration of Swisslog consenting to the Capital Increase, the Parties enter
into this Agreement to agree on certain amendments to the Shareholders Agreement.

**NOW IT IS HEREBY AGREED** as follows:

**1.** **DEFINITIONS** 

1.1 In this Agreement unless the context otherwise requires, capitalised terms shall
have the meaning ascribed to them in the Shareholders Agreement.

1.2 The rules for interpretation and construction set forth in the Shareholders Agreement
shall apply to this Agreement *mutatis mutandis*.

**2.** **AMENDMENTS TO SHAREHOLDERS AGREEMENT** 

2.1 A new definition shall be inserted in Clause 1.1 of the Shareholders Agreement as follows:

"**Capital Increase**" means the issuance of 10,000 ordinary shares of the Company to Otsaw as part of a debt/equity swap of certain intra-group payables and loans owed by the Company to Otsaw amounting to SGD 6,133,156.00.

2.2 The table in Clause 4.1 of the Shareholders Agreement shall be replaced by the following table:

---

| | | | |
|:---|:---|:---|:---|
|  | **No. of Directors**<br> (for so long as Otsaw and <br> Swisslog respectively<br> hold Shares | **No. of Directors** (for <br> so long as Otsaw and <br> Swisslog respectively <br> hold Shares | **No. of Directors** (for <br> so long as Otsaw and <br> Swisslog respectively <br> hold Shares |
| **Shareholder** | representing 60% and <br> 40% of the total<br> number of issued<br> shares of the <br>Company) | representing 86.665%<br> and 13.335% of the <br> total number of issued <br> shares of the <br>Company) | representing 93.33% <br> and 6.67% of the total<br> number of issued<br> shares of the <br>Company) |
| Otsaw | 2 | 2 | 3 |
| Swisslog | 1 | 1 | 1 |

---

2.3 The table in Part B of Schedule 2 of the Shareholders Agreement shall be replaced
by the following table:

---

| | | |
|:---|:---|:---|
| **After Completion of<br> the Respective <br> Tranche** | **Aggregate Number and <br> Percentage of Shares held <br> by Otsaw (assuming the <br> implementation of the <br> Capital Increase)** | **Aggregate Number and <br> Percentage of Shares held <br> by Swisslog (assuming the<br> implementation of the <br> Capital Increase)** |
| 1<sup>st</sup> (First) Tranche | 17,333 (86.665%) | 2,667 (13.335%) |
| 2<sup>nd</sup> (Second) Tranche | 18,666 (93.33%) | 1,334 (6.67%) |
| 3<sup>rd</sup> (Third) Tranche | 20,000 (100%) | 0 (0%) |

---

2.4 The percentage thresholds for Board Reserved Matters in Schedule 3 of the Shareholders
Agreement shall be amended as follows: (i) "27%" in the first paragraph shall be amended to "13.335%" and (ii)
"14%" in the second paragraph shall be amended to "6.67%" .

2.5 The percentage thresholds for the Shareholder Reserved Matters in Schedule 4 of
the Shareholders Agreement shall be amended as follows: (i) "27%" in the first paragraph shall be amended to "13.335%"
and (ii) "14%" in the second paragraph shall be amended to "6.67%" .

**3.** **AMENDMENT OF CONSTITUTION** 

The Constitution shall be amended to reflect the provisions of this Agreement (and otherwise to the reasonable satisfaction of both Otsaw and Swisslog) within 20 Business Days following the date of this Agreement.

**4.** **MISCELLANEOUS** 

4.1 <u>Confirmation</u>: Except to the extent expressly varied or amended herein,
the provisions of the Shareholders Agreement are hereby confirmed and shall remain unamended and in full force and effect. Save as otherwise
expressly set out herein, any rights or actions which may have accrued under the Shareholders Agreement in favour of any of the Parties
shall not be released, discharged or otherwise affected by this Agreement.

4.2 <u>Relationship to Shareholders Agreement</u>: From the date of execution of this
Agreement, the Shareholders Agreement and this Agreement shall be read and construed as one document and the provisions of this Agreement
shall be considered to be an integral part of the Shareholders Agreement. In the event that there are any inconsistencies or conflicts
between the Shareholders Agreement and this Agreement, the provisions of this Agreement shall prevail to the extent of such inconsistency.

4.3 <u>Call and Put Option</u>: For the avoidance of doubt, the Capital Increase and
this Agreement do not in any event affect or otherwise impact (i) the number of Put Option Shares and/or Call Option Shares to be sold
or purchased pursuant to the Put Option in Clause 7B or the Call Option in Clause 7C of the Shareholders Agreement and (ii) the Put Option
Price and/or the Call Option Price payable.

4.4 Clause 18 of the Shareholders Agreement is hereby incorporated by reference and shall apply *mutatis mutandis* to this Agreement

[SIGNATURE PAGE TO FOLLOW]

**IN WITNESS WHEREOF** the parties hereto have executed this Agreement as of the date first above written.

---

| | |
|:---|:---|
|  | /s/ Ling Ting Ming |
| Name: | Ling Ting Ming |
| Designation: | Director |

---

---

| | | |
|:---|:---|:---|
| Signed) |  |  |
| for and on behalf of) |  |  |
| **SWISSLOG HEALTHCARE HOLDING AG**) |  |  |
|  |  | /s/ Jan Zuurbier |
|  | Name: | Jan Zuurbier |
|  | Designation: | General Manager |
|  |  | /s/ Andrew Xiuqi Yang |
|  | Name: | Andrew Xiuqi Yang |
|  | Designation: | Chief Financial Officer |

---

---

| | |
|:---|:---|
|  | /s/ Ling Ting Ming |
| Name: | Ling Ting Ming |
| Designation: | Director |

---

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## Exhibit 10.10

**Exhibit 10.10**

DATED 16 NOVEMBER 2021

BETWEEN

**Swisslog Healthcare Holding AG** <br> (as vendor)

**Otsaw Technology Solutions Pte. Ltd.** <br> (as purchaser)

AND

**Otsaw Digital Pte. Ltd.** <br> (as guarantor)

**MASTER ASSET SALE AGREEMENT**

**relating to the Sale and Purchase of Specific Swisslog Assets in<br> Singapore, Germany, Italy, Netherlands, Norway and Switzerland**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **No.** | **Clause** | **Page No.** |
| **1.** | **DEFINITIONS AND INTERPRETATIONS** | **1** |
| **2.** | **SALE AND TRANSFER** | **8** |
| **3.** | **CONSIDERATION** | **10** |
| **4.** | **CONDITIONS PRECEDENT** | **10** |
| **5.** | **ACTION PENDING COMPLETION** | **11** |
| **6.** | **EMPLOYEES** | **12** |
| **7.** | **CONTRACTS** | **13** |
| **8.** | **COMPLETION** | **15** |
| **9.** | **ALLOCATION OF PURCHASE PRICE** | **17** |
| **10.** | **CONSIDERATION ADJUSTMENTS** | **18** |
| **11.** | **WARRANTIES** | **19** |
| **12.** | **SPECIFIC WARRANTIES AND ACKNOWLEDGMENTS OF PURCHASER** | **21** |
| **13.** | **INDEMNITY AND INDEMNITY PROCEDURES** | **22** |
| **14.** | **THIRD PARTY CLAIM** | **24** |
| **15.** | **INDEMNITY BY PURCHASER** | **25** |
| **16.** | **POST-COMPLETION OBLIGATIONS** | **27** |
| **17.** | **TREATMENT OF STOCK AND INVENTORY** | **28** |
| **18.** | **NON-COMPETITION RESTRICTIONS** | **29** |
| **19.** | **GUARANTEE** | **30** |
| **20.** | **PUT OPTION** | **31** |
| **21.** | **PURCHASE OF JV COMPANY SHARES** | **32** |
| **22.** | **OTHER PROVISIONS** | **33** |

---

---

| | |
|:---|:---|
| **SCHEDULE 1** | **37** |
| **SCHEDULE 2** | **42** |
| **SCHEDULE 3** | **43** |
| **SCHEDULE 4** | **44** |
| **SCHEDULE 5** | **50** |
| **SCHEDULE 6** | **59** |
| **SCHEDULE 7** | **61** |
| **SCHEDULE 8** | **62** |
| **EXHIBIT A** | **64** |
| **EXHIBIT B** | **78** |

---

i

<u>**SCHEDULES AND EXHIBITS**</u>

---

| | |
|:---|:---|
| SCHEDULE 1: | DISCLOSURE SCHEDULE |
| SCHEDULE 2: | CONDITIONS PRECEDENT |
| SCHEDULE 3: | VENDOR GROUP |
| SCHEDULE 4: | VENDOR GROUP'S REPRESENTATIONS AND WARRANTIES |
| SCHEDULE 5: | FORM OF DEED OF NOVATION |
| SCHEDULE 6: | CONSIDERATION ADJUSTMENTS |
| SCHEDULE 7: | VENDOR GROUP DESIGNATIONS |
| SCHEDULE 8: | FULLY-DILUTED SHAREHOLDING STRUCTURES OF PURCHASER AND JV COMPANY |
| EXHIBIT A: | FORM OF SERVICE AGREEMENT |
| EXHIBIT B: | FORM OF SHAREHOLDERS AGREEMENT |

---

ii

**THIS MASTER ASSET SALE AGREEMENT** (this **"Agreement")** is made on 16 November 2021:

**BETWEEN:**

(1) **Swisslog Healthcare Holding AG** (Company Registration No. CHE-317.331.234), a company incorporated
in Switzerland whose registered office is **at** Webereiweg 3, 5033 Buchs AG, Switzerland (the **"Vendor");** 

(2) **Otsaw Technology Solutions Pte. Ltd.** (Company Registration No. 202033912W), a company incorporated
in Singapore whose registered office is at 12 Kaki Bukit View #04-00, Singapore 415948 (the **"Purchaser");** 

**AND**

(3) **Otsaw Digital Pte. Ltd.** (Company Registration
 No. 201511868R), a company incorporated in Singapore whose registered office is at 12 Kaki
 Bukit View #04-00, Singapore 415948 (the **"Guarantor");** 

(collectively, the **"Parties"** and each, a **"Party").**

**WHEREAS:**

(A) The Vendor, its subsidiaries and certain related corporations are engaged in the business of (i) developing
and manufacturing the Automated Guided Vehicles (as defined below) which are sold to and used by customers, and (ii) providing maintenance
services in respect of the Automated Guided Vehicles under service contracts. This business is carried out in several countries, including
Singapore, Germany, Italy, Netherlands, Norway and Switzerland. The customers of this business are mainly hospitals and contractors engaged
by hospitals.

(B) The Purchaser desires to purchase, and the Vendor desires to sell and transfer the Transferred Assets
(as defined below) and the Purchaser desires to assume the Assumed Liabilities (as defined below) on the terms and subject to the conditions
set out in this Agreement.

(C) The Purchaser will incorporate a new private limited company in Singapore (the **"JV Company")** between the date of this Agreement and Completion and the name reserved for the JV Company is Otsaw Swisslog Healthcare Robotics Pte.
Ltd. which shall act as the designee of the Purchaser for the sale, purchase and transfer of the Transferred Assets and the assumption
of the Assumed Liabilities, it being understood that the JV Company may from time to time further incorporate wholly-owned subsidiaries
which might act as the designee of the Purchaser hereunder in lieu of the JV Company. It is intended that the JV Company shall carry on
the business of the Maintenance Operations and own the Intellectual Property Rights in relation to the Automated Guided Vehicles, on the
terms and subject to the conditions set out in this Agreement.

(D) In consideration for the Vendor to enter into this Agreement, the Guarantor desires to guarantee certain
obligations of the Purchaser under or in connection with this Agreement, on the terms and subject to the conditions set out in this Agreement.

**NOW IT IS HEREBY AGREED** as follows:

1. DEFINITIONS AND INTERPRETATIONS

1.1. In this Agreement, the Schedules and the Exhibits, except where the context otherwise requires, the following
expressions bear the following meanings:

**"Accounts Receivable"** means all receivables owing to the Vendor Group relating to the Transferred Assets and/or the Maintenance Operations by any of its trade debtors or customers as at the Completion Date, including those identified in <u>Part 1 of the Disclosure Schedule.</u>

**"Actual Revenue"** has the meaning ascribed to it in Clause 10.2.

**"Advance Payments"** means advance payments and deposits received by the Vendor Group from customers under the Contracts as at the Completion Date for services to be performed after the Completion Date, and a list of such Advance Payments as of the date of this Agreement is set forth in <u>Part 1 of the Disclosure Schedule</u><u>.</u>

**"Affiliate"** means, with respect to a person, any person that directly or indirectly Controls, is directly or indirectly Controlled by or is under direct or indirect common Control with such person.

**"AGVs"** or **"Automated Guided Vehicles"** means the "TransCar" automated guided vehicles developed by the Vendor and/or other members of the Vendor Group, and which were manufactured by KUKA AG and/or any of its Affiliates, including those identified in <u>Part 1 of the Disclosure Schedule</u>.

**"AGV Manufacturing Operations"** means the operations of manufacturing the Automated Guided Vehicles as carried on by KUKA AG or any of its Affiliates from time to time, which Automated Guided Vehicles are sold to and used by customers of the Vendor Group.

**"Ancillary Agreements"** means the Service Agreements, the Shareholders Agreement and the Local Transfer Agreements.

**"Anticipated Revenue"** has the meaning ascribed to it in Clause 10.1.

**"Assumed Liabilities"** has the meaning ascribed to it in Clause 2.3.

**"Books and Records"** means all manuals, documents, information and business records (including accounting books and other financial records) relating to the Automated Guided Vehicles, the Transferred Assets and/or the Maintenance Operations as of the Completion Date, including those identified in <u>Part 1 of the Disclosure Schedule.</u>

**"Business Day"** means a day on which banks are generally open for business in Singapore and Frankfurt, Germany (other than Saturdays, Sundays and days which are gazetted or otherwise declared as public holidays).

**"Canadian JBT Contract"** means the contract concluded with Humber River Regional Hospital (Canada) and concerning the provision of maintenance services in respect of AGVs by the Vendor Group in Canada.

**"Cash Balance"** means cash and cash equivalents, any cash in hand and at bank and any cheques, bills, notes or securities held by the Vendor Group relating to the Transferred Assets and/or the Maintenance Operations or otherwise, excluding the Advance Payments.

**"Cash Price"** has the meaning ascribed to it in Clause 3.1(a).

**"Companies Act"** means the Companies Act, Chapter 50 of Singapore.

**"Completion"** means the completion of the sale and purchase of the Transferred Assets and the assumption of the Assumed Liabilities pursuant to Clause 8.

**"Completion Date"** means (i) the last Business Day of the calendar month in which the last Condition Precedent is fulfilled or waived (other than those Conditions Precedent that by their terms may only be fulfilled at Completion but subject to the fulfilment or waiver of those Conditions Precedent at such time) or (ii) such other date as may be agreed in writing between the Purchaser and the Vendor.

**"Conditions Precedent"** means the conditions precedent set forth in <u>**Schedule 2**</u><u>**.**</u>

**"Consideration"** means the consideration for the sale, purchase and transfer of the Transferred Assets, being the consideration specified in Clause 3.1.

**"Consideration Adjustments"** means the adjustments set out in <u>**Schedule 6**</u> and as referred to in Clause 10 respectively.

**"Contingent Shared Contract"** has the meaning ascribed to it in Clause 7.3.

**"Contingent Transferred Contract"** has the meaning ascribed to it in Clause 7.2.

**"Contract Compensation"** has the meaning ascribed to it in Clause 10.5.

**"Contract Notice"** has the meaning ascribed to it in Clause 7.2(b).

**"Contract Party"** has the meaning ascribed to it in Clause 7.2.

**"Contracts"** means the service and maintenance contracts which are identified in <u>Part 1 of the Disclosure Schedule</u><u>.</u>

**"Control"** means (and its permutations shall have correlative meanings) with respect to any person, the power to direct, directly or indirectly, the management, operations or business of such person, either by ownership over voting securities, contracts or otherwise.

**"Dataroom"** means the virtual dataroom set up for "Project Pilatus" accessible at https://www.securedocs.com/ (Project Pilatus –AGV Transaction) the content of which is evidenced by the Dataroom Media.

**"Dataroom Media"** has the meaning ascribed to it in Clause 8.2(e).

**"De Minimis Amount"** has the meaning ascribed to it in Clause 13.4.

**"Disclosed"** means fully and fairly disclosed in <u>Part 2 of the Disclosure Schedule</u> and with sufficient detail so as to enable a reasonable experienced purchaser, assisted by professional advisers, to identify and assess the nature, relevance and scope of the facts, matters and circumstances so disclosed.

**"Disclosure Schedule"** means the disclosure schedule as attached to this Agreement as <u>**Schedule 1**</u>**.**

**"Eligible Third Party Proceeds"** has the meaning ascribed to it in Clause 13.9.

**"Employment Offer"** has the meaning ascribed to it in Clause 6.3.

**"Encumbrance"** means any claim, charge, mortgage, security, lien, option, equity, power of sale, hypothecation or other third party rights, retention of title, right of pre-emption, right of first refusal or security interest of any kind.

**"Excluded Assets"** has the meaning ascribed to it in Clause 2.2.

**"Excluded Liabilities"** has the meaning ascribed to it in Clause 2.4.

**"Existing Policies"** has the meaning ascribed to it in Clause 5.3.

**"French AGV Business"** means the business of (i) developing and manufacturing the Lamcar automated guided vehicles which are sold to and used by customers in France, and (ii) providing maintenance services in respect of (a) the Lamcar automated guided vehicles under service contracts in France and (b) the French TransCar Contracts.

**"French TransCar Contracts"** means the contracts concluded with (i) France - Chu Sud Francilien and (ii) France - Hopital Bourgoin Jallieu and concerning the provision of maintenance services in respect of AGVs by the Vendor Group in France.

**"Guaranteed Liabilities"** has the meaning ascribed to it in Clause 19.1(a).

**"Indemnity Notice"** has the meaning ascribed to it in Clause 13.2.

**"Independent Expert"** has the meaning ascribed to it in Clause 9.3.

**"Intellectual Property"** means the Intellectual Property Rights owned and used by the Vendor Group to the extent relating to the Automated Guided Vehicles, the Transferred Assets and/or the Maintenance Operations as at the Completion Date, including those which are identified in <u>Part 1 of the Disclosure Schedule</u> (which excludes, for the avoidance of doubt, the Vendor Group Designations).

**"Intellectual Property Rights"** includes patents, know-how, trade secrets and other confidential information, registered designs, copyrights, design rights, trademarks, service marks, business or brand names, domain names, registrations of and applications to register any of the aforesaid items, rights in the nature of any of the aforesaid items in any country, rights in the nature of unfair competition rights and rights to sue for passing off and all relevant rights for the enforcement and protection thereof.

**"JV Company"** has the meaning ascribed to it in Recital (C).

**"JV Company Shares"** has the meaning ascribed to it in Clause 3.1(c).

**"JV Company Shares Put and Call Option"** has the meaning ascribed to it in Clause 21.

**"KUKA AG"** means KUKA Aktiengesellschaft, the ultimate parent company of the Vendor.

**"Liabilities"** means all liabilities, duties and obligations of every description, whether deriving from contract, common law, statute or otherwise, whether present or future, actual or contingent, ascertained or unascertained or disputed, know or unknown, and whether owed or incurred severally or jointly and as principal or surety or other howsoever, and **"Liability"** means any one of them.

**"Local Transfer Agreements"** has the meaning ascribed to it in Clause 8.4(c).

**"Long-Stop Date"** has the meaning ascribed to it in Clause 4.4.

**"Losses"** means all losses, liabilities, costs (including, without limitation, legal costs), charges, expenses, penalties, actions, proceedings, claims and demands.

**"Maintenance Operations"** means the provision of maintenance services in respect of the Automated Guided Vehicles under the Contracts carried on in the Territories and which customers are mainly hospitals and contractors engaged by hospitals.

**"Manufacturing Agreement"** means the manufacturing agreement entered into between KUKA AG and the Vendor for the manufacturing of the Automated Guided Vehicles as in force as of the date of this Agreement.

**"OTSAW Shares"** has the meaning ascribed to it in Clause 3.1(b).

**"Payables and Debts"** means any and all payables and debts and other forms of monetary indebtedness owed by the Vendor Group to third parties relating to the Transferred Assets and/or the Maintenance Operation as at the Completion Date, including those identified in <u>Part 1 of the Disclosure Schedule</u><u>.</u>

**"Payment Related Claims"** means any Vendor Indemnity Claim related to the payment of the Consideration, the Put Option, the JV Company Shares Put and Call Option, the Remaining Stock and Inventory Price and the valuation protection pursuant to Clause 20A.

**"Performance Bond Contracts"** has the meaning ascribed to it in Clause 5.5.

**"Post-Completion Operations"** has the meaning ascribed to it in Clause 10.3.

**"Preliminary Allocation"** has the meaning ascribed to it in Clause 9.1.

**"Purchaser's Allocation Notice"** has the meaning ascribed to it in Clause 9.2.

**"Purchaser Designee"** has the meaning ascribed to it in Clause 1.5.

**"Purchaser Liquidity Event"** has the meaning ascribed to it in Clause 20.1.

**"Purchaser Portion of the Shared Contract"** has the meaning ascribed to it in Clause 7.3.

**"Purchaser Warranties"** has the meaning ascribed to it in Clause 12.1.

**"Put Option"** has the meaning ascribed to it in Clause 20.1.

**"Put Option Completion"** has the meaning ascribed to it in Clause 20.4.

**"Put Option Completion Date"** has the meaning ascribed to it in Clause 20.4.

**"Put Option Notice"** has the meaning ascribed to it in Clause 20.1.

**"Put Option Price"** has the meaning ascribed to it in Clause 20.2.

**"Put Option Shares"** has the meaning ascribed to it in Clause 20.1.

**"Recovery Claim"** has the meaning ascribed to it in Clause 13.2.

**"Related Corporation"** shall have the meaning given under Section 6 of the Companies Act.

**"Relevant Transaction Documents"** has the meaning ascribed to it in Clause 11.1(a).

**"Remaining Stock and Inventory Price"** has the meaning ascribed to it in Clause 17.4.

**"Restricted Business"** has the meaning ascribed to it in Clause 18.1.

**"Restricted Entities"** has the meaning ascribed to it in Clause 18.3.

**"Revenue Period"** has the meaning ascribed to it in Clause 10.1.

**"Revenue Statement"** has the meaning ascribed to it in Clause 10.2.

**"Salaried Employees"** has the meaning ascribed to it in Clause 6.1.

**"Service Agreements"** has the meaning ascribed to it in Clause 8.4(a).

**"Shared Contract"** has the meaning ascribed to it in Clause 7.3.

**"Shareholders Agreement"** has the meaning ascribed to it in Clause 8.4(b).

**"Singapore Dollar(s)"** and **"S$"** mean the lawful currency of Singapore.

**"Stock and Inventory"** means the spare parts, stock, raw materials, and work in progress owned by the Vendor Group from time to time and which are used or intended to be used in connection with the Automated Guided Vehicles, the Transferred Assets and/or the Maintenance Operations.

**"Straddle Period"** means any taxable period that begins on or before and ends after the Completion Date.

**"Surviving Clauses"** means Clause 1, Clause 13, Clause 15, Clause 22.1, Clause 22.3, Clause 22.5, Clause 22.11, Clause 22.15 and Clause 22.18.

**"Swedish JBT Contract"** means the contract concluded with Karolinska, Huddinge Sjukehus, Stockholm and concerning the provision of maintenance services in respect of AGVs by the Vendor Group in Sweden.

**"Taxation" or "Tax"** means all forms of taxation whether direct or indirect and whether levied by reference to income, profits, gains, net wealth, asset values, turnover, added value or other reference and statutory, governmental, state, provincial, local governmental or municipal impositions, duties, contributions, rates and levies (including without limitation social security contributions and any other payroll taxes), whenever and wherever imposed (whether imposed by way of a withholding or deduction for or on account of tax or otherwise) and in respect of any person and all penalties, charges, costs and interest relating thereto.

**"Territories"** means the world.

**"Third Party Claim"** has the meaning ascribed to it in Clause 14.1.

**"Third Party Consents"** means all consents, licences, approvals, authorisations or waivers required from third parties for the conveyance, transfer or assignment in favour of a Purchaser Designee of any of the Transferred Assets and on terms reasonably acceptable to the Purchaser and the Vendor, and **"Third Party Consent"** means any one of them.

**"Threshold"** has the meaning ascribed to it in Clause 13.4.

**"Transaction Documents"** means this Agreement and the Ancillary Agreements.

**"Transaction Tax"** has the meaning ascribed to it in Clause 22.9.

**"Transferred Assets"** means the assets, properties and rights agreed to be sold pursuant to Clause 2 (for the avoidance of doubt, other than the Excluded Assets).

**"VAT or GST"** has the meaning ascribed to it in Clause 3.4.

**"Vendor Claims"** means all rights and claims of the Vendor Group relating to the Transferred Assets and/or the Maintenance Operations arising at any time after Completion and with respect to any events, matter and circumstances occurring after the Completion Date provided that any and all rights and claims of the Vendor Group under the Contracts shall follow the provisions set forth for "Contracts" in this Agreement, in particular the provisions for the transfer of Contracts pursuant to Clause 7.

**"Vendor Employee"** has the meaning ascribed to it in Clause 6.1.

**"Vendor Group"** means the Vendor and its subsidiaries which are identified in <u>**Schedule 3**</u><u>**.**</u>

**"Vendor Group Designations"** means the brands and designations of Vendor and its Affiliates set forth in <u>**Schedule 7,**</u> which exclude the brands and designations exclusively used by the Vendor Group relating to the Automated Guided Vehicles, the Transferred Assets, the Maintenance Operations.

**"Vendor Indemnity Claim"** has the meaning ascribed to it in Clause 15.2.

**"Vendor Indemnity Notice"** has the meaning ascribed to it in Clause 15.2.

**"Vendor Performance Bonds"** has the meaning ascribed to it in Clause 5.5.

**"Vendor Portion of the Shared Contract"** has the meaning ascribed to it in Clause 7.3.

**"Vendor Warranties"** has the meaning ascribed to it in Clause 11.2.

1.2. The Schedules and Exhibits to this Agreement shall be deemed to form part of this Agreement. In case of
inconsistencies or discrepancies between the Exhibits and Schedules and the body of this Agreement, the body of this Agreement shall prevail.

1.3. The headings in this Agreement are for convenience only and shall be ignored in construing this
 Agreement. Unless the context otherwise requires, words (including words defined herein) denoting the singular number only shall
 include the plural and *vice versa.* The words "written" and "in writing" include any means of visible
 reproduction. References to "Clauses", "Schedules" and "Exhibits" are to be construed as
 references to Clauses of, and Schedules to, and Exhibits to this Agreement. References to any agreement or document including this
 Agreement shall include such agreement or document as amended, modified, varied, novated, supplemented or replaced from time to
 time. The words "including", "in particular'' and words of similar import when used in this Agreement
 shall not be given a restrictive meaning and shall mean "including without limitation", unless the context otherwise
 requires or unless otherwise specified.

1.4. A Contract being "novated" or a "novation" of such Contract or any similar term means
that all rights under such Contract are transferred to a Purchaser Designee and the Assumed Liabilities under such Contract are assumed
by a Purchaser Designee, in each case in lieu and in discharge of the Vendor or the relevant member of Vendor Group from any Assumed Liabilities
under or in connection with such Contract. A "transfer'' of a Contract shall be understood as such novation of the applicable Contract.

1.5. Notwithstanding anything to the contrary in this Agreement, the Purchaser shall designate the JV Company
to purchase the Transferred Assets and assume the Assumed Liabilities and no such Transferred Assets and Assumed Liabilities shall be
directly transferred to or assumed by the Purchaser provided that the JV Company may further incorporate wholly-owned subsidiaries in
the applicable local jurisdictions to purchase the Transferred Assets and assume the Assumed Liabilities (the JV Company and each such
wholly-owned subsidiary, each a **"Purchaser Designee")** and further provided that, for the avoidance of doubt, this shall
be without prejudice to any Liability of the Purchaser under this Agreement or any other Transaction Document.

1.6. For ascertaining and identifying the Transferred Assets, Assumed Liabilities, Excluded Assets and Excluded
Liabilities, Completion shall deem to occur as of 00.00 am as of the Completion Date.

1.7. The term "TransCar" as used in this Agreement or any other Transaction Document derives
 from, and shall be interpreted pursuant to, the "TransCar" documentation as set forth in folder 28.1.2.3 –
 Technical Designs of the Dataroom. For the avoidance of doubt, "TransCar" forms part of the Intellectual Property.

**2.** **SALE AND TRANSFER** 

2.1. Subject
 to the terms and conditions of this Agreement, the Vendor hereby agrees to sell and transfer,
 or cause the other members of the Vendor Group to sell and transfer, and the Purchaser hereby
 agrees to cause a Purchaser Designee to purchase, at Completion, all of the Vendor Group's
 rights, title and interest in and to (collectively the **"Transferred Assets"**):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Books and Records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Intellectual Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Vendor Claims; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Advance Payments;

as the same may exist immediately prior to Completion and such Transferred Assets shall (unless otherwise specified in this Agreement) as part of the sale and transfer be assigned, conveyed and/or delivered to, and acquired and/or assumed by a Purchaser Designee, at Completion free of Encumbrances.

2.2. For the avoidance of doubt and notwithstanding
 anything to the contrary in this Agreement, except for the Transferred Assets, all other
 assets, properties or rights, of the Vendor Group (collectively, and including the assets,
 properties and rights listed below, the **"Excluded Assets"**) shall be retained by the Vendor Group and shall be excluded from the Transferred Assets,
 including the Vendor Group's rights, title and interest in and to, the following assets,
 properties and rights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Cash Balance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all Accounts Receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Tax credit accruing or any other Tax refund to the Vendor
Group relating to the Transferred Assets and/or the Maintenance Operations for any period prior to the Completion Date (including any
Straddle Period which is allocable to that portion of the Straddle Period ending before the Completion Date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Vendor Group Designations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any assets, properties and rights related to the AGV Manufacturing
Operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the French AGV Business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Vendor Portion of the Shared Contracts as contemplated
by Clause 7.

 

2.3. Save
 for all Contingent Transferred Contracts or the Purchaser Portion of the Shared Contracts
 qualifying as a Contingent Shared Contract, to which Clause 7.5 shall apply until, for the
 avoidance of doubt, such Contracts have been transferred to a Purchaser Designee pursuant
 to a novation as contemplated by Clause 7, the Purchaser hereby agrees, effective as of Completion,
 to cause a Purchaser Designee to assume and cause a Purchaser Designee to pay, discharge
 and perform, in accordance with their terms, any and all Liabilities arising out of or relating
 to the ownership or use of the Transferred Assets or the operation or conduct of the Maintenance
 Operations, in each case from and after Completion, including (i) Taxes to the extent such
 Taxes are attributable or imposed on the Transferred Assets or the Maintenance Operations
 for any period beginning on or after the Completion Date or any Straddle Period which is
 allocable to that portion of the Straddle Period ending after the Completion Date, and (ii)
 any and all Liabilities to the extent required to be performed on or after the Completion
 Date under any Contract constituting part of the Transferred Assets; except in each case
 to the extent that (a) any such Liabilities are Excluded Liabilities or (b) otherwise are
 the express responsibility of the Vendor hereunder (collectively, the **"Assumed Liabilities"**).

2.4. Notwithstanding any other provisions of
 this Agreement, the Purchaser or any Purchaser Designee, shall not assume or be liable for
 (i) any and all Liabilities to the extent arising out of or relating to the Excluded Assets
 and (ii) any and all Liabilities arising out of or relating to the ownership or use of the
 Transferred Assets or the operation or conduct of the Maintenance Operations, in each case
 prior to Completion including (a) Taxes to the extent such Taxes are attributable or imposed
 on the Transferred Assets or the Maintenance Operations for any period ending on or before
 the Completion Date or any Straddle Period which is allocable to that portion of the Straddle
 Period ending before the Completion Date, (b) the Payables and Debts and (c) any and all
 other Liabilities to the extent required to be performed before the Completion Date under
 any Contract constituting part of the Transferred Assets (collectively, the **"Excluded Liabilities"**).

2.5. The Parties agree that the following Transferred Assets shall as part of the sale and transfer be assigned,
conveyed and delivered to a Purchaser Designee at Completion in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of the Books and Records, as follows: To the extent the Books and Records are in the physical or intermediate possession
of, controlled by or held by the Vendor or a member of the Vendor Group, the Vendor, or the applicable member of the Vendor Group, shall
transfer such possession (whether by physical delivery or, with respect to Books and Records whose nature does not make a physical delivery
feasible, by signs or declaration, as may be practicable) to a Purchaser Designee. Furthermore, if the applicable Purchaser Designee,
for any other reason, does not obtain possession of any of the Books and Records, the Vendor or the applicable member of the Vendor Group,
will hold such Books and Records as agent of and in trust for the applicable Purchaser Designee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of the Contracts and the Vendor Claims, by means of a transfer of the relevant rights and
assumption of the relevant Liabilities pursuant to a novation and, if required, by obtaining the necessary Third Party Consents. For the
avoidance of doubt, reference is made to Clause 7; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the case of Intellectual Property, by way of assignment and/or transfer of such Intellectual Property.

2.6. <u>Part 1 of the Disclosure Schedule</u> might be mutually
updated by the Vendor and the Purchaser 1 Business Day prior to the Completion Date to the extent required to depict any fluctuations
in the Transferred Assets between the date of this Agreement and Completion Date.

**3.** **CONSIDERATION** 

3.1. The consideration payable by the Purchaser
 for, collectively, the sale and transfer of the Transferred Assets and the performance by
 the Vendor of its obligation to continue to employ and bear the salaries of the Salaried
 Employees under Clause 6.1 (the **"Consideration"**) shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) S$1.5 Million in cash
 (the **"Cash Price"**); <u>plus</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 36,613 ordinary shares in the Purchaser
 corresponding to a value of S$3.1 Million and furthermore corresponding to an approximately
 5.1% ownership in the Purchaser on a fully-diluted basis as of Completion (the **"OTSAW Shares"**); <u>plus</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 4,000 ordinary shares fully paid at an
 issue price of S$1.00 each in the JV Company corresponding to a 40% ownership in the JV Company
 on a fully-diluted basis as of Completion (the **"JV Company Shares"**),

and subject to (i) the Consideration Adjustments as per Clause 10; and (ii) a deduction for an amount equivalent to the Advance Payments.

3.2. The Consideration shall become payable by the Purchaser as set forth in this Agreement.

3.3. Wherever in this Agreement provision is made for the payment by one Party to another, such payment shall
be effected by telegraphic transfer to the account specified by the Party entitled to payment in writing on or before the due date for
payment. Payment of such sum shall be a good discharge to the payer of its obligation to make such payment.

3.4. The Consideration shall be exclusive of any value added or general sales Taxes (collectively **"VAT or GST")** and if VAT or GST is properly chargeable on the Consideration or certain parts thereof, the Purchaser or a Purchaser
Designee shall pay the Vendor or the relevant member of the Vendor Group (in addition to the Consideration) the amount of such VAT or
GST within 5 Business Days of receipt of a VAT or GST invoice in compliance with applicable laws.

**4.** **CONDITIONS PRECEDENT** 

4.1. The obligations of the Parties to consummate
 Completion is conditional upon satisfaction and/or waiver of the Conditions Precedent set
 out in <u>**Schedule 2**</u> **.** 

4.2. The Vendor may at any time waive in whole or in part and conditionally or unconditionally the Condition
Precedent set out in paragraph 4 of <u>**Schedule 2**</u> by notice in writing to the
Purchaser.

The Purchaser may at any time waive in whole or in part and conditionally or unconditionally the Conditions Precedent set out in paragraphs 2 and 3 of <u>**Schedule 2**</u> by notice in writing to the Vendor.

4.3. The Vendor and the Purchaser may at any
 time mutually agree in writing to waive in whole or in part and conditionally or unconditionally
 the Conditions Precedent set out in paragraph 1 of <u>**Schedule 2**</u> **.** 

4.4. The Purchaser shall use its reasonable
 endeavours (at its own expense) to procure that the Conditions Precedent set out in paragraph **1** (to the extent related to the Purchaser or any Purchaser Designee) and paragraphs
 2 and 4 of <u>**Schedule 2**</u> shall
 be fulfilled as soon as reasonably practicable, and in any case on or before 31<sup>st</sup>
 December 2021 or such other date as the Purchaser and Vendor may agree in writing (the **"Long-Stop Date"**).

4.5. The Vendor shall use its reasonable endeavours
 (at its own expense) to procure that the Conditions Precedent set out in paragraph 1 (to
 the extent related to the Vendor or any member of Vendor Group) and paragraph 3 of <u>**Schedule 2**</u> shall be fulfilled as soon as reasonably practicable, and in any case on or before the Long-Stop
 Date.

4.6. If
 any of the Conditions Precedent set out in <u>**Schedule**</u>  **<u>2</u>** shall not have been satisfied and fulfilled or otherwise waived
 pursuant to Clause 4.2 or Clause 4.3 on or before the Long-Stop Date, then, if not otherwise
 agreed in writing by the Vendor or the Purchaser, the provisions of this Agreement (other
 than this Clause 4.6 and the Surviving Clauses) shall from such date *ipso facto* cease
 and determine and none of the Parties shall have any claim against the other for costs, damages,
 compensation or otherwise save in respect of any antecedent breach of this Agreement.

4.7. Each of the Purchaser and the Vendor shall inform promptly the other Party in writing upon becoming aware
of any facts, matter or circumstance resulting, or reasonably likely to result, in a Condition Precedent not being fulfilled as of the
Completion Date.

5. ACTION PENDING COMPLETION

5.1. The Vendor undertakes with the Purchaser that the Vendor shall procure that, pending Completion, the Maintenance
Operations will be carried on as a going concern solely in the ordinary course of business, save insofar as agreed in writing by the Purchaser,
and the Vendor Group shall not except with the prior written consent of the Purchaser (which shall not be unreasonably withheld, delayed
or conditioned):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) make any material change in the nature of the Maintenance Operations carried on at the date of this Agreement
as regards the nature, scope or the manner of conducting the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) make purchases of Stock and Inventory exceeding S$100,000 in
aggregate for each calendar month determined cumulatively (for that month and by all of the Vendor Group in aggregate);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) sell, transfer, lease, assign, encumber, dispose of or part with control of any interest in all or any
part of the Transferred Assets outside the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) enter into any long term contract or long term commitment (at least applicable for more than 12 months)
relating to the Transferred Assets and/or the Maintenance Operations, whether in the ordinary course of business or not;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) grant or issue or agree to grant or issue any mortgage, charge, debenture or security for money secured
over any of the Transferred Assets outside the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) commit or omit to do any act or thing the commission or (as the case may be) the omission of which (i)
would result in a breach of the Contracts or (ii) would result in any of the Contracts being adversely modified or terminated for cause.

5.2. The Purchaser may, pending Completion, reasonably request that the Vendor Group provides such assistance
as the Purchaser may reasonably require to allow the Purchaser Designee to carry on the Maintenance Operations from the Completion Date,
and provides the Purchaser, its employees and advisers to be given, at reasonable times and with prior reasonable notice, access to the
Transferred Assets, subject always to the Parties reaching prior agreement on the manner in which such assistance is to be provided and
the allocation of any costs resulting from providing such assistance. All information made available to the Purchaser pursuant to this
Clause shall be subject to the provisions of Clause 22.3.

5.3. Purchaser acknowledges that all insurance
 coverage for the Transferred Assets and the Maintenance Operations under policies of the
 Vendor and its Affiliates (collectively, the **"Existing Policies"**) shall terminate as of Completion and the Purchaser and/or the Purchaser Designee, need to
 procure their own insurance coverage following Completion for the Transferred Assets and
 Maintenance Operations, in each case subject to Clause 5.4 below.

5.4. Any services rendered by the Vendor and its Affiliates under or in connection with a Contingent Transferred
Contract or a Contingent Shared Contract as contemplated by Clause 7 will continue to be covered under the Existing Policies of the Vendor
and its Affiliates for as long as the applicable Contingent Transferred Contract or applicable Purchaser Portion of the Shared Contract
qualifying as a Contingent Shared Contract has not been transferred to a Purchaser Designee. Once the applicable Contingent Transferred
Contract or applicable Purchaser Portion of the Shared Contract qualifying as a Contingent Shared Contract has been transferred to a Purchaser
Designee, any insurance coverage under the Existing Policies will cease to apply.

5.5. The Parties acknowledge and agree that
 there are currently performance bonds outstanding in connection with 2 Contracts (the **"Performance Bond Contracts"**), as further specified and disclosed in <u>Part 1 of the Disclosure Schedule</u> (collectively the **"Vendor Performance Bonds"**). In connection with the transfer of the Performance Bond Contracts (and as a condition
 to such transfer) as contemplated by Clause 7, the Vendor or the relevant Affiliate of the
 Vendor shall be absolutely and unconditionally released and discharged from any Liabilities
 under or in connection with the Vendor Performance Bonds. The Performance Bond Contracts
 shall remain as "Contingent Transferred Contracts" until (i) the date of such
 release and discharge, or (ii) the date on which the Vendor Performance Bonds expires, in
 each case subject to the relevant Third Party Consent, and shall until such point in time
 not be novated to a Purchaser Designee.

5.6. Save for the Contingent Transferred Contracts or the Purchaser Portion of the Shared Contracts qualifying
as a Contingent Shared Contract to which Clause 7.5 shall apply until, for the avoidance of doubt, such Contracts have been transferred
to a Purchaser Designee pursuant to a novation as contemplated by Clause 7, any and all Liabilities under or in connection with the Vendor
Performance Bonds following Completion shall be allocated amongst the Vendor and the Purchaser in accordance with the other provisions
of this Agreement, including, for the avoidance of doubt, in accordance with whether such Liabilities constitute Assumed Liabilities or
Excluded Liabilities.

**6.** **EMPLOYEES** 

6.1. The Parties acknowledge and agree that
 no employees employed by the Vendor or any Affiliate of the Vendor in the Maintenance Operations
 (each a **"Vendor Employee"**) shall transfer to the Purchaser or a Purchaser Designee and therefore the employment relationship
 with such Vendor Employees shall continue to remain with the Vendor or the Affiliate of the
 Vendor following Completion. The Parties agree that for a period of 1 year from the Completion
 Date, the Vendor or any Affiliate of the Vendor (as the case may be) shall continue to employ
 (subject to Clause 6.3 below) and bear the salaries of those Vendor Employees as set forth
 in <u>Part 1 of the Disclosure Schedule</u> (the **"Salaried Employees"**). The Salaried Employees include the 4 employees employed by KUKA AG with the know-how
 and expertise in relation to the design and function of the Automated Guided Vehicles and
 the maintenance of the Automated Guided Vehicles. For the avoidance of doubt, after such
 1 year period there shall be no obligation on part of the Vendor to continue to employ and
 bear the salaries of any such Salaried Employees as set forth in <u>Part 1 of the Disclosure Schedule.</u> 

6.2. For the avoidance of doubt, the Parties acknowledge and agree that the transactions contemplated hereby
do not constitute a transfer of a business on a going concern basis which might trigger the applicability of "Transfer of Undertakings"
provisions in the applicable local jurisdictions and, consequently, the employment relationships with the Vendor Employees do not mandatorily
transfer by operation of law to the Purchaser or a Purchaser Designee.

6.3. The JV Company or its relevant wholly-owned
 subsidiary shall offer employment to such Salaried Employee as specified in <u>Part 1 of the Disclosure Schedule</u> as to whom Clause 6.3 would apply, on terms and conditions
 no less favourable than those then existing between the Vendor Group and such Salaried Employee
 (whereby such terms have been disclosed by the Vendor to the Purchaser prior to the date
 of this Agreement) (the **"Employment Offer"**), as soon as reasonably practicable following Completion but no later than 3
 months following Completion, in respect of employment to commence after the expiry of the
 period of 12 months following Completion. Each of the Purchaser and the Vendor shall use
 its reasonable efforts to ensure that the applicable Salaried Employee accepts the Employment
 Offer latest within 12 months following Completion. For the avoidance of doubt, this shall
 be without prejudice to the obligation of the Vendor to bear the salary of such Salaried
 Employee for a period of 1 year from the Completion Date.

**7.** **CONTRACTS** 

7.1. In line with Clause 2 and subject to Clause 7.2, the Contracts shall be sold and transferred to the Purchaser,
and, with effect from Completion, all of the rights and benefits in relation to the Contracts that belonged to the Vendor and/or any member
of the Vendor Group (to the extent not qualifying as Excluded Assets) will be transferred to the Purchaser Designee together with the
Assumed Liabilities (to the extent not qualifying as Excluded Liabilities). Subject to Clause 7.6, the Vendor shall use its reasonable
endeavours to procure that each relevant Contract be novated to a Purchaser Designee with effect from Completion. For the avoidance of
doubt, for each Contract that can be novated to a Purchaser Designee without a Third Party Consent (if any) from the relevant counter-party
under the Contract, the Vendor shall procure that each such relevant Contract be novated to a Purchaser Designee on Completion.

7.2. In case the relevant Contract (each such
 Contract a **"Contingent Transferred Contract"**) cannot be novated to a Purchaser Designee without a Third Party Consent from the relevant
 counter-party under a Contract (such party the **"Contract Party"**), the following shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall not constitute a transfer of such Contingent Transferred Contract and the relevant
member of the Vendor Group shall remain the party to this Contingent Transferred Contract until approval or consent has been granted by
the Contract Party in accordance with this Clause 7.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As soon as reasonably practicable following
 Completion, the Vendor shall despatch to the Contract Parties notices, informing of the envisaged
 transfer of the Transferred Assets hereunder and requesting the Third Party Consent of the
 Contract Party for the assumption and novation of the Contingent Transferred Contract as
 of Completion (such notice the **"Contract Notice"**). Each of Purchaser and Vendor shall use its reasonable efforts that the relevant Contract
 Party shall counter-sign the Contract Notice together with any novation agreements as contemplated
 by Clause 7.2(d) so that the relevant Contingent Transferred Contract novated to a Purchaser
 Designee as of Completion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In case the relevant Third Party Consent has not been granted by the Contract Party as at Completion
 Date, following Completion the Vendor and the Purchaser shall treat each other for the purpose of their internal relationship as if
 the Contingent Transferred Contract was novated to a Purchaser Designee, it being understood and provided that (i) any rights,
 receivables, revenues and benefits arising in connection with the relevant Contingent Transferred Contracts, as well as (ii) any
 Assumed Liabilities in connection with the relevant Contingent Transferred Contracts shall be for the account of a Purchaser
 Designee, (iii) any moneys, goods or other benefits received under the relevant Contingent Transferred Contracts by the relevant
 member of the Vendor Group shall be held by the relevant member of the Vendor Group as agent of and in trust for a Purchaser
 Designee and shall be promptly forwarded to a Purchaser Designee, subject to Clause 7.5 below, and (iv) the relevant member of the
 Vendor Group will (so far as it lawfully may) give all such assistance to a Purchaser Designee as the Purchaser may reasonably
 require to enable a Purchaser Designee to enforce its rights (respectively the Vendor Group's rights) under such Contingent
 Transferred Contract and will provide access to all relevant books, documents and other information in relation to
such Contingent Transferred Contract as the Purchaser may reasonably require from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Parties shall procure that the novation agreements for the assumption
 and novation of the Contingent Transferred Contracts shall be substantially in the form set
 out in <u>**Schedule**</u>  **<u>5</u>** hereof and subject to any changes that the Parties may reasonably agree to (in particular
 taking into account the governing law or jurisdiction of the underlying Contract).

7.3. Any Contract to be novated in accordance
 with Clause 2 and Clause 7.1 that is not exclusively related to the Maintenance Operations
 and as identified in <u>Part 1 of the Disclosure Schedule</u> (each, a **"Shared Contract"**) shall be novated only with respect to, and to the extent that, those parts relating to the
 Maintenance Operations can be novated to a Purchaser Designee, or are appropriately amended
 or split, in order that (x) a Purchaser Designee shall be entitled to the rights and benefits
 of those parts of the Shared Contract that relate to the Maintenance Operations and shall
 assume the related portion of any Assumed Liabilities contemplated by this Agreement (the **"Purchaser Portion of the Shared Contract"**) and (y) the Vendor (or the applicable member of the Vendor Group) shall be entitled to the
 rights and benefits of those parts of the Shared Contract other than those related to the
 Maintenance Operations and shall assume or retain the related portion of any Excluded Liabilities
 contemplated by this Agreement (the **"Vendor Portion of the Shared Contract"**). For the avoidance of doubt, Clause 7.2 shall apply to any Shared Contract that cannot be
 novated (or cannot be amended or split) by its terms without obtaining required Third Party
 Consents, and if any Shared Contract cannot be so partially novated (or cannot be amended
 or split) by its terms without such Third Party Consents from Completion until such time
 as such Third Party Consents are obtained (the **"Contingent Shared Contract"**), (i) (x) any rights, receivables, revenues and benefits arising in connection with the Purchaser
 Portion of the Shared Contract, as well as (y) any Assumed Liabilities in connection with
 the Purchaser Portion of the Shared Contract shall be for the account of a Purchaser Designee,
 (ii) any moneys, goods or other benefits received under the Purchaser Portion of the Shared
 Contract by the relevant member of the Vendor Group shall be held by the relevant member
 of the Vendor Group as agent of and in trust for a Purchaser Designee, and shall be promptly
 forwarded to a Purchaser Designee, subject to Clause 7.5 below, and (iii) the relevant member
 of the Vendor Group will (so far as it lawfully may) give all such assistance to a Purchaser
 Designee as the Purchaser may reasonably require to enable the Purchaser Designee to enforce
 its or a Purchaser Designee's rights (respectively the Vendor Group's rights)
 under such Purchaser Portion of the Shared Contract and will provide access to all relevant
 books, documents and other information in relation to such Purchaser Portion of the Shared
 Contract as the Purchaser may reasonably require from time to time.

7.4. For the avoidance of doubt, the Vendor Portion of the Shared Contract shall solely remain with the Vendor
or the applicable member of the Vendor Group and the Purchaser shall not be entitled to any rights or benefits thereunder.

7.5. For the avoidance of doubt, the fees of the Vendor or the relevant member of the Vendor Group and any
other costs and expenses chargeable for the continued service of a Contingent Transferred Contract or the Purchaser Portion of the Shared
Contract qualifying as a Contingent Shared Contract (and therefore the allocation of the moneys, goods or other benefits received under
a Contingent Transferred Contract or the Purchaser Portion of the Shared Contract as contemplated by Clause 7.2 or Clause
7.3) shall be as set forth in the Service Agreements or as otherwise agreed in writing by the Purchaser or the JV Company, on the one
side, and the Vendor, on the other side, from time to time. The Vendor or the applicable member of the Vendor Group may deduct and withhold
from any moneys, goods or other benefits received under a Contingent Transferred Contract and the Purchaser Portion of the Shared Contract
qualifying as a Contingent Shared Contract the relevant fee payable under the Service Agreements and, to the extent applicable, any other
costs and expenses chargeable pursuant to the Service Agreements or otherwise agreed between the Purchaser or the JV Company, on the one
side, and the Vendor, on the other side, from time to time in writing, including the Stock and Inventory used or attributable to the servicing
of the applicable Contingent Transferred Contract or the Purchaser Portion
of the Shared Contract qualifying as a Contingent Shared Contract.

7.6. The Parties acknowledge and agree that with respect to the Contract as specified and disclosed at paragraph
12 of <u>Part 1 of the Disclosure Schedule,</u> this Contract shall remain as a "Contingent
Transferred Contract" until the date on which such Contract expires, and such Contract shall not be novated to a Purchaser Designee
unless otherwise agreed by the Purchaser in writing (for the avoidance of doubt, subject to any Third Party Consent, if required), and
any renewal of the Contract would be subject to the agreement of the Purchaser.

8. COMPLETION

8.1. Completion shall take place on the Completion Date at the offices of the Vendor or at such other place
as the Purchaser and the Vendor may agree in writing.

8.2. On Completion, the Vendor shall deliver or cause to be delivered to the Purchaser or a Purchaser Designee,
as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a copy of the board resolutions of the Vendor approving its entry into this Agreement and the sale of
the Transferred Assets by the Vendor or any other member of the Vendor Group and otherwise the transactions contemplated hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a certificate confirming the satisfaction
 and fulfilment of the Conditions Precedent listed in paragraphs 1 (to the extent related
 to the Vendor or any member of Vendor Group) and 3 of <u>**Schedule 2**</u> **;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of the Books and Records, possession thereof as contemplated by Clause 2.5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a statement setting out the Advance Payments as at the Completion Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a statement setting out the Payables and Debts as at the Completion Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a USB drive (which shall be accessible without the need for any password) (the **"Dataroom Media")** that contains the true, correct and complete contents of the Dataroom;

and, for the avoidance of doubt, shall permit the Purchaser and the applicable Purchaser Designee to continue operating the Maintenance Operations to be sold and transferred under this Agreement.

8.3. On Completion, subject to compliance by the Vendor of its obligations in Clause 8.2, the Purchaser shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) deliver to the Vendor a copy of the board resolutions of the Purchaser approving its entry into this Agreement
and the acquisition of the Transferred Assets from the Vendor or any other member of the Vendor Group and the assumption of the Assumed
Liabilities and otherwise authorising the transactions contemplated hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) deliver to the Vendor a certificate confirming
 the satisfaction and fulfilment of the Conditions Precedent listed in paragraph 1 (to the
 extent related to the Purchaser or any Purchaser Designee) and paragraphs 2 and 4 of <u>**Schedule 2**</u> **;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) deliver to the Vendor a copy of the board resolutions of the Purchaser approving and authorizing the allotment
and issuance of the OTSAW Shares and the entry of the Vendor in the Purchaser's electronic register of members in respect thereof and
approving and authorising the execution and delivery of a share certificate with respect to the OTSAW Shares to the Vendor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) deliver
to the Vendor a copy of the shareholders resolutions of the Purchaser approving and authorizing the allotment and issuance of the OTSAW
Shares and waiving any pre-emption rights in respect of the allotment and issue of the OTSAW Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) deliver to the Vendor a copy of the board resolutions of the JV Company approving and authorizing the
allotment and issuance of the JV Company Shares and the entry of the Vendor in the JV Company's electronic register of members in respect
thereof and approving and authorising the execution and delivery to the Vendor of a share certificate for the JV Company Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) deliver to the Vendor a copy of the shareholders resolutions of the JV Company approving and authorizing
the allotment and issuance of the JV Company Shares and waiving any pre-emption rights in respect of the allotment and issue of the JV
Company Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) pay to the Vendor the Cash Price and subject to a deduction for an amount equivalent to the Advance Payments.

8.4. On Completion, subject to compliance by the Vendor of its obligations in Clause 8.2 and the Purchaser
of its obligations in Clause 8.3, the Parties, its Affiliates or other designees, as applicable, shall enter into the following agreements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) service agreements between (i) Swisslog
 Healthcare Asia Pacific Pte. Ltd. and (ii) Swisslog Healthcare GmbH and certain other members
 of the Vendor Group with the JV Company respectively for a period of not less than 1 year,
 with an option to renew for up to two successive periods of 1 year each (subject to 3 or
 6 months prior written notice, as applicable) for the applicable member of the Vendor Group
 to provide maintenance and other services to enable a Purchaser Designee to perform its obligations
 under the Contracts, and to set out the arrangements relating to the revenue and fees and
 reimbursements relating to a Contingent Transferred Contract or the Purchaser Portion of
 the Shared Contract qualifying as a Contingent Shared Contract, substantially corresponding
 to <u>**Exhibit A**</u> hereof (the **"Service Agreements"**) (it
 being understood that the relevant Service Agreement for Singapore is attached hereto as <u>**Exhibit A**</u> and the relevant Service
 Agreement for certain countries in Europe shall be negotiated in good faith based upon the
 Service Agreement for Singapore between the date of this Agreement and Completion);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a shareholders agreement between the Vendor,
 Purchaser and the JV Company regarding their joint shareholding in, and governance of, the
 JV Company, substantially corresponding to <u>**Exhibit B**</u> hereof (the **"Shareholders Agreement"**); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with respect to jurisdictions in which
 Transferred Assets or Assumed Liabilities are located or where the sale and transfer of such
 Transferred Assets or Assumed Liabilities is otherwise governed by the laws of such jurisdictions,
 other forms and agreements as Vendor and Purchaser mutually agree are reasonably necessary
 or appropriate to effect the sale and transfer of the Transferred Assets or the assumption
 of the Assumed Liabilities pursuant to this Agreement, to be entered into by the Vendor or
 the relevant member of the Vendor Group, as transferor, and a Purchaser Designee, as transferee
 and the Purchaser (the **"Local Transfer Agreements"**).

8.5. On Completion, and following completion of the steps in Clause 8.2, Clause 8.3 and Clause 8.4, the Purchaser
shall, and the Purchaser shall procure the JV Company to, (a) allot and issue the OTSAW Shares and JV Company Shares to the Vendor; (b)
lodge the relevant return of allotment with the Accounting and Corporate Regulatory Authority to update the Purchaser's and the JV Company's
electronic register of members to reflect the Vendor as the holder the relevant shares; and (c) subject to the electronic registers of
members being so updated, the Purchaser and the JV Company shall issue and deliver (by courier) to the Vendor the share certificates for
the relevant shares.

8.6. All actions to be taken or performed at Completion shall be considered to have been taken simultaneously
and no such action shall be considered complete until all such actions have been completed and taken.

8.7. Without prejudice to any other remedies available to such Party, if in any respect the provisions of Clause
8.2 and Clause 8.3 are not complied with on the Completion Date, the Party not in default shall be entitled (in addition to and without
prejudice to its other rights and remedies conferred by law or otherwise, including the right to claim damages):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to elect to terminate this Agreement by written notice to the other Parties, and if this Agreement is
so terminated, then the provisions of this Agreement (other than this Clause 8.7 and the Surviving Clauses) shall from such date *ipso facto* cease and determine and none of the Parties shall have any claim against the other for costs, damages, compensation or otherwise
save in respect of any antecedent breach of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to effect Completion as far as practicable, having regard to the defaults (without prejudice to its rights
thereunder); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to fix a new date for Completion (not more than 20 Business Days after the initial Completion Date) in
which case the provisions of this Clause 8 shall apply to the Completion as so deferred.

8.8. Legal title to and beneficial ownership of the Transferred Assets shall pass to the Purchaser or the applicable
Purchaser Designee on Completion and risk or loss or damage to the Transferred Assets shall be deemed to have passed to the Purchaser
or the applicable Purchaser Designee on Completion, except as otherwise provided in this Agreement.

8.9. The Local Transfer Agreements shall be in a form as mutually agreed between the Purchaser and the Vendor.
The Local Transfer Agreements shall serve to effect and make enforceable vis-a-vis (a) the Vendor or the relevant member of the Vendor
Group, as transferor, and a Purchaser Designee, as transferee and the Purchaser and (b) third parties the transfer of the legal and beneficial
title to the applicable Transferred Assets or assumption of the Assumed Liability.

Each of the Purchaser and Vendor hereto shall not, and shall cause its respective Affiliates not to, bring any claim or demand (including for breach of any representation and warranty, covenant or indemnity relating to the transactions contemplated hereby) against the other Party or any of its Affiliates in respect of or based upon any of the Local Transfer Agreements, except to the extent necessary to enforce (by way of specific performance or similar relief) any transfer of the Transferred Assets or the assumption of Assumed Liabilities in a manner consistent with the terms of this Agreement. All other claims and demands (except as referred to above) shall be brought in accordance with, and be subject to the provisions, rights and limitations set out in this Agreement.

9. ALLOCATION OF PURCHASE PRICE

9.1. For the tax treatment of the Consideration,
 the Vendor shall no later than 20 Business Days following Completion deliver a draft allocation
 of the Consideration among the Transferred Assets and the performance by the Vendor of its
 obligation to continue to employ and bear the salaries of the Salaried Employees under Clause
 6.1 (the **"Preliminary Allocation"**).

9.2. If and to the extent the Purchaser does
 not contest the Preliminary Allocation, the allocation of the Consideration shall be deemed
 finally and bindingly determined as set forth in the Preliminary Allocation. If the Purchaser
 disagrees with the Preliminary Allocation, the Purchaser may, within 10 Business Days after
 delivery of the Preliminary Allocation, deliver a notice (the **"Purchaser's Allocation Notice"**) to the Vendor to such effect, specifying those items as to which the Purchaser disagrees
 and setting forth Purchaser's proposed allocation. Vendor and Purchaser shall, during
 the 20 Business Days following the Purchaser's Allocation Notice use their reasonable
 efforts to reach an agreement on the disputed items or amounts in order to determine the
 allocation of the Consideration. If and to the extent the Purchaser and the Vendor have reached
 an agreement by the end of such 20 Business Day period, the allocation of the Consideration
 as agreed between the Purchaser and the Vendor shall be deemed finally and bindingly determined
 as between the Parties.

9.3. If and to the extent the Purchaser and the
 Vendor have not reached an agreement by the end of the 20 Business Day period as set forth
 in Clause 9.2, each of the Vendor and the Purchaser shall have the right to request that
 the allocation of the Purchaser shall be reviewed, calculated and determined by such party
 as the Purchaser and the Vendor shall agree and who shall act as an independent expert (the **"Independent Expert"**) in accordance with Clause 9.4 below. The Purchaser
 and the Vendor shall each use their reasonable endeavours to agree on the Independent Expert
 as soon as reasonably practicable and in good faith.

9.4. The Independent Expert shall be requested to decide the issues in dispute in accordance with the provisions
of this Agreement and to deliver a written determination of the allocation of the Consideration as soon as reasonably practicable, but
no later than 20 Business Days after receiving a respective request from the Vendor and/or the Purchaser. The Parties shall provide the
Independent Expert with all information and documents, including access to books and records, employees and management of the relevant
Party, as reasonably required by the Independent Expert to prepare its decision and to otherwise perform its function as Independent Expert.
Unless jointly instructed otherwise by the Vendor and the Purchaser, the Independent Expert shall limit its decisions to the issues in
dispute. With respect to the issues in dispute, the decisions of the Independent Expert shall fall between the positions taken by the
Vendor and the Purchaser and therefore the Independent Expert shall not assign a value to any item greater than the greatest value for
such item claimed by either the Vendor or the Purchaser or less than the smallest value for such item claimed by either the Vendor or
the Purchaser. The determination of the allocation of the Consideration by the Independent Expert shall be deemed finally and bindingly
determined as between the Parties, save in case of manifest errors. The costs of the Independent Expert shall be borne by the JV Company.

**10.** **CONSIDERATION ADJUSTMENTS** 

10.1. The Parties acknowledge and agree that
 the anticipated revenue (the **"Anticipated Revenue"**) to be generated in
 connection with the Contracts for each year during the period starting with the Completion
 Date and ending on the date falling 2 years after the Completion Date (the **"Revenue Period"**) are as set forth in <u>**Schedule 6.**</u> 

10.2. Within 30 Business Days following the expiry
 of each of the 2 years after the Completion Date and, for the avoidance of doubt, up to the
 end of the Revenue Period, the Vendor and the Purchaser shall prepare, or cause to be prepared,
 a statement for each such year (the **"Revenue Statement"**) setting forth
 the (i) actual revenue generated in connection with a Contract (the **"Actual Revenue"**,
 including also any payments as per Clause 10.3 below), during the Revenue Period either (x)
 since the Third Party Consent with respect to the relevant Contract had been granted and
 such Contract had been novated to a Purchaser Designee or (y), for as long as such Third
 Party Consent has not been granted, any revenue generated under such Contingent Transferred
 Contracts or the Purchaser Portion of the Shared Contracts qualifying as a Contingent Shared
 Contract for which a Purchaser Designee received moneys, goods or other benefits as contemplated
 by Clause 7.2, Clause 7.3 and Clause 7.5 and (ii) a comparison between the Actual Revenue
 and the Anticipated Revenue. For the purpose of preparing the Revenue Statement, the Parties
 shall provide each other with all information and documents, including access to books and
 records, employees and management of the relevant Party, as reasonably required by a Party.

10.3. The Actual Revenue shall include any revenue
 generated or other payment or benefit received by the Purchaser, the JV Company or any of
 their Affiliates (including any other Purchaser Designee) during the Revenue Period (i) with
 customers under the Contracts under any other contract or arrangement with such customer,
 in each case, for the avoidance of doubt, outside and not connected to the Contracts, and
 (ii) otherwise in connection with or attributable to the Maintenance Operations or similar
 operations or business of the Purchaser, the JV Company and their Affiliates (including any
 other Purchaser Designee) following Completion (the **"Post-Completion Operations"**).

10.4. If the Vendor and the Purchaser cannot agree on the Revenue Statement within 30 Business Days following
the lapse of the Revenue Period, each of the Vendor and the Purchaser shall have the right to request that the Revenue Statement shall
be reviewed, calculated and determined by the Independent Expert. Clause 9.4 shall apply *mutatis mutandis.* 

 

10.5. Once the Revenue Statement
 is agreed between the Vendor and the Purchaser or is otherwise final and binding and in case
 the Actual Revenue falls short of the Anticipated Revenue, an amount derived from the calculation
 mechanism as set out in <u>**Schedule 6**</u> (the **"Contract Compensation"**) shall be payable by the Vendor within 20 Business Days, subject to Clause 10.6 and
 Clause 10.7 below.

10.6. Any Contract Compensation payable pursuant to this Clause 10 shall be paid to the Purchaser. The Contract
Compensation shall in total not exceed the limits for the Contract Compensation as set forth in <u>**Schedule 6**</u> for each relevant year.

10.7. Notwithstanding anything to the contrary in this Agreement, Purchaser shall not, and shall cause the JV
Company and its Affiliates (including any other Purchaser Designee) not to, effect or permit any of the following: (i) take any action
with the primary intent of artificially increasing the amount of any payments potentially due to the Purchaser under this Clause 10, (if)
act in bad faith with respect to attaining any Actual Revenue for the purpose of increasing the payments potentially due to the Purchaser
under this Clause 10, or (iii) fail to conduct or operate the Post-Completion Operations in a manner generally consistent with the efforts
and resources that the Purchaser, the JV Company or its Affiliates (including any other Purchaser Designee) would devote to its other
operations and businesses similar to the Post-Completion Operations. The Purchaser's rights to receive any potential payment from the
Vendor under this Clause 10 shall be reduced and/or diminished accordingly if Purchaser or the JV Company or its Affiliates (including
any other Purchaser Designee) effect or permit any of the above.

**11.** **WARRANTIES** 

11.1. Each of Purchaser, Guarantor and Vendor represents and warrants to the other Parties in relation to
 itself (in the case of the Purchaser and the Vendor and the Guarantor) and in relation to each member of the Vendor Group (in the
 case of the Vendor) and in relation to the JV Company and any other Purchaser Designee (in the case of the Purchaser) that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has the power to enter into, exercise
 its rights and perform and comply with its obligations under the Transaction Documents to
 which it is a party (the **"Relevant Transaction Documents"**) and the
 board resolutions (or equivalent pursuant to jurisdiction of incorporation) of that Party
 approving its entrance into this Agreement and the transactions contemplated by this Agreement
 have been passed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all actions, conditions and things required to be taken, fulfilled
and done (including without limitation the obtaining of any necessary consents) in order to enable it to lawfully enter into, exercise
its rights and perform and comply with its obligations under the Relevant Transaction Documents and to ensure that those obligations
are legally binding and enforceable, have been taken, fulfilled and done;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) its entry into, the exercise of its rights and/or the performance of, or compliance with, its obligations
under the Relevant Transaction Documents do not and will not violate, or exceed any power or restriction granted or imposed by (i) any
law, regulation, authorisation, directive or order (whether or not having the force of law) to which
it is subject; (ii) its constitutive documents; or (iii) any agreement to which it is a party or which is binding on it or its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) its obligations under the Relevant Transaction Documents are valid, binding and enforceable in accordance
with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) save as otherwise provided for in this Agreement, it enters into the Relevant Transaction Documents for
itself in its own capacity and not pursuant to the direction of, or arrangement or undertaking with, any person and that it is not acting
as a nominee or trustee or agent for any person in relation to the Relevant Transaction Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) it is not insolvent or unable to pay its debts as and when they fall due and it will not become insolvent
or unable to pay its clients as a result of entering into the Relevant Transaction Documents.

The representations and warranties in Clause 11.1 are given as of the date of this Agreement and are deemed repeated immediately before Completion by reference to the facts and circumstances subsisting at such date.

11.2. The Vendor represents and warrants to the
 Purchaser that, except as Disclosed, all the Vendor Group's warranties and representations
 set out in <u>**Schedule 4**</u> of this
 Agreement (collectively with the applicable warranties and representations of the Vendor
 in Clause 11.1 above, the **"Vendor Warranties"**) are true, accurate
 and not misleading in all material respects. The Vendor Warranties are given as of the date
 of this Agreement and are deemed repeated immediately before Completion by reference to the
 facts and circumstances subsisting at such date. The Vendor represents and warrants to the
 Purchaser that (a) as of the date of this Agreement, the Vendor has no knowledge that any
 of the Vendor Warranties is untrue or incorrect as of the date of this Agreement or of any
 other matter, event or circumstance that might entitle the Purchaser to a Recovery Claim;
 and (b) as of the date of this Agreement, the Vendor has no actual knowledge that any of
 the Purchaser Warranties is untrue or incorrect as of the date of this Agreement, provided
 that this statement shall not limit or prejudice any of the Vendor's rights or remedies
 granted by this Agreement.

11.3. The Vendor hereby represents and warrants to the Purchaser that each of the Vendor Warranties set out
in <u>**Schedule 4**</u> of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) shall not be impaired, affected, diminished, extinguished, affected by Completion or any other event or
matter or limited by reference to any other representation or warranty or any term of this Agreement except by a specific and duly authorised
written waiver or release by the Purchaser for whose benefit the representation or warranty was given and the Purchaser shall have a separate
claim and right of action in respect of every breach of each such Vendor Warranty; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is separate from and independent of the other representations and warranties set out in this Agreement.

11.4. The Vendor Warranties are qualified by the knowledge or awareness of the Vendor which shall encompass
(i) in respect of the Vendor, the actual knowledge of the managing directors *(Mitglied des Verwaltungsrats)* of the Vendor and (ii)
in respect of the members of the Vendor Group other than the Vendor, such knowledge of the managing directors *(Mitglied des Verwaltungsrats)* of the Vendor would be deemed to have following reasonable enquiry with the managing directors or similar officers of the other members
of the Vendor Group.

11.5. Each of the sub-clauses of this Clause 11 shall be read and construed separately.

12. SPECIFIC WARRANTIES AND ACKNOWLEDGMENTS OF PURCHASER

12.1. The Purchaser represents and warrants to the Vendor that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Part 1 of <u>**Schedule 8**</u> sets out a true, accurate
and not misleading list of, as at immediately before Completion, all holders of equity securities or options, warrants or other rights
convertible into or exchangeable for equity securities of the Purchaser, together with the number of equity securities or rights held
by each of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Part 2 of <u>**Schedule 8**</u> sets out a true, accurate
and not misleading list of, as at immediately before Completion, all holders of equity securities or options, warrants or other rights
convertible into or exchangeable for equity securities of the JV Company, together with the number of equity securities or rights held
by each of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The JV Company Shares and the OTSAW Shares, when issued will be duly authorised, properly allotted and
issued as fully paid free of any Encumbrances, and will have the rights, powers and preferences of ordinary shares pursuant to the respective
constitutions of the JV Company and the Purchaser. There is no Encumbrance, and there is no contract or agreement to create or give any
Encumbrance, in relation to any of the JV Company Shares and the OTSAW Shares, save for the proposed issuance and allotment in mid-November
2021 of an aggregate of 2,349,774 Shares in the capital of Otsaw to the Parties set out in Schedule 8;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Neither the JV Company or the Purchaser
 or any of their Affiliates (including any other Purchaser Designee) have entered into any
 contract or agreement whereby any person has the right (exercisable now or in the future
 and whether contingent or not) to call for the issue, allotment, redemption, repurchase,
 conversion, transfer of, or subscribe for, any equity securities in the JV Company or the
 Purchaser, save as disclosed in <u>**Schedule 8**</u> . No person is entitled to exercise any pre-emption or similar rights in case
 of the subscription and issuance of the JV Company Shares and the OTSAW Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) As of the date of this Agreement, the Purchaser has no knowledge that any of the Purchaser Warranties
is untrue or incorrect as of the date of this Agreement or of any other matter, event or circumstance that might entitle the Vendor to
a Recovery Claim; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) As of the date of this Agreement, the Purchaser has no actual knowledge that any of the Vendor Warranties
is untrue or incorrect as of the date of this Agreement, provided that this statement shall not limit or prejudice any of the Purchaser's
rights or remedies granted by this Agreement.

(collectively with the applicable representations and warranties of the Purchaser in Clause 11.1 above the **"Purchaser Warranties"**).

The Purchaser Warranties are given as of the date of this Agreement and are deemed repeated immediately before Completion by reference to the facts and circumstances subsisting at such date.

12.2. Without limiting the Vendor Warranties and the Purchaser's reliance thereon, the Purchaser acknowledges
and agrees that it is not relying on any representation or warranty of the Vendor other than the Vendor Warranties; and the Vendor (or,
for the avoidance of doubt, any other member of the Vendor Group or any of their representatives) does not make any representation or
warranty whatsoever, express or implied, as to the Transferred Assets, Assumed Liabilities and the Maintenance Operations other than the
Vendor Warranties.

12.3. For the avoidance of doubt, the Purchaser acknowledges that the Vendor Group Designations are Excluded
Assets and save as provided for in the Service Agreements, the Shareholders Agreement or any other
consent granted by the Vendor in writing from time to time, the Purchaser, the JV Company, any other Purchaser Designee and/or Affiliate
shall not have any rights to use the Vendor Group Designations and shall cease and desist using any of them following Completion.

**13.** **INDEMNITY AND INDEMNITY PROCEDURES** 

13.1. <u>Indemnity</u> 

The Vendor hereby covenants and undertakes with the Purchaser that it shall indemnify, defend and hold harmless the Purchaser, or, at the selection of the Purchaser, any Purchaser Designee from and against any Losses to the extent arising or resulting from:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any inaccuracy or breach of warranties and representations of the Vendor Warranties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Excluded Assets or Excluded Liabilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any non-compliance or non-performance, or default in compliance or performance with, any covenant or other
agreement contemplating any performance or compliance by the Vendor or any member of Vendor Group set forth in this Agreement.

13.2. <u>Warranty Indemnity Claim Procedures</u> 

Following Completion, if the Purchaser becomes aware of any facts, matters or circumstances that might entitle the Purchaser to a claim or demand for indemnification under the Vendor's indemnities pursuant to Clause 13.1 (each a **"Recovery Claim"**), the Purchaser shall notify the Vendor promptly, but at the latest within 15 Business Days from becoming so aware, in writing (the **"Indemnity Notice"**) and shall describe in such Indemnity Notice in reasonable details the facts, matters or circumstances then known to the Purchaser in order to substantiate the notified Recovery Claim. Any failure to provide an (appropriate) Indemnity Notice shall not release the Vendor from any of its Liabilities under this Agreement <u>except and to the extent</u> that such failure shall have caused the Losses for which the Vendor is liable for to be greater than such Losses would have been had the Purchaser given the Vendor prompt notice hereunder.

Following issuance of an Indemnity Notice, and in each case subject to the further procedures, restrictions and limitations set forth in this Agreement, the Purchaser shall be entitled to claim for indemnification against the Vendor in respect of the relevant Losses underlying the relevant Recovery Claim.

In the event the Vendor receives an Indemnity Notice, the Vendor shall notify the Purchaser within 30 Business Days following its receipt of such Indemnity Notice whether the Vendor disputes its liability to the Purchaser in connection with the notified Recovery Claim. Within such 30 Business Days period beginning on the date of receipt by the Vendor of the Indemnity Notice, the Purchaser and the Vendor shall reasonably cooperate with and assist each other in determining the validity of any such Recovery Claim and shall attempt to agree upon the rights and obligations of the respective Party with respect to such Recovery Claim. If the Vendor and the Purchaser are unable to agree as to any particular item or amount of such Recovery Claim, then either of the Parties may submit such Recovery Claim for resolution in accordance with Clause 22.19. For the avoidance of doubt, in case the Indemnity Notice involves a Third Party Claim, Clause 14 shall apply.

13.3. <u>Period of Limitation</u> 

A Recovery Claim shall expire (and shall be precluded) unless the Vendor receives an Indemnity Notice within 36 months after Completion. In case an Indemnity Notice is not timely delivered within the period stipulated above, any Recovery Claims shall become time-barred and forever deemed waived, released and discharged. If any Recovery Claim is based upon a Liability which is contingent only (such as, for the avoidance of doubt, in case of a Third Party Claim), the Vendor shall not be liable unless and until such contingent Liability gives rise to an actual Liability. The Purchaser shall nevertheless have the right to give an Indemnity Notice of that Recovery Claim before such time. The limitation periods set out in this Clause 13.3 shall be suspended in respect of the relevant matters or circumstances on which the relevant Recovery Claim is based during the period of time until the contingent Liability becomes an actual Liability.

13.4. <u>De-Minimis and Threshold</u> 

The Vendor shall only be liable for Recovery Claims if (i) the amount of the Liability pursuant to a single Recovery Claim or a series of similar Recovery Claims arising from substantially the same facts, matters or circumstances exceeds S$10,000 (the **"De Minimis Amount"**), in which case the full amount and not just the amount in excess of such amount shall be used for the Threshold, and (ii) the aggregate amount of a single Recovery Claim or all Recovery Claims exceeding the De Minimis Amount exceed S$100,000 (the **"Threshold"**), provided that if the Threshold is exceeded, the Vendor shall be liable for the full amount exceeding the De Minimis Amount and not just the amount in excess of the Threshold.

13.5. <u>Liability Limit</u> 

The aggregate liability of the Vendor in respect of any and all Recovery Claims by the Purchaser shall be limited to the sum of S$6 Million being the estimated cash value of the aggregate Consideration (taking into account the price to be paid for the acquisition of the JV Company Shares to be held by the Vendor and less the approximate aggregate salaries of the Salaried Employees to be borne pursuant to Clause 6.1).

13.6. <u>Mitigation of Losses</u> 

The Purchaser shall use reasonable efforts to take the actions as may be required or necessary to mitigate any Losses in connection with a Recovery Claim, including taking actions to remedy the Loss, asserting claims or demands against a third party or otherwise applying measures that would reduce or eliminate a Loss provided that the Vendor shall, as soon as reasonably practicable, reimburse or indemnify the Purchaser for any costs or other expenses incurred in connection therewith.

13.7. <u>General Exclusions and Limitations, Other Provisions</u> 

The Vendor shall have no liability for any Losses in connection with a Recovery Claim if and to the extent (i) the Purchaser or any of its Affiliates has already recovered any amounts from the Vendor or its Affiliates in respect of the same facts, matters or circumstances underlying the Recovery Claim and the Vendor or its Affiliates shall not be liable to make any duplicative payment in respect of the same Loss in relation to any Recovery Claim, (ii) a Loss arises or is increased as a result of changes in laws or accounting standards, including any changes in administrative practices by governmental authorities, in each case which occur after the Completion, (iii) a Loss (a) arises or is triggered by any action or omission allowed for in, provided for in, or otherwise contemplated to be taken by, this Agreement or any other Transaction Document or (b) would not have arisen or have been triggered but for any non-performance or non-compliance, or default in performance or compliance with, any covenant or other agreement of the Purchaser or any of its Affiliates set forth in this Agreement or any other Transaction Document.

The Vendor shall have no liability towards the Purchaser for a breach or inaccuracy of any Vendor Warranty if and to the extent that the facts, matters or circumstances forming the basis for and underlying such Recovery Claim were Disclosed.

The Vendor agrees that the Purchaser shall be entitled to treat the Losses of the Purchaser Designee as the Losses of the Purchaser, however, the Vendor shall not be liable to make double payment to the Purchaser and Purchaser Designee for the same Losses.

13.8. <u>Treatment</u> 

Any amounts paid by the Vendor in connection with a Recovery Claim shall be considered an adjustment to the Consideration to the extent allowed under applicable laws. Purchaser and Vendor, and each of their respective Purchaser Designees and members of the Vendor Group, shall prepare and file Tax returns (and if applicable, accounting documents) consistent with the treatment described in the foregoing sentence.

13.9. <u>Insurance</u> 

If any portion of Losses of a Recovery Claim may be covered, in whole or in part, by third party insurance coverage maintained by the Purchaser or the relevant Purchaser Designee or may otherwise be recovered by the Purchaser or the relevant Purchaser Designee from any third party, the Purchaser shall promptly give notice thereof to the Vendor, and the Vendor and the Purchaser shall, and shall procure the relevant Purchaser Designee to, use its reasonable efforts to recover or collect the amount of such Losses (all such proceeds actually received, net of Taxes and costs incurred by the Purchaser or the Purchaser Designee in seeking such collection collectively the **"Eligible Third Party Proceeds"**).

In any case where the Purchaser or the relevant Purchaser Designee recovers from a third party any Eligible Third Party Proceeds in respect of any Losses which the Vendor has actually paid to or on behalf of the Purchaser in discharge of a Recovery Claim, the Purchaser or the relevant Purchaser Designee shall promptly pay over to the Vendor such Eligible Third Party Proceeds so recovered (after deducting therefrom the amount of expenses incurred in procuring such recovery) that the Vendor would not have had to pay pursuant to Clause 13.9 had such determination been made at the time of such payment, but not in excess of the sum of any amount previously paid by the Vendor to or on behalf of the Purchaser or the relevant Purchaser Designee in discharge of the Recovery Claim.

13.10. <u>Exclusive Remedy</u> 

From and after Completion, except for claims for specific performance and injunctive relief pursuant to any of the other Transaction Documents (including in particular the Local Transfer Agreements whereby reference is made to Clause 8.9), Purchaser's sole and exclusive remedy with respect to any and all claims and demands relating to this Agreement, the Transferred Assets, the Assumed Liabilities and the Maintenance Operations shall be pursuant to a Recovery Claim as set forth in this Clause 13 and subject to the further procedures, exclusions and limitations set out in this Agreement. For the avoidance of doubt, any claims made in relation to the subject of the Service Agreements and the Manufacturing Agreement shall be subject to provisions of the respective agreements.

Following Completion and notwithstanding anything to the contrary contained in this Agreement, no breach or inaccuracy of any representation or warranty or non-compliance or non-performance, or default in compliance or performance with, any covenant or other agreement contained herein shall give rise to any right on the part of Purchaser, on the one hand, or Vendor, on the other hand, to rescind this Agreement or withdraw from the transactions contemplated thereby.

13.11. <u>Carve-Out</u> 

The limitations set forth in this Clause 13 shall not apply to any Loss to the extent such Loss arises as a result of fraud or wilful misconduct on the part of the Vendor or any member of the Vendor Group.

**14.** **THIRD PARTY CLAIM** 

14.1. Upon receipt of an Indemnity Notice in
 respect of a pending or threatened claim or demand by a third party (including, for the avoidance
 of doubt, governmental authorities) that has given or could reasonably give rise to a Recovery
 Claim (such claim or demand being a **"Third Party Claim"**), the Vendor
 may, by notice to the Purchaser delivered within 20 Business Days after the receipt of the
 Indemnity Notice, assume the defence and control of such Third Party Claim with its own counsel
 and at its own expense. The Vendor shall allow the Purchaser a reasonable opportunity to
 participate in the defence of such Third Party Claim at its own cost and expense, for the
 avoidance of doubt, without controlling it.

14.2. If the Vendor elects to assume the defence and control of such Third Party Claim, the Vendor may, without
the prior written consent of the Purchaser (which shall not be unreasonably withheld, conditioned or delayed), consent to a settlement,
compromise or discharge of any Third Party Claim, if such settlement, compromise or discharge is on exclusively monetary terms and the
Vendor shall (i) pay or cause
to be paid all amounts arising out of such settlement, compromise or discharge concurrently with its effectiveness and (ii) obtain, as
a condition of any settlement, compromise or discharge, a complete and unconditional release of the Purchaser and its Affiliates from
any and all liability in respect of such Third Party Claim and without any payment by the Purchaser and its Affiliates.

14.3. The Purchaser shall, and shall cause its Affiliates to, cooperate with the Vendor and its Representatives
in contesting any Third Party Claim, including in making any counterclaim against the person asserting the Third Party Claim, or any cross-complaint
against any person (other than against the Purchaser or any of its Affiliates), subject to reimbursements for any costs or expenses reasonably
incurred by the Purchaser or any of its Affiliates in connection therewith.

14.4. Notwithstanding anything to the contrary contained herein, the Vendor shall not have the right to control
the defence of a Third Party Claim to the extent that (i) it involves any customer under a Contract which has already been transferred
to a Purchaser Designee as contemplated by Clause 7 (i.e. and therefore not qualifying as a "Contingent Transferred Contract"
or "Contingent Shared Contract") and (ii) such Third Party Claim could reasonably be expected to materially impair a Purchaser's
Designee relationship with such customer.

14.5. If the Vendor does not elect to control such Third Party Claim or Clause 14.4 is applicable, the Purchaser
shall control such Third Party Claim provided that (i) the Purchaser shall keep the Vendor reasonably informed with respect to such defence,
(ii) the Purchaser shall consult with the Vendor before taking any significant action in connection with such Third Party Claim, and (iii)
the Vendor may, at its own cost and expense, participate in (but, for the avoidance of doubt, not control) the defence of such Third Party
Claim. The Purchaser may, without the prior written consent of the Vendor (which shall not be unreasonably withheld, conditioned or delayed),
consent to a settlement, compromise or discharge of any Third Party Claim, if such settlement, compromise or discharge is on the condition
of a complete and unconditional release of the Vendor and its Affiliates from any and all liability in respect of such Third Party Claim
and without any payment by the Vendor and its Affiliates or the Purchaser and its Affiliates.

14.6. With respect to any proposed settlement, compromises or discharges which cannot be entered into without
the prior written consent of the relevant other Party pursuant to the provisions of Clause 14.2 and Clause 14.5, the Vendor and the Purchaser
shall discuss any such proposals in good faith and act reasonably with respect to the decision on whether to consent to any such proposed
settlements, compromises and discharges.

**15.** **INDEMNITY BY PURCHASER** 

15.1. <u>Indemnity</u> 

The Purchaser hereby covenants and undertakes with the Vendor that it shall indemnify, defend and hold harmless the Vendor and any other member of the Vendor Group from and against any Losses to the extent arising or resulting from:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any inaccuracy or breach of the Purchaser Warranties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Assumed Liability; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any non-compliance or non-performance, or default in compliance or performance with, any covenant or other
agreement contemplating any performance or compliance by the Purchaser or any Purchaser Designee set forth in this Agreement.

15.2. <u>Vendor Indemnity Claim Procedures</u> 

Following Completion, if the Vendor becomes aware of any facts, matters or circumstances that might entitle the Vendor to a claim or demand for indemnification under the Purchaser's indemnities pursuant to Clause 15.1 (the **"Vendor Indemnity Claim"**), the Vendor shall notify the Purchaser promptly, but at the latest within 15 Business Days from becoming so aware, in writing (the **"Vendor** **Indemnity Notice"**) and shall describe in such Vendor Indemnity Notice in reasonable details the facts, matters or circumstances then known to the Vendor in order to substantiate the notified Vendor Indemnity Claim. Any failure to provide an (appropriate) Vendor Indemnity Notice shall not release the Purchaser from any of its Liabilities under this Agreement except and to the extent that such failure shall have caused the Losses for which the Purchaser is liable for to be greater than such Losses would have been had the Vendor given the Purchaser prompt notice hereunder.

Following issuance of a Vendor Indemnity Notice, and in each case subject to the further procedures, restrictions and limitations set forth in this Agreement, the Vendor shall be entitled to claim for indemnification against the Purchaser in respect of the relevant Losses underlying the relevant Vendor Indemnity Claim.

In the event the Purchaser receives a Vendor Indemnity Notice, the Purchaser shall notify the Vendor within 30 Business Days following its receipt of such Vendor Indemnity Notice whether the Purchaser disputes its liability to the Vendor in connection with the notified Vendor Indemnity Claim. Within such 30 Business Days period beginning on the date of receipt by the Vendor of the Vendor Indemnity Notice, the Purchaser and the Vendor shall reasonably cooperate with and assist each other in determining the validity of any such Vendor Indemnity Claim and shall attempt to agree upon the rights and obligations of the respective Party with respect to such Vendor Indemnity Claim. If the Vendor and the Purchaser are unable to agree as to any particular item or amount of such Vendor Indemnity Claim, then either of the Parties may submit such Vendor Indemnity Claim for resolution in accordance with Clause 22.19.

15.3. The Parties agree that the provisions of Clauses 13.3, 13.4, 13.6, 13.7, 13.9 and 13.10 shall apply *mutatis mutandis* to any Vendor Indemnity Claims by the Vendor against the Purchaser, except for Payment Related Claims. For Payment Related
Claims, the Parties agree that the provisions of Clauses 13.3 shall apply *mutatis mutandis* to any Payment Related Claims by the
Vendor against the Purchaser, provided that any Payment Related Claims shall expire (and shall be precluded) unless the Purchaser receives
a Vendor Indemnity Notice within 36 months after the respective time for the performance of the respective obligation underlying the Payment
Related Claims. For Payment Related Claims, for the avoidance of doubt, the Purchaser shall not be liable for any consequential, special
or indirect losses, including loss of profits or economic loss (in each case to the extent qualifying as consequential, special or indirect
loss), arising from any Payment Related Claims or any punitive damages.

15.4. The aggregate liability of the Purchaser in respect of any and all Vendor Indemnity Claims by the Purchaser
shall be limited to the sum of S$0.5 Million and except that it does not apply to any Payment Related Claims (or if and to the extent
the Payment Related Claims are not honoured due to a breach of a Purchaser Warranty, the Vendor Indemnity Claim related to the breach
of such Purchaser Warranty).

15.5. For the avoidance of doubt, any Losses incurred by the Vendor shall be assessed in light of the exercise
of the Put Option by the Vendor pursuant to Clause 20, the valuation protection pursuant to Clause 20A and/or the purchase or acquisition
of any of the JV Company Shares held by the Vendor as contemplated by Clause 21.

15.6. The limitations set forth in this Clause 15 (save for Clause 15.4) shall not apply to
any Loss to the extent such Loss arises as a result of fraud or wilful misconduct on the part of the Purchaser or any Affiliate of the
Purchaser.

**16.** **POST-COMPLETION OBLIGATIONS** 

16.1. At any time after Completion, each of Purchaser and Vendor shall (i) execute and deliver, or shall cause
to be executed and delivered, such documents and other instruments, as may be reasonably requested by the other Party and (ii) shall take
such other actions as may reasonably be necessary, proper or advisable, to the extent permitted by applicable laws, in each to carry out
the terms and conditions of this Agreement and implement the transactions contemplated hereby.

16.2. Without prejudice to the generality of Clause 16.1 above, if, following Completion, any right, property
or asset not forming part of the Transferred Assets is found to have been transferred to the Purchaser or Purchaser Designee in error,
Purchaser shall transfer, or shall cause the applicable Purchaser Designee to transfer to the Vendor or the applicable member of the Vendor
Group, at no cost to Vendor, such right, property or asset (and any related Liability) as soon as reasonably practicable. If, following
Completion, any right, property or asset forming part of the Transferred Assets is found to have been retained by the Vendor or any other
member of the Vendor Group in error, the Vendor shall transfer, or shall cause the applicable member of the Vendor Group to transfer,
at no cost to Purchaser or the applicable Purchaser Designee, such right, property or asset (and any related Liability) as soon as reasonably
practicable.

16.3. Notwithstanding Completion the Parties shall from time to time execute and deliver all deeds and documents
and afford to the Purchaser or the applicable Purchaser Designee such access as the Purchaser may reasonably require:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for the purpose of vesting in a Purchaser Designee the full benefit of the Transferred Assets and implementing
all the provisions of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for the purpose of vesting in a Purchaser Designee the full benefit of any rights, powers, remedies, claims
or defences (including, without limitation, rights of set-off and counterclaim) which the Vendor Group may have in relation to any Vendor
Claim, or otherwise ensuring that the same enure for the benefit of a Purchaser Designee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to enable any claim, action, suit, prosecution, litigation, proceedings, dispute or arbitration to which
the relevant member of the Vendor Group was a party and which relates to any Vendor Claim to be continued by or against a Purchaser Designee.

16.4. After Completion the Purchaser shall provide the Vendor and its advisors reasonable access, upon prior
notice during normal business hours, to such records, books, documents and affairs of the Purchaser and a Purchaser Designee (and the
opportunity to reasonably discuss with management and employees of Purchaser and Purchaser Designee), and provide copies of such information
as the Vendor may reasonably request, including in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the preparation of any Tax returns of the Vendor or any of its Affiliates; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any judicial, quasi-judicial, administrative, Tax, audit, or arbitration proceeding involving the Vendor
or any of its Affiliates; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the preparation of any financial statements or reports insofar as the Vendor or any of its Affiliates are involved.

16.5. The Vendor may retain copies of the Books and Records to the extent required pursuant to applicable laws.

16.6. To the extent requested by the Purchaser, the Vendor shall use its reasonable efforts to procure that
KUKA AG shall, and the JV Company shall, each use its reasonable endeavours to agree to the terms of and enter into a manufacturing agreement
upon the expiry of the Manufacturing Agreement. The Parties agree that the Manufacturing Agreement shall continue to apply, and the Purchaser
Designee shall be entitled to request that orders be placed pursuant to the Manufacturing Agreement, and the Vendor shall place those
orders as soon as reasonably practicable and sell such AGVs to the JV Company at cost, and the Vendor shall take such actions pursuant
to the Manufacturing Agreement as reasonably requested by the Purchaser Designee.

16.7. The Vendor shall provide assistance to facilitate the transfer of know-how in relation to the design and
function of the Automated Guided Vehicles and the maintenance of the Automated Guided Vehicles, to the JV Company, in each case to the
extent such assistance can be reasonably provided by the Vendor or any other member of Vendor Group and any material costs incurred by
the Vendor or any member of Vendor Group are reimbursed (subject to mutual agreement).

16.8. With respect to the French TransCar Contracts, the Swedish JBT Contract, the Canadian JBT Contract and
any other contract concerning the provision of maintenance services in respect of AGVs entered into by any Affiliate of the Vendor not
being a member of the Vendor Group (if any), the Vendor and the Purchaser shall discuss in good faith upon the expiry of the applicable
contract on whether the JV Company shall take over such contracts and each of the Vendor and the Purchaser shall reasonably consider any
proposals made in connection therewith.

17. TREATMENT OF STOCK AND INVENTORY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1. As at the date of this Agreement, the Vendor shall prepare and deliver to Purchaser a list with the Stock
and Inventory, including the applicable book values, as part of <u>Part 1 to the Disclosure Schedule.</u> 

17.2. Following Completion, as part of the Service Agreements, the Vendor shall deliver to the JV Company monthly
updated lists of the Stock and Inventory, including the applicable book values. The Stock and Inventory shall continue to be used for
the servicing of the Contracts or any other customers agreed by the Purchaser or the JV Company, on the one side, and the Vendor, on the
other side, from time to time and the Vendor or the applicable member of the Vendor Group shall be entitled to charge for (the relevant
pieces of) Stock and Inventory as contemplated by the Service Agreements or as otherwise agreed in writing by the Purchaser or the JV
Company, on the one side, and the Vendor, on the other side, from time to time.

17.3. As might be reasonably requested by the Purchaser or the JV Company from time to time (and subject to
any payment terms reasonably acceptable to the Vendor), the Vendor may purchase or otherwise procure additional Stock and Inventory, either
to be delivered directly to the JV Company or any other Purchaser Designee or to a customer under a Contract, in each case as instructed
by the Purchaser or the JV Company. For the avoidance of doubt, the JV Company or any other Purchaser Designee shall be entitled to build-up
and procure its own spare parts, stock and raw materials outside the Stock and Inventory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4. The Purchaser shall use its reasonable efforts to procure that a Purchaser Designee purchases the entire
Stock and Inventory within the 18 months period following Completion Date. Notwithstanding the foregoing, the Purchaser shall procure
that a Purchaser Designee purchases the remaining Stock and Inventory at book value (the **"Remaining Stock and Inventory Price")** no later than the date following 36 months after the Completion Date, whereby the Remaining Stock and Inventory Price shall be payable by the
Purchaser or a Purchaser Designee to the Vendor.

18. NON-COMPETITION RESTRICTIONS

18.1. The Purchaser has a business presence in Singapore, Thailand, Malaysia, People's Republic of China, United
States of America, Indonesia and Australia, and intends to expand its business presence globally. The Vendor undertakes with the Purchaser
that it shall procure that the Vendor, the other members of the Vendor Group and any subsidiaries of the Vendor will not for a period
of 5 years following the Completion Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) directly or indirectly carry on, be engaged in or be economically interested in or manage or assist any
business which is of the same or similar type to the Maintenance Operations within the Territories and which is or is likely to be in
competition with the Maintenance Operations and/or relates to assets or activities which are of the same or similar type as the Automated
Guided Vehicles within the Territories and which are or are likely to be in competition with the Maintenance Operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) canvass or solicit the custom of any person, firm or company who has within the 12 months prior to Completion
been a customer of the Vendor Group in relation to the Maintenance Operations or a customer of the Vendor Group in relation to the manufacture
of the Automated Guided Vehicles, in each case with respect to a Restricted Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) use, cause to be used, register and/or cause to be registered any trade and service marks, business names
and/or company names of or associated with or used in connection with the Maintenance Operations, within the Territories, save, for the
avoidance of doubt, with respect to the Vendor Group Designations; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) directly or indirectly carry on, or be engaged in the AGV Manufacturing Operations or the manufacturing
of the same or similar type of Automated Guided Vehicles within the Territories and whereby such same or similar type of Automated Guided
Vehicles is or is likely to be in competition with the Purchaser or a Purchaser Designee with respect to the Maintenance Operations or
the Automated Guided Vehicles;

**("Restricted Business"** means any restricted conduct or activity set forth in sub-clauses (a) and (d) above).

18.2. The Parties acknowledge and agree that the Vendor is carrying on the French AGV Business and such French
AGV Business qualifies as an "Excluded Asset" pursuant to the terms and conditions of this Agreement and shall therefore not
be subject of the sale, purchase and transfer as contemplated by this Agreement. To this end:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The French TransCar Contracts, the Swedish JBT Contract and the Canadian JBT Contract shall not be considered
to be a breach of the non-competition restrictions pursuant to Clause 18.1. The Parties
agree that there shall be no renewals or extensions of the French TransCar Contracts, the Swedish JBT Contract and the Canadian JBT Contract
upon the expiry or termination of these contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The French AGV Business shall not be subject to the non-competition restrictions pursuant to Clause 18.1
for as long as it is only conducted in France, and there shall be no other business activities relating to the Automated Guided Vehicles
in France other than pursuant to the French TransCar Contracts to which Clause 18.2(a) shall apply.

18.3. The Purchaser acknowledges and agrees that (i) the Vendor is part of a group of companies and that the
non-compete restrictions pursuant to this Clause 18 are only binding on the Vendor, the other
members of the Vendor Group and subsidiaries of the Vendor (the **"Restricted Entities")** and (ii) the non-compete restrictions
pursuant to this Clause 18 are not binding on any other Affiliates of the Restricted Entities. The Restricted Entities shall not be regarded
as having an indirect interest or engagement in any business, conduct or other activity in case only such other Affiliates of the Restricted
Entities are involved or engaged in such business, conduct or other activity.

18.4. The Vendor shall procure that the other Restricted Entities comply with the non-compete restrictions pursuant
to this Clause 18.

**19.** **GUARANTEE** 

19.1. The Guarantor hereby irrevocably and unconditionally:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) guarantees to the Vendor the punctual performance by the Purchaser of any and all of its duties, obligations
or undertakings in connection with, or otherwise arising out of, the Payment Related Claims (the **"Guaranteed Liabilities");** and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) undertakes with the Vendor (i) that if the Purchaser shall be in breach, default or non-compliance with
any of the Guaranteed Liabilities, the Guarantor shall be liable therefor as if the Guarantor were the party principally bound by such
Guaranteed Liabilities, and (ii) to fully indemnify and keep fully indemnified and hold harmless the Vendor on demand, from and against
and in respect of any and all Loss suffered or incurred by the Vendor in connection with such breach, default or non-compliance with any
of the Guaranteed Liabilities, in any case to the same extent that the Purchaser would be liable for such Loss.

19.2. The guarantee of the Guarantor hereunder shall be a continuing security and will extend to the ultimate
and full payment and discharge of the Guaranteed Liabilities, regardless of any intermediate payment and discharge in whole or in part.

19.3. The obligations of the Guarantor under this Clause 19 will not be affected by an act, omission, matter
or thing which, but for this Clause 19, would reduce, release or prejudice any of its obligations under this Clause 19 including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any time, waiver or consent granted to, or composition with, the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the release of the Purchaser or any other person under the terms of any composition or arrangement with
any creditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any incapacity or lack of power, authority or legal personality of or dissolution or change in the members
or status of the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any amendment, novation, supplement or restatement this Agreement or any other document this Agreement
is referring to (and therefore also any variation, increase, extension or addition to the Guaranteed Liabilities, as amended from time
to time);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any unenforceability, illegality or invalidity of the Guaranteed Liabilities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any insolvency or similar proceedings.

19.4. The Vendor may proceed against the Guarantor hereunder without first having to proceed against the Purchaser.
The Guarantor waives any right it may have of first requiring the Vendor to proceed against or enforce any other rights or security or
claim payment from any person (including the Purchaser) before claiming from the Guarantor under this Clause 19. For the avoidance of
doubt, the Vendor agrees that the provisions of Clause 15 shall apply *mutatis mutandis* to any claims by the Vendor against the Guarantor in the event that the Vendor proceeds against the Guarantor hereunder without first
having proceeded against the Purchaser.

19.5. Until the ultimate and full payment and discharge of the Guaranteed Liabilities, the Guarantor will not
exercise any rights which it may have by reason of performance by it of its obligations under the Agreement or by reason of any amount
being payable, or liability arising, under this Clause 19 including any rights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to be indemnified by the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to take the benefit of any rights of the Purchaser under this Agreement or to initiate legal proceedings
or take any other action against the Purchaser to make any payment, or perform any obligation, in respect of which the Guarantor has given
a guarantee, undertaking or indemnity under this Clause 19 (in whole or in part and whether by way of subrogation or otherwise);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to exercise any right of set-off against the Purchaser; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to claim or prove as a creditor of the Purchaser in competition with the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.** **PUT OPTION** 

20.1. Subject to terms and conditions of this Clause 20, the Purchaser hereby grants the Vendor the option to
require the Purchaser to purchase and acquire all of the OTSAW Shares held by the Vendor (as adjusted for any share splits, sub-divisions,
consolidations, scrip dividends, reclassifications or similar re-capitalisation events) (the **"Put Option Shares")** by
serving a written notice on the Purchaser (the **"Put Option Notice")** within 20 Business Days following the date falling
3 years commencing on the date immediately following the Completion Date at an amount equal to the Put Option Price provided that an initial
public offer, trade sale or other exit or liquidity event with respect to the shares in the capital of the Purchaser (the **"Purchaser Liquidity Event")** has not occurred at the time of issuance of the Put Option Notice, subject to the terms and conditions of this
Agreement (the **"Put Option").** 

20.2. The price for all Put Option Shares shall be S$3.1 Million on the basis that at the time of the Put Option
Notice the Vendor has not disposed of any of its OTSAW Shares acquired on Completion, and if the Vendor has disposed of any of its OTSAW
Shares the price will be adjusted accordingly (the **"Put Option Price").** If the Vendor wishes to transfer any of its OTSAW
Shares to any Related Corporation it may do so, provided that in the event that such Related Corporation shall cease to be a Related Corporation
of the Vendor, the Vendor shall procure that such Related Corporation shall, on or before such cessation, transfer all of the OTSAW Shares
back to the Vendor. For the purpose of the Put Option, any OTSAW Shares held by a Related Corporation of the Vendor shall be treated as
OTSAW Shares held by the Vendor, and any transfer of OTSAW Shares by the Vendor to its Related Corporation shall not be treated as a disposal
of such OTSAW Shares by the Vendor.

20.3. A Put Option Notice, once given, may not be withdrawn except with the consent of the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.4. The date for effecting the sale and transfer of the Put Option Shares (the **"Put Option Completion"**; the date on which Put Option Completion occurs, the **"Put Option Completion Date")** shall be scheduled 20 Business Days after the delivery of the Put Option Notice.

20.5. On the Put Option Completion Date, the Purchaser and the Vendor shall deliver the required share transfer
form (signed by the relevant parties), resolutions of the Purchaser (signed by the directors appointed by the relevant parties) and share
certificates and the Purchaser shall make the relevant payment of the Put Option Price to the Vendor. Subject to payment of the Put Option
Price, the Put Option Shares
shall be sold free from all Encumbrances, fully paid up and non-assessable and shall be sold together with all rights, benefits and interests
attaching thereto as at the Put Option Completion Date.

20.6. In case the Put Option cannot be duly or timely implemented due to capital maintenance rules or other
laws governing distrlbutions to shareholders or restrictions on company purchasing its shares applicable to the Purchaser, as may be reasonably
ascertained by reputable counsel of Vendor, the Guarantor shall be deemed to have given the Put Option instead of the Purchaser and the
provision of this Clause 20 shall apply *mutatis mutandis.* 

 

 

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| | |
|:---|:---|
| **20A.** | **VALUATION PROTECTION** |

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| | |
|:---|:---|
| 20A.1 | The Purchaser agrees that in the event that there is a proposed initial public offer for the shares in the capital of the Purchaser and in the event that it is anticipated that the value of the total number of OTSAW Shares held by the Vendor (as adjusted for any share splits, sub-divisions, consolidations, scrip dividends, reclassifications or similar re-capitalisation events) multiplied by the per-share offer price for shares in the capital of the Purchaser under the initial public offer is less than S$2.945 Million, then the Purchaser will procure that the Vendor will receive additional shares in the capital of the Purchaser such that the value of the total number of shares in the capital of the Purchaser to be held by the Vendor immediately prior to the initial public offering of the Purchaser multiplied by the per-share offer price for shares in the capital of the Purchaser under the initial public offer shall be no less than S$3.1 Million. For the avoidance of doubt, if it is anticipated that the value of the total number of OTSAW Shares held by the Vendor (as adjusted for any share splits, sub-divisions, consolidations, scrip dividends, reclassifications or similar re-capitalisation events) multiplied by the per-share offer price for shares in the capital of the Purchaser under the initial public offer ls equal to or more than S$2.945 Million, no additional actions will be required on the part of the Purchaser. |

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20A.2 Clause 20A.1 shall apply *mutatis mutandis* to any other Purchaser Liquidity Event, in the event that any Purchaser Liquidity Event other than an initial public offer is proposed.

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| | |
|:---|:---|
| 20A.3 | If the Vendor wishes to transfer any of its OTSAW Shares to any Related Corporation it may do so, provided that in the event that such Related Corporation shall cease to be a Related Corporation of the Vendor, the Vendor shall procure that such Related Corporation shall, on or before such cessation, transfer all of the OTSAW Shares back to the Vendor. For the purpose of Clause 20A.1, any OTSAW Shares held by a Related Corporation of the Vendor shall be treated as OTSAW Shares held by the Vendor, and any transfer of OTSAW Shares by the Vendor to its Related Corporation shall not be treated as a disposal of such OTSAW Shares by the Vendor. |

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**21.** **PURCHASE OF JV COMPANY SHARES** 

Pursuant to Clauses 7B and 7C of the Shareholders Agreement, the Purchaser shall grant to the Vendor a put option and the Vendor shall grant to the Purchaser a call option, for the sale and purchase of the JV Company Shares held by the Vendor in three tranches, exercisable yearly commencing on the date falling one year from the Completion Date. Each tranche shall comprise 1,333 or 1,334 ordinary shares (as the case may be) of the JV Company and shall be for a cash consideration of S$800,000 for each tranche (the **"JV Company Shares Put and Call Option")**. For the avoidance of doubt, any payments of the cash consideration for any tranche shall be made subject to any set-off or deduction or any counterclaim whether any such set-off, deduction or counterclaim arises under this Agreement or the Shareholders Agreement and subject to the other provisions of this Agreement (including Clause 22.14).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. OTHER PROVISIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1. Announcements or Press Releases

Save as may be required to be disclosed pursuant to any applicable laws or to any competent governmental or statutory authority or rules or regulations of any relevant regulatory, administrative or supervisory body or for the purpose of the satisfaction of the Conditions Precedent set out in <u>Schedule 2</u>, each Party undertakes that it or its Affiliates will not make any announcement or press release or disclosure in connection with this Agreement unless the other Parties hereto shall have given its consent to such announcement, press release or disclosure (which consent may not be unreasonably withheld). Each Party agrees to provide the other Parties with a draft of any announcement, press release or disclosure it or its Affiliates intend to make in connection with this Agreement, for review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2. Entire Agreement

This Agreement embodies the entire terms and conditions agreed upon by the Parties as to the subject matter of this Agreement and supersedes and cancels in all respects any previous agreement, understanding, letter of intent, representation, warranty, undertaking and arrangement of any nature whatsoever amongst the Parties with respect to the subject matter hereof, whether such be written or oral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.3. Confidentiality

Unless otherwise agreed to by the Parties or and save as permitted under Clause 22.1, each Party shall treat as confidential and not disclose or use any information received or obtained as a result of entry into this Agreement (or any agreement entered into pursuant to this Agreement) which relates to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the provisions but not the existence (subject to Clause 22.1) of this Agreement and any agreement entered
into pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the negotiations relating to this Agreement (and such other agreements); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a Party and its Affiliate's business, financial or other affairs (including without limitation,
future plans, targets, trade secrets, know-how, strategies, ideas, operations, compliance information, processes, methodologies and practices,
customer and supplier lists),

whether in writing, visual, pictorial, machine readable, or any other form (including prototypes and samples), and whether or not identified or marked to be proprietary, confidential or secret prior to their disclosure, and includes any copies, notes and other instruments derived or made therefrom.

The confidentiality obligations pursuant to Clause 22.3 shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any use or disclosure of confidential information (i) required by applicable laws or otherwise requested
by a governmental authority, (ii) required to exercise or enforce a Party's or its Affiliates' rights under, or otherwise perform, the
Transaction Documents or to vest any benefit of the Transaction Documents with a Party or its Affiliates, or (iii) made with the prior
written consent of the disclosing Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any confidential information which (i) is or subsequently becomes generally available to the public other
than as a direct or indirect result of a disclosure of a receiving Party or any of its Affiliates in breach of this Agreement, (ii) is
or subsequently becomes available to a receiving Party from a third-party source not (directly or indirectly) connected with a disclosing
Party provided that such third-party source has, to the knowledge of the receiving Party, no duty of confidentiality in respect of that
information to such disclosing Party or any of its Affiliates, or (iii) has been independently developed
or deduced by the receiving Party or any of its Affiliates without use of or reference to confidential information.

In the event that a receiving Party or any of its Affiliates are required by applicable laws or requested by a governmental authority to disclose any of the confidential information, the receiving Party will, to the extent legally permissible, provide the disclosing Party with prompt prior written notice so that the disclosing Party may seek a protective order or other appropriate remedy. In the event the disclosing Party determines to seek such protective order or other remedy, the receiving Party or any of its Affiliates will reasonably cooperate with such disclosing Party in seeking such protective order or other remedy.

For the avoidance of doubt, this Clause 22.3 shall not operate or prohibit any retention of copies of records or any disclosure in connection with the preparation and filing of financial statements or Tax returns of the Vendor or its Affiliates or as otherwise provided or allowed for pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.4. Assignment

No Party may assign all or any part of its rights or transfer all or any part of its obligations under this Agreement without the prior written consent of the other Parties. This Agreement shall be binding on and shall enure for the benefit of each Party's successors, permitted assigns, nominees, personal representatives, liquidators and trustees in bankruptcy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.5. Third Party Rights

Except for Purchaser Designee, a person who is not a Party to this Agreement shall have no rights under the Contracts (Rights of Third Parties) Act, Chapter 53B of Singapore to enforce any term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.6. Variation

No variation of this Agreement shall be effective unless in writing and signed by or on behalf of each of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.7. Time of the Essence

Any time or period mentioned in any provision of this Agreement may be extended by mutual agreement between the Parties but as regards any time, date or period originally fixed or any time, date or period so extended as aforesaid, time shall be of the essence.

22.8. Further Assurance. License to Intellectual Property

The Purchaser and the Vendor Group shall each do and execute or procure to be done and executed all such further acts, deeds, things and documents as may be necessary to give effect to the terms of this Agreement.

To the extent (and only to extent) required by the Vendor or any Affiliate of the Vendor, and for as long as so required, to perform (i) the services under the Service Agreements or any other obligation of the Vendor or any member of the Vendor Group pursuant to this Agreement (including Clause 7), and (ii) the services under the Manufacturing Agreement and the French TransCar Contracts as well as the Swedish JBT Contract and the Canadian JBT Contract (subject to Clauses 18.1 and 18.2), the Purchaser hereby grants a royalty-free, non-exclusive and non-transferable license to the Vendor (sublicensable to the relevant members of the Vendor Group) to use the Intellectual Property and the Books and Records to the extent relating thereto.

22.9. Duties

All excise, sales, use, registration, stamp, recording, documentary, conveyancing, property, transfer, and similar Tax directly or indirectly triggered by the transactions contemplated hereby (collectively **"Transaction Tax")** shall be borne by the Purchaser.

22.10. Compensation

Once a Loss is agreed or finally determined to be payable by a Party to another Party under or in connection with this Agreement, the relevant Party shall satisfy its obligations within 20 Business Days of such agreement or final determination.

22.11. Costs and Expenses

Except as provided in Clause 22.9 or as otherwise explicitly provided herein, each of the Parties shall pay its own costs and expenses (including legal costs) in connection with this Agreement and the transactions contemplated hereby.

22.12. Waiver

Failure by any Party to require performance of any term or condition of this Agreement shall not prevent the subsequent enforcement of such term or condition nor shall such failure be deemed to be a waiver of any subsequent breach of this Agreement, or any right or remedy granted by this Agreement or by the general law in respect of such breach.

22.13. Provisions not Affected by Completion

The representation and warranties and all other provisions of this Agreement insofar as the same shall not have been performed at Completion shall not be extinguished or affected by Completion, or by any other event or matter whatsoever (including, without limitation, any satisfaction and/or waiver of any Condition Precedent contained in **<u>Schedule 2)</u>**, except by prior specific and duly authorised written waiver or release by the Party receiving the benefit of the representation, warranty or other provision.

22.14. Set-off and Counterclaim

Any payments to be made by any Party under this Agreement shall be made subject to any set-off or deduction or any counterclaim whether any such set-off, deduction or counterclaim arises under this Agreement, the relevant Transaction Documents or otherwise provided that: (a) other than for any set-off or deduction or counterclaim for any Contract Compensation (i) the relevant claim underlying the set-off or deduction or counterclaim must have been duly notified to the relevant other parties in accordance with the provision of this Agreement or the relevant other Transaction Documents before, and (ii) if the applicable parties fail to agree on the amount of such claim, the party notifying the claim must duly process such claim and initiate court or arbitral proceedings (as applicable) latest within 6 months following notification of such claim (failing to do so forfeits the right to make such set-off, deduction or counterclaim under this Clause); and (b) for any set-off or deduction or counterclaim for any Contract Compensation, (i) if the Vendor and the Purchaser agree on the Revenue Statement, the amount of the Contract Compensation determined based on the Revenue Statement, and (ii) if the Vendor and the Purchaser cannot agree on the Revenue Statement within 30 Business Days following the lapse of the Revenue Period, (x) until the decision of the Independent Expert is made, the limits for the Contract Compensation as set forth in **Schedule 6** for that relevant year (unless the Purchaser demands a lower amount, then such lower amount) or (y), following the decision of the Independent Expert, the amount of the Contract Compensation determined based on the Revenue Statement after it is reviewed, calculated and determined by the Independent Expert.

22.15. Notices

All notices, demands or other communications required or permitted to be given or made hereunder shall be in writing and delivered personally or sent by prepaid registered post or by electronic mail at his or its electronic mail address set out below (or to such other address or electronic mail address as any party may from time to time notify the others):-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>The Vendor/The Vendor Group (including where any notice if given to any relevant member(s) of the Vendor Group)</u> 

c/o Swisslog Healthcare Holding AG

Address: Webereiweg 3, 5033 Buchs AG, Switzerland

Email address: robert.oldin@swisslog-healthcare.com; Florian.Dorow@kuka.com

Attention: Robert Oldin, Florian Dorow

with a copy to (which shall not constitute notice):

c/o Luther LLP

Address: 4 Battery Road, Bank of China Building #25-01, Singapore 049908, Singapore

Email address: clemens.leitner@luther-lawfirm.com

Attention: Clemens Leitner

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>The Purchaser</u> 

Address: 12 Kaki Bukit View #04-00, Singapore 415948

Email address: Tobias@otsaw.com.sg and raymond@otsaw.com.sg

Attention: Tobias Klesen / Raymond Lee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>The Guarantor</u> 

Address: 12 Kaki Bukit View #04-00, Singapore 415948

Email address: ling@otsaw.com

Attention: Ling Ting Ming

Any such notice, demand or communication shall be deemed to have been duly served (if given by electronic mail) immediately upon receiving acknowledgment of receipt from the intended recipient via the electronic mail (as the case may be) or (if given or made by letter) 5 Business Days after posting and in proving the same it shall be sufficient to show that the envelope containing the same was duly addressed, stamped and posted.

22.16. Partial Invalidity

The illegality, invalidity or unenforceability of any provislon of this Agreement under the law of any jurisdiction shall not affect its legality, validity or enforceability under the law of any other jurisdiction nor the legality, validity or enforceability of any other provision.

22.17. Execution in Counterparts

This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same instrument. The exchange of copies of this Agreement and any documents and instruments contemplated to be executed by this Agreement and of signature pages by electronic transmission shall constitute effective execution and delivery of this Agreement and any documents and instruments contemplated to be executed by this Agreement as to the relevant parties thereto and may be used in lieu of the original Agreement or the relevant documents and instruments contemplated to be executed by this Agreement for all purposes. Signatures transmitted by electronic transmission shall be deemed to be their original signatures for all purposes.

22.18. Governing Law

This Agreement shall be governed by, and construed in accordance with, the laws of Singapore.

22.19. Arbitration

Any dispute arising out of or in connection with this Agreement, including any question regarding its existence, validity or termination, shall be referred to and finally resolved by arbitration administered by the Singapore International Arbitration Centre in accordance with the Arbitration Rules of the Singapore International Arbitration Centre for the time being in force, which rules are deemed to be incorporated by reference in this Clause. The seat of the arbitration shall be Singapore. The Tribunal shall consist of 1 arbitrator. The language of the arbitration shall be English. This arbitration clause shall be governed by, and construed in accordance with, the laws of Singapore.

**SCHEDULE 1**

Disclosure Schedule

<u>Part 1 - Certain Transferred Assets and Excluded Liabilities</u>

**1.** **Contracts** 

Location in VDR

Summary sheet of documents and individual contracts can be found in Dataroom

Dataroom Index: 28.2.1 AGV Contracts

The contract with Ng Teng Fong Hospital has expired, and ,the renewal contract is currently pending from the hospital.

**2.** **Intellectual Property** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;*No.* | &nbsp;&nbsp;*Name* | &nbsp;&nbsp;*Documentation Type* | &nbsp;&nbsp;*Total No. Of Pages* | &nbsp;&nbsp;*Document Reference Number/ Name* | &nbsp;&nbsp;*Dataroom Index* |
| &nbsp;&nbsp;*1* | &nbsp;&nbsp;*Chassis L34000* | &nbsp;&nbsp;*PDF* | &nbsp;&nbsp;*22* |  | &nbsp;&nbsp;*28.1.2.3.1* |
| &nbsp;&nbsp;*2* | &nbsp;&nbsp;*Longerons L34000* | &nbsp;&nbsp;*PDF* | &nbsp;&nbsp;*4* |  | &nbsp;&nbsp;*28.1.2.3.2* |
| &nbsp;&nbsp;*3* | &nbsp;&nbsp;*Syst Levage L34000* | &nbsp;&nbsp;*PDF* | &nbsp;&nbsp;*9* |  | &nbsp;&nbsp;*28.1.2.3.3* |
| &nbsp;&nbsp;*4* | &nbsp;&nbsp;*German Din Norms (Extract)* | &nbsp;&nbsp;*PDF* | &nbsp;&nbsp;*113* | &nbsp;&nbsp;*13849-1* | &nbsp;&nbsp;*28.1.2.3.5* |
| &nbsp;&nbsp;*5* | &nbsp;&nbsp;*German Din Norms (Extract)* | &nbsp;&nbsp;*PDF* | &nbsp;&nbsp;*21* | &nbsp;&nbsp;*954-1* | &nbsp;&nbsp;*28.1.2.3.5* |
| &nbsp;&nbsp;*6* | &nbsp;&nbsp;*German Din Norms (Extract)* | &nbsp;&nbsp;*PDF* | &nbsp;&nbsp;*104* | &nbsp;&nbsp;*3691-4* | &nbsp;&nbsp;*28.1.2.3.5* |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;*German Din Norms (Extract)* | &nbsp;&nbsp;*PDF* | &nbsp;&nbsp;*12* | &nbsp;&nbsp;*EN 1525* | &nbsp;&nbsp;*28.1.2.3.5* |
| &nbsp;&nbsp;*8* | &nbsp;&nbsp;*Wartungsumfang Abgrenzung (Maintenance)* | &nbsp;&nbsp;*PDF* | &nbsp;&nbsp;*5* |  | &nbsp;&nbsp;*28.1.2.11* |
| &nbsp;&nbsp;9 | &nbsp;&nbsp; *Factory*<br> *Acceptance Test Procedure* | &nbsp;&nbsp;*PDF* |  | &nbsp;&nbsp;*K2 V1.7* | &nbsp;&nbsp;*28.1.2.10* |
| &nbsp;&nbsp;*10* | &nbsp;&nbsp; *Stuckliste*<br> *Transcar (parts list)* | &nbsp;&nbsp;*PDF* | &nbsp;&nbsp;*5* |  | &nbsp;&nbsp;*28.1.2.3.8* |
| &nbsp;&nbsp;*11* | &nbsp;&nbsp;*AGV System Overview* | &nbsp;&nbsp;*PPT* |  |  | &nbsp;&nbsp;*28.1.2.3.11* |
| &nbsp;&nbsp;*12* | &nbsp;&nbsp; *Operation and Manintenance*<br> *Manual* | &nbsp;&nbsp;*PDF* | &nbsp;&nbsp;*102* | &nbsp;&nbsp;*AGV TransCar LTC2-LX (K2)* | &nbsp;&nbsp;*28.1.2.8* |
| &nbsp;&nbsp;*13* | &nbsp;&nbsp;*Lito Module and Can Command* | &nbsp;&nbsp;*PDF* | &nbsp;&nbsp;*43* | &nbsp;&nbsp; *LTIO1-Box* -<br> *Version:1.3 vom*<br> &nbsp;&nbsp;&nbsp;&nbsp;*29.10.2017* | &nbsp;&nbsp;*28.1.2.12* |
| &nbsp;&nbsp;*14* | &nbsp;&nbsp; *Case Study* -<br> *Bejing China* | &nbsp;&nbsp;*PDF* | &nbsp;&nbsp;*2* |  | &nbsp;&nbsp;*28.1.2.1* |
| &nbsp;&nbsp;*15* | &nbsp;&nbsp; *Case Study* -<br> *Berlin Germany* | &nbsp;&nbsp;*PDF* | &nbsp;&nbsp;*2* |  | &nbsp;&nbsp;*28.1.2.1* |
| &nbsp;&nbsp;*16* | &nbsp;&nbsp; *Case Study* -<br> *Greifswald*<br> *Germany* | &nbsp;&nbsp;*PDF* | &nbsp;&nbsp;*2* |  | &nbsp;&nbsp;&nbsp;*28.1.2.1* |

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SCHEDULE TO MASTER ASSET SALE AGREEMENT

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;*17* | &nbsp;&nbsp; *Case Study* -<br> *Bochum Germany* | *PDF* | &nbsp;&nbsp;*2* |  | &nbsp;&nbsp;*28.1.2.1* |
| &nbsp;&nbsp;*18* | &nbsp;&nbsp; *Case Study* -<br> *Hamburg*<br> *Eppendorf Germany* | *PDF* | &nbsp;&nbsp;*2* |  | &nbsp;&nbsp;*28.1.2.1* |
| &nbsp;&nbsp;*19* | &nbsp;&nbsp; *Case Study* -<br> *Vienna Austria* | &nbsp;&nbsp;*PDF* | &nbsp;&nbsp;*2* |  | &nbsp;&nbsp;*28.1.2.1* |
| &nbsp;&nbsp;*20* | &nbsp;&nbsp;*AGV Overview* | &nbsp;&nbsp;*PDF* | &nbsp;&nbsp;7 |  | &nbsp;&nbsp;*28.1.2.4* |
| &nbsp;&nbsp;*21* | &nbsp;&nbsp;*TransCar System Description* | &nbsp;&nbsp;*PDF* | &nbsp;&nbsp;*23* |  | &nbsp;&nbsp;*28.1.2.3.10* |
| &nbsp;&nbsp;***22*** | &nbsp;&nbsp;***Transcar Instruction Manual*** | &nbsp;&nbsp;***PDF*** | &nbsp;&nbsp;***78*** | &nbsp;&nbsp;***TransCar LTC2-LX K2*** | &nbsp;&nbsp;***28.1.2.6*** |
| &nbsp;&nbsp;***23*** | &nbsp;&nbsp;***Software*** |  |  | &nbsp;&nbsp; ***TransCar TCMS2- Software Code-***<br> ***Analyse*** -<br> &nbsp;&nbsp;&nbsp;&nbsp;***23.06.2021*** | &nbsp;&nbsp;***28.1.2.3.9*** |
| &nbsp;&nbsp;***24*** | &nbsp;&nbsp;***3D CAD Designs*** |  |  | &nbsp;&nbsp;***PDM system within the JV*** - ***Reference shown in the dataroom*** | &nbsp;&nbsp;***28.1.2.3.6*** |
| &nbsp;&nbsp;***25*** | &nbsp;&nbsp;***AGV Trainings*** | &nbsp;&nbsp;***Word*** |  | &nbsp;&nbsp;***AGVFolder*** | &nbsp;&nbsp;***28.2.2.2*** |
| &nbsp;&nbsp;**26** | &nbsp;&nbsp;***Electrical Drawings*** | &nbsp;&nbsp;***PDF*** |  | &nbsp;&nbsp; ***Transcar K2 FD 12.2017.01***<br> &nbsp;&nbsp;&nbsp;&nbsp;***2018.12.05*** | &nbsp;&nbsp;***28.2.2.2.16*** |
| &nbsp;&nbsp;***27*** | &nbsp;&nbsp; ***"TransCar" name and logo (non-registered trademark*** - **see *Clause 1.7)*** |  |  |  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;***28.1.2.3***<br> ***and 28.2.2.1.3*** |

---

3. Books and Records

Dataroom Index: 28.2.3 and as set out under Paragraph 2 (Intellectual Property) above.

Open AGV Tickets: Dataroom Index: 28.2.5

Any other paper/ hardcopy records may be transferred to a Purchaser Designee after Completion during transition phase upon request.

4. Payables and Debts

Dataroom Index: 28.2.3

5. Advance Payments

Dataroom Index: 28.2.3

6. Shared Contracts

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| | |
|:---|:---|
| &nbsp;&nbsp;**Contract Name** | &nbsp;&nbsp;**Dataroom Index** |
| &nbsp;&nbsp;Changi General Hospital | &nbsp;&nbsp;28.2.1.5.1, 28.2.1.5.2 |
| &nbsp;&nbsp;KK Hospital | &nbsp;&nbsp;28.2.1.5.3 |
| &nbsp;&nbsp;Varese | &nbsp;&nbsp;28.2.1.2.2 |

---

7. **Vendor Performance Bonds** 

APAC Vendor Performance Bonds – Dataroom Index: 28.2.3.1.1

SCHEDULE TO MASTER ASSET SALE AGREEMENT

EMEA Vendor Performance Bonds

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;13 |  |  |  |  |  |  |
| &nbsp;&nbsp;14 | &nbsp;&nbsp;Mängelanspruchebürgschaft | &nbsp;&nbsp;Bayern LB | 24.09.2020 | 31.08.2022 | 152.931.55 € | &nbsp;&nbsp;Züblin / Jena |
| &nbsp;&nbsp;15 |  |  |  |  |  |  |
| &nbsp;&nbsp;16 |  |  |  |  |  |  |
| &nbsp;&nbsp;17 | &nbsp;&nbsp;Vertragserfüllungs- und | &nbsp;&nbsp;R + V | 08.07.2016 | 23.10.2022 | 100.722.08 € | &nbsp;&nbsp;Ingolstadt |
| &nbsp;&nbsp;18 | &nbsp;&nbsp;Mängelansprüchebürgschaft |  |  |  |  |  |
| &nbsp;&nbsp;19 |  |  |  |  |  |  |
| &nbsp;&nbsp;20 |  |  |  |  |  |  |

---

8. Salaried Employees

Sandra. A (Salaried Employee referenced to in Clause 6.3 of this Agreement)

Frank. C

Rainer. S

Thorsten. Moser

Juergen. O

9. Accounts Receivable

APAC Accounts Receivables can be found in Dataroom Index: 28.2.3.1.3

10. AGVs

Information can be found in Transcar Contract Summary. Dataroom Index: 28.2.1.8

11. Stock and Inventory

List/ Book value to be disclosed as of end of September. Information can be found in the Dataroom Index: 28.2.4

12. Contract referenced to in Clause 7.6 of this Agreement

KK Hospital

Information can be found in the Dataroom Index: 28.2.1.5.3

13. Contract referenced to in Section 6.5 of Schedule 4 of this Agreement

Yishun Hospital

Information can be found in the Dataroom Index: 28.2.1.5.7

SCHEDULE TO MASTER ASSET SALE AGREEMENT

**<u>Part 2 - Disclosures</u>**

**1.** **General and Interpretation** 

1.1 This Disclosure Schedule forms an integral part of the Agreement and sets out general and specific exceptions
and qualifications to the warranties and representations of the Vendor set out in Clause 11.1 of the Agreement and the Vendor Warranties
in <u>**Schedule 4**</u> of the Agreement. The Vendor shall not be in breach of any
Vendor Warranty (and such Vendor Warranty shall not be deemed inaccurate) in respect of any facts, matters or circumstances which are
Disclosed in this Disclosure Schedule.

1.2 Nothing in this Disclosure Schedule (i) shall imply any representation, warranty, covenant or other agreement
not expressly given in this Agreement or (ii) is intended to broaden the scope of any representation, warranty, covenant or other agreement
contained in the Agreement. No inclusion of any matter or item in this Disclosure Schedule (i) shall be construed as an admission or indication
that such matter or item is material or establish a standard of materiality or that such item is required to be referred to or disclosed
in the Disclosure Schedule and (ii) shall constitute, or be deemed to be, an admission of liability concerning a possible breach or violation
of any agreements, contracts or laws.

1.3 The disclosures made in this Disclosure Schedule are without prejudice and in addition to any and all
other rights, limitations, exclusions and qualifications expressly set out in the Agreement.

**2.** **Specific Disclosure** 

<u>Appendix A</u> to this Disclosure Schedule sets out specific disclosures made in relation to the Vendor Warranties. The section numbers in <u>Appendix A</u> correspond to the section numbers of the Vendor Warranties and the disclosures in any section or subsection of <u>Appendix A</u> shall qualify other sections and subsections to which the relevance of such item is reasonably apparent on its face, notwithstanding the omission of a reference or cross reference thereto.

SCHEDULE TO MASTER ASSET SALE AGREEMENT

**Appendix A: Disclosures**

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| | | |
|:---|:---|:---|
| **No.** | &nbsp;&nbsp;**Section No.** | **Disclosures** |
| 1. | &nbsp;&nbsp;Section 2 | &nbsp;&nbsp; The Vendor Group does not keep separate accounts or ledgers with respect to the Maintenance Operations but such accounts and ledgers are part of the overall bookkeeping of the Vendor Group. As part of the hand-over, the Books and Records will need to be carved-out from the general accounts and ledgers of the Vendor Group. |
| 2. | &nbsp;&nbsp;Section 5 | &nbsp;&nbsp;transcar.com and other domains using the term "TransCar" are not owned by the Vendor Group and therefore not part of the term "Intellectual Property". |
| 3. | &nbsp;&nbsp;Section 5.3 | &nbsp;&nbsp; The Vendor or any other member of the Vendor Group might have at some point in time handed over maintenance drawings to other persons (employees, third party service providers) without an NDA in place. However, any such disclosures did not result in the decrease in value of the Intellectual Property or any losses to the Maintenance Operations. |
| 4. | &nbsp;&nbsp;Section 6.2 | &nbsp;&nbsp;The Vendor has diligently reviewed whether any service contracts exist with respect to legacy AGV installation within Vendor Group as well as potential TransCar service contracts outside of the Vendor Group. Besides the Contracts, following Completion it could be that additional AGV installations within the Vendor Group will surface as not all old installations are recorded in the ERP systems under control of the Vendor. Also, Affiliates of the Vendor outside of the Vendor Group could hold some AGV service contracts unknown to the Vendor. Reference is made to Clause 16.8 of the SPA. |
| 5. | &nbsp;&nbsp;Section 8 | &nbsp;&nbsp;For the avoidance of doubt, the Vendor Group uses "off-the-shelf" software in relation to the Maintenance Operations (such as Microsoft Office etc) which can be procured on market standard terms. The Purchaser will need to procure such software following Completion. |

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SCHEDULE TO MASTER ASSET SALE AGREEMENT

**SCHEDULE 2**

**Conditions Precedent**

1. The following consents and permits having been obtained:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all relevant consents and/or permits from relevant government authorities, to the extent required for
ownership, operation and management of Transferred Assets by the Purchaser or a Purchaser Designee following Completion (if any); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all other Third Party Consents in respect of the Books and Records that would allow the Purchaser to carry
on the business of the Maintenance Operations (if any).

2. The following having been completed:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The completion of an inspection of the AGVs and Stock and Inventory by the Purchaser to the reasonable
satisfaction of the Purchaser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The results of the due diligence exercise conducted by the Purchaser or its shareholder on the Transferred
Assets being reasonably satisfactory to the Purchaser or its shareholder (as the case may be).

3. All of the Vendor Warranties are true, accurate and not misleading in all material respects.

4. All of the Purchaser Warranties and the warranties and representations made by the Guarantor are true, accurate and not misleading
in all material respects.

SCHEDULE TO MASTER ASSET SALE AGREEMENT

**SCHEDULE 3**

**Vendor Group**

1. Swisslog Healthcare Asia Pacific Pte. Ltd.

2. Swisslog Healthcare AG

3. Swisslog Healthcare AG, Norwegian Branch

4. Swisslog Healthcare AG Branch of Italy

5. Swisslog Healthcare Netherlands BV

6. Swisslog Healthcare GmbH, Westerstede

7. Swisslog Augsburg GmbH

SCHEDULE TO MASTER ASSET SALE AGREEMENT

**SCHEDULE 4**

**Vendor Group's Representations and Warranties**

1. THE VENDOR GROUP

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. <u>Capacity and Authority of the Vendor Group</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Vendor and each member of the Vendor Group has the capacity to enter into, perform and deliver this
Agreement and the Local Transfer Agreements and has taken all necessary action to authorise the entry into, performance and delivery of
this Agreement and the Local Transfer Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) This Agreement when executed by the Vendor and the Local Transfer Agreements when executed by the Vendor
Group will constitute legal, valid and binding obligations of the Vendor Group enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The execution, delivery and performance of this Agreement and the Local Transfer Agreements by the Vendor
Group will not result in a breach of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any agreement, instrument or document to which it is a party or by which any of its assets are bound;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any order, judgment or decree of any court, governmental agency or regulatory body having jurisdiction
over the relevant member of the Vendor Group.

**1.2.** <u>Insolvency</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No winding up or insolvency order has been made or petition presented against any member of the Vendor
Group nor, to the knowledge of the Vendor Group, has any person threatened to present such an order or petition, nor has any member of
the Vendor Group made any composition with his creditors or requested a suspension of payment of his debts, nor has any steps been taken
in relation to them in respect of any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No distress, execution or other process has been levied on any asset owned or used by the Vel"\dor
Group, nor, to the knowledge of the Vendor Group, has any person threatened any such distress, execution or other process nor has an official
assignee or similar officer been appointed in respect of any of their assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Vendor Group is not insolvent or unable to pay its debts as and when they fall due and the Vendor
Group will not become insolvent or unable to pay its clients as a result of the Vendor entering into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Vendor Group has not made or proposed any arrangement or composition with its creditors or any class
of its creditors whether by court process or otherwise under which such creditors shall receive or be paid less than the amounts contractually
or otherwise due to them.

SCHEDULE TO MASTER ASSET SALE AGREEMENT

1.3. <u>Information</u> 

To the knowledge of the Vendor, all information, documents and other materials which the Purchaser has requested as part of its due diligence was made available in the Dataroom and is stored on the Dataroom Media.

All information provided in the Dataroom related to the Contracts, Books and Records and Intellectual Property (excluding, for the avoidance of doubt, any financial projections, business plans, forward looking statements and similar data or information) (collectively the **"Warranted Information")** was, as far as the Vendor is aware, when given true and accurate and the Vendor is not aware of any fact or matter which renders any such Warranted Information untrue, inaccurate or misleading.

All information in this Agreement relating to the Vendor Group, its business and assets, is true, complete and accurate.

The list of and information on the members of the Vendor Group as set out in <u>**Schedule 3**</u> is true, complete and accurate.

The information as set out in <u>Part 2 of the Disclosure Schedule</u> are true, complete and accurate

**2.** **BOOKS AND RECORDS** 

The Books and Records, have been properly kept and written up in accordance with generally accepted accounting principles, standards and practices and fully and accurately present and reflect all applicable transactions entered into by the Vendor Group or to which either of the Vendor Group has been a party and all matters required by law to be entered therein and do not contain or reflect any material inaccuracies or discrepancies.

**3.** **BUSINESS** 

3.1. <u>Business</u> 

In each case since 1st January 2021:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Save for the transactions contemplated under this Agreement, the Vendor Group have carried on the Maintenance
Operations as a going concern in the ordinary and usual course of business and without entering into any transaction, disposing of any
assets, assuming any liability (including contingent liabilities) or making payment, in each case, which will have a material adverse
impact on the Vendor Group and which is not in the ordinary and normal course of its business and without alteration in the nature, scope
or manner (including nature and scale) of such Maintenance Operations in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) There has been no material adverse change in the financial or trading position or turnover of the Vendor
Group with respect to the Maintenance Operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Vendor Group have not by reason of any default connected to the Maintenance Operations by it or any
other person in any of its obligations become bound or liable to be called upon to repay prematurely any loan capital or borrowed moneys
or other forms of indebtedness or pay under any guarantee, indemnity or other forms of liability.

3.2. <u>Licences and Consents</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All licences, consents, authorisations, orders, warrants, confirmations, permissions, certificates, approvals,
registrations and authorities necessary for the carrying on the Maintenance Operations by the Vendor Group and which are material to the
business of the Vendor Group (the **"Licences")** have been obtained, are in full force and effect, and are being complied
with in all material respects.

SCHEDULE TO MASTER ASSET SALE AGREEMENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) As far as the Vendor is aware. there is no breach of any Licence or any intended or contemplated
refusal or revocation of any Licences.

3.3. <u>Compliance with Laws</u> 

Each member of the Vendor Group is conducting and carries on the Maintenance Operations in accordance with applicable laws, regulations and bye-laws (including but not limited to the directives issued by the regulatory authorities) in each country in which such entity of Vendor Group operates the Maintenance Operations in, and the Vendor Group is not in breach of any such laws, bye-laws or regulations (including but not limited to the directives issued by the regulatory authorities) and as far as the Vendor is aware, there is no investigation, disciplinary proceeding or enquiry by, or order, decree or judgment of, any court, tribunal, arbitrator or any governmental agency or regulatory body outstanding or anticipated against the any of the Vendor Group in connection with the Maintenance Operations which has had or may have a material adverse effect upon the assets or business of the Vendor Group. None of the Vendor Group has in the last 3 years received any notice or other communication (official or otherwise) from any court, tribunal, arbitrator, governmental agency or regulatory body with respect to an alleged, actual or potential violation and/or failure to comply with any such applicable laws, bye-law or regulation (including but not limited to the directives issued by the regulatory authorities), or requiring it to take or omit any action, in each case with respect to the Maintenance Operations.

3.4. <u>Litigation</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) None of the Vendor Group is a party to or involved whether as claimant or defendant or other party in any claim, legal action, proceeding,
suit, litigation, prosecution, investigation, enquiry, mediation, arbitration or other legal proceedings (other than as claimant in the
collection of debts arising in the ordinary and usual course of its business, none of which exceeds S$100,000) and related to the Maintenance
Operations, which is material to the business of Vendor Group, and as far as the Vendor is aware, there are no such proceedings threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No claim, legal action, proceeding, suit, litigation, prosecution, investigation, enquiry, mediation or
arbitration is pending or, as far as the Vendor is aware, threatened against the Vendor Group, in each case with respect to the Maintenance
Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) As far as the Vendor is aware, (a) there are no investigations, disciplinary proceedings, facts, matters
or other circumstances likely to lead to any such proceeding, prosecution, or enquiry relating to any matter, and (b) there are no investigations,
facts, matters or other circumstances likely to lead to any such claim or legal action, proceeding, suit, litigation, mediation or arbitration,
in each case with respect to the Maintenance Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) None of the Vendor nor any of the properties and assets or operations which it owns or in which it is
interested is subject to any continuing injunction, judgment or order of any court, arbitrator, governmental agency or regulatory body,
nor is in default under any order, licence, regulation or demand of any governmental agency or regulatory body or with respect to any
order, suit, injunction or decree of any court, which in any case has had or may have a material adverse effect on the Vendor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) None of the Vendor Group (excluding the Vendor) nor any of the
properties and assets or operations which they own or in which they are interested is subject to any continuing injunction, judgment
or order of any court, arbitrator, governmental agency or regulatory body, nor in default under any order, llcence, regulation or demand
of any governmental agency or regulatory body or with respect to any order, suit, injunction or decree of any court, which in any case
has had or may have a material adverse effect on the Vendor Group (excluding the Vendor) with respect to completing the transactions
contemplated by this Agreement.

SCHEDULE TO MASTER ASSET SALE AGREEMENT

4. ASSETS, PLANT AND EQUIPMENT

4.1. All of the Transferred Assets:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) are, in the case of owned Transferred Assets, legally and beneficially
owned by the Vendor Group, and the Vendor Group has good and marketable title thereto, and the Transferred Assets do not comprise any
assets which are leased or licensed by the Vendor Group or used or held by it pursuant to leases or licences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) are, where capable of possession, in the possession or under the control of the Vendor Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) are free from Encumbrances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) are not the subject of any hire-purchase, factoring arrangement, conditional sale or credit agreement.

4.2. The lists of and information as set out in <u>Part 1 of the Disclosure Schedule,</u> which are under the headings of "Contracts", "Intellectual Property", "Books and
Records", "Advance Payments", "Payable and Debts", "Shared Contracts" and "Vendor Performance
Bonds", are true, complete and accurate.

**5.** **INTELLECTUAL PROPERTY** 

5.1. All Intellectual Property:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is owned by the Vendor Group, and the Intellectual Property does not comprise of any intellectual property
used by the Vendor Group under licence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as far as the Vendor is aware, are not being infringed or attacked or opposed by any person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the case of the Intellectual Property owned by the Vendor Group, are not subject to any Encumbrance
or any licence or authority in favour of another;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) none of the Intellectual Property is registered or the subject of applications for registration in any
patent, trade mark, domain name or other Intellectual Property registry anywhere in the world; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in the case of the business name, trade and service marks and company names forming part of the Intellectual
Property and intended to be used by the Purchaser Designee(s) in accordance with the use of such marks and names as of Completion, such
use is permitted by the Vendor Group, and such use does not infringe any rights of third parties.

5.2. The Intellectual Property comprises all the Intellectual Property Rights necessary or required relating
to the Maintenance Operations (excluding any "off-the-shelf' software that can be procured on market standard terms), taking into
account the transfer of know-how as contemplated by Clause 16.7 and any related documentation (such as manuals) forming part of the Books
and Records. For the avoidance of doubt, after Completion the Purchaser's consent would be required for the manufacture of any Automated
Guided Vehicles.

SCHEDULE TO MASTER ASSET SALE AGREEMENT

5.3. The Vendor Group has copyrights
in all drawings and design right in all designs relating to the Maintenance Operations and all such drawings and designs are in its possession
and it has not supplied copies of any such drawings or designs to any other person without having market standard confidentiality agreements
in place.

5.4. The Vendor Group has not received any claims, and there are no claims expected to be made and no applications
are pending in respect of any infringement of the Intellectual Property.

5.5. The Intellectual Property as set out in <u>Part 1 of the Disclosure Schedule</u> contains true, correct and accurate information in respect of all Intellectual Property used and owned by the Vendor Group
in all material respects (to the extent such Intellectual Property can be reduced to writing), and all Intellectual Property is in full
force and effect, and there is no infringement in respect of the Intellectual Property by any member of the Vendor Group.

5.6. <u>Change of Control</u> 

The transactions contemplated by this Agreement will not lead to any breach or right of termination or otherwise affect any Intellectual Property.

6. CONTRACTS AND MATERIAL TRANSACTIONS

6.1. <u>Documents</u> 

All Contracts are in the possession of the Vendor Group and such Contracts are valid, binding and enforceable by and against any of the Vendor Group as applicable, in accordance with their terms (subject to applicable bankruptcy, solvency and similar laws and general principles of equity) and are in full force and effect, in each case in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. <u>Contracts</u> 

Each of the Contracts is not a contract, transaction, arrangement, understanding, commitment, obligation or liability which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is not in the ordinary and usual course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is not on an arm's length basis; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) imposes obligations, restrictions or expenditure on the respective Vendor Group which will or is likely
to restrict such Vendor Group from carrying on the whole or a material part of its business in any part of the world.

The Contracts as set out in <u>Part 1 of the Disclosure Schedule</u> contains true, correct and accurate information in respect of all revenue-generating agreements of the Vendor Group relating to the Maintenance Operations, and such agreements are in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. <u>Default</u> 

None of the Vendor Group and, as far as the Vendor is aware, nor any other party to any agreement with any of the Vendor Group is in default under any of the Contracts nor as far as the Vendor is aware, are there any circumstances likely to give rise to such a default. As far as the Vendor is aware, no other party to the Contracts is in default under any of the Contracts.

SCHEDULE TO MASTER ASSET SALE AGREEMENT

6.4. <u>Compliance with Agreements</u> 

No notice of termination or of intention to terminate has been received in respect of any of the Contracts, and as far as the Vendor is aware, there are no grounds for rescission, avoidance or repudiation of the same.

6.5. In respect of the Contract which is identified as paragraph 12 in <u>Part 1 of the Disclosure Schedule,</u> there is no risk of a claim against the Vendor Group and/or the Purchaser pursuant to the Contract.

6.6. The Vendor is not aware that any customer under a Contract with a term of less than 12 months remaining
from the Completion Date intends not to renew such Contract and no corresponding notice has been served on any member of the Vendor Group.

7. TAXATION

In each case to the extent involving the Maintenance Operations or relating to the Transferred Assets:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each member of the Vendor Group has prepared, kept and preserved complete, accurate and up-to-date records
both as required by applicable laws and to enable it to deliver correct and complete Taxation returns (together with all attachments thereto
as required by applicable laws) and to calculate any present or, so far as possible, future Taxation liability of each member of the Vendor
Group or claim any waiver or relief from Taxation insofar as it depends on any transaction occurring on or before Completion, in each
case in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All Taxation due and payable by each member of the Vendor Group have been paid and each member of the
Vendor Group has complied with all information reporting and backup withholding requirements in all material respects. There are no liens
for Taxes on any asset of any of the Vendor Group other than for Taxes not yet due and payable.

8. SUFFICIENCY OF ASSETS

Taking into account the rights contemplated to be granted under, or the services contemplated to be provided pursuant to, this Agreement and the Ancillary Agreements and the Manufacturing Agreement, and assuming (a) the receipt of the required Third Party Consents or, failing such Third Party Consents, the transfer of the benefits and burdens as contemplated by Clause 7), and (b) the timely performance by Purchaser and the Purchaser Designees of their obligations under this Agreement and the Ancillary Agreements, the Transferred Assets are sufficient in all material respects for the Purchaser Designees to operate and conduct the Maintenance Operations immediately following Completion effectively and substantially in the manner in which the Maintenance Operations were operated and conducted during the 6 months prior to the Completion Date.

SCHEDULE TO MASTER ASSET SALE AGREEMENT

**SCHEDULE 5**

**Form of Deed of Novation**

SCHEDULE TO MASTER ASSET SALE AGREEMENT

<u>***For Singapore***</u>

<u>***Location:***</u>

***[Note: This form is prepared for use for Singapore.***

***For all other countries, the form would have to be modified accordingly.]***

DATED

BETWEEN

**[CUSTOMER]**

**[SWISSLOG HEALTHCARE ASIA PACIFIC PTE. LTD.]**

And

**[OTSAW SWISSLOG HEALTHCARE ROBOTICS PTE. LTD.]**

**DEED OF NOVATION**

<u>**THIS DEED OF NOVATION**</u> is made as of __________________ 2021

<u>**BETWEEN:**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **[CUSTOMER]** (Company Registration Number:[●]), a company incorporated in Singapore and having its registered office at [●] **(" <u>Customer</u> ");** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) **SWISSLOG HEALTHCARE ASIA PACIFIC PTE. LTD.** (Company Registration Number: 199300788E), a company incorporated in Singapore with its registered office at 11 Tampines Concourse, #02-07, Singapore 528729 **(" <u>Original Party</u> ");** and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) **[OTSAW SWISSLOG HEALTHCARE ROBOTICS PTE. LTD.] [To be confirmed.]** (Company Registration Number: [●]), a company incorporated in
 Singapore and having its registered office at [●], Singapore [●] **(" <u>Substituting Party</u> "),** 

(collectively, the **"<u>Parties</u>"** and each, a **"<u>Party</u>").**

<u>**WHEREAS:**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Customer and the Original Party had entered into the agreement (s) which is identified in Schedule **1** (the **" <u>Agreement</u> (s**)"), in relation to the service and maintenance of automated guided vehicles.

(B) A Master Asset Sale Agreement dated [16 November 2021] was entered into by a holding company of the Original Party as vendor with, *inter alia,* a holding company of the Substituting Party as purchaser, for the transfer of certain assets and the assumption of certain liabilities (the **" <u>SPA</u> "),** and which assets include the Agreement(s). It was contemplated under the SPA that the Agreement(s) be transferred from the Original Party to the Substituting Party.

(C) This Deed is supplemental to the Agreement (s).

(D) As contemplated under the SPA, this Deed is entered into for the novation of the Agreement(s) from the Original Party to the Substituting Party (the **" <u>Novation</u> "),** such that the Substituting Party shall, on and from the Effective Date, be substituted in place of the Original Party as a party to the Agreement(s).

<u>**NOW THIS DEED WITNESSETH**</u> **as** follows:

**1.**  **<u>INTERPRETATION</u>** 

1.1. Unless the context otherwise requires, words importing the singular
shall include the plural and vice versa and words importing a specific gender shall include the other genders (male, female or neuter).

1.2. The headings in this Deed are inserted for convenience only
and shall not affect the construction of this Deed.

**2.** <u>**NOVATION**</u> 

2.1 It is hereby agreed that all of the Original Party's rights,
benefits, liabilities and obligations in relation to the Agreement(s) will be novated to the Substituting Party on the following terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) novation of the Original Party's rights, benefits, liabilities and obligations to the Substituting Party in relation to the Agreement(s) will take effect on and from the date of this Deed (the **" <u>Effective Date</u> ");** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Substituting Party shall, on and from the Effective Date, be substituted in place of the Original
Party as a party/"Service Provider" to the Agreement(s) and henceforth, the Agreement(s) shall
in respect of all matters arising on and after the Effective Date be treated in all respects as if the Substituting Party was a party/"Service
Provider" thereunder instead of the Original Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) on and from the Effective Date, the Substituting Party shall assume and duly perform and discharge all
liabilities and obligations, and be entitled to exercise and/or enforce all rights and benefits of the Original Party, arising on and
after the Effective Date in relation to the Agreement(s) in all respects as if the Substituting Party had been a party to the Agreement(s)
in place of the Original Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for the avoidance of doubt, the Original Party shall remain responsible and/or liable to the Customer
for any actual or alleged default or breach by the Original Party in relation to the Agreement(s) which arose before the Effective Date,
and the Original Party shall continue to have its rights and remedies in respect of the Customer for any actual or alleged default or
breach by the Customer in relation to the Agreement(s) which arose before the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Customer shall continue to be bound by the provisions of the Agreement(s) in every way, and shall
duly perform and discharge all liabilities and obligations whatsoever from time to time be performed or discharged by it under or by virtue
of the Agreement(s), and, from the Effective Date, be entitled to exercise and/or enforce all rights and benefits from time to time exercisable
or enforceable by it under or by virtue of the Agreement(s), as if the Substituting Party had been named as a party to the Agreement(s)
in place of the Original Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all advance payments and deposits received by the Original Party in respect of the Agreement(s) before
the Effective Date for services to be performed after the Effective Date are transferred to the Substituting Party as at the Effective
Date and shall be held by the Substituting Party from the Effective Date, and such advance payments and deposits (if any) are identified
in Schedule 2.

2.2 On and from the Effective Date, this Deed shall be supplemental to the Agreement(s) and shall be construed
and read as one with the Agreement(s), and in the event any of the provisions contained in the Agreement(s) are inconsistent with any
of the terms of this Deed, the terms of this Deed shall prevail.

2.3 For the purposes of the Agreement(s) and on and from the Effective Date, the notification particulars
of the Substituting Party shall be as follows:

<u>Substituting Party</u>

Address:

Email address:

Attention:

**3.** <u>**OTHER PROVISIONS**</u> 

3.1. **Third Party Rights** 

A person who is not a Party to this Deed shall have no rights under the Contracts (Rights of Third Parties) Act, Chapter 53B of Singapore to enforce any term of this Deed.

3.2. **Further Assurance** 

The Parties shall each do and execute or procure to be done and executed all such further acts, deeds, things and documents as may be necessary or expedient or as any Party hereto may reasonably request from time to time in order to give effect to the terms of this Deed.

3.3. **Costs and Expenses** 

Each of the Parties shall pay its own costs and expenses (including legal costs) in connection with this Deed hereby.

3.4. **Execution in Counterparts** 

This Deed may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same instrument.

3.5. **Governing Law** 

This Deed shall be governed by, and construed in accordance with, the laws of Singapore. The Parties hereto hereby submit to the [exclusive] jurisdiction of the courts of Singapore

**SCHEDULE 1**

**The Agreement(s)**

**SCHEDULE 2**

**Advance Payments and Deposits**

<u>**IN WITNESS WHEREOF**</u> this Deed has been entered into by the Parties.

---

| |
|:---|
| **<u>CUSTOMER</u>** |
| The Common Seal of [CUSTOMER]) |
| was hereunto affixed) |
| in the presence of) |

---

 <br> Name: <br> Designation: Director

 <br> Name: <br> Designation: [Director/Secretary]\*

\* Please delete as appropriate.

***(Alternative execution block, for execution without* a *common seal.)***

 ****

---

| | | |
|:---|:---|:---|
| **<u>CUSTOMER</u>** |  |  |
| Signed as a Deed) |  |  |
| For and on behalf of) |  |  |
| [CUSTOMER]) |  |  |
|  | Director | Director/Secretary\* |
|  | Name: | Name: |
|  | in the presence of:- | \**Please delete accordingly* |
|  | Witness\*\* |  |
|  | Name: |  |
|  | *\*\*Witness required only when* |  |
|  | *a single director signs on behalf of the Company* |  |

---

 

 

---

| |
|:---|
| **<u>ORIGINAL PARTY</u>** |
| The Common Seal of **Swisslog**) |
| **Healthcare Asia Pacific Pte. Ltd.**) |
| was hereunto affixed) |
| in the presence of) |

---

 <br> Name: <br> Designation: Director

 <br> Name: <br> Designation: [Director/Secretary]\*

\* Please delete as appropriate.

***(Alternative execution block, for execution without a common seal)***

 ****

---

| | | |
|:---|:---|:---|
| <u>**ORIGINAL PARTY**</u> |  |  |
| Signed as a Deed) |  |  |
| For and on behalf of) |  |  |
| **Swisslog**) |  |  |
| **Healthcare**) |  |  |
| **Asia Pacific Pte. Ltd.**) |  |  |
|  | Director | Director/Secretary\* |
|  | Name: | Name: |
|  | in the presence of:- | \**Please delete accordingly* |
|  | Witness\*\* |  |
|  | Name: |  |
|  | *\*\*Witness required only when* |  |
|  | *a single director signs on behalf of the Company* |  |

---

 ****

 ****

---

| |
|:---|
| **<u>SUBSTITUTING PARTY</u>** |
| **The Common Seal of [Otsaw Swisslog Healthcare**) |
| **Robotics Pte. Ltd.]**) |
| was hereunto affixed) |
| in the presence of) |

---

 <br> Name: <br> Designation: Director

 <br> Name: <br> Designation: [Director/Secretary]\*

\* Please delete as appropriate.

***(Alternative execution block, for execution without a common seal)***

 ****

---

| | | |
|:---|:---|:---|
| <u>**SUBSTITUTING PARTY**</u> |  |  |
| Signed as a Deed) |  |  |
| For and on behalf of) |  |  |
| **[Otsaw Swisslog Healthcare**) |  |  |
| **Robotics Pte. Ltd.]**) |  |  |
|  | Director | Director/Secretary\* |
|  | Name: | Name: |
|  | in the presence of:- | \**Please delete accordingly* |
|  | Witness\*\* |  |
|  | Name: |  |
|  | *\*\*Witness required only when* |  |
|  | *a single director signs on behalf of the Company* |  |

---

 ****

 ****

**SCHEDULE 6**

**Consideration Adjustments**

SCHEDULE TO MASTER ASSET SALE AGREEMENT

<u>**CONSIDERATION ADJUSTMENT MECHANISM**</u>

**Formula:**

---

| | | | |
|:---|:---|:---|:---|
| Consideration Adjustments = | <u>Actual revenue - Anticipated revenue</u> | <sub>X</sub> | Consideration |
| Payable in $SGP | Anticipated revenue |  |  |

---

Applicable in year 1 and year 2 only

**Anticipated Revenue provided by Swisslog**

---

| | | | |
|:---|:---|:---|:---|
| <br>**EUR ('000)** | **2022**<br>**31-Dec-22** | **2023**<br>**31-Dec-23** | **2024**<br>**31-Dec-24** |
| APAC | 2391 | 2424 | 2461 |
| Germany | 2767 | 2957 | 3208 |
| Italy | 605 | 648 | 693 |
| Europe (Excluding France) | 452 | 475 | 480 |
| **Total Anticipated Revenue** | **6214** | **6505** | **6841** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Illustration of Shortfall** | **Year 1** | **Year 2** | **Year 3** |
| Actual revenue | 4000 | 6179 | 6499 |
| Shortfall | (2214) | (325) | (342) |
| Shortfall % | **-36%** | **-5%** | **-5%** |
| Consideration allocation | 2224 | 2328 | 2448 |
| Consideration adjustments | (792) | (116) | n/a |
| Cap % | **30%** | **15%** | n/a |
| Consideration cap in SGP$ | 667 | 349 | n/a |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Anticipated**<br>**Revenue** |<br>**Proportion** |<br>**Consideration** |
|  | **EUR'000** | **%** | **SGD'000** |
| Year 1 | 6214 | 32% | 2224 |
| Year 2 | 6505 | 33% | 2328 |
| Year 3 | 6841 | 35% | 2448 |
|  | 19560 | 100% | 7000 |

---

**SCHEDULE 7**

**Vendor Group Designations**

---

| | | |
|:---|:---|:---|
| Logo/Brand | ![](ex10-10_001.jpg) |  |
| Logo/Brand | ![](ex10-10_001.jpg) | **swisslog<br> healthcare** |

---

**SCHEDULE TO MASTER ASSET SALE AGREEMENT**

**SCHEDULE 8**

**Fully-Diluted Shareholding Structures of Purchaser and JV Company**

The information in the cap tables below is on a fully-diluted basis immediately prior to Completion and immediately after Completion.

<u>**Part 1:**</u>

**Shareholding Structure of Purchaser Immediately Prior to Completion**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Shareholders** | &nbsp;&nbsp; **NRIC No. /**<br> **Company**<br> **Registration No.** | &nbsp;&nbsp;**Number of Shares** | &nbsp;&nbsp;**Amount (S$)** | &nbsp;&nbsp;% **Ownership** |
| &nbsp;&nbsp; Otsaw Digital Pte. Ltd. | &nbsp;&nbsp;201511868R | &nbsp;&nbsp;500000 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;73.1 |
| &nbsp;&nbsp;Ca Meyzer Pte. Ltd. | &nbsp;&nbsp;201911925C | &nbsp;&nbsp;50000 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;7.3 |
| &nbsp;&nbsp; Evolve Capital Management Fund VCC | &nbsp;&nbsp;T20VC0178J | &nbsp;&nbsp;59036 | &nbsp;&nbsp;536686 | &nbsp;&nbsp;8.6 |
| &nbsp;&nbsp; Serial System International Pte. Ltd. | &nbsp;&nbsp;201524680M | &nbsp;&nbsp;21887 | &nbsp;&nbsp;198975 | &nbsp;&nbsp;3.2 |
| &nbsp;&nbsp;Koh Choon Hui | &nbsp;&nbsp;S0310105C | &nbsp;&nbsp;17623 | &nbsp;&nbsp;160205 | &nbsp;&nbsp;2.6 |
| &nbsp;&nbsp;Goh Way Siong | &nbsp;&nbsp;S8270577E | &nbsp;&nbsp;5808 | &nbsp;&nbsp;52786 | &nbsp;&nbsp;0.8 |
| &nbsp;&nbsp;Goh Si Hui Victoria | &nbsp;&nbsp;S9313823F | &nbsp;&nbsp;5646 | &nbsp;&nbsp;51348 | &nbsp;&nbsp;0.8 |
| &nbsp;&nbsp; Song Hoi See<br> *(Note: To be issued mid November)* | &nbsp;&nbsp;570110045061 | &nbsp;&nbsp;13706 | &nbsp;&nbsp;1349904 | &nbsp;&nbsp;2.0 |
| &nbsp;&nbsp; Chan Pey Kheng<br> *(Note: To be issued mid November)* | &nbsp;&nbsp;720928145502 | &nbsp;&nbsp;5076 | &nbsp;&nbsp;499935 | &nbsp;&nbsp;0.7 |
| &nbsp;&nbsp; YL Global Ventures Sdn Bhd<br> *(Note: To be issued mid November)* | &nbsp;&nbsp;20191008778 | &nbsp;&nbsp;4061 | &nbsp;&nbsp;399968 | &nbsp;&nbsp;0.6 |
| &nbsp;&nbsp; Palmeira Investments Limited <br> *(Note: To be issued mid November)* | &nbsp;&nbsp;1948873 | &nbsp;&nbsp;1015 | &nbsp;&nbsp;99967 | &nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;**683858** | &nbsp;&nbsp;**3949774** | &nbsp;&nbsp;**100.0** |

---

**Shareholding Structure of Purchaser Immediately After Completion**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Shareholders** | &nbsp;&nbsp; **NRIC No. /**<br> **Company**<br> **Registration No.** | &nbsp;&nbsp;**Number of Shares** | &nbsp;&nbsp;**Amount (S$)** | &nbsp;&nbsp;% **Ownership** |
| &nbsp;&nbsp;Otsaw Digital Pte. Ltd. | &nbsp;&nbsp;201511868R | &nbsp;&nbsp;500000 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;69.6 |
| &nbsp;&nbsp;Ca Meyzer Pte. Ltd. | &nbsp;&nbsp;201911925C | &nbsp;&nbsp;50000 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;7.0 |
| &nbsp;&nbsp;Evolve Capital Management Fund VCC | &nbsp;&nbsp;T20VC0178J | &nbsp;&nbsp;59036 | &nbsp;&nbsp;536686 | &nbsp;&nbsp;8.2 |
| &nbsp;&nbsp; Serial System International Pte. Ltd. | &nbsp;&nbsp;201524680M | &nbsp;&nbsp;21887 | &nbsp;&nbsp;198975 | &nbsp;&nbsp;3.0 |
| &nbsp;&nbsp;Koh Choon Hui | &nbsp;&nbsp;S0310105C | &nbsp;&nbsp;17623 | &nbsp;&nbsp;160205 | &nbsp;&nbsp;2.5 |
| &nbsp;&nbsp;Goh Way Siong | &nbsp;&nbsp;S8270577E | &nbsp;&nbsp;5808 | &nbsp;&nbsp;52786 | &nbsp;&nbsp;0.8 |
| &nbsp;&nbsp;Goh Si Hui Victoria | &nbsp;&nbsp;S9313823F | &nbsp;&nbsp;5646 | &nbsp;&nbsp;51348 | &nbsp;&nbsp;0.8 |

---

SCHEDULE TO MASTER ASSET SALE AGREEMENT

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Shareholders** | &nbsp;&nbsp; **NRIC No. /**<br> **Company**<br> **Registration No.** | &nbsp;&nbsp;**Number of Shares** | &nbsp;&nbsp;**Amount (S$)** | &nbsp;&nbsp;% **Ownership** |
| &nbsp;&nbsp; Song Hoi See<br> *(Note: To be issued mid November)* | &nbsp;&nbsp;570110045061 | &nbsp;&nbsp;13706 | &nbsp;&nbsp;1349904 | &nbsp;&nbsp;1.9 |
| &nbsp;&nbsp; Chan Pey Kheng<br> *(Note: To be issued mid November)* | &nbsp;&nbsp;720928145502 | &nbsp;&nbsp;5076 | &nbsp;&nbsp;499935 | &nbsp;&nbsp;0.7 |
| &nbsp;&nbsp; YL Global Ventures Sdn Bhd<br> *(Note: To be issued mid November)* | &nbsp;&nbsp;20191008778 | &nbsp;&nbsp;4061 | &nbsp;&nbsp;399968 | &nbsp;&nbsp;0.6 |
| &nbsp;&nbsp; Palmeira Investments Limited<br> *(Note: To be issued mid November)* | &nbsp;&nbsp;1948873 | &nbsp;&nbsp;1015 | &nbsp;&nbsp;99967 | &nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Swisslog Healthcare Holding AG | &nbsp;&nbsp; CHE-<br> 317.331.234 | &nbsp;&nbsp;36613 | &nbsp;&nbsp; 3,100,000<br> (Consideration to be in a form otherwise than in cash) | &nbsp;&nbsp;5.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;**720471** | &nbsp;&nbsp;**7049774** | &nbsp;&nbsp;**100** |

---

<u>**Part 2:**</u>

**Shareholding Structure of JV Company Immediately Prior to Completion**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Shareholders** | &nbsp;&nbsp;**Number of Shares** | &nbsp;&nbsp;**Amount ($S)** | &nbsp;&nbsp;% **Ownership** |
| &nbsp;&nbsp; Otsaw Technology Solutions Pte. Ltd.<br> &nbsp;&nbsp;202033912W | &nbsp;&nbsp;6000 | &nbsp;&nbsp;6000 | &nbsp;&nbsp;100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;6000 | &nbsp;&nbsp;6000 | &nbsp;&nbsp;**100** |

---

**Shareholding Structure of JV Company Immediately After Completion**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Shareholders** | &nbsp;&nbsp; **NRIC No. /**<br> **Company<br> Registration No.** | &nbsp;&nbsp;**Number of Shares** | &nbsp;&nbsp;**Amount ($S)** | &nbsp;&nbsp;% **Ownership** |
| &nbsp;&nbsp;Otsaw Technology Solutions Pte. Ltd. | &nbsp;&nbsp;202033912W | &nbsp;&nbsp;6000 | &nbsp;&nbsp;6000 | &nbsp;&nbsp;60.0 |
| &nbsp;&nbsp;Swisslog Healthcare Holding AG | &nbsp;&nbsp;CHE- <br> 317.331.234 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;40.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;10000 | &nbsp;&nbsp;10000 | &nbsp;&nbsp;**100** |

---

**SCHEDULE TO MASTER ASSET SALE AGREEMENT**

**EXHIBIT A**

**Form of Service Agreements**

EXHIBIT TO MASTER ASSET SALE AGREEMENT

**Service Agreement**

**Between**

**[Otsaw Swisslog Healthcare Robotics Pte. Ltd.]** **[To *be <br> confirmed]***

**[Address]**

**(Customer)**

**And**

**Swisslog Healthcare Asia Pacific Pte. Ltd.**

**11 Tampines Concourse, #02-07, Singapore 528729**

**(Service Provider)**

**1.** **Goals & Objectives** 

1.1. The purpose of this Service
Agreement is to ensure that the proper elements and commitments are in place to provide consistent service support and delivery to the
Customer **("Services")** by the Service Provider (collectively with the Customer, **"Parties"** and each a **"Party").** 

1.2. The goal of this Service Agreement is to obtain mutual agreement
for service provision between the Customer and Service Provider.

1.3. The objectives of this Service Agreement are to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ provide a clear description of Services with reference to
roles and responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ provide the basis for charging; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ match perceptions of demand with actual service delivery.

1.4. Swisslog Healthcare Holding AG **("Vendor"),** Otsaw Technology
Solutions Pte Ltd **("Purchaser")** and Otsaw Digital Pte Ltd (as guarantor) had entered into a Master Asset Sale Agreement
dated [16 November 2021] (the **"SPA")** for the transfer of certain assets and the
assumption of certain liabilities. Pursuant to the SPA, the service and maintenance contracts **("Contracts"** as
further defined in the SPA) that had been entered into by the Vendor and certain subsidiaries and related corporations were transferred
to the Purchaser Designee, and the Customer is a Purchaser Designee.

1.5. Capitalized Terms used herein and not otherwise defined shall have the meaning assigned to them in the
SPA.

1.6. Pursuant to the SPA, this Service Agreement is entered into for the Service Provider to provide maintenance
and other services to enable the Customer to perform its obligations under certain Contracts, and to set out the arrangements relating
to the revenue and fees and reimbursements relating to certain Contingent Transferred Contracts or certain of the Purchaser Portion of
the Shared Contracts qualifying as a Contingent Shared Contract.

1.7. Pursuant to the SPA, *inter a/ia,* the Contracts shall be sold and transferred to the Purchaser,
and, with effect from Completion, all of the rights and benefits in relation to the Contracts will be transferred to a Purchaser Designee
together with the Assumed Liabilities, and the Vendor shall use its reasonable endeavours to procure that each relevant Contract be novated
to a Purchaser Designee with effect from Completion.

1.8. Pursuant to the SPA, in the case of a Contingent Transferred Contract
 which has not been novated to a Purchaser Designee, the Vendor and the Purchaser shall treat each other for the purpose of their
 internal relationship as if the Contingent Transferred Contract was novated to a Purchaser Designee, it being understood and
 provided that (i) any rights, receivables, revenues and benefits arising in connection with the relevant Contingent Transferred
 Contracts, as well as (ii) any Assumed Liabilities in connection with the relevant Contingent Transferred Contracts shall be for the
 account of a Purchaser Designee.

1.9. The SPA also has provisions relating to the Purchaser Portion of the Shared Contract and materially the
same concept set forth in Clause 1.8 above applies to the Purchaser Portion of the Shared Contract qualifying as a Contingent Shared Contract
until such Contingent Shared Contract has been partially novated (or amended or split) to a Purchaser Designee.

1.10. Pursuant
to the SPA, following Completion, as part of the service agreement(s) to be entered into pursuant to the SPA, the Vendor shall deliver
to the Customer monthly updated lists of the Stock and Inventory, including the applicable book values. The Stock and Inventory shall
continue to be used for the servicing of the Contracts or any other customers agreed by Purchaser or the Customer, on the one side, and
the Vendor, on the other side, from time to time and the Vendor or the applicable subsidiary or related corporation of the Vendor shall
be entitled to charge for (the relevant pieces of) Stock and Inventory as contemplated by this Service Agreement or as otherwise agreed
in writing by the Purchaser or the Customer, on the one side, and the Vendor, on the other side, from time to time.

1.11. Pursuant to the SPA, the Vendor shall provide assistance to facilitate the transfer of know-how in relation
to the design and function of the Automated Guided Vehicles and the maintenance of the Automated Guided Vehicles, to the Purchaser Designee,
in each case to the extent such assistance can be reasonably provided by the Vendor or any applicable subsidiary or related corporation
of the Vendor and any material costs incurred by the Vendor or any applicable subsidiary or related corporation of the Vendor are reimbursed
(subject to mutual agreement between Vendor and Purchaser).

1.12. Pursuant to the SPA, to the extent (and only to extent) required by the Vendor or the relevant subsidiary
or related corporation of the Vendor, and for as long as so required to perform, *inter alia,* the Services under this Service Agreement,
the Purchaser has granted a royalty-free, non-exclusive and non-transferable license to the Vendor (sublicensable to the relevant subsidiary
or related corporation of the Vendor) to use the Intellectual Property and the Books and Records to the extent relating thereto.

**2.** **Periodic Review** 

2.1. This Service Agreement should be reviewed at a minimum once per fiscal year; however, in lieu of a review
during any period specified, the current agreement will remain in effect.

2.2. The Customer and the Service Provider are responsible for facilitating regular reviews of this document.
Contents of this document, including the <u>**Appendices,**</u> may be amended as required
by mutual agreement of the Parties. The Parties will incorporate all subsequent revisions and obtain consent and approvals in writing
as required. Either Party can initiate the review of this Service Agreement.

3. Performance of Services, Modifications and Collaboration

3.1. The Services to be provided as well as detailed service descriptions of the responsibility of the Service
Provider in the ongoing execution of this Service Agreement are detailed in <u>**Appendices 2 and 3**</u> to this Service Agreement titled "Service Contract Execution" and "Sales and Technical Support"
respectively. These <u>**Appendices**</u> form an integral part to this Service Agreement.

3.2. Customer obligations, in particular information and documents to be provided by the Customer, are also
detailed in <u>**Appendices 2 and 3**</u> to this Service Agreement titled "Service
Contract Execution" and "Sales and Technical Support" respectively.

3.3. The Parties may adjust the contractual obligations to their needs at any time by mutual agreement in
 writing. Should the scope of Services change as a result, the Parties shall mutually agree on the new Services and corresponding
 adjustment to the fees.

3.4. The Parties shall support each other to the best of their
abilities in order to provide the Services in the best and quickest manner possible with reasonable diligence and in a cost-effective
manner.

4. Intellectual Property

Pursuant to the SPA, to the extent (and only to extent) required by the Vendor or the relevant subsidiary or related corporation of the Vendor (including the Service Provider), and for as long as so required to perform, *inter alia,* the Services under this Service Agreement, the Purchaser has granted a royalty-free, non-exclusive and non-transferable license to the Vendor (sublicensable to the relevant subsidiary or related corporation of the Vendor) to use the Intellectual Property and the Books and Records to the extent relating thereto. The Vendor has sublicensed to the Service Provider the right to use the Intellectual Property and the Books and Records to the extent relating to the performance of the Services under this Service Agreement.

5. Charging Model

5.1. The charging model and invoicing procedure is detailed in the <u>**Appendices**</u> **.** The <u>**Appendices**</u> form an integral part of this Service Agreement.

5.2. **Indemnity** 

The Service Provider hereby agrees that it shall indemnify, defend and hold harmless the Customer from and against any losses to the extent arising or resulting from:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any failure to comply with any agreed service standards of end customers by the Service Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any breach of any of the Contracts by the Service Provider.

5.3. The losses under the indemnity as set out in Clause 5.2 shall include all losses, liabilities, costs (including,
without limitation, legal costs), charges, expenses, penalties, claims, demands and any other payments owed to the end customers according
to the Service Contracts.

6. Contacts

6.1. Contacts for this Service Agreement are specified in the <u>**Appendices.**</u> 

6.2. The Parties appoint the contacts for the coordination of the Services in the <u>**Appendices**</u> (and to such other contacts as any Party may from time to time notify the other Party).

6.3. If no contact is appointed in the <u>**Appendices,**</u> the contacts in **Appendix 1** shall be responsible also for the coordination of the Services.

7. Exclusiveness of Services, Subcontractors

7.1. The Customer shall procure all Services marked as exclusive within the Appendices exclusively from the
Service Provider.

7.2. The Service Provider may subcontract the Services or parts thereof to third parties without the prior
consent of the Customer, and the Service Provider shall keep the Customer informed of its main subcontracting arrangements.

8. Liability

The Parties shall be entitled to all remedies in accordance with the laws in Singapore, including under contract or tort. However, any liability for any consequential and/or indirect damages (in particular, but not limited to, lost profits, lost revenues, lost opportunities and damages due to business interruption), is excluded, unless such damages have been caused willfully.

9. Confidentiality and Data Protection

9.1. The Parties commit to treat all information, business secrets and data (hereinafter **''Confidential Information")** concerning the Customer becoming known or being conveyed to the Service Provider in the course of this Service
Agreement strictly confidential, to keep them in secret and to not make it available to third parties without the prior consent of the
Customer in text form.

9.2. The Parties further commit to only use the Confidential Information in order to fulfill the responsibilities
out of this Service Agreement and not to use the Confidential Information in any other context.

9.3. The Parties further ensure that all employees of the Service Provider having access to the Confidential
Information will adhere to this confidentiality clause.

9.4. The obligation of confidentiality does not apply for Confidential Information that (i) is or becomes known
to the public without a breach of this confidentiality clause; (ii) became known to the Service Provider prior to the Customer's disclosure
of such information to the Service Provider; (iii) became known to the Service Provider from a source other than the Customer other than
by a breach of an obligation of confidentiality owed to the Customer; (iv) is independently developed by the Service Provider without
reference to the Confidential Information disclosed to the Service Provider; (v) is information for which further use or disclosure authorized
by the Customer; or (vi) has to be disclosed by the Service Provider due to mandatory rules of law or a court or government order.

9.5. The Parties are obliged to observe the applicable laws regarding the protection of personal data.

10. Duration and Termination

This Service Agreement is entered into with effect from [1 December] 2021 and for a term of 1 year. The Service Provider agrees that the Customer has an option to renew this Service Agreement for up to two successive terms of 1 year each, with a prior written notice of three (3) months prior to the end of each term. Each of the Parties agree that it shall not take steps to terminate this Service Agreement before the end of a term, except by mutual agreement of the Parties.

11. Force Majeure

11.1. For the avoidance of doubt, this Clause shall not prejudice or limit the liability of the Service Provider
under the indemnity as set out in Clause 5.2, meaning that any force majeure event will only be recognized if it qualifies as such also
under the respective Service Contract.

11.2. To the extent that this shall not result in any of the circumstances set out in Clauses 5.2(a) and 5.2(b)
as described in Clause 11.1 above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Delayed or aborted contractual performance in conjunction with this Service Agreement on account of an
event of force majeure without error or fault on the part of the concerned Party is considered excused for the duration of such event.
This presupposes that the concerned Party informs the other Party in writing without undue delay after the occurrence of the event of
force majeure, however no later than five days thereafter, on the nature and the extent of the event of force majeure and its effects,
including the expected duration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Events of force majeure are natural catastrophes such as floods, earthquakes, cyclones, tornadoes, hurricanes,
Pandemics, or other commonly occurring phenomena of an extreme nature such as fires, unrest, wars, sabotage, terrorist attacks, pandemics
and other unpredictable and inevitable events. If a delay caused by force majeure exceeds thirty days,then the Customer is entitled to
terminate the contract without being liable to the Service Provider.·

12. Miscellaneous

12.1. Any amendments to this Service Agreement must be made in writing. Likewise,any agreement to waive the requirement for written form
must itself be in writing.

12.2. General terms and conditions of the Parties do not apply to this Service Agreement.

12.3. The <u>**Appendices**</u> form an integral part of this
Service Agreement. In the event of a conflict between the body of the Service Agreement and the <u>**Appendices**</u> the latter shall prevail.

12.4. This Service Agreement shall be governed by the Laws of the Republic of Singapore. Any disputes arising
out of this Service Agreement shall be referred exclusively to the Courts of Singapore and the Parties hereby submit to the exclusive
jurisdiction of the Courts of Singapore.

12.5. If any provision of this Service Agreement is or becomes invalid or inapplicable, either partially or
in full, the validity of the remaining provisions shall remain entirely unaffected. The same applies if this Service Agreement should
contain omissions.

12.6. Each notice, demand or other communication to be given or made under this Service Agreement shall be in writing and delivered or sent to the relevant Party at its address or e-mail as set forth in **Appendix 1** (or such other address or electronic mail as the addressee has by three (3) business days' prior written notice specified to the other Parties hereto).

**Appendices**

---

| | | |
|:---|:---|:---|
| **Appendix #** | **Service** | **Term** |
| 1 | Main contacts |  |
| 2 | Service Contract Execution | Business execution, strategic |
| 3 | Sales and Technical Support | Business execution, strategic |
| 4 | Service Contract Document with End Customer |  |

---

**Appendix 1: Main contacts**

Service Provider: Swisslog Healthcare Asia Pacific, SingaporeAddress:<br> 11 Tampines Concourse, Singapore

Primary contact: Managing Director - He PengHui

Secondary contact: Email: penghui.he@swisslog-healthcare.com <br> Finance & Admin Director - Ang Huileng<br> Email: huileng.ang@swisslog-healthcare.com

Customer: [Otsaw Swisslog Healthcare Robotics Pte. Ltd.]

Address: <br> Primary contact: General Manager - Tobias Klesen Email: tobias@otsaw.com.sg

Secondary contact: [Title - Name] <br> Email:[●]

**Appendix 2: Service Contract Execution**

---

| | |
|:---|:---|
| **Exclusive:** | Yes |
| **Background:** | To carry out the services under and in accordance with the existing and new active service contracts with the end customers at the hospitals as set out below: |

---

<u>**Service Contracts**</u>

(To be updated by the Customer and the Service Provider from time to time via mutual agreement in writing)

---

| | | |
|:---|:---|:---|
| End Customer Name | Hospital | Contract Reference |
| ISS ME Engineering | CHANGI GENERAL HOSPITAL INTEGRATED BUILDING | SG-MNE-050212-CGH |
| Engie Services Singapore Pte Ltd | CHANGI GENERAL HOSPITAL MAIN BUILDING | ENGIE/M016/CGH/M774/SPL/JUN/2016/034 |
| Engie Services Singapore Pte Ltd | KK WOMEN'S AND CHILDREN'S HOSPITAL | ENGIE/M016/KKH/M828/SPL/JUN/2019/017 |
| National University Health Services | NG TENG FONG GENERAL HOSPITAL | Will be renewed by Oct 2021 |
| YiShun Community Hospital | YISHUN COMMUNITY HOSPITAL | YCH/FMS/17009 REV 1 |
| Sengkang General Hospital Pte Ltd | SENGKANG GENERAL HOSPITAL | 2819401515 |
| Outram Community Hospital | OUTRAM COMMUNITY HOSPITAL | Comprehensive Servicing and Maintenance of Automated Guided Vehicle System at Singhealth Tower/Outram Community Hospital from 18 March 2021 to 17 March 2028 |

---

**[Note: Shared Contracts to be indicated.]**

**Service Description and Service Provider's Deliverables:**

Service Provider supports Customer to execute all above service contracts (the "**Service Contracts**"), which are subcontracted to Service Provider hereunder, and to which the provisions of Clause 7 of the SPA shall apply.

In case the Customer enters into any new service contract (other than the Contracts) for which it is intended that the Service Provider provides Services hereunder, the Customer shall send to the Service Provider the terms and conditions of such service contract in order for the Service Provider to verify whether the Service Provider is in a position to perform such Services. If so, the Customer and Service Provider may update the lists of Service Contracts as set forth above via mutual agreement in writing and such service contract shall qualify as a "Service Contract" within the meaning of this Agreement.

All preventive and corrective maintenance work will be executed by the Service Provider. The Service Provider will maintain the service level which is required by the respective Service Contracts with end customers. Please refer to the **Appendix 4** for all Service Contracts. [**Appendix 4** may also be updated by the Service Provider and the Customer from time to time via mutual agreement in writing.]

The Service Provider shall deliver to Customer monthly updated lists of the stock and inventory, which are the spare parts, stock, raw materials, and work in progress owned by the Vendor Group from time to time and which are used or intended to be used in connection with the Transcar automated guided vehicles, the assets transferred pursuant to the SPA and/or the provision of maintenance services in respect of the Transcar automated guided vehicles under the Contracts. This obligation shall cease when a Purchaser Designee purchases the entire stock and inventory.

**Customer Obligations**

(1) In the case of Contingent Transferred Contracts or the Purchaser
Portion of the Shared Contract qualifying as a Contingent Shared Contract, in each case which have not been novated to a Purchaser Designee:

N/A

(2) In the case of Service Contracts which have been novated to the Customer and other Service Contracts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Customer shall provide to the Service Provider, in a timely manner, the documents, information and
data (hereinafter **"Information")** necessary for the proper provision of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Service Provider shall convey noticeable problems to the Customer without undue delay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Customer bears the responsibility for the accuracy and completeness of the delivered Information.

**Contacts:**

<u>Service Provider:</u>

---

| | |
|:---|:---|
| **Primary contact:** | Managing Director, Swisslog healthcare Asia Pacific Secondary |
| contact: | see above |
| <u>Customer:</u> |  |
| Primary contact: | [●] |
| Secondary contact: | [●] |
| **Term:** |  |
| Beginning date: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[1 December] 2021 |
| End date: | according to Service Agreement |
| Termination: | according to Service Agreement |

---

**Charging Model:**

(1) In the case of Contingent Transferred Contracts and Purchaser
Portion of the Shared Contract qualifying as a Contingent Shared Contract which have not been novated to a Purchaser Designee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Vendor and/or the applicable subsidiaries and related corporations shall continue to be a party to
the relevant Contingent Transferred Contract and receive payment thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Every month, the Service Provider shall provide to the Customer the invoices issued under those Service
Contracts to the end customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The
 Service Provider shall pay to the Customer 16% of the total invoice amounts between (i) the
 Vendor and/or the applicable subsidiaries and related corporations; and (ii) the end customers
 in each month. The Service Provider shall make payment to the Customer before the 3<sup>rd</sup>
 week of each month in respect of the invoice amounts between the Vendor and/or the applicable
 subsidiaries and related corporations and the end customers which were issued before the
 15<sup>th</sup> day of the immediately preceding month. The Service Provider shall make payment
 to the Customer notwithstanding that any corresponding payment from the end customers has
 not been received. **[Note: Arrangements for Shared Contracts to be indicated.]** 

(2) In the case of Service Contracts which are Contracts and which have been novated to the Customer and new Service Contracts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Customer shall become a party to the relevant Contract and receive payment thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Every month, the Service Provider shall provide to the Customer the service report of each such Service
Contract or new Service Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Every month the Customer shall provide the Service Provider an overview of invoices issued to the end-customer.
The Customer shall pay to the Service Provider 84% of the total invoice amounts between the Customer and the end customers in each month.
The Customer will retain 16% of the total invoice amounts between the Customer and the end customers in each month.

The Service Delivery Manager (SDM) hired by the Customer will conduct a monthly meeting with the end customers to review the monthly report given by the Service Provider and the respective performance. The SDM will take note of any feedback from the end customers and analyse the top 10 repeated incidents/ trouble tickets reported. The SDM will work with the Service Provider to identify the root cause and rectify the repeated faults/repairs in a timely manner to ensure that, from the perspective of the end customer, the customer experience and service delivery are maintained at a high level.

The Customer shall make payment to the Service Provider before the 3<sup>rd</sup> week of each month in respect of the invoice amounts between the Customer and the end customers which were issued before the 15<sup>th</sup> day of the immediately preceding month. The Customer may delay payment to the Service Provider if there is any delay in the corresponding payment from the end customer that can be attributed to service delivery and performance issues arising from a delay or unsatisfactory quality of Services provided by the Service Provider as reported by the SDM.

**Appendix 3: Sales and Technical support**

---

| | |
|:---|:---|
| **Exclusive**: | no |
| **Background:** | Customer is responsible for managing its customers/partners in its region/countries. Customer delivers to end customer services like proposal and consultation for new or existing Automated Guided Vehicles projects or extensions or modernization or other technical services. In this respect Customer needs the technical support of the Service Provider, which has technical expertise and experience within its personnel. For the avoidance of doubt, the services set out under Appendix 3 are in addition to those set out under Appendix 2, and the charging model set out under Appendix 3 would apply to the additional services set out under Appendix 3. |

---

**Service Description and Service Provider's Deliverables:**

Service Provider supports Customer with customer visits, layouts, calculations, technical support throughout the tender processes and during installation as follows:

<u>1.</u> Tender
phase:

- Sales support

- Customer visits

- System Design

All used hours have to be recorded in respective time sheets per person reflecting a description of work, date, amount of hours and comments.

<u>2.</u> <u>Project execution phase:</u> 

- Manage the project

- Prepare the project design documents

- System installation, testing and commissioning

- Attend customer meetings

Service Provider will be available to provide its services within the following working hours:

Office hours Monday- Friday – 9:00 – 18:00 o'clock

- Availability outside office hours according specific arrangements if applicable

Point of contact is secondary contact and, if there is no contact possible, then primary contact should be contacted.

**Customer Obligations:**

In particular, Customer's obligations are to:

- provide a clear task in writing including description (use template/checklist)

- define due dates

- define quality objectives

- provide documents

- provide project related process descriptions of customer processes

In general:

a. The Customer shall provide to the Service Provider, in a timely manner, the Information necessary for the proper provision of the
Services.

b. The Service Provider shall convey noticeable problems to the Customer without undue delay.

c. The Customer bears the responsibility for the accuracy and completeness of the delivered Information.

**Contacts:**

<u>Service Provider:</u>

Primary contact: Managing Director, Swisslog healthcare Asia Pacific Secondary <br>contact: Head of Project Realization/Head of Customer Care

<u>Customer:</u>

Primary contact: [●] <br>Secondary contact: [●]

**Term:** 

---

| | |
|:---|:---|
| Beginning date: | [as and when requested by the Customer, from 1 December] 2021 |
| End date: | according to Service Agreement |
| Termination: | according to Service Agreement |

---

**Charging Model:**

N/A, unless otherwise agreed to by the Parties. All fees for such sale and technical support are subject to the mutual agreement of the Parties, including for the reimbursement of material costs incurred.

Pursuant to the SPA, the Vendor shall provide assistance to facilitate the transfer of know-how in relation to the design and function of the Automated Guided Vehicles and the maintenance of the Automated Guided Vehicles, to, *inter alia,* the Customer, in each case to the extent such assistance can be reasonably provided by the Vendor or any applicable subsidiary or related corporation of the Vendor (including the Service Provider) and any material costs incurred by the Vendor or any applicable subsidiary or related corporation of the Vendor (including the Service Provider) are reimbursed (subject to prior mutual agreement).

**Subject to the provisions above, the indicative hourly rates of the Service Provider are set out below for reference purposes only.**

---

| | | | |
|:---|:---|:---|:---|
| **Resource Type** | **Hourly Rate During Office Hour (SGD)** | **Hourly Rate After Office Hour Monday to Saturday**<br> **(SGD)** | **Hourly Rate During Sunday and Public Holiday In Singapore (SGD)** |
| Project Manager | 135 | 202.5 | 270 |
| Testing & Commissioning Manager | 135 | 202.5 | 270 |
| Testing & Commissioning Engineer | 83 | 124.5 | 166 |
| Customer Service Team Lead | 110 | 165 | 220 |
| Customer Service Engineer | 83 | 124.5 | 166 |

---

**Appendix 4: Service Contract Document with End Customer**

**EXHIBIT B**

**Form** of **Shareholders Agreement**

EXHIBIT TO MASTER ASSET SALE AGREEMENT

DATED THE DAY OF 2021

**BETWEEN**

**Otsaw Technology Solutions Pte. Ltd.**

AND

**Swisslog Healthcare Holding AG**

AND

**[Otsaw Swisslog Healthcare Robotics Pte. Ltd.]**

as the **Company**

**SHAREHOLDERS AGREEMENT**

---

| | | |
|:---|:---|:---|
| **THIS AGREEMENT** dated the | day of | 2021 is entered into |

---

**BETWEEN:**

(1) **Otsaw Technology Solutions Pte. Ltd.** (Company Registration No. 202033912W), a company incorporated
in Singapore and having its registered office at 12 Kaki Bukit View, #04-00, Singapore 415948 **("Otsaw");** 

(2) **Swisslog Healthcare Holding AG** (Company Registration No. **CHE-317.331.234),** a company incorporated
in Switzerland and having its registered office at Webereiweg 3, 5033 Buchs AG,Switzerland **("Swisslog");** and

(3) [Otsaw
 Swisslog Healthcare Robotics Pte. Ltd.] (Company Registration No. [●]) **,** a company
 incorporated in Singapore and having its registered office at [●] (the **"Company"),** 

(each a ***Party*** and together, the ***Parties)***

 ****

**WHEREAS:**

(A) Otsaw is in the robotics technology business, and leverages technology, robotics and artificial intelligence
to digitise a wide range of integrated facility management services including security, cleaning and disinfection, maintenance and delivery
services.

(B) Swisslog, its Subsidiaries and certain Related Corporations are engaged in the business of developing
and manufacturing the "TransCar" Automated Guided Vehicles which are sold to and used by customers, and providing maintenance
services in respect of the Automated Guided Vehicles under service contracts. This business is carried out in several countries, including
the Territories. The customers of this business are mainly hospitals.

(C) Swisslog
 and the Company had entered into a master asset sale agreement dated [●] (the "**SPA** ")
 for the transfer of certain assets and the assumption of certain liabilities.

(D) The Parties hereto have agreed to come together to establish the Company to carry out the Business (as
defined below) for the parties' mutual benefit. Around the date of this Agreement, the Shares (as defined below) which have been issued
and allotted are as set out in Part A of Schedule 2 to this Agreement.

(E) The Parties have agreed to enter into this Agreement to regulate their rights between them as shareholders
of the Company and certain aspects of the affairs of and their dealings with the Company.

**NOW IT IS HEREBY AGREED** as follows:

**1.** **DEFINITIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 In this Agreement unless the context otherwise requires:

**"Affiliate"** shall mean, in relation to a company, a person or company directly or indirectly Controlling, Controlled by or under direct or indirect common Control with such company; and in relation to a natural person, a person directly or indirectly Controlled by such person or the family members of such person;

**"AGV Manufacturing Operations"** shall have the meaning ascribed to it in the SPA;

**"Articles"** shall mean the Articles of Association or other constitutional documents of the Company from time to time;

**"Auditors"** shall mean the external auditors for the time being of the Company;

**"Automated Guided Vehicles"** means the TransCar Automated Guided Vehicles originally developed by Swisslog and/or certain Subsidiaries and Related Corporations of Swisslog, and which, prior to the date of this Agreement, were originally manufactured by KUKA AG and/or any of KUKA AG's Affiliates for Swisslog and any similar automated guided vehicles the Company manufactures and develops from time to time;

**"AGV Manufacturing Operations"** shall have the meaning ascribed to it in the SPA;

**""Board"** or **"Board of Directors"** shall mean the Board of Directors for the time being of the Company;

**"Board Reserved Matters"** shall have the meaning ascribed to it in Clause 4.8;

**"Business"** shall mean the business described in Clause 2.2;

**"Business Day"** means a day on which banks are generally open for business in Singapore and Frankfurt, Germany (other than Saturdays, Sundays and days which are gazetted or otherwise declared as public holidays);

**"Call Option"** shall have the meaning ascribed to it in Clause 7C.1;

**"Call Option Notice"** shall have the meaning ascribed to it in Clause 7C.2;

**"Call Option Price"** shall have the meaning ascribed to it in Clause 7C.1;

**"Call Option Shares"** shall have the meaning ascribed to it in Clause 7C.1;

**"Canadian TransCar Contract"** means the contract concluded with Humber River Regional Hospital (Canada) and concerning the provision of maintenance services in respect of AGVs by the Vendor Group in Canada.

**"Chairman"** shall mean the chairman for the time being of the Board referred to in Clause 4.4;

**"Companies Act"** shall mean the Companies Act, Chapter 50 of Singapore, as amended, modified or supplemented from time to time;

**"Completion"** shall have the meaning ascribed to it in the SPA;

**"Completion Date"** shall have the meaning ascribed to it in the SPA;

**"Confidential Information"** shall have the meaning ascribed to it in Clause 12.1;

**"Constitution"** shall mean the constitution of the Company, as amended, modified or supplemented from time to time;

**"Contract Compensation"** shall have the meaning ascribed to it in the SPA;

**"Control"** means, in relation to a person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where a person has direct or indirect control:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) of the affairs of the first-mentioned person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) over more than fifty (50%) of the total voting rights conferred by all of the issued shares in the capital of the first-mentioned
person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) of a majority of the board of directors of the first-mentioned person, in each case, whether pursuant to relevant
constitutional documents, contract, agreement or otherwise; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the possession, directly or indirectly, of power to direct or cause the direction of the management, decisions,
actions and/or policies of that person, whether through the ownership of voting shares or by contract or otherwise; and

and the expressions **"is Controlled by"** and **"is under the Control of"** and any other similar reference shall be construed accordingly;

**"Default Sale Shares"** shall have the meaning ascribed to it in Clause 8.1; **"Default Transfer Notice"** shall have the meaning ascribed to it in Clause 8.1;

**"Defaulting Shareholder"** shall have the meaning ascribed to it in Clause 8.1;

**"Designation Terms"** shall have the meaning ascribed to it in Clause 16;

**"Director"** shall mean a director of the Company for the time being;

**"Encumbrance"** means any mortgage, assignment of receivables, debenture, lien, hypothecation, charge, pledge, title retention, right to acquire, security interest, option, pre-emptive or other similar right, right of first refusal, restriction, third-party right or interest, any other encumbrance, condition or security interest whatsoever or any other type of preferential arrangement (including without limitation, a title transfer or retention arrangement) having similar effect;

**"Event of Default"** shall have the meaning ascribed to it in Clause 8.1;

**"Financial Year"** shall mean the 12-month period ending on 30 April or such other date as determined by the Company;

**"French AGV Business"** means the business of (i) developing and manufacturing the Lamcar automated guided vehicles which are sold to and used by customers in France, and (ii) providing maintenance services in respect of (a) the Lamcar automated guided vehicles under service contracts in France and (b) the French TransCar Contracts.

**"French TransCar Contracts"** means the contracts concluded with (i) France - Chu Sud Francilien and (ii) France - Hopital Bourgoin Jallieu and concerning the provision of maintenance services in respect of AGVs by the Vendor Group in France.

**"Independent Expert"** shall have the meaning ascribed to it in the SPA;

**"KUKA AG"** means KUKA Aktiengesellschaft, the ultimate parent company of Swisslog;

**"Maintenance Operations"** shall have the meaning ascribed to it in the SPA;

**"Maintenance Operations"** means the provision of maintenance services in respect of the Automated Guided Vehicles under the Contracts carried on in the Territories and which customers are mainly hospitals and contractors engaged by hospitals;

**"Manufacturing Agreement"** shall have the meaning ascribed to it in the SPA;

**"Non-Defaulting Shareholder"** shall have the meaning ascribed to it in Clause 8.1.3;

**"Offered Subscription Shares"** shall have the meaning ascribed to it in Clause 6.3;

**"Put Option"** shall have the meaning ascribed to it in Clause 7B.1;

**"Put Option** - **Default Valuation"** shall have the meaning ascribed to it in Clause 7B.5;

**"Put Option Notice"** shall have the meaning ascribed to it in Clause 7B.2;

**"Put Option Price"** shall have the meaning ascribed to it in Clause 7B.1;

**"Put Option Shares"** shall have the meaning ascribed to *it* in Clause 7B.1;

**"Related Corporation"** shall have the meaning given under Section 6 of the Companies Act;

**"Restricted Entities"** shall have the meaning ascribed to it in Clause 12.2.3;

**"Revenue Period"** shall have the meaning ascribed to it in the SPA;

**"Revenue Statement"** shall have the meaning ascribed to it in the SPA;

**"Service Agreements"** shall have the meaning ascribed to it in the SPA;

**"Shareholder Reserved Matters"** shall have the meaning ascribed to it in Clause 5.5;

**"Shareholders"** shall mean the shareholders for the time being of the Company who are parties to this Agreement;

**"Shareholding Proportion"** shall mean in relation to any Shareholder, the proportion as is equal to the proportion in which the number of Shares registered in the name of such Shareholder at any given time bears to the total number of issued Shares at the same given time;

**"Shares"** shall mean ordinary shares in the capital of the Company;

**"Singapore Dollars"** or **"S$"** means the lawful currency of Singapore;

**"SIAC"** shall have the meaning ascribed to it in Clause 17.1;

**"SIAC Rules"** shall have the meaning ascribed to it in Clause 17.1;

**"SPA"** shall have the meaning ascribed to it in Recital (C) and a copy is set out in Schedule 1;

**"Subscription Offer"** shall have the meaning ascribed to it in Clause 6.2;

**"Subsidiary"** shall have the meaning given under Section 5 of the Companies Act;

**"Swedish TransCar Contract"** means the contract concluded with Karolinska, Huddinge Sjukehus, Stockholm and concerning the provision of maintenance services in respect of AGVs by the Vendor Group in Sweden.

**"Swisslog Designations"** shall have the meaning ascribed to it in Clause 16;

**"Swisslog Director"** shall have the meaning ascribed to it in Clause 4.1;

**"Territories"** means the world;

**"Tranche"** shall have the meaning ascribed to it in Clause 7B.1.

**"Transaction Documents"** shall have the meaning ascribed to it in the SPA;

**"Transferred Assets"** shall have the meaning ascribed to it in the SPA;

**"Vendor Group Designations"** shall have the meaning ascribed to it in the SPA;

**"Vendor Group"** shall have the meaning ascribed to it in the SPA;

References to **"person"** include an individual, a firm, a company, an organisation, a partnership and a corporation.

1.2 In this Agreement unless the context otherwise requires, words importing the singular include the plural
and vice versa and words importing a gender include every gender.

1.3 The words **"hereto", "herein", "hereon"** and **"hereunder''** and words of similar import, when used in this Agreement, refer to this Agreement as a whole and not to any particular provision of this
Agreement.

1.4 Headings are for ease of reference only and have no legal effect.

1.5 Unless the context otherwise requires, references herein to **"Clause"** or **"Clauses"** are references to the clause or clauses of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **THE COMPANY** 

2.1 <u>The Company</u> <u>:</u> The Company was incorporated
 on [●] under the Companies Act of the laws of the Republic of Singapore with the company
 registration number **[●].** 

2.2 <u>Business</u> <u>:</u> The main business (the **"Business")** of the Company shall be developing
 and manufacturing the Automated Guided Vehicles which are sold to and used by customers,
 and providing maintenance services in respect of the Automated Guided Vehicles under service
 contracts, carried on by the Company in the Territories and subsisting at the date of this
 Agreement, and which customers are mainly hospitals.

2.3 <u>Constitution</u> <u>:</u> In the event of any conflict between the provisions of this Agreement and the Constitution,
 this Agreement shall prevail and it is agreed that the parties shall wherever necessary procure
 the present Constitution to be amended to reflect the provisions of this Agreement. If not
 done prior to the date of this Agreement, the presentConstitution shall be amended to reflect
 the provisions of this Agreement (and otherwise to the reasonable satisfaction of both Otsaw
 and Swisslog) within 20 Business Days following the date of this Agreement.

2.4 <u>Diversification</u>:
 Subject to Clause 4.8, the Company may from time to time extend the nature or area of its
 Business and/or carry on such other business.

2.5 <u>Agreements Entered</u> into <u>Pursuant to the SPA</u> <u>:</u> Pursuant to the SPA, the Company has entered, or will enter, into Service Agreements between
 (i) Swisslog Healthcare GmbH and certain other members of the Vendor Group and (ii) Swisslog
 Healthcare Asia Pacific Pte. Ltd. with the Company respectively. The existing Manufacturing
 Agreement between Kuka AG and Swisslog will remain in place until expiration of its term.
 Pursuant to the SPA, to the extent requested by Otsaw, Swisslog shall use its reasonable
 efforts to procure that KUKA AG shall, and the Company shall, each use its reasonable endeavours
 to agree to the terms of and enter into a manufacturing agreement upon the expiry of the
 existing Manufacturing Agreement. Until the expiry of the existing Manufacturing Agreement,
 the existing Manufacturing Agreement shall continue to apply, and the Company shall be entitled
 to request that orders be placed pursuant to the existing Manufacturing Agreement, and Swisslog
 shall place those orders as soon as reasonably practicable and sell such AGVs to the Company
 at cost, and Swisslog shall take such actions pursuant to the existing Manufacturing Agreement
 as reasonably requested by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Company's Dealings</u>: Any dealings by the
 Company and its Directors, any Shareholders or any Affiliates of such persons in relation
 to the supply of goods or services, including any service agreement or manufacturing agreement,
 shall be on normal arm's length terms negotiated between the relevant parties and no
 such person shall claim or be entitled to any preferential treatment in relation thereto
 by reason of the relationship of such persons under this Agreement or any shareholding in
 connection with the Company. For the avoidance of doubt, the Parties agree that they shall
 not seek to rescind, terminate or invalidate or otherwise re-negotiate the Service Agreements
 and the existing Manufacturing Agreement referred to in Clause 2.5 on the basis that these
 were not on arm's length terms).

2.7 <u>Obligations of Shareholders:</u> In consideration of
the mutual obligations of the parties herein contained, and except as the Shareholders may otherwise agree in writing or save as otherwise
provided or contemplated in this Agreement, each of the Shareholders shall exercise their powers in relation to the Company to procure
that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company carries on the Business and conducts its affairs in a proper and efficient manner and in accordance
with all applicable laws, regulations, licenses, consents, approvals or authorisations from any relevant authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company, the Directors and the Shareholders, shall comply strictly and expeditiously with the provisions
of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company shall cause to be kept accurate and complete accounting records relating to the business,
undertaking and affairs of the Company which records shall be made available at all reasonable times for inspection by the Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Company shall prepare monthly management accounts (in such format as shall be prescribed by Otsaw
for its Subsidiaries incorporated in Singapore (and materially corresponding to the format circulated to Swisslog prior to this Agreement
if not agreed otherwise by Swisslog in writing) and provide them to the Board of Directors and the Shareholders within 20 Business Days
following the end of the month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Company shall prepare annual accounts for each Financial Year, in each case in accordance with generally
accepted accounting principles and practices in Singapore and in compliance with all applicable legislation in respect of the accounting
reference period and which shall be audited by the Auditors, and shall procure and present them for approval to the Board of Directors
and, once approved, shall send them to the Shareholders (however latest within 6 months following the end of the relevant financial year);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Company shall prepare, or cause to be prepared, in each financial year for the subsequent financial
year an annual business plan and budget for the Company and shall send such draft annual business plan and budget for the approval to
the Board of Directors no later than 20 Business Days prior to the end of each financial year, and after the annual business plan and
budget is approved by the Board the Company shall send these to the Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Company shall do all that the Auditors may reasonably require by way of records and accounts and provide
the Auditors with such information and explanations as they reasonably require and otherwise assist the Auditors in all reasonable ways;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) if the Company requires any approval, consent or licence for the carrying on of its business in the places
and in the manner in which it is for the time being carried on or proposed to be carried on, the Company will use its best endeavours
to obtain and maintain the same in full force and effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company shall promptly inform the Board of Directors of any material development affecting the business
or financial condition of the Company.

2.8 <u>Auditors:</u> The first Auditors of the Company shall be Mazars LLP.

3. COVENANTS AND WARRANTIES

<u>Representations and Warranties</u>

3.1 Each Shareholder represents and warrants in favour of the other Shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (In the case of a corporation) that it is a corporation duly incorporated in its place of incorporation,
and that it has full corporate authority to enter into this Agreement and to perform its obligations hereunder accordingly to the terms
hereof, and that it has taken all necessary corporate or other action, and has obtained all necessary consents, to authorise its entry
into and performance of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (In the case of an individual) that he has full legal capacity to enter into this Agreement and to perform
his obligations hereunder according to the terms hereof, and that it has taken all necessary actions, and has obtained all necessary consents
(if applicable), to authorise his entry into and performance of this Agreement.

3.2 The foregoing representations and warranties shall be deemed to be repeated by each Shareholder (including
any new Shareholder) upon the execution by any transferee (or allottee) of any deed of ratification and accession pursuant to Clause 7.2.

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| | |
|:---|:---|
| **4** | **ORGANISATION OF THE COMPANY** |

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<u>Board of Directors and Proceedings</u>

4.1 <u>Appointment of Directors:</u> The Shareholders agree
that, for so long as Otsaw and Swisslog respectively hold Shares of the Company, they shall each be entitled to appoint up to the number
of Directors as set out below:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Shareholder** | &nbsp;&nbsp; **No. of Directors** (for so long as Otsaw and Swisslog respectively hold Shares representing 60% and 40% of the total number of issued<br> shares of the Company) | &nbsp;&nbsp; **No. of Directors** (for so long as Otsaw and Swisslog respectively hold Shares representing 73% and 27% of the total number of issued<br> shares of the Company) | &nbsp;&nbsp; **No. of Directors** (for so long as Otsaw and Swisslog respectively hold Shares representing 86% and 14% of the total number of issued<br> shares of the Company) |
| &nbsp;&nbsp;Otsaw | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Swisslog | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 |

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(The relevant director appointed by Swisslog, the **"Swisslog Director")**

A Shareholder that is entitled to appoint a Director(s) may also remove that Director(s). A Shareholder that is entitled to appoint or remove a Director(s) shall do so by giving written notice to the Company and to the other Shareholder(s), and in the case of removal of a Director, also to the Director being removed, in accordance with the notification provision provided in this Agreement. A Shareholder that ceases to be entitled to appoint a Director(s) shall take the steps necessary for the removal of any Director(s) appointed by it. The Company and the Shareholders shall take the steps necessary for the appointment and/or removal of such Director(s) upon the receipt of such written notice, such that the appointment and/or removal of such Director(s) is in accordance with the Companies Act and the Constitution.

4.2 <u>Alternate Directors:</u> A Director may at any time
appoint any other person (other than a Director) to be his alternate and to remove such alternate Director. All appointments and removals
of alternate Directors made by any Director shall be in writing under the hand of the Director making the same and shall take effect as
of its receipt at the office of the Company or on the date of appointment or the removal, as the case may be, specified in the notice,
whichever is the later.

4.3 <u>Director's Powers:</u> Subject to the provisions of
this Agreement, the Constitution and the Companies Act, the Board of Directors shall set the policies for the Company and shall exercise
all powers of control and management over the Company's affairs.

4.4 <u>Chairman:</u> The Chairman of the Board will be Ling
Ting Ming or any other Director appointed by Otsaw. If the Chairman is not able to fulfill his duties as Chairman at any meeting of the
Board, the chairman of that meeting shall be any Director appointed by Otsaw. In the event of an equality of votes, the Chairman shall
have a casting vote.

4.5 <u>Quorum for Board Meetings:</u> In the event that (a)
for so long as Otsaw and Swisslog respectively hold Shares representing 60% and 40% of the total number of issued shares of the Company,
the quorum for all meetings of the Board shall require one (1) Director appointed by Otsaw and one (1) Director appointed by Swisslog;
and (b) for so long as Otsaw and Swisslog respectively hold Shares representing 73% and 27% of the total number of issued shares of the
Company, or for so long as Swisslog holds Shares representing less than 27% of the total number of issued shares of the Company, the quorum
for all meetings of the Board shall require any two (2) Directors. For the avoidance of doubt, this shall be without prejudice to the
Board Reserved Matters.

4.6 <u>Notice for Board Meeting:</u> At least seven (7) days'
notice, or such shorter notice as may be agreed by the Directors, in writing of each meeting of the Board shall be given to each Director
of the Company at the address from time to time provided by him to the Company for such purpose and such notice shall be accompanied by
an agenda of the matters to be considered at the meeting. No decision shall be taken on any matter at a meeting of the Board unless notice
of such matter shall have been given in the manner aforesaid or waiver of such notice has been given in respect of such matter by all
of the members of the Board. Each meeting of the Board shall be held in Singapore or such other place as may be agreed by the Directors.

4.7 <u>Director's Interests:</u> A Director shall disclose
the nature of his interest in accordance with Section 156 of the Companies Act in respect of any contract or arrangement in which he is
or may be interested and shall not be prohibited from voting or being counted in a quorum at any Board meeting in respect of any such
contract or arrangement in which he is or may be interested provided he has disclosed the nature of his interest in accordance with Section
156 of the Companies Act.

4.8 <u>Board Reserved Matters:</u> Notwithstanding anything
to the contrary in this Agreement, the matters listed in Schedule 3 (the **"Board Reserved Matters")** require the consent
or the approving vote of the Swisslog Director as further set forth in Schedule 3.

4.9 <u>Decisions of the Board:</u> Save as provided in this
Agreement (and for the avoidance of doubt, subject to Clause 4.8), decisions of the Board shall be decided by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a simple majority of votes of the Directors present and voting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a resolution in writing, signed by a majority of the Directors, provided that such Directors would fulfil
the quorum requirements and a copy of the resolution in writing has been sent to all Directors (excluding alternate Directors) at least
3 (three) Business Days prior to the passing of the resolution in writing, which shall be as valid and effectual as if it had been passed
at a meeting of the Board duly convened and held. For the purpose of this paragraph, "in writing" and "signed" shall
include copies of signatures sent by facsimile or email. For the avoidance of doubt, (i) this Clause shall be without prejudice to the
rights of a Director to request or summon a meeting of the Directors at any time (which right shall be set forth in the Constitution),
and (ii) shortly after the facsimile or email copy of the resolution is sent to the company secretary's office, an original signed copy
of the resolution should be sent to the company secretary's office for filing. Any such resolution may consist of several documents in
like form, each signed by one (1) or more Directors. Such resolution shall be circulated to all Directors. The alternate Directors may
sign a resolution in place of the Director in respect of whom he is appointed,

Provided that for the purpose of sub-clause (a), the Directors may meet together either in person or by telephone, radio, conference television or similar communication equipment or any other form of audio or audio-visual instantaneous communication by which all persons participating in the meeting are able to hear and be heard by all other participants, for the despatch of business and adjourn and otherwise regulate their meetings as they think fit and that the quorum for such teleconference meetings shall be the same as the quorum required for a Board meeting provided under this Agreement. A resolution passed by such a conference shall, notwithstanding that the Directors are not present together at one place at the time of the conference, be deemed to have been passed at a meeting of the Directors held on the day and at the time at which the conference was held and shall be deemed to have been held at the registered office of the Company, unless otherwise agreed, and all Directors participating at that meeting shall be deemed for all purposes of this Agreement to be present at that meeting.

<u>Management and Operations</u>

4.10 <u>Management / Key Executives:</u> 

Unless the Parties otherwise agree, the Parties shall procure that the Company shall utilise the following persons for the positions stated below:-

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| | |
|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Position** |
| &nbsp;&nbsp;Tobias Klesen | &nbsp;&nbsp;General Manager |
| &nbsp;&nbsp;Raymond Lee Shuxin | &nbsp;&nbsp;Chief Financial Officer |
| &nbsp;&nbsp;Tan Yuey | &nbsp;&nbsp;Chief Marketing Officer |
| &nbsp;&nbsp;Louis Tran | &nbsp;&nbsp;Chief Technical Officer |
| &nbsp;&nbsp;Sandra Ahlers | &nbsp;&nbsp;Business Manager |

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5 GENERAL MEETINGS AND ACTIONS REQUIRING SHAREHOLDERS APPROVAL

5.1 <u>Quorum for General Meeting:</u> The quorum for a general
meeting of the Company shall be any two (2) shareholders. If within half an hour from the time appointed for the general meeting a quorum
is not present, the general meeting shall stand adjourned to the same day in the next week at the same time and place, or to such other
day and at such other time and place as the Directors may determine unanimously, and at such adjourned general meeting only the attendance
by Otsaw shall be sufficient to form a quorum for such adjourned general meeting. For the avoidance of doubt, this shall be without prejudice
to the Shareholder Reserved Matters.

5.2 <u>Notice for General Meeting:</u> At least fourteen (14)
days' notice, or such shorter notice as may be agreed by the Shareholders, in writing of each General Meeting shall be given to each Shareholder
at the address from time to time provided by him to the Company for such purpose and such notice shall be accompanied by an agenda of
the matters to be considered at the General Meeting. No decision shall be taken on any matter at a General Meeting unless notice of such
matter shall have been given in the manner aforesaid or waiver of such notice has been given in respect of such matter by all of the Shareholders.
Each General Meeting shall be held in Singapore or such other place as may be agreed by the Shareholders.

5.3 <u>Venue for General Meeting:</u> Subject to Clause 5.2,
the Shareholders may meet at any place, including meetings by audio and/or visual conference, for the despatch of their business, adjourn
and otherwise regulate their meetings as they deem fit.

5.4 <u>Voting at General Meetings:</u> All matters raised at
any general meeting of the Company shall, unless otherwise required by the Companies Act, the Constitution or the provisions of this Agreement,
be decided by ordinary resolution of the Shareholders present and voting at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 <u>Shareholder Reserved Matters:</u> The matters listed
in Schedule 4 (the **"Shareholder Reserved Matters")** require the consent or the approving vote of Swisslog as further set
forth in Schedule 4.

6 RIGHT OF FIRST OFFER FOR ISSUE OF NEW SHARES

6.1 Without limiting the effect of Clause 9, the Shareholders hereby agree that each of the Shareholders shall
have a pre-emptive right for the new issuance of shares of the Company, so that the shareholding composition of each of the Shareholders
as reflected under Part A or Part B of Schedule 2
(as the case may be) of this Agreement shall not be diluted. Any new issuance of shares of the Company shall be in accordance with Clauses
6.2 to 6.5 except if the relevant Shareholder expressly waives its right to subscribe for the new issued shares.

6.2 Without limiting the effect of Clauses 4.8 and 5.5, the Shareholders shall procure that all issues of
new shares by the Company are first offered to the Shareholders in accordance with their respective Shareholding Proportion (as nearly
as may be) (a **"Subscription Offer").** 

6.3 Subject to Clause 6.2, a Subscription Offer may be accepted by the relevant Shareholder as to all or some
only of the shares comprised in such Subscription Offer (the **"Offered Subscription Shares")** within fifteen (15) days
from the date of the Subscription Offer (the **"Offer Acceptance Period")** by giving written notice to the Company (stating
the number of Offered Subscription Shares it wishes to subscribe), and failing which, such Subscription Offer shall be deemed to be declined.

In the event the Subscription Offer is declined or deemed to be declined, the portion of the Offered Subscription Shares which is not subscribed for shall be offered to all other Shareholders who subscribed for their Offered Subscription Shares in full on a *pro rata* basis pursuant to their Shareholding Proportion *inter se* (which procedure shall be repeated until all Offered Subscription Shares have been allotted (as nearly as may be without involving fractions or increasing the number allotted to any subscribing Shareholder beyond that applied for by it or not all Offered Subscription Shares may be allotted to the Shareholders due to the Offered Subscription Shares being undersubscribed. In such case where any of the Offered Subscription Shares remain undersubscribed, the Offered Subscription Shares shall be allotted to the relevant subscribing Shareholders in accordance with their applications and any remaining Offered Subscription Shares may be offered to any other person as the Directors may determine at the same price and on the same terms as the offer to the subscribing Shareholders.

6.4 The right of either Shareholder to participate in the Subscription Offer shall not apply to an initial
public offering of the Shares.

6.5 For the avoidance of doubt, this Clause 6 shall not limit the effect of Clause 9.

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| | |
|:---|:---|
| **7** | **TRANSFER OF SHARES** |

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7.1 <u>Restriction on Transfer:</u> No Shareholder shall,
 without the prior written consent of the other Shareholder or as otherwise contemplated by Clause 7.2, Clause 7B, Clause 7C or the
 SPA, (a) transfer any of the shares of the
Company held by it or otherwise sell, dispose of or deal with all or any part of its interest in such shares of the Company or (b) create
or allow to subsist any Encumbrance over its shares of the Company.

7.2 <u>Transfer to Related Corporation:</u> Any Shareholder
who wishes to transfer any of its shares of the Company to any Related Corporation of that Shareholder may do so, provided that in the
event that such Related Corporation shall cease to be a Related Corporation of the Shareholder, the Shareholder shall procure that such
Related Corporation shall, on or before such cessation, transfer all of the shares of the Company back to the Shareholder. In the event
of a transfer of shares of the Company pursuant to this Clause, the Related Corporation shall execute a deed of ratification and accession
in respect of this Agreement, and the Shareholder before such transfer shall continue to be bound by the provisions of this Agreement.

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| | |
|:---|:---|
| **7B.** | **PUT OPTION** |

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| | |
|:---|:---|
| 7B.1 | <u>Put Option:</u> In consideration of the mutual covenants, undertakings and agreements contained herein, Otsaw, on the date of this Agreement, hereby irrevocably grants to Swisslog a put option (the **"Put Option")** to require Otsaw to purchase all of the Shares of the Company held by Swisslog in accordance with the schedule set out below (as adjusted for any share splits, sub-divisions, consolidations, scrip dividends, reclassifications or similar re-capitalisation events) (the **"Put Option Shares")** at the respective price set out below (the **"Put Option Price").** The shareholding composition of each of the Shareholders at completion of the respective Tranche of Put Option Shares is reflected under Part B of Schedule 2 of this Agreement. |

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| | | | |
|:---|:---|:---|:---|
| **Number of<br> Tranche ("Tranche")** | **Date** | **Shares to be transferred from<br> Swisslog to Otsaw** | **Put Option Price** |
| 1<sup>st</sup> (First)<br> Tranche | 1 (one) year from Completion Date | 1,333 Shares | S$800,000 |
| 2<sup>nd</sup> (Second) Tranche | 2 (two) years from Completion Date | 1,333 Shares | S$800,000 |
| 3<sup>rd</sup> (Third) Tranche | 3 (three) years from Completion Date | 1,334 Shares | S$800,000 |

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| | |
|:---|:---|
| 7B.2 | <u>Put Option Notice:</u> Subject to the terms of this Clause 7B, on or after the respective date set out in Clause 7B.1, Swisslog may exercise the Put Option in relation to the respective Tranche by giving a notice in writing to Otsaw of its exercise of the Put Option (the **"Put Option Notice").** |

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| | |
|:---|:---|
| 7B.3 | The completion of the transfer of each Tranche of Put Option Shares by Swisslog to Otsaw pursuant to the exercise of the Put Option shall take place within the period of thirty (30) days commencing immediately after the date of receipt by Otsaw of the Put Option Notice, such completion shall take place at the office of the Company, and at such completion:- |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Swisslog shall deliver or have delivered to Otsaw a duly
executed transfer in relation to the respective Tranche of the Put Option Shares in favour of Otsaw, and the relevant share certificate(s)
and to do all acts and things necessary to complete such transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Otsaw shall pay to Swisslog
the respective Put Option Price, provided that, any payments of the Put Option Price shall be made subject to any set-off or deduction
or any counterclaim whether any such set-off, deduction or counterclaim arises under this Agreement or the SPA and further subject to
the provisions of Clause 18.1 0;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Otsaw and Swisslog shall procure the passing of resolutions
by the Board of Directors of the Company approving the registration of the transfer of the respective Tranche of the Put Option Shares
to Otsaw (subject to the transfer being duly stamped).

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| | |
|:---|:---|
| 7B.4 | If in any case Swisslog after having become bound as aforesaid makes default in transferring the Put Option Shares in accordance with the schedule set out above in Clause 7B.1, the Company may receive the respective Put Option Price and Otsaw shall be deemed to have appointed any one (1) Director or the secretary of the Company as its agent to execute a transfer of the Put Option Shares of the Company to Otsaw, and upon the execution of such transfer the Company shall hold the purchase money in trust for Swisslog. The receipt by the Company of the purchase money shall be a good discharge to Otsaw, and after Otsaw's name has been entered in the register of members in purported exercise of the aforesaid power, the validity of the proceedings shall not be questioned by any person. |

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7B.5 In case Otsaw defaults in paying the Put Option Price on any tranche of the Put Option, that tranche of Put Option Shares shall not be transferred, and the following shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) either Swisslog shall be free to transfer any and all of its Shares to any third party without any further
restrictions or consents/approvals required; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Swisslog shall have the right to require that Otsaw transfers to Swisslog all of the Shares held by Otsaw
for a price equivalent to the fair value of such Shares as shall be determined by an international third party independent valuer to be
appointed by Swisslog with a discount of 30% applied to such fair value (the **"Put Option** - **Default Valuation").** On the completion of the transfer of the Shares held by Otsaw to Swisslog, Swisslog shall pay to Otsaw the Put Option - Default Valuation,
subject to any other provisions in Clause 7B.6. All costs and expenses incurred in connection with the appointment of such third party
independent valuer shall be borne by the Company. Once the right
under sub-clause (ii) above is exercised by Swisslog, Clause 7B.3 above shall apply *mutatis mutandis* with Swisslog being the purchasing
party and Otsaw being the selling party. Completion shall take place within 10 Business Days after the independent valuer has rendered
the Put Option - Default Valuation.

The Parties agree that Swisslog may, in its sole discretion, exercise its right under sub-clause (i) or under sub-clause (ii), and not both. The Parties agree that once its right under either sub-clause (i) or sub-clause (ii) is exercised and the transfers of the respective Shares are completed, Swisslog shall have no further remedies in respect of Otsaw's default in paying the applicable Put Option Price, Otsaw shall be released and discharged from all remaining Put Option Prices which have not already been paid (and whether or not the respective Tranche has been exercised or is exercisable) and all liabilities arising from or related to its default in paying the Put Option Price (or any portion thereof), and Swisslog shall have no further claims and demands for the payment of the Put Option Price (or any portion thereof) or arising from or related to such default by Otsaw in paying the applicable Put Option Prices.

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| | |
|:---|:---|
| 7B.6 | In the event that Swisslog exercises its right under Clause 7B.S(ii), Swisslog hereby grants to Otsaw and Otsaw Digital Pte. Ltd. the option to require Swisslog to sell all of the ordinary shares in the capital of Otsaw held by Swisslog or its related corporation (as adjusted for any share splits, sub-divisions, consolidations, scrip dividends, reclassifications or similar re-capitalisation events) at a price of S$3.1 Million to be exercised latest within 5 Business Days prior to the completion of the transfer of Shares. Once the right under this Clause is exercised by Otsaw or Otsaw Digital Pte. Ltd., Clause 7C.3 below shall apply *mutatis mutandis* with Otsaw or Otsaw Digital Pte. Ltd. being the purchasing party and Swisslog being the selling party, the shares being transferred would refer to the ordinary shares in the capital of Otsaw in place of the Company, and references to the Company would be substituted by references to Otsaw. For the avoidance of doubt, the put option granted under this Clause 7B.6 may be exercised by Otsaw and/or Otsaw Digital Pte. Ltd. Completion of the transfers contemplated by Clause 7B.6 and Clause 7B.5(ii) shall occur simultaneously. Any corresponding payments under Clause 7B.5 and this Clause 7B.6 shall be set off against each other with the balance remaining payable by the relevant Party. |

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| | |
|:---|:---|
| 7B.7 | Notwithstanding anything to the contrary in these Clauses 7B.5 and 7B. 6 and for the avoidance of doubt, in case Otsaw defaults in paying the Put Option Price on any tranche of the Put Option, Swisslog shall be free to (only) claim the payment of the Put Option Price pursuant to the SPA without being obliged to pursue or elect either of the options under sub-clause (i) or under sub-clause (ii) of Clause 7B.5. |

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| | |
|:---|:---|
| **7C.** | **CALL OPTION** |

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| | |
|:---|:---|
| 7C.1 | <u>Call Option:</u> In consideration of the mutual covenants, undertakings and agreements contained herein, Swisslog, on the date of this Agreement, hereby irrevocably grants to Otsaw a call option (the **"Call Option")** to require Swisslog to sell an aggregate of all of the Shares of the Company held by Swisslog, whether in accordance with the schedule set out below or at any time before the respective date of each Tranche, (as adjusted for any share splits, sub-divisions, consolidations, scrip dividends, reclassifications or similar re-capitalisation events) (the **"Call Option Shares")** at the respective price set out below (the **"Call Option Price").** The shareholding composition of each of the Shareholders at completion of the respective Tranche of Call Option Shares is reflected under Part B of Schedule 2 of this Agreement. |

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| | | | |
|:---|:---|:---|:---|
| **Number of <br> Tranche ("Tranche")** | **Date** | **Shares to be transferred from<br> Swissloa to Otsaw** | **Call Option Price** |
| 1<sup>st</sup> (First) Tranche | 1 (one) year from Completion Date | 1,333 Shares | S$800,000 |
| 2<sup>nd</sup> (Second) Tranche | 2 (two) years from Completion Date | 1,333 Shares | S$800,000 |
| 3<sup>rd</sup> (Third) | 3 (three) vears from | 1,334 Shares | S$800,000 |
| Tranche | Completion Date |  |  |

---

For the avoidance of doubt, Swisslog hereby agrees and acknowledges that Otsaw may exercise the Call Option **at** any time provided that the Call Option is exercised for all the three (3) Tranches at the same time.

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| | |
|:---|:---|
| 7C.2 | <u>Call Option Notice:</u> Subject to the terms of this Clause 7C, on or after the respective date set out in Clause 7C.1, Otsaw may exercise the Call Option in relation to the respective Tranche or all Tranches by giving a notice in writing to Swisslog of its exercise of the Call Option in relation to that respective Tranche (the **"Call Option Notice").** |

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| | |
|:---|:---|
| 7C.3 | The completion of the transfer of each Tranche of Call Option Shares by Swisslog to Otsaw pursuant to the exercise of the Call Option shall take place within the period of thirty (30) days commencing immediately after the date of receipt by Swisslog of the Call Option Notice, such completion shall take place at the office of the Company, and at such completion:- |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Swisslog shall deliver or have delivered to Otsaw a duly executed transfer in relation to the respective
Tranche of the Call Option Shares in favour of Otsaw, and the relevant share certificate(s) and to do all acts and things necessary to
complete such transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Otsaw shall pay to Swisslog the respective
Call Option Price provided that, any payments of the Call Option Price shall be made subject to any set-off or deduction or any counterclaim
whether any such set-off, deduction or counterclaim arises under this Agreement or the SPA and further subject to the provisions of Clause
18.10; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Otsaw shall procure the passing of resolutions by the Board of Directors of the Company approving the
registration of the transfer of the respective Tranche of the Call Option Shares to Otsaw (subject to the transfer being duly stamped).

---

| | |
|:---|:---|
| 7C.4 | If in any case Swisslog after having received a Call Option Notice makes default in transferring the respective Tranche of the Call Option Shares in accordance with the schedule set out above in Clause 7C.1, the Company may receive the respective Call Option Price and Otsaw shall be deemed to have appointed any one (1) Director or the secretary of the Company as its agent to execute a transfer of the Call Option Shares of the Company to Otsaw, and upon the execution of such transfer the Company shall hold the purchase money in trust for Swisslog. The receipt by the Company of the purchase money shall be a good discharge to Otsaw, and after Otsaw's name has been entered in the register of members in purported exercise of the aforesaid power, the validity of the proceedings shall not be questioned by any person. |

---

Stamp duties in connection with the Put Option and Call Option shall be borne by Otsaw. For the avoidance of doubt, in case the Put Option was exercised for a respective Tranche, the Call Option may not be exercised further with respect to such Tranche and vice-versa.

---

| | |
|:---|:---|
| **8** | **COMPULSORY TRANSFERS** |

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8.1 <u>Events of Default:</u> If any Shareholder (a **"Defaulting Shareholder"):** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.1 shall go into voluntary liquidation or a resolution is passed for the liquidation or winding up of the
Shareholder, or any petition is filed in court (and is not withdrawn within sixty (60) days) or
an order of the court is made for its compulsory liquidation or shall have a judicial manager, receiver or similar officer appointed in
respect of any substantial part of its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.2 shall compound or make any composition or arrangement with its creditors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.3 shall become insolvent and the Defaulting Shareholder has failed to satisfy the other Shareholder (the **"Non-Defaulting Shareholder")** of its ability to pay its debts within twenty-one (21) days of the date of the notice of
default served under this Clause 8.1; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.4 shall
have any distress, execution, sequestration or other process levied or enforced upon or sued out against its property or assets which
is not discharged within thirty (30) days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.5 shall be acquired, merged into or amalgamated with any other company, corporation or other legal entity,
without the prior written consent of the other Shareholders;

(each of the above being an **"Event of Default")** then upon the Company or the Non-Defaulting Shareholder being aware of the Event of Default, the Non-Defaulting Shareholder shall be entitled to serve on the Defaulting Shareholder, a notice (the **"Default Transfer Notice"**) requiring to buy all Shares of the Company held by the Non-Defaulting Shareholder (the **"Default Sale Shares"**) at fair value of such Shares (and only in the case of Clause 8.1.5 above, with a discount of 40% applied to such fair value) as determined by an international third party independent valuer to be appointed by the Non-Defaulting Shareholder (with the Defaulting Shareholder's consent which shall not be unreasonably withheld). All costs and expenses incurred in connection with the appointment of such third party independent valuer shall be borne by the Company.

8.2 <u>Acceptance:</u> Upon the Non-Defaulting Shareholder
having served on the Defaulting Shareholder, a Default Transfer Notice, the Non-Defaulting Shareholder shall become bound to pay the price
within thirty (30) days from the expiration of the date of the Default Transfer Notice (as may be prolonged until the valuation of the
Shares is rendered as contemplated by Clause 8.1) and the Defaulting Shareholder shall be bound upon payment thereof to transfer the Default
Sale Shares to the Non-Defaulting Shareholder, and such transfer shall not preclude or prejudice the rights and remedies available to
a Non-Defaulting Shareholder against the Defaulting Shareholder for any liability, loss, damage, cost or expense (including, without limitation,
legal fees and expenses).

8.3 <u>Default in Transfer:</u> If in any case the Defaulting
Shareholder after having become bound as aforesaid makes default in transferring the Default Sale Shares, the Company may receive the
purchase money and the Non-Defaulting Shareholder shall be deemed to have appointed any one (1) Director or the secretary of the Company
as its agent to execute a transfer of the Default Sale Shares to the Non-Defaulting Shareholder, and upon the execution of such transfer
the Company shall hold the purchase money in trust for the Defaulting Shareholder. The Company shall distribute such purchase money to
the Defaulting Shareholder immediately upon receipt of a written request from the Defaulting Shareholder subject to the right of set off
by the Company of all amounts which the Company is legally entitled to recover from the Defaulting Shareholder. The receipt of the Company
for the purchase money shall be a good discharge to the Non-Defaulting Shareholder, and after the Non-Defaulting Shareholder's name has
been entered in the Register of Members in purported exercise of the aforesaid power, the validity of the proceedings shall not be questioned
by any person.

**9.** **FINANCING** 

9.1 Without limiting the effect of Clauses 4.8 or 5.5, the Board shall determine from time to time the manner
of providing finance for the Business, whether by way of contributions from Shareholders subscribing for new shares of the Company, by
way of shareholders' loans on such interest to be agreed by the Shareholders and/or by way of loans and other credit facilities from banks
or other financial institutions, on such terms as the Board may resolve; provided that this shall be without prejudice to any Board Reserved
Matter or Shareholder Reserved Matter. In the event that the Board or the Shareholders have approved a manner of providing finance for
the Business, whether by way of contributions from Shareholders subscribing for new shares of the Company or by way of shareholders' loans
on such interest to be agreed by the Shareholders and in line with the other provisions of this Agreement (in particular the Board Reserved
Matter or Shareholder Reserved Matter), the Shareholders shall use their reasonable endeavours to subscribe for new shares of the Company
or to provide shareholders· loans in accordance with their respective Shareholding Proportion.

9.2 It is hereby agreed that in the event that the Board or the Shareholders have approved a manner of providing
finance for the Business, whether by way of contributions from Shareholders subscribing for new shares of the Company or by way of shareholders'
loans on such interest to be agreed by the Board as a Restricted Matter, and any Shareholder is in default of any of its payment to the
Company, the other Shareholder may make such payment to the Company notwithstanding that such payment would be in excess of its Shareholding
Proportion of any liability, and:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the event that the manner of providing finance for the Business is by way of contributions from Shareholders
subscribing for new shares of the Company, the Shareholder that has made such payment shall be issued Shares of the Company notwithstanding
that this is in excess of its Shareholding Proportion and notwithstanding Clauses 4.8 and 5.5; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the event that the manner of providing finance for the Business is by way of shareholders' loans, the
other Shareholder shall forthwith reimburse the Shareholder that has made such payment for all amounts paid in excess of its Shareholding
Proportion of the liability and all costs and expenses reasonably incurred, in order to adopt such shareholder's loan.

For the avoidance of doubt, the rights conferred in this Clause 9.2 are in addition to and shall not limit the rights and remedies of a Shareholder under Clause 8.

10. CO-OPERATION

<u>Co-Operation:</u> The Shareholders shall use their reasonable endeavours to co-operate and work together in promoting the Business as well as the smooth and efficient administration and operations of the Company.

11. DURATION AND TERMINATION

11.1 <u>Duration</u>: This Agreement shall take effect from
the date hereof and shall continue until terminated in accordance with the provisions hereof or upon the Company being put into liquidation.
lf this Agreement is terminated in accordance with the provisions hereof, this Agreement (other than the clauses which shall survive termination,
including without limitation this Clause 11, Clause 12 (Confidentiality and Non-competition), Clause 13 (Indemnity), Clause 17 (Arbitration),
Clause 18.1 (Notices) and Clause 18.8 (Governing Law) shall be of no further effect.

11.2 <u>Continuation of Agreement:</u> If any Shareholder sells
all of its shares of the Company in accordance with the provisions of this Agreement then subject to Clause 12, it shall be released from
all of its obligations hereunder, and if, following any such transfer, there is more than one (1) Shareholder bound by the provisions
of this Agreement, then this Agreement shall continue in full force and effect as between the continuing Shareholders.

11.3 <u>Rights not Prejudiced:</u> The termination of this Agreement
howsoever caused and the ceasing by any Shareholder to hold any shares of the Company shall be without prejudice to any obligations or
rights of any of the parties hereto which have accrued prior to such termination or cessation and shall not affect any provision of this
Agreement which is expressly or by implication provided to come into effect on or to continue in effect after such termination or cessation.

12. CONFIDENTIALITY AND NON-COMPETITION

12.1 <u>Confidential Information:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.1 Each party hereto shall not and shall
 procure that the Company shall not except as authorised by the Board reveal to any person,
 firm or company any of the trade secrets, secret or confidential operations, processes or
 dealings or confidential information of any of the Shareholders or the Company or any information
 concerning the organisation, business, finances, transactions or affairs of any of the Shareholders
 or the Company which may come to his knowledge hereunder (collectively, the **"Confidential lnfonnation")** and shall keep with complete secrecy all trade *secrets?* and other confidential information
entrusted to him and shall not use or attempt to use any such information in any manner which may injure or cause loss either directly
or indirectly to any of the Shareholders or the Company or its Business or may be likely so to do. These restrictions shall continue
to apply after the termination of this Agreement without limit in point of time provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) this obligation shall not apply to any Confidential Information to the extent it is in the public domain
(other than as a result of any act or breach of this Agreement by any party hereto or is already known to or independently developed by
the recipient or received from a third party without any duty of confidentiality or is required to be disclosed by law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each of the parties may disclose Confidential Information to its servants, agents, officers, professional
advisers and other consultants, only on a "need to know" basis for the purpose of the performance and exercise of its obligations
under this Agreement provided that it must procure that each person to whom such disclosure is made is similarly bound to observe its
(as the case may be) duties under this Clause 12;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any party may disclose or otherwise make public (by way of announcement or otherwise) Confidential Information
to the extent required by the Singapore Exchange Securities Trading Limited or any other governmental or quasi-government authority, including
(without limitation as set out under the Listing Manual of the Singapore Exchange Securities Trading Limited) and will give prior notification
of any announcement to the other party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) either party may disclose or make public Confidential Information to the extent required by law.

All parties shall take all reasonable steps to minimise the risk of disclosure of confidential information, by ensuring that only they themselves their directors, employees and/or agents whose duties will require them to possess any of such information shall have access thereto, and will be instructed to treat the same as confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.2 Disclosure by any party of any confidential information as set out in Clause 12.1 to any relevant planning
authority, government or quasi-government department or agency, to any stock exchange pursuant to its rules and regulations from time
to time shall not be a breach of this Clause 12.1. Each party shall notify the other parties of any such disclosure as soon as reasonably
practicable.

12.2 <u>Non-competition and Non-solicitation</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.1 The Purchaser has a business presence in Singapore, Thailand, Malaysia, People's Republic of China, United
States of America, Indonesia and Australia, and intends to expand its business presence globally. The Vendor undertakes with the Purchaser
that it shall procure that the Vendor, the other members of the Vendor Group and any subsidiaries of the Vendor will not for a period
of 5 years following the Completion Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) directly or indirectly carry on, be engaged in or be economically interested in or manage or assist any
business which is of the same or similar type to the Maintenance Operations within the Territories and which is or is likely to be in
competition with the Maintenance Operations and/or relates to assets or activities which are of the same or similar type as the Automated
Guided Vehicles within the Territories and which are or are likely to be in competition with the Maintenance Operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) canvass
or solicit the custom of any person, firm or company who has within the 12 months prior to Completion been a customer of the Vendor Group
in relation to the Maintenance Operations
or a customer of the Vendor Group in relation to the manufacture of the Automated Guided Vehicles, in each case with respect to a Restricted
Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) use, cause to be used, register and/or cause to be registered any trade and service marks, business names
and/or company names of or associated with or used in connection with the Maintenance Operations, within the Territories, save, for the
avoidance of doubt, with respect to the Vendor Group Designations; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) directly or indirectly carry on, or be engaged in the AGV Manufacturing Operations or the manufacturing
of the same or similar type of Automated Guided Vehicles within the Territories and whereby such same or similar type of Automated Guided
Vehicles is or is likely to be in competition with the Purchaser or a Purchaser Designee with respect to the Maintenance Operations or
the Automated Guided Vehicles;

(**"Restricted Business"** means any restricted conduct or activity set forth in sub-clauses (a) and (d) above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.2 The Parties acknowledge and agree that the Vendor is carrying on the French AGV Business and such French
AGV Busrness qualifies as an "Excluded Asset" pursuant to the terms and conditions of this Agreement and shall therefore not
be subject of the sale, purchase and transfer as contemplated by this Agreement. To this end:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The French TransCar Contracts, the Swedish TransCar Contract and the Canadian TransCar Contract shall
not be considered to be a breach of the non-competition restrictions pursuant to Clause 12.2.1. The Parties agree that there shall be
no renewals or extensions of the French TransCar Contracts, the Swedish TransCar Contract and the Canadian TransCar Contract upon the
expiry or termination of these contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The French AGV Business shall not be subject to the non-competition restrictions pursuant to Clause 12.2.1
for as long as it is only conducted in France, and there shall be no other business activities relating to the Automated Guided Vehicles
in France, Sweden and Canada other than pursuant to the French TransCar Contracts, the Swedish TransCar Contract and the Canadian TransCar
Contract to which Clause 12.2.2(a) shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.3 The Purchaser acknowledges and agrees that (i) the Vendor is part of a group of companies and that the
non-compete restrictions pursuant to this Clause 12.2 are only binding on the Vendor, the other members of the Vendor Group and subsidiaries
of the Vendor (the **"Restricted Entities")** and (ii) the non-compete restrictions pursuant to this Clause 12.2 are not
binding on any other Affiliates of the Restricted Entities. The Restricted Entities shall not be regarded as having an indirect
interest or engagement in any business, conduct or other activity in case only such other Affiliates of the Restricted Entities are involved
or engaged in such business, conduct or other activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.4 The Vendor shall procure that the other Restricted Entities comply with the non-compete restrictions pursuant
to this Clause 12.2.

**13.** **INDEMNITY** 

<u>Indemnity:</u> In the event that any Shareholder hereto shall be in breach of this Agreement, such party shall indemnify the other Shareholder hereto against and save harmless from any and all claims, losses, damages, costs, expenses and deficiencies including legal fees on a full indemnity basis, suffered, incurred or sustained by the other Shareholder hereto and in consequence of or in relation to any breaches of this Agreement. For this purpose, the losses suffered by a Shareholder shall include any claims, losses, damages, costs, expenses and deficiencies suffered, incurred or sustained by the Company, in proportion to its relative shareholding in the Company.

**14.** **FORCE MAJEURE** 

<u>Force Majeure:</u> No claim for damage or any other remedy shall arise out of any breach of, or any failure to perform any of the obligations arising under, this Agreement if such breach or failure is caused by any force majeure event, provided that such party uses its best endeavours to avoid or mitigate all adverse effects of such force majeure.

**15.** **GOOD FAITH AND RELATIONSHIP BETWEEN PARTIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 <u>Entire Agreement:</u> This Agreement embodies all the
terms and conditions agreed upon between the Parties hereto as to the subject matter of this Agreement and supersedes and cancels in all
respects all previous agreements and undertakings, if any, between the parties hereto with respect to the subject matter hereof, whether
such be written or oral. No modification or amendment of this Agreement and no waiver of any of the terms and conditions hereof shall
be valid unless made in writing and signed by all Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 <u>Carrying into Effect:</u> The Parties hereto hereby
agree and declare that they will execute and do all such acts and things as are necessary and within their power and authority for the
time being to carry into effect and/or to comply with the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3 <u>Partnership:</u> Nothing in this Agreement shall be
construed to imply the existence of a partnership between the Parties hereto other than as Shareholders in the Company in accordance with
the terms of this Agreement or to make one party hereto the representative or agent of any other party hereto or render such party liable
or bound by any act or omission of any other party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **SWISSLOG CEASING TO BE A SHAREHOLDER** 

The Parties hereby agree that in the event that Swisslog ceases to be a Shareholder of the Company, the Company may nevertheless continue to carry on a business whether similar to the Business (or any part of it) or otherwise, under a title or name comprising or containing the word "Swisslog" or any other trademarks or designations of Swisslog and any of its Affiliates (collectively the **"Swisslog Designations"),** subject to the Parties agreeing on a royalty fee and any other market standard terms (collectively, the **"Designation Terms").** If the Parties fail to agree on such Designation Terms, the Company and any of its Related Corporations, shall cease and desist to use the Swisslog Designations within 3 months but in any event within 5 months of Swisslog ceasing to be a Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.** **ARBITRATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 Any dispute arising out of or in connection with this Agreement, including any question regarding its
existence, validity or termination, shall be referred to and finally resolved by arbitration administered by the Singapore International
Arbitration Centre **("SIAC")** in accordance with the Arbitration Rules of the Singapore International Arbitration Centre **("SIAC Rules")** for the time being in force, which rules are deemed to be incorporated by reference in this Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 The seat of the arbitration shall be Singapore.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3 The Tribunal shall consist of one arbitrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4 The language to be used in the arbitral proceedings shall be English.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5 The law for the arbitration agreement shall be Singapore law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.** **MISCELLANEOUS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1 <u>Notices:</u> All notices, demands or other communications required or permitted to be given or made hereunder shall be
in writing and delivered personally or sent by prepaid registered post or by electronic mail at his or its electronic mail address set
out below (or to such other address or electronic mail address as any party may from time to time notify the others):-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(1) Otsaw</u>

Address: 12 Kaki Bukit View #04-00, Singapore 415948 <br> Email address:

Attention:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(2) Swisslog</u>

c/o Swisslog Healthcare Holding AG

Address: Webereiweg 3, 5033 Buchs AG, Switzerland

Email address: robert.oldin@swisslog-healthcare.com Florian.Dorow@kuka.com <br> Attention: Robert Oldin, Florian Dorow

with a copy to (which shall not constitute notice):

c/o Luther LLP

Address: 4 Battery Road, Bank of China Building #25-01, Singapore 049908, Singapore

Email address: clemens.leitner@luther-lawfirm.com <br> Attention: Clemens Leitner

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(3) Company</u>

Address:

Email address:

Attention:

Any such notice, demand or communication shall be deemed to have been duly served (if given by electronic mail) immediately upon receiving acknowledgment of receipt from the intended recipient via the electronic mail (as the case may be) or (if given or made by letter) five (5) Business Days after posting and in proving the same it shall be sufficient to show that the envelope containing the same was duly addressed, stamped and posted.

18.2 <u>Illegality:</u> Notwithstanding that any provision of
this Agreement may prove to be illegal or unenforceable, the remaining provisions of this Agreement shall continue in full force and effect.

18.3 <u>Waiver of Breach:</u> Any waiver of any breach of this
Agreement shall not be deemed to apply to any succeeding breach of the provision or of any other provision of this Agreement. No failure
to exercise and no delay in exercising on the part of any of the parties hereto any right, power or privilege hereunder shall operate
as a waiver thereof nor shall any single or partial exercise of any right, power or privilege preclude any other or further exercise thereof
or the exercise of any other right, power or privilege. The rights and remedies provided in this Agreement are cumulative and not exclusive
of any rights or remedies otherwise provided by law.

18.4 <u>Counterparts:</u> This Agreement may be executed in
any number of counterparts, each of which shall constitute an original but all of which shall be taken together to constitute one and
the same instrument. The exchange of copies of this Agreement and of signature pages by electronic transmission shall constitute effective
execution and delivery of this Agreement as to the relevant parties hereto and may be used in lieu of the origlnal Agreement for all purposes.
Signatures transmitted by electronic transmission shall be deemed to be their original signatures for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.5 <u>Assignment:</u> No Party shall be entitled to assign
any right or delegate any responsibility under this Agreement without the prior written consent of the other Party.

18.6 <u>Benefit of Agreement:</u> This Agreement shall be binding
on and shall ensure for the benefit of each Shareholder's successors and permitted assigns.

18.7 <u>Contracts (Rights of Third Parties) Act:</u> Except
for Otsaw Digital Pte. Ltd., a person who is not a party to this Agreement shall have no right under the Contracts (Rights of Third Parties)
Act, Chapter 538 of Singapore to rely upon or enforce any of its terms.

18.8 <u>Governing Law:</u> This Agreement is governed by, and
shall be construed in accordance with, the laws of Singapore.

18.9 <u>Costs:</u> Each Party shall bear its own legal and other
costs and expenses incurred in connection with this Agreement.

18.10 <u>Set Off:</u> Any payments to be made by any Party under this Agreement shall be
made subject to any set-off or deduction or any counterclaim whether any such set-off, deduction or counterclaim arises under this Agreement,
the relevant Transaction Documents or otherwise provided that: (a) other than for any set-off or deduction or counterclaim for any Contract
Compensation (i) the relevant claim underlying the set-off or deduction or counterclaim must have been duly notified to the relevant other
parties in accordance with the provision of this Agreement or the relevant other Transaction Documents before, and (ii) if the applicable
parties fail to agree on the amount of such claim, the party notifying the claim must duly process such claim and initiate court
or arbitral proceedings (as applicable) latest within 6 months following notification of such claim (failing to do so forfeits the right
to make such set-off, deduction or counterclaim under this Clause); and (b) for any set-off or deduction or counterclaim for any Contract
Compensation, (i) if Swisslog and Otsaw agree on the Revenue Statement, the amount of the Contract Compensation determined based on the
Revenue Statement, and (ii) if Swisslog and Otsaw cannot agree on the Revenue Statement within 30 Business Days following the lapse of
the Revenue Period, (x) until the decision of the Independent Expert is made, the limits for the Contract Compensation as set forth in
Schedule 6 of the SPA for that relevant year (unless the Purchaser demands a lower amount, then such lower amount) or (y), following the
decision of the Independent Expert, the amount of the Contract Compensation determined based on the Revenue Statement after it is reviewed,
calculated and determined by the Independent Expert.

18.11 <u>Time of the Essence:</u> Any time or period mentioned
in any provision of this Agreement may be extended by mutual agreement between the Parties hereto but, subject to Clause 14, as regards
any time, date or period originally fixed or any time, date or period so extended as aforesaid, time shall be of the essence.

18.12 <u>Entire Agreement:</u> This Agreement embodies the entire
terms and conditions agreed upon by the Parties as to the subject matter of this Agreement and supersedes and cancels in all respects
any previous agreement, understanding, letter of intent, representation, warranty, undertaking and arrangement of any nature whatsoever
amongst the Parties with respect to the subject matter hereof, whether such be written or oral.

18.13 <u>Variation:</u> No variation of this Agreement shall be effective unless in writing
and signed by or on behalf of each of the Parties.

18.14 <u>Partial Invalidity:</u> The illegality, invalidity or
unenforceability of any provision of this Agreement under the law of any jurisdiction shall not affect its legality, validity or enforceability
under the law of any other jurisdiction nor the legality, validity or enforceability of any other provision.

**SCHEDULE 1**

**SPA**

**SCHEDULE 2**

<u>**SHAREHOLDING IN [OTSAW SWISSLOG HEALTHCARE ROBOTICS PTE. LTD.]**</u>

**Part A - Around the Date of this Agreement**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Shareholder** | **Ordinary<br> Shares** | **Subscription<br> Amount paid** | **Subscription<br> Amount paid** | **Percentage of <br> Shares** |
| Otsaw Technology Solutions Pte. ltd. | 6000 | S$ | 6000 | 60% |
| Swisslog Healthcare Holding AG | 4000 | S$ | 4000 | 40% |
| **Total Number** | 10000 | S$ | 10000 | 100% |

---

**Part B - After Completion of the Respective Tranche as set out in Clauses 7B or 7C**

---

| | | |
|:---|:---|:---|
| **After Completion of the<br> Respective Tranche** | **Aggregate Number and <br> Percentage of Shares held <br> by Otsaw** | **Aggregate Number and <br> Percentage of Shares held<br> by Swisslog** |
| 1<sup>st</sup> (First) Tranche | 7,333 (73%) | 2667 (27%) |
| 2<sup>nd</sup> (Second) Tranche | 8,666 (86%) | 1,334 (14%) |
| 3<sup>rd</sup> (Third) Tranche | 10,000 (100%) | 0 (0%) |

---

**SCHEDULE 3**

<u>**Board Reserved Matters**</u>

The matters set out below require the consent or the approving vote of the Swisslog Director for so long as Swisslog holds Shares representing no less than 27% of the total number of issued Shares of the Company.

(1) the creation of any Encumbrance over any of the Company's assets in excess of S$500,000;

(2) the Company giving any guarantee, indemnity or security in respect of the obligations of any other person and which is not in the
ordinary course of business;

(3) the Company undertaking any type of business not ancillary or incidental to the Business;

(4) the issue and allotment by the Company of any shares or securities, including any options for the same;

(5) a reduction of the Company's issued share capital or share buy-back, and for the avoidance of doubt, does not include a share split
of share consolidation;

(6) the raising of any financial support by the Company from
its shareholders by way of contributions from shareholders subscribing for new shares of the Company;

(7) the approval of the sale, transfer or disposal of shares or securities in a Subsidiary held or owned by
the Company or any part thereof or any interest therein;

(8) the raising of any financing or the procurement of any financial support by the Company from its shareholders;

(9) the raising of any financing or the procurement of any financial support by the Company from any other
person in excess of S$500,000;

(10) the incurring of any expenditure or liability of a capital nature (including, for this purpose, the acquisition
of any undertaking or asset whether under lease or hire purchase or otherwise) by the Company in any Financial Year in respect of one
or more transactions in excess of S$500,000;

(11) Any transaction by the Company with any of its Related Corporations excluding Subsidiaries, any shareholder
or director of the Company, or any company or business in which the shareholders or directors of the Company or any one of them has a
financial interest;

(12) Payment of fees or remuneration of the directors and senior management of the Company, other than fees
or remuneration of the senior management of the Company which has been set out in an annual business plan and budget for the Company and
which has been approved by the Board; and

(13) giving of loans by the Company, irrespective if to a shareholder or any other third party, and which is
not in the ordinary course of business provided that in case any such loans are outstanding in excess of S$100,000 (or would be outstanding
in case the relevant loans are granted), any additional loans shall be deemed to be outside the ordinary course of business.

The matters set out below require the consent or the approving vote of the Swisslog Director for so long as Swisslog holds Shares representing no less than 14% of the total number of issued Shares of the Company.

(1) the Company undertaking any type of business not ancillary or incidental to the Business;

(2) the issue and allotment by the Company of any shares or securities, including any options for the same;

(3) a reduction of the Company's issued share capital or share buy-back, and for the avoidance of doubt, does
not include a share split of share consolidation;

(4) the raising of any financing or the procurement of any financial support by the Company from its shareholders
including Swisslog. For the avoidance of doubt, any financing or financial support from the shareholders of the Company but excluding
Swisslog shall not require the consent or the approving vote of the Swisslog Director under this paragraph;

(5) any transaction by the Company with any of its Related Corporations excluding Subsidiaries, any shareholder
or director of the Company, or any company or business in which the shareholders or directors of the Company or any one of them has a
financial interest, in excess of S$100,000 in one transaction or a series of related transactions; and

(6) giving of loans by the Company, irrespective if to a shareholder or any other third party, and which is
not in the ordinary course of business provided that in case any such loans are outstanding in excess of S$300,000 (or would be outstanding
in case the relevant loans are granted), any additional loans shall be deemed to be outside the ordinary course of business.

**SCHEDULE 4**

<u>**Shareholder Reserved Matters**</u>

The matters set out below require the consent or the approving vote of Swisslog for so long as Swisslog holds Shares representing no less than 27% of the total number of issued Shares of the Company.

(1) Amendment of the Company's Constitution or other constitutional documents.

(2) The Company entering into any agreement, transaction, obligation, commitment, understanding, arrangement
or liability to sell, transfer or in any other way dispose the whole or substantially the whole of its business, undertaking, assets or
property.

(3) The issue and allotment by the Company of any shares or securities, including any options for the same,
including the granting of options over any unissued share capital.

(4) a reduction of the Company's issued share capital or share buy-back, and for the avoidance of doubt, does
not include a share split of share consolidation.

(6) The amalgamation, winding up, dissolution or restructuring of the Company or placing it under voluntary
receivership or judicial management.

(7) The variation of any rights attaching to any Shares.

(8) The raising of any financing or the procurement of any financial support by the Company from its shareholders

The matters set out below require the consent or the approving vote of Swisslog for so long as Swisslog holds Shares representing no less than 14% of the total number of issued Shares of the Company.

(1) The Company entering into any agreement, transaction, obligation, commitment, understanding, arrangement
or liability to sell, transfer or in any other way dispose the whole or substantially the whole of its business, undertaking, assets or
property.

(2) The issue and allotment by the Company of any shares or securities, including any options for the same,
including the granting of options over any unissued share capital.

(3) a reduction of the Company's issued share capital or share buy-back, and for the avoidance of doubt, does
not include a share split of share consolidation.

(4) The amalgamation, winding up, dissolution or restructuring of the Company or placing it under voluntary
receivership or judicial management.

(5) the raising of any financing or the procurement of any financial support by the Company from its shareholders
including Swisslog. For the avoidance of doubt, any financing or financial support from the shareholders of the Company but excluding
Swisslog shall not require the consent or the approving vote of Swisslog under this paragraph.

**IN WITNESS WHEREOF** the parties hereto have executed this Agreement as of the date first above written.

---

| |
|:---|
| Name: Ling Ting Ming |
| Designation: Director |
| Name: Ling Ting Ming |
| Designation: Director |

---

In witness whereof the Parties have duly executed this Agreement on the day and year first above written.

---

| | |
|:---|:---|
| /s/ Robert Oldin | /s/ Robert Oldin |
| Name: | Robert Oldin |
| Designation: | CFO |
| /s/ Ling Ting Ming | /s/ Ling Ting Ming |
| Name: | Ling Ting Ming |
| Designation: | Director |
| /s/ Ling Ting Ming | /s/ Ling Ting Ming |
| Name: | Ling Ting Ming |
| Designation: | Director |

---

SIGNATURE PAGE TO MASTER ASSET SALE AGREEMENT

## Exhibit 10.11

**Exhibit 10.11**

Confidential

Execution Version

DATED THE 30th DAY OF November 2024

**BETWEEN**

**Otsaw Limited**

AND

**Otsaw Digital Pte. Ltd.**

AND

**Otsaw Technology Solutions Pte. Ltd.**

AND

**Swisslog Healthcare Holding AG**

AND

**Otsaw Swisslog Healthcare Robotics Pte. Ltd.**

**UMBRELLA AGREEMENT**

**THIS UMBRELLA AGREEMENT** dated the 29th day of November 2024 is entered into

**BY AND BETWEEN:**

(1) **Otsaw Limited** (Company Registration No. CR-391753), a company incorporated
in the Cayman Islands whose registered office is at P.O. Box 2775, 67 Fort Street, Artemis House, Grand Cayman, KY1-1111, Cayman Islands
(" **Otsaw Limited** ");

(2) **Otsaw Digital Pte. Ltd.** (Company Registration No. 201511868R), a company incorporated
in Singapore whose registered office is at 12 Kaki Bukit View #04-00, Singapore 415948 (the "**Otsaw Digital** ");

(3) **Otsaw Technology Solutions Pte. Ltd.** (Company Registration No. 202033912W),
a company incorporated in Singapore and having its registered office at 12 Kaki Bukit View, #04-00, Singapore 415948 ()"**Otsaw Technology** ");

(4) **Otsaw Swisslog Healthcare Robotics Pte. Ltd.** (Company Registration No. 202140168D),
a company incorporated in Singapore and having its registered office at 12 Kaki Bukit View #04- 00 Singapore 415948 (the "**Company** ");
and

(the parties mentioned in (1), (2), (3) and (4) above, collectively the "**Otsaw Parties**")

(5) **Swisslog Healthcare Holding AG** (Company Registration No. **CHE-317.331.234**),
a company incorporated in Switzerland and having its registered office at Webereiweg 3, 5033 Buchs AG, Switzerland ()"**Swisslog** "),

(Swisslog and the Otsaw Parties, each a "**Party**" and together the "**Parties"**)

**WHEREAS:**

(A) Swisslog, Otsaw Technology and Otsaw Digital entered into a master asset sale agreement
dated 16 November 2021 (the "**MSA** ").

(B) In furtherance of the MSA, Swisslog, Otsaw Limited, Otsaw Technology and Otsaw
Digital entered into a sale and purchase deed dated 22<sup>nd</sup> November 2022 (the "**Purchase Deed** ").

(C) Further, Swisslog, Otsaw Technology and the Company entered into a shareholders
agreement dated 30<sup>th</sup> November 2021 (the "**Shareholders Agreement**") with respect to the shareholding in the
Company.

(D) In consideration of, *inter alia*, their ongoing business and shareholder
relationship, the Parties now wish to enter into this Agreement to agree on certain amendments to the MSA, Purchase Deed and Shareholders
Agreement as well as on certain ancillary matters thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) This Agreement shall be executed and delivered as a deed.

**NOW IT IS HEREBY AGREED** as follows:

1 DEFINITIONS AND INTERPRETATIONS

1.1 Capitalised terms which are not otherwise defined herein shall have the meaning as indicated in the applicable
Clauses of this Agreement. Further, the following terms shall have the following meaning:

"**Affiliate**" means, with respect to a person, any person that directly or indirectly Controls, is directly or indirectly Controlled by or is under direct or indirect common Control with such person.

"**Ancillary Agreements**" has the meaning ascribed to it in the MSA.

"**Control**" means (and its permutations shall have correlative meanings) with respect to any person, the power to direct, directly or indirectly, the management, operations or business of such person, either by ownership over voting securities, contracts or otherwise.

"**Guarantee Documents**" means this Agreement, the MSA, the Purchase Deed, the Shareholders Agreement and any other Ancillary Agreements.

"**Losses**" means all losses, liabilities, costs (including, without limitation, legal costs), charges, expenses, penalties, actions, proceedings, claims and demands.

1.2 The headings in this Agreement are for convenience only and shall be ignored in construing
this Agreement. Unless the context otherwise requires, words (including words defined herein) denoting the singular number only shall
include the plural and *vice versa*. The words "written" and "in writing" include any means of visible reproduction.
References to "Clauses" and "Schedules" are to be construed as references to Clauses of, and Schedules to this
Agreement. References to any agreement or document including this Agreement shall include such agreement or document as amended, modified,
varied, novated, supplemented or replaced from time to time. The words "including", "in particular" and words
of similar import when used in this Agreement shall not be given a restrictive meaning and shall mean "including without limitation",
unless the context otherwise requires or unless otherwise specified.

2 SHAREHOLDERS AGREEMENT PUT OPTION

2.1 The Parties acknowledge and agree that Swisslog, in line with Clause 7B of the Shareholders Agreement,
had already duly exercised the Put Option with respect to the 3<sup>rd</sup> (third) Tranche of the Put Option Shares.

2.2 Completion of the transfer of the 3<sup>rd</sup> (third) Tranche of the Put Option
Shares shall take place no later than 30<sup>th</sup> December 2024 and thus, *inter alia*, Otsaw Technology shall pay to Swisslog
the respective Put Option Price (S$800,000) no later than 30<sup>th</sup> December 2024.

2.3 In this <u>Clause 2</u>, unless otherwise defined
 or the context otherwise requires, capitalised terms shall have the meaning ascribed to them
 in the Shareholders Agreement.

3 PURCHASE OF REMAINING STOCK AND INVENTORY

3.1 Swisslog, Otsaw Technology and Otsaw Digital, in furtherance of Clause 17.4 of
the MSA, agree on the following additional process and procedure for the purchase of the remaining Stock and Inventory and the Remaining
Stock and Inventory Price:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Swisslog and the Company shall conduct, no later than 19<sup>th</sup> December 2024,
an inventory taking to ascertain and confirm the volume of the remaining Stock and Inventory. No adjustments to the book value shall be
permitted; only the volume of the Stock and Inventory may be adjusted pursuant to the outcome of the inventory taking.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An overview of the current (remaining) Stock and Inventory as of the date of this Agreement is appended
hereto as  **<u>Schedule A</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 remaining Stock and Inventory shall be purchased by the Company latest by 30<sup>th</sup>
 December 2024 (following issuance of an invoice by Swisslog), based on the results of the
 inventory taking as per <u>Clause 3.1(a)</u> above. The Remaining Stock and Inventory Price
 shall be discounted by 50% to the book value of the remaining Stock and Inventory (the "**Discounted Remaining Stock and Inventory Price** "; the amount of the discount, the "**Discount** ").
 The remaining Stock and Inventory shall be purchased by the Company "As Is" without
 any warranty of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Discounted Remaining Stock and Inventory Price shall be payable in equal monthly
instalments over the period from January 2025 to August 2025, on the last Business Day of each month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Discounted Remaining Stock and Inventory Price shall be exclusive of any value
added or general sales Taxes (collectively "**VAT or GST**") and if VAT or GST is properly chargeable on the Discounted
Remaining Stock and Inventory Price, the Company shall pay to Swisslog (in addition to the Discounted Remaining Stock and Inventory Price)
the amount of such VAT or GST within 5 Business Days of receipt of a VAT or GST invoice in compliance with applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In
 case the Company is in default of its payment obligations with respect to any instalment
 of the Remaining Stock and Inventory Price, Swisslog may trigger the Put Option as per <u>Clause 4</u> below immediately. This shall not apply if the Company is able to furnish a bank guarantee
 in favour of Swisslog or its relevant affiliate reasonably satisfactory for Swisslog in the
 amount of the Discounted Remaining Stock and Inventory Price inter alia in accordance with
 the following characteristic: it shall be from a well know, recognised and major commercial
 bank, irrevocable and on first demand securing the payment of the Discounted Remaining Stock
 and Inventory Price to Swisslog or its relevant affiliate.

3.2 Notwithstanding anything to the contrary herein, until receipt of payment in full,
legal and beneficial title over the remaining Stock and Inventory shall remain with Swisslog. In the event the Company is able to furnish
a bank guarantee as set out in section 3.1 (f) the beneficial title will be transferred to the Company.

3.3 In this <u>Clause 3</u>, unless otherwise defined
 or the context otherwise requires, capitalised terms shall have the meaning ascribed to them
 in the MSA.

4 PURCHASE DEED PUT OPTION

4.1 Swisslog, Otsaw Limited, Otsaw Technology and Otsaw Digital, in furtherance of Clause
8 of the Purchase Deed, agree on the following additional process and procedure for the exercise of the Put Option:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Put Option may only be exercised at anytime following the lapse of the 30<sup>th</sup> August
 2025, provided that, as set forth in <u>Clause 3.1(f)</u> above, in case of a default in
 payment with respect to any instalment or as set forth in Clause 8.1, in case of a default
 in payment with respect to any receivable of any Reis Counterparty the Put Option may be
 exercised immediately

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Put Option Price shall be increased by (i) the Discount and (ii) 1.1% **per month** interest payable on the Put Option Price from 1<sup>st</sup> January 2025 until full payment of the Put Option Price.

4.2 Subject to any applicable securities law and for the avoidance of doubt, in case of an initial public
offering of Otsaw Limited, Swisslog shall have the right, at any time, to sell and transfer the Consideration Shares to a third party.

4.3 In this <u>Clause 4</u>, unless otherwise defined
 or the context otherwise requires, capitalised terms shall have the meaning ascribed to them
 in the Purchase Deed.

5 CALL OPTION

5.1 Subject to terms and conditions of this <u>Clause 5</u>, Swisslog hereby grants Otsaw Limited the option to require Swisslog to sell and transfer
 all of the Consideration Shares held by Swisslog (as adjusted for any share splits, sub-divisions,
 consolidations, scrip dividends, reclassifications or similar re-capitalisation events) (the
 "**Call Option Shares**") by serving a written notice on Swisslog (the "**Call Option Notice**") within 20 Business Days (exercisable at any time between 1<sup>st</sup>
 January 2025 and 31<sup>st</sup> August 2025) at an amount equal to the Call Option Price
 (the "**Call Option** ").

5.2 The price for all Call Option Shares shall be the higher of (a) S$3.1 Million (in each case assuming
that Swisslog has not disposed of any of its Consideration Shares acquired on Completion, and if Swisslog has disposed of any of its Consideration
Shares, the price will be adjusted accordingly) increased by
(i) the Discount and (ii) 1.1% **per month** interest payable on the amount S$3.1 Million from 1<sup>st</sup> January 2025 until full
payment of the price or (b) in case an initial public offering has occurred on the exercise date of the Call Option, at an amount equivalent
to the share price based on the closing price at the time of serving of the Call Option Notice increased by (i) the Discount and (ii)
1.1% **per month** interest payable on the S$3.1 Million from 1<sup>st</sup> January 2025 until full payment (the "**Call Option Price** "). If Swisslog wishes to transfer any of its Consideration Shares to any Related Corporation it may do so, provided that
in the event that such Related Corporation shall cease to be a Related Corporation of Swisslog, Swisslog shall procure that such Related
Corporation shall, on or before such cessation, transfer all of the Consideration Shares back to Swisslog. For the purpose of the Call
Option, any Consideration Shares held by a Related Corporation of Swisslog shall be treated as Consideration Shares held by Swisslog,
and any transfer of Consideration Shares by Swisslog to its Related Corporation shall not be treated as a disposal of such Consideration
Shares by Swisslog.

5.3 A Call Option Notice, once given, may not be withdrawn except with the consent of Swisslog.

5.4 The date for effecting the sale and transfer of the Call Option Shares (the "**Call Option Completion** ";
the date on which Call Option Completion occurs, the "**Call Option Completion Date**") shall be scheduled 20 Business
Days after the delivery of the Call Option Notice.

5.5 On the Call Option Completion Date, Swisslog and Otsaw Limited shall deliver the required share transfer
form (signed by the relevant parties), resolutions of Otsaw Limited (signed by the directors appointed by the relevant parties) and share
certificates and Otsaw Limited shall make the relevant payment of the Call Option Price to Swisslog. Subject to payment of the Call Option
Price, the Call Option Shares shall be sold free from all Encumbrances, fully paid up and non- assessable and shall be sold together with
all rights, benefits and interests attaching thereto as at the Call Option Completion Date.

5.6 In this <u>Clause 5</u>, unless otherwise defined
 or the context otherwise requires, capitalised terms shall have the meaning ascribed to them
 in the Purchase Deed.

6 NAME CHANGE COMPANY

6.1 The Parties, in furtherance of Clause 16 of the Shareholders Agreement and irrespective
of any shareholding of Swisslog in the Company, acknowledge and agree that the Company and any of its Related Corporations shall cease
and desist to use any Swisslog Designations by latest 31<sup>st</sup> August 2025.

6.2 In this <u>Clause 6</u>, unless otherwise defined
 or the context otherwise requires, capitalised terms shall have the meaning ascribed to them
 in the Shareholders Agreement.

7 SETTLEMENT OF RECEIVABLES/PAYABLES

7.1 As of the date of this Agreement, various receivables and payables are outstanding
between Swisslog, respectively Affiliates of Swisslog, and the Otsaw Parties, respectively Affiliates of the Otsaw Parties, as set forth
in  **<u>Schedule B</u>** .

7.2 The Parties covenant and undertake to settle, clear and pay any such outstanding receivables and payables
as soon as reasonably practicable following the date of this Agreement. Parties agree that 50% of the net difference in dues, an amount
payable by the Otsaw parties to Swisslog and Swisslog Affiliates of 33,000 euro, will be paid by Otsaw in cash before December 31<sup>st</sup>,
2024. The remainder of the net difference in payment dues (equal to an amount of 32,847.62 euro) is included in the abovementioned monthly
interest payment of 1.1%.

---

| | |
|:---|:---|
| 8 | OTHER |

---

8.1 In relation to the "ECC AGV Project"
 involving Reis Robotics GmbH & Co. KG and its Affiliates (collectively "**Reis Counterparty** "), the Parties acknowledge and agree that any payments due and payable
 to a Reis Counterparty by the Company, is of fundamental importance for the ECC AGV Project.
 Therefore, the Company and each OTSAW Party shall ensure and hereby guarantees the punctual
 payment of any receivable of any Reis Counterparty against them when due. In the event that
 the Company or any OTSAW Party shall fail to make payments to any Reis Counterparty when
 due Swisslog may trigger the Put Option as per <u>Clause</u> <u>4</u> above immediately.

9 GUARANTEE

9.1 Each OTSAW Party (individually) hereby irrevocably and unconditionally:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) guarantees to Swisslog the punctual performance by each other Otsaw Party of any and all of its duties,
obligations or undertakings in connection with, or otherwise arising out of, the Guarantee Documents (the "**Guaranteed Liabilities** ");
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) undertakes with the Swisslog (i) that if any other Otsaw Party shall be in breach, default or non-compliance
with any of the Guaranteed Liabilities, such Otsaw Party shall be liable therefor as if the Otsaw Party were the party principally bound
by such Guaranteed Liabilities, and (ii) to fully indemnify and keep fully indemnified and hold harmless Swisslog on demand, from and
against and in respect of any and all Losses suffered or incurred by the Swisslog in connection with such breach, default or non-compliance
with any of the Guaranteed Liabilities, in any case to the same extent that the applicable Otsaw Party would be liable for such Losses.

9.2 The guarantee of the Otsaw Parties hereunder shall be a continuing security and will extend to the ultimate
and full payment and discharge of the Guaranteed Liabilities, regardless of any intermediate payment and discharge in whole or in part.

9.3 The obligations of the Otsaw Parties under this Clause 9 will not be affected by
an act, omission, matter or thing which, but for this Clause 9, would reduce, release or prejudice any of its obligations under this Clause
9 including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any time, waiver or consent granted to, or composition with, any Otsaw Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the release of any Otsaw Party or any other person under the terms of any composition
or arrangement with any creditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any incapacity or lack of power, authority or legal personality of or dissolution
or change in the members or status of any Otsaw Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any amendment, novation, supplement or restatement of any Guarantee Document (and
therefore also any variation, increase, extension or addition to the Guaranteed Liabilities, as amended from time to time);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any unenforceability, illegality or invalidity of the Guaranteed Liabilities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any insolvency or similar proceedings.

9.4 Swisslog may proceed against an Otsaw Party hereunder without first having to proceed
against any other applicable Otsaw Party. Each Otsaw Party waives any right it may have of first requiring Swisslog to proceed against
or enforce any other rights or security or claim payment from any person (including any other applicable Otsaw Party) before claiming
from a Otsaw Party under this Clause 9.

9.5 Until the ultimate and full payment and discharge of the Guaranteed Liabilities, the Otsaw Parties will
not exercise any rights which they may have by reason of performance by them of their obligations under this Agreement or by reason of
any amount being payable, or liability arising, under this Clause 9 including any rights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to be indemnified by any other applicable Otsaw Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to take the benefit of any rights of any other applicable Otsaw Party under this Deed or to initiate legal
proceedings or take any other action against any other applicable Otsaw Party to make any payment, or perform any obligation, in respect
of which an Otsaw Party has given a guarantee, undertaking or indemnity under this Clause 9 (in whole or in part and whether by way of
subrogation or otherwise);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to exercise any right of set-off against any other applicable Otsaw Party; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to claim or prove as a creditor of any other applicable Otsaw Party in competition
with Swisslog.

9.6 This guarantee shall be in addition to any other guarantees given by any Otsaw
Party in any other Guarantee Document and shall not prejudice such guarantees.

10 MISCELLANEOUS

10.1 <u>Confirmation</u>: Except to the extent expressly varied or amended herein, the
provisions of the MSA, Purchase Deed, Shareholders Agreement and any other Ancillary Agreement (the "**Other Agreements** ")
are hereby confirmed and shall remain unamended and in full force and effect. Save as otherwise expressly set out herein, any rights or
actions which may have accrued under the MSA, Purchase Deed, Shareholders Agreement and any other Ancillary Agreement in favour of any
of the Parties shall not be released, discharged or otherwise affected by this Agreement.

10.2 <u>Relationship to Shareholders Agreement:</u> From the date of execution of this Agreement, the applicable
Other Agreement and this Agreement shall be read and construed as one document and the provisions of this Agreement shall be considered
to be an integral part of the applicable Other Agreement. In the event that there are any inconsistencies or conflicts between the applicable
Other Agreement and this Agreement, the provisions of this Agreement shall prevail to the extent of such inconsistency.

10.3 <u>Power and Capacity:</u> Each Party hereby represents and warrants to the other
Party that it has full power and capacity to enter into and perform its obligations under this Agreement.

10.4 <u>Entire Agreement:</u> This Agreement embodies all the terms and conditions agreed
upon between the Parties hereto as to the subject matter of this Agreement and supersedes and cancels in all respects all previous agreements
and undertakings, if any, between the parties hereto with respect to the subject matter hereof, whether such be written or oral. No modification
or amendment of this Agreement and no waiver of any of the terms and conditions hereof shall be valid unless made in writing and signed
by all Parties.

10.5 <u>Partial Invalidity:</u> The illegality, invalidity or unenforceability of any provision of this Agreement
under the law of any jurisdiction shall not affect its legality, validity or enforceability under the law of any other jurisdiction nor
the legality, validity or enforceability of any other provision.

10.6 <u>Execution in Counterparts:</u> This Agreement may be executed in any number of
counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one
and the same instrument. The exchange of copies of this Agreement and any documents and instruments contemplated to be executed by this
Agreement and of signature pages by electronic transmission shall constitute effective execution and delivery of this Agreement and any
documents and instruments contemplated to be executed by this Agreement as to the relevant parties thereto and may be used in lieu of
the original Agreement or the relevant documents and instruments contemplated to be executed by this Agreement for all purposes. Signatures
transmitted by electronic transmission shall be deemed to be their original signatures for all purposes.

10.7 <u>Costs and Expenses:</u> Except as provided otherwise explicitly provided herein, each of the Parties
shall pay its own costs and expenses (including legal costs) in connection with this Agreement and the transactions contemplated hereby.

10.8 <u>Assignment:</u> No Party may assign all or any part of its rights or transfer all
or any part of its obligations under this Agreement without the prior written consent of the other Parties. This Agreement shall be binding
on and shall ensure for the benefit of each Party's successors, permitted assigns, nominees, personal representatives, liquidators
and trustees in bankruptcy.

10.9 <u>Third Party Rights:</u> A person who is not a Party to this Agreement shall have
no rights under the Contracts (Rights of Third Parties) Act 2001 of Singapore to enforce any term of this Agreement.

10.10 <u>Variation:</u> No variation of this Agreement shall be effective unless in writing and signed by or
on behalf of each of the Parties.

10.11 <u>Governing Law:</u> This Agreement is governed by, and shall be construed in accordance with, the laws
of Singapore.

10.12 <u>Arbitration:</u> Any dispute arising out of or in connection with this Agreement,
including any question regarding its existence, validity or termination, shall be referred to and finally resolved by arbitration administered
by the Singapore International Arbitration Centre ("SIAC") in accordance with the Arbitration Rules of the Singapore International
Arbitration Centre ("SIAC Rules") for the time being in force, which rules are deemed to be incorporated by reference in this
Clause. The seat of the arbitration shall be Singapore. The Tribunal shall consist of one arbitrator. The language to be used in the arbitral
proceedings shall be English. The law for the arbitration agreement shall be Singapore law.

[SIGNATURE PAGE TO FOLLOW]

**IN WITNESS WHEREOF** the parties hereto have entered into this Agreement as of the date first above written.

**EXECUTED** and **DELIVERED** as a **DEED** for and on behalf of **Otsaw Limited**

---

| | |
|:---|:---|
| Signature: | /s/ Ling Ting Ming |
| Name: | Ling Ting Ming |
| Position/Office: | Director |

---

---

| | |
|:---|:---|
| Signature: | /s/ Charlene Ma |
| Name: | Charlene Ma |
| Position/Office: | Director |

---

**EXECUTED** and **DELIVERED** as a **DEED** for and on behalf of **Otsaw Digital Pte Ltd**

---

| | |
|:---|:---|
| Signature: | /s/ Ling Ting Ming |
| Name: | Ling Ting Ming |
| Position/Office: | Director |

---

---

| | |
|:---|:---|
| Signature: | /s/ Charlene Ma |
| Name: | Charlene Ma |
| Position/Office: | Director |

---

**EXECUTED** and **DELIVERED** as a **DEED** for and on behalf of **Otsaw Technology Solutions Pte. Ltd.**

---

| | |
|:---|:---|
| Signature: | /s/ Ling Ting Ming |
| Name: | Ling Ting Ming |
| Position/Office: | Director |

---

---

| | |
|:---|:---|
| Signature: | /s/ Charlene Ma |
| Name: | Charlene Ma |
| Position/Office: | Director |

---

**EXECUTED** and **DELIVERED** as a **DEED** for and on behalf of **Otsaw Swisslog Healthcare Robotics Pte. Ltd.**

---

| | |
|:---|:---|
| Signature: | /s/ Ling Ting Ming |
| Name: | Ling Ting Ming |
| Position/Office: | Director |

---

---

| | |
|:---|:---|
| Signature: | /s/ Charlene Ma |
| Name: | Charlene Ma |
| Position/Office : | Director |

---

**EXECUTED** and **DELIVERED** as a **DEED** for and on behalf of **Swisslog Healthcare Holding AG**

---

| | |
|:---|:---|
| Signature: | /s/ Johannes Zuurbier |
| Name: | Johannes Zuurbier |
| Position/Office : | Director |

---

---

| | |
|:---|:---|
| Signature: | /s/ Andrew Xiuqi Yang |
| Name: | Andrew Xiuqi Yang |
| Position/Office: | Director |

---

**SCHEDULE A – CURRENT (REMAINING) STOCK AND INVENTORY**

**SCHEDULE B – RECEIVABLES/PAYABLES**

## Exhibit 10.12

**Exhibit 10.12**

**TERMS & CONDITIONS FOR** 

These terms and conditions (the "Agreement") govern the sale of project services ("Services") by [Otsaw Swisslog Healthcare Robotics Pte Ltd – UEN 202140168D] ("Seller") to the purchaser ("Swisslog Healthcare Asia Pacific Pte Ltd – UEN 199300788E"). By engaging in a project with the Buyer, the Seller agrees to be bound by these terms and conditions.

**<u>PROJECT TITLE</u>**

PART A: PROPOSED ERECTION OF , SINGAPORE; AND

PART B: CONTINGENCY WORKS

NOMINATED SUB-CONTRACT WORKS FOR SUPPLY AND INSTALLATION OF AUTOMATED GUIDED VEHICLE SYSTEM

SERVICES PROVIDED

**<u>SCOPE OF SERVICES</u>**

The Seller agrees to provide the Materials and Services as described in the statement of work ("SOW"). Any modifications or changes to the Services must be agreed upon in writing by both parties through an amendment to the SOW.

Hereby, the seller agrees to provide the services listed below (hereinafter referred to as the "Services"):

&nbsp;&nbsp;&nbsp;&nbsp;1. Supply of complete AGV equipment based on purchase orders in accordance to tender Specification

&nbsp;&nbsp;&nbsp;&nbsp;2. Provision of 3 x AGV simulations

&nbsp;&nbsp;&nbsp;&nbsp;3. Configuration of all installed AGV equipment

&nbsp;&nbsp;&nbsp;&nbsp;4. Mapping, Graph generation, software programming of AGV system

&nbsp;&nbsp;&nbsp;&nbsp;5. Testing and Commissioning of AGV system

&nbsp;&nbsp;&nbsp;&nbsp;6. Attending of Technical coordination and relevant site meeting

&nbsp;&nbsp;&nbsp;&nbsp;7. Development and commissioning of AGV Touch Panel, PDA and TV as per tender specification

&nbsp;&nbsp;&nbsp;&nbsp;8. Upon receiving of Certificate
of Substantial Completion, the seller is required to provide maintenance during 18 months Defect Liability Period including spare parts,
tools and consumables.

Internal

**<u>PRICE</u>**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**S/N** | &nbsp;&nbsp;**Equipment & Material** | &nbsp;&nbsp;**Qty** | &nbsp;&nbsp;**Price** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Software License fee (TRANSCAR Software TCMS 2) | &nbsp;&nbsp;1 |  |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;AGV Vehicle Transcar K2 (includes reader on board)) | &nbsp;&nbsp;20 |  |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Weight Detection Sensor ROB | &nbsp;&nbsp;20 |  |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;HF80C RFID Reader Hermos, New Version | &nbsp;&nbsp;20 |  |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;Double magnet strip For Container Positioning, Complete | &nbsp;&nbsp;750 |  |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;Transponder Smart-Dome (125X65X20) | &nbsp;&nbsp;750 |  |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;HF20 reader rfid reader USB with external antenna connection | &nbsp;&nbsp;1 |  |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;Battery Set LiFePO4 25.5V 100Ah including BMS | &nbsp;&nbsp;20 |  |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;Charging Contact Rail (Complete) | &nbsp;&nbsp;22 |  |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;Battery Charger LiFePO4 Micro Power Access 50 | &nbsp;&nbsp;22 |  |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;Crating at factory | &nbsp;&nbsp;1 |  |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;Warranty support (labour+spare part)_DLP-18mths | &nbsp;&nbsp;1 |  |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;Professional Service, Testing & Commissioning & software | &nbsp;&nbsp;1 |  |
| &nbsp;&nbsp;14 | &nbsp;&nbsp;R&D cost for touch screen / PDA / TV | &nbsp;&nbsp;1 |  |
|  |  |  | &nbsp;&nbsp;**$2803833.50** |

---

**<u>PAYMENT & INVOICING</u>**

The Buyer agrees to pay the Seller the agreed-upon fees for the Goods and Services as specified in the SOW or invoice.

Your Inquiry: RFQ for

Number: SC2023_OF0027

Currency: Singapore dollar

Shipment Terms: Ex-work Factory

Remarks:

● Price quoted subjected to GST

● S$600,000.00 down payment upon confirmation of order

● S$1,082,300.10 payment upon materials readiness for shipment \*

● S$841,150.05 payment upon completion of installation

● S$280,383.35 after user acceptance test

● Items not quoted below will be deemed excluded.

● 50% cancellation fee applicable if order is cancelled before material delivery.

\* Materials excluding batteries as per requested by the Buyer

Internal

**<u>DELIVERY & PROJECT SCHEDULE</u>**

The Seller will deliver the Services within the agreed-upon timeframe as described in Purchase Order.

● S$600,000.00 down payment upon confirmation of order

● S$1,082,300.10 payment upon materials readiness for shipment (Requested Delivery Date : 15 Dec 2024)

● AGV Batteries (Requested Delivery Date : 01 Mar 2025)

● S$841,150.05 payment upon completion of installation (Requested Delivery Date : 30 Oct 2025)

● S$280,383.35 after user acceptance test (Requested Delivery Date : 30 Mar 2026)

The seller must provide necessary resources and personnel to attend all related meeting described in the statement of works.

Delays caused by the Buyer may result in adjustments to the project timeline and additional costs to be borne by the Buyer. Exclusion to Force Majeure Events.

"**Force Majeure Event**" means any act of God, strike, lockout, act of the public enemy, war declared or undeclared, invasion, act of terrorism or sabotage, blockade, labour disturbance, strike, revolution, riot, insurrection, civil commotion, sabotage, accident, volcanic eruption, natural disaster, earthquake, fire, flood, hostility, explosion, act or decree or omission of any governmental agency restraint, perils of the sea, embargo, epidemic, pandemic, radioactive, chemical or biological contamination and aircraft crashes, catastrophic and prolonged communication or power failure, or equipment or software malfunction or any other cause, event or circumstance, whether of the kind specifically enumerated above or otherwise, the occurrence and the effect of which is beyond the reasonable control of the party whose obligation it affects and which renders due performance of an obligation under the Frame Contract illegal, impossible or impracticable.

Internal

**<u>FACTORY ACCEPTANCE TEST</u>**

Where any Factory Acceptance Test (FATs) of the goods and/or materials is required. The travel expenses incurred by both the seller and buyer shall be borne by each party. Any factory visit from the Buyer shall be subjected to Factory's approval.

**<u>WARRANTY</u>**

Hereby, the seller warrants the product and services provided for a period of 18 months after commencement of the Defect Liability Period (DLP) and against any possible defects in terms of statement of work described.

**<u>AMENDMENTS</u>**

The Parties agree that any amendments made to this Agreement must be in writing, where they must be signed by both Parties to this Agreement.

Accordingly, any amendments made by the Parties will be applied to this Agreement.

**<u>LIMITATION OF LIABILITY</u>**

The Seller's liability for any damages, whether arising from the statement of work, is limited to the fees paid by the Buyer for the Services under this Agreement

The Seller shall be liable for any damages arising from Seller's default from the statement of work.

The seller agrees to indemnify the buyer as well as defend him/her and any affiliated entities and/or individuals, if any, from any claims that may arise from third parties that relate to the Seller's statement of work.

The Parties agree that the Seller will hold at least the minimum required insurance coverage related to Workers' Compensation and General Public Liability.

**<u>DISPUTE RESOLUTION</u>**

Any dispute or difference whatsoever arising out of or in connection with this Agreement shall be submitted to arbitration in accordance with, and subject to the laws of Singapore.

Internal

![](ex10-12_001.jpg)

**<u>GOVERNING LAW & JURISDICTION</u>**

This Agreement shall be governed by and construed in accordance with the laws of Singapore.

Any dispute arising out of or in connection with this Agreement shall be subject to the exclusive jurisdiction of the courts of Singapore.

**<u>ENTIRE AGREEMENT</u>**

This Agreement constitutes the entire agreement between the Parties and supersedes all prior discussions, negotiations, or agreements, whether written or oral.

**<u>SIGNATURE AND DATE</u>**

The Parties hereby agree to the terms and conditions set forth in this Agreement and such is demonstrated by their signatures below:

---

| | |
|:---|:---|
| **<u>Buyer Representative</u>** | **<u>Seller Representative</u>** |
| Name: | Name: |

---

Signature: Signature:

Date: 05 July 2023 Date: 05 July 2023

Internal

## Exhibit 10.13

**Exhibit 10.13**

![](ex10-13_001.jpg)

April 30, 2024

OTSAW Digital Pte Ltd

10 Tampines North Drive 4

#01-03 Singapore 528553

Attn.:

Ling Ting Ming

CEO

Dear Ling:

In response to the Company's inquiry with respect to seeking financial advisory services from CMD Global Partners, LLC this engagement letter (this "Agreement") confirms the understanding and agreement between CMD Global, LLC ("CMD") and OTSAW Digital Pte Ltd (together with its subsidiaries, the "Company") that CMD will act as the Company's financial advisor for the purposes, and on the terms and conditions, set forth herein.

CMD will provide financial advisory services to the Company in connection with its efforts to raise capital, from one or a limited number of investors or other financing sources (each, a "Potential Investor"), through the issuance by the Company or one of its affiliates, in a private placement, of equity (including equity-linked) and/or debt securities, or through one or more loans or other financing arrangements, in each case in one or a series of transactions, regardless of the form or structure thereof (a "Capital Raise" or "Transaction").

In connection with CMD's engagement hereunder, the Company agrees to pay CMD the following fees in cash at closing as set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;1. Capital Raise Fee: Upon the first closing of any part of the
Capital Raise and upon each subsequent closing, if any, the Company shall pay to CMD a cash fee
(each, a "Capital Raise Fee") equal to **7.80%** of the aggregate amount of any financing irrevocably committed at or
in connection with such closing, whether or not drawn down (the "Gross Proceeds").

The Company will also reimburse CMD, upon request made from time to time, and upon consummation of the Transaction or upon termination of this Agreement, for its reasonable expenses (including, without limitation, expenses relating to research, third party data fees and legal fees, expenses, and disbursements) incurred in connection with its engagement ("Engagement Expenses"). The Engagement Expenses for which CMD seeks reimbursement pursuant to this paragraph (other than the fees and expenses of CMD's counsel) shall not exceed USD$150,000 in aggregate (the "Expense Cap"), which shall be the maximum amount payable hereunder except with the prior consent of the Company (which consent shall not be unreasonably withheld); provided that the Company agrees to negotiate with CMD, in good faith, an increase in the Expense Cap at such time as the Engagement Expenses exceed 75% of the Expense Cap; and provided, further, that, except if this Agreement contemplates the potential delivery by CMD of an Opinion (of such which engagement for an Opinion would be subject to mutual agreement between the Company, Board or special committee, on one hand and the Firm on the other hand, with such fees and terms to be determined based on market and Firm precedent and documented in a separate engagement), CMD shall not seek reimbursement of Engagement Expenses related to the retention of its own legal counsel unless CMD shall have received the prior consent of the Company for such retention (which consent shall not be unreasonably withheld). The Company instructs CMD to send any invoice related to expenses to Morné Grundlingh at the address above or at morne.grundlingh@otsaw.com.sg. Nothing in this paragraph shall in any way affect or limit the obligations of the Company as set forth on <u>Schedule I</u> attached hereto.

Ling Ting Ming<br> OTSAW Digital Pte Ltd <br> April 30, 2024

All fees, expenses and any other amounts payable to CMD or any other Indemnified Person under the terms of this Agreement and the Indemnification Agreement shall be paid free and clear of any withholding, deduction or charge for withholding taxes or deductions, goods and services tax, value added tax or other applicable or similar taxes. If the Company is required to apply any deduction, withholding or charge with respect to such fees, expenses or other amounts on account of any tax of any nature, then the Company will pay such additional amount to CMD or any other Indemnified Person as will be required to ensure that the net amount received by CMD or such other Indemnified Person is equal to the fees, expenses or other amounts it would have received in the absence of such deduction, withholding or charge.

The Company will provide or cause to be provided (and will use reasonable efforts to cause other potential parties to a Transaction to provide or cause to be provided) to CMD (i) such access to management and other representatives of the Company (or such potential party) as CMD may reasonably request, and (ii) all information and data that CMD reasonably deems appropriate, in each case in connection with its services, and will not omit or withhold any material information. The Company recognizes and consents to the fact that (a) in connection with its engagement, CMD will rely upon and assume the accuracy and completeness of all information provided to, discussed with or reviewed by CMD (including, without limitation, publicly available information), and (b) CMD has no duty to verify any such information and shall not assume responsibility or have any liability therefor, and may rely without independent verification upon, the accuracy and completeness of any such information. CMD will have no obligation to conduct any independent evaluation or appraisal of the assets or liabilities of the Company or any other party or any of their respective affiliates or to advise or opine on any related solvency or viability issues. With respect to any financial forecasts or projections made available to CMD by the Company or any potential party to a Transaction and used by CMD in its analyses, CMD shall be entitled to assume that such forecasts or projections have been reasonably prepared in good faith on bases reflecting the best currently available estimates and judgments of the management of the Company or the management of any potential party to the Transaction, as the case may be, and the Company represents and warrants that any financial forecasts or projections made available to CMD by the Company have been so prepared.

The Company represents and warrants to CMD that any information furnished to CMD by the Company in connection with the services provided by CMD pursuant to this Agreement, as of the date so furnished, was and will be true and correct in all material respects, and any such information will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading. The Company will promptly notify CMD of any material change or development in the business or financial condition of the Company of which it becomes aware and will amend or supplement any of the information previously provided to CMD so that such information will not be misleading in any material respect or omit to state any material fact that is required to be stated or that is necessary in order to make any such information not misleading.

Ling Ting Ming<br> OTSAW Digital Pte Ltd <br> April 30, 2024

The Company represents and warrants that (i) any information made available by the Company, or by CMD with the consent of the Company, to any Potential Investor in connection with the Capital Raise (other than the information covered by clause (ii) of this paragraph), taken as a whole, will be correct in all material respects and will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, and (ii) any projections provided by the Company, or by CMD with the consent of the Company, to any Potential Investor in connection with the Capital Raise will have been prepared in good faith and will be based upon assumptions which, in light of the circumstances under which they are made, are reasonable (the information and projections referred to in clauses (i) and (ii), and any other oral or written information provided by the Company, or by CMD with the consent of the Company, to any Potential Investor in due diligence, marketing or otherwise in connection with the Capital Raise, are hereinafter referred to as "Offering Materials"). The Company shall extend to each Potential Investor the opportunity, prior to such Potential Investor's participation in the Capital Raise, to ask questions of, and receive answers from, the Company concerning the Company and the terms and conditions of the Capital Raise, and to obtain any information that such Potential Investor may consider necessary in making an informed decision with respect to the Capital Raise or to verify the accuracy of the information contained in any Offering Materials provided to such Potential Investor in connection therewith. The Company shall be solely responsible for the contents of any Offering Materials made available to any Potential Investor by the Company or by CMD with the consent of the Company.

CMD agrees that it will comply with all applicable securities laws and regulations, including but not limited to those related to private placement transactions, in connection with any Transaction, and that it has all required licenses to carry out its activities hereunder. The Company agrees that it will comply with all applicable securities laws and regulations, including but not limited to those related to private placement transactions, in connection with any Transaction.

The Company agrees that any information or advice rendered by CMD in connection with this engagement is for the confidential use of the Board of Directors of the Company, solely in their capacity as such, in their evaluation of a Transaction and may not be used or relied upon by any other person or for any other purpose without CMD's prior consent. The Company will not disclose or otherwise refer to such information or advice, the terms of this Agreement, or to CMD, in any manner without CMD's prior written consent.

Notwithstanding anything herein to the contrary, CMD and the Company agree that the Company (and its employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the U.S. federal and state income tax treatment and tax structure of any Transaction and all materials (including opinions or other tax analyses) that are provided to the Company relating to such tax treatment and tax structure, except as confidentiality is reasonably necessary to comply with securities laws. For this purpose, "tax structure" is limited to facts relevant to the U.S. federal and state income tax treatment of any transaction and does not include information relating to the identity of the parties, their affiliates, agents or advisors.

Ling Ting Ming<br> OTSAW Digital Pte Ltd <br> April 30, 2024

This agreement may be terminated by the Company or CMD at any time upon written notice to that effect to the other party, it being understood that the provisions of each of the paragraphs in this Agreement shall survive the termination of this Agreement by the Company of CMD for **18** months. Also, in the event that at any time during the **18** months following termination of this Agreement by either the Company or CMD, the Company consummates a Transaction or enters into an agreement that subsequently results in a Transaction, in each case with a Potential Investor, the Company shall pay CMD the Capital Raise Fee as set forth above. In addition, the Indemnification Agreement shall survive termination of this Agreement by either the Company or CMD.

During the period of CMD's engagement hereunder and for a period of two years thereafter, CMD shall have the exclusive right, but not the obligation, to act as a financial advisor to the Company in the event of any significant potential acquisition, disposition or other extraordinary corporate transaction (other than the Transaction) involving the Company or any of its assets, securities or businesses, whether by way of purchase or sale of securities or assets, merger, consolidation, reorganization or otherwise, in each case on terms and conditions (including receipt of internal committee approvals) customary for CMD for similar transactions, which terms and conditions will be embodied in one or more separate written agreements.

Nothing in this Agreement, express or implied, is intended to confer or does confer on any person or entity (including security holders, employees or creditors of the Company) other than the parties hereto or their respective successors and assigns, and, to the extent expressly set forth in the Indemnification Agreement, the Indemnified Persons (as defined in the Indemnification Agreement), any rights or remedies under or by reason of this Agreement or as a result of the services to be rendered by CMD hereunder. The Company acknowledges that CMD is acting hereunder as an independent contractor with duties solely to the Company that CMD is not acting as an agent of the Company or its security holders, employees or creditors or in a fiduciary capacity with respect to the Company or its security holders, employees or creditors and that CMD is not assuming any duties or obligations other than those expressly set forth in this Agreement. Nothing contained herein shall be construed as creating, or be deemed to create any agency, joint venture, or partnership.

The Company agrees that it shall be solely responsible for any decision made regarding a Transaction regardless of the advice provided by CMD with respect to the Transaction. The Company acknowledges that the Company's appointment of CMD pursuant to this Agreement is not intended, and that CMD is not in a position, to achieve or guarantee the closing of the Transaction or the Company's achievement of the strategic or financial goals underlying the Transaction. CMD does not provide legal, regulatory, tax, accounting or audit advice, and CMD's role in any due diligence will be limited to performing such review as it shall deem necessary to support its own advice and analysis and shall not be on behalf of the Company. The Company acknowledges that this Agreement does not constitute an express or implied commitment on the part of CMD to provide any financing to the Company in connection with the Capital Raise or otherwise, or act as a placement agent in connection with a private placement of securities.

Ling Ting Ming<br> OTSAW Digital Pte Ltd <br> April 30, 2024

This Agreement (including the Indemnification Agreement) embodies the entire agreement and understanding between the parties hereto and supersedes all prior agreements and understandings relating to the subject matter hereof. If any provision of this Agreement is determined to be invalid or unenforceable in any respect, it shall be interpreted to the fullest extent enforceable consistent with its intent, and such determination will not affect such provision in any other respect, which will remain in full force and effect. This Agreement may not be amended or modified except in writing signed by each of the parties.

The Company acknowledges that CMD, in the ordinary course, may have received information and may receive information from third parties which could be relevant to this engagement but is nevertheless subject to a contractual, equitable or statutory obligation of confidentiality, and that CMD is under no obligation hereby to disclose any such information, the fact that CMD is in possession of such information, or include such information in its analysis or advice provided to the Company. In addition, CMD or one or more of its affiliates may in the past have had, and may currently or in the future have, investment banking, investment management, financial advisory or other relationships with the Company and its officers, directors and affiliates, potential parties to a Transaction and their officers, directors and affiliates or persons that are competitors, customers or suppliers of (or have other relationships with) the Company or its affiliates or potential parties to a Transaction or their affiliates, and from which conflicting interests or duties may arise. Nothing contained herein shall limit or preclude CMD or any of its affiliates from carrying on (i) any business with or from providing any financial or non-financial services to any party whatsoever, including, without limitation, any competitor, supplier or customer of the Company, or any other party which may have interests different from or adverse to the Company or (ii) its business as currently conducted or as such business may be conducted in the future. CMD agrees that it is not currently aware of a relationship that would adversely impact its ability to provide advisory services hereunder and, during the term of this Agreement, and subject to its confidentiality obligations, CMD will promptly notify the Company if, in its sole discretion, CMD reasonably believes it has a conflict of interest that would adversely impact its ability to provide services hereunder. Upon request, CMD will deliver to the Company, as reasonably determined appropriate by CMD, certain disclosures, in accordance with its customary practice, concerning its relationships with the Company and other parties that are the subject of the Transaction that could pose a potential conflict.

CMD may, in the performance of its services hereunder, delegate the performance of all or certain services as it may select to any of its affiliated entities; provided that no such delegation by CMD shall in any respect affect the terms hereof

Ling Ting Ming<br> OTSAW Digital Pte Ltd <br> April 30, 2024

The Company agrees to provide and procure all corporate, financial, identification and other information regarding the Company and its control persons and/or beneficial owners, as CMD may require, in order to satisfy its obligations as a U.S. financial institution under the USA PATRIOT Act and Financial Crimes Enforcement Network regulations.

For the convenience of the parties hereto, any number of counterparts of this Agreement may be executed by the parties hereto, each of which shall be an original instrument and all of which taken together shall constitute one and the same Agreement. Delivery of a signed counterpart of this Agreement by facsimile transmission or other electronic or digital transmission shall constitute valid sufficient delivery thereof.

This Agreement and any claim related directly or indirectly to this Agreement shall be governed by and construed in accordance with the laws of the State of New York (without regard to conflicts of law principles that would result in the application of any law other than the law of the State of New York). All disputes arising out of, relating to, or in connection with this agreement shall be finally settled in arbitration under the Rules of Arbitration of the International Chamber of Commerce by a single arbitrator, unless the claim amount exceeds USD $5,000,000, in which case the dispute shall be heard by a panel of three arbitrators, appointed in accordance with said Rules. The Emergency Arbitrator Provisions shall not apply. The place of arbitration shall be the City, County, and State of New York, United States of America. The language of the arbitration shall be English. Except as may be required by law or for the enforcement of an award, neither a party nor its representatives may disclose the content or results of any arbitration hereunder without the prior written consent of both parties or a written order issued by the arbitral tribunal.

Each party has all legally necessary power and authority to enter into this Agreement. All legally necessary action has been taken by each party for the authorization, execution, delivery of, and the performance of its respective obligations under, this Agreement, and each signatory below is duly authorized to sign this Agreement on behalf of the party it represents.

[*Signature page follows*]

Ling Ting Ming<br> OTSAW Digital Pte Ltd <br> April 30, 2024

If the foregoing correctly sets forth the understanding and agreement between CMD and the Company, please so indicate in the space provided below, whereupon this letter shall constitute a binding agreement as of the date hereof.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| CMD Global Partners, LLC | CMD Global Partners, LLC |
| By: | /s/ Alexandre Chenesseau |
|  | Alexandre Chenesseau |
|  | Managing Director |

---

---

| | |
|:---|:---|
| Agreed to and Accepted as of the Date | Agreed to and Accepted as of the Date |
| First Written Above: | First Written Above: |
| OTSAW Digital Pte Ltd | OTSAW Digital Pte Ltd |
| By: | /s/ Ling Ting Ming |
|  | Ling Ting Ming |
|  | CEO |

---

**Schedule I**

**Indemnification Agreement**

As a material part of the consideration for the Agreement of CMD to furnish its services under the Agreement, the Company agrees to indemnify and hold harmless the CMD and its affiliates, and their respective past, present, and future directors, members, managers, officers, shareholders, employees, agents, and controlling persons within the meaning of either Section 15 of the Securities Act of 1933, as amended (15 USC §77o), or Section 20 of the Securities Exchange Act of 1934, as amended (15 USC §78t) (collectively, the "Indemnified Parties"), to the fullest extent lawful, from and against any and all losses, claims, damages, or liabilities (or actions in respect thereof), including, but not limited to, any claims, liabilities or actions for aiding and abetting, joint or several, arising out of or related to the Agreement, any actions taken or omitted to be taken by an Indemnified Party in connection with the Agreement, or any Transaction (or proposed Transaction) contemplated thereby. In addition, the Company agrees to reimburse the Indemnified Parties for any legal or other expenses reasonably incurred by them in respect thereof at the time such expenses are incurred; provided, however, that the Company shall not be liable under the foregoing indemnity and reimbursement agreement for any loss, claim, damage, or liability that is finally judicially determined to have resulted solely from the willful misconduct or gross negligence of any Indemnified Party.

The Indemnified Parties will give prompt written notice to the Company of any claim for which they seek indemnification hereunder, but the omission to so notify the Company will not relieve the Company from any liability that it may otherwise have hereunder except to the extent that the Company is damaged or prejudiced by such omission. The Company shall have the right to assume the defense of any action for which the Indemnified Parties seek indemnification hereunder, subject to the following provisions, with counsel reasonably satisfactory to the Indemnified Parties. After notice from the Company to the Indemnified Parties of its election to assume the defense thereof, and so long as the Company performs its obligations in accordance with such election, the Company will not be liable to the Indemnified Parties for any legal or other expenses subsequently incurred by the Indemnified Parties in connection with the defense thereof other than reasonable costs of investigation. The Indemnified Parties shall have the right to employ separate counsel in any such action and to participate in the defense thereof at their own expense.

If for any reason the foregoing indemnification is unavailable to any Indemnified Party or is insufficient to hold it harmless, the Company shall contribute to the amount paid or payable by the Indemnified Party as a result of such losses, claims, damages, liabilities, or expenses in such proportion as is appropriate to reflect the relative benefits received (or anticipated to be received) by the Company, on the one hand, and the Firm, on the other hand, in connection with the actual or potential Transaction and the services rendered by the Firm. If, however, the allocation provided by the immediately preceding sentence is not permitted by applicable law or otherwise, then the Company shall contribute to such amount paid or payable by any Indemnified Party in such proportion as is appropriate to reflect not only such relative benefits, but also the relative fault of the Company, on the one hand, and the Firm, on the other hand, in connection therewith, as well as any other relevant equitable considerations. Notwithstanding the foregoing, the aggregate contribution of all Indemnified Parties to any such losses, claims, damages, liabilities, and expenses shall not exceed the amount of fees actually received by the Firm under the Agreement.

Indemnification Agreement

The Company shall not affect any settlement or release from liability in connection with any matter for which an Indemnified Party would be entitled to indemnification from the Company, unless such settlement or release contains a release of the Indemnified Parties reasonably satisfactory in form and substance to the Firm and does not include any admission of fault on the part of any Indemnified Person. The Company shall not be required to indemnify any Indemnified Party for any amount paid or payable by such party in the settlement or compromise of any claim or action without the Company's prior written consent.

The Company further agrees that neither the Firm nor any other Indemnified Party shall have any liability, regardless of the legal theory advanced, to the Company or any other person or entity (including the Company's equity holders and creditors) related to or arising out of the Firm's engagement, except for any liability for losses, claims, damages, liabilities, or expenses incurred by the Company that are finally judicially determined to have resulted solely from the willful misconduct or gross negligence of any Indemnified Party.

Each Indemnified Person shall make reasonable efforts to mitigate its losses and liabilities. The indemnity, reimbursement, contribution, and other obligations and agreements of the Company set forth herein shall apply to any modifications of the Agreement, shall be in addition to any liability that the Company may otherwise have, and shall be binding on and inure to the benefit of any successors, assigns, heirs, and personal representatives of the Company and each Indemnifying Party. The foregoing provisions shall survive the consummation of any Transaction and any termination of the relationship established by the Agreement by either the Company or CMD.

Before entering into any agreement or arrangement with respect to, or effecting, any merger, statutory exchange or other business combination or proposed sale or exchange, dividend or other distribution, or liquidation of all or a portion of its assets in one or a series of transactions or any recapitalization or reclassification of its outstanding securities that does not directly or indirectly provide for the assumption of the obligations of the Company set forth herein, the Company will notify the Firm and, if requested by the Firm, shall arrange in connection therewith alternative means of providing for the obligations of the Company set forth herein on terms and conditions satisfactory to the Firm.

To the extent that officers, managers, employees or representatives of the Firm appear as witnesses, are deposed, or otherwise are involved in or assist with any action, hearing, or proceeding related to or arising from any transaction or proposed transaction contemplated by this Agreement or the Firm's engagement hereunder, or in a situation where such appearance, involvement, or assistance results from the Firm's engagement hereunder, the Company will pay the Firm, in addition to the fees set forth above, the Firm's reasonable and customary per diem charges. In addition, if any Indemnified Person appears as a witness, is deposed, or otherwise is involved in any action relating to or arising from any transaction or proposed transaction contemplated by this Agreement or the Firm's engagement hereunder, or in a situation where such appearance, involvement, or assistance results from the Firm's engagement hereunder, the Company will reimburse such Indemnified Person for all reasonable out-of-pocket expenses (including fees and expenses of counsel) incurred by it by reason of it or any of its personnel being involved in any such action.

 

*[signature page follows]*

 

Indemnification Agreement

The parties are signing this agreement as of the date first above written.

---

| | | | |
|:---|:---|:---|:---|
| **CMD Global Partners, LLC** | **CMD Global Partners, LLC** | **OTSAW Digital Pte Ltd** | **OTSAW Digital Pte Ltd** |
| **By:** | /s/ Alexandre Chenesseau | **By:** | **/s/** Ling Ting Ming |
| Name: | Alexandre Chenesseau | Name: | Ling Ting Ming |
| Title: | Managing Director | Title: | CEO |
|  | 123 N. Wacker Drive |  |  |
|  | Chicago, IL 60606 |  |  |

---

Indemnification Agreement

![](ex10-13_001.jpg)

December 12, 2024

OTSAW Limited

10 Tampines North Drive 4, #01-03

Singapore 528553

Attn:

Mr. Ling Ting Ming,<br> Chief Executive Officer

Dear Ling:

This letter agreement ("First Addendum") is in reference to the engagement letter dated April 30, 2024, between CMD Global Partners, LLC ("CMD" or the "Firm") and OTSAW Digital Pte Ltd ("OTSAW" or the "Company") (the "CMD Agreement").

The Firm and the Company hereby mutually accept the following amendments or modifications to the CMD Agreement as set forth herein. The original CMD Agreement and this First Addendum constitute the entire agreement between the Firm and the Company with respect to the subject matter thereof. All terms used herein with their initial letter capitalized shall have the meaning ascribed to such terms in the CMD Agreement, unless specifically identified in this Second Addendum. Except as specifically amended or modified herein, all other terms and provisions of the CMD Agreement shall remain in full force and effect.

1) **<u>Pre-IPO Advisor Success Fees:</u>** The CMD Agreement shall include the additional paragraphs below:

&nbsp;&nbsp;&nbsp;&nbsp;a) In the event CMD did not introduce certain investors in a
Capital Raise pursuant to the CMD Agreement, but has made a contribution that is deemed material and substantive to such Capital Raise,
the Company shall pay to CMD a discounted cash fee (each, a "Discounted Capital Raise Fee") equal to 3.5% of the aggregate
amount of any financing irrevocably committed at or in connection with such closing, whether or not drawn down (the "Gross Proceeds").

![](ex10-13_001.jpg)

Please confirm that the foregoing correctly sets forth our agreement by signing and returning to the Firm the duplicate copy of this agreement enclosed herewith. We are delighted to work with you on this important assignment.

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| CMD Global Partners, LLC | CMD Global Partners, LLC |
| By | /s/ M. Alexandre Chenesseau |
|  | M. Alexandre Chenesseau |
|  | Managing Director |

---

---

| | |
|:---|:---|
| Agreed to and accepted as of the date | Agreed to and accepted as of the date |
| first written above: | first written above: |
| OTSAW Limited | OTSAW Limited |
| By | /s/ Ling Ting Ming |
|  | Ling Ting Ming |
|  | Chief Executive Officer |

---

![](ex10-13_001.jpg)

December 12, 2024

OTSAW Limited

10 Tampines North Drive 4, #01-03

Singapore 528553

Attn:

Mr. Ling Ting Ming,

Chief Executive Officer

Dear Ling:

This letter agreement ("Second Addendum") is in reference to the engagement letter dated April 30, 2024 and the First Addendum dated December 12, 2024, between CMD Global Partners, LLC ("CMD" or the "Firm") and OTSAW Digital Pte Ltd ("OTSAW" or the "Company") (the "CMD Agreement").

The Firm and the Company hereby mutually accept the following amendments or modifications to the CMD Agreement as set forth herein. The original CMD Agreement, the First Addendum and this Second Addendum constitute the entire agreement between the Firm and the Company with respect to the subject matter thereof. All terms used herein with their initial letter capitalized shall have the meaning ascribed to such terms in the CMD Agreement, unless specifically identified in this Second Addendum. Except as specifically amended or modified herein, all other terms and provisions of the CMD Agreement shall remain in full force and effect.

1) **<u>IPO Advisor Assignment</u>**: The CMD Agreement shall include the additional subsection below:

The Company recognizes that CMD will be acting as an IPO Adviser in the context of its engagement with Aegis or any other underwriter it selects for its proposed Initial Public Offering (the "Offering") of its Ordinary Shares (the "Securities"), but CMD will solely act in an advisory capacity and not participate in any underwriting activities at the time of the Offering. CMD will assist the Company, Aegis and its advisors as needed in the preparation of the Offering and the identification of potential investors.

2) **<u>IPO Advisor Reference in Public Filings:</u>** The CMD Agreement shall include the additional subsection below:

CMD may, at its discretion, be referenced as an IPO advisor in the Offering prospectus and other relevant public filings with respect to the IPO, provided that its contributions to the Offering process are material and substantive. Such contributions may include strategic advisory services, identification of potential investors, introductions to underwriters, or other significant support deemed essential to the preparation and execution of the Offering. Any such reference shall be subject to the prior written approval of the Company to ensure accuracy and compliance with regulatory requirements.

3) **<u>IPO Offering:</u>** The CMD Agreement shall include the additional subsection below:

The actual size of the Offering, the precise number of Securities to be offered by the Company and the offering price will be the subject of continuing negotiations between the Company and Aegis. In connection with the entry into the Underwriting Agreement, the Company (i) will meet with Aegis and its representatives to discuss such due diligence matters and to provide such documents as Aegis may require; (ii) retain the ultimate authority to approve and file documents with the SEC, provided that all regulatory requirements are met. CMD and Aegis will act in an advisory capacity to support this process.; (iii) will deliver to Aegis and the investors in the Offering such legal and accounting opinions and letters (including, without limitation, accounting comfort letters, legal opinions, negative assurance letters, good standing certificates and officers' and secretary certificates) as Aegis may require, all in form and substance acceptable to Aegis and (iv) will ensure that Aegis is a third party beneficiary of all representations, warranties, covenants, closing conditions and deliverables in connection with the Offering.

![](ex10-13_001.jpg)

4) **<u>IPO Advisor Compensation:</u>** The CMD Agreement shall include the additional paragraphs below:

&nbsp;&nbsp;&nbsp;&nbsp;a) Immediately upon closing of the Offering, the Company will
compensate CMD with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. a Success Fee equivalent to the greater of a) 1.5% of the
total gross proceeds raised by the Company during the Offering, and b) US$500,000, for its contributions to the Company in the last 3
years, such as identification of Aegis as exclusive underwriter, introduction to a board member candidate, introductions to potential
investors and business partners, etc., plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. an additional incentive fee of $250,000

&nbsp;&nbsp;&nbsp;&nbsp;b) Additionally, no later than 12 months following the closing
of the Offering, the Company will pay a second Success Fee equivalent to the greater of a) 1.5% of the total gross proceeds raised by
the Company since the Offering but excluding the Offering itself ("Follow-on Proceeds"), and b) US$500,000.

&nbsp;&nbsp;&nbsp;&nbsp;c) Finally, at its sole discretion, the Company is entitled
to pay CMD an incentive fee of up to US$250,000 at any point within six (6) months following the closing of the Offering, if it is satisfied
with its post-IPO performance and CMD's contributions.

For the avoidance of any doubt, the aforementioned IPO Advisor Compensation does not include or impact success fees with respect to investor identification due according to the pre-existing CMD Agreement, either pre-IPO or at the Offering. All aforementioned fees shall be paid free and clear of any withholding, deduction or charge for withholding taxes or deductions, goods and services tax, value added tax or other applicable or similar taxes.

5) **<u>Expenses:</u>** The CMD Agreement shall include the additional subsection below:

The Company will reimburse CMD Global for customary and reasonable expenses incurred in connection with its engagement. Such expenses may include legal fees and disbursements necessary for its assistance in the preparation of the Offering. Any single expense higher than $5,000, other than potential international business class flights to Europe or Asia with respect to the preparation of the Offering, will require pre- approval from the Company. Such expenses may include legal fees and disbursements necessary for its assistance in the preparation of the Offering and that all regulatory requirements with respect to CMD Global's role as an IPO Advisor are met.

6) **<u>Right of First Refusal:</u>** The CMD Agreement shall include the additional subsection below:

During the period of CMD's engagement hereunder and for a period of two years (2) after the signing of this Second Addendum, CMD shall have the exclusive right, but not the obligation, to act as investment banker to the Company in the event of any significant potential acquisition, disposition or other extraordinary corporate transaction involving the Company or any of its assets, securities or businesses, whether by way of purchase or sale of securities or assets, merger, consolidation, reorganization or otherwise, in each case on terms and conditions (including receipt of internal committee approvals) customary for CMD for similar transactions, which terms and conditions will be embodied in one or more separate written agreements, and provided that CMD's contributions to the transaction are material and substantive Either party may terminate the ROFR by mutual agreement only, and all engagements will be governed by separate written agreements.

If, during the period of the Firm's engagement and this Second Addendum herein, or within eighteen (18) months thereafter (the "Tail Period"), the Company enters into an agreement regarding the sale of a majority of its outstanding shares to a counterparty (the "Acquirer") ("Significant Transaction") not covered through the Capital Raise Fee within the CMD Agreement, the Company agrees to pay the Firm one or more fees in cash upon consummation of such Significant Transaction equal to 3.80% of the total Aggregate Value (as hereunder defined) in an amount equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The aggregate value of all consideration (whether in cash,
securities, assumed indebtedness, or otherwise) paid or payable, directly or indirectly, to the Company, its shareholders, optionholders,
warrantholders, and debtholders in connection with the Transaction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The amount of all interest-bearing indebtedness, capital
lease obligations, and preferred stock obligations of the Company that are not assumed by the acquirer and remain outstanding as of the
closing of the Transaction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The amount of all Transaction-related fees, costs, and expenses
that are paid by the acquirer on behalf of the Company or its shareholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. All cash and cash equivalents on the Company's balance sheet
as of the closing of the Transaction

![](ex10-13_001.jpg)

Please confirm that the foregoing correctly sets forth our agreement by signing and returning to the Firm the duplicate copy of this agreement enclosed herewith. We are delighted to work with you on this important assignment.

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| CMD Global Partners, LLC | CMD Global Partners, LLC |
| By | /s/ M. Alexandre Chenesseau |
|  | M. Alexandre Chenesseau |
|  | Managing Director |

---

---

| | |
|:---|:---|
| Agreed to and accepted as of the date | Agreed to and accepted as of the date |
| first written above: | first written above: |
| OTSAW Limited | OTSAW Limited |
| By | /s/ Ling Ting Ming |
|  | Ling Ting Ming |
|  | Chief Executive Officer |

---

![](ex10-13_001.jpg)

December 20, 2024

OTSAW Limited

10 Tampines North Drive 4, #01-03

Singapore 528553

Attn:

Mr. Ling Ting Ming, Chief Executive Officer

Dear Ling:

This letter agreement ("Third Addendum") is in reference to the engagement letter dated April 30, 2024, the First Addendum dated December 12, 2024, and the Second Addendum dated December 12, 2024, between CMD Global Partners, LLC ("CMD" or the "Firm") and OTSAW Digital Pte Ltd ("OTSAW" or the "Company") (the "CMD Agreement").

The Firm and the Company hereby mutually accept the following amendments or modifications to the CMD Agreement as set forth herein. The original CMD Agreement, the First Addendum, the Second Addendum and this Third Addendum (collectively, the "CMD Agreement") constitute the entire agreement between the Firm and the Company with respect to the subject matter thereof. All terms used herein with their initial letter capitalized shall have the meaning ascribed to such terms in the CMD Agreement, unless specifically identified in this Third Addendum. Except as specifically amended or modified herein, all other terms and provisions of the CMD Agreement shall remain in full force and effect.

1) **<u>IPO Advisor Compensation:</u>** Section 4 a), b) and c) of the Second Addendum shall be replaced by the following amendment below:

&nbsp;&nbsp;&nbsp;&nbsp;a) Immediately upon closing of the Offering, the Company will
compensate CMD with a Success Fee equivalent to $75,000 immediately following the Offering for its contributions to the Company in the
last 3 years, such as identification of Aegis as exclusive underwriter, its support in the IPO preparation process, the introduction
to board member candidates, introductions to potential investors and business partners, and other ad-hoc advisory services CMD has provided
to OTSAW, etc., plus

2) **<u>Expenses:</u>** Section 5 of the Second Addendum shall be replaced by the following amendment below:

The Company will reimburse CMD Global for customary and reasonable expenses incurred in connection with its engagement up to $8,000. Such expenses may include legal fees and disbursements necessary for its assistance in the preparation of the Offering. Any single expense higher than $5,000, other than potential international business class flights to Europe or Asia with respect to the preparation of the Offering, will require pre-approval from the Company. Such expenses may include legal fees and disbursements necessary for its assistance in the preparation of the Offering and that all regulatory requirements with respect to CMD's role as an IPO Advisor are met.

![](ex10-13_001.jpg)

Please confirm that the foregoing correctly sets forth our agreement by signing and returning to the Firm the duplicate copy of this agreement enclosed herewith. We are delighted to work with you on this important assignment.

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| CMD Global Partners, LLC | CMD Global Partners, LLC |
| By | /s/ M. Alexandre Chenesseau |
|  | M. Alexandre Chenesseau |
|  | Managing Director |

---

---

| | |
|:---|:---|
| Agreed to and accepted as of the date | Agreed to and accepted as of the date |
| first written above: | first written above: |
| OTSAW Limited | OTSAW Limited |
| By | /s/ Ling Ting Ming |
|  | Ling Ting Ming |
|  | Chief Executive Officer |

---

## Exhibit 10.14

**Exhibit 10.14**

![](ex14-1_001.jpg)

December 19, 2024

OTSAW Limited

10 Tampines North Drive 4, #01-03

Singapore 528553

Attn:

Mr. Ling Ting Ming, <br> Chief Executive Officer

Dear Ling:

Pursuant to our recent conversations, we are pleased to confirm the arrangements under which CMD Global Partners (USA), LLC ("CMD" or the "Firm") will act as a strategic advisor to OTSAW Limited ("OTSAW" or the "Company") as it evaluates any significant potential acquisition, disposition or other extraordinary corporate transaction involving the Company or any of its assets, securities or businesses, whether by way of purchase or sale of securities or assets, merger, consolidation, reorganization or otherwise its potential acquisition(s), or sale of the Company or any of its subsidiaries, affiliates and other entities (each a "Transaction") (the "Advisory Engagement").

1) **<u>Scope of Engagement.</u>** It is the intention of the Firm to offer objective, independent analysis and advice to the Company and its Board of Directors as it evaluates any significant potential Transaction. As your investment banking representative, the Firm will perform such advisory services as are customary and appropriate and as you reasonably request, including assisting the Company in analyzing, structuring, negotiating and effecting one or more potential Transactions.

2) **<u>Fees.</u>** The Company agrees to pay the following fees to the Firm for its investment banking services:

&nbsp;&nbsp;&nbsp;&nbsp;a) Retainer Fees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. No later than April 15<sup>th</sup>, 2025, or as soon as the Company has completed a public offering,
the Company will compensate CMD with a retainer fee paid in cash of US$675,000 ("First Retainer"); If the Company completes
any financing transaction of $5,000,000 or more prior to a public offering, the Company will compensate CMD with a first instalment in
cash of $337,500, and a second instalment of
$337,500 no later than April 15th, 2025, or as soon as the Company has completed a public offering

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. No later than September 1<sup>st</sup>, 2025, the Company will compensate CMD with a retainer fee paid
in cash of US$250,000 ("Second Retainer")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Additionally, no later than February 15<sup>th</sup>, 2026, the Company will compensate CMD with a retainer
fee paid in cash of US$250,000 ("Third Retainer")

&nbsp;&nbsp;&nbsp;&nbsp;b) Incentive Fees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. OTSAW and CMD agree to negotiate in good faith an additional incentive fee of up to $1,300,000, payable in one or several
instalments no later than February 15<sup>th</sup>, 2026 ("Incentive Fee")

&nbsp;&nbsp;&nbsp;&nbsp;c) Other CMD engagement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. For the avoidance of any doubt, the aforementioned retainer and incentive fees due to CMD with respect
to the Advisory Engagement do not include or impact success fees due to CMD as per the engagement letter dated April 30, 2024, the First
Addendum dated December 12, 2024, the Second Addendum dated December 12, 2024, and the Third Addendum dated December 18, 2024 (the "CMD
Agreement")

All aforementioned fees shall be paid free and clear of any withholding, deduction or charge for withholding taxes or deductions, goods and services tax, value added tax or other applicable or similar taxes.

3) **<u>Expenses.</u>** The Company will reimburse CMD Global for customary and reasonable expenses incurred in connection with its engagement. Such expenses may include legal fees and disbursements necessary for its work in relation to the Advisory Engagement. Any single expense higher than $5,000, other than potential international business class flights to Europe or Asia with respect to the Advisory Engagement, will require pre-approval from the Company.

**CMD Global Partners, LLC \| 123 N. Wacker Drive \| Suite 1375 \| Chicago, IL 60606**

![](ex14-1_001.jpg)

4) **<u>Disclosure.</u>** Any document, advice, or analysis provided by the Firm hereunder will be solely for the use and benefit of the Company.

5) **<u>Information.</u>** The Company will furnish, or arrange to have furnished, to the Firm such information as is reasonably requested by the Firm to perform the engagement hereunder (all such information so furnished being the "Information"). The Company recognizes and consents to the fact that the Firm: (i) will use and rely on the accuracy and completeness of the Information supplied or otherwise made available to the Firm without having any obligation to independently verify the same; (ii) does not assume responsibility for the accuracy or completeness of the Information; (iii) has no obligation to undertake an independent evaluation, appraisal or physical inspection of any assets or liabilities of the Company; and (iv) with respect to any financial forecasts that may be furnished to or discussed with the Firm by the Company will assume that they have been reasonably prepared and reflect the good faith estimates and judgment of the Company.

6) **<u>Independent Contractor.</u>** It is understood and agreed that the Firm is retained to act solely as investment banking representative and, in such capacity, shall act as an independent contractor with duties solely to the Company and nothing in this agreement or the nature of the services shall be deemed to create a fiduciary or agency relationship between the Firm and the Company or its stockholders, creditors, employees or any other party.

7) **<u>Term and Termination.</u>** This agreement may be terminated by the Company or the Firm at any time upon written notice to that effect to the other party, it being understood that the provisions of Section 2 (Fees), 3 (Expenses), 4 (Disclosure), 7 (Term and Termination), 8 (Indemnity) and 9 (Miscellaneous) shall survive termination of this agreement.

8) **<u>Indemnity.</u>** In connection with engagements such as this, it is the Firm's policy to receive indemnification. The Company and the Firm agree to the provisions with respect to the indemnification of the Firm and the other matters set forth in Annex A. Annex A is incorporated by reference in its entirety into this agreement.

9) <u>Miscellaneous.</u>

&nbsp;&nbsp;&nbsp;&nbsp;a) The Firm is acting as investment banking representative and is not an expert on, and cannot render opinions
regarding, legal, accounting, regulatory or tax matters. The Company should consult with its other professional advisors concerning these
matters before undertaking any Transaction. The Firm acknowledges that the decision to pursue any Transaction shall be made at the sole
discretion of the Company. The Company may refuse to discuss or pursue such Transaction for any reason whatsoever. The Company acknowledges
and agrees that nothing contained in this Agreement requires the Firm to render a fairness opinion, which if desired would be set forth
in a separate engagement letter for a separate fee.

&nbsp;&nbsp;&nbsp;&nbsp;b) The parties acknowledge that this letter Agreement is not and is not intended to constitute or be construed
as, a commitment to raise capital for the Company.

&nbsp;&nbsp;&nbsp;&nbsp;c) No waiver, amendment or other modification of this Agreement shall be effective unless in writing and
signed by each party to be bound thereby. This Agreement shall inure to the benefit of and be binding on the Company, the Firm and their
respective permitted successors and assigns. Neither the Company nor the Firm shall assign, delegate or otherwise transfer such of its
rights or obligations under this Agreement, whether voluntarily or by operation of law, without the prior written consent of the other.

&nbsp;&nbsp;&nbsp;&nbsp;d) In case such provision of this Agreement shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions of this Agreement shall not in such way be affected or impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;e) This Agreement shall be governed by, and construed and interpreted in accordance with, the laws of
 the State of New York, without regarding to such state's rules concerning conflicts of laws. Each party hereby irrevocably(i) agrees
 that any suit or other legal proceeding arising out of or relating to this Agreement may be brought only through the FINRA
 arbitration process located in New York, New York and that the Company consents to FINRA arbitration , (ii) consents, for itself and
 in respect of its property, to the jurisdictions of each such court in any such suit or proceeding, and (iii) waives any objection
 that it may have to the changing of venue of any suit or proceeding in any
of such courts and any claim that any such suit or proceeding has been brought in an inconvenient forum.

**CMD Global Partners, LLC \| 123 N. Wacker Drive \| Suite 1375 \| Chicago, IL 60606**

![](ex14-1_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;f) Each of the Firm and the Company (on its own behalf) waives all right to trial by jury in such action,
proceeding or counterclaim (whether based upon contract, tort or otherwise) related to or arising out of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;g) The Company acknowledges that the Firm and its affiliates may have and may continue to have investment
banking or other relationships with parties other than the Company, in which the Firm may acquire information of interest to the Company.
The Firm shall have no obligation to disclose such information to the Company or to use such information in connection with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;h) The Company agrees that it will be solely responsible for ensuring that such Transaction complies with
applicable law.

[Signature page follows]

**CMD Global Partners, LLC \| 123 N. Wacker Drive \| Suite 1375 \| Chicago, IL 60606**

![](ex14-1_001.jpg)

Please confirm that the foregoing correctly sets forth our agreement by signing and returning to the Firm the duplicate copy of this agreement enclosed herewith. We are delighted to work with you on this important assignment.

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| CMD Global Partners (USA), LLC | CMD Global Partners (USA), LLC |
| By | /s/ Alexandre Chenesseau |
| Alexandre Chenesseau | Alexandre Chenesseau |
| Managing Director | Managing Director |

---

Agreed to and accepted as of the date

first written above:

---

| | |
|:---|:---|
| OTSAW Limited | OTSAW Limited |
| By | /s/ Ling Ting Ming |
| Ling Ting Ming | Ling Ting Ming |
| Chief Executive Officer | Chief Executive Officer |

---

**CMD Global Partners, LLC \| 123 N. Wacker Drive \| Suite 1375 \| Chicago, IL 60606**

**ANNEX A**

As a material part of the consideration for the Agreement of the Firm to furnish its services under the Agreement, the Company agrees to indemnify and hold harmless the Firm and its affiliates, and their respective past, present, and future directors, members, managers, officers, shareholders, employees, agents, and controlling persons within the meaning of either Section 15 of the Securities Act of 1933, as amended (15 USC §77o), or Section 20 of the Securities Exchange Act of 1934, as amended (15 USC §78t) (collectively, the "Indemnified Parties"), to the fullest extent lawful, from and against any and all losses, claims, damages, or liabilities (or actions in respect thereof), including, but not limited to, any claims, liabilities or actions for aiding and abetting, joint or several, arising out of or related to the Agreement, any actions taken or omitted to be taken by an Indemnified Party in connection with the Agreement, or any Transaction (or proposed Transaction) contemplated thereby. In addition, the Company agrees to reimburse the Indemnified Parties for any legal or other expenses reasonably incurred by them in respect thereof at the time such expenses are incurred; provided, however, that the Company shall not be liable under the foregoing indemnity and reimbursement agreement for any loss, claim, damage, or liability that is finally judicially determined to have resulted solely from the willful misconduct or gross negligence of any Indemnified Party.

The Indemnified Parties will give prompt written notice to the Company of any claim for which they seek indemnification hereunder, but the omission to so notify the Company will not relieve the Company from any liability that it may otherwise have hereunder except to the extent that the Company is damaged or prejudiced by such omission. The Company shall have the right to assume the defense of any action for which the Indemnified Parties seek indemnification hereunder, subject to the following provisions, with counsel reasonably satisfactory to the Indemnified Parties. After notice from the Company to the Indemnified Parties of its election to assume the defense thereof, and so long as the Company performs its obligations in accordance with such election, the Company will not be liable to the Indemnified Parties for any legal or other expenses subsequently incurred by the Indemnified Parties in connection with the defense thereof other than reasonable costs of investigation. The Indemnified Parties shall have the right to employ separate counsel in any such action and to participate in the defense thereof at their own expense.

If for any reason the foregoing indemnification is unavailable to any Indemnified Party or is insufficient to hold it harmless, the Company shall contribute to the amount paid or payable by the Indemnified Party as a result of such losses, claims, damages, liabilities, or expenses in such proportion as is appropriate to reflect the relative benefits received (or anticipated to be received) by the Company, on the one hand, and the Firm, on the other hand, in connection with the actual or potential Transaction and the services rendered by the Firm. If, however, the allocation provided by the immediately preceding sentence is not permitted by applicable law or otherwise, then the Company shall contribute to such amount paid or payable by any Indemnified Party in such proportion as is appropriate to reflect not only such relative benefits, but also the relative fault of the Company, on the one hand, and the Firm, on the other hand, in connection therewith, as well as any other relevant equitable considerations. Notwithstanding the foregoing, the aggregate contribution of all Indemnified Parties to any such losses, claims, damages, liabilities, and expenses shall not exceed the amount of fees actually received by the Firm under the Agreement.

The Company shall not affect any settlement or release from liability in connection with any matter for which an Indemnified Party would be entitled to indemnification from the Company, unless such settlement or release contains a release of the Indemnified Parties reasonably satisfactory in form and substance to the Firm and does not include any admission of fault on the part of any Indemnified Person. The Company shall not be required to indemnify any Indemnified Party for any amount paid or payable by such party in the settlement or compromise of any claim or action without the Company's prior written consent.

The Company further agrees that neither the Firm nor any other Indemnified Party shall have any liability, regardless of the legal theory advanced, to the Company or any other person or entity (including the Company's equity holders and creditors) related to or arising out of the Firm's engagement, except for any liability for losses, claims, damages, liabilities, or expenses incurred by the Company that are finally judicially determined to have resulted solely from the willful misconduct or gross negligence of any Indemnified Party.

Each Indemnified Person shall make reasonable efforts to mitigate its losses and liabilities. The indemnity, reimbursement, contribution, and other obligations and agreements of the Company set forth herein shall apply to any modifications of the Agreement, shall be in addition to any liability that the Company may otherwise have, and shall be binding on and inure to the benefit of any successors, assigns, heirs, and personal representatives of the Company and each Indemnifying Party. The foregoing provisions shall survive the consummation of any Transaction and any termination of the relationship established by the Agreement.

**CMD Global Partners, LLC \| 123 N. Wacker Drive \| Suite 1375 \| Chicago, IL 60606**

![](ex14-1_001.jpg)

Before entering into any agreement or arrangement with respect to, or effecting, any merger, statutory exchange or other business combination or proposed sale or exchange, dividend or other distribution, or liquidation of all or a significant portion of its assets in one or a series of transactions or any significant recapitalization or reclassification of its outstanding securities that does not directly or indirectly provide for the assumption of the obligations of the Company set forth herein, the Company will notify the Firm and, if requested by the Firm, shall arrange in connection therewith alternative means of providing for the obligations of the Company set forth herein on terms and conditions satisfactory to the Firm.

To the extent that officers, managers, employees or representatives of the Firm appear as witnesses, are deposed, or otherwise are involved in or assist with any action, hearing, or proceeding related to or arising from any transaction or proposed transaction contemplated by this Agreement or the Firm's engagement hereunder, or in a situation where such appearance, involvement, or assistance results from the Firm's engagement hereunder, the Company will pay the Firm, in addition to the fees set forth above, the Firm's reasonable and customary per diem charges. In addition, if any Indemnified Person appears as a witness, is deposed, or otherwise is involved in any action relating to or arising from any transaction or proposed transaction contemplated by this Agreement or the Firm's engagement hereunder, or in a situation where such appearance, involvement, or assistance results from the Firm's engagement hereunder, the Company will reimburse such Indemnified Person for all reasonable out-of-pocket expenses (including fees and expenses of counsel) incurred by it by reason of it or any of its personnel being involved in any such action.

**CMD Global Partners, LLC \| 123 N. Wacker Drive \| Suite 1375 \| Chicago, IL 60606**

## Exhibit 10.15

**Exhibit 10.15**

---

| | | | |
|:---|:---|:---|:---|
| ![](ex10-15_001.jpg) | <br>**JTC Corporation** | **Hotline** | 1800 568 7000 |
| ![](ex10-15_001.jpg) | The JTC Summit | **Main Line** | (65) 6560 0056 |
| ![](ex10-15_001.jpg) | 8 Jurong Town Hall Road | **Facsimile** | (65) 6565 5301 |
| ![](ex10-15_001.jpg) | Singapore 609434 |  |  |

---

Our Ref: MLM-CMA-0972510 <br> Allocation No: 7010061 <br> Case No: TBC

**27 May 2025**

---

| | |
|:---|:---|
| **OTSAW TECHNOLOGY PTE. LTD.** <br> 10 TAMPINES NORTH DRIVE 4 <br> #01-03 JTC Space @ Tampines North<br> SINGAPORE 528553 | **Offered Tenancy Period: <br>** <br> 1 Jun 2025 to 31 May 2028 |

---

**Action Required By:<br>9 June 2025**

Dear Sirs

**OFFER FOR TENANCY OF JTC PREMISES AT 10 TAMPINES NORTH DRIVE 4 #01-03 JTC SPACE @ TAMPINES NORTH SINGAPORE 528553 ("PREMISES")**

1. Thank you for your
 interest in renting the Premises from us. This letter, together with the Attachment, comprises
 our offer to rent the Premises to you (" <u>Offer</u> ") for the period from **1 June 2025 to 31 May 2028** (" <u>Term</u> ").

2. The terms of your Tenancy are in the <u>Attachment</u>.

3. To accept our Offer, please do the following by **9 June 2025**, or such other date as may be extended
by us in writing:

 **Action Required for Acceptance**

(a) **Prepare the Letter of Acceptance** (format enclosed).

(b) **Complete, sign and return by post to us the duly completed and signed Letter of Acceptance**, and **all additional documents** which we have listed in *<u>Attachment (Part 2)</u>* (if any).

(c) **Make full payment** of the required sums (see payment breakdown and method in the *<u>Attachment (Part 1)</u>*).

(d) It is compulsory for subsequent payments under the Tenancy to be paid by GIRO deduction. For subsequent payments under the Tenancy to be paid by GIRO from your existing GIRO account **1900003108**, please let us have your **written confirmation** (in the Letter of Acceptance) that all payments under the Tenancy are to be paid by GIRO from this account. Please ensure sufficient funds in your existing GIRO account and that your GIRO limit with your bank is sufficient.

---

| | |
|:---|:---|
| **Creating Tomorrow's Industry Spaces** | **jtc.gov.sg** |

---

---

| | | | |
|:---|:---|:---|:---|
| ![](ex10-15_001.jpg) | <br>**JTC Corporation** | **Hotline** | 1800 568 7000 |
| ![](ex10-15_001.jpg) | The JTC Summit | **Main Line** | (65) 6560 0056 |
| ![](ex10-15_001.jpg) | 8 Jurong Town Hall Road | **Facsimile** | (65) 6565 5301 |
| ![](ex10-15_001.jpg) | Singapore 609434 |  |  |

---

4. There will be no Tenancy between us if we do not receive by **9 June 2025**, or such other date as may be extended by us in writing -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) your duly signed original Letter of Acceptance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) full payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) your duly completed original GIRO authorisation form, or your
written confirmation that all payments under the Tenancy are to be paid from your existing GIRO account with us; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all additional documents which we have listed in *<u>Attachment (Part 2)</u>* (if any). In such event, all payments (except for the application deposit, which will be forfeited) will be refunded
to you (without interest).

5. Please login to JTC's Customer Service
 Portal with Singpass to access your future monthly e-statements.

6. If you have any queries, you may contact Kaelyn Ng at Kaelyn_NG@jtc.gov.sg.

---

| |
|:---|
| Yours faithfully |
| **/s/ Kaelyn Ng** |
| (Signed) |
| **Kaelyn Ng** |
| Asst Manager |
| Precision Engineering Dept |
| Aerospace & Precision Engrg Cluster |

---

---

| | | |
|:---|:---|:---|
| ***<u>Attachment</u>:*** | *<u>Part 1</u>:* | *Details* |
|  | *<u>Part 2</u>:* | *Key Terms* |
|  | *<u>Part 3</u>:* | *Special Terms* |
|  | *<u>Part 4</u>:* | *Standard Terms* |

---

---

| | |
|:---|:---|
| **Creating Tomorrow's Industry Spaces** | **jtc.gov.sg** |

---

***<u>Attachment (Part 1): Details</u>***

**<u>PART 1 (Details)</u>**

---

| | |
|:---|:---|
| Premises | **10 TAMPINES NORTH DRIVE 4 #01-03 JTC Space @ Tampines North SINGAPORE 528553** |
| Term | **1 June 2025 to 31 May 2028** |
| Tenancy Commencement Date | **1 June 2025** |

---

---

| | |
|:---|:---|
| Rent per month <br>*(For clarity, the amounts in these rows exclude GST. GST is payable by you.)* | **$16,577.40** at **$10.34** per square metre per month of the Area |
| Rent per month <br>*(For clarity, the amounts in these rows exclude GST. GST is payable by you.)* 2<sup>nd</sup> Year | **$16,577.40** at **$10.34** per square metre per month of the Area |
| Rent per month <br>*(For clarity, the amounts in these rows exclude GST. GST is payable by you.)* 3<sup>rd</sup> Year<br>| **$16,577.40** at **$10.34** per square metre per month of the Area |

---

---

| | |
|:---|:---|
| Service Charge per month<br>*(For clarity, the amount in this row excludes GST. GST is payable by you.)* | **$8,112.34** at **$5.06** per square metre per month of the Area |
| Usage Charge per month <br>*(For clarity, the amount in this row excludes GST. GST is payable by you.)* | **Not Applicable** |
| Other Charges per month <br>*(For clarity, the amount in this row excludes GST. GST is payable by you.)* | **Not Applicable** |
| Security Deposit Amount<br>*(equivalent to **3.0** months' fixed recurring charges)* | **$74069.22** |
| Reinstatement Deposit Amount | **Not Applicable** |
| Authorised Use | **Office, Demo, Assembly and Repair of Robots** |
| Estimated Area ("<u>Area</u>") | **1,603.23 m<sup>2</sup>** |
| \*Maximum Floor Loading <br>*\*(Note: You must not exceed the Maximum Floor Loading and must ensure that the permitted load is evenly distributed.)* | **15 kN/m<sup>2</sup>** |

---

---

| | |
|:---|:---|
| Other Terms and Conditions | **See remaining Attachment** |

---

Page 1 of 2 [Details] (Apr 2025)

***<u>Attachment (Part 1): Details</u>***

---

| | | |
|:---|:---|:---|
| **Payment required for acceptance of Offer** | **Payment required for acceptance of Offer** | **Payment required for acceptance of Offer** |
| | **Amount ($)** | **GST at prevailing rate ($)** |
| Rent for one month | **16577.40** | **1491.97** |
| Service Charge for one month | **8112.34** | **730.11** |
| New Security Deposit Amount | **74069.22** |  |
| **<u>LESS</u>** Existing Security Deposit Amount\* <br>*\*Any excess deposit under the existing tenancy will be used for payments under the Tenancy.* | **21483.29** |  |
| Stamp Duty | **3555.00** |  |
| Sub-Total Payable (inclusive of GST at prevailing rate) | **83052.75** | **83052.75** |
| <u>Less</u> Application Deposit (if paid) | **24689.74** |  |
| Total Amount Payable (inclusive of GST at prevailing rate) | **<u>58363.01</u>** | **<u>58363.01</u>** |

---

Page 2 of 2 [Details] (Apr 2025)

***<u>Attachment (Part 2): Key Terms</u>***

**<u>PART 2 (Key Terms)</u>**

*(The definitions in the Standard Terms apply to these Key Terms. The Standard Terms are at <u>Attachment (Part 4)</u> of the letter ("<u>Letter</u>") attaching these Key Terms. If there is any inconsistency, the conditions in <u>Attachment (Part 1)</u> attached to the Letter take precedence over these Key Terms, and these Key Terms take precedence over the Special Terms (at <u>Attachment (Part 3)</u>) of the Letter.)*

 

1. <u>"As is" basis</u> 

The Premises are rented to you on an "as is" basis. You must not exceed the Maximum Floor Loading and must ensure that the permitted load is distributed so as not to cause damage to the floor and structural support.

2. <u>Operations Commencement Date</u> 

You must commence business by the operations commencement date indicated below.

On Tenancy Commencement Date.

3. <u>Authorised Use</u> 

You must comply with the Authorised Use.

4. <u>Approvals</u> 

You must obtain all necessary approvals required for your business operations at the Premises and keep them in force throughout the Tenancy.

5. <u>Option to Renew</u> 

There is no Option to Renew.

6. <u>Rent, Service Charge and other payments</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 The Rent, Service Charge and all other charges (if any) payable by you are set out in *<u>Attachment (Part 1) (Details)</u>* of the letter attaching these Key Terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 The Rent and Service Charge should be paid in advance without demand or deduction on the first day of
each month of the Term. We are entitled, at any time and from time to time, to increase the Service Charge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Mode of Payment</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) You must pay to us the Rent, Service Charge, Usage Charge (if
any), any other charges (if any) and GST, by GIRO from your designated bank account. The Rent, Service Charge, Usage Charge (if any)
and any other charges (if any) exclude GST. GST is payable by you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b1) you do not have any GIRO arrangement for payment of the amounts
due to us; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b2) at any time during the Tenancy, the GIRO payment is not effected,
or the GIRO arrangement is discontinued for whatever reason (including in the event your designated bank account has any GIRO limit,
or there are insufficient funds in your designated bank account),

you must immediately pay to us –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b3) the amounts due to us by other electronic methods as indicated
in our website at http://www.jtc.gov.sg; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b4) an administrative fee based on our then prevailing policies.
Please refer to our website at http://www.jtc.gov.sgfor the applicable fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 [Not Used.]

Page 1 of 2 [Key Terms] (Apr 2025)

***<u>Attachment (Part 2): Key Terms</u>***

7. [Not Used.]

8. <u>Security Deposit</u> 

The Security Deposit payable by you is set out in *<u>Attachment (Part 1) (Details)</u>*, and must be maintained throughout the Term.

9. <u>Reinstatement Deposit</u> 

You must seek our consent if you wish to carry out any addition or alteration works at the Premises. A reinstatement deposit will be required for our consent which will be on such terms and conditions as we may impose.

10. <u>Early Termination by Written Notice</u> 

Either party may terminate the Tenancy by giving the other party not less than 3 months' prior written notice, or paying the other party 3 months' rent-in-lieu, without affecting any accrued rights or remedies of either party.

11. <u>Green Building Obligations</u> 

JTC is committed to environmental sustainability. We encourage you to adopt such measures as may be recommended by us for the Premises.

12. <u>Existing Outstanding Obligations</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 You remain liable –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to pay for all outstanding amounts due to us; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to make good all other outstanding obligations,

under the existing tenancy, or any other earlier tenancy or tenancies of the Premises, by such time as required by us, failing which it will be a breach of Your Obligations entitling us to take such actions as required, including terminating the Tenancy and re-entering the Premises.

13. [Not Used.]

14. [Not Used.]

15. <u>Control Requirement</u> 

You agree not to, without our prior written consent, effect any change in the shareholding, constitution or membership of your company, sole-proprietorship or partnership. Consent may be granted subject to terms and conditions at our discretion. Where such change is needed pursuant to an order of court, you need only give us notice (with supporting documents) within 1 month of the change.

16. [Not Used.]

17. <u>Guidelines</u> 

The following guidelines (which are subject to change from time to time) are applicable to you and can be found at http://www.jtc.gov.sg:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ Schedule of Statutory Controls for Flatted, Ramp-up and Stack-up
Factory Customers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ Tenant's Guide Book (at your respective Estate's
homepage) (where applicable)

Page 2 of 2 [Key Terms] (Apr 2025)

***<u>Attachment (Part 3): Special Terms</u>***

**<u>PART 3</u>**

**<u>Special Terms and Conditions</u>**

*(The definitions in the Standard Terms apply to these Special Terms.)*

 

1 <u>Works relating to the Reinstatement Deposit</u>

*Not Used*

 

2 <u>Green Building Obligations</u>

You must comply with the requirements in the <u>attached</u> **Green Building Obligations Annex.**

3 <u>Technical and Other Requirements</u>

You must comply with the requirements in the <u>attached</u> **Technical and Other Requirements Annex.**

**<u>ATTACHMENTS</u>**

☒ **Green Building Obligations Annex** (see clause 2 above)

☒ **Technical and Other Requirements Annex** (see clause 3 above)

Page 1 of 5 [Special Terms] (Apr 2025)

***<u>Attachment (Part 3): Special Terms</u>***

**<u>Special Terms and Conditions <br> Green Building Obligations Annex<br> **+**</u>**

*(The definitions in the Standard Terms apply to these Special Terms.)*

 

1 <u>Green Building Obligations</u>

1.1 You must co-operate with us to ensure that the Green Mark Certification *(* i.e.
Green Mark GoldPlus *)* issued (or to be issued) by the Building and Construction Authority for the Building (" <u>Green Mark Certification</u> ") is not affected or hindered in any way by your action or inaction. This includes ensuring that all of the following
(collectively, the " <u>Green Building Obligations</u> ") are complied with at your own cost and expense:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All water fittings used within the Property will be labeled 3-ticks under the mandatory
Water Efficiency Labelling Scheme issued by the Public Utilities Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Only low volatile organic compounds (" <u>VOC</u> ") paints certified
under the Singapore Green Labelling Scheme (" <u>SGLS</u> ") by the Singapore Environment Council, or an equivalent body, are
used within the Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Only environmental friendly adhesives certified under the SGLS by the Singapore
Environment Council, or an equivalent body, are used within the Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Only environmental friendly products certified by the Green Certification Bodies
such as SGLS or Singapore Green Building Product Scheme (" <u>SGBP</u> "), are used within the Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Energy Efficiency</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e1) <u>Unitary Air Conditioning System [For Property without the provision of Water-Cooled Chilled-Water Plant]</u> 

For unitary air conditioning system, the minimum design system efficiency of COP of **4.51** or better performance than **0.78kW/RT** for cooling load of less than 500 RT will be installed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e2) <u>Air Distribution System (For Mechanical Ventilation)</u> 

The overall efficiency of the air distribution system (with reference to Fan System Input Power) for the Premises will not exceed the following minimum efficiency requirements:

(e2.1) 0.294 W/CMH for fan motor greater than or equal to 4kW (Constant Volume type);

(e2.2) 0.17 W/CMH for fan systems with nameplate motor less than 4 kW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e3) <u>Artificial Lighting</u> 

---

| | |
|:---|:---|
| (e3.1) | The design for the lighting system will have an improvement of at least 37% above the regulatory lighting efficiency baseline requirements stated in SS530-2006. |

---

---

| | |
|:---|:---|
| (e3.2) | As a result of the 37% improvement, the lighting power budget for the different occupied spaces will not exceed the following: |

---

S. No. <u>Space Usage</u> <u>Lighting Power Density (W/m<sup>2</sup>)</u> <br> <u>1</u> <u>Factory</u> <u>9.5</u>

Page 2 of 5 [Special Terms] (Apr 2025)

***<u>Attachment (Part 3): Special Terms</u>***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e4) <u>Day lighting control</u> 

Day lighting control for perimeter lighting with on-off switches and/or dimmable ballast is adopted within all parts of the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e5) <u>Sub-meter</u> 

(e5.1) The Premises is provided with sub–meter that will be linked to our Building Management System (BMS) for energy consumption monitoring. You must link all your energy consumption to the sub-meter and ensure that they are grouped to allow for tracking of energy based on the following:

(e5.1.1) Lighting consumption;

(e5.1.2) ACMV consumption; and

(e5.1.3) Receptacles consumption.

(e5.2) You will ensure that the sub-meters are maintained and calibrated according to the manufacturer's requirements and at your own cost and expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e6) All recyclable wastes within the Premises will be segregated from non-recyclable wastes and disposed
of in the designated bins provided in the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e7) All non-recyclable waste must be disposed of in the manner as
prescribed by us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e8) You will comply with such other requirements, or good industry practices, as we may notify you from time
to time.

1.2 If, at any time and from time to time, any works are to be carried out within the
Premises (including, without limitation, fitting-out works, addition and alteration works), then you must within 7 days after completion
of such works, submit a declaration (in the format prescribed by us) confirming that such works have been completed in accordance with
the relevant plans approved by us.

Page 3 of 5 [Special Terms] (Apr 2025)

***<u>Attachment (Part 3): Special Terms</u>***

**<u>Special Terms and Conditions</u>**

**<u>Technical and Other Requirements Annex</u>**

*(The definitions in the Standard Terms apply to these Special Terms.)*

 

1 <u>Loading/Foundation</u>

1.1 You must not exceed the maximum loading/floor loading capacity of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 3,000 kg in the cargo lifts in the Building. You are responsible for all loss and
damage to the goods lift if caused, directly or indirectly, by you or any of Your Authorised Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 15 kN/m<sup>2</sup> for premises located
 on the 1<sup>st</sup>/2<sup>nd</sup>/3<sup>rd</sup> storey of the Building and 10 kN/m<sup>2</sup>
 for premises located on the 4<sup>th</sup> to 9<sup>th</sup> storey of the Building; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 0.5 kN/m<sup>2</sup> for all items mounted
 on the soffit of the slab, of which the prescribed maximum load includes ceiling and M&E
 services.

1.2 For installation of material handling system (crane), you will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) not exceed 2000kg for material handling system (crane) for premises located on level 1 and 2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) not exceed 1000kg for material handling system (crane) for premises located on the
level 3 to level 9;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ensure that the crane beams will be supported by a steel corbel on the precast
column. The anchoring system to support the steel corbel must not damage the precast column;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ensure that no hoisting crane is installed within the vibration controlled units
from level 3 to level 9; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) check the headroom clearance prior to the installation of the hoisting crane. Minimum
2m headroom is required to comply with BCA code (C.3.2.1) and a ceiling height of 2.4m (C.3.3.1). The minimum operation/installation height
of the hoisting crane should be advised by the hoisting crane specialist.

1.3 You must, after obtaining our prior written consent, provide suitable foundation for all machinery, equipment
and installation at the Premises.

1.4 <u>Subsidence</u> 

You accept the Premises with full knowledge that the ground floor slabs or production floor slabs are laid directly on the ground with services laid in the ground, and may settle, subside or crack in the event that the ground in, on or around the Premises or the Building consolidates in the course of time.

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|:---|:---|
| **2** | **<u>Additional Conditions</u>** |

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2.1 <u>Mechanical & Electrical (M&E) Installation</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The maximum electrical loading for premises on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a1) level 3 is 150 amps;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a2) level 4 to 9 is 100 amps; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a3) land based is between 600 to 800 amps.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to our prior written consent, you may increase the electrical loading for
the Premises and provide a suitable foundation for the necessary equipment and installation at the Premises at your own cost.

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***<u>Attachment (Part 3): Special Terms</u>***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) You must accept the possibility of a power disruption when other lessee/tenant's unit power connection
to the common sub-board is being carried out.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event renovation works affect the existing outdoor lightning conductor system, you must first
seek our Qualified Person (" <u>QP</u> ")'s certification prior to the commencement of the works.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) You must engage our QP's verification on the M&E services prior to the
commencement of any alteration works.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) You must locate the PUB sub-meter at the space provided at the common water riser
and liaise with PUB Water & Supply Network Department separately for the PUB water sub-meter installation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) You agree not to permit any chemical or oil drainage through the floor traps provided at any unit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) We reserve the right to approve the usage of the exhaust through the common exhaust riser.

2.2 <u>Car-park</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) You must comply with the following restrictions for the use of the ramps at the Car-Park (as defined
in the Standard Terms):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a1) maximum laden weight not exceeding 3.5 tons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a2) maximum width not exceeding 3.65 metres;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a3) vehicle length not exceeding those classified under Class 3
vehicles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a4) vehicle height not exceeding 2.1 metres.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Season Parking</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b1) Season parking tickets for car parking lots within the Estate can be purchased online via our website
at http://www.jtc.gov.sg.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b2) Please note that the number of season parking tickets(s) that can be purchased by you will depend on
eligibility rules set out by us.

2.3 <u>Fire Protection</u> 

You will ensure that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Fire Access Panels (FAP) at all levels will not be obstructed at all times. In any
case your fitting out arrangement may require relocating the designated FAP location(s), you are obliged to consult the Singapore Civil
Defense Force (FSSD) or the relevant Authorities and obtain the Authorities' approval(s) prior to implementation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designated fire access path and retractable ladder access to 4th Storey from the
outdoor Additional Production Space at the 3rd Storey will not be obstructed at all times. Railing along the designated fire access path
will not be removed at all times. In cases where fitting out arrangements may require relocating the designated fire access path(s) and
retractable ladder access to the 4th Storey, you are required to consult the Singapore Civil Defense Force (FSSD) or the relevant Authorities
and obtain the Authorities' approval(s) prior to implementation.

2.4 <u>Open Yards on 1<sup>st</sup> and 3<sup>rd</sup> Storey</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In any case your fitting out arrangement may require sheltering the open yard,
the shelter must not obstruct the fire engine access. You are obliged to consult the Singapore Civil Defense Force (FSSD) or the relevant
Authorities and obtain the Authorities' approval(s) prior to implementation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) You must also seek our approval for any additional shelter to open yard space on 1st and 3rd storey.

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***<u>Attachment (Part 4): Standard Terms</u>***

**<u>PART 4</u>**

**<u>Standard Terms and Conditions</u> <br> (Space)**

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|:---|:---|
| **1** | **<u>Definitions and Interpretation</u>** |

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1.1 In the Tenancy, the
words and phrases below have the following meanings, unless the context requires otherwise:

"<u>Authorities</u>" - All relevant government and statutory authorities;

"<u>Building</u>" - The building (including all common areas, other premises and our fixtures and fittings) in which the Premises are located, and includes any part thereof;

"<u>Car-Park</u>" - All parking lots, roads, ramps and loading bays within the Estate, including any electronic or other parking systems;

"<u>Estate</u>" - The estate in which the Building is located, (including the Car-Park, all structures and all Utility Facilities whether located above or below ground) and any part of it;

"<u>Event of Insolvency</u>" - Includes your inability to pay debts, the presentation of a bankruptcy application against you, your entry into liquidation whether compulsory or voluntary (except for the purpose of reconstruction or amalgamation with our prior consent), the making of a proposal by you to creditors for composition in satisfaction of debts or a scheme of arrangement, or the appointment of a receiver, trustee or liquidator in respect of your property;

"<u>Law</u>"- All laws, statutes, legislation, by-laws, rules, orders, regulations, directions, orders, notices and requirements of the Authorities currently in force or which may be in force in future;

"<u>Loss</u>"- All actions, claims, summonses, judgements, orders, charges, demands, losses, damages, injuries, death, liabilities, penalties, proceedings, costs, expenses and inconvenience, of any kind and howsoever caused. For clarity, "Loss" includes loss of rent and service charge during the period required by us to carry out and complete the works to make good your default, including your default in reinstating the Premises to the standard required under the Tenancy;

"<u>Maximum Electricity Load</u>" - The maximum electricity load permitted by the Authorities or us;

"<u>Offer</u>" - our offer for the Tenancy of the Premises, which includes the attachments referred to in our offer;

"<u>Our Authorised Person</u>"- Each of our employees and authorised representatives;

"<u>Premises</u>" - As defined in the Tenancy, and includes any part of it. If there is more than one unit comprised in the "Premises", then the term "Premises" refers to each of the units comprised in the Building, including any part of each such unit. "Premises" also includes all our fixtures and fittings therein;

"<u>Refurbishment Works</u>" - As defined in Clause 3.2(d) of these Standard Terms;

"<u>Security Deposit</u>" - As defined in the Tenancy. If there are 2 or more Security Deposit amounts stated in the Offer, the term "Security Deposit" shall refer to the total of such amounts;

"<u>Security Deposit Amount</u>"- As defined in Clause 4.3(f) of these Standard Terms;

"<u>Service Charge</u>" - As defined in the Tenancy, and includes the Service Charge as revised by us; "<u>Special Terms</u>" - The Special Terms and Conditions attached to the Offer;

"<u>Standard Terms</u>" - These Standard Terms and Conditions;

"<u>Take-Over Item</u>" - As defined in Clause 4.10 of these Standard Terms;

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***<u>Attachment (Part 4): Standard Terms</u>***

"<u>Tenancy</u>" – Our Offer and your acceptance. For clarity, at the end of the Tenancy, the Term also ends and vice versa;

"<u>Usage Charge</u>" - As defined in the Tenancy, and includes all charges for additional services and facilities referred to in Clause 4.5(a) of these Standard Terms and Usage Charges as revised by us;

"<u>Utility Facilities</u>" - The term includes sewers, drains, pipes, channels, wires, cables, ducts and other conduits above and below ground level, and the term "fittings" includes Utility Facilities;

"<u>We</u>", "<u>our</u>" or "<u>us</u>" - Jurong Town Corporation (also known as "JTC Corporation") incorporated under the Jurong Town Corporation Act 1968, its successors-in-title, and assigns;

"<u>Works"</u> - works as stipulated by us in the Offer.

"<u>You</u>" or "<u>your</u>" - The person to whom the Offer is issued, and includes his personal representatives, successors-in-title, and permitted assigns (if any);

"<u>Your Authorised Person</u>" - Each of your employees, agents, independent contractors, occupiers, visitors and all others under your control;

"<u>Your Items</u>" - Each of your machinery, fixtures, fittings, structures, installations, chattels, things and goods under your control including each Take-Over Item; and

"<u>Your Obligations</u>" - The terms, conditions, obligations and undertakings to be complied with by you under the Tenancy, including all conditions imposed by us in any consent or approval.

1.2 Other capitalized terms are defined in these Standard Terms, the Special Terms or the Offer (including,
for clarity, the other attachments referred to in the Offer).

1.3 Words importing the singular include the plural and vice versa. Words importing
the masculine, feminine or neuter genders are used interchangeably. Words denoting natural persons include corporations and firms and
vice versa. Headings are for ease of reference only.

1.4 When our consent or approval is required, the consent or approval may or may not
be given. If it is given, it must be in writing and on such terms and conditions as may be imposed by us, including payment of monies,
and the restrictions in Section 17 of the Conveyancing and Law of Property Act 1886 will not apply.

1.5 Reference to a specific statute includes all its rules and regulations and all changes made to it from
time to time.

1.6 Reference to "include" or "including" is to be construed as "include (without
limitation)" or "including (without limitation)".

1.7 All Your Obligations are binding on all of you jointly and severally. You must comply
with all Your Obligations at your own cost and expense, and to our satisfaction. If you are required to comply with any provision of the
Tenancy, then you must ensure and procure that Your Authorised Person complies with such provision.

1.8 No exercise of any one right or remedy under the Tenancy, at Law or in equity,
(unless otherwise provided in the Tenancy, at Law or in equity) will prevent the exercise of any other right or remedy. When we exercise
our rights to enter or inspect the Premises, we and Our Authorised Person are entitled to bring workmen and equipment onto the Premises.

1.9 If there is any inconsistency between the Special Terms and these Standard Terms,
the Special Terms take precedence over these Standard Terms.

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2 <u>Our Obligations</u>

2.1 If you comply with all Your Obligations, you may have quiet enjoyment of the Premises during the Term
without any interruption from us, except as provided in the Tenancy.

3 <u>Easements and Reservations</u>

3.1 During the Tenancy, you are entitled to the following if you comply with all Your Obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) right to use the common corridors, toilets, stairs and lifts in the Building and the Estate in common
with all persons authorised by us; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) right to use the Utility Facilities located within the Building and the Estate for running of water,
electricity, gas and telecommunications facilities to and from the Premises.

3.2 We and persons authorised by us also enjoy the rights listed in Clause 3.1 and the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) right to use the Utility Facilities located within the Premises, Building and the
Estate for running of water, electricity, gas and telecommunication and to lay, install, make connections with, maintain, repair, renew,
restore, alter or remove them for the purpose of or in connection with these rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all other easements and ancillary rights as set out or implied in the Land Titles Act 1993;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) right of support and protection for the benefit of all other parts of the Building and the Estate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) right to redevelop, refurbish, alter, repair, maintain or in any way deal with,
use or let the Building or the Estate, as we require, even if your right of access to light or air to the Premises or any other easements,
may be affected, whether temporarily or otherwise ("  **<u>Refurbishment Works</u>** ").

4 <u>Your Obligations <br> Condition of Premises</u>

4.1 You agree to accept the Premises on an "as is" basis, including all defects (latent, inherent
or otherwise), and be deemed to have full notice and knowledge of the state and condition of the Premises.

**<u>Payments</u>**

4.2 (a) You agree to pay to us, the Rent, Service Charge, Usage Charge, Goods and Services Tax ("  **<u>GST</u>**") at the prevailing
rate, and all other sums due, in full and without any demand or deduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) We are entitled by notice, at any time, to revise the Service
Charge, Usage Charge and other charges (if any). Such revisions will apply to you with effect from the date stated in the notice. If
the Service Charge is increased, you will immediately top-up the Security Deposit held by us, such that the Security Deposit is maintained
at the revised Security Deposit Amount throughout the Term.

4.3 (a) You agree to pay to us, a Security Deposit for the Security Deposit Amount, and maintain it at the Security Deposit Amount throughout
the Term, as security for the performance of Your Obligations, and against any damage caused to any of our property by you or Your Authorised
Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) We are entitled (but not obliged) to deduct from the Security Deposit, or (if the
Security Deposit is in the form of a guarantee acceptable to us) make claims on such guarantee, for payment of unpaid sums or making good
any Loss sustained by us in relation to any breach of Your Obligations. If the Security Deposit is insufficient, we are entitled to claim
the difference from you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) You agree to pay to us on demand, a sum equal to the amount deducted, or claimed,
by us under sub-Clause (b) above, such that the Security Deposit is maintained at the Security Deposit Amount throughout the Term.

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***<u>Attachment (Part 4): Standard Terms</u>***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Security Deposit (less deductions authorised under the Tenancy or Law) will
be refunded to you (without interest) after the end of the Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [Not Used.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In the Tenancy, the term "  **<u>Security Deposit Amount</u>**" refers
to an amount equivalent to the total of 6 months' fixed recurring charges, unless we agree to a lower amount.

4.4 (a) You agree to pay to us a Reinstatement Deposit in accordance with the Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) We are entitled (but not obliged) to utilise and deduct the Reinstatement Deposit
(or part thereof), or (if the Reinstatement Deposit is in the form of a guarantee acceptable to us) make claims on such guarantee, for
payment of such sums deemed necessary by us to reinstate the Premises in accordance with Your Obligations on reinstatement. If the Reinstatement
Deposit is insufficient, we are entitled to claim the difference from you (including making a deduction from the Security Deposit).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Reinstatement Deposit (less authorised deductions under the Tenancy or Law)
will be returned to you (without interest) after the end of the Term.

4.5 You agree to pay to us the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) charges for all additional services and facilities provided by us including air-conditioning
at the Premises outside the hours, or exceeding the number of hours stipulated by us, emergency power supply and connection charges and
additional power supply in excess of the stipulated usage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) interest at the rate of 8.5% per annum, or such other rate determined by us, for
all unpaid sums from the due date until payment in full is received by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if you withdraw from the Tenancy before the Tenancy Commencement Date, a sum equal
to the prevailing market rent payable from the Possession Date up to the date the obligations under Clause 7 are satisfied, without affecting
our rights and remedies under the Tenancy or at Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if the Tenancy is for 3 years or less, any increase in property tax imposed by the
Authorities due to any increase in the annual value or the applicable rate of property tax, in the proportion attributable to the Premises
as determined by us; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) legal fees, stamp duty and disbursements incurred in preparation of the Tenancy
documents, and the legal fees relating to enforcement of Your Obligations on a full indemnity basis.

4.6 Where the Term is for more than 3 years, you will pay to the Authorities the property
tax imposed by the Authorities in respect of the Premises.

**<u>Maintenance and Occupation</u>**

4.7 You agree to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) maintain and keep the Premises, and all items serving the Premises as stipulated
by us from time to time, in good and tenantable repair and condition (fair wear and tear excepted);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) remove, within or outside your Premises, all such items, and cease all such activities,
which may pose a danger, cause obstruction or other disturbances, or to enable us to exercise our rights under the Tenancy, as required
by us or the Authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) contain and dispose of all waste, including pollutants and contaminants in accordance with our requirements.

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4.8 You agree not to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) sublet, grant a licence, encumber or otherwise part with or share possession or occupation of the Premises
or any part of it, or transfer, assign, charge, create a trust or agency over the Tenancy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) do anything within the Premises or the Estate which in our view may be or may become a nuisance, annoyance
or cause damage or inconvenience to the business or quiet enjoyment of any neighbouring premises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) exceed the Maximum Floor Loading and ensure that the permitted load is evenly distributed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) do anything which affects the structure or safety of the Building or which may
delay or prevent the issuance of the Certificate of Statutory Completion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) exceed the Maximum Electricity Load or interfere in any manner with the existing
electrical design load, wirings, apparatus, fixtures or fittings in the Premises, Building or Estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) install or use any item that may cause heavy power surge, high frequency voltage
or current, noise, vibration or any electrical or mechanical interference or disturbance which may disrupt any communication, electronic
or similar system or any operations within the Estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) use the Car-Park (if any) within the Premises to store goods, equipment or containers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) place anything beyond the boundaries of the Premises, or obstruct any common areas of the Building or
Estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) keep any animal at the Premises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) tap or use any utilities from any source/supply that is not arranged and paid by you;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) permit any person to sleep or reside in the Premises, temporarily or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) use the name of the Building or the Estate, as part of your trade or business name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) use or occupy the Premises for any purpose other than for the Authorised Use;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) use the Premises for any illegal or immoral purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) without our prior consent –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o1) carry out any additions or alterations works of whatever nature,
or remove or install any fixtures or fittings at the Premises, including the internal partitioning, the external appearance of the Premises,
doors, windows, grilles and walls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o2) display any sign on the exterior of the Premises except for
your name in such place and manner approved by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o3) bring into the Premises, Building or Estate, any bio-hazardous,
corrosive, radioactive, flammable or other dangerous items;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o4) make any application for conversion under Part IV of the Limited
Liability Partnerships Act 2005; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o5) do any act (including pass resolutions) which may result in
the issue of a notice of amalgamation under Part VII of the Companies Act 1967 which may cause the Premises, or Tenancy, to be transferred
to or vested in any amalgamated entity.

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4.9 You agree to immediately inform us if there is any damage to the Premises, Building
or Estate caused (directly or indirectly) by you or Your Authorised Person, and to restore the damage to our satisfaction, within the
time stipulated by us.

4.10 If you took over the fixtures, fittings, additions and alterations installed by
another person (each a "  **<u>Take-Over Item</u>** "), you must comply with our requirements and obtain the Authorities'
approvals for each Take-Over Item. If the Authorities' approval is not obtained for such Take-Over Item, you must remove the Take-Over
Item, within the time stipulated by us.

4.11 You agree to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) insure all Your Items (including all Take-Over Items) and (at your discretion) take such other insurance
(including public liability insurance) against all Loss;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) not do anything that will affect any insurance effected in respect of the Premises, Building or Estate,
or cause such insurance to become void or voidable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) produce to us on demand the insurance policy and receipts of premium payment.

4.12 (a) If the Premises are damaged/destroyed by fire, act of God or other cause beyond both parties' control so as to render the Premises
unfit for occupation or use, the Rent, Service Charge and Usage Charge or a fair and just proportion of these sums shall be suspended
until the Premises are rendered fit for occupation and use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Premises continue to be unfit for occupation or use for more than 90 days
after the first day of damage/destruction, then either party may, after the 90-day period, give to the other party a written notice to
terminate the Tenancy within 1 month from the date of such notice, without affecting any accrued rights or remedies of either party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For clarity, this Clause does not apply to you if the damage/destruction is caused,
directly or indirectly, by you or Your Authorised Person.

5 <u>Compliance with Law and Regulations</u>

5.1 You agree to comply with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Law relating to Your Obligations and anything done at the Premises or the Estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all requirements of the Authorities (including fire safety, exit lighting, exit
sign, emergency lightings and ancillary use of floor space i.e. URA's "60/40 Rule"). Some of these requirements are
in the Schedule of Statutory Controls referred to in the Offer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all our parking and other rules and regulations, made and amended from time to
time, relating to the Building and the Estate.

6 <u>Access to Premises</u>

6.1 You agree to permit us and Our Authorised Person to enter the Premises at reasonable
times (and at any time during emergencies) to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) inspect the state of the Premises and the Building, and take inventory of Your Items;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) carry out Refurbishment Works, maintenance, repairs or other works to or in connection with the Premises
or Building, as we consider fit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) verify compliance with Your Obligations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) exercise any other rights granted to us under the Tenancy.

Further, in the event we and our Authorised Person, by written notice, request to enter the Premises for the purposes of investigating unauthorised subletting or any other unlawful activities, you must permit us entry immediately or upon such date and time requested by us.

Page 6 of 10 [Standard Terms – Space] (Apr 2025)

***<u>Attachment (Part 4): Standard Terms</u>***

6.2 You agree to permit our prospective tenants to enter and view the Premises, by
prior appointment and at reasonable times, during the last 6 months of the Tenancy.

7 <u>Expiry of Term and Reinstatement</u>

7.1 At the end of the Term, by expiry or otherwise (including withdrawal from the Tenancy
(under Clause 4.5(c) of these Standard Terms) and termination (under Clause 4.12 of these Standard Terms)), you agree to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) deliver up the Premises to us in good and tenantable repair and condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) unless otherwise required by us in writing, to remove all fixtures, fittings, additions
and alterations installed by you, each Take-Over Item, make good all damage due to such removal, and reinstate the Premises to our requirements
(including completing the Works (if any) stipulated in the Offer); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if required by us, to carry out decontamination works, and to paint the Premises.

7.2 (a) If you leave behind any item or any rubbish or discarded articles, and do not remove them within 14 days after our written request, we
may sell, deal with or dispose the item as we think fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is deemed that the item belongs to you absolutely, and you must indemnify us
against all claims made by a third party whose item has been sold or disposed of by us in good faith (which is presumed unless the contrary
is proven).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The proceeds will be used to offset all Loss incurred by us (including loss of
rent and service charge) for the period during which the item is not removed from the Premises. Any balance proceeds will be returned
to you upon our receipt of your written request.

7.3 (a) If you fail to deliver vacant possession of the Premises at the end of the Term, you will be deemed to be holding over.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without affecting any of our rights or remedies, you must then pay to us, for the
period of holding over, double the amount of Rent or double the prevailing market rent (whichever is higher), Service Charge and Usage
Charge. There will be no renewal of the Tenancy by operation of law or pursuant to the provisions of the Tenancy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During the holding over period, all other terms of the Tenancy remain in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Clause will not be construed as our consent for you to hold over for whatever reason.

8 <u>Breaches and Re-entry</u>

8.1 (a) In the event of a breach of any of Your Obligations, you must immediately make good your default at your own cost and expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If you fail to do so, without affecting any of our other rights or remedies, we are entitled (but not
obliged) to carry out any works we consider necessary to make good your default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) You must pay to us, on demand, the cost of such works.

The enforcement of our rights under this Clause will not affect or diminish our rights elsewhere in the Tenancy.

Page 7 of 10 [Standard Terms – Space] (Apr 2025)

***<u>Attachment (Part 4): Standard Terms</u>***

8.2 We are entitled to re-enter the Premises (or any part of the Premises in the name of the whole) at any
time (even if we had previously waived a right of re-entry) and to repossess the Premises, and the Tenancy will immediately determine,
if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Rent, Service Charge, Usage Charge, or any other sum payable under the Tenancy remains unpaid in
full or in part for 14 days after the due date (whether formally demanded or not);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) you are in breach of any other of Your Obligations and if such breach is capable of remedy, you have
failed to remedy the breach within the period stipulated by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any distress or execution is levied on Your Items at the Premises; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an Event of Insolvency occurs.

8.3 Re-entry under Clause 8.2 does not affect our rights or remedies in respect of any prior breach of Your
Obligations (including the breach in respect of which the re-entry is made).

8.4 The following does not prejudice nor waive our rights or remedies in respect of any breach of Your Obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any indulgence or extension of time granted by us or any forbearance of any breach of Your Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any consent or approval given by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any failure or omission by us to exercise any of our rights under the Tenancy or the Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any receipt or acceptance by us of any payment or part payment of Rent, Service Charge, Usage Charge
or other sums payable under the Tenancy; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any waiver, express or implied, by us of any other breach of the same or any other obligation.

8.5 This Clause will not oblige us to enforce or impose any provision against you or any other person occupying
any premises in the Estate.

9 <u>Indemnity and Exclusions</u>

9.1 You are required to indemnify us from all Loss (excluding wilful misconduct and gross negligence by us
or Our Authorised Person) which we may suffer or incur in relation to any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the use of the Premises or any other area of the Building or the Estate, by you or Your Authorised Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any occurrence within the Premises; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any default of any of Your Obligations.

9.2 We are not liable for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any act, omission, default (excluding wilful misconduct and gross negligence) by us or Our Authorised
Person relating to the performance of any service provided by us, or the exercise of any of our rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Loss that may be suffered by you or Your Authorised Person relating to –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b1) any interruption (for whatever cause) in the services provided
by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b2) any event beyond our control (including acts of terrorism);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b3) any exercise of any of our rights;

Page 8 of 10 [Standard Terms – Space] (Apr 2025)

***<u>Attachment (Part 4): Standard Terms</u>***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b4) any subsidence or cracking of the apron/ground/production floor slabs of the Premises, or any other
areas of the Estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b5) any defect, latent or inherent or otherwise, in the Premises
or the Estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b6) any occurrence within the Premises or the Estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b7) use of the Car-Park; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any loss of quiet enjoyment of the Premises in relation to any of the events mentioned in this Clause.

10 <u>Other Conditions</u>

10.1 (a) We are entitled to assign or novate all our rights and interest and transfer our obligations under the Tenancy (including transfer of
the Security Deposit and Reinstatement Deposit (if any)) to another person ("  **<u>In-coming Landlord</u>** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If we do so, you are deemed to have consented to such assignment or novation and
will accept the In-coming Landlord as your new landlord and release us from all our obligations under the Tenancy, including our obligation
to refund the Security Deposit, the Reinstatement Deposit (if any) and all other sums pursuant to the Tenancy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) You must execute such document as required by us relating to the assignment or novation.

10.2 (a) You must perform and observe the express and implied obligations imposed on us in the State/Foreshore Lease entered, or to be entered,
into between us and the President of the Republic of Singapore in respect of the Estate ("  **<u>Head Lease</u>** "), unless
varied by the provisions of the Tenancy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Building or Estate is acquired by the State/Government,
or the Head Lease is terminated, for whatever reason, the Tenancy shall also terminate immediately and for clarity, no compensation is
payable by us. Neither party will then have any claim against the other, except for any accrued rights or remedies which will remain
enforceable.

10.3 If there is a public emergency, we are entitled to deny/restrict access to the
Premises, the Building and the Estate for so long as we deem necessary.

10.4 Any written notice is sufficiently served on you by leaving it at your registered
business address, even if it is returned undelivered. Any written notice to us is sufficiently served by leaving it at our registered
address and duly acknowledged by Our Authorised Person. You agree that we can serve legal process on you by electronic mail to your email
address last known to us.

10.5 For purpose of the Distress Act 1934, all unpaid Service Charge, Usage Charge,
interest, GST and all other sums will be deemed to be rent in arrears and recoverable in the manner provided in the said Act.

10.6 A person who is not a party to the Tenancy has no right under the Contract (Rights
of Third Parties) Act 2001 to enforce any of the provisions of the Tenancy.

10.7 If any provision of the Tenancy, at any time, is or becomes illegal, invalid or
unenforceable in any respect, the remaining provisions of the Tenancy (insofar as they are severable from such illegal, invalid or unenforceable
provisions) will in no way be affected or impaired.

10.8 The Tenancy constitutes the entire agreement between the parties and no variation
of the Tenancy will be enforceable unless agreed in writing between us.

10.9 We, and you, agree to consider mediation at the Singapore Mediation Centre ("  **<u>SMC</u>** ")
as one of the dispute resolution options for any dispute under the Tenancy. For clarity, there is no default by either party if the dispute
is not referred for mediation at SMC before the start of court proceedings.

10.10 The Tenancy is governed by Singapore laws. You irrevocably submit to the exclusive jurisdiction of the
Singapore court.

Page 9 of 10 [Standard Terms – Space] (Apr 2025)

***<u>Attachment (Part 4): Standard Terms</u>***

**<u>Letter of Acceptance</u>**

 

*[On Tenant's Letterhead]*

 

Date : June 8, 2025

 

Jurong Town Corporation

Precision Engineering Dept

Aerospacfe & Precision Engrg Cluster

The JTC Summit

8 Jurong Town Hall Road

Singapore 609434

**Attention:** Ms Kaelyn Ng/ Precision Engineering Dept

Dear Sirs,

**ACCEPTANCE OF OFFER FOR TENANCY OF JTC PREMISES AT 10 TAMPINES NORTH DRIVE 4 #01-03 JTC SPACE @ TAMPINES NORTH SINGAPORE 528553 ("<u>PREMISES</u>")**

**1.** We refer to your letter of offer dated **27 May 2025** ("  **<u>Letter</u>** "),
together with the Attachment, (collectively, the "  **<u>Offer</u>**") for the tenancy of the Premises and hereby confirm
our acceptance of all the terms and conditions of the Offer.

**2.** We understand and agree that we will only be able to access, print and download
our monthly e-statements through JTC's Customer Service Portal. We will refer to your Customer Service Portal guidelines available
at http://www.jtc.gov.sg for more information.

**3.** As required - *[insert ✔ for the applicable checkbox]* 

☐ we confirm that all payments under the Tenancy are to be paid by GIRO from our existing GIRO account **1900003108**.

**4.** We enclose a copy of the payment advice evidencing <u>full</u> payment of the required
amounts set out in *Attachment (Part 1)* comprised in the Offer.

**5.** There is a binding Tenancy between us upon our due acceptance of the Offer in accordance with the Letter.

*(EXECUTION PORTION FOR PRIVATE/ PUBLIC LIMITED COMPANIES)*

Yours faithfully,

**For and on behalf of** <u>OTSAW TECHNOLOGY PTE LTD</u> *[insert Company's Name]*

/s/ Ling Ting Ming

Signature of authorised signatory

Name of authorised signatory: <u>LING TING MING</u>

Designation: <u>CHIEF EXECUTIVE OFFICER</u>

**in the presence of:**

/s/ Sachael Teo Si Qi

Name of witness: SACHAEL TEO SI QI

NRIC No.: S9402237A

Page 10 of 10 [Standard Terms – Space] (Apr 2025)

## Exhibit 10.16

**Exhibit 10.16**

![](ex10-16i_001.jpg)

Keller & Hosp AG \| Am Mittleren Moos 53 \| 86167 Augsburg

Otsaw Swisslog Healthcare Robotics GmbH

Zu Händen: Stefan Senser

Bürgermeister-Wegele-Straße 12

86167 Augsburg

Augsburg, den 08.02.2022

**Nachtrag 1 zum MV H1-046, Unterschrift vom 28.07.2022, Erweiterung Mietflächen Halle 1plus, Bürgermeister-Wegele-Str. 12, 86167 Augsburg**

Sehr geehrter Herr Ling Ting Ming,

Anbei übersende ich Ihnen den Nachtrag zu oben genanntem Mietvertrag in doppelter Ausführung. Die gebundene Fassung ist für Sie. Bitte schicken Sie uns die ungebundene Fassung unterschrieben zurück.

Für Rückfragen stehen ich Ihnen gerne zur Verfügung.

Mit freundlichen Grüßen

---

| |
|:---|
| /s/ Henning Schleeff |
| Henning Schleeff |
| Immobilienmanagement & Mieterbetreuung |
| Keller & Hosp AG |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Keller & Hosp AG |  |  |
| &nbsp;&nbsp;Am Mittleren Moos 53 \| 86167 Augsburg | &nbsp;&nbsp;Vorstand: Max Keller | &nbsp;&nbsp;Bankverbindung: Stadtsparkasse Augsburg |
| &nbsp;&nbsp;Telefon 0821 56747-100 \| Telefax 0821 56747-199 | &nbsp;&nbsp;Vorsitzender des Aufsichtsrats: Dr. Peter Albrecht | &nbsp;&nbsp;IBAN: DE94 7205 0000 0251 1658 33 |
| &nbsp;&nbsp;empfang@forumH4.de \| www.kellerhosp.de | &nbsp;&nbsp;Registergericht: Augsburg HRB 2025 | &nbsp;&nbsp;BIC: AUGSDE77XXX \| UST-IdNr.: DE 127463386 |

---

![](ex10-16i_010.jpg)

*Nachtrag zum Mietvertrag Objekt „Halle 1plus"*

*Seite 1*

**<u>NACHTRAG NR. 01</u>**

**<u>ZUM MIETVERTRAG VOM 28.07.2022</u>**

**<u>HAUPTVERTRAG)</u>**

**<u>Nr. FH4-I-046</u>**

**über**

**<u>GEWERBEFLÄCHEN UND -RÄUME</u>**

zwischen der

**<u>Keller & Hosp AG</u>**

Am Mittleren Moos 53

86167 Augsburg

UID-Nr.: DE 127463386

vertreten durch den einzelvertretungsberechtigten

Vorstand Max Keller

- nachfolgend "**Vermieter**" genannt-

und der

**<u>Otsaw Swisslog Healthcare Robotics GmbH</u>**

Bürgermeister-Wegele-Str. 12

86167 Augsburg

UID-Nr. DE 348373027

Handelsregister-Nr. HRB 37959 beim Amtsgericht Augsburg

vertreten durch den einzelvertretungsberechtigten

Geschäftsführer Ling Ting Ming

-nachfolgend "**Mieter**" genannt-

wird folgender Nachtrag zum Hauptvertrag geschlossen:

**<u>Inhaltsverzeichnis</u>**

---

| | | |
|:---|:---|:---|
| **§** | **1** | **Mietgegenstand** |
| **§** | **2** | **Mietzeit, Übergabe** |
| **§** | **3** | **Mietzins, Betriebskosten** |
| **§** | **4** | **Mietsicherheit** |
| **§** | **5** | **Schlussbestimmungen** |
| **§** | **6** | **Vertragsbestandteile** |

---

**<u>Präambel</u>**

Der Mieter will zusätzlich zu den bereits im Hauptvertrag angemieteten Flächen weitere Flächen unter nachfolgenden Bedingungen anmieten:

**§ 1**

**<u>Mietgegenstand</u>**

---

| | |
|:---|:---|
| 1 | **Zusätzlich zu den bisherigen Flächen** werden die in der **Anlage 1a in rot** markierten Flächen Mietgegenstand, insgesamt ca. 615,5 m² zur Nutzung als Gewerbeflächen:<br>Es handelt sich hierbei im Objekt,,**Halle 1plus**", ", Bürgermeister-Wegele-Str. 12 in 86167 Augsburg, Flurstück-1700/3 der Gemarkung Lechhausen (Grundbuch des Amtsgerichts Augsburg) um folgende Räumlichkeiten **(Anlage 1a):** |

---

![](ex10-16i_010.jpg)

*Nachtrag zum Mietvertrag Objekt „Halle 1plus"*

*Seite 2*

**<u>„Halle"</u>**

Halle Ost-West Ca. 505 m² als Gewerbefläche

**<u>„Büro"</u>**

Halle Ost EG Ca. 110,5 m² als Büronutzung

---

| | |
|:---|:---|
| 2 | **Zusätzlich zu den bisherigen Parkplätzen** werden die in der **Anlage 1b** in rot markierten Parkplätze Mietgegenstand. |

---

**5 Pkw-Stellplätze (kostenpflichtig siehe § 3.1.)** auf der als Parkplatz ausgewiesenen Freifläche **(Anlage 1b)** mit den Nummern 64-65, 140-142. Diese Pkw-Stellplätze werden vom Vermieter in Abstimmung mit dem Mieter mit Schildern und/oder Bodenmarkierung separat zur ausschließlichen Nutzung durch den Mieter gekennzeichnet.

Der Vermieter übernimmt keine Garantie dafür, dass diese Plätze frei von Fremdparkern sind. Die als „Besucherparkplatz" ausgewiesenen Flächen dürfen nur von Besuchern und vor allem Kunden der Mietergemeinschaft genutzt werden. Das Dauerparken und Abstellen von nicht zugelassenen Kraftfahrzeugen ist untersagt.

---

| | |
|:---|:---|
| 3 | Der Mietgegenstand des Hauptvertrag MV H1-046, Unterschrift vom 28.07.2022, „**Halle Ost-West, Tor 5", ca. 125 m² (§1 Nr.1)** ist nichtmehr Teil des Mietvertrages. Übergabe und Mietzins zum 01.04.2023 entfallen mit Unterschrift dieses Vertrages. |

---

**§ 2**

**<u>Mietzeit, Übergabe</u>**

1 Die Übergabe des zusätzlichen Mietgegenstandes aus § 1.1 dieses Nachtrags findet voraussichtlich am 01.03.2023 statt

2 Die Übergabe der zusätzlichen Parkplätze aus § 1.2 findet voraussichtlich am 01.03.2023 statt.

---

| | |
|:---|:---|
| 3 | Das Mietverhältnis laut Hauptvertrag MV H1-046, Unterschrift vom 28.07.2022, begann am 01.08.2022. Die Mietzeit dieses Nachtrages beginnt am 01.03.2023. Beide Verträge enden einheitlich, nach derzeitigen Konditionen, zum 31.07.2027. Für die revolvierende Verlängerung, sowie für die Kündigungsfrist, gilt einheitlich § 3.2 des Hauptvertrages MV H1-046. |

---

![](ex10-16i_010.jpg)

*Nachtrag zum Mietvertrag Objekt „Halle 1plus"*

*Seite 3*

**§3**

**<u>Mietzins, Betriebskosten</u>**

Es wird vereinbart das der Mieter für den Zeitraum vom **<u>01.03.2023 - 30.04.2023</u>** lediglich die Betriebskosten für den Mietgegenstand gemäß § 1.1 dieses Vertrages übernimmt. Ab dem 01.05.2023 ist der volle Mietzins zu entrichten.

1 Der monatliche Mietzins beträgt ab dem **<u>01.03.2023</u>** für die gesamten Flächen:

---

| | | |
|:---|:---|:---|
| a) die Büros | € | 96720 |
| b) die Hallen | € |  |
| c) die Parkplätze | € | 9600 |
| Zwischensumme Gesamt-Netto-Kalt-Mietzins (mtl.) | € | 1.06320 |
| Vorauszahlung für Betriebskosten gem. § 4.7. und § 4.8.des Hauptvertrages |  |  |
| a) die Büros | € | 65120 |
| b) die Hallen | € | 1.51500 |
| Zwischensumme Vorauszahlungen | € | 2.16620 |
| Zwischensumme Gesamt-Netto-(Warm)-Mietzins (mtl.) | € | 3.22940 |
| Umsatzsteuer (derzeit 19 %) | € | 61359 |
| Brutto-Gesamt-Mietzins (mtl.) | **€** | **3.84299** |
| Der monatliche Mietzins beträgt ab dem **01.05.2023** für die gesamten Flächen: |  |  |
| a) die Büros | € | 2.11640 |
| b) die Hallen | € | 3.98950 |
| c) die Parkplätze | € | 25600 |
| Zwischensumme Gesamt-Netto-Kalt-Mietzins (mtl.) | € | 6.39190 |
| Vorauszahlung für Betriebskosten gem. § 4.7. und § 4.8.des Hauptvertrages |  |  |
| a) die Büros | € | 65120 |
| b) die Hallen | € | 151500 |
| Zwischensumme Vorauszahlungen | € | 2.16620 |
| Zwischensumme Gesamt-Netto-(Warm)-Mietzins (mtl.) | € | 8.52810 |
| Umsatzsteuer (derzeit 19 %) | € | 1.62034 |
| Brutto-Gesamt-Mietzins (mtl.) | **€** | **10.14844** |

---

---

| | |
|:---|:---|
| 2 | Der Mietzins ist **spätestens am 3. Werktag** eines jedes Monats an den Vermieter oder an die von ihm zur Entgegennahme ermächtigte Person oder Stelle, auf das derzeit bestehende **Konto bei der Oberbank Bayern, IBAN: DE47 7012 0700 1501 1282 58 BIC: OBKLDEMX**, porto- und spesenfrei im Voraus zu zahlen. Für die Rechtzeitigkeit der Zahlung kommt es nicht auf die Absendung, sondern auf den Eingang des Geldes an. Der Mietzins wird auch bei Nichtbezug der Mietsache jeweils zur Zahlung fällig. |

---

**§4**

**<u>Mietsicherheit</u>**

1 § 5.3 des Hauptvertrages wird folgendermaßen abgeändert:

Der Mieter schuldet dem Vermieter spätestens vier Wochen nach Vertragsunterschrift dieses Nachtrages eine Gesamtkaution in Höhe von ca. 4 (in Worten: vier) Monatsbruttowarmmieten, derzeit in Höhe von € **40.500.- (in Worten: vierzigtausendfünfhundert EURO)**. Die Gesamtkaution ist auf das bestehende Konto bei der Oberbank Bayern, **IBAN DE07 71012 0700 1501 1710 76** zu entrichten. Derzeit befinden sich auf diesem Konto €**6.400.- (in Worten: sechstausendvierhundert EURO)**. Dementsprechend ist dieses Konto seitens des Mieters um €**34.100.- (in Worten: vierunddreißigtausendeinhundert EURO)** aufzustocken.

![](ex10-16i_010.jpg)

*Nachtrag zum Mietvertrag Objekt „Halle 1plus"*

*Seite 4*

Der Vermieter ist nicht zur Verzinsung verpflichtet, aber berechtigt. Etwaige Zinsen erhöhen die Mietsicherheit.

**§ 5**

**<u>Schlussbestimmungen</u>**

1 Zur Wahrung des Schriftform- und des Inbezugnahme-Erfordernisses bei Nachträgen vereinbaren die Parteien:

Dieser Nachtrag bezieht sich auf den

Mietvertrag FH4-1-046 vom 28.07.2022 welcher aus den Mietvertragsseiten 1 bis einschließlich 17 und allen nachfolgend aufgeführten Vertragsbestandteilen besteht:

---

| | |
|:---|:---|
| Anlage 1a: | Lage- und Gebäudeplan |
| Anlage 1b: | Parkplatzplan Parkhaus |
| Anlage 2: | Aufstellung der Betriebskosten (Betriebskostenkatalog) gemäß § 2 der Betriebskostenverordnung |
| Anlage 3: | Übergabeprotokoll |
| Anlage 4: | DIS-Schiedsgerichtsordnung 1998 samt Anlage und die "Ergänzenden Regeln für Beschleunigte Verfahren" |
| Anlage 5: | Richtlinie zur Berechnung der Mietfläche für gewerblichen Raum (MF-G) |
| Anlage 6: | Hausordnung |

---

Sowie mit beigefügt Übergabeprotokoll vom 01.08.2022

Alle hier nicht aufgezählten Inhalte werden hiermit ausdrücklich aufgehoben.

Die Bestimmungen dieses Nachtrages treten an die Stelle aller bisher zwischen den Parteien abgeschlossenen Verträge und etwaigen Nachträge, soweit sie vom bisherigen Mietvertrag abweichen. Im Übrigen gilt der Mietvertrag samt allen etwaigen Nachträgen unverändert fort.

2 Erfüllungsort aus diesem Vertrag ist - soweit gesetzlich zulässig - Augsburg.

3 Mündliche Nebenabreden wurden nicht getroffen. Für sämtliche nachträglichen Veränderungen und Ergänzungen sowie für Mitteilungen und Erklärungen wird die Schriftform vereinbart. Die Schriftform kann wiederum nur schriftlich durch gegenseitigen Vertrag aufgehoben werden.

4 Willenserklärungen des Mieters sind nur gegenüber dem Vermieter zu erklären, sofern in diesem Vertrag nichts anderes bestimmt ist.

---

| | |
|:---|:---|
| 5 | Den Parteien sind die besonderen gesetzlichen Schriftformerfordernisse der §§ 578, 550, 126 BGB bekannt. Sie verpflichten sich gegenseitig, auf jederzeitiges Verlangen einer Partei alle Handlungen vorzunehmen und Erklärungen abzugeben, die erforderlich sind, um den gesetzlichen Schriftformerfordernissen, insbesondere neben dem Ursprungs-/Hauptvertrag auch im Zusammenhang mit dem Abschluss von Nachtrags-, Änderungs- und Ergänzungsverträgen Genüge zu tun und bis zu diesem Zeitpunkt den Mietvertrag nicht unter Berufung auf die Nichteinhaltung der gesetzlichen Schriftform vorzeitig zu kündigen. |

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![](ex10-16i_010.jpg)

*Nachtrag zum Mietvertrag Objekt „Halle 1plus"*

*Seite 5*

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| | |
|:---|:---|
| 6 | Sollten einzelne Regelungen dieses Vertrages nichtig, unwirksam, undurchführbar oder ungewollt lückenhaft sein, bleiben die übrigen Vertragsbestimmungen davon unberührt. Anstelle der unzulänglichen Regelung gilt eine wirksame, durchführbare und nicht ungewollt lückenhafte Regelung, die auch rückwirkend gelten soll und – insbesondere in wirtschaftlicher Hinsicht – in ihren Wirkungen, soweit dies rechtlich zulässig ist, möglichst weitgehend dem mit der unzulänglichen Regelung Beabsichtigten entspricht, nämlich dem, was die Vertragsschließenden gewollt haben oder nach dem Sinn und Zweck des Vertrages gewollt hätten, falls sie den Punkt bedacht hätten. |

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**§ 6**

**<u>Vertragsbestandteile</u>**

Dieser Vertrag besteht aus den Seiten 1 bis einschließlich 5 und allen nachfolgend aufgeführten Vertragsbestandteilen:

Anlage 1a: Lage- und Gebäudeplan <br> <br> Anlage 1b: Lageplan Parkparkplatz

Alle Bestimmungen dieses Vertrages wurden eingehend geprüft, besprochen und ggf. entsprechend individuell ausgehandelt!

Die Vertragsparteien bestätigen, dass sie jeweils einen von allen Parteien unterzeichneten mit allen obigen Anlagen versehenen Mietvertrag erhalten haben.

Augsburg, den 08.02.23 Augsburg, den 17.02.2023

---

| | |
|:---|:---|
| /s/ Max Keller | /s/ Ling Ting Ming |
| *Vorstand Max Keller* | *Geschäftsführer Ling Ting Ming* |
| *Keller & Hosp AG* | *Otsaw Swisslog Healthcare Robotics GmbH* |
| *Vermieter* | *Mieter* |

---

![](ex10-16i_010.jpg)

*Nachtrag zum Mietvertrag Objekt "Halle 1plus"*

*Seite 6*

 

**Anlage 1a)**

<u>**Büro**</u>

![](ex10-16i_002.jpg)

<u>**Halle**</u>

![](ex10-16i_003.jpg)

Kallar & Hosp AG

**Gewerbeimmobilien**

*Nachtrag zum Mietvertrag Objekt ,,Halle 1plus"*

*Seite* 7

**Anlage 1b)**

<u>**Lageplan Parkplatz**</u>

![](ex10-16i_004.jpg)

**English Translation**

![](ex10-16i_005.jpg)

**Keller & Hosp AG** \| Am Mittleren Moos 53 \| 86167 Augsburg

**Otsaw Swisslog Healthcare Robotics GmbH**

**Attention: Stefan Senser**

**Bürgermeister-Wegele-Straße 12** 

**86167 Augsburg**

Augsburg, February 8, 2022

Addendum 1 to MV H1-046, signature dated July 28, 2022, Expansion of Rental Space Hall 1plus, Bürgermeister-Wegele-Straße 12, 86167 Augsburg

Dear Mr. Ling Ting Ming,

I am enclosing the addendum to the above-mentioned rental agreement in duplicate. The bound version is for your convenience. Please return the unbound, signed version to us.

If you have any questions, please do not hesitate to contact me.

---

| |
|:---|
| Sincerely, |
| /s/ Henning Schleff |
| Henning Schleff |
| Property Management & Tenant Relations |
| Keller & Hosp AG |

---

---

| | |
|:---|:---|
| ![](ex10-16i_010.jpg) | **English Translation** |

---

*Addendum to the rental agreement for the "Halle 1plus" property*

*page 1*

 

**<u>ADDENDUM NO. 01</u>**

**<u>TO THE RENTAL AGREEMENT OF</u>**

**<u>07/28/2022 MAIN AGREEMENT)</u>**

**<u>No. FH4-I-046</u>**

**above**

**<u>COMMERCIAL AREAS AND SPACES</u>**

between the

**<u>Keller & Hosp AG</u>** <u>Am</u>

Mittleren Moos 53 86167

Augsburg UID no.:

DE 127463386 represented

by the managing director Max Keller, who has sole

power of representation

- hereinafter referred to as **"landlord".**

and the

**<u>Otsaw Swisslog Healthcare Robotics GmbH</u>** <u>Mayor-</u>

Wegele-Str. 12 86167 Augsburg UID no. UK

348373027

Commercial register no. HRB 37959 at the district court of Augsburg

represented by the managing director Ling Ting Ming, who has

sole power of representation

- hereinafter referred to as **"Tenant".**

the following addendum to the main contract is concluded:

**<u>Table of contents</u>**

**§ 1 Rental Item**

**handover period, 3 Rent, operating costs**

**§ 4 Rental Security**

**§ 5 Final Provisions**

**§ 6 Contract**

**Components**

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| | |
|:---|:---|
| ![](ex10-16i_010.jpg) | **English Translation** |

---

*Addendum to the rental agreement for the "Halle 1plus" property*

*page 2*

**<u>preamble</u>**

In addition to the areas already rented in the main contract, the tenant wants to rent further areas under the following conditions:

**§ 1**

**<u>rental item</u>**

**1 In addition to the previous areas,** the areas marked **in red in Appendix 1a**

Rental property, a total of approx. 615.5 m² for use as commercial space:

 

This is in the object **"Halle 1plus",** "Bürger-Wegele-Str. 12 in 86167 Augsburg, parcel 1700/3 of the Lechhausen district (land register of the district court of Augsburg) with the following premises **(Annex** 1a):

**<u>"Hall"</u>**

Hall east-west Approx. 505 m² as commercial space

**<u>"Office"</u>**

Hall east ground floor Approx. 110.5 m² as office use

**2 In addition to the previous parking spaces,** the parking spaces marked in red in **Appendix 1b** will be rented.

**5 car parking spaces** (for a fee, see **§ 3.1.)** in the open space designated as a parking lot **(Annex 1b)** with the numbers 64-65,140-142. These car parking spaces are marked separately by the lessor in consultation with the lessee with signs and/or floor markings for exclusive use by the lessee.

The landlord does not guarantee that these spaces are free of third-party parkers. The areas designated as "visitors' parking" may only be used by visitors and, above all, customers of the tenant community. Long-term parking and parking of non-registered motor vehicles is prohibited.

**3** The rental object of the main contract MV H1-046, signature dated July 28, 2022, **"Hall East West, Gate 5", approx. 125 m² (§1 No.1)** is no longer part of the rental contract. Handover and rent on April 1st, 2023 are canceled with the signing of this contract.

**§ 2**

**<u>Rental period, handover</u>**

**1** The handover of the additional rental item from § 1.1 of this addendum takes place expected to take place on March 1st, 2023

**2** The handover of the additional parking spaces from § 1.2 is expected to take place on March 1st, 2023.

**3** The tenancy according to the main contract MV H1-046, signature of 07/28/2022, began on 08/01/2022. The rental period of this addendum begins on March 1st, 2023. Both contracts end uniformly, according to the current conditions, on July 31, 2027. Section 3.2 of the main contract MV H1-046 applies uniformly to the revolving extension and to the period of notice.

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| | |
|:---|:---|
| ![](ex10-16i_010.jpg) | **English Translation** |

---

*Addendum to the rental agreement for the "Halle 1plus" property*

*page 3*

 

**§ 3**

**<u>rent, operating costs</u>**

It is agreed that the tenant for the period from **03/01/2023 - 04/30/2023** <u>only pays the operating costs</u> for the rental object in accordance with § 1.1 of this contract. From May 1st, 2023 the full rent has to be paid.

**1** The monthly rent from **March 1st, 2023** for the entire area is: _____________

---

| | | |
|:---|:---|:---|
| a) the offices | € | 967.20 |
| b) the halls c) |  |  |
| the parking spaces | € | € 96.00 € |
| Subtotal total net cold rent (monthly) |  | 1063.20 |
| Advance payment for operating costs according to § 4.7. and § 4.8. of the main contract a) the offices b) the halls subtotal advance payments | € | 651.20 € |
|  |  | 1,515.00 € 2,166.20 |
| Subtotal total net (warm) rent (monthly) | € | 3,229.40 €613.59 |
| VAT (currently 19%) | **€** | **3842.99** |
| Gross total rent (monthly) |  |  |
| The monthly rent from **May 1st, 2023** for the entire area is: _____________ |  |  |
| a) the offices | € | 2116.40 |
| b) the halls c) | € | 3,989.50 €256.00 |
| the parking spaces | € | 6391.90 |
| Subtotal total net cold rent (monthly) |  |  |
| Advance payment for operating costs according to § 4.7. and § 4.8. of the main contract a) the offices b) the halls subtotal advance payments | € | 651.20 |
|  | € | 1515.00 |
|  | € | 2166.20 |
| Subtotal total net (warm) rent (monthly) | € | 8528.10 |
| VAT (currently 19%) | € | 1620.34 |
| Gross total rent (monthly) | **€** | **10148.44** |

---

**2** The rent is payable **no later than the 3rd working day** of each month to the landlord or to the person or agency authorized by him to receive it, to the current **account at Oberbank Bayern, IBAN: DE47 7012 0700 1501 1282 58 BIC: OBKLDEMX,** postage - and to be paid in advance free of charges. The timeliness of the payment depends not on the dispatch but on the receipt of the money. The rent is also due for payment if the rented item is not used and also for the duration of the non-use of the rented item.

**§ 4**

**<u>rental security</u>**

**1** § 5.3 of the main contract is amended as follows:

The tenant owes the landlord a total deposit of approx. 4 (in words: four) monthly gross rent including heating, currently amounting to € 40,500 (in words: forty thousand five hundred euros), **no later than four weeks after signing this addendum.** The total deposit is to the existing account at Oberbank Bayern, **IBAN DE07 71012**

*Addendum to the rental agreement for the "Halle 1plus" property*

*page 4*

**0700 1501 1710 76 to be paid. This account currently contains € 6,400 (in words: six thousand four hundred euros). Accordingly, this account must be topped up by the tenant by €34,100 (in words: <u>thirty-four</u> thousand one hundred euros).**

The landlord is not obliged to pay interest, but is entitled to it. Any interest increases the rental security.

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| | |
|:---|:---|
| ![](ex10-16i_010.jpg) | **English Translation** |

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**§ 5**

**<u>Final Provisions</u>**

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| | |
|:---|:---|
| **1** | Agree to comply with the written form requirement and the requirement for reference to supplements the parties: |

---

This addendum relates to the

Rental contract FH4-1-046 from 28.07.2022, which consists of rental contract pages 1 to 17 inclusive and all contract components listed below:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appendix 1a: | Site and building plan |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appendix 1b: | Parking plan parking garage |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attachment 2: | List of operating costs (operating cost catalog) according to § 2 of the Operating Costs Ordinance |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attachment 3: | handover protocol |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attachment 4: | DIS Arbitration Rules 1998 including Annex and the "Supplementary Rules for Expedited Procedures" |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attachment 5: | Guideline for calculating the rental space for commercial space (MF-G) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attachment 6: | House rule |

---

As well as with the handover protocol from 01.08.2022

All content not listed here is hereby expressly revoked.

The provisions of this supplement replace all contracts previously concluded between the parties and any supplements, insofar as they deviate from the previous rental agreement. For the rest, the rental agreement, including any supplements, continues to apply unchanged.

---

| | |
|:---|:---|
| **2** | Place of performance from this contract is - to the extent permitted by law - Augsburg. |

---

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| | |
|:---|:---|
| **3** | Oral subsidiary agreements were not made. Written form is agreed for all subsequent changes and additions as well as for notifications and declarations. The written form can only be waived in writing by mutual contract. |

---

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| | |
|:---|:---|
| **4** | Declarations of intent by the lessee are only to be made to the lessor if this nothing else is stipulated in the contract. |

---

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| | |
|:---|:---|
| **5** | The parties are aware of the special legal written form requirements of §§ 578, 550, 126 BGB. They mutually undertake to take all actions and make declarations that are necessary to comply with the legal written form requirements, in particular in addition to the original/main contract, also in connection with the conclusion of supplementary, amendment and supplementary contracts, if one of the parties so requests at any time and not to prematurely terminate the rental agreement up to this point in time by citing non-compliance with the statutory written form. |

---

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| | |
|:---|:---|
| ![](ex10-16i_010.jpg) | **English Translation** |

---

*Addendum to the rental agreement for the "Halle 1plus" property*

*page 5*

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| | |
|:---|:---|
| **6** | Should Individual provisions of this contract be void, ineffective, unenforceable or unintentionally incomplete, the remaining contractual provisions shall remain unaffected. Instead of the Inadequate regulation, an effective, practicable and not unintentionally incomplete regulation appies, which should also apply retrospectively and - in particular from an economic point of view - in its effects, insofar as this is legally permissible, corresponds as far as possible to the intended purpose of the inadequate regulation, namely that, what the contracting parties wanted or would have wanted according to the spirit and purpose of the contract if they had considered the point. |

---

**§ 6**

**<u>parts of the contract</u>**

This Agreement consists of pages 1 to 5 inclusive and all Iisted below

Contract components:

Appendix 1a: Site and building plan

Appendix 1b: Map of the parking lot

All provisions of this contract have been thoroughly checked, discussed and, If necessary, Individually negotiated!

The contracting parties confirm that they have each received a rental agreement signed by all parties and including all of the above annexes.

---

| | | |
|:---|:---|:---|
|  | Augsburg, the | Augsburg, the |
|  | *CEO Max Keller* | *Managing Director Ling Ting Ming* |
| | *Keller & Hosp AG* | *Otsaw Swisslog Healthcare Robotics GmbH* |
| | *Landlord* | *Renter* |

---

---

| | |
|:---|:---|
| ![](ex10-16i_010.jpg) | **English Translation** |

---

*Addendum to the rental agreement for the "Halle 1plus" property*

*page 6*

**Appendix 1a)**

**<u>Office</u>**

![](ex10-16i_006.jpg)

**<u>Hall</u>**

![](ex10-16i_007.jpg)

---

| | |
|:---|:---|
| ![](ex10-16i_010.jpg) | **English Translation** |

---

*Addendum to the rental agreement for the "Halle 1plus" property*

*page 7*

**Appendix 1b)**

**<u>Parking lot map</u>**

![](ex10-16i_008.jpg)

## Exhibit 10.17

**Exhibit 10.17**

**LEASE AGREEMENT**

THIS LEASE AGREEMENT is made and entered into this <u>10th</u> day of April, 2023, by and between 99 SOUTH BEDFORD STREET LLC, a Massachusetts limited liability company, with an address c/o R.J. Kelly Company 55 Cambridge Street Burlington, Massachusetts 01803 hereinafter referred to as "Landlord" and OTSAW DIGITAL, INC., a Delaware corporation, with a primary address of 75 Central Street, 3<sup>rd</sup> floor, Boston, Massachusetts 02109 hereinafter referred to as "Tenant".

**WITNESSETH:**

<u>ARTICLE I</u>: <u>PREMISES</u>:

In consideration of the terms and conditions hereof, Landlord hereby leases to Tenant and Tenant hereby leases from Landlord certain premises outlined in <u>Exhibit A</u> attached hereto and made a part hereof commonly known as Suite 101 on the first (1<sup>st</sup>) floor (the "Premises") of the building located at 99 South Bedford Street, Burlington, Massachusetts (the "Building") together with all the improvements located thereon. The Premises consists of approximately 2,262 rentable square feet of area.

The Premises are leased subject to any and all existing encumbrances, conditions, rights, covenants, easements, restrictions, and rights of way of record, and other matters of record, if any, applicable zoning and building laws, regulations and codes, and such matters as may be disclosed by inspection or survey. Landlord represents that such matters which are on record as of the date of this Lease do not adversely affect Tenant's use of or access to the Premises in any material way.

<u>ARTICLE II</u>: <u>TERM</u>:

2.1 The term of this Lease will be for thirty-seven (37) full calendar months commencing on the date the Landlord's Work (as defined in Section 30.1 of this Lease) is Substantially Complete (as defined in Section 30.1 of this Lease) (the "Commencement Date") and ending on the last day of the thirty-seventh (37) full calendar month following the Commencement Date (the "Termination Date"). The calendar year in which the term of this Lease commences will be deemed the "Base Year" for all purposes herein. "Lease Year" shall mean the twelve (12) calendar months commencing with the first day of the first full calendar month of the term of the Lease and succeeding anniversaries thereof.

2.2 <u>Delay in Commencement; Commencement Date Memorandum</u>: Notwithstanding the contemplated Target Commencement Date (as set forth in Section 30.1 below), if for any reason Landlord cannot deliver possession of the Premises to Tenant on or before said date, Landlord shall not be subject to any liability therefor, nor shall such failure affect the validity of this Lease or Tenant's obligations hereunder. In such event, however, Tenant shall not be obligated to pay rent or additional rent until possession of the Premises is tendered to Tenant. Notwithstanding the foregoing, if, through no fault of Tenant or Event of Tenant Delay (as hereinafter defined), and subject to Force Majeure, (i) Landlord's Work is not Substantially Complete within Ninety (90) days of the date of this Lease (the "First Completion Deadline"), the free rent period set forth in the Base Rent Table in Section 3.1 A below shall be extended one day for each date that occurs between the First Completion Deadline and the date Landlord's Work is Substantially Complete, and (ii) if Landlord's Work is not Substantially Complete by the One Hundred Eighty (180) days of the date of this Lease (the "Outside Completion Date"), Tenant shall have the right to terminate the Lease by giving written notice to Landlord of Tenant's desire to so terminate, which written notice may be given at any time following the Outside Completion Date but before the date the Landlord's Work is Substantially Complete; and, upon the giving of such notice, the Security Deposit and any other amounts paid to Landlord shall be refunded to Tenant, and the term of the Lease shall cease and come to an end without further liability or obligation on the part of either party. Landlord shall use reasonable efforts to give Tenant thirty (30) days prior notice of the Commencement Date. Upon the request of either party after the Commencement Date occurs, Landlord and Tenant shall execute a written memorandum prepared by Landlord confirming the actual Commencement Date, the Termination Date and such additional information which is based on the date the Commencement Date occurs; any such written memorandum shall be conclusive with respect to the Commencement Date, the Termination Date and such factual information set forth therein.

2.3 <u>Early Possession</u>: Landlord shall allow Tenant early access to the Premises approximately fifteen (15) days prior to the Commencement Date to begin installing equipment, fixtures, furniture and cabling and such early possession shall not advance the termination date of the Lease. Any such early access shall be subject to Tenant's work not unreasonably interfering with any work Landlord is then performing in the Premises. Any such access or use of the Premises prior to the Commencement Date is also subject to, and Tenant must comply with and observe, all applicable Laws, all safety rules and procedures, and all other terms and conditions of this Lease (other than the obligation to pay Rent). In no event may Tenant conduct business in the Premises during such early access period.

2.4 <u>Delivery of Possession</u>: Tenant shall be deemed to have taken possession of the Premises when Landlord delivers possession of the Premises to Tenant in the condition required by this Lease.

<u>ARTICLE III</u>: <u>RENT</u>:

3.1 <u>Base Rent</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Tenant agrees to pay Landlord at the address provided in the Section entitled "Notices", or such-other place or to such other person as Landlord may designate as Base Rent for the Premises as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Period** | **Annual NNN Rent PSF** | **Annual CAM Rent PSF** | **Annual<br> Tax Rent<br> PSF** | **Base<br> Rent PSF** | **Annual Base Rent** | **Monthly<br> Installment<br> of Base**<br> **Rent** |
| Commencement Date – the Thirtieth (30<sup>th</sup>) day following the Commencement Date | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Thirty-First (31<sup>st</sup>) day following the Commencement Date – last day of the Twelfth (12) full calendar month following the Commencement Date | $21.27 | $4.18 | $2.55 | $28.00 | $63336.00 | $5278.00 |
| First day of the Thirteenth (13<sup>th</sup>) full calendar month following the Commencement Date – last day of the Twenty-Fourth (24<sup>th</sup>) full calendar month following the Commencement Date | $22.27 | $4.18 | $2.55 | $29.00 | $65598.00 | $5466.50 |
| First day of the Twenty-Fifth (25<sup>th</sup>) full calendar month following the Commencement Date – last day of the Thirty-Sixth (36<sup>th</sup>) full calendar month following the Commencement Date | $23.27 | $4.18 | $2.55 | $30.00 | $67860.00 | $5655.00 |
| First day of the Thirty-Seventh (37<sup>th</sup>) full calendar month following the Commencement Date – last day of the Thirty-Seventh (37<sup>th</sup>) full calendar month following the Commencement Date | $24.27 | $4.18 | $2.55 | $31.00 | $70122.00 | $5843.50 |

---

Monthly installments of Base Rent shall be payable in advance on the first day of each month during the term of this Lease without, except as otherwise expressly set forth in this Lease, deduction, set-off, prior notice or demand in lawful money of the United States of America. The rental payment for any fractional month at the commencement, termination or expiration of the Lease term will be prorated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Tax Allowance:</u> The Base Rent includes an allowance for taxes {"Taxes") (as described in Article 7, below) of$2.55 per rentable square foot of area within the Premises.

3.2 <u>Additional Rent</u>: All amounts which Tenant is required to pay pursuant to this Lease, including every fine, penalty, interest and cost which may be added for nonpayment or late payment will constitute additional rent and if Tenant fails to pay such additional rent when due, Landlord will have the right to pay the same and will have all the right, powers and remedies with respect thereto as are provided herein or by law in the case of nonpayment of basic rent.

3.3 <u>Common Area Maintenance and Operating Expense Charge</u>: The Base Rent includes an allowance for Common Area Maintenance and Operating Expense Charges of $4.18 per rentable square foot of area within the Premises. Tenant will pay to Landlord within ten (10) business days of demand (except that the payment for the period from the last payment to the termination of this Lease shall be paid on the date of termination based on reasonable estimates) as additional rent, the pro rata share of any increase in Common Area Maintenance and Operating Expense Charges over the allowance set forth in the previous sentence actually paid by Landlord. The charge will be billed every six (6) months by Landlord, as itemized on Landlord's statement of Common Area Maintenance and Operating Expense Charges ("Landlord's Statement") and will be computed by multiplying the total increase of such expenses so incurred by Landlord by a fraction the numerator of which shall be the number of rentable square feet in the Premises and the denominator of which shall be the number of rentable square feet in the Building of which the Premises is a part, which proportionate share is 3.36% (the "Tenant's Share"). Said "Common Area Maintenance and Operating Expense Charge" shall include, but shall not be limited to the following:

a.) all salaries, wages, fringe benefits, payroll taxes, worker's compensation insurance premiums related to Landlord's employees engaged in the operation of the Building, excluding however, any costs incident to securing tenants and renting space in the building;

b.) all costs of furnishing electricity to the Common Areas of the Building and other Common Areas including exterior lighting;

c.) all costs of repairing and maintaining the operation and repair of the Common Areas, roof, exterior walls, and sewer and water and gas pipes which are located outside of the Building and on said land;

d.) all costs for insurance related to the Building;

e.) all costs of snow and ice removal from the building, the parking areas and access ways to the Building and all costs of exterior yard maintenance, landscaping and maintenance of lawn sprinkler systems;

f.) all costs of cleaning services and trash removal in the Common Areas;

g.) all costs of providing overall management to the Building and the Common Areas, not to exceed the same percentage of rents received from the Property as included during the Base Year.

Common Area Maintenance and Operating Expense Charges shall not include the following: (i) payments of debt service and any other mortgage charges, brokerage commissions and legal fees and all related expenses incurred by Landlord in connection with the leasing at the Building, (2) costs of special services rendered to tenants (including Tenant) for which a separate charge is made, (3) salaries of executives and owners not directly employed in the management or operation of the Building, (4) the general overhead and administrative expenses of the home office or regional office of Landlord, (5) costs of capital improvements, except (i) those which are required to comply with laws, regulations and ordinances enacted after the Commencement Date of this Lease and (ii) those which are undertaken primarily to reduce Operating Expenses; and in either such event, the cost of such capital improvements or replacements shall be amortized over their useful life in accordance with generally accepted accounting principles using a reasonable annual rate of interest and such amount so amortized (and interest in connection therewith) in any particular calendar year shall be included in Operating Expenses in such calendar year (6) costs in curing any violations of any laws enacted prior to the date of this Lease, (7) depreciation, (8) costs of design, plans, permits, licenses, inspection, utilities, construction and clean-up of tenant improvements to the Premises or the premises of other tenants or other occupants, (9) the amount of any allowances or credits paid to or granted to tenants or other occupants of any such design or construction, (10) any cost or expenditure (or portion thereof) for which Landlord is reimbursed, whether by insurance proceeds or otherwise, (11) any increase in the cost of Landlord's insurance caused by a specific use of another tenant or by Landlord, (12) attorneys' fees, costs, disbursements, and other expenses incurred in connection with the disputes with existing tenants, (13) rent for space which is not actually used by Landlord in connection with the management and operation of the Building, (14) all costs or expenses (including fines, penalties and legal fees) incurred due to the violation by Landlord, its employees, agents, contractors or assigns of the terms and conditions of the Lease, or any valid, applicable building code, governmental rule, regulation or law, (15) any amount paid by Landlord or Landlord's managing agent to a subsidiary or affiliate of Landlord or Landlord's managing agent, or to any party as a result of a non-competitive selection process, for management or other services to the Building, or for supplies or other materials, to the extent the cost of such services, supplies, or materials exceed the cost that would have been paid had the services, supplies or materials been provided by parties unaffiliated with the Landlord or Landlord's managing agent on a competitive basis and are consistent with those incurred by similar buildings in the same metropolitan area in which the Building is located, (16) contingency or replacement reserves, (17) costs incurred in detoxification or other cleanup of the Property required as the result of hazardous substances therein or thereon, and (18) repair, for sculptures, paintings, fountains or other objects of art or the display of such item.

At the time Landlord delivers to Tenant its bill for any Common Area Maintenance and Operating Expense Charge, as set forth above, Landlord shall furnish to Tenant the Landlord's Statement. Landlord shall use commercially reasonable efforts to deliver such bill and Landlord's Statement within three (3) months following the expiration of the period to which such Landlord's Statement applies. In the event of an underpayment by Tenant because of any difference between the amount, if any, collected by Landlord from Tenant for the estimated Tenant's Share of Common Area Maintenance and Operating Expense Charge for such period and the actual amount of Tenant's Share of Common Area Maintenance and Operating Expense Charge for such period, such underpayment shall be paid to Landlord within thirty (30) business days after receipt by Tenant of such bill or invoice therefore. In the event of an overpayment by Tenant because of any difference between the amount, if any, collected by Landlord from Tenant for the Tenant's Share of Common Area Maintenance and Operating Expense Charge for such period and the actual amount of Tenant's Share of Common Area Maintenance and Operating Expense Charge for such period, such overpayment shall be credited to Tenant's next payment of Base Rent and Additional Rent next coming due, however, if the Lease Term has expired, Landlord shall pay such overpayment to Tenant within a reasonable time after Tenant has surrendered the Premises to Landlord in the condition required by this Lease.

Tenant may, within ninety (90) days of receipt of Landlord's Statement, provide a written request for reasonable back-up information. Tenant's request shall identify the specific items in Landlord's Statement for which back-up information is requested. Within thirty (30) days following Landlord's receipt of a written request from Tenant, Landlord shall provide Tenant with such back-up and/or documentation supporting the information set forth on the Landlord's Statement. Landlord and Tenant agree to work in good faith to resolve any dispute arising from any Landlord's Statement.

3.4 <u>Late Charges and Interest</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Tenant hereby acknowledges that late payment by Tenant to Landlord for rent and other sums due hereunder shall cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be extremely difficult to ascertain. Such costs include, but are not limited to, processing and accounting charges and late charges which may be imposed on Landlord by the terms of any mortgage or trust deed covering the Premises. Accordingly, if any installment of rent or any other sum due from Tenant shall not be received by Landlord or Landlord's designee within ten (I 0) days after the date said rent or other sums become due, then Tenant shall pay to Landlord a late charge equal to ten percent (I 0%) of such overdue amount. The parties hereby agree that such late charge represents a fair and reasonable estimate of the cost Landlord will incur by reason of late payment by Tenant. Acceptance of such late charge by Landlord shall in no event constitute a waiver of Tenant's default with respect to such overdue amount, nor prevent Landlord from exercising any of the other rights and remedies granted hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Tenant shall be obligated to pay to Landlord interest at the rate of twelve percent (12%) per annum or the maximum legal rate which Tenant may contract for in Massachusetts, whichever is less, on all sums above specified and on all sums and charges Tenant is obligated to pay under the terms of this Lease from the date said sums and charges become due and remain unpaid until the date said sums and charges are paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Notwithstanding the foregoing, Tenant's obligation to pay any late charge or interest under this Section 3.4 shall be waived by Landlord the first time a payment due to Landlord is late in each consecutive twelve (12) month period so long as Tenant has paid such amount due within ten (10) days of Tenant's receipt of written notice of its failure to pay an amount when due.

3.5 <u>Triple Net Lease</u>:

This Lease shall be deemed and construed to be a "Net/Net/Net Lease", and the Landlord shall receive all rents provided for herein, free from any charges, assessments, impositions, expenses or deductions of any and every kind or nature whatsoever.

<u>ARTICLE IV</u>: <u>UTILITIES</u>

Tenant will pay all charges incurred for all water, gas, heating fuel, electricity, telephone and all other utility services used on or from the Premises and any maintenance charges for utilities, and will furnish all electric light bulbs and tubes. If any such utility services are not separately metered to Tenant, the cost thereof shall be separately billed to Tenant by Landlord, such bills payable by Tenant on each rental payment date, or within ten (10) business days from invoice, whichever is later. Landlord will in no event be liable for any interruption or failure of utility services on the Premises. Notwithstanding the foregoing, if the Premises, or a material portion of the Premises, are made untenantable for a period in excess of five (5) consecutive calendar days after Landlord's receipt of written notice from Tenant as a result of an interruption of any services resulting from the negligence or willful misconduct of Landlord, then Tenant shall be entitled to receive an abatement of Base Rent and Additional Rent payable hereunder during the period following such five (5) day period and ending on the day the service has been restored.

<u>ARTICLE V</u>: <u>SECURITY DEPOSIT</u>

Tenant will deposit with Landlord upon execution of this Lease the sum of $10,556.00 as security for Tenant's faithful performance of Tenant's obligations hereunder. If Tenant fails to pay rent or other charges due hereunder, or otherwise defaults with respect to any provision of this Lease, which in either case is not cured prior to the expiration of any applicable grace or cure period, Landlord may use, apply or retain all or any portion of said deposit for the payment of any rent or other charge in default or for the payment of any other sum to which Landlord may become obligated by reason of Tenant's default, or to compensate Landlord for any loss or damage which Landlord may suffer thereby. If Landlord so uses or applies all or any portion of said deposit, Tenant will, within ten (10) business days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore said deposit to the amount herein above stated and Tenant's failure to do so will be a material breach of this Lease and shall entitle Landlord to terminate this Lease. Landlord will not be required to retain the deposit in a separate escrow account nor will Tenant be entitled to interest on said deposit. If Tenant performs all of Tenant's obligations hereunder, said deposit, or so much as has not been applied by Landlord, will be returned to Tenant within fifteen (15) days of the expiration or earlier termination of the Lease. In the event of a sale of the Premises, the Landlord may transfer the balance of said deposit, if any, to the purchaser and shall thereupon be released from all liability for the return of said deposit and the Tenant will look solely to said purchaser for the return thereof Tenant hereby agrees not to look to the mortgagee, as mortgagee, mortgagee in possession, or successor in title to the property, for accountability for any security deposit required by the Landlord hereunder, unless said sums have actually been received by said mortgagee as security for Tenant's performance of this Lease.

<u>ARTICLE VI</u>: <u>USE</u>

6.1 The Premises shall be used and occupied only for general office, research and development, light manufacturing, warehouse and any other uses so long as such uses are in compliance with all applicable statutes, ordinances, rules, regulations, orders and governmental requirements (including zoning) and any requirements of Landlord's insurance provider, and for no other purposes. Tenant shall be solely responsible for determining if its use of the Premises complies with applicable governmental requirements (including zoning) and shall obtain, at its sole cost and expense, any permits or approvals required for its use of or modifications to the Premises made by Tenant (including, without limitation, any special permits). Landlord hereby acknowledges and agrees that, subject to the requirements of this Section 6.1 and, so long as Tenant does not unreasonably interfere with the use and enjoyment of the Building and/or parking lot or other common areas serving the Building by other tenants or otherwise disturb other tenants, Tenant shall be permitted to use an area within the parking lot or other common areas serving the Building as reasonably designated by Landlord from time to time for the testing of its robots, provided however, that Tenant shall comply with any reasonable rules and regulations of Landlord with respect to the such testing so as to avoid or minimize any disturbance to other tenants or the operations of the Building or common areas and, if Tenant violates such rules and regulations and fails to promptly cure such violation, Landlord shall have the right, in its sole and absolute discretion, to suspend its permission to use of such area within the parking lot and other common areas for the testing of robots until such time as Tenant cures any such violation, provided however, if such right has been suspended four (4) times during the Lease Term, Landlord shall have the right, in its sole and absolute discretion, to rescind and cancel its permission to use such areas for the testing of robots at any time following such fourth (4<sup>th</sup>) suspension.

6.2 <u>Compliance with Law</u>: Tenant shall, at Tenant's expense, comply with all applicable statutes, ordinances, rules, regulations, orders and requirements in effect during the term, or any part of the term hereof regulating the use by Tenant of the Premises and will at Tenant's expense obtain any and all licenses and permits necessary for any such use. Tenant shall not use or permit the use of the Premises in any manner that will tend to create waste or a nuisance, or, if there shall be more than one (1) tenant of the Building or the Project containing the Premises, which shall tend to unreasonably disturb such other tenants. Notwithstanding the foregoing, Tenant shall not be required to make any alterations or additions to the structure, roof, exterior and load bearing walls, foundation, structural floor slabs and other structural elements of the Building or any of the life safety systems serving the Premises unless the same are (x) required by Tenant's particular use of the Premises beyond the use permitted by this Lease or (y) result from any improvements or alterations (as defined below) made by Tenant.

6.3 <u>Condition of Premises</u>: Landlord shall deliver the Premises to Tenant (i) in broom clean condition and free of all debris and personal property, (ii) with all systems serving the Premises in good working order and (iii) in compliance with all applicable laws. Except as set forth in the preceding sentence, and subject to any latent defects, Tenant hereby accepts the Premises in their condition existing as of the date Tenant takes possession hereunder and Tenant agrees that such taking of possession is conclusive evidence as against Tenant that the Premises were in good order and satisfactory condition and that no right of offset or deduction against the Landlord existed at that time.

6.4 <u>Hazardous Use</u>: Tenant will not permit the Premises to be used for any purpose which would render the insurance thereon void. Any increase in the premiums for such insurance resulting from Tenant's use in the Premises shall be paid by Tenant within fifteen (15) days written notice from Landlord. Tenant shall comply, at its sole cost, with all environmental laws pertaining to its activities on the Premises. Tenant shall not (either with or without negligence) cause or permit the escape, disposal (except in compliance with applicable laws) or release of any biologically or chemically active or other hazardous substances, or materials. Tenant shall not allow the storage, use, generation, creation, disposal, or transportation of such substances or materials in any manner not sanctioned by law or by the highest standards prevailing in the industry for the storage, use, generation, creation, disposal, or transportation of such substances or materials, nor allow to be brought into the Premises, the Building of which the Premises is a part, or the land upon which the Building is located (herein together called the "Project") any such materials or substances except to use in the ordinary course of Tenant's business, and then only after written notice is given to Landlord of the identity of such substances or materials. Without limitation, hazardous substances and materials shall include those described in the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, 42 U.S.C. Section 9601 et seq., the Resource Conservation and Recovery Act, as amended, 42 U.S.C. Section 6901 et seq., any applicable state or local laws and the regulations adopted under these acts. In all events, Tenant shall indemnify Landlord in the manner elsewhere provided in this Lease from any release of hazardous materials on the Premises occurring while Tenant is in possession, or elsewhere if caused by Tenant or persons acting under Tenant. Tenant's indemnification and hold harmless obligations include without limitation, (i) claims, liabilities, costs or expenses resulting from or based upon administrative, judicial (civil or criminal) or other actions, legal or equitable, brought by any private or public person under any federal, state, county or municipal environmental statutes, codes, ordinances or regulations; (ii) claims, liabilities, costs or expenses pertaining to the clean-up or containment of wastes, the identification of pollutants in the wastes, the identification of the scope of any environmental contamination, the removal of pollutants from soils, river beds or aquifers, the provision of any alternative public drinking water source, or the long-term monitoring of ground and surface waters; and (iii) all costs of defending such claims. Tenant's indemnification shall not apply to the extent that such liabilities, costs, expenses or claims are attributable to the negligence, acts or omissions of Landlord, or the negligence, acts or omissions of other tenants or Landlord's predecessor-in-interest. If any lender or governmental agency shall ever require testing to ascertain whether or not there has been any release of hazardous materials, then the reasonable costs thereof shall be reimbursed by Tenant to Landlord upon demand as additional rent if such requirement was caused due to the acts or omissions of Tenant or as a result of Tenant's breach of this Section 6.4. In addition, Tenant shall execute affidavits, representations and the like from time to time at Landlord's request concerning Tenant's best knowledge and belief regarding the presence of hazardous substances or materials on the Premises. Notwithstanding the foregoing, in the event that any the Premises contains any hazardous materials which are in violation of any applicable laws as of the Commencement Date, Landlord shall cause such hazardous materials to be remediated in accordance with applicable laws at its sole cost and expense. The provisions of this Section 6.4 shall survive the expiration or earlier termination of the Lease term,.

Prior to the expiration of this Lease (or within thirty (30) days after any earlier termination), Tenant shall clean and otherwise decommission the Premises of any hazardous materials and substances used by Tenant during the Lease term and, if any such hazardous materials were used by Tenant during the Lease term, at Tenant's expense, obtain for Landlord a report addressed to Landlord and Landlord's designees by a reputable licensed environmental engineer acceptable to Landlord in Landlord's reasonable discretion, which report shall be based on the environmental engineer's inspection of the Premises and shall show: that the hazardous materials existing prior to such decommissioning have been removed from the Premises in compliance with all applicable environmental laws and no hazardous materials or substances used by Tenant during the Lease term then exist on the Premises; that the Premises may be reused by a subsequent tenant without taking any special precautions for hazardous substances and materials, without incurring special costs or undertaking special procedures for demolition, disposal, investigation, assessment, cleaning or removal of hazardous substances and materials and without incurring regulatory compliance requirements or giving notice in connection with hazardous substances and materials; and that the Premises may be reoccupied, demolished or renovated without taking any special precautions for hazardous substances and materials, without incurring special costs or undertaking special procedures for disposal, investigation, assessment, cleaning or removal of hazardous substances and materials and without incurring regulatory requirements or giving notice in connection with hazardous substances and materials. Further, for purposes of this Section: "special costs" or "special procedures" shall mean costs or procedures, as the case may be, that would not be incurred but for the nature of the hazardous materials or substances instead of non-hazardous materials or substances. The report shall include, to the extent applicable, reasonable detail concerning the clean-up location, the test run and the analytical results. If Tenant fails to perform its obligations under this Section, without limiting any other right or remedy, Landlord may, on five (5) business days' prior written notice to Tenant perform such obligations at Tenant's expense, and Tenant shall promptly reimburse Landlord upon demand for all costs and expenses reasonably incurred.

6.5 <u>Landlord's Rules and Regulations</u>: Tenant shall faithfully observe and comply with the rules and regulations that Landlord shall from time to time promulgate. A copy of Landlord's rules and regulations as in effect at the date hereof is attached hereto as Exhibit "B". Landlord reserves the right from time to time to make all reasonable modifications to said rules and regulations. The additions and modifications to Landlord's rules and regulations shall be binding upon delivery of a copy of them to Tenant. Landlord shall not be responsible to Tenant for the nonperformance of any of said rules and regulations by any other tenants or occupants of the Building (or the Project) of which the Premises are a part, provided that Landlord shall use commercially reasonable efforts to enforce the rules and regulations against all tenants of the Building in a non-discriminatory manner.

6.6 <u>Common Areas</u>: Landlord grants to Tenant, during the term of this Lease, a non-exclusive license to use, in common with others entitled thereto, the Common Areas. The Common Areas include all areas and facilities outside the Premises that are provided and designated for general use and convenience of Tenant and other tenants. Common Areas include, but are not limited to, sidewalks, landscaped areas, roadways, driveways and parking areas. The number of parking spaces in the parking areas used at any single time by Tenant shall not exceed Tenant's "pro rata share" (as hereinafter defined) of the available parking. Tenant's pro rata share of the parking spaces shall be computed by multiplying the total number of parking spaces servicing the Building in which the Premises is located by a fraction the numerator of which shall be the number of rentable square feet of area in the Premises and the denominator of which shall be the number of rentable square feet in the Building of which the Premises is a part. Landlord has the right, which Landlord may exercise from time to time, to alter, reconfigure, enlarge, reduce and/or relocate the parking areas and other Common Areas or any part or parts thereof, provided that any such actions by Landlord shall not reduce the number of parking spaces available for Tenant's use to below 8 spaces, or materially adversely affect Tenant's rights under Section 6.1. Notwithstanding the foregoing, any number of parking spaces in the parking lot designated for Tenant's testing of robots shall be counted toward the spaces available for Tenant's use pursuant to the immediately preceding sentence.

6.7 <u>Access and Security</u>: Tenant shall have access to the Premises twenty-four (24) hours a day, seven (7) days a week, fifty-two (52) weeks per year. Tenant shall be solely responsible, at Tenant's sole cost and expense, for security for the Premises.

<u>ARTICLE VII</u>: <u>TAXES</u>

7.1 <u>Payment of Taxes</u>: Tenant will pay Landlord, within ten (10) business days of demand, (except that the payment for the period from the last payment to termination of this Lease shall be paid on the date of termination based on reasonable estimates) as additional rent, the pro rata share of any increase in taxes, both general and special, all assessments including general, special and local, governmental charges of any kind and nature whatsoever, water rents or charges, taxes levied against the rents, occupancy or use of the Premises (hereinafter collectively referred to as "Taxes"), levied or assessed on the Premises or the property on which the Building is located, whether such taxes are general or special, ordinary or extraordinary, or foreseen, or unforeseen, over the allowance for taxes set forth in Article 3.1.B, above. Notwithstanding the foregoing, any special assessments to be included within the definition of "Taxes" shall be limited to the amount of the installment (plus any interest thereon) of such special tax or special assessment (which shall be payable over the longest period permitted by law) required to be paid during the tax year in respect of which such taxes are being determined. "Taxes" shall not include any of Landlord's income, capital levy, franchise, transfer, capital stock, gift, estate, or inheritance tax.

7.2 <u>Change in Method of Taxation</u>: If at any time during the term of this Lease, the present method of taxation is changed so that in lieu of the whole or any part of any taxes, assessments or charges levied, assessed or imposed upon real estate and the improvements thereon, there is levied, assessed or imposed on Landlord a capital levy or other tax directly on the rents received therefrom and/or a franchise tax assessment, levy or charge measured by or based, in whole or in part, upon such rents for the present or any future building or buildings on the property on which the Building is located or any other tax or assessment, levied or assessed in lieu of any present taxes, then all such taxes, assessments, levies, or charges will be deemed to be included within the term "Taxes" for the purposes hereof, but only to the extent that the same would be payable if the Building were the only property of Landlord.

7.3 <u>Personal Property Taxes</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Tenant shall pay prior to delinquency all taxes assessed against and levied upon leasehold improvements, trade fixtures, furnishings, equipment and all other personal property of Tenant contained in the Premises or elsewhere. Tenant shall cause said leasehold improvements, trade fixtures, furnishings, equipment and all other personal property to be assessed and billed separately from the real property of Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. If any of Tenant's said personal property shall be assessed with Landlord's real property, Tenant shall pay Landlord the taxes attributable to Tenant within ten (10) days after receipt of a written statement setting forth the taxes applicable to Tenant's property.

<u>ARTICLE VIII</u>: <u>INSURANCE</u>

The Tenant agrees to maintain in full force during the term hereof a policy of commercial general liability insurance (or the then successor equivalent from time to time), without any so-called employee exclusion or the like and on an occurrence basis; or otherwise in the broadest and most comprehensive form then generally available from time to time, under which the Landlord and Landlord's first mortgagee (and such other persons as are in privity of estate with the Landlord as may be set out in notice from time to time) are designated additional insureds on a primary basis and the Tenant is named primary insured, and under which the insurer agrees to indemnify and hold the Landlord, Landlord's first mortgagee, and such other persons as are in privity of estate with Landlord harmless from and against all cost, expense and/or liability arising out of or based upon any and all claims, accidents, injuries and damages mentioned in Article XIV of this Lease. Each such policy shall be written by a reputable and financially sound, duly licensed insurance company and non-cancelable with respect to the Landlord, Landlord's first mortgagee, and the Landlord's other said designees without thirty (30) days prior written notice to Landlord (to the extent that the same is reasonably available in the insurance industry provided, however, that if such notice is not provided by any insurance company, then Tenant shall be responsible for providing such notice to Landlord), and a certificate thereof shall be delivered to the Landlord. The minimum limits of liability of such insurance shall be $1,000,000.00 each occurrence; $2,000,000.00 general aggregate limit; $2,000,000.00 products - completed operations aggregate limit; $1,000,000.00 personal and advertising liability; $50,000.00 fire legal liability; and $5,000.00 medical expenses limit (each person); or such higher limits as the Landlord may from time to time request, provided such higher limits are the customarily carried on buildings similar to the Building. Said insurance may be maintained by the Tenant under a so-called "blanket policy" covering the Premises as well as other premises of the Tenant, provided that the Tenant shall furnish the Landlord with evidence satisfactory to the Landlord of the existence of such blanket policy and that such blanket policy specifically includes the Premises and that the aforesaid minimum limits apply to each occurrence covered by such blanket policy and afford the same protection as would be provided under an individual policy meeting the requirements thereof. In addition, Tenant shall maintain at least $5,000,000.00 excess liability coverage, naming the Landlord, Landlord's first mortgagee, and its other designees as additional insureds.

Landlord shall maintain (i) property insurance on the Building in such amounts and subject to such deductibles as Landlord may reasonably determine, but in no event for amounts less than the full replacement value of the Building and (ii) commercial general liability insurance and such other insurance and with such coverage limits as customarily carried by prudent landlords of similar buildings in the greater Boston market, the cost of which shall be included in Common Area Maintenance and Operating Expense Charges described in Section 3.3 above.

<u>ARTICLE IX</u>: <u>MAINTENANCE AND REPAIRS</u>

9.1 <u>Landlord's Obligations</u>: Landlord agrees to keep the roof, foundations, exterior walls, HVAC heating, cooling and other systems which serve the Premises and the structural system of the Building in good condition and repair, the costs thereof to be including in Common **Area** Maintenance and Operating Expense Charges pursuant to Section 3.3 above. Landlord shall not be liable to Tenant for any damages except physical damage to persons and property caused by the items mentioned in the previous sentence being out of repair after Landlord has had reasonable opportunity to have the same repaired after being notified in writing of the need of same by Tenant.

9.2 <u>Tenant's Obligations</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Tenant shall at its sole cost and expense and without any cost to Landlord, keep the Premises in good order, condition and repair at all times during the term of this Lease, unless specifically made Landlord's responsibility under subparagraph 9.1 above. Tenant's responsibility hereunder shall include, without limitation and at its sole cost, maintenance, repair and replacement of floor covering and ceiling materials, doors and door hardware and the decoration of the interior of the Premises. If Tenant refuses or neglects to make or perform such replacements, repairs, or maintenance, in a manner reasonably satisfactory to Landlord, Landlord shall have the right, upon giving Tenant reasonable written notice, except in situations deemed to be emergency situations by Landlord, of its election to do so, to make such replacements or repairs or perform such maintenance on behalf of and for the account of Tenant, and Tenant shall pay Landlord's cost of such work as additional rent, promptly upon receipt of a bill therefor.

9.3 <u>Snow Removal and Grounds Care</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The removal of snow and ice from the Building, the parking areas, access drives and loading areas bordering upon the Premises shall be the Landlord's responsibility. The removal of snow and ice from the Building sidewalks and/or walkways bordering the Premises shall be the Landlord's responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The care and maintenance of the grounds, including lawns, trees, shrubs and painted areas bordering upon the Premises shall be the Landlord's responsibility. The costs incurred by Landlord for removal of snow and ice, and for care and maintenance of grounds, are included as a part of the Common Area Maintenance and Operating Expenses, reimbursed to Landlord by Tenant in accordance with the provisions of Article Ill, above.

9.4 <u>Trash Removal</u>: The Tenant shall be responsible, at its sole cost, for providing cleaning services and trash removal from the Premises to receptacles or dumpsters provided by Landlord.

<u>ARTICLE X: ALTERATIONS AND SIGNS</u>:

10.1 Tenant will not make any alterations, additions or improvements to the Premises or install any signs upon the exterior of the Premises without on each occasion the prior written consent of the Landlord, which consent shall not be unreasonably withheld, conditioned or delayed. As a condition to such consent, Landlord may require Tenant to provide to Landlord at Tenant's expense a completion bond in form and substance satisfactory to Landlord for any alterations which cost more than $150,000.00. Tenant shall require that any contractors used by Tenant carry a comprehensive liability (including builder's risk) insurance policy in such amounts as Landlord may reasonably require, naming Landlord and its mortgagee as additional insureds, and provide proof of such insurance to Landlord prior to the commencement of any alterations, additions or improvements and require that any contractors used by Tenant comply with such reasonable rules and regulations imposed by Landlord from time to time. In addition, except as specifically set forth in this Lease, Tenant shall be solely responsible for the cost of any alterations, additions or improvements required for the operation of Tenant's business in the Premises, including without limitation, such alterations, additions or improvements required by Landlord's insurance provider related to Tenant's specific use of the Premises. Notwithstanding the foregoing, Tenant may make non-structural cosmetic alterations which do not affect the Building's systems, cannot be seen from the exterior of the Premises, do not require a building permit to complete, and cost less than $20,000.00 to complete without Landlord's consent but subject to all other provisions of this Lease, provided however, Tenant shall provide no less than five (5) days prior written notice and shall abide by reasonable rules and regulations which Landlord may impose from time to time.

Landlord, at its sole expense, shall install suite entry and building directory signage for Tenant on all Building directories.

10.2 Landlord reserves the right at any time to make alterations, modifications, reductions, expansions or additions to and to build an additional story or stories on any building or portion of any building in the project in which the Building containing the Premises is located (the "Project"), whether or not the Premises are contained therein, and to build adjoining the same. Landlord reserves the right as to the Project at any time to do, or permit to be done, any or all of the following: add or remove buildings, structures or common areas; change the number and location of buildings and structures; change building dimensions; change the number of floors in any of the buildings or structures; add to, alter or remove partially or wholly any structure or structures or to enclose any common area; change the identity and type of leased premises and tenancies and the dimensions thereof, including the alteration of lease lines as same adjoin common areas; change the name of the Project in which the Premises are located; change the address or designation of the Premises or the building in which the Premises are located; provide subterranean and multiple level parking decks; convert common areas into leasable areas or construct temporary or permanent buildings or improvements in the Building, the Project and the common areas; change the location or character of or make alterations in or additions to the common areas and to otherwise alter, repair or reconstruct the common areas or to change the use thereof; and expand the size of the Project by acquiring or making available additional land. Tenant understands and agrees that the making of any such alterations, modifications, reductions, expansions or additions by Landlord may temporarily generate noise, dust, vibration, and other byproduct of construction-related activities, and agrees that such shall not constitute a breach of Landlord's covenant of quiet enjoyment; provided, however, that no such changes shall materially interfere with the permitted uses of the Premises, or alter the size of the Premises or deny reasonable ingress to and egress from the Premises. Landlord shall use reasonable efforts to minimize any disruption to Tenant's operations or access to the Premises or parking lot in connection with any such alterations, construction or modifications at the Project.

<u>ARTICLE XI</u>: <u>INSPECTION</u>

Upon prior notice to Tenant (except in cases of emergency), Landlord and Landlord's agents and representatives will have the right to enter and inspect the Premises at any reasonable time during business hours (and all other times in case of emergency), for the purpose of ascertaining the condition of the Premises, curing any default on the part of the Tenant or making repairs to the Premises. During the one year period prior to the end of the term hereof, Landlord and Landlord's agents and representatives will have the right to enter the Premises at any reasonable time during business hours for the purpose of showing the Premises and will have the right to erect on the Premises a suitable sign indicating that the Premises are available.

<u>ARTICLE XII</u>: <u>ASSIGNMENT AND SUBLETTING</u>

Tenant will not assign or sublet the whole or any part of the Premises without the prior written consent of Landlord. Regardless of whether Landlord consents or withholds consent to any such assignment or subletting, Tenant shall reimburse Landlord for all reasonable costs and expenses, including but not limited to credit reporting agency fees and attorneys' fees, incurred by Landlord in determining whether to consent or withhold consent to such assignment or subletting. Notwithstanding any permitted assignment or subletting, Tenant will at all times remain liable for the payment of rent and for compliance with all of its other obligations under the terms provisions and covenants of this Lease. A transfer of fifty percent (50%) or more of an interest in the Tenant (whether by stock, partnership interest or otherwise, except in connection with any initial public offering or in cases where such stock is publicly traded) by any party in interest will be deemed an assignment of this Lease. Landlord's consent to any such transfer, assignment or sublease will not be deemed consent to any subsequent transfer, assignment or sublease. In the event of a default under the terms of this Lease, if the Premises or any part thereof are then assigned or sublet, Landlord, in addition to any other remedies herein provided, or provided by law, may at its option collect directly from assignee or subtenant all rents becoming due to Tenant under such assignment or sublease and apply such rent against any sums due it by Tenant hereunder, and no such collection shall be construed to constitute a novation or a release of Tenant from the further performance of its obligations hereunder. Landlord will have the right to assign any of its rights and obligations under this Lease (See "Exhibit E - Special Clauses"' attached hereto and made a part hereof.)

<u>ARTICLE XIII</u>: <u>MUTUAL WAIYER OF RIGHTS</u>

Notwithstanding anything contained herein to the contrary, Landlord and Tenant hereby mutually waive, to the extent of their respective insurance coverage therefor or any insurance coverage required by this Lease to be carried by such party, any and all rights of recovery against one another for real or personal property loss or damage occurring to the Premises, the Building or any part thereof or any personal property therein from perils insured against under fire and extended coverage and other property insurance policies existing for the benefit of the respective parties so long as such insurance permits waiver of liability and contains a Waiver of Subrogation without additional premiums. If additional premiums must be paid, either party requesting such Waiver of Subrogation shall have the option to pay such additional premiums to the other and obtain such Waiver or to forego such Waiver of right of recovery.

<u>ARTICLE XIV</u>: <u>INDEMNITY</u>

Tenant will defend, indemnify and save harmless Landlord from and against all liabilities, obligations, claims, damages, penalties, causes of action, costs and expenses (including without limitation, reasonable attorney's fees and expenses) imposed upon or incurred by or asserted against Landlord arising from Tenant's use and occupancy of the Premises, including without limitation, any alterations or improvements performed on the Premises by or for Tenant, or any breach or default by Tenant of its obligations hereunder or arising from any act, omission or negligence of the Tenant, its agents, contractors, employees or invitees.

<u>ARTICLE XV</u>: <u>EXEMPTION OF LANDLORD FROM LIABILITY</u>

Tenant hereby agrees that Landlord shall not be liable for injury to Tenant's business or any loss of income therefrom or for damage to the goods, wares, merchandise or other property of Tenant, Tenant's employees, invitees, customers, or any other person in or about the Premises, nor, unless through its negligence, shall Landlord be liable for injury to Tenant's employees, agents or contractors and invitees, whether such damage or injury is caused by or results from fire, steam, electricity, gas, water or rain, or from breakage, leakage, obstruction or other defects of pipes, sprinklers, wires, appliances, plumbing, air conditioning or lighting fixtures, or from any cause, whether the said damage or injury results from conditions arising from the Premises or upon other portions of the Building, or from other sources or places, and regardless of whether the cause of such damage or injury or the means of repairing the same is inaccessible to Landlord or Tenant. Landlord shall not be liable for any damages arising from any act or neglect of any other tenant, if any, of the Building or the Project.

<u>ARTICLE XVI</u>: <u>LIENS AND ENCUMBRANCES</u>

16.1 Tenant will not do any act which will in any way encumber the title of Landlord in and to the Premises nor will the interest or estate of Landlord in the Premises be in any way subject to any claim by way of lien or encumbrance, whether by operation of law or by virtue of any express or implied contract by Tenant. Any claim to, or lien upon, the Premises arising from any act or omission of Tenant will accrue only against the leasehold estate of Tenant and will be subject and subordinate to the paramount title and rights of Landlord in and to the Premises.

16.2 Tenant will not suffer or permit any liens to stand against the Premises, the Building or any part thereof, by reason of any work, labor, services, or materials done for or supplied, or claimed to have been done for, or supplied to Tenant, or anyone holding the Premises, or any part thereof, through or under Tenant. If any such lien is at any time filed against the Premises, or the Building, Tenant will cause the same to be discharged of record within thirty (30) days after the date of filing the same, by payment, deposit or bond. If Tenant fails to discharge any such lien within such period, then, in addition to any other right or remedy of Landlord, Landlord may, but will not be obligated to, procure the discharge of the same either by paying the amount claimed, or by deposit or bond, and any amount paid or deposited by Landlord, including reasonable attorneys' fees, in defending any such action or in or about procuring the discharge of such lien, with all necessary disbursements made by Landlord in connection therewith, will become due and payable on the date of payment or deposit, as additional rent.

16.3 Nothing in this Lease will be deemed to be, or construed in any way as constituting the consent or request of Landlord, express or implied by inference or otherwise, to any person, firm, or corporation for the performance of any labor or the furnishing of any materials for any construction, rebuilding, alteration or repair of or to the Premises or any part thereof, nor as giving Tenant any right, power or authority to contract for or permit the rendering of any services or the furnishing of any materials which might in any way give rise to the right to file any lien against Landlord's interest in the Premises.

<u>ARTICLE XVII</u>: <u>DAMAGE OR DESTRUCTION AND CONDEMNATION</u>

17.1 <u>Damage or Destruction of Premises</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. If all or a substantial part of the Premises is destroyed or damaged by fire or other unavoidable casualty (a substantial part of the Premises for the purposes of this Article shall be deemed to be fifty percent (50%) or more of its insurable value), then Landlord shall within thirty (30) days after such casualty elect in writing to Tenant to either terminate this Lease or restore damaged areas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. If Landlord elects to terminate this Lease as aforesaid, the termination shall be effective as of the time of such election; if Landlord elects to restore damaged areas, it shall commence the restoration of the Premises within ninety (90) days after such casualty and use its best efforts to coordinate the activities of contractors and material suppliers to accomplish the restoration within a reasonable period of time commensurate with the degree of damaged sustained. In no event, however, shall Landlord be obligated to use any of its funds for such restoration other than from applicable fire insurance proceeds. Notwithstanding the foregoing, Landlord shall not be obligated to repair or replace Tenant's furniture, furnishings and equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. If any such restoration is delayed due to Force Majeure, the completion of such restoration shall be postponed for the period of time equal to the period of delay caused by such events.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. If this Lease is not terminated, a just portion of the rent, according to the nature and extent of the damage, shall be abated until the Premises shall have been put into proper condition for use and occupation by Tenant. Provided, however, that if such damage or casualty is caused because of the negligence of Tenant, its employees, contractors, invitees or licensees, there shall be no such abatement in rent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Notwithstanding the above, Landlord may at Landlord's sole discretion, repair and/or rebuild the Building in the event of either total or partial destruction. Landlord will not be obligated to rebuild until the insurance proceeds have been received and in the event such insurance proceeds are insufficient to completely rebuild or restore the Premises, Landlord, at Landlord's option, may provide the funds required to completely rebuild or restore. If Landlord's mortgagee applies the insurance proceeds to the mortgage debt, Landlord will have no obligation to rebuild.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. In the event that (a) Landlord fails to give written notice within thirty (30) days of its intention to restore the Premises, or (b) Landlord fails to restore the Premises to a condition substantially suitable for their intended use within one hundred twenty (120) days of said damage or destruction (or within such other period of time as Landlord and Tenant may agree in writing), unless such damage was due to the negligence or intentional acts of Tenant or Tenant's employees, contractors, invitees, or licensees, Tenant may elect to terminate this Lease by written notice to Landlord to be given no later than thirty (30) days of the date last mentioned.

17.2 <u>Condemnation</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. If the Premises shall be completely taken by exercise of eminent domain, then this Lease shall terminate. If any substantial part of the Premises shall be taken by exercise of eminent domain or by action of any public or other authority, then this Lease shall terminate at the election of Landlord, notice of which election shall be given to Tenant within sixty (60) days of such taking. If Landlord shall not so elect, then in case of such taking, and in case of any taking of less than a substantial part of the Premises, a just portion of said rent according to the nature and extent of the taking shall be abated, unless the Landlord shall supply to Tenant equivalent substitute space in the Building of which the Premises is a part at no additional rent. Landlord reserves and accepts all rights to damages to said Premises and Building and the leasehold hereby created, accrued or subsequently accruing by reason of anything lawfully done in pursuance of any public or other authority. Tenant hereby releases and assigns to Landlord all of Tenant's rights to such awards, and covenants to deliver such further assignments and assurances thereof as Landlord may from time to time request, hereby irrevocably designating and appointing Landlord as its attorney in fact to execute and deliver in Tenant's name and behalf all such further assignments thereof. It is agreed and understood, however, that Landlord does not reserve to itself, and Tenant does not assign to Landlord, any damages payable for (i) moveable equipment installed by Tenant or anybody claiming under Tenant at its own expense or (ii) relocation expenses, but in each case only if and to the extent that such damages are recoverable by Tenant from such authority in a separate action and without reducing Landlord's award of damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Notwithstanding the above, Landlord may at Landlord's sole discretion, repair and/or rebuild the Building in the event of either total or partial taking. Landlord will not be obligated to rebuild until the eminent domain proceeds have been received and in the event such eminent domain proceeds are insufficient to completely rebuild or restore the Premises, Landlord, at Landlord's option, may provide the funds required to completely rebuild or restore. If Landlord's mortgagee applies the eminent domain proceeds to the mortgage debt, Landlord will have no obligation to rebuild.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. In the event that a taking of twenty-five percent (25%) or more of the insurable value of the Premises by the exercise of eminent domain (a) materially adversely affects the ability of Tenant to continue to conduct its business in the portion of the Premises not taken, and (b) Landlord fails to give written notice within sixty (60) days of its intention to restore the Premises to a condition substantially suitable for their intended uses within one hundred twenty (120) days of such taking or fails to supply to Tenant equivalent substitute space in the Building of which the Premises are a part, Tenant may elect to terminate this Lease by written notice to Landlord to be given no later than thirty (30) days of the date last mentioned.

<u>ARTICLE XVIII</u>: <u>SURRENDER</u>

Upon the termination of this Lease for any reason, Tenant will at once surrender and deliver the Premises to Landlord in their Original Condition (as hereinafter defined), reasonable wear and tear and damage by fire or other casualty excepted. Reasonable wear and tear excludes: tears and cuts in floor coverings; excessive wear of floor coverings because of Tenant's negligence or failure to use chair and desk pads or otherwise; holes in walls and doors; damaged ceiling tiles because of installation of phone lines, computer lines, or otherwise. All alterations, additions, improvements and partitions erected or installed by Tenant, and Tenant's personal property, including but not limited to Tenant's trade fixtures and signs (both interior, within the Premises, and exterior, if applicable, affixed to the building), must be removed by the date of termination of this Lease, and Tenant, at its expense, shall forthwith restore the Premises, the Building, the parking areas and walkways, the landscaped areas, or any other part of the Landlord's property affected by Tenant's Improvements to their Original Condition, unless Landlord gives Tenant notice (which, if requested by Tenant, shall be given by Landlord within the last six (6) months of the Lease Term) that some or all of such alterations, additions, improvements and partitions (the "Designated Improvements") shall remain upon the Premises, in which case the Designated Improvements shall remain upon the Premises and will become the property of Landlord as of the date of such termination, but the Tenant shall nevertheless restore the Premises, the Building, the parking areas and walkways, the landscaped areas, or any other part of the Landlord's property affected by Tenant's Improvements to their Original Condition except for the Designated Improvements. Tenant's failure to remove all or part of Tenant's personal property upon expiration or termination shall be deemed an abandonment to Landlord of such personal property and, if Landlord elects to remove all or any part of said personal property, the cost of such removal, including repairing any damage to the Premises, the Building, the parking areas and walkways, the landscaped areas, or any other part of the Landlord's property affected by Tenant's Improvements caused by such removal, shall be paid by Tenant. Without limiting the foregoing, if installed by Tenant, telephone systems, computer systems, fire alarm systems, burglar alarm systems and any other security systems affixed to, imbedded in, resting upon, or attached to any part of the Premises, by means of cement, glue, plaster, nails, bolts, screws, or any other fastening devices shall upon termination of this Lease, be removed by Tenant, and Tenant, at its sole cost and expense, prior to termination of the Lease, shall restore the Premises, the Building, the parking areas and walkways, the landscaped areas, or any other part of the Landlord's property affected by Tenant's Improvements to their Original Condition. As used herein the term "Original Condition" shall mean the condition of the Premises, the Building, the parking areas and walkways, the landscaped areas, or any other part of the Landlord's property affected by Tenant's Improvements immediately prior to any alterations, additions, improvements, partitions, changes or renovation to the same by or on behalf of the Tenant.

<u>ARTICLE XIX</u>: <u>HOLDING OVER</u>

19.1 Any holding over by Tenant of the Premises after the expiration of this Lease will operate and be construed to be a tenancy at sufferance, (i) at a monthly rental of One Hundred Fifty Percent (150%) of the last monthly base rental for the first thirty (30) days of such holding over, and (ii) thereafter, a monthly rental of Two Hundred Percent (200%) of the last monthly base rental, plus all other additional rent payable hereunder, and upon the terms hereof applicable to such tenancy.

19.2 Nothing contained in this Article is to be construed to give Tenant the right to hold over at any time and Landlord may exercise any and all remedies at law or in equity to recover possession of the Premises and damages resulting from any such holding over.

<u>ARTICLE XX</u>: <u>DEFAULT</u>

The occurrence of any one or more of the following events will constitute a default hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A. Tenant abandons the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B. Tenant defaults in any payment due hereunder and such default continues for ten (I 0) days after the due date

thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Tenant fails to observe or perform any of the covenants, conditions or provisions of this Lease to be observed or performed by Tenant other than non-payment of sums due hereunder, and Tenant fails to cure such default within thirty (30) days after notice thereof in writing to Tenant or if such default cannot reasonable be cured within thirty (30) days, unless Tenant begins such cure within thirty (30) days and diligently pursues such cure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Tenant petitions to be, or is declared bankrupt, or insolvent according to law, or if a receiver be appointed for Tenant, or for all or a substantial portion of its property, or if an assignment for the benefit of creditors is made by Tenant.

<u>ARTICLE XXI</u>: <u>REMEDIES</u>

Upon the occurrence of any one or more of such events of default, Landlord may at its election, terminate this Lease or terminate Tenant's right to possession only without terminating this Lease. Upon termination of this Lease or of Tenant's right to possession, Landlord may re-enter the Premises with process of law, and remove all persons, fixtures and chattels therefrom and Landlord will not be liable for any damages resulting therefrom. Upon termination of this Lease, Landlord will be entitled to recover as damages (I) all rent and other sums due and payable by Tenant on the date of Termination, (2) an amount equal to the value of the rent and other sums provided herein to be paid by Tenant for the residue of the stated term hereof, less the fair rental value of the Premises for the residue of the stated term (taking into account the time and expenses necessary to obtain the replacement tenant or tenants, including expenses relating to the recovery of the Premises, brokerage and management commissions, operating expenses, reasonable attorneys' fees, and alteration costs), and (3) the costs of performing any other covenants to be performed by Tenant. If Landlord elects to terminate Tenant's right to possession only, without terminating the Lease, Landlord may, at Landlord's option enter into the Premises, remove Tenant's signs and other evidence of tenancy, and take and hold possession thereof as herein above provided, without such entry and possession terminating the Lease and releasing the Tenant in whole or in part, from Tenant's obligations to pay rent hereunder for the full term or from any of its other obligations under this Lease. Landlord shall use commercially reasonable efforts tore-let all or any part of the Premises for such rent and upon term satisfactory to Landlord (including the right to re-let the Premises for a term greater or lesser than that remaining under the Lease term, and the right to re-let the Premises as a part of a larger area, and the right to change the character or use made of the Premises), provided however that Landlord shall use reasonable efforts to relet the Premises or otherwise mitigate its damages, provided however, the marketing of the Premises in a manner similar to the manner in which Landlord markets other premises within Landlord's control in the Building shall be deemed to have satisfied Lessor's obligation to use "reasonable efforts" and in no event shall Landlord have any obligation to relet the Premises if Landlord has unleased space in the Building which is similar to the Premises. For the purpose of such re-letting, Landlord may decorate or make repairs, changes, alterations or additions in or to the Premises that may be necessary or convenient. If Landlord does not re-let the Premises, Tenant will pay the Landlord on demand damages equal to the amount of the rent and other sums provided herein to be paid by Tenant for the remainder of the Lease term. If the Premises are re-let and a sufficient sum is not realized from such re-letting after paying all of the expenses of such re-letting and the collection of the rent accruing therefrom to satisfy the rent herein provided to be paid for the remainder of the Lease term, Tenant will be liable for the difference in rent.

Nothing herein shall limit or prejudice the right of the Landlord to prove for and obtain in proceedings for bankruptcy or insolvency by reason of any such termination, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, the damages are to be proved, whether or not the amount of the loss or damage referred to above. Notwithstanding anything contained in this Lease to the contrary however, except as set forth in Article XIX, in no event shall Tenant be liable for any of Landlord's consequential, indirect, punitive or special damages resulting from a default by Tenant.

<u>ARTICLE XXII</u>: <u>INDEPENDENT COVENANTS</u>

Each covenant, agreement, obligation and/or other provision in this Lease to be performed on Tenant's part shall be deemed and construed to be a separate and independent covenant of Tenant and not dependent on any other provision of this Lease. Tenant acknowledges and agrees that its covenant to pay Base Rent, Additional Rent and other sums payable under this Lease, and to observe, perform and comply with any other obligations of Tenant under this Lease, is independent of Landlord's obligations under this Lease, and that in the event that Tenant shall have a claim against Landlord, Tenant shall not have the right to deduct the amount allegedly owed to Tenant from any Base Rent, Additional Rent or other sums payable under this Lease, it being understood that Tenant's sole remedy for recovering upon such claim shall be to bring an independent legal action against Landlord.

<u>ARTICLE XXIII</u>: <u>ATIORNEYS' FEES</u>

In the event that Landlord or Tenant shall bring an action in a court of competent jurisdiction and either party be required to engage legal counsel for the enforcement of any of the terms of this Lease, or declare rights hereunder, whether such employment shall require institution of suit or other legal services required to secure compliance on the part of Landlord or Tenant, the prevailing party in any such action, on trial or appeal, shall be entitled to prompt payment of reasonable attorney's fees as fixed by the court.

<u>ARTICLE XXIV</u>: <u>NO WAIVER</u>

The waiver by Landlord of any breach of any term, covenant or condition herein contained will not be deemed to be a waiver of such term, covenant or condition for any subsequent breach of the same or any other term, covenant or condition herein contained. The acceptance by Landlord of any payment of rent or other charges hereunder after termination by Landlord, shall not be deemed to restore this Lease or Tenant's right to possession hereunder, but will be construed as a payment on account of damages due from Tenant to Landlord. No remedy hereunder shall be deemed to be exclusive, but shall be cumulative with all other remedies at law or equity.

<u>ARTICLE XXV</u>: <u>BROKER</u>

Tenant warrants that, other than CBRE, Inc., whose commission Landlord covenants and agrees to pay, no other broker has acted for or on its behalf in connection with this Lease. Tenant covenants and agrees to pay, hold harmless and indemnify Landlord and Landlord's first mortgagee for any compensation, commissions and charges claimed as a result of any breach of such representation.

<u>ARTICLE XXVI</u>: [INTENTIONALLY DELETED]

<u>ARTICLE XXVII</u>: <u>MORTGAGES</u>

27.1 Tenant accepts this Lease subject to and subordinate to any first mortgage(s) and/or deed(s) of trust now or at any time hereafter constituting a lien or charge upon the Premises provided however that if the first mortgagee, trustee or holder of any such first mortgage or deed of trust elects to have Tenant's interest in this Lease be superior to any such instrument, then by notice to Tenant from such first mortgagee, trustee or holder, this Lease will be deemed superior to such lien, whether this Lease is executed before or after such first mortgage or deed of trust. Tenant will at any time hereafter on demand execute any instruments, which may be required by any first mortgagee for the purposes of subjecting and subordinating this Lease to the lien of any such first mortgage. Tenant will give notice to any first mortgagee whenever notice is given to Landlord by Tenant hereunder and no such notice to the Landlord will be effective unless also given to any first mortgagee. In the event any proceedings are brought for foreclosure or in the event of the exercise of the power of sale under any first mortgage or deed of trust made by Landlord covering the Premises, or in the event that any first mortgagee obtains possession of the property by deed in lieu of foreclosure, or in any other similar matter, the Tenant at the request of any such first mortgagee or purchaser upon any such foreclosure or sale will attorn to the first mortgagee or the purchaser, and recognize such first mortgagee or purchaser as the Landlord under this Lease. Tenant will at the request of the Landlord, execute a document in form proper for recording such agreement to attorn.

27.2 In the event of any default on the part of the Landlord, Tenant will give notice by registered or certified mail to any beneficiary of a deed of trust or mortgagee of a first mortgage covering the Premises whose address shall have been furnished to Tenant, and shall offer such beneficiary or first mortgagee a reasonable opportunity to cure the default, including time to obtain possession of the Premises by power of sale or a judicial foreclosure, if such should prove necessary to effect a cure.

<u>ARTICLE XXVIII</u>: <u>NOTICES</u>

All notices required by the terms of the Lease or by any governmental law, ordinance, regulation or other requirements will be deemed satisfied if notice is given in writing by deposit in the United States mail postage prepaid, certified mail, return receipt requested, of a notice addressed to the parties at the addresses listed herein or at such other address as the parties may specify from time to time by written notice delivered in accordance herewith.

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| | |
|:---|:---|
| LANDLORD: | 99 South Bedford Street, LLC<br> c/o R.J. Kelly Company<br> 55 Cambridge Street<br> Burlington, MA 01803 |
| TENANT: | <u>Prior to the Commencement Date</u>: |
|  | 75 Central Street, 3<sup>rd</sup> floor |
|  | Boston, Massachusetts 02109 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>After the Commencement Date:</u> |
|  | Otsaw Digital, Inc. |
|  | 99 South Bedford Street, Suite 101 |
|  | Burlington, MA 01803 |

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<u>ARTICLE XXIX</u>: <u>MISCELLANEOUS</u>

29.1 The terms, provisions, covenants and conditions contained in this Lease contain all agreements of the parties with respect to any manner mentioned herein and will apply, and inure to the benefit of, and be binding upon, the parties hereto and upon their respective heirs, legal representatives, successors and permitted assigns except as otherwise herein expressly provided. This Lease may be modified in writing only, signed by Landlord and Tenant.

29.2 Tenant agrees, from time to time, within ten (10) business days after request by Landlord, to deliver to Landlord, or Landlord's designee, an estoppel certificate stating that this Lease is unmodified and in full force and effect (or if there have been modifications, that the Lease is in full force and effect as modified and stating the modifications), the date to which rent and other charges have been paid, the unexpired term of this Lease, whether there are any defaults or rent abatements or offsets claimed by Tenant and such other matters pertaining to this lease as may be reasonably requested by Landlord, it being intended that any such statement delivered pursuant to this subparagraph may be relied upon by any prospective purchaser of the fee or mortgagee or assignee of any mortgagee upon the fee of the Premises or any other party, and their respective successors and assigns.

29.3 Time is of the essence with respect to the due performance of the terms, covenants and conditions herein contained.

29.4 Whenever a period of time is herein prescribed for the taking of any action by either party, the party shall not be liable or responsible for, and there shall be excluded from the computation of such period of time, any delays due to Force Majeure. For purposes of this Lease, the term "Force Majeure" shall mean causes beyond the control of the party, such as acts of God, war, civil insurrection or public disorder, strikes, unavailability of construction materials, shortages within the labor market, pandemic, or acts of governmental authorities. Notwithstanding the foregoing, in no event shall the existence or occurrence of a Force Majeure ever be construed as allowing an extension of time with respect to Tenant's obligation to pay rent when and as due under this Lease or giving Tenant a basis to claim that this Lease or Tenant's obligations thereunder, including without limitation, Tenant's obligation to pay rent, are unenforceable or give rise to a claim of frustration of purpose.

29.5 If any term or provision of this Lease is to any extent held invalid or unenforceable, the remaining terms and provisions of this Lease will not be affected thereby, but each term and provision of this Lease will be valid and be enforceable to the fullest extent permitted by law.

29.6 The voluntary or other surrender of this Lease by Tenant, or a mutual cancellation hereof, shall not work a merger, and shall, at the option of Landlord, terminate all or any existing sub tenancies or may, at the option of the Landlord, operate as an assignment to Landlord of any or all of such sub tenancies.

29.7 If Tenant is a corporation, each individual executing this Lease on behalf of said corporation represents and warrants that he is duly authorized to execute and deliver this Lease on behalf of said corporation in accordance with a duly adopted resolution of the Board of Directors of said corporation or in accordance with the Bylaws of said corporation, and that this Lease is binding upon said corporation in accordance with its terms.

29.8 This Lease will be construed and enforceable in accordance with the laws of the state where the Premises are located.

29.9 Nothing in this Lease is to be deemed to limit or affect the right of Landlord to sell, assign, encumber, transfer, lease or otherwise dispose of any or all of Landlord's interest in any or all of the Premises or in any or all of the Building. The term "Landlord" as used herein shall mean only the owner or owners at the time in question of the fee title or a tenant's interest in a ground lease of the Premises. In the event of any transfer of such title or interest, Landlord herein named (and in case of any subsequent transfers the then grantor) shall be relieved from and after the date of such transfer of all liability as respects Landlord's obligations thereafter to be performed, provided that any funds in the hands of Landlord or the then grantor at the time of such transfer, in which Tenant has an interest, shall be delivered to the grantee. The obligations contained in this Lease to be performed by Landlord shall, subject as aforesaid, be binding on Landlord's successors and assigns, only during their respective period of ownership.

29.10 Except for Landlord's Work, all tenant improvements to the Premises shall be the sole responsibility of Tenant and made at Tenant's sole cost.

29.11 The initialed Riders, Addenda, and Exhibits, if any, annexed hereto are incorporated herein by reference.

29.12 Tenant, upon paying the rents and performing all of the terms on its part to be performed, shall peaceably and quietly enjoy the Premises subject, nevertheless, to the terms of this Lease and to any mortgage, agreements or other matters of record to which this Lease is subordinated.

29.13 Neither Tenant nor any of its affiliates, is or will be (a) conducting any business or engaging in any transaction or dealing with any person appearing on the U.S. Treasury Department's OFAC list of prohibited countries, territories, "specifically designated nationals" ("SDNs") or "blocked person" (each, a "Prohibited Person") (which lists can be accessed at the following web address: http://www.ustreas.gov/offices/enforcement/ofac/), including the making or receiving of any contribution of funds, goods or services to or for the benefit of any such Prohibited Person; (b) engaging in certain dealings with countries and organizations designated under Section 311 ofthe USA PATRIOT Act as warranting special measures due to money laundering concerns; (c) dealing in, or otherwise engaging in any transaction relating to, any property or interests in property blocked pursuant to Executive Order No. 13224 dated September 24, 2001, relating to "Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism"; (d) a foreign shell bank or any person that a financial institution would be prohibited from transacting with under the USA PATRIOT Act; or (e) engaging in or conspiring to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempting to violate, any of the prohibitions set forth in (i) any U.S. anti-money laundering law, (ii) the Foreign Corrupt Practices Act,(iii) the U.S. mail and wire fraud statutes, (iv) the Travel Act, (v) any similar or successor statutes, or (vi) any regulations promulgated under the foregoing statutes. If at any time this representation becomes false, then it shall be considered a Default under this Lease as to which there shall be no right to notice or an opportunity to cure, notwithstanding anything contained in this Lease to the contrary, and Landlord shall have the right to immediately exercise all of the remedies set forth in this Lease, which shall specifically include immediate termination of this Lease.

<u>ARTICLE XXX</u>: <u>LANDLORD'S WORK.</u>

30.1 <u>Definitions: Substantial Completion</u>. For purposes of this Lease, "Landlord's Work" means, collectively, the alterations and improvements to the Premises to be constructed and/or installed by Landlord in accordance with the terms and conditions of this Lease, as more particularly set forth in the Scope of Work attached hereto as <u>Exhibit D</u> (the "Scope of Work") and plan attached hereto as <u>Exhibit D-1</u> (the "Plans") and hereby made a part of this Lease. Landlord shall use commercially reasonable efforts to Substantially Complete Landlord's Work not later than sixty (60) days following the date of this Lease (the "Target Commencement Date"). Except as set forth in Section 2.2, Landlord shall have no liability whatsoever to Tenant in the event that Landlord, after taking reasonably diligent steps to complete such Work, shall fail for any reason whatsoever (including without limitation, Force Majeure) to Substantially Complete the Landlord's Work on or before the Target Commencement Date (including, without limitation, for any damages that Tenant may suffer as a result thereof or in connection therewith); provided, however, in such event, Landlord shall use commercially reasonable efforts to Substantially Complete the Landlord's Work as soon as possible thereafter. For purposes of this Lease, the Landlord's Work shall be deemed to be "Substantially Complete" when (i) the work described in the Scope of Work has been substantially performed, as reasonably determined by Landlord and,(ii) if a building permit is required by any governmental authority, Landlord has obtained the necessary sign-off from such governmental authority indicating that the work described on such building permit has been completed, even though minor details of construction, decoration, and mechanical adjustments remain to be completed by Landlord, provided such minor items do not materially interfere with Tenant's intended use of the Premises. Landlord shall have no obligation to perform any work not included on the Scope of Work or the Plans. Landlord shall complete any punch-list items that remain to be performed by Landlord, if any, within a reasonable amount of time after Substantial Completion of Landlord's Work. Tenant shall notify Landlord within sixty (60) days of Tenant's occupancy of the Premises of any portion of Landlord's Work, including punch-list items, that remains incomplete or any manner in which the Premises is not in the condition required to be delivered pursuant to this Article **XXX.** Except as identified in any such notice from Tenant to Landlord, Tenant shall have no right to make any claim that Landlord has failed to perform any of Landlord's Work fully, properly and in accordance with the terms of this Lease or to require Landlord to perform any further Landlord's Work, except in the event of latent or other defects not visible to the eye.

30.2 <u>Event of Delay</u>. For purposes of this Lease, "Event ofTenant Delay" means (i) any act or omission on the part ofTenant or any of the agents, employees, or contractors of Tenant (including, without limitation, any act or omission constituting a default by Tenant with respect to any of the agreements, covenants, or obligations of Tenant set forth in this Lease), or (ii) delay in obtaining any necessary permit or approval from any governmental authority (including without limitation any zoning authority) to the extent caused by Tenant's specific intended use of the Premises, that results in a delay in the ability of Landlord to Substantially Complete the Landlord's Work on or before the Target Commencement Date. Notwithstanding the terms and conditions of Section 30.1 of this Lease, in the event that the Landlord's Work shall not be Substantially Completed by Landlord on or before the Target Commencement Date solely as a result of the occurrence of an Event of Tenant Delay, then in such event:(a) for all intents and purposes of this Lease, the Landlord's Work shall be deemed to have been Substantially Completed by Landlord as of the date Landlord shall determine, in the sole and absolute discretion of Landlord, that Landlord would have Substantially Completed the Landlord's Work but for the occurrence of such Event of Tenant Delay; and (b) the Commencement Date shall be the day after the date determined by Landlord to be the date as of which Landlord would have Substantially Completed the Landlord's Work but for the occurrence of such Event of Tenant Delay. Furthermore, not later than ten (10) days after written demand shall be made therefor by Landlord of Tenant, Tenant shall reimburse Landlord for all reasonable out of pocket costs and/or expenses (if any) that Landlord shall incur in connection with the construction and/or installation of the Landlord's Work as a result of (i) the occurrence of any Event of Tenant Delay or (ii) any change with regard to the scope or details of the Landlord's Work (as described in <u>Exhibit D</u> and shown on <u>Exhibit D-1)</u> requested by Tenant and approved by Landlord subsequent to the date of Lease. Landlord shall notify Tenant in writing of any event which would constitute a Tenant Delay.

30.3 <u>Payment by Tenant for Requested Changes to Landlord's Work</u>. To the extent that Tenant requests any modifications to Landlord's Work (a <u>"Change Order"),</u> Tenant shall pay to Landlord, promptly on demand, all costs of such Change Order as reasonably estimated by Landlord's contractor as of the time of Landlord's approval of any such modifications requested by Tenant. After the estimate is provided by Landlord, Tenant may withdraw the Change Order. Tenant shall, if requested by Landlord, execute a work letter confirming such excess costs prior to the time Landlord shall be required to commence work. Landlord shall have no obligation to commence such work unless and until the Tenant shall have paid such excess costs to Landlord. In the event that the actual cost to Landlord of completing any Change Order is greater than the estimate of Landlord's contractor, then Tenant shall pay to Landlord such difference within ten (10) days after Landlord advises Tenant of such actual cost. The costs of any Change Order may include a construction management fee, not to exceed three percent of the hard construction costs incurred for such Change Order.

30.4 <u>Contractors; Construction Standards</u>. The Landlord's Work shall be constructed and/or installed by Landlord using contractors (and subcontractors, if deemed necessary by Landlord) selected by Landlord, in Landlord's sole and absolute discretion, as having experience in connection with the construction and/or installation of alterations and improvements similar in nature to the Landlord's Work. The Landlord's Work shall be constructed and/or installed (a) in a good and workmanlike manner, (b) in accordance with all applicable Laws, and (c) in accordance with all final construction drawings, plans and specifications relating thereto approved by Landlord (if any) and with the Plans. Except to the extent expressly set forth to the contrary herein, all of the materials, equipment, and components of the Landlord's Work, as well as the style, color, brand, and specification thereof and the location of installation thereof within the Premises, shall be selected by Landlord, in Landlord's sole but reasonable discretion but consistent with the standard finishes and quality in the Building.

30.5 <u>Cost of Landlord's Work</u>. Subject to the terms and conditions of Section 30.3 of this Lease, including without limitation, the payment of any amounts with respect to any Change Order, the Landlord's Work shall be completed at Landlord's sole cost and expense.

30.6 <u>Landlord's Access to Complete Landlord's Work</u>. Tenant hereby agrees that Landlord and the agents, employees and contractors of Landlord shall have the right to enter upon the Premises to complete any so-called "punch list items", on such dates and times as reasonable agreed upon by the parties. Tenant will cooperate in good faith with Landlord in Landlord's performance and completion of such "punch list items."

[SIGNATURES APPEAR ON THE FOLLOWING PAGE]

IN WITNESS WHEREOF, Landlord and Tenant have executed this Lease as of the day and year first above written as a sealed instrument.

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| | | |
|:---|:---|:---|
| LANDLORD: | LANDLORD: | LANDLORD: |
| 99 SOUTH BEDFORD STREET, LLC | 99 SOUTH BEDFORD STREET, LLC | 99 SOUTH BEDFORD STREET, LLC |
| By: | Kelly Family Manager I, LLC, | Kelly Family Manager I, LLC, |
|  | a Massachusetts limited liability company, its Manager | a Massachusetts limited liability company, its Manager |
|  | By: | /s/ Brandon D. Kelly |
|  |  | Brandon D. Kelly, Manager |
| TENANT: | TENANT: | TENANT: |
| OTSAW DIGITAL, INC., | OTSAW DIGITAL, INC., | OTSAW DIGITAL, INC., |
| a Delaware corporation. | a Delaware corporation. | a Delaware corporation. |
| By: | /s/ Ling Ting Ming | /s/ Ling Ting Ming |
| Name: | LING TING MING | LING TING MING |
| Title: | CEO  | CEO  |

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<u>**EXHIBIT A**</u>

<u>**PREMISES**</u>

**(Attached)**

<u>**EXHIBIT B**</u>

**RULES AND REGULATIONS**

**ATTACHED TO AND MADE A PART OF THIS LEASE**

1. No sign, placard, picture, advertisement, name or notice shall be inscribed, displayed or printed or affixed on or to any part of the outside of the Building without the written consent of Landlord first had and obtained and Landlord shall have the right to remove any such sign, placard, advertisement, name, or notice without notice to and at the expense of Tenant.

Tenant shall not place anything or allow anything to be placed near the glass of any window, door, partition or wall which may appear unsightly from outside the Premises.

2. No Tenant shall have any property stored outside, except with the prior consent of Landlord.

3. All sidewalks, halls, passages, exits, entrances, elevators and stairways, if any, of the Building shall not be obstructed by Tenant or used for any purpose other than for ingress to and egress from its respective Premises. No Tenant and no employees or invitees of Tenant shall go up on the roof of the Building.

4. Tenant shall not alter any lock nor install any new or additional locks or any bolts on any door of the Premises.

5. Tenant shall not overload the floor of the Premises or mark, drive nails, screw or drill into the partitions, woodwork or plaster or in any way deface the Premises or any part thereof.

6. Tenant shall not use, keep or permit to be used or kept any foul or noxious gas or substance in the Premises, or permit or suffer the Premises to be occupied or used in a manner offensive or objectionable to Landlord or other occupants of the Building by reason of noise, odors and/or vibrations, or interfere in any way with the other tenants or those having business therein, nor shall any animals or birds be brought in or kept in or about the Premises or the Building.

7. No cooking shall be done or permitted by Tenant on the Premises, nor shall the Premises be used for washing clothes, for lodging, or for any improper, objectionable or immoral purposes.

8. Tenant shall not use or keep in the Premises or the Building any kerosene, gasoline or flammable or combustible fluid or material, or use any method of heating or air conditioning other than that supplied by Landlord.

9. Landlord will direct electricians as to where and how telephone and telegraph wires are to be introduced. No boring or cutting for wires will be allowed without the consent of the Landlord. The location of all telephones, call boxes and other office equipment affixed to the Premises shall be subject to the approval of Landlord.

10. Tenant, upon termination of its tenancy, shall deliver to the Landlord the keys of offices, rooms and toilet rooms which shall have been furnished the Tenant or which the Tenant shall have had made, and in the event of loss of any keys so furnished, shall pay the Landlord therefor.

11. The Landlord reserves the right to exclude or expel from the Building any person who, in the judgment of Landlord, is intoxicated or under the influence of liquor or drugs, or who shall in any manner do any act in violation of any of the Rules and Regulations of the Building.

12. No vending machine or machines of any description shall be installed, maintained or operated upon the Premises without the written consent of the Landlord.

13. Tenant shall not disturb, solicit or canvass any occupant of the Building and shall cooperate to prevent same.

14. Any pennitted corrosive, flammable or other special wastes shall be handled for disposal as directed by Landlord, and always in accordance with all applicable governmental laws and regulations, and subject to the provisions of Article VI, Section 6.4 (Hazardous Use) of the Lease.

15. Tenant's use of the Common Areas shall be limited to access and parking purposes (as well as testing or robots pursuant to Section 6.1 of the Lease) and under no circumstances shall Tenant be permitted to store any goods or equipment, conduct any operations or construct or place any improvements, barriers or obstructions in the Common Areas, or otherwise adversely affect the appearance of same.

16. In order to prevent damage or unreasonable wear and tear to carpeting and other floor covering that is or may become the property of the Landlord under the tenns of the Lease, Tenant shall, at Tenant's expense, provide chair mats for all desk chairs used in the Premises and furniture cushions or other suitable protection under all desks, tables and other furniture and equipment kept in the Premises.

17. The moving of equipment, furniture and freight into or out of the Premises shall occur only on previous notice to Landlord and at such times as Landlord shall reasonably designate. The persons employed to move such equipment, furniture, or freight in and out of the Building must be acceptable to Landlord. No equipment, furniture or freight of any description shall be received into the Building except during the hours designated by Landlord.

Landlord shall in all cases have and retain the power to prescribe the weight, proper position, and manner of support under all heavy furniture, equipment and freight, and all damage done to the Building by moving in or out any equipment, furniture or freight, or during the time it is in or on the Premises, shall be repaired at the expense of Tenant, but by contractors or mechanics named by Landlord.

18. Tenant shall refrain from "excessive operation" (as herein defined) of the air conditioning equipment servicing the Premises. Operation of the air conditioning equipment servicing the Premises is defined as "excessive operation" in any if the following cases:

a.) Operation during more than twelve (12) hours each day; or

b.) Operation during more than six (6) days each week; or

c.) Operation during any period other than the normal cooling season (May 15 through September 15 each year).

Tenant shall give prior written notice to the Landlord of any anticipated requirement for excessive operation of the air conditioning equipment servicing the Premises in order to give the Landlord the opportunity to make any modifications or changes to such equipment then existing as Landlord in its sole discretion may deem necessary or desirable in order to assure that the equipment will be able to satisfy the demand imposed by such excessive operation; however, the Landlord shall not be obliged to make any such modifications or changes to the equipment.

Notwithstanding anything to the contrary contained in any other term or provision of the Lease or the Exhibits, Addenda, or Riders thereto, if Tenant requires the excessive operation of the air conditioning equipment servicing the Premises, Tenant shall at its sole cost and expense and without any cost to Landlord, keep in good order, repair and replace as necessary, all such air conditioning equipment. If Tenant refuses or neglects to make or perform such maintenance, repairs, or replacements, in a manner satisfactory to Landlord, Landlord shall have the right upon giving Tenant reasonable written notice (except in situations deemed to be emergency situations by Landlord) to perform such maintenance, or to make such repairs or replacements on behalf of and for the account of Tenant and Tenant shall pay Landlord's costs of such work as additional rent promptly upon receipt of a bill therefor.

19. Landlord reserves the right to make such other and further nondiscriminatory Rules and Regulations as in its judgment may be necessary or desirable for the safety, care and cleanliness of the Premises and the Building and for the preservation of good order therein. Tenant agrees to abide by such reasonable Rules and Regulations which are adopted.

20. Tenant and its employees shall park in areas designated by Landlord if requested. All night parking shall only be allowed in areas designated by Landlord.

21. No smoking shall be permitted anywhere within the Premises or Building. Smoking is only permitted in the designated smoking areas outside the Building.

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| |
|:---|
| /s/ Brandon D. Kelly |
| LANDLORD |
| /s/ Ling Ting Ming |
| TENANT |

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![](ex10-17_001.jpg)

<u>**EXHIBIT C**</u>

**OPTION TO EXTEND TERM**

1. Tenant shall have the right, to be exercised as hereinafter provided, to extend this Lease for one (I) additional consecutive period of three (3) years, commencing immediately following the expiration of the initial Lease Term on the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. No default by Tenant shall be existing or continuing in the performance of any of the terms, covenants and conditions of this Lease in respect of a matter as to which notice of default has been given hereunder; provided, however, that in the event of any default that cannot with due diligence be cured prior to the last date on which Tenant is entitled to exercise such right of extension, Tenant may nevertheless exercise such right and shall be entitled to the respective extended term, if Tenant shall have proceeded promptly after the service of any notice of default to commence to cure the default, and thereafter completes the curing of the default with due diligence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The extended term shall be on the same terms, covenants and conditions as in the Lease provided, with Base Rent being the greater of (i) the product of the Base Rent in effect for the period immediately prior to the expiration of the Lease Term and 1.03, (ii) the product of the Base Rent in effect for the period immediately prior to the expiration of the Lease Term and the CPI Factor (as defined below), and (iii) the market rate for rent for similar premises in the area as reasonably determined by Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. There shall be no privilege to extend the term of this Lease for any period of time beyond the extended term provided for herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. After the determination of the new Base Rent as determined above, a current allowance for Taxes and for Common Area Maintenance and Operating Expense Charges, as estimated by the Landlord, shall be added to the Base Rent to determine the new annual Base Rent, provided that the Base Rent shall take into account any such additional rent to be added.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. For purposes of this <u>Exhibit C,</u> the following terms shall have the following definitions:

"CPI Factor" shall mean the fraction, the numerator of which is the Current CPI-Wand the denominator of which is the Base CPI-W.

"CPI-W" shall mean the Consumer Price Index for Urban Wage Earners and Clerical Workers for Boston, Massachusetts (Base Year 1982-84 = I 00) - as published by the Bureau of Labor Statistics for the U.S. Department of Labor.

"Base CPI-W" shall mean the CPI-W published most recently preceding the Commencement Date of the Lease.

"Current CPI-W" shall mean the CPI-W published most recently prior to the date Landlord receives written notice of Tenant's exercise of its option to extend the term of this Lease.

2. Tenant shall exercise its right to extend the term in the following manner: At least twelve (12) months prior to the expiration of the then current term, Tenant shall notify Landlord of its election to exercise the right to extend the term of this Lease. On the giving of such notice of election, the Lease shall be deemed to be extended and the term thereof extended for a period of three (3) years from the date of the expiration of the then current term. A new Lease for the extended term shall be unnecessary on such extension, the Lease Agreement constituting a present demise for both the original and extended terms.

3. If Tenant exercises its right to extend as provided herein, Landlord shall give Tenant written notice of the Base Rent to be paid during the extended Term no earlier than twelve (12) months or later than nine (9) months prior to the commencement of the option period. If Tenant does not agree to such proposed annual Base Rental, then within thirty (30) days after receipt of said notice from Landlord, Tenant may elect to rescind its option to extend by written notice to Landlord.

4. If, at the time of commencement of the extended term, there shall be existing or continuing any default in the performance of any of the terms, covenants, or conditions of this Lease on the part of the Tenant to be performed, Landlord's right to exercise any remedy for such default set forth in this Lease or in any statute or rule of law, arising out of such default, shall continue during such extended term in the same manner and with the same effect as though the term of this Lease in which default occurred had not ended.

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| |
|:---|
| /s/ Brandon D. Kelly |
| LANDLORD |
| /s/ Ling Ting Ming |
| TENANT |

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<u>**EXHIBIT D**</u>

**LANDLORD'S WORK**

**SCOPE OF WORK**

● Remove and replace any damaged ceiling tiles on existing grid, if necessary

● Repair or replacement of any damaged light fixtures within the Premises, if necessary

● New paint throughout the Premises

● New carpet in offices and conference room to match Common Area finishes, or reasonably similar (subject to availability)

● Replace existing LTV flooring in the kitchenette

● Remove carpet in open area and replace with new, laminated flooring, to match similar aesthetic to kitchenette

● Install full-height glass wall between kitchenette and "open area"

● Install new double-door glass entrance to Premises

In addition to the above, Landlord shall install additional electrical outlets in the Premises as requested by Tenant, however, Tenant shall be solely responsible for the cost thereof and shall pay such cost within thirty (30) days of receipt of an invoice therefor from Landlord.

**EXHIBIT D-1** 

**LANDLORD'S WORK**

**PLAN OF WORK**

(Attached)

![](ex10-17_002.jpg)

<u>**EXHIBIT E**</u>

**SPECIAL CLAUSES**

1. <u>ASSIGNMENT AND SUBLETTING</u> 

Notwithstanding anything to the contrary in Article XII (Assignment and Subletting) of the Lease, Landlord's consent to any assignment or subletting of all or any part of the Premises shall not be unreasonably withheld, conditioned or delayed. Nevertheless, Landlord's consent to any such assignment or subletting shall be conditioned upon the following, failure to comply with which shall permit Landlord to refuse to consent to such assignment or subletting without such refusal being deemed unreasonable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Unless the Premises are assigned or sublet to Landlord as hereinafter provided, the Premises shall be used by the assignee or subtenant only for purposes identical to those set forth in Article VI, Section 6.1 (USE) of the Lease, and for no other purpose. If the Premises are assigned or sublet to Landlord, the Premises may be used by Landlord, its successors and assigns, for any and all lawful purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. If Tenant shall desire to make any assignment or subletting, Tenant shall notify Landlord in writing of the terms of any proposed assignment or subletting, the name and address of the proposed assignee or subtenant and in the case of a sublease, the area proposed to be sublet. Upon receipt of Tenant's notice, except in cases of a transfer pursuant to Section D below, Landlord shall have the following options, to be exercised within thirty days thereafter (the "Option Period"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Consenting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Reasonably withholding consent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Canceling this Lease if the proposed assignment or subletting shall be for all or substantially all of the Premises, as of the date proposed by Tenant for such assignment or subletting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Other than a transfer pursuant to Section D below, in the event of any assignment or subletting, Tenant shall pay to Landlord as additional rent under this Lease, within ten (I 0) days of receipt, a sum equal to the amount by which Occupancy Rentals (as defined hereafter) received by Tenant from such assignments and subleases each month exceeds the amounts for similar rents, monies, and other considerations due from Tenant to Landlord under the terms of this Lease, after first deducting all costs and expenses incurred by Tenant in respect of such subletting, including without limitation, commissions, alterations and allowance, and legal fees. Additionally, the terms "assignment" and "sublease" shall include all assignment(s), sublease(s), underletting(s) at any level, tenancy(ies), concession(s), license(s), franchise(s), or other arrangement(s) for the use or occupancy of the Premises and, except in connection with a transfer pursuant to Section D below, the term "rents", "rental", or "Occupancy Rentals" shall include all rent, monies, and other considerations paid for the use or occupancy of the Premises or any part thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. (As used herein, the term "Affiliate" shall mean any corporation which directly or indirectly, controls or is controlled by or is under common control with Tenant. For this purpose, "Control" shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such corporation, whether through the ownership of voting securities or by contract or otherwise. As used herein, the term "Subsidiary" shall mean any corporation not less than fifty percent (50%) of whose outstanding stock shall, at the time, be owned directly or indirectly by Tenant or Tenant's parent corporation.) Tenant may, without Landlord's approval, assign its interest under this Lease to permit the use of the Premises by, or sublet all or any part of the Premises to a Subsidiary, Affiliate, or parent of Tenant, or to a successor entity which results from a merger or consolidation with Tenant or succeeds to all the business and assets of Tenant; provided: (i) that Tenant shall not be in default under the terms of this Lease, (ii) that in each instance Tenant's successor shall assume all the obligations of this Lease on the part of Tenant to be performed, (iii) that the net worth of the successor shall be equal to or greater than the greater of either (a) Tenant's net worth at the time of the execution of this Lease, or (b) Tenant's net worth at the time of the proposed assignment or transfer, (iv) Tenant shall remain fully and primarily liable hereunder and shall not be released from performing any of the terms of this Lease, including, but not limited to, the obligations to pay rent and other charges due or to become due hereunder, (v) Tenant's successor shall not use or permit or suffer the use of the Premise for any purpose not provided in the Lease, (vi) Tenant's successor shall not require Landlord to make any amendment to the Lease or modification to the Premises, (vii) Tenant shall provide at least thirty (30) days prior written notice to Landlord of its intention to assign its interest under the Lease or to sublet the Premises, together with the identity of Tenant's proposed successor (except to the extent prohibited by applicable securities or other laws or regulations or confidentiality requirements, in which event such notice shall be given to Landlord no later than ten (10) days after the effective date of any merger, consolidation or sale), and (viii) Tenant and Tenant's successor shall provide Landlord all relevant information Landlord may reasonably require to satisfy itself that the foregoing requirements have been met.

2. <u>LANDLORD'S FINANCING CONTINGENCY</u> 

In the event that any mortgagee of the Premises shall request any change or amendment to this Lease, and if Tenant shall refuse to agree to such amendment, except for change of Rentals, Term, Permitted Uses, or the size or dimensions of the Premises, or any other material provisions or any provision which would adversely affect Tenant's use of the Premises in any material manner, and thereby Landlord shall be threatened with the loss of financing, or if Landlord's financing shall be adversely affected thereby, Landlord shall have the right to terminate this Lease by written notice to Tenant (which notice shall state a "Termination Date" of no sooner than thirty (30) days after the date of the notice), and all advanced rents and other sums paid hereunder shall be paid to Tenant and this Lease shall be void and without further recourse to either party hereto, unless prior to the said "Termination Date" Tenant agrees in writing to such change or amendment, in which event the Lease shall continue in full force and effect, as changed or amended.

---

| |
|:---|
| /s/ Brandon D. Kelly |
| LANDLORD |
| /s/ Ling Ting Ming |
| TENANT |

---

## Exhibit 14.1

**Exhibit 14.1**

**Otsaw Limited**

**Code of Ethics and Business Conduct**

1. <u>Introduction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 The Board of Directors (the "**Board**") of **Otsaw Limited** (the "**Company**") has adopted this Code of Ethics and Business Conduct (the "**Code**") in order to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) promote full, fair, accurate, timely and understandable disclosure in reports and documents that the Company files with, or submits to, the Securities and Exchange Commission (the "**SEC**") and in other public communications made by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) promote compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) promote the protection of Company assets, including corporate opportunities and confidential information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) promote fair dealing practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) deter wrongdoing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) ensure accountability for adherence to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 All directors, officers and employees are required to be familiar with the Code, comply with its provisions and report any suspected violations as described below in Section 10, Reporting and Enforcement.

2. <u>Honest and Ethical Conduct</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 The Company's policy is to promote high standards of integrity by conducting its affairs honestly and ethically.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Each director, officer and employee must act with integrity and observe the highest ethical standards of business conduct in his or her dealings with the Company's customers, suppliers, partners, service providers, competitors, employees and anyone else with whom he or she has contact in the course of performing his or her job.

3. <u>Conflicts of Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 A conflict of interest occurs when an individual's private interest (or the interest of a member of his or her family) interferes, or even appears to interfere, with the interests of the Company as a whole. A conflict of interest can arise when an employee, officer or director (or a member of his or her family) takes actions or has interests that may make it difficult to perform his or her work for the Company objectively and effectively. Conflicts of interest also arise when an employee, officer or director (or a member of his or her family) receives improper personal benefits as a result of his or her position in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Loans by the Company to, or guarantees by the Company of obligations of, employees or their family members are of special concern and could constitute improper personal benefits to the recipients of such loans or guarantees, depending on the facts and circumstances. Loans by the Company to, or guarantees by the Company of obligations of, any director or executive officer or their family members are expressly prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Whether or not a conflict of interest exists or will exist can be unclear. Conflicts of interest should be avoided unless specifically authorized as described in Section 3.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Persons other than directors and executive officers who have questions about a potential conflict of interest or who become aware of an actual or potential conflict should discuss the matter with, and seek a determination and prior authorization or approval from, their supervisor or the Chief Financial Officer. A supervisor may not authorize or approve conflict of interest matters or make determinations as to whether a problematic conflict of interest exists without first providing the Chief Financial Officer with a written description of the activity and seeking the Chief Financial Officer's written approval. If the supervisor is himself involved in the potential or actual conflict, the matter should instead be discussed directly with the Chief Financial Officer.

Directors and executive officers must seek determinations and prior authorizations or approvals of potential conflicts of interest exclusively from the Audit Committee.

4. <u>Compliance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Employees, officers and directors should comply, both in letter and spirit, with all applicable laws, rules and regulations in the cities, states and countries in which the Company operates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Although not all employees, officers and directors are expected to know the details of all applicable laws, rules and regulations, it is important to know enough to determine when to seek advice from appropriate personnel. Questions about compliance should be addressed to the Legal Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 No director, officer or employee may purchase or sell any Company securities while in possession of material nonpublic information regarding the Company, nor may any director, officer or employee purchase or sell another company's securities while in possession of material nonpublic information regarding that company. It is against Company policies and illegal for any director, officer or employee to use material nonpublic information regarding the Company or any other company to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) obtain profit for himself or herself; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) directly or indirectly "tip" others who might make an investment decision on the basis of that information.

5. <u>Disclosure</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 The Company's periodic reports and other documents filed with the SEC, including all financial statements and other financial information, must comply with applicable federal securities laws and SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Each director, officer and employee who contributes in any way to the preparation or verification of the Company's financial statements and other financial information must ensure that the Company's books, records and accounts are accurately maintained. Each director, officer and employee must cooperate fully with the Company's accounting and internal audit departments, as well as the Company's independent public accountants and counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 Each director, officer and employee who is involved in the Company's disclosure process must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be familiar with and comply with the Company's disclosure controls and procedures and its internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) take all necessary steps to ensure that all filings with the SEC and all other public communications about the financial and business condition of the Company provide full, fair, accurate, timely and understandable disclosure.

6. <u>Protection and Proper Use of Company Assets</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 All directors, officers and employees should protect the Company's assets and ensure their efficient use. Theft, carelessness and waste have a direct impact on the Company's profitability and are prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 All Company assets should be used only for legitimate business purposes. Any suspected incident of fraud or theft should be reported for investigation immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 The obligation to protect Company assets includes the Company's proprietary information. Proprietary information includes intellectual property such as trade secrets, patents, trademarks, and copyrights, as well as business and marketing plans, engineering and manufacturing ideas, designs, databases, records and any nonpublic financial data or reports. Unauthorized use or distribution of this information is prohibited and could also be illegal and result in civil or criminal penalties.

7. <u>Corporate Opportunities</u>. All directors, officers and employees owe a duty to the Company to advance its interests when the opportunity arises. Directors, officers and employees are prohibited from taking for themselves personally (or for the benefit of friends or family members) opportunities that are discovered through the use of Company assets, property, information or position. Directors, officers and employees may not use Company assets, property, information or position for personal gain (including gain of friends or family members). In addition, no director, officer or employee may compete with the Company.

8. <u>Confidentiality</u>. Directors, officers and employees should maintain the confidentiality of information entrusted to them by the Company or by its customers, suppliers or partners, except when disclosure is expressly authorized or is required or permitted by law. Confidential information includes all nonpublic information (regardless of its source) that might be of use to the Company's competitors or harmful to the Company or its customers, suppliers or partners if disclosed.

9. <u>Fair Dealing</u>. Each director, officer and employee must deal fairly with the Company's customers, suppliers, partners, service providers, competitors, employees and anyone else with whom he or she has contact in the course of performing his or her job. No director, officer or employee may take unfair advantage of anyone through manipulation, concealment, abuse or privileged information, misrepresentation of facts or any other unfair dealing practice.

10. <u>Reporting and Enforcement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 Reporting and Investigation of Violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Actions prohibited by this Code involving directors or executive officers must be reported to the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Actions prohibited by this Code involving anyone other than a director or executive officer must be reported to the reporting person's supervisor or the Chief Financial Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) After receiving a report of an alleged prohibited action, the Audit Committee, the relevant supervisor or the Chief Financial Officer must promptly take all appropriate actions necessary to investigate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All directors, officers and employees are expected to cooperate in any internal investigation of misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 Enforcement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company must ensure prompt and consistent action against violations of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, after investigating a report of an alleged prohibited action by a director or executive officer, the Audit Committee determines that a violation of this Code has occurred, the Audit Committee will report such determination to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If, after investigating a report of an alleged prohibited action by any other person, the relevant supervisor or the Chief Financial Officer determines that a violation of this Code has occurred, the supervisor or the Chief Financial Officer will report such determination to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon receipt of a determination that there has been a violation of this Code, the Board will take such preventative or disciplinary action as it deems appropriate, including, but not limited to, reassignment, demotion, dismissal and, in the event of criminal conduct or other serious violations of the law, notification of appropriate governmental authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 Waivers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Board may, in its discretion, waive any violation of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any waiver for a director or an executive officer shall be disclosed as required by SEC and Nasdaq rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 Prohibition on Retaliation.

The Company does not tolerate acts of retaliation against any director, officer or employee who makes a good faith report of known or suspected acts of misconduct or other violations of this Code.

## Exhibit 14.2

**Exhibit 14.2**

**Otsaw Limited <br> Insider Trading Policy**

This Insider Trading Policy describes the standards of **Otsaw Limited** and its subsidiaries (the "**Company**") on trading, and causing the trading of, the Company's securities or securities of certain other publicly traded companies while in possession of confidential information. This Policy is divided into two parts: the first part prohibits trading in certain circumstances and applies to all directors, officers and employees and their respective immediate family members of the Company and the second part imposes special additional trading restrictions and applies to all (i) directors of the Company, (ii) executive officers of the Company (together with the directors, "**Company Insiders**"), and (iii) certain other employees that the Company may designate from time to time as "**Covered Persons**" because of their position, responsibilities or their actual or potential access to material information.

One of the principal purposes of the federal securities laws is to prohibit so-called "insider trading." Simply stated, insider trading occurs when a person uses material nonpublic information obtained through involvement with the Company to make decisions to purchase, sell, give away or otherwise trade the Company's securities or the securities of certain other companies or to provide that information to others outside the Company. The prohibitions against insider trading apply to trades, tips and recommendations by virtually any person, including all persons associated with the Company, if the information involved is "material" and "nonpublic." These terms are defined in this Policy under Part I, Section 3 below. The prohibitions would apply to any director, officer or employee who buys or sells securities on the basis of material nonpublic information that he or she obtained about the Company, its customers, suppliers, partners, competitors or other companies with which the Company has contractual relationships or may be negotiating transactions.

**PART I**

<u>1. Applicability</u>

This Policy applies to all trading or other transactions in (i) the Company's securities, including common stock, options and any other securities that the Company may issue, such as preferred stock, notes, bonds and convertible securities, as well as to derivative securities relating to any of the Company's securities, whether or not issued by the Company and (ii) the securities of certain other companies, including common stock, options and other securities issued by those companies as well as derivative securities relating to any of those companies' securities.

This Policy applies to all employees of the Company, all officers of the Company and all members of the Company's board of directors, officers, employees, and their respective family members.

<u>2. General Policy: No Trading or Causing Trading While in Possession of Material Nonpublic Information</u>

**(a)** No director, officer or employee or any of their immediate family members may purchase or sell, or offer to purchase or sell, any Company security, whether or not issued by the Company, while in possession of material nonpublic information about the Company. (The terms "material" and "nonpublic" are defined in Part I, Section 3(a) and (b) below.)

**(b)** No director, officer or employee or any of their immediate family members who knows of any material nonpublic information about the Company may communicate that information to ("tip") any other person, including family members and friends, or otherwise disclose such information without the Company's authorization.

**(c)** No director, officer or employee or any of their immediate family members may purchase or sell any security of any other publicly-traded company while in possession of material nonpublic information that was obtained in the course of his or her involvement with the Company. No director, officer or employee or any of their immediate family members who knows of any such material nonpublic information may communicate that information to, or tip, any other person, including family members and friends, or otherwise disclose such information without the Company's authorization.

**(d)** For compliance purposes, you should never trade, tip or recommend securities (or otherwise cause the purchase or sale of securities) while in possession of information that you have reason to believe is material and nonpublic unless you first consult with, and obtain the advance approval of, the Compliance Officer (which is defined in Part I, Section 3(c) below).

**(e)** Covered Persons must "pre-clear" all trading in securities of the Company in accordance with the procedures set forth in Part II, Section 3 below.

<u>3. Definitions</u>

**<u>(a) Material.</u>** Insider trading restrictions come into play only if the information you possess is "material." Materiality, however, involves a relatively low threshold. Information is generally regarded as "material" if it has market significance, that is, if its public dissemination is likely to affect the market price of securities, or if it otherwise is information that a reasonable investor would want to know before making an investment decision.

Information dealing with the following subjects is reasonably likely to be found material in particular situations:

(i) significant changes in the Company's prospects;

(ii) significant write-downs in assets or increases in reserves;

(iii) developments regarding significant litigation or government agency investigations;

(iv) liquidity problems;

(v) changes in earnings estimates or unusual gains or losses in major operations;

(vi) major changes in the Company's management or the board of directors;

(vii) changes in dividends;

(viii) extraordinary borrowings;

(ix) major changes in accounting methods or policies;

(x) award or loss of a significant contract;

(xi) cybersecurity risks and incidents, including vulnerabilities and breaches;

(xii) changes in debt ratings;

(xiii) proposals, plans or agreements, even if preliminary in nature, involving mergers, acquisitions, divestitures, recapitalizations, strategic alliances, licensing arrangements, or purchases or sales of substantial assets; and

(xiv) offerings of Company securities.

Material information is not limited to historical facts but may also include projections and forecasts. With respect to a future event, such as a merger, acquisition or introduction of a new product, the point at which negotiations or product development are determined to be material is determined by balancing the probability that the event will occur against the magnitude of the effect the event would have on a company's operations or stock price should it occur. Thus, information concerning an event that would have a large effect on stock price, such as a merger, may be material even if the possibility that the event will occur is relatively small. When in doubt about whether particular nonpublic information is material, you should presume it is material. **If you are unsure whether information is material, you should either consult the Compliance Officer before making any decision to disclose such information (other than to persons who need to know it) or to trade in or recommend securities to which that information relates or assume that the information is material.**

**<u>(b) Nonpublic.</u>** Insider trading prohibitions come into play only when you possess information that is material and "nonpublic." The fact that information has been disclosed to a few members of the public does not make it public for insider trading purposes. To be "public" the information must have been disseminated in a manner designed to reach investors generally, and the investors must be given the opportunity to absorb the information. Even after public disclosure of information about the Company, you must wait until the close of business on the second trading day after the information was publicly disclosed before you can treat the information as public.

Nonpublic information may include:

(i) information available to a select group of analysts or brokers or institutional investors;

(ii) undisclosed facts that are the subject of rumors, even if the rumors are widely circulated; and

(iii) information that has been entrusted to the Company on a confidential basis until a public announcement of the information has been made and enough time has elapsed for the market to respond to a public announcement of the information, normally two trading days.

**As with questions of materiality, if you are not sure whether information is considered public, you should either consult with the Compliance Officer or assume that the information is nonpublic and treat it as confidential.**

**<u>(c) Compliance Officer.</u>** The Company has appointed the Chief Financial Officer as the Compliance Officer for this Policy. The duties of the Compliance Officer include, but are not limited to, the following:

(i) assisting with implementation and enforcement of this Policy;

(ii) circulating this Policy to all employees and ensuring that this Policy is amended as necessary to remain up-to-date with insider trading laws;

(iii) pre-clearing all trading in securities of the Company by Covered Persons in accordance with the procedures set forth in Part II, Section 3 below; and

(iv) providing approval of any Rule 10b5-1 plans under Part II, Section 1(c) below and any prohibited transactions under Part II, Section 4 below.

(v) providing a reporting system with an effective whistleblower protection mechanism.

<u>4. Exceptions</u>

The trading restrictions of this Policy do not apply to exercising stock options granted under the Company's current or future equity incentive plans or option plans for cash or the delivery of previously owned Company stock. However, the sale of any shares issued on the exercise of Company-granted stock options and any cashless exercise of Company-granted stock options are subject to trading restrictions under this Policy.

<u>5. Violations of Insider Trading Laws</u>

Penalties for trading on or communicating material nonpublic information can be severe, both for individuals involved in such unlawful conduct and their employers and supervisors, and may include jail terms, criminal fines, civil penalties and civil enforcement injunctions. Given the severity of the potential penalties, compliance with this Policy is absolutely mandatory.

**<u>(a) Legal Penalties.</u>** A person who violates insider trading laws by engaging in transactions in a company's securities when he or she has material nonpublic information can be sentenced to a substantial jail term and required to pay a criminal penalty of several times the amount of profits gained or losses avoided.

In addition, a person who tips others may also be liable for transactions by the tippees to whom he or she has disclosed material nonpublic information. Tippers can be subject to the same penalties and sanctions as the tippees, and the SEC has imposed large penalties even when the tipper did not profit from the transaction.

The SEC can also seek substantial civil penalties from any person who, at the time of an insider trading violation, "directly or indirectly controlled the person who committed such violation," which would apply to the Company and/or management and supervisory personnel. These control persons may be held liable for up to the greater of $1 million or three times the amount of the profits gained or losses avoided. Even for violations that result in a small or no profit, the SEC can seek penalties from a company and/or its management and supervisory personnel as control persons.

**<u>(b) Company-Imposed Penalties.</u>** Employees who violate this Policy may be subject to disciplinary action by the Company, including dismissal for cause. Any exceptions to the Policy, if permitted, may only be granted by the Compliance Officer and must be provided before any activity contrary to the above requirements takes place.

<u>6. Inquiries</u>

If you have any questions regarding any of the provisions of this Policy, please contact the Chief Executive Officer, Mr. Ling Ting Ming at ling@otsaw.com and the Chief Financial Officer, Mr. Ken Toh at ken.toh@otsaw.com.

**PART II**

<u>1. Blackout Periods</u>

All Covered Persons are prohibited from trading in the Company's securities during blackout periods as defined below.

**<u>(a) Quarterly Blackout Periods.</u>** Trading in the Company's securities is prohibited during the period beginning at the close of the market on two weeks before the end of each fiscal quarter and ending at the close of business on the second trading day following the date the Company's financial results are publicly disclosed. During these periods, Covered Persons generally possess or are presumed to possess material nonpublic information about the Company's financial results.

**<u>(b) Other Blackout Periods.</u>** From time to time, other types of material nonpublic information regarding the Company (such as negotiation of mergers, acquisitions or dispositions, investigation and assessment of cybersecurity incidents or new product developments) may be pending and not be publicly disclosed. While such material nonpublic information is pending, the Company may impose special blackout periods during which Covered Persons are prohibited from trading in the Company's securities. If the Company imposes a special blackout period, it will notify the Covered Persons affected.

**<u>(c) Exception.</u>** These trading restrictions do not apply to transactions under a pre-existing written plan, contract, instruction, or arrangement under Rule 10b5-1 under the Securities Exchange Act of 1934 (an "**Approved 10b5-1 Plan**") that:

(i) has been reviewed and approved at least one month in advance of any trades thereunder by the Compliance Officer (or, if revised or amended, such revisions or amendments have been reviewed and approved by the Compliance Officer at least one month in advance of any subsequent trades);

(ii) was entered into in good faith by the Covered Person at a time when the Covered Person was not in possession of material nonpublic information about the Company; and

(iii) gives a third party the discretionary authority to execute such purchases and sales, outside the control of the Covered Person, so long as such third party does not possess any material nonpublic information about the Company; or explicitly specifies the security or securities to be purchased or sold, the number of shares, the prices and/or dates of transactions, or other formula(s) describing such transactions.

<u>2. Trading Window</u>

Covered Persons are permitted to trade in the Company's securities when no blackout period is in effect. Generally, this means that Covered Persons can trade during the period beginning on DAY THAT BLACKOUT PERIOD UNDER SECTION 1(A) ENDS and ending on DAY THAT NEXT BLACKOUT PERIOD UNDER SECTION 1(A) BEGINS. However, even during this trading window, a Covered Person who is in possession of any material nonpublic information should not trade in the Company's securities until the information has been made publicly available or is no longer material. In addition, the Company may close this trading window if a special blackout period under Part II, Section 1(b) above is imposed and will re-open the trading window once the special blackout period has ended.

<u>3. Pre-Clearance of Securities Transactions</u>

**(a)** Because Company Insiders are likely to obtain material nonpublic information on a regular basis, the Company requires all such persons to refrain from trading, even during a trading window under Part II, Section 2 above, without first pre-clearing all transactions in the Company's securities.

**(b)** Subject to the exemption in subsection (d) below, no Company Insider may, directly or indirectly, purchase or sell (or otherwise make any transfer, gift, pledge or loan of) any Company security at any time without first obtaining prior approval from the Compliance Officer. These procedures also apply to transactions by such person's spouse, other persons living in such person's household and minor children and to transactions by entities over which such person exercises control.

**(c)** The Compliance Officer shall record the date each request is received and the date and time each request is approved or disapproved. Unless revoked, a grant of permission will normally remain valid until the close of trading two business days following the day on which it was granted. If the transaction does not occur during the two-day period, pre-clearance of the transaction must be re-requested.

**(d)** Pre-clearance is not required for purchases and sales of securities under an Approved 10b5-1 Plan. With respect to any purchase or sale under an Approved 10b5-1 Plan, the third party effecting transactions on behalf of the Company Insider should be instructed to send duplicate confirmations of all such transactions to the Compliance Officer.

<u>4. Prohibited Transactions</u>

**(a)** Company Insiders are prohibited from trading in the Company's equity securities during a blackout period imposed under an "individual account" retirement or pension plan of the Company, during which at least 50% of the plan participants are unable to purchase, sell or otherwise acquire or transfer an interest in equity securities of the Company, due to a temporary suspension of trading by the Company or the plan fiduciary.

**(b)** Covered Persons, including any person's spouse, other persons living in such person's household and minor children and entities over which such person exercises control, are prohibited from engaging in the following transactions in the Company's securities unless advance approval is obtained from the Compliance Officer:

<u>(i) Short-term trading.</u> Company Insiders who purchase Company securities may not sell any Company securities of the same class for at least six months after the purchase;

<u>(ii) Short sales.</u> Company Insiders/Covered Persons may not sell the Company's securities short;

<u>(iii) Options trading.</u> Covered Persons may not buy or sell puts or calls or other derivative securities on the Company's securities;

<u>(iv) Trading on margin or pledging.</u> Covered Persons may not hold Company securities in a margin account or pledge Company securities as collateral for a loan; and

<u>(v) Hedging.</u> Covered Persons may not enter into hedging or monetization transactions or similar arrangements with respect to Company securities.

<u>5. Acknowledgment and Certification</u>

All Covered Persons are required to sign the attached acknowledgment and certification.

**ACKNOWLEDGMENT AND CERTIFICATION**

The undersigned does hereby acknowledge receipt of the Company's Insider Trading Policy. The undersigned has read and understands (or has had explained) such Policy and agrees to be governed by such Policy at all times in connection with the purchase and sale of securities and the confidentiality of nonpublic information.

---

| | |
|:---|:---|
|  | (Signature) |
|  | (Please print name) |
| Date: ________________________ |  |

---

## Exhibit 21.1

**Exhibit 21.1**

**SUBSIDIARIES OF OTSAW LIMITED**

---

| | | | |
|:---|:---|:---|:---|
| **Subsidiaries** | **Place of Incorporation** | **Incorporation<br> Date** | **Percentage Ownership** |
| Otsaw Digital Pte. Ltd. | Singapore | May 4, 2015 | 100% |
| Otsaw Digital, Inc. | United States | July 15, 2019 | 100% |
| Otsaw Technology Solutions Pte. Ltd. | Singapore | October 23, 2020 | 100% |
| Otsaw Technology Pte. Ltd. | Singapore | October 26, 2020 | 100% |
| Otsaw Swisslog Healthcare Robotics Pte. Ltd. | Singapore | November 18, 2021 | 100% |
| Otsaw Swisslog Healthcare Robotics GmbH | Germany | June 14, 2021 | 100% |

---

## Exhibit 23.1

**Exhibit 23.1**

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>

We hereby consent to the inclusion in this Registration Statement on Form F-1 of our report dated October 23, 2024, except for the effects of the matters discussed in Note 1 (Correction of Immaterial Misstatement), and Note 27, to which the date is on March 26, 2025, with respect to our audit of the consolidated financial statements of Otsaw Limited and its subsidiaries (which report expresses an unqualified opinion and includes an explanatory paragraph related to Otsaw Limited's ability to continue as a going concern) as of and for the years ended April 30, 2024 and 2023, which appears in such Registration Statement. We also consent to the reference to our firm under the heading "Experts" in such Registration Statement.

*/s/ Prager Metis CPAs, LLC*

Hackensack, New Jersey

June 9, 2025

## Exhibit 99.2

**Exhibit 99.2**

**CONSENT OF JOHN M. DOLAN**

Otsaw 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: June 5, 2025

---

| |
|:---|
| */s/ John M. Dolan* |
| John M. Dolan |

---

## Exhibit 99.3

**Exhibit 99.3**

**CONSENT OF SUSAN E. SKERRITT**

Otsaw 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: June 5, 2025

---

| |
|:---|
| */s/ Susan E. Skerritt* |
| Susan E. Skerritt |

---

## Exhibit 99.4

**Exhibit 99.4**

**CONSENT OF CHRISTOPHER T. OLIVIA**

Otsaw 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: June 5, 2025

---

| |
|:---|
| */s/ Christopher T. Olivia* |
| Christopher T. Olivia |

---

## Exhibit 99.5

**Exhibit 99.5**

**CONSENT OF SEAN GOH SU TENG**

Otsaw 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.

Dated: June 5, 2025

---

| |
|:---|
| */s/ Sean Goh Su Teng* |
| Sean Goh Su Teng |

---

## Exhibit 99.6

**Exhibit 99.6**

**CHARTER OF THE AUDIT COMMITTEE OF**

**OTSAW LIMITED**

**<u>Membership</u>**

The Audit Committee (the "**Committee**") of the board of directors (the "**Board**") of **Otsaw Limited** (the "**Company**") shall consist of three or more directors. Each member of the Committee shall be independent in accordance with the requirements of Rule 10A-3 of the Securities Exchange Act of 1934 and the rules of the Nasdaq Stock Market. No member of the Committee can have participated in the preparation of the Company's or any of its subsidiaries' financial statements at any time during the past three years.

Each member of the Committee must be able to read and understand fundamental financial statements, including the Company's balance sheet, income statement and cash flow statement. At least one member of the Committee must have past employment experience in finance or accounting, requisite professional certification in accounting or other comparable experience or background that leads to financial sophistication. At least one member of the Committee must be an "audit committee financial expert" as defined in Item 407(d)(5)(ii) of Regulation S-K. A person who satisfies this definition of audit committee financial expert will also be presumed to have financial sophistication.

The members of the Committee shall be appointed by the Board based on recommendations from the nominating and corporate governance committee of the Board. The members of the Committee shall serve for such term or terms as the Board may determine or until earlier resignation or death. The Board may remove any member from the Committee at any time with or without cause.

**<u>Purpose</u>**

The purpose of the Committee is to oversee the Company's accounting and financial reporting processes and the audit of the Company's financial statements.

The primary role of the Committee is to oversee the financial reporting and disclosure process. To fulfill this obligation, the Committee relies on: management for the preparation and accuracy of the Company's financial statements; for establishing effective internal controls and procedures to ensure the Company's compliance with accounting standards, financial reporting procedures and applicable laws and regulations; and the Company's independent auditors for an unbiased, diligent audit or review, as applicable, of the Company's financial statements and the effectiveness of the Company's internal controls. The members of the Committee are not employees of the Company and are not responsible for conducting the audit or performing other accounting procedures.

**<u>Duties and Responsibilities</u>**

The Committee shall have the following authority and responsibilities:

To (1) select and retain an independent registered public accounting firm to act as the Company's independent auditors for the purpose of auditing the Company's annual financial statements, books, records, accounts and internal controls over financial reporting, (2) set the compensation of the Company's independent auditors, (3) oversee the work done by the Company's independent auditors and (4) terminate the Company's independent auditors, if necessary.

To select, retain, compensate, oversee and terminate, if necessary, any other registered public accounting firm engaged for the purpose of preparing or issuing an audit report or performing other audit, review or attest services for the Company.

To approve all audit engagement fees and terms; and to pre-approve all audit and permitted non-audit and tax services that may be provided by the Company's independent auditors or other registered public accounting firms, and establish policies and procedures for the Committee's pre-approval of permitted services by the Company's independent auditors or other registered public accounting firms on an on-going basis.

At least annually, to obtain and review a report by the Company's independent auditors that describes (1) the accounting firm's internal quality control procedures, (2) any issues raised by the most recent internal quality control review, peer review or Public Company Accounting Oversight Board review or inspection of the firm or by any other inquiry or investigation by governmental or professional authorities in the past five years regarding one or more audits carried out by the firm and any steps taken to deal with any such issues, and (3) all relationships between the firm and the Company or any of its subsidiaries; and to discuss with the independent auditors this report and any relationships or services that may impact the objectivity and independence of the auditors.

At least annually, to evaluate the qualifications, performance and independence of the Company's independent auditors, including an evaluation of the lead audit partner; and to assure the regular rotation of the lead audit partner at the Company's independent auditors and consider regular rotation of the accounting firm serving as the Company's independent auditors.

To review and discuss with the Company's independent auditors (1) the auditors' responsibilities under generally accepted auditing standards and the responsibilities of management in the audit process, (2) the overall audit strategy, (3) the scope and timing of the annual audit, (4) any significant risks identified during the auditors' risk assessment procedures and (5) when completed, the results, including significant findings, of the annual audit.

To review and discuss with the Company's independent auditors (1) all critical accounting policies and practices to be used in the audit; (2) all alternative treatments of financial information within generally accepted accounting principles ("**GAAP**") that have been discussed with management, the ramifications of the use of such alternative treatments and the treatment preferred by the auditors; and (3) other material written communications between the auditors and management.

To review and discuss with the Company's independent auditors and management (1) any audit problems or difficulties, including difficulties encountered by the Company's independent auditors during their audit work (such as restrictions on the scope of their activities or their access to information), (2) any significant disagreements with management and (3) management's response to these problems, difficulties or disagreements; and to resolve any disagreements between the Company's auditors and management.

To review with management and the Company's independent auditors: any major issues regarding accounting principles and financial statement presentation, including any significant changes in the Company's selection or application of accounting principles; any significant financial reporting issues and judgments made in connection with the preparation of the Company's financial statements, including the effects of alternative GAAP methods; and the effect of regulatory and accounting initiatives and off-balance sheet structures on the Company's financial statements.

To keep the Company's independent auditors informed of the Committee's understanding of the Company's relationships and transactions with related parties that are significant to the company; and to review and discuss with the Company's independent auditors the auditors' evaluation of the Company's identification of, accounting for, and disclosure of its relationships and transactions with related parties, including any significant matters arising from the audit regarding the Company's relationships and transactions with related parties.

To review with management and the Company's independent auditors the adequacy and effectiveness of the Company's financial reporting processes, internal control over financial reporting and disclosure controls and procedures, including any significant deficiencies or material weaknesses in the design or operation of, and any material changes in, the Company's processes, controls and procedure] and any special audit steps adopted in light of any material control deficiencies, and any fraud involving management or other employees with a significant role in such processes, controls and procedures, and review and discuss with management and the Company's independent auditors disclosure relating to the Company's financial reporting processes, internal control over financial reporting and disclosure controls and procedures, the independent auditors' report on the effectiveness of the Company's internal control over financial reporting and the required management certifications to be included in or attached as exhibits to the Company's annual report on Form 20-F, as applicable.

To review and discuss with the Company's independent auditors any other matters required to be discussed by applicable requirements of the PCAOB and the SEC.

To review and discuss with the Company's independent auditors and management the Company's annual audited financial statements (including the related notes), the form of audit opinion to be issued by the auditors on the financial statements and the disclosure under "Operating and Financial Review and Prospects" to be included in the Company's annual report on Form 20-F before the Form 20-F is filed.

To recommend to the Board that the audited financial statements be included in the Company's Form 20-F and whether the Form 20-F should be filed with the SEC; and to produce the audit committee report required to be included in the Company's proxy statement.

To establish and oversee procedures for the receipt, retention and treatment of complaints received by the Company regarding accounting, internal accounting controls or auditing matters and the confidential, anonymous submission by Company employees of concerns regarding questionable accounting or auditing matters.

To monitor compliance with the Company's Code of Business Conduct and Ethics (the "**Code**"), to investigate any alleged breach or violation of the Code, and to enforce the provisions of the Code.

To review, with the General Counsel and outside legal counsel, legal and regulatory matters, including legal cases against or regulatory investigations of the Company and its subsidiaries, that could have a significant impact on the Company's financial statements.

To review, approve and oversee any transaction between the Company and any related person (as defined in Item 404 of Regulation S-K) and any other potential conflict of interest situations on an ongoing basis, in accordance with Company policies and procedures, and to develop policies and procedures for the Committee's approval of related party transactions.

**<u>Outside Advisors</u>**

The Committee shall have the authority, in its sole discretion, to retain and obtain the advice and assistance of independent outside counsel and such other advisors as it deems necessary to fulfill its duties and responsibilities under this Charter. The Committee shall set the compensation, and oversee the work, of any outside counsel and other advisors.

The Committee shall receive appropriate funding from the Company, as determined by the Committee in its capacity as a committee of the Board, for the payment of compensation to the Company's independent auditors, any other accounting firm engaged to perform services for the Company, any outside counsel and any other advisors to the Committee.

**<u>Structure and Operations</u>**

The Board shall designate a member of the Committee as the chairperson. The Committee shall meet at least two times a year at such times and places as it deems necessary to fulfill its responsibilities. The Committee shall report after each committee meeting to the Board on its discussions and actions, including any significant issues or concerns that arise at its meetings, and shall make recommendations to the Board as appropriate. The Committee is governed by the same rules regarding meetings (including meetings in person or by telephone or other similar communications equipment), action without meetings, notice, waiver of notice, and quorum and voting requirements as are applicable to the Board.

The Committee shall meet separately, and periodically, with management, and representatives of the Company's independent auditors, and shall invite such individuals to its meetings as it deems appropriate, to assist in carrying out its duties and responsibilities. However, the Committee shall meet regularly without such individuals present.

The Committee shall review this Charter at least annually and recommend any proposed changes to the Board for approval.

**<u>Delegation of Authority</u>**

The Committee shall have the authority to delegate any of its responsibilities, along with the authority to take action in relation to such responsibilities, to one or more subcommittees as the Committee may deem appropriate in its sole discretion.

**<u>Performance Evaluation</u>**

The Committee shall conduct an annual evaluation of the performance of its duties under this Charter and shall present the results of the evaluation to the Board. The Committee shall conduct this evaluation in such manner as it deems appropriate.

## Exhibit 99.7

**Exhibit 99.7**

**CHARTER OF THE COMPENSATION COMMITTEE OF**

**OTSAW LIMITED**

**<u>Membership</u>**

The Compensation Committee (the "**Committee**") of the board of directors (the "**Board**") of **Otsaw Limited** (the "**Company**") shall consist of three or more directors. Each member of the Committee shall be independent in accordance with the rules of the Nasdaq Stock Market.

Each member of the Committee must qualify as "non-employee directors" for the purposes of Rule 16b-3 under the Securities Exchange Act of 1934, as amended (the "**Exchange Act**").

The members of the Committee shall be appointed by the Board based on recommendations from the nominating and corporate governance committee of the Board. The members of the Committee shall serve for such term or terms as the Board may determine or until earlier resignation or death. The Board may remove any member from the Committee at any time with or without cause.

**<u>Purpose</u>**

The purpose of the Committee is to carry out the responsibilities delegated by the Board relating to the review and determination of executive compensation.

**<u>Duties and Responsibilities</u>**

The Committee shall have the following authority and responsibilities:

To review and approve annually the corporate goals and objectives applicable to the compensation of the chief executive officer ("**CEO**"), evaluate at least annually the CEO's performance in light of those goals and objectives, and recommend to the Board for approval the CEO's compensation level based on this evaluation. The CEO cannot be present during any voting or deliberations by the Committee on his or her compensation.

To review and make recommendations to the Board regarding the compensation of all other executive officers.

To review, and make recommendations to the Board regarding, incentive compensation plans and equity-based plans, and where appropriate or required, recommend for approval by the shareholders of the Company, which includes the ability to adopt, amend and terminate such plans. The Committee shall also have the authority to administer the Company's incentive compensation plans and equity-based plans, including designation of the employees to whom the awards are to be granted, the amount of the award or equity to be granted and the terms and conditions applicable to each award or grant, subject to the provisions of each plan.

To review, and make recommendations to the Board regarding, any employment agreements and any severance arrangements or plans, including any benefits to be provided in connection with a change in control, for the CEO and other executive officers, which includes the ability to adopt, amend and terminate such agreements, arrangements or plans.

To review all director compensation and benefits for service on the Board and Board committees at least once a year and to recommend any changes to the Board as necessary.

To oversee, in conjunction with the Board, engagement with shareholders and proxy advisory firms on executive compensation matters.

**<u>Outside Advisors</u>**

The Committee shall have the authority, in its sole discretion, to select, retain and obtain the advice of a compensation consultant as necessary to assist with the execution of its duties and responsibilities as set forth in this Charter. The Committee shall set the compensation, and oversee the work, of the compensation consultant. The Committee shall have the authority, in its sole discretion, to retain and obtain the advice and assistance of outside legal counsel and such other advisors as it deems necessary to fulfill its duties and responsibilities under this Charter. The Committee shall set the compensation, and oversee the work, of its outside legal counsel and other advisors. The Committee shall receive appropriate funding from the Company, as determined by the Committee in its capacity as a committee of the Board, for the payment of compensation to its compensation consultants, outside legal counsel and any other advisors. However, the Committee shall not be required to implement or act consistently with the advice or recommendations of its compensation consultant, legal counsel or other advisor to the compensation committee, and the authority granted in this Charter shall not affect the ability or obligation of the Committee to exercise its own judgment in fulfillment of its duties under this Charter.

In retaining or seeking advice from compensation consultants, outside counsel and other advisors (other than the Company's in-house counsel), the Committee must take into consideration the factors specified in Nasdaq Listing Rule 5605(d)(1)(D). The Committee may retain, or receive advice from, any compensation advisor they prefer, including ones that are not independent, after considering the specified factors. The Committee is not required to assess the independence of any compensation consultant or other advisor that acts in a role limited to consulting on any broad-based plan that does not discriminate in scope, terms or operation in favor of executive officers or directors and that is generally available to all salaried employees or providing information that is not customized for a particular company or that is customized based on parameters that are not developed by the consultant or advisor, and about which the consultant or advisor does not provide advice.

The Committee shall evaluate whether any compensation consultant retained or to be retained by it has any conflict of interest in accordance with Item 407(e)(3)(iv) of Regulation S-K. Any compensation consultant retained by the Committee to assist with its responsibilities relating to executive compensation or director compensation shall not be retained by the Company for any compensation or other human resource matters.

**<u>Structure and Operations</u>**

The Board shall designate a member of the Committee as the chairperson. The Committee shall meet at least two times a year at such times and places as it deems necessary to fulfill its responsibilities. The Committee shall report regularly to the Board regarding its actions and make recommendations to the Board as appropriate. The Committee is governed by the same rules regarding meetings (including meetings in person or by telephone or other similar communications equipment), action without meetings, notice, waiver of notice, and quorum and voting requirements as are applicable to the Board.

The Committee may invite such members of management to its meetings as it deems appropriate. However, the Committee shall meet regularly without such members present, and in all cases the CEO and any other such officers shall not be present at meetings at which their compensation or performance is discussed or determined.

The Committee shall review this Charter at least annually and recommend any proposed changes to the Board for approval.

**<u>Delegation of Authority</u>**

The Committee shall have the authority to delegate any of its responsibilities, along with the authority to take action in relation to such responsibilities, to one or more subcommittees as the Committee may deem appropriate in its sole discretion.

**<u>Performance Evaluation</u>**

The Committee shall conduct an annual evaluation of the performance of its duties under this charter and shall present the results of the evaluation to the Board. The Committee shall conduct this evaluation in such manner as it deems appropriate.

## Exhibit 99.8

**Exhibit 99.8**

**CHARTER OF THE NOMINATING COMMITTEE OF**

**OTSAW LIMITED**

**<u>Membership</u>**

The Nominating Committee (the "**Committee**") of the board of directors (the "**Board**") **Otsaw Limited**, (the "**Company**") shall consist of three or more directors. Each member of the Committee shall be independent in accordance with the rules of the Nasdaq Stock Market.

The members of the Committee shall serve for such term or terms as the Board may determine or until earlier resignation or death. The Board may remove any member from the Committee at any time with or without cause.

**<u>Purpose</u>**

The purpose of the Committee is to carry out the responsibilities delegated by the Board relating to the Company's director nominations process and procedures, developing and maintaining the Company's corporate governance policies and any related matters required by the federal securities laws.

**<u>Duties and Responsibilities</u>**

The Committee shall have the following authority and responsibilities:

To identify and screen individuals qualified to become members of the Board, consistent with criteria approved by the Board. The Committee shall consider any director candidates recommended by the Company's shareholders pursuant to the procedures set forth in the Company's described in the Company's proxy statement.

To make recommendations to the Board regarding the selection and approval of the nominees for director to be submitted to a shareholder vote at the annual meeting of shareholders.

To oversee the Company's corporate governance practices and procedures, including identifying best practices and reviewing and recommending to the Board for approval any changes to the documents, policies and procedures in the Company's corporate governance framework, including its certificate of incorporation and by-laws.

To review the Board's committee structure and composition and to make recommendations to the Board regarding the appointment of directors to serve as members of each committee and committee chairmen annually.

If a vacancy on the Board and/or any Board committee occurs, to identify and make recommendations to the Board regarding the selection and approval of candidates to fill such vacancy either by election by shareholders or appointment by the Board.

To develop and recommend to the Board for approval standards for determining whether a director has a relationship with the Company that would impair its independence.

To review and discuss with management disclosure of the Company's corporate governance practices, including information regarding the operations of the Committee and other Board committees, director independence and the director nominations process, and to recommend that this disclosure be, included in the Company's proxy statement or annual report on Form 20-F, as applicable.

To develop and recommend to the Board for approval a Company Code of Business Conduct and Ethics (the "**Code**"), to monitor compliance with the Company's Code, to investigate any alleged breach or violation of the Code, to enforce the provisions of the Code and to review the Code periodically and recommend any changes to the Board.

**<u>Outside Advisors</u>**

The Committee shall have the authority, in its sole discretion, to select, retain and obtain the advice of a director search firm as necessary to assist with the execution of its duties and responsibilities as set forth in this Charter. The Committee shall set the compensation and oversee the work of the director search firm. The Committee shall have the authority, in its sole discretion, to retain and obtain the advice and assistance of outside counsel, an executive search firm and such other advisors as it deems necessary to fulfill its duties and responsibilities under this Charter. The Committee shall set the compensation and oversee the work of its outside counsel, the executive search firm and any other advisors. The Committee shall receive appropriate funding from the Company, as determined by the Committee in its capacity as a committee of the Board, for the payment of compensation to its search consultants, outside counsel and any other advisors.

**<u>Structure and Operations</u>**

The Board shall designate a member of the Committee as the chairperson. The Committee shall meet at least two times a year at such times and places as it deems necessary to fulfill its responsibilities. The Committee shall report regularly to the Board regarding its actions and make recommendations to the Board as appropriate. The Committee is governed by the same rules regarding meetings (including meetings in person or by telephone or other similar communications equipment), action without meetings, notice, waiver of notice, and quorum and voting requirements as are applicable to the Board.

The Committee shall review this Charter at least annually and recommend any proposed changes to the Board for approval.

**<u>Delegation of Authority</u>**

The Committee shall have the authority to delegate any of its responsibilities, along with the authority to take action in relation to such responsibilities, to one or more subcommittees as the Committee may deem appropriate in its sole discretion.

**<u>Performance Evaluation</u>**

The Committee shall conduct an annual evaluation of the performance of its duties under this charter and shall present the results of the evaluation to the Board. The Committee shall conduct this evaluation in such manner as it deems appropriate.

## Exhibit 99.9

**Exhibit 99.9**

**Otsaw Limited**

**Executive Compensation Recovery Policy**

This policy covers Otsaw Limited's (the "<u>Company</u>") Covered Officers and explains when the Company will be required or authorized, as applicable, to seek recovery of Incentive Compensation awarded or paid to Covered Officers. Please refer to <u>Exhibit A</u> attached hereto (the "<u>Definitions Exhibit</u>") for the definitions of capitalized terms used throughout this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Miscalculation of Financial Performance Measure Results.** In the event of a Restatement, the Company
will seek to recover, reasonably promptly, all Recoverable Incentive Compensation from a Covered Officer during the Applicable Period.
Such recovery, in the case of a Restatement, will be made without regard to any individual knowledge or responsibility related to the
Restatement or the Recoverable Incentive Compensation. Notwithstanding the foregoing, if the Company is required to undertake a Restatement,
the Company will not be required to recover the Recoverable Incentive Compensation if the Compensation Committee determines it impracticable
to do so, after exercising a normal due process review of all the relevant facts and circumstances.

The Company will seek to recover all Recoverable Incentive Compensation that was awarded or paid in accordance with the definition of "Recoverable Incentive Compensation" set forth on the Definitions Exhibit. If such Recoverable Incentive Compensation was not awarded or paid on a formulaic basis, the Company will seek to recover the amount that the Compensation Committee determines in good faith should be recouped.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Legal and Compliance Violations**. Compliance with the law and the Company's Standards of Business
Conduct and other corporate policies is a pre-condition to earning Incentive Compensation. If the Company in its sole discretion concludes
that a Covered Officer (1) committed a significant legal or compliance violation in connection with the Covered Officer's employment,
including a violation of the Company's corporate policies or the Company's Standards of Business Conduct (each, " <u>Misconduct</u> "),
or (2) was aware of or willfully blind to Misconduct that occurred in an area over which the Covered Officer had supervisory authority,
the Company may, at the direction of the Compensation Committee, seek recovery of all or a portion of the Recoverable Incentive Compensation
awarded or paid to the Covered Officer for the Applicable Period in which the violation occurred. In addition, the Company may, at the
direction of the Compensation Committee, conclude that any unpaid or unvested Incentive Compensation has not been earned and must be forfeited.

In the event of Misconduct, the Company may seek recovery of Recoverable Incentive Compensation even if the Misconduct did not result in an award or payment greater than would have been awarded or paid absent the Misconduct.

In the event of Misconduct, in determining whether to seek recovery and the amount, if any, by which the payment or award should be reduced, the Compensation Committee may consider—among other things— the seriousness of the Misconduct, whether the Covered Officer was unjustly enriched, whether seeking the recovery would prejudice the Company's interests in any way, including in a proceeding or investigation, and any other factors it deems relevant to the determination.

**3.** **Other Actions**. The Compensation Committee may, subject to applicable law, seek recovery in the
manner it chooses, including by seeking reimbursement from the Covered Officer of all or part of the compensation awarded or paid, by
electing to withhold unpaid compensation, by set-off, or by rescinding or canceling unvested stock.

In the reasonable exercise of its business judgment under this Policy, the Compensation Committee may in its sole discretion determine whether and to what extent additional action is appropriate to address the circumstances surrounding a Restatement or Misconduct to minimize the likelihood of any recurrence and to impose such other discipline as it deems appropriate.

**4.** **No Indemnification or Reimbursement**. Notwithstanding the terms of any other policy, program, agreement
or arrangement, in no event will the Company or any of its affiliates indemnify or reimburse a Covered Officer for any loss under this
Policy and in no event will the Company or any of its affiliates pay premiums on any insurance policy that would cover a Covered Officer's
potential obligations with respect to Recoverable Incentive Compensation under this Policy.

**5.** **Administration of Policy**. The Compensation Committee will have full authority to administer this
Policy. Actions of the Compensation Committee pursuant to this Policy will be taken by the vote of a majority of its members. The Compensation
Committee will, subject to the provisions of this Policy and Rule 10D-1 of the Securities Exchange Act of 1934, as amended (the " <u>Exchange Act</u> "), and the Company's applicable exchange listing standards, make such determinations and interpretations and take
such actions in connection with this Policy as it deems necessary, appropriate or advisable. All determinations and interpretations made
by the Compensation Committee will be final, binding and conclusive.

**6.** **Other Claims and Rights**. The remedies under this Policy are in addition to, and not in lieu of,
any legal and equitable claims the Company or any of its affiliates may have or any actions that may be imposed by law enforcement agencies,
regulators, administrative bodies, or other authorities. Further, the exercise by the Compensation Committee of any rights pursuant to
this Policy will not impact any other rights that the Company or any of its affiliates may have with respect to any Covered Officer subject
to this Policy.

**7.** **Condition to Eligibility for Incentive Compensation**. All Incentive Compensation subject to this
Policy will not be earned, even if already paid, until the Policy ceases to apply to such Incentive Compensation and any other vesting
conditions applicable to such Incentive Compensation are satisfied.

**8.** **Amendment; Termination**. The Board or the Compensation Committee may amend or terminate this Policy
at any time.

**9.** **Effectiveness**. Except as otherwise determined in writing by the Compensation Committee, this Policy
will apply to any Incentive Compensation that (a) in the case of any Restatement, is Received by Covered Officers prior to, on or following
the Effective Date, and (b) in the case of Misconduct, is awarded or paid to a Covered Officer on or after the Effective Date. This Policy
will survive and continue notwithstanding any termination of a Covered Officer's employment with the Company and its affiliates.

**10.** **Successors**. This Policy shall be binding and enforceable against all Covered Officers and their
successors, beneficiaries, heirs, executors, administrators, or other legal representatives.

**11.** **Governing Law**. To the extent not preempted by U.S. federal law, this Policy will be governed by
and construed in accordance with the laws of the State of New York, without reference to principles of conflict of laws.

**<u>EXHIBIT A</u>**

**<u>DEFINITIONS</u>**

"<u>Applicable Period</u>" means (a) in the case of any Restatement, the three completed fiscal years of the Company immediately preceding the earlier of (i) the date the Board, a committee of the Board, or the officer or officers of the Company authorized to take such action if Board action is not required, concludes (or reasonably should have concluded) that a Restatement is required or (ii) the date a regulator, court or other legally authorized entity directs the Company to undertake a Restatement, and (b) in the case of any Misconduct, such period as the Compensation Committee or Board determines to be appropriate in light of the scope and nature of the Misconduct. The "Applicable Period" also includes any transition period (that results from a change in the Company's fiscal year) within or immediately following the three completed fiscal years identified in the preceding sentence.

"<u>Board</u>" means the Board of Directors of the Company.

"<u>Compensation Committee</u>" means the Company's committee of independent directors responsible for executive compensation decisions, or in the absence of such a committee, a majority of the independent directors serving on the Board.

"<u>Covered Officer</u>" means (a) in the case of any Restatement, any person who is, or was at any time, during the Applicable Period, an Executive Officer of the Company, and (b) in the case of any Misconduct, any person who was an Executive Officer at the time of the Misconduct. For the avoidance of doubt, a Covered Officer may include a former Executive Officer that left the Company, retired, or transitioned to an employee role (including after serving as an Executive Officer in an interim capacity) during the Applicable Period.

"<u>Effective Date</u>" means the date of the effectiveness of the Registration Statement.

"<u>Executive Officer</u>" means the Company's president, principal financial officer, principal accounting officer (or if there is no such accounting officer, the controller), any vice-president in charge of a principal business unit, division, or function (such as sales, administration, or finance), any other officer who performs a policy-making function, or any other person (including an officer of the Company's parent(s) or subsidiaries) who performs similar policy-making functions for the Company.

"<u>Financial Performance Measure</u>" means a measure that is determined and presented in accordance with the accounting principles used in preparing the Company's financial statements (including "non-GAAP" financial measures, such as those appearing in the Company's earnings releases or Management Discussion and Analysis), and any measure that is derived wholly or in part from such measure. Stock price and total shareholder return (and any measures derived wholly or in part therefrom) shall be considered Financial Performance Measures.

"<u>Impracticable</u>." The Compensation Committee may determine in good faith that recovery of Recoverable Incentive Compensation is "Impracticable" (a) in the case of any Restatement, if: (i) pursuing such recovery would violate home country law of the jurisdiction of incorporation of the Company where that law was adopted prior to October 2, 2023 and the Company provides an opinion of counsel to that effect acceptable to the Company's listing exchange; (ii) the direct expense paid to a third party to assist in enforcing this Policy would exceed the Recoverable Incentive Compensation and the Company has (A) made a reasonable attempt to recover such amounts and (B) provided documentation of such attempts to recover to the Company's applicable listing exchange; or (iii) recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the Company, to fail to meet the requirements of the Internal Revenue Code of 1986, as amended, and (b) in the case of any Misconduct, in its sole discretion, in light of the scope and nature of the Misconduct.

"<u>Incentive Compensation</u>" means any compensation that is granted, earned, or vested based wholly or in part upon the attainment of a Financial Performance Measure. Incentive Compensation does not include any base salaries (except with respect to any salary increases earned wholly or in part based on the attainment of a Financial Performance Measure performance goal); bonuses paid solely at the discretion of the Compensation Committee or Board that are not paid from a "bonus pool" that is determined by satisfying a Financial Performance Measure performance goal; bonuses paid solely upon satisfying one or more subjective standards and/or completion of a specified employment period; non-equity incentive plan awards earned solely upon satisfying one or more strategic measures or operational measures; and equity awards that vest solely based on the passage of time and/or attaining one or more non-Financial Performance Measures. Notwithstanding the foregoing, in the case of any Misconduct, Incentive Compensation will include all forms of cash and equity incentive compensation, including, without limitation, cash bonuses and equity awards that are received or vest solely based on the passage of time and/or attaining one or more non-Financial Performance Measures.

"<u>Received</u>." Incentive Compensation is deemed "Received" in the Company's fiscal period during which the Financial Performance Measure specified in the Incentive Compensation award is attained, even if the payment or grant of the Incentive Compensation occurs after the end of that period.

"<u>Recoverable Incentive Compensation</u>" means (a) in the case of any Restatement, the amount of any Incentive Compensation (calculated on a pre-tax basis) Received by a Covered Officer during the Applicable Period that is in excess of the amount that otherwise would have been Received if the calculation were based on the Restatement, and (b) in the case of any Misconduct, the amount of any Incentive Compensation (calculated on a pre-tax basis) awarded or paid to a Covered Officer during the Applicable Period that the Compensation Committee determines, in its sole discretion, to be appropriate in light of the scope and nature of the Misconduct. For the avoidance of doubt, in the case of any Restatement, Recoverable Incentive Compensation does not include any Incentive Compensation Received by a person (i) before such person began service as a Covered Officer and (ii) who did not serve as a Covered Officer at any time during the performance period for that Incentive Compensation. For the avoidance of doubt, in the case of any Restatement, Recoverable Incentive Compensation may include Incentive Compensation Received by a person while serving as an employee if such person previously served as a Covered Officer and then transitioned to an employee role. For Incentive Compensation based on (or derived from) stock price or total shareholder return where the amount of Recoverable Incentive Compensation is not subject to mathematical recalculation directly from the information in the applicable Restatement, the amount will be determined by the Compensation Committee based on a reasonable estimate of the effect of the Restatement on the stock price or total shareholder return upon which the Incentive Compensation was Received (in which case, the Company will maintain documentation of such determination of that reasonable estimate and provide such documentation to the Company's applicable listing exchange).

"<u>Restatement</u>" means an accounting restatement of any of the Company's financial statements filed with the Securities and Exchange Commission under the Exchange Act, or the Securities Act of 1933, as amended, due to the Company's material noncompliance with any financial reporting requirement under U.S. securities laws, regardless of whether the Company or Covered Officer misconduct was the cause for such restatement. "Restatement" includes any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements (commonly referred to as "Big R" restatements), or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period (commonly referred to as "little r" restatements).

## Ex-Filing

**Exhibit 107**

**Calculation of Filing Fee Tables**

(Form Type)

**Otsaw Limited**

(Exact Name of Registrant as Specified in its Charter)

<u>Table 1: Newly Registered and Carry Forward Securities</u>

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Security<br> Type** | **Security<br> Class Title** | **Fee<br> Calculation<br> or Carry<br> Forward<br> Rule** | **Amount Registered** | **Proposed<br> Maximum<br> Offering<br> Price Per<br> Share** | **Maximum<br> Aggregate<br> Offering<br> Price** | **Fee Rate** | **Amount of<br> Registration<br> Fee<sup>(3)</sup>** | **Carry<br> Forward<br> Form<br> Type** | **Carry<br> Forward<br> File<br> Number** | **Carry<br> Forward<br> Initial<br> effective<br> date** | **Filing<br> Fee<br> Previously<br> Paid In<br> Connection<br> with<br> Unsold<br> Securities<br> to be<br> Carried<br> 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** |
| Fees to Be Paid | Equity | Class A Ordinary Shares, par value $0.0001<sup>(1)</sup> | 457(o) |  |  | $27600000 | $0.0001531 | $4225.56 |  |  |  |  |
| Fees to Be Paid | Equity | Warrants to purchase Class A Ordinary Shares<sup>(2)</sup> | 457(g) |  |  |  |  |  |  |  |  |  |
| Fees to Be Paid | Equity | Class A Ordinary Shares, issuable upon exercise of the Warrants | 457(o) |  |  | $1500000 | $0.0001531 | $229.65 |  |  |  |  |
| Fees Previously Paid |  |  |  |  |  |  |  |  |  |  |  |  |
| **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** | $29100000.00 |  |  |  |  |  |  |
|  | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** | $0 |  |  |  |  |  |  |
|  | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** | $0 |  |  |  |  |  |  |
|  | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** | $4455.21 |  |  |  |  |  |  |

---

(1) The registration fee for securities is based on an estimate of the Proposed Maximum Aggregate Offering Price of the securities, assuming the sale of the Class A Ordinary Shares at the highest expected offering price, and such estimate is solely for the purpose of calculating the registration fee pursuant to Rule 457(o). In accordance with Rule 416(a), the Registrant is also registering an indeterminate number of additional shares of Class A Ordinary Shares that shall be issuable pursuant to Rule 416 to prevent dilution resulting from share splits, share dividends or similar transactions.

(2) The Registrant will issue to the underwriters warrants to purchase a number of ordinary shares equal to an aggregate of 5% of the ordinary shares sold in the offering. The exercise price of the underwriters' warrants is equal to 125% of the offering price of the Class A Ordinary Shares offered hereby. The underwriters' warrants will be exercisable at any time and from time to time, in whole or in part, during the four and half year period commencing six months from the commencement date of sales in the offering. In accordance with Rule 457(g) under the Securities Act, because the Registrant's Class A Ordinary Shares underlying the Class A Ordinary Shares Purchase Warrants are registered hereby, no separate registration fee is required with respect to such securities registered hereby.

(3) The registration fee for the original Proposed Maximum Aggregate Offering Price of $27,600,000 of Class A Ordinary Shares was calculated with the fee rate of $0.0001531 per share and the registration fee for the additional Proposed Maximum Aggregate Offering Price of $[--] of the Class A Ordinary Shares issuable upon exercise of the underwriter's warrants was calculated with the fee rate of $0.0001531 per share.