Document:

EX-10.14

 Exhibit 10.14 

Execution Version 
 SHARE
PURCHASE AGREEMENT 
 BY AND AMONG 

AMTD DIGITAL INC. 

POLICYPAL PTE. LTD. 

YAP WEN YIN VALENZIA 

and 
 THE SELLING
SHAREHOLDERS NAMED HEREIN 
 Dated as of June 11, 2020 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE I Definitions
	  	 	1	 
	 Section 1.1
	  	 Certain Definitions
	  	 	1	 
	 Section 1.2
	  	 Interpretation and Rules of Construction
	  	 	8	 
		
	 ARTICLE II Sale and Purchase of Shares
	  	 	9	 
	 Section 2.1
	  	 Sale and Purchase of Shares
	  	 	9	 
	 Section 2.2
	  	 Purchase Consideration
	  	 	10	 
	 Section 2.3
	  	 Closing Date
	  	 	10	 
	 Section 2.4
	  	 Closing Deliveries by the Target Company
	  	 	10	 
	 Section 2.5
	  	 Closing Deliveries by the Selling Shareholders
	  	 	11	 
	 Section 2.6
	  	 Closing Deliveries by the Purchaser
	  	 	12	 
	 Section 2.7
	  	 Breach of Obligations at the Closing
	  	 	13	 
		
	 ARTICLE III Representations and Warranties With Respect to Group Companies
	  	 	14	 
	 Section 3.1
	  	 Organization and Good Standing
	  	 	14	 
	 Section 3.2
	  	 Authorization
	  	 	14	 
	 Section 3.3
	  	 Conflicts; Consents of Third Parties
	  	 	15	 
	 Section 3.4
	  	 Capitalization
	  	 	15	 
	 Section 3.5
	  	 Group Companies
	  	 	16	 
	 Section 3.6
	  	 Corporate Books and Records
	  	 	16	 
	 Section 3.7
	  	 Financial Statements
	  	 	17	 
	 Section 3.8
	  	 Certain Operating Metrics
	  	 	17	 
	 Section 3.9
	  	 Absence of Certain Changes
	  	 	17	 
	 Section 3.10
	  	 Litigation
	  	 	19	 
	 Section 3.11
	  	 Title to Properties; Liens and Encumbrances
	  	 	19	 
	 Section 3.12
	  	 Intellectual Property
	  	 	19	 
	 Section 3.13
	  	 Taxes
	  	 	21	 
	 Section 3.14
	  	 Material Contracts
	  	 	22	 
	 Section 3.15
	  	 Compliance with Laws and Other Instruments
	  	 	23	 
	 Section 3.16
	  	 Employee Matters
	  	 	24	 
	 Section 3.17
	  	 Transactions with Related Parties
	  	 	24	 
	 Section 3.18
	  	 Competing Business
	  	 	25	 
	 Section 3.19
	  	 Licenses
	  	 	25	 
	 Section 3.20
	  	 Entire Business
	  	 	25	 
	 Section 3.21
	  	 Office or Branch Locations
	  	 	25	 
	 Section 3.22
	  	 Full Disclosure
	  	 	25	 
	 Section 3.23
	  	 Brokers
	  	 	25	 
	 Section 3.24
	  	 Amount Due to Option Holders
	  	 	26	 
	 Section 3.25
	  	 No Other Representations or Warranties
	  	 	26	 
		
	 ARTICLE IV Representations and Warranties with Respect to Selling
Shareholders
	  	 	26	 
	 Section 4.1
	  	 Capacity
	  	 	26	 
	 Section 4.2
	  	 Authorization
	  	 	27	 
	 Section 4.3
	  	 Conflicts; Consents of Third Parties
	  	 	27	 
	 Section 4.4
	  	 Ownership and Transfer of Shares
	  	 	27	 
	 Section 4.5
	  	 No Undisclosed Interest
	  	 	28	 
	 Section 4.6
	  	 Brokers
	  	 	28	 
	 Section 4.7
	  	 No Other Representations or Warranties
	  	 	28	 

  
 i 

							
	 ARTICLE V Representations and Warranties of Purchaser
	  	 	28	 
	 Section 5.1
	  	 Organization and Good Standing
	  	 	28	 
	 Section 5.2
	  	 Authorization
	  	 	29	 
	 Section 5.3
	  	 Conflicts; Consents of Third Parties
	  	 	29	 
	 Section 5.4
	  	 Share Capital
	  	 	29	 
	 Section 5.5
	  	 Financial Statements
	  	 	29	 
	 Section 5.6
	  	 No Other Representations or Warranties
	  	 	30	 
		
	 ARTICLE VI Covenants
	  	 	30	 
	 Section 6.1
	  	 Access to Information
	  	 	30	 
	 Section 6.2
	  	 Notice of Developments
	  	 	30	 
	 Section 6.3
	  	 Conduct of the Business Pending the Closing
	  	 	31	 
	 Section 6.4
	  	 Further Assurances
	  	 	32	 
	 Section 6.5
	  	 Confidentiality and Publicity
	  	 	32	 
	 Section 6.6
	  	 Exclusivity
	  	 	33	 
	 Section 6.7
	  	 Tax Filing
	  	 	33	 
	 Section 6.8
	  	 Consent and Waiver
	  	 	33	 
	 Section 6.9
	  	 Use of Proceeds
	  	 	34	 
		
	 ARTICLE VII Conditions to Closing
	  	 	34	 
	 Section 7.1
	  	 Conditions Precedent to Obligations of Each Party
	  	 	34	 
	 Section 7.2
	  	 Conditions Precedent to Obligations of the Purchaser
	  	 	34	 
	 Section 7.3
	  	 Conditions Precedent to Obligations of the Target Company
	  	 	36	 
	 Section 7.4
	  	 Conditions Precedent to Obligations of the Selling Shareholders
	  	 	36	 
		
	 ARTICLE VIII Termination
	  	 	37	 
	 Section 8.1
	  	 Termination of Agreement
	  	 	37	 
	 Section 8.2
	  	 Termination of Agreement
	  	 	37	 
	 Section 8.3
	  	 Procedure Upon Termination
	  	 	38	 
	 Section 8.4
	  	 Effect of Termination
	  	 	38	 
		
	 ARTICLE IX INDEMNIFICATION
	  	 	39	 
	 Section 9.1
	  	 Survival of Representations, Warranties and Covenants
	  	 	39	 
	 Section 9.2
	  	 Indemnification
	  	 	39	 
	 Section 9.3
	  	 Limitation of Liability
	  	 	42	 
		
	 ARTICLE X Miscellaneous
	  	 	43	 
	 Section 10.1
	  	 Expenses
	  	 	43	 
	 Section 10.2
	  	 Governing Law
	  	 	43	 
	 Section 10.3
	  	 Arbitration
	  	 	43	 
	 Section 10.4
	  	 Entire Agreement; Amendments and Waivers
	  	 	43	 
	 Section 10.5
	  	 Specific Performance
	  	 	44	 
	 Section 10.6
	  	 Notices
	  	 	44	 
	 Section 10.7
	  	 Severability
	  	 	45	 
	 Section 10.8
	  	 Binding Effect; Third Party Rights; Assignment
	  	 	45	 
	 Section 10.9
	  	 Disclosure Schedule References
	  	 	45	 
	 Section 10.10
	  	 Counterparts
	  	 	45	 

  
 ii 

 SCHEDULES AND EXHIBITS 

 

			
	Schedule A	  	Capitalization Tables
	Schedule B	  	Company Disclosure Schedule
		
	Exhibit A	  	Form of Instrument of Transfer
	Exhibit B	  	Form of Share Mortgage Agreement

  
 iii 

 SHARE PURCHASE AGREEMENT 

This SHARE PURCHASE AGREEMENT (this “Agreement”), dated as of June 11, 2020, is entered into by and between
(i) AMTD Digital Inc., an exempted company incorporated under the Laws of the Cayman Islands (the “Purchaser”), (ii) PolicyPal Pte. Ltd., a private company limited by shares incorporated under the Laws of Singapore (the
“Target Company”), and (iii) Yap Wen Yin Valenzia, formerly known as Val Ji-Hsuan Yap (the “Founder”), and the other Persons set forth in Schedule A hereto
(collectively and including the Founder, the “Selling Shareholders” and individually a “Selling Shareholder”). 

W I T N E S S E T H: 
 WHEREAS,
the Target Company and the other Group Companies (as defined below) collectively are engaged in the insurance brokerage and agency and related business; 

WHEREAS, each Selling Shareholder owns the number and type of Shares (as defined below) as set forth opposite such Selling Shareholder’s
name in Schedule A under the heading “Capitalization Immediately Before Closing”; 
 WHEREAS, each Selling
Shareholder desires to sell to the Purchaser, and the Purchaser desires to purchase from each Selling Shareholder, on the terms and subject to the conditions set forth herein, such number of Shares owned by such Selling Shareholder set forth
opposite such Selling Shareholder’s name in Schedule A under the heading “Purchased Old Shares”; and 

WHEREAS, the Target Company desires to issue and sell to the Purchaser, and the Purchaser desires to subscribe for and purchase from the
Target Company, on the terms and subject to the conditions set forth herein, such number of newly issued Shares set forth in Schedule A under the heading “Purchased New Shares,” which, together with the Shares under the
heading “Purchased Old Shares,” represent 51% of the Target Company’s Shares on a fully diluted basis immediately after the Closing (as defined below). 

NOW, THEREFORE, in consideration of the promises and the mutual covenants and agreements hereinafter contained, and intending to be legally
bound, the Parties hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.1    Certain Definitions. For purposes of this Agreement, the following terms shall have the
meanings specified in this Section 1.1: 
 “Affiliate” means any other Person that directly or
indirectly through one or more intermediaries, Controls, or is Controlled by, or is under common Control with, such Person, including without limitation, with respect to any Person that is an individual, his or her Immediate Family Members. For the
avoidance of doubt, in the case of any Selling Shareholder, the term “Affiliate” includes (i) any of such Selling Shareholder’s shareholders, general partners or limited partners, or the general partners or limited partners of
such Selling Shareholder’s shareholders, (ii) the fund manager managing or advising such Selling Shareholder (and general partners, limited partners, and officers thereof) and other funds managed or advised by such fund manager,
(iii) trusts Controlled by or for the benefit of any such Person referred to in (i) or (ii), and (iv) any fund or holding company formed for investment purposes that is promoted, sponsored, managed, advised, or serviced by such
Selling Shareholder which, in each case of (i), (ii), (iii), and (iv), Controls, or is Controlled by, or is under common Control with, such Selling Shareholder. For further avoidance of doubt, the “Affiliates” referenced in
Section 3.18 means any other Person that directly or indirectly through one or more intermediaries, Controls, or is Controlled by, or is under common Control with, such Person, including without limitation, with respect to any Person that is an
individual, his or her Immediate Family Members. 

  
 1 

 “Agreement” has the meaning ascribed to it in the Preamble. 

“Amended Constitution” means the amended and restated constitution of the Target Company, in a form reasonably satisfactory
to the Purchaser, which shall become effective immediately upon the Closing. 
 “Applicable Accounting Standard” means the
United States generally accepted accounting principles, International Financial Reporting Standards, or other accounting standards adopted by the Target Company and applied consistently throughout the Financial Statements. 

“Balance Sheet Date” has the meaning ascribed to it in Section 3.7(a). 

“Benefit Plan” has the meaning ascribed to it in Section 3.16. 

“Breaching Selling Shareholder” has the meaning ascribed to it in Section 2.7(a)(i). 

“Business” means the business that is conducted or proposed to be conducted by the Group Companies, including without
limitation insurance brokerage and agency, insurance underwriting, general insurance, life insurance, and any insurance business. 

“Business Day” means a day that is not a Saturday or Sunday or any other day on which banks in Hong Kong, Singapore, New
York, or the Cayman Islands are required or authorized to be closed. 
 “Closing” has the meaning ascribed to it in
Section 2.3. 
 “Closing Date” has the meaning ascribed to it in
Section 2.3. 
 “Contract” means any contract, agreement, indenture, note, bond, mortgage, loan,
instrument, lease, franchise or license (whether written or oral). 
 “Control” of a given Person means the power or
authority, whether exercised or not, to direct the business, management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, which power or authority shall conclusively be
presumed to exist upon possession of beneficial ownership or power to direct the vote of more than fifty percent (50%) of the votes entitled to be cast at a meeting of the members or shareholders of such Person or power to control the composition of
a majority of the board of directors (or similar governing body) of such Person; the term “Controlled” has the meaning correlative to the foregoing. 

  
 2 

 “Disclosure Schedule” means the disclosure schedule dated as of the date
hereof and attached to this Agreement as Schedule B. 
 “Equity Securities” means, with respect to any Person that
is a legal entity, any and all shares of capital stock, membership interests, units, profits interests, ownership interests, equity interests, registered capital, and other equity securities of such Person, and any right, warrant, option, call,
commitment, conversion privilege, pre-emptive right or other right to acquire any of the foregoing, or security convertible into, exchangeable or exercisable for any of the foregoing, or any Contract providing
for the acquisition of any of the foregoing. 
 “Existing Constitution” means the constitution of the Target Company
effective as of the date of this Agreement. 
 “Financial Statements” has the meaning ascribed to it in
Section 3.7(a). 
 “Founder” has the meaning ascribed to it in the Preamble. 

“Government Authority” means supranational, national, federal, state, municipal or local court, administrative body or other
governmental or quasi-governmental entity or authority with competent jurisdiction exercising legislative, judicial, regulatory or administrative functions of or pertaining to supranational, national, federal, state, municipal or local government,
including any department, commission, board, agency, bureau, subdivision, instrumentality or other regulatory, administrative, judicial or arbitral authority, and any securities exchange on which the securities of any Party or its Affiliates are
listed, including, but not limited to MAS. 
 “Government Official” means any executive, official, member, or employee of a
Government Authority or a political party; political candidate; executive, official, or employee of a public international organization; or director, officer, or employee of a wholly or majority state-owned or state-controlled enterprise. 

“Group Companies” means the Target Company and any Person (other than a natural person) that is directly or indirectly
Controlled by the Target Company. 
 “HKIAC Rules” has the meaning ascribed to it in
Section 10.3(a). 
 “Hong Kong” means the Hong Kong Special Administrative Region of the
People’s Republic of China. 
 “Immediate Family Members” means, with respect to any natural Person, (i) such
Person’s spouse, parents, children (in each case whether adoptive or biological), (ii) spouses of such Person’s children (in each case whether adoptive or biological), and (iii) estates, trusts, and partnerships which directly or
indirectly through one or more intermediaries are Controlled by the foregoing. 

  
 3 

 “Indebtedness” of any Person means, without duplication, (i) the
principal, accreted value, accrued and unpaid interest, prepayment, breakage and redemption costs, premiums or penalties, unpaid fees or expenses and other monetary obligations in respect of (A) indebtedness of such Person for borrowed money
and (B) indebtedness evidenced by notes, debentures, bonds or other similar instruments for the payment of which such Person is responsible or liable; (ii) all obligations (contingent or otherwise) of such Person issued or assumed as the
deferred purchase price of property or services, all conditional sale obligations of such Person and all obligations of such Person under any title retention the ordinary course of business consistent with the past practice of such Person;
(iii) all capitalized lease obligations; (iv) all obligations and Liabilities payable upon termination of interest rate protection agreements, foreign currency exchange agreements or other interest rate or exchange rate hedging or swap
arrangements; (v) all obligations of the type referred to in clauses (i) through (iv) of any Persons the payment of which such Person is responsible or liable, directly or indirectly, as obligor, guarantor, surety or otherwise; and
(vi) all obligations of the type referred to in clauses (i) through (v) of other Persons secured by any Lien on any property or asset of such Person (whether or not such obligation is assumed by such Person). 

“Indemnified Party” has the meaning ascribed to it in Section 9.2(d)(i). 

“Indemnifying Party” has the meaning ascribed to it in Section 9.2(d)(i). 

“Intellectual Property” means all intellectual property, including (i) all intellectual property rights in inventions,
discoveries, and processes, and all patents, and patent disclosures, (ii) all trademarks, service marks, trade names, brand names, trade dress rights, logos, Internet domain names and corporate names, and, to the extent recognized under
applicable Law, other source indicators, and the goodwill of the business symbolized thereby, (iii) all copyrights and works of authorship in any media, including all designs, (iv) all computer software, databases and programs,
(v) all trade secrets, know-how, and other proprietary or confidential information and (vi) all applications, registrations, renewals, foreign counterparts, extensions, continuations, continuations-in-part, re-examinations, reissues, and divisionals of the foregoing. 

“Key Employees” means the Founder and Wong Kai Chin. 

“Knowledge of the Target Company” means the knowledge actually possessed, or should have been possessed by the Target
Company, the directors of the Target Company, the Founder, and other executive officers of the Target Company after reasonable inquiry. 

“Law” means any foreign, federal, state, municipal or local law, statute, code, ordinance, rule, decree, regulation or any
common law of any Government Authority or jurisdiction. 
 “Legal Proceeding” means any judicial, administrative or
arbitral actions, suits, proceedings or investigations (whether civil or criminal, judicial or administrative, at law or in equity, or public or private) by or before a Government Authority. 

“Liability” means any indebtedness, liability or obligation (whether direct or indirect, absolute or contingent, accrued or
unaccrued, liquidated or unliquidated, or due or to become due), including those arising under any Law, Order, Legal Proceeding or Contract and including all costs and expenses relating thereto. 

“License” means any franchises, permits, licenses, approvals, authorizations and any similar document issued or granted by
any Government Authority. 
 “Lien” means any lien (including, without limitation, tax lien), encumbrance, pledge,
mortgage, deed of trust, security interest, claim, lease, charge, option, restrictive covenant, right of first refusal, right of first offer, easement, servitude or other restriction having similar effect. 

  
 4 

 “Long Stop Date” means July 31, 2020. 

“MAS” means the Monetary Authority of Singapore. 

“Material Adverse Effect” means any change, circumstance, event or effect that, individually or in the aggregate, is or would
be materially adverse to (a) the business, operations, assets, Liabilities, condition (financial or otherwise), or results of operations of the Group Companies, taken as a whole; or (b) the ability of the Target Company or any Selling
Shareholder to consummate the transactions contemplated by this Agreement and to perform its obligations hereunder and under any other Transaction Documents. 

“Material Contract” has the meaning ascribed to it in Section 3.14(a). 

“Order” means any written order, injunction, judgment, decree, legally binding notice, ruling, writ, assessment or
arbitration award of a Government Authority. 
 “Party” means a party to this Agreement. 

“Permit” means any approval, authorization, consent, license, permit or certificate of or issued by a Government Authority.

 “Person” means any individual, corporation, partnership, limited liability company, firm, joint venture, association,
joint-stock company, trust, unincorporated organization or other entity. 
 “Prohibited Payment” has the meaning ascribed
to it in Section 3.15(b). 
 “Purchase Consideration” has the meaning ascribed to it in
Section 2.2. 
 “Purchase Consideration for New Shares Acquisition” has the meaning ascribed to
it in Section 2.2. 
 “Purchase Consideration for Old Shares Acquisition” has the meaning
ascribed to it in Section 2.2. 
 “Purchased New Shares” has the meaning ascribed to it in
Section 2.1. 
 “Purchased Old Shares” has the meaning ascribed to it in
Section 2.1. 
 “Purchased Shares” has the meaning ascribed to it in
Section 2.1. 
 “Purchaser Director and Chairman” means Mr. Calvin Choi (as chairman) and
Mr. Sidney Ku (as a director), being the individuals designated by the Purchaser to the board of directors as chairman and director of the Target Company, respectively, prior to Closing. 

“Purchaser Fundamental Warranties” has the meaning ascribed to it in Section 7.3(a). 

“Purchaser Group Companies” means the Purchaser and any Person (other than a natural person) that is directly or indirectly
Controlled by the Purchaser, and “Purchaser Group Company” means any of them. 

  
 5 

 “Purchaser Indemnitees” has the meaning ascribed to it in
Section 9.2(a). 
 “Purchaser Losses” has the meaning ascribed to it in
Section 9.2(a). 
 “Purchaser Shares” means the Class A ordinary shares, par value
US$0.00001 per share, in the capital of the Purchaser. 
 “Qualified Funding” means any bona fide investment by one or more
third parties (other than the Purchaser) in cash for newly issued Shares of the Target Company (at a price per share that is no less than that of the Purchased Old Shares) completed prior to the Closing, provided that the amount of proceeds
from such new share issuance (excluding the Purchase Consideration for New Shares Acquisition) by Target Company shall not be less than US$3.0 million, and such proceeds shall remain in Target Company’s bank accounts at the Closing. 

“Related Party” or “Related Parties” means (i) any Person who beneficially owns no less than 10%
interest in the voting power of any Group Company, (ii) any director or Key Employees of any Group Company, (iii) other Affiliates of any Group Company, and (iv) Affiliates of the Persons enumerated under (i) and (ii), in each
case of (i), (ii), (iii), and (iv), excluding any Group Company. 
 “Related Party Contracts” has the meaning ascribed to
it in Section 3.17(a). 
 “Relevant Tax Authority” has the meaning ascribed to it in
Section 6.7(b). 
 “SAFE Agreement” or “SAFE Agreements” means the simple
agreements for future equity each SAFE Holder has entered into with the Company from time to time, including any relevant schedules, exhibits, side letters, supplemental letters, amendments and other relevant agreements or documents. 

“SAFE Holder” or “SAFE Holders” means any Selling Shareholder identified as a “SAFE Holder” in
Schedule A. 
 “Sanctions” has the meaning ascribed to it in Section 3.15(e). 

“Securities Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 “Selling Shareholder” has the meaning ascribed to it in the Preamble. 

“Selling Shareholder Fundamental Warranties” has the meaning ascribed to it in Section 7.2(a). 

“Selling Shareholder Indemnitees” has the meaning ascribed to it in Section 9.2(c). 

“Selling Shareholder Losses” has the meaning ascribed to it in Section 9.2(c). 

“Shareholders Agreement” means the Shareholders Agreement between the Selling Shareholders, the Target Company, and the
Purchaser, to be entered into at or prior to the Closing. 

  
 6 

 “Share Mortgage Agreement” means the Share Mortgage Agreement between the
Founder, other Key Employees, and the Purchaser, substantially in the form of Exhibit B hereto, to be entered into at or prior to the Closing. 

“Shares” means the shares in the capital of the Target Company, being ordinary shares. 

“Straddle Period” means any taxable period that begins on or before and ends after the Closing Date. 

“Target Company” has the meaning ascribed to it in the Preamble. 

“Target Company Fundamental Warranties” has the meaning ascribed to it in Section 7.2(a). 

“Target Company Options” means option awards granted under the Target Company Share Incentive Plan that entitles the holder
thereof to purchase Shares upon the vesting of such award. 
 “Target Company Share Award Disclosure Schedule” has the
meaning ascribed to it in Section 3.4(c). 
 “Target Company Share Awards” means the share-based
awards granted under the Target Company Share Incentive Plan, including the Target Company Options. 
 “Target Company Share
Incentive Plan” means PolicyPal Employee Share Option Scheme dated March 1, 2018. 
 “Target Valuation” has
the meaning ascribed to it in Section 2.2. 
 “Tax” or “Taxes” means
(a) any national, provincial, municipal, or local taxes, charges, fees, levies, or other assessments, including, without limitation, all net income (including enterprise income tax and individual income withholding tax), turnover (including
value-added tax, business tax, and consumption tax), resource (including urban and township land use tax), special purpose (including land value-added tax, urban maintenance and construction tax, and additional education fees), property (including
urban real estate tax and land use fees), documentation (including stamp duty and deed tax), filing, recording, tariffs (including import duty and import value-added tax), and other taxes, charges, fees, levies, or other assessments of any kind
whatsoever as applicable, (b) all interest, penalties (administrative, civil or criminal), or additional amounts imposed by any Government Authority in connection with any item described in clause (a) above, and (c) any form of
transferor liability imposed by any Government Authority in connection with any item described in clauses (a) and (b) above. 

“Tax Return” means any return, report or statement required to be filed with respect to any Tax (including any attachments
thereto, and any amendment thereof), including any information return, claim for refund, amended return or declaration of estimated Tax, and including, where permitted or required, combined, consolidated or unitary returns for any group of entities
that includes any Group Company. 
 “Taxing Authority” means any Government Authority responsible for the administration of
any Tax. 

  
 7 

 “Third Party Claim” has the meaning ascribed to it in
Section 9.2(d)(ii). 
 “Transaction Documents” means this Agreement, the Shareholders Agreement,
the Amended Constitution, the Share Mortgage Agreement, and other agreements or documents required to be executed and/or delivered by any Party in connection with the consummation of the transactions contemplated by this Agreement. 

“Warrantors” means the Target Company and the Founder. 

Section 1.2    Interpretation and Rules of Construction. 

(a)    Unless otherwise expressly provided, for purposes of this Agreement, the following rules of interpretation shall
apply: 
 (i)     the provision of a table of contents, the division of this Agreement into Articles,
Sections and other subdivisions and the insertion of headings are for convenience of reference only and shall not affect or be utilized in construing or interpreting this Agreement; 

(ii)    any reference in this Agreement to an Article, Section, Exhibit or Schedule, such reference is to
an Article or Section of, or a Schedule or Exhibit to, this Agreement, unless otherwise indicated. All Exhibits and Schedules hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein;

 (iii)    any reference in this Agreement to gender shall include all genders, and words imparting the
singular number only shall include the plural and vice versa; 
 (iv)    any reference in this
Agreement to any document, including this Agreement, shall include such document as amended, modified, varied, novated, supplemented, or replaced from time to time; 

(v)    the word “written” or “in writing” shall include any means of visible
reproduction; 
 (vi)    except where the context specifically requires otherwise, any thing or
obligation to be done under this Agreement which is required or falls to be done on a stipulated day, shall be done on the next succeeding Business Day, if the day upon which that thing or obligation is required or falls to be done falls on a day
which is not a Business Day; 
 (vii)    the word “including” or any variation thereof means
(unless the context of its usage otherwise requires) “including, without limitation” and shall not be construed to limit any general statement that it follows to the specific or similar items or matters immediately following it; 

(viii)    words such as “herein,” “hereinafter,” “hereof” and
“hereunder” refer to this Agreement as a whole and not merely to a subdivision in which such words appear unless the context otherwise requires; 

  
 8 

 (ix)    when calculating the period of time before
which, within which or following which any act is to be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period shall be excluded; 

(x)    the term “non-assessable,” when used with respect
to any shares, means that no further sums are required to be paid by the holders thereof in connection with the issue thereof; and 

(xi)    except as otherwise provided herein, any reference in this Agreement to $ or US$ means U.S.
dollars, the lawful currency of the United States. 
 (b)    In the event an ambiguity or question of intent or
interpretation arises, no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any provision of this Agreement. 

ARTICLE II 
 SALE AND
PURCHASE OF SHARES 
 Section 2.1 Sale and Purchase of Shares. 

(a)    Upon the terms and subject to the conditions contained herein, at the Closing, (i) each Selling Shareholder
shall sell to the Purchaser, and the Purchaser shall purchase from each Selling Shareholder, such number of Shares set forth opposite such Selling Shareholder’s name under the heading “Purchased Old Shares” in Schedule
A, which together with the Shares to be sold by the other Selling Shareholders to the Purchaser represent an aggregate of 37.96% of the Shares of the Target Company on a fully diluted basis immediately after the Closing, free and clear of all
Liens (the “Purchased Old Shares”), and (ii) the Target Company shall issue and sell to the Purchaser, and the Purchaser shall subscribe for and purchase from the Target Company, such number of Shares set forth in Schedule
A, which represent an aggregate of 13.04% of the Shares of the Target Company on a fully diluted basis immediately after the Closing, free and clear of all Liens (the “Purchased New Shares,” and together with the Purchased Old
Shares, the “Purchased Shares”). 
 (b)    If (i) any one or more Selling Shareholders (the
“Non-Closing Shareholders”) terminate this Agreement prior to Closing in accordance with Section 8.4 or otherwise fail to proceed to Closing in accordance with
Section 2.5 when the conditions precedent set forth in Sections 7.1 and 7.4 otherwise have been satisfied and (ii) the Purchaser elects to proceed under Section 2.7(a)(i), the
Founder shall, in addition to selling the number of Shares stipulated in Section 2.1(a), further sell, at the Closing, to the Purchaser the aggregate number of Shares set forth opposite such
Non-Closing Shareholders’ names under the heading “Purchased Old Shares” in Schedule A (the “Alternative Arrangement Shares”) in exchange for the corresponding
aggregate number of Purchaser Shares set forth under the heading “Purchaser Shares in Exchange” in Schedule A in accordance with Section 2.2, provided that to the extent the Founder fails to
further sell to the Purchaser any number of the Alternative Arrangement Shares in accordance with this Section 2.1(b), the Founder shall cause the Target Company to issue to the Purchaser, at the Closing, such aggregate
number of Shares that the Founder so fails to further sell to the Purchaser. 

  
 9 

 Section 2.2    Purchase Consideration. Upon the terms and
subject to the conditions contained herein, at the Closing, (i) in exchange for any Purchased Old Shares (or any Alternative Arrangement Shares, if applicable), the Purchaser will deliver to each Selling Shareholder (or the Founder, if
applicable) such number of newly issued Class A ordinary shares of the Purchaser free and clear of all Liens (the “Purchaser Shares”) set forth under the heading “Purchaser Shares in Exchange” in Schedule
A (“Purchase Consideration for Old Shares Acquisition”); and (ii) in exchange for the combined Purchased New Shares and any Alternative Arrangement Shares to be issued by the Target Company in accordance with
Section 2.1(b), the Purchaser will pay US$3.0 million by wire transfer in immediately available funds to an account designated by the Target Company in writing at least three (3) Business Days before Closing
(“Purchase Consideration for New Shares Acquisition,” and together with “Purchase Consideration for Old Shares Acquisition,” the “Purchase Consideration”). The Target Valuation means either of the
following: (i) the highest pre-money equity valuation of the Target Company in a Qualified Funding, or (ii) if Target Company shall not have completed a Qualified Funding prior to the Closing,
US$20.0 million. The Target Valuation and the Purchase Consideration are based on the following conditions, and the Target Company and the Founder jointly covenant and confirm that, at the Closing, (i) the Group Companies will be free of
any debts, including debts owed to the Selling Shareholders or their Affiliates or related parties except as disclosed in the Disclosure Schedule, and (ii) the Group Companies will have at least US$230,000 of working capital or cash in bank
accounts. 
 Section 2.3    Closing Date. Subject to the terms and conditions of this Agreement, the closing
(the “Closing”) of sale and purchase of all Purchased Old Shares of all Selling Shareholders and the issuance and purchase of all Purchased New Shares as contemplated by this Agreement, including for the avoidance of doubt the
transfer of any Alternative Arrangement Shares, shall take place via the remote exchange of electronic documents and signatures on a date that is no later than the third (3rd) Business Day after the satisfaction or valid waiver of each of the
conditions set forth in ARTICLE VII (other than conditions that by their nature are to be satisfied at the Closing, but subject to the satisfaction or waiver of those conditions at such time) (the date on which the Closing occurs, the
“Closing Date”), unless another time, date or place is agreed to in writing by the Purchaser, the Target Company, and the Selling Shareholders. 

Section 2.4    Closing Deliveries by the Target Company. At the Closing, subject to and concurrently with the
closing deliveries in accordance with Sections 2.5 and 2.6, the Target Company shall deliver or cause to be delivered: 

(a)    to the Purchaser: 

(i)    the Shareholders Agreement duly executed by the Target Company; 

(ii)    a copy of the electronic register of members of the Target Company, dated as of the Closing Date
and certified by a director of the Target Company as true copy, evidencing the ownership by the Purchaser of all of the Purchased Shares; 

(iii)    a copy of the share certificate in the name of the Purchaser, dated as of the Closing Date,
evidencing the ownership by the Purchaser of all of the Purchased Shares (the original duly executed copy of which shall be delivered to the Purchaser within five (5) Business Days after the Closing); 

(iv)    a copy of the electronic register of directors of the Target Company, dated as of the Closing Date
and certified by a director of the Target Company as true copy, evidencing the appointment of Purchaser Director and Chairman as directors; 

  
 10 

 (v)     a copy of the resolutions duly passed by the
board of directors of the Target Company and certified by a director of the Target Company, evidencing the authorization or acknowledgement (as applicable) by the board of directors of the Target Company of the execution and delivery of this
Agreement and the other Transaction Documents to which the Target Company is a party and the consummation of the transactions contemplated hereby and thereby, including, (A) the transfer of the Purchased Old Shares contemplated by this
Agreement, (B) issuance of the Purchased New Shares as contemplated by this Agreement and any potential issuance of Shares pursuant to Section 2.1(b)(ii), (C) the adoption of the Amended Constitution effective as of
the Closing, and (D) the appointment of Purchaser Director and Chairman effective as of the Closing subject to receipt of their respective consents to so act; 

(vi)     a copy of the resolutions duly passed by the shareholders of the Target Company and certified by a
director of the Target Company, evidencing the shareholders’ authorization or acknowledgement (as applicable) of the execution and delivery of this Agreement and the other Transaction Documents to which the Target Company is a party and the
consummation of the transactions contemplated hereby and thereby, including, (A) the transfer of the Purchased Old Shares contemplated by this Agreement, (B) issuance of the Purchased New Shares as contemplated by this Agreement and any
potential issuance of Shares pursuant to Section 2.1(b)(ii), (C) the adoption of the Amended Constitution effective as of the Closing, and (D) the appointment of Purchaser Director and Chairman effective as of the Closing subject to
receipt of their respective consents to so act; 
 (vii)     a certificate of good standing of the Target
Company, dated as of a date no earlier than ten (10) Business Days prior to the Closing Date; and 
 (viii) the closing
certificate of the Target Company as contemplated by Section 7.2(d). 
 Section 2.5
    Closing Deliveries by the Selling Shareholders. At the Closing, subject to and concurrently with the closing deliveries in accordance with Sections 2.4 and 2.6, each Selling Shareholder (including for the
avoidance of doubt the Founder acting in accordance with Section 2.1(b)) shall deliver or cause to be delivered: 

(a)     to the Target Company: 

(i)     the Shareholders Agreement duly executed by such Selling Shareholder; 

(ii)     an instrument of transfer in the form of Exhibit A hereto with respect to the Purchased Old
Shares of such Selling Shareholder, duly executed by such Selling Shareholder; and 
 (iii)     the
original share certificate(s) representing the Purchased Old Shares of such Selling Shareholder or, if such original share certificate(s) could not be returned to the Target Company at the Closing, an affidavit and indemnity for lost share
certificate in form and substance reasonably acceptable to the registered office provider of the Target Company and the Purchaser in respect of the Purchased Old Shares of such Selling Shareholder; and 

  
 11 

 (b)     to the Purchaser: 

(i)     the Shareholders Agreement duly executed by such Selling Shareholder; 

(ii)     a copy of the instrument of transfer in the form of Exhibit A hereto with respect to the
Purchased Old Shares of such Selling Shareholder, duly executed by such Selling Shareholder; 
 (iii)
    where such Selling Shareholder is an entity, except for 500 Durians II. L. P, a copy of the resolutions or other internal authorizations duly and validly adopted by the board of directors and shareholders of such Selling
Shareholder and certified by a duly authorized signatory of such Selling Shareholder evidencing its authorization of the execution and delivery of this Agreement and the other Transaction Documents to which it is a party and the consummation of the
transactions contemplated hereby and thereby; and 
 (iv)     the closing certificate of each Selling
Shareholder as contemplated by Section 7.2(d). 
 Section 2.6     Closing Deliveries
by the Purchaser. At the Closing, subject to and concurrently with the closing deliveries in accordance with Sections 2.4 and 2.5, the Purchaser shall deliver or cause to be delivered: 

(a)     to the Target Company and each Selling Shareholder: 

(i)     the Shareholders Agreement duly executed by the Purchaser; and 

(ii)     a copy of the resolutions duly passed by the board of directors of the Purchaser, evidencing the
authorization by the board of directors of the Purchaser of the execution and delivery of this Agreement and the other Transaction Documents to which the Purchaser is a party, the issuance of Purchaser Shares as Purchase Consideration for Old Shares
Acquisition and the consummation of the transactions contemplated hereby and thereby; 
 (b)     to each Selling
Shareholder: 
 (i)     a copy of the register of members of the Purchaser, dated as of the Closing Date
and duly certified by the registered office provider of the Purchaser, evidencing the ownership by such Selling Shareholder of the Purchase Consideration for Old Shares Acquisition; 

(ii)     a copy of the share certificate in the name of such Selling Shareholder, dated as of the Closing
Date, evidencing the ownership by such Selling Shareholder of the Purchase Consideration for Old Shares Acquisition (the original duly executed copy of which shall be delivered to each Selling Shareholder within five (5) Business Days after the
Closing); and 
 (iii)     the closing certificate as contemplated by
Section 7.4(c). 

  
 12 

 (c)     to the Target Company: 

(i)     in relation to each Selling Shareholder, a copy of the instrument of transfer in the form of
Exhibit A hereto with respect to the Purchased Old Shares of such Selling Shareholder, duly executed by the Purchaser; 

(ii)     irrevocable wiring instruction by the Purchaser to pay US$3.0 million in immediately
available funds to an account designated by the Target Company, being 
 Name of Company: PolicyPal Pte Ltd (UEN: 201610784K) 

Name of Bank : ********************* 

Bank/Branch Code : ********************* 

SGD Account No. : ********************* 

Branch Address : ********************* 

SWIFT Code : ********************* 

(iii)     an original consent to act duly executed by Purchaser Director and Chairman in respect of their
respective appointment as directors of the Target Company; and 
 (iv)     the closing certificate as
contemplated by Section 7.3(c). 
 Section 2.7     Breach of Obligations at the
Closing. 
 (a)     If, at the Closing, any Selling Shareholder fails to fully comply with any of its obligations set
forth in Section 2.5 (each a “Breaching Selling Shareholder”), the Purchaser shall be entitled to, at its sole discretion and by written notice to the Target Company and the Selling Shareholders, elect to
(without prejudice to any other rights and remedies that may be available to the Purchaser): 
 (i)
    proceed to the Closing so far as practicable and consummate the sales and purchases of the Purchased Old Shares of the Selling Shareholders other than the Breaching Selling Shareholders in accordance with
Section 2.1(b); 
 (ii)     defer the Closing to a date not more than twenty
(20) Business Days after the originally scheduled Closing Date; or 
 (iii)     immediately
terminate this Agreement. 
 (b) In the event that the Purchaser elects to proceed under Section 2.7(a)(i), this
Agreement shall be deemed to have been duly amended and modified to the extent necessary to exclude the sale and purchase of the Purchased Old Shares of the Breaching Selling Shareholder(s) from the transactions contemplated hereby. 

  
 13 

 (c)     If, at the Closing, the Purchaser fails to fully comply with any
of its obligations set forth in Section 2.6, the Target Company and the Selling Shareholders (acting jointly) shall be entitled to, at their sole discretion and by written notice to the Purchaser, elect to (without
prejudice to any other rights and remedies that may be available to any of them: 
 (i)     proceed to
the Closing so far as practicable; 
 (ii)     defer the Closing to a date not more than twenty
(20) Business Days after the originally scheduled Closing Date; or 
 (iii)     immediately
terminate this Agreement. 
 (d)     Each Selling Shareholder hereby agrees that, to the extent such Selling Shareholder
is a Breaching Selling Shareholder, the Purchaser shall have the right (but not the obligation) to purchase, at any time after the consummation of the sale and purchase contemplated by Section 2.7(b), the Purchased Old
Shares of such Breaching Selling Shareholder for an aggregate purchase price equal to the Purchase Consideration for Old Shares Acquisition for such Breaching Selling Shareholder (without interest), and otherwise on the terms and conditions
(including the arrangements with respect to representations and warranties, and covenants in this Agreement) that would have been applicable to the sale and purchase of the Purchased Old Shares of such Breaching Selling Shareholder if such sale and
purchase had occurred at the Closing. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES WITH RESPECT TO GROUP 

COMPANIES 
 The
Warrantors shall jointly and severally represent and warrant to the Purchaser that the statements contained in this ARTICLE III are true, correct and complete as of the date hereof and as of the Closing Date (unless any representations and
warranties expressly relate to another date, in which case as of such other date). 
 Section 3.1
    Organization and Good Standing. The Target Company is a private company limited by shares duly organized, validly existing and in good standing under the Laws of Singapore and has all requisite corporate power and
authority to own, lease and operate its properties and to carry on its business as now conducted. The Target Company is duly qualified or authorized to do business as now conducted and is in good standing under the Laws of each jurisdiction in which
such qualification or authorization is required. Complete and correct copies of the Existing Constitution, which are in full force and effect as of the date hereof and as of immediately prior to the Closing, have been provided to the Purchaser. 

Section 3.2     Authorization. The Target Company has all requisite power and authority to execute and deliver
this Agreement and the other Transaction Documents to which the Target Company is a party, to perform its obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby. The execution and delivery of this
Agreement and the other Transaction Documents to which the Target Company is a party and the consummation of the transactions contemplated hereby and thereby have been duly authorized by all requisite corporate action on the part of the Target
Company. This Agreement has been, and each of the other Transaction Documents to which the Target Company is a party will be at or prior to the Closing, duly and validly executed and delivered by the Target Company and (assuming the due
authorization, execution and delivery by the other parties hereto and thereto) this Agreement constitutes, and the other Transaction Documents to which the Target Company is a party will constitute, the legal, valid and binding obligations of the
Target Company, enforceable against it in accordance with their respective terms, except as enforcement may be limited by general principles of equity, whether applied in a court of Law or a court of equity, and by applicable bankruptcy, insolvency
and similar Law affecting creditors’ rights and remedies generally. 

  
 14 

 Section 3.3     Conflicts; Consents of Third Parties. 

(a)     None of the execution, delivery and performance by the Target Company of this Agreement or the other Transaction
Documents to which the Target Company is a party, the consummation of the transactions contemplated hereby or thereby, or compliance by the Target Company with any of the provisions hereof or thereof will breach or conflict with, or result in any
violation of or default (with or without notice or lapse of time, or both) or loss of a benefit under, or give rise to a right of termination, consent or cancellation or increase in any fee, liability or obligation under, any provision of
(i) the Existing Constitution or the constitution or comparable organizational documents of any other Group Company; (ii) any Contract or License of any Group Company; (iii) any Order applicable to any Group Company or by which any of
the properties or assets of any Group Company are bound; or (iv) any applicable Law. 
 (b)     Except as set forth
in the Disclosure Schedule, no consent, waiver, approval, Order, Permit or authorization of, or declaration or filing with, or notification to, any Government Authority or any other Person is required to be obtained or completed by the Group
Companies in connection with the execution and delivery of this Agreement or the other Transaction Documents or the compliance by the Target Company with any of the provisions hereof or thereof, or the consummation of the transactions contemplated
hereby or thereby, including without limitation Purchaser’s acquisition, ownership, and business operation of the Target Company from and after the Closing. 

Section 3.4     Capitalization. 

(a)     The capitalization structure of the Target Company (on a fully diluted basis) immediately prior to and immediately
after the Closing is set forth in Schedule A. 
 (b)     All of the issued and outstanding Shares are duly
authorized, validly issued, fully paid, and non-assessable. The Disclosure Schedule sets forth a complete and accurate list of all of the record and beneficial holders of the Shares and the respective number
of Shares held thereby as at the date hereof. 
 (c)     The Disclosure Schedule sets forth a complete and accurate list
of all of the holders of any issued and outstanding Target Company Share Award as of the date hereof, indicating the total issued and outstanding Target Company Share Awards as of the date hereof and, for each such holder, the name, number, type,
applicable vesting information and exercise price of the Target Company Share Awards of such holder (the “Target Company Share Award Disclosure Schedule”). Except as described in the Existing Constitution, and except as set forth in
the Target Company Share Award Disclosure Schedule and the Disclosure Schedule, at the Closing, there shall be no outstanding Shares, any other shares or equity of the Target Company, or any securities convertible into or exercisable or exchangeable
for any of the foregoing, or any other options, warrants, rights (including conversion or preemptive rights and rights of first refusal), subscriptions, or other rights, proxy or shareholders agreements or Contracts of any kind, either directly or
indirectly, entitling the holder thereof to purchase or otherwise acquire or to compel the Target Company to issue, repurchase or redeem any share or other securities of the Target Company. Except as contemplated by the Transaction Documents and the
Existing Constitution, (i) none of the Group Companies is under any obligation to register any of its currently outstanding securities or any securities issuable upon exercise or conversion of its currently outstanding securities under the
Securities Act, nor is any Group Company obligated to register or qualify any such securities under the securities laws of any state of the United States or to list any of such securities in Singapore, Hong Kong or any other jurisdiction; and
(ii) none of the Group Companies is a party or subject to any Contract that affects or relates to the voting or giving of consents with respect to, its currently outstanding securities or any securities issuable upon exercise or conversion of
its currently outstanding securities. 

  
 15 

 Section 3.5     Group Companies. 

(a)     The Disclosure Schedule sets forth a complete and accurate list of the Group Companies and, for each such Group
Company, its name, the jurisdiction in which it is incorporated or organized, the names of its shareholders and the amount of share capital or other equity interest in such Group Company held by each such shareholder. Except as set forth in the
Disclosure Schedule, each such Group Company (other than the Target Company) (i) is a duly organized and validly existing company or other entity and, where applicable, in good standing under the Laws of the jurisdiction of its incorporation or
organization; (ii) is duly qualified or authorized to do business and, where applicable, is in good standing under the Laws of each jurisdiction in which the conduct of its business or the ownership of its properties requires such qualification
or authorization, except to the extent that the failure to be so licensed, qualified or in good standing would not adversely affect the ability of the Target Company to carry out its obligations under, and to consummate the transactions contemplated
by, this Agreement and the other Transaction Documents; and (iii) has all requisite corporate or entity power and authority to own, lease and operate its properties and carry on its business as now conducted. Except as set forth in the
Disclosure Schedule, none of the Group Companies is a participant in any joint venture, partnership or other similar arrangement, or otherwise owns or Controls (directly or indirectly) any share or interest in any Person. 

(b)     All the outstanding share capital, registered capital, or other equity interest of each Group Company is validly
issued, fully paid, and non-assessable and are owned free and clear of all Liens. Except as contemplated by the Transaction Documents, as provided in the Existing Constitution, there are no outstanding
options, warrants, rights (including conversion or preemptive rights and rights of first refusal), subscriptions, or other rights, proxy or shareholders agreements or Contracts of any kind, either directly or indirectly, entitling the holder thereof
to purchase or otherwise acquire or to compel any of the Group Companies (other than the Target Company) to issue, repurchase or redeem any share or other securities of any Group Company. Except as pursuant to the Transaction Documents and the
Existing Constitution, no Group Company is a party or subject to any Contract that affects or relates to the voting or giving of written consents with respect to, or the right to cause the registration of, any share or other securities of any Group
Company. 
 (c)     Each Person serving as a director of any Group Company is an employee of the Group Companies. 

Section 3.6     Corporate Books and Records. Each Group Company has provided to the Purchaser a copy of its
minute books. Such copy is true, correct and complete, and contains all amendments and all minutes of meetings and actions taken by the applicable Group Company’s shareholders and directors since the time of incorporation through the date
hereof, and reflects all transactions referred to in such minutes accurately in all material respects. All board and shareholder resolutions, charter documents (and any amendments thereto), and any other filings of the Group Companies, if required
to be filed under applicable Law, have been duly filed with the relevant Government Authority within the required deadlines. 

  
 16 

 Section 3.7     Financial Statements. 

(a)     Certain true and complete copies of (i) the audited financial statement of PolicyPal Singapore Pte. Ltd. for
the fiscal year that ended on December 2018, (ii) the audited financial statement of PolicyPal Singapore Pte. Ltd. for the fiscal year that ended on March 2018, (iii) the unaudited consolidated and unconsolidated statements of income of the Group
Companies for each of the three fiscal years ended December 31, 2017, 2018, and 2019, and (iv) the related consolidated and unconsolidated balance sheets, statements of cash flows, shareholders’ equity and changes in financial
position of the Group Companies, together with all related notes and schedules thereto (collectively referred to herein as the “Financial Statements”)(December 31, 2019 is hereinafter referred to as the “Balance Sheet
Date”). The Financial Statements (i) were prepared in accordance with the books of account and other financial records of the Group Companies, (ii) fairly present in all material respects the consolidated financial position of
Target Company as of the dates indicated therein and the consolidated results of its operations, cash flows and changes in shareholders’ equity for the periods specified therein, (iii) have been prepared in accordance with the Applicable
Accounting Standard applied on a basis consistent with the past practices of the Group Companies, and (iv) include all adjustments (consisting only of normal recurring accruals) that are necessary for a fair presentation of the consolidated
financial condition of the Group Companies and the results of the operations of the Group Companies as of the dates thereof and for the periods covered thereby. 

(b)     All of the accounts receivable owing to any of the Group Companies, including without limitation all accounts
receivable set forth on the Financial Statements, constitute valid and enforceable claims and are good and collectible in the ordinary course of business in all material respects, and reserves therefor shown on the Financial Statements are, based on
the good faith judgment of the Target Company, adequate and on a basis consistent with the Applicable Accounting Standard. There are no material contingent or asserted claims, refusals to pay, or other rights of
set-off with respect to any of the Group Companies. 
 (c)     No Group Company
has any Liabilities other than (i) Liabilities reflected or reserved in the Financial Statements, and (ii) Liabilities incurred in the ordinary course of business after the Balance Sheet Date. 

Section 3.8     Certain Operating Metrics. The results of operation of the Group Companies as measured by
certain operating metrics (as such operating metrics are defined in the Disclosure Schedule) that have been provided to the Purchaser are in all material respects true, accurate and not misleading. 

Section 3.9     Absence of Certain Changes. Except as specifically contemplated by the Transaction Documents
and except as disclosed the Disclosure Schedule, since the Balance Sheet Date, each Group Company has operated its businesses and assets in the ordinary course consistent with past practice and none of the Group Companies has: 

(a)     entered into any transaction that was not in the ordinary course of business consistent with past practice; or
made any material changes in the customary methods of operations of any Group Company; 

  
 17 

 (b)     acquired, sold, transferred, leased, subleased, licensed or
otherwise disposed of any material properties or assets, or permitted or allowed any material assets to be subject to any Liens (other than Liens for Taxes in the ordinary course of business consistent with past practice that are not yet due and
payable), or, except in the ordinary course of business consistent with past practice, discharged or otherwise obtained the release of Liens related to any Group Company or paid or otherwise discharged any Liability; 

(c)     written down or written up (or failed to write down or write up in accordance with the Applicable Accounting
Standard consistent with past practice) the value of any accounts receivable or revalued any of the assets of the Group Companies, other than in the ordinary course of business consistent with past practice and in accordance with the Applicable
Accounting Standard; 
 (d)     made any change in any method of accounting or accounting practice or policy used by any
Group Company, other than such changes required by the Applicable Accounting Standard; 
 (e)     amended, terminated,
cancelled or compromised any material claim of any Group Company or waived any other material right of value to any Group Company; 
 (f)
    issued or sold any equity or debt securities, or any option, warrant or other right to acquire the same, of any Group Company; or redeemed any equity interest in any Group Company or declared, made or paid any dividends or
other distributions (whether in cash, securities or other property) to the holders of equity interests in any Group Company; 
 (g)
    made any capital expenditure or commitment for any capital expenditure in excess of US$100,000 (or the equivalent thereof in another currency) individually or US$100,000 (or the equivalent thereof in another currency) in the
aggregate; 
 (h)     made, revoked or changed any Tax election or method of Tax accounting or settled or compromised
any Liability with respect to Taxes of any Group Company; 
 (i)     incurred any Indebtedness or Liability that,
individually or in the aggregate, exceeds US$300,000; failed to pay any creditor any amount owed to such creditor when due; or incurred any other Liability not in the ordinary course of business consistent with past practice; 

(j)     made any loan to, guaranteed any Indebtedness of or otherwise incurred any Indebtedness on behalf of any Person,
other than travel advances and other advances made to employees in the ordinary course of business consistent with past practice; 
 (k)
    made any material change in any compensation or benefit arrangement or agreement with any Key Employees; or made any amendments or modifications to any Target Company Share Incentive Plan or issued any Target Company Share
Award thereunder, except as expressly contemplated by this Agreement and the other Transaction Documents; 
 (l)
    entered into any transaction with any Related Party other than in the ordinary course of business on arm’s-length basis; 

(m)     terminated the employment of, or received any resignation from, any Key Employees; 

  
 18 

 (n)     suffered any labor dispute involving any Group Company or any of
its respective employees; 
 (o)     amended, modified or consented to the termination of any Material Contract or the
Group Companies’ rights thereunder, or entered into any Material Contract; 
 (p)     amended or restated the
constitution (or equivalent organizational documents) of any Group Company; 
 (q)     suffered any Material Adverse
Effect; or 
 (r)     agreed, whether in writing or otherwise, to take any of the actions specified in this
Section 3.9 or granted any options to purchase, rights of first refusal, rights of first offer or any other similar rights or commitments with respect to any of the actions specified in this
Section 3.9, except as expressly contemplated by this Agreement and the other Transaction Documents. 

Section 3.10     Litigation. There are no Legal Proceedings against any Group Company, any employee, officer,
or director of any Group Company in connection with their relationship with the Group Companies pending or, to the Knowledge of the Target Company, threatened, including but not limited to any Legal Proceeding that questions the validity of the
Transaction Documents, the right of the Target Company to enter into the Transaction Documents to which the Target Company is a party, the rights and obligations of the Target Company to consummate the transactions contemplated by such Transaction
Documents. There is no Order in effect against the Target Company. There is no Legal Proceeding initiated by any Group Company pending or which any of them intends to initiate. 

Section 3.11     Title to Properties; Liens and Encumbrances. Each Group Company leases all properties and
assets necessary to conduct the Business, and none of such leased properties or assets is owned by the Founder or any other Related Party that is not entered into in the ordinary course of business and not on arm’s length basis. Each Group
Company has good and marketable title to all its properties and assets, including without limitation all properties and assets set forth on the Financial Statements, and has good title to all its leasehold interests, in each case not being subject
to any Liens, except for Liens which (i) are created during the ordinary and usual course of business of such Group Company; or (ii) are Liens for Taxes, assessments or other expenses to any Government Authority which are not due in payment or in
default. With respect to leased properties and assets, each Group Company is in compliance with all applicable leases. All properties and assets of each Group Company are in a good state of repair and in good working condition other than any normal
wear and tear. None of the assets of any Group Company is a state-owned asset. 
 Section 3.12     Intellectual
Property. 
 (a)     Each Group Company at all times owns, has the sufficient rights (including but not limited to
the rights of development, maintenance, licensing and sale) to, or otherwise has the licenses to use all Intellectual Property necessary to conduct the Business worldwide without conflicting with or infringing upon the rights of any other Person. No
written claims have been asserted against any Group Company and remain unresolved nor, to the Knowledge of the Target Company, any threatened claim or demand, by any other Person (i) challenging or questioning any Group Company’s validity,
enforceability, ownership, right to, or use of any of the Intellectual Property owned or used by any Group Company, or in which any Group Company possess legal rights, or the validity or effectiveness of any license or similar agreement with respect
thereto, (ii) alleging any interference, infringement, misappropriation or other violation of the Intellectual Property rights of other Persons, or (iii) alleging any unfair competition or trade practices. No Group Company has received any
written communication alleging that such Group Company has violated or, by conducting its business as proposed, would violate any intellectual property rights of other Persons. 

  
 19 

 (b)     The Disclosure Schedule sets forth a complete list of all
Intellectual Property of each Group Company. All of such Intellectual Property are owned by, registered or applied for solely in the name of the Group Companies. 

(c)     Each Group Company has used commercially reasonable efforts to establish and preserve ownership of, or legally
sufficient right to, all Intellectual Property material to the Business; and each Group Company has used commercially reasonable efforts to register, protect, maintain, and safeguard the Intellectual Property material to the Business, including any
Intellectual Property for which improper or unauthorized disclosure would impair its value or validity and had executed appropriate nondisclosure and confidentiality agreements and made all appropriate filings, registrations and payments of fees in
connection with the foregoing. To the Knowledge of the Target Company, there is no infringement, misappropriation or other violation by any other Person of any Intellectual Property of any Group Company. 

(d)     Except as disclosed in the Disclosure Schedule, each Group Company owns all rights in and to any and all
Intellectual Property currently used by such Group Company, or covering or embodied in any past, current or planned activity, service or product of such Group Company, which Intellectual Property was made, developed, conceived, created or written by
any consultant retained, or any employee employed, at any time, by such Group Company. No former or current employee, and no former or current consultant, of any Group Company owns or has any rights in any of the Group Companies’ Intellectual
Property. Each current employee and current consultant engaged by any Group Company as of the Closing has executed a confidential information and invention assignment in a form which has been provided to the Purchaser. None of the Key Employees,
employees, or consultants, currently employed or otherwise engaged by any Group Company, is in violation thereof. No Group Company is using any inventions of any of its employees made prior to or outside the scope of their employment by any Group
Company. 
 (e)     No Intellectual Property that is owned by any Group Company or in which any Group Company possesses
legal rights, is the subject of any Lien, except for Liens which (i) are created during the ordinary and usual course of business of such Group Company; or (ii) are Liens for Taxes, assessments or other expenses to any Government Authority
which are not due in payment or in default, or which are in contest with any Taxing Authority in good faith. No Group Company has (i) transferred or assigned, (ii) granted a license to, or (iii) provided or licensed in source code
form, any Intellectual Property, owned by any Group Company, or in which any Group Company possesses legal rights, to any Person that is not a Group Company. 

(f)     Except as disclosed in the Disclosure Schedule, none of the Group Companies, the Founder, Key Employees, and to
the Knowledge of the Target Company, Selling Shareholders, and their respective Affiliates own any intellectual property rights relating to the Business. 

  
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 Section 3.13     Taxes. 

(a)     Each Group Company has duly and timely filed (taking into account any extension of time within which to file) all
Tax Returns as required by applicable Law to have been filed by it and all such Tax Returns are true, correct, and complete. Each Group Company has paid in full all Taxes required to be paid by it and no Tax Liens (other than for current Taxes not
yet due or payable or which are in contest with any Taxing Authority in good faith) are currently in effect against any of the assets of any Group Company. The provisions for Taxes in the Financial Statements fully reflect all unpaid Taxes of each
Group Company, whether or not assessed or disputed as of the date of the applicable Financial Statements. 
 (b)     No
examination or audit of any Tax Returns of any Group Company by any Government Authority is currently in progress or, to the Knowledge of the Target Company, is threatened. None of the Group Companies is subject to any waivers or extensions of
applicable statutes of limitations imposed by any Government Authority with respect to Taxes for any past years. Since the Balance Sheet Date, none of the Group Companies has incurred any Taxes other than in the ordinary course of business or in
connection with any transactions contemplated under any Transaction Document. None of the Group Companies has received any written claim from a Government Authority in a jurisdiction where a Group Company does not file Tax Returns that such Group
Company is or may be subject to taxation by that jurisdiction. None of the Group Companies is treated as a resident for Tax purposes of, or is otherwise subject to income Tax in, a jurisdiction other than the jurisdiction in which it has been
established. 
 (c)     Each Group Company has withheld and paid all Taxes required to have been withheld and paid in
connection with any amounts due, owing to or paid to any Person. 
 (d)     Each Group Company is in compliance with all
terms, conditions and formalities necessary for the continuance of any Tax exemption, Tax holiday, Tax credit, Tax incentive, Tax refund or other Tax reduction agreement or order available under any applicable Tax law. No Group Company has received
any written notice of, or has reasonable grounds to believe there is, any planned or threatened cancellation or termination of any such Tax exemption, Tax holiday, Tax credit, Tax incentive, Tax refund or other Tax reduction agreement. Each Group
Company is in compliance with transfer pricing requirements in all jurisdictions in which they are required to comply with applicable transfer pricing regulations, and all the transactions between any Group Company and other related Persons
(including any Group Company) have been effected on an arm’s length basis. All exemptions, reductions and rebates of Taxes granted to any Group Company by a Government Authority are in full force and effect and have not been terminated. None of
the Group Companies is responsible for Taxes of any other Person by reason of contract, successor liability, operation of Law or otherwise. 

(e)     The Group Companies have no plan to change method of accounting prior to the Closing Date. The transactions
contemplated under this Agreement and the other Transaction Documents to which a Group Company is a party will not result in any Tax exemption, Tax holiday, Tax credit, Tax incentive, Tax refund being revoked, cancelled or terminated or trigger any
Tax liability for the Group Companies. 

  
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 Section 3.14     Material Contracts. 

(a)     The Disclosure Schedule lists each of the following currently effective Contracts to which a Group Company is a
party or by which a Group Company is otherwise bound (each such Contract, a “Material Contract”) that: 

(i)     involves payments (or a series of payments), contingent or otherwise, of S$50,000 (or the
equivalent thereof in another currency) or more individually, in cash, property or services, or extends for more than one year beyond the date of this Agreement; 

(ii)     is with a Government Authority; 

(iii)     limits or restricts any Group Company’s ability to compete or otherwise conduct the Business
in any manner, time or place, or that contains any exclusivity or change in control provision; 

(iv)     grants a power of attorney, agency or similar authority, except in the ordinary course of business
consistent with past practice; 
 (v)     relates to Indebtedness, provides for an extension of credit,
provides for indemnification or any guaranty, or provides for a “keep well” or other agreement to maintain any financial statement condition of another Person; 

(vi)     relates to any material Intellectual Property, other than “shrink-wrap” or “off-the-shelf” commercially available software; 

(vii)     is a Related Party Contract that was not entered into in the ordinary course of business or on arm’s-length basis; 
 (viii)     is a material lease; 

(ix)     is outside the ordinary course of business of any Group Company; or 

(x)     is otherwise material to any Group Company or is a Contract on which any Group Company is
substantially dependent. 
 (b)     Each Material Contract is a valid and binding agreement of the Group Company that is
a party thereto, the performance of which does not and will not violate any applicable Law or Order in any material respect, and is in full force and effect and enforceable in accordance with its terms. Such Group Company has duly performed in all
material respects all of its obligations under each Material Contract to the extent that such obligations to perform have accrued, and no breach or default, alleged breach or alleged default, or event which would (with the passage of time, notice or
both) constitute a material breach or default thereunder by such Group Company or any other party or obligor with respect thereto, has occurred, or as a result of the execution, delivery, and performance of the Transaction Documents will occur. No
Group Company has given written notice that it intends to terminate a Material Contract or that any other party thereto has breached, violated or defaulted under any Material Contract. No Group Company has received any written notice that it has
breached, violated or defaulted under any Material Contract or that any other party thereto intends to terminate such Material Contract. 

  
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 Section 3.15     Compliance with Laws and Other Instruments.

 (a)     Each Group Company is, and at all times has been, in compliance in all material respects with all Laws and
Orders that are applicable to it or to the conduct or operation of the Business or the ownership or use of any of its properties, assets and Intellectual Property. No Group Company has received any notice or other communication from any Government
Authorities (including without limitation MAS) or any other Person regarding any actual, alleged, or potential violation of, or failure to comply with, any legal and regulatory requirements. No event has occurred or circumstance exists that could
constitute or result in a violation by any Group Company of, or failure of any Group Company to comply with, any legal and regulatory requirements. 

(b)     Neither the Group Companies or any of their respective officers, employees, directors, representatives, or to the
Knowledge of the Target Company, distributors or agents, has made, offered, promised, authorized or condoned, or shall make, offer, promise, authorize or condone any Prohibited Payment (as defined below) in connection with the activities of the
Target Company or the negotiation, approval or performance of the Transaction Documents. A “Prohibited Payment” means any gift, transfer or payment of any thing of value that is (i) made in violation of the United States
Foreign Corrupt Practices Act, the anti-corruption laws of Singapore and Hong Kong or other applicable laws, (ii) made to any Government Official with the intent or purpose of: (A) influencing any act or decision of such Government
Official in his official capacity, (B) inducing such Government Official to do or omit to do any act in violation of the lawful duty of such Government Official, (C) securing any improper advantage, or (D) inducing such Government
Official to use his influence with a government or instrumentality thereof, political party or international organization to affect or influence any act or decision of such government or instrumentality, political party or international
organization, in order to assist the Target Company or any of the Group Companies in obtaining or retaining business for or with, or directing business to, any Person, or (iii) made to any Person while aware of a high probability that all or
any portion of such thing of value would be paid, promised, offered or give to any Government Official with the intent or purpose described in subsection (ii). Prohibited Payment shall not include any gift, transfer or payment of anything of value
that is expressly permitted by the applicable Laws of the recipient’s country. 
 (c)     None of the Group
Companies is in violation of its business license or its constitution. 
 (d)     The Group Companies have obtained all
approvals and authorizations (including any and all amendments to such approvals and authorizations) from the relevant Government Authorities and have fulfilled any and all fillings and registration requirements (including any and all amendment
requirements) with the relevant Government Authorities required for the operations of the Group Companies. All filings and registrations with the relevant Government Authorities required in respect of the Group Companies, including but not limited
to the registrations with the MAS, have been duly completed in accordance with the relevant Laws. No Group Company has received any written letter or notice from any relevant Government Authority notifying it of the revocation of any authorization
of any Government Authority, permit or license issued to it for non-compliance or the need for compliance or remedial actions in respect of the activities carried out directly or indirectly by any Group
Company. Each Group Company has been conducting its business activities within the permitted scope of business and is operating its businesses in compliance with all relevant Laws and Orders in all material respects. 

  
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 (e)     (i) Neither any Group Company nor any director, officer or
employee or, to the Knowledge of the Target Company, any agent or representative of any Group Company, is an individual or entity that is, or is owned or controlled by a Person that is: (A) the subject of any sanctions administered or enforced
by the U.S. Department of the Treasury’s Office of Foreign Assets Control, the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority (collectively, “Sanctions”),
nor (B) located, organized or resident in a country or territory that is the subject of Sanctions (including, without limitation, Cuba, Iran, North Korea, Sudan and Syria) and (ii) for the past five years none of the Group Companies has
knowingly engaged in, is now knowingly engaged in, and will engage in, any dealings or transactions with any Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions. 

Section 3.16     Employee Matters. All Key Employees and all other full time employees of each Group Company
are devoting their full professional time to the Group Company. No employee of any Group Company is in material violation of any Law or Order, or any provision of any Contract, relating to such employee’s relationship with the Group Companies.
Except for the Target Company Share Incentive Plan, or as required by applicable Law, or other standard employee benefits, none of the Group Companies has any Benefit Plan. For purposes hereof, “Benefit Plan” means any plan,
Contract or other arrangement providing any benefit to any present or former officer, director or employee, or dependent or beneficiary thereof, including any employment agreement or profit sharing, deferred compensation, share option, performance
share, employee share purchase, severance, retirement, health or insurance plan. No Key Employee has tendered any resignation notice to any Group Company, and none of the Group Companies has a present intention to terminate the employment of any of
the Key Employees. There is no labor strike, labor slow down, labor claim, labor dispute or labor union organization activities or, to the Knowledge of the Target Company, threatened between any Group Company and its employees. Each Group Company
(a) has complied in all material respects with all applicable Laws related to employment and related to the Benefit Plans (including Laws related to the contribution of social insurance and related benefits), employment practices generally
applied to other entities in similar industry as such Group Company in the jurisdiction where such Group Company is incorporated, and the terms and conditions of employment, in each case, with respect to its employees; (b) has paid all wages,
benefits and other required payments in the ordinary course of business; (c) is not liable for any arrears of wages or any Taxes or any penalty for failure to comply with any of the foregoing; and (d) other than as required by applicable
Law, is not materially liable for any payment to any trust or other fund governed by or maintained by or on behalf of any Government Authority, with respect to unemployment compensation benefits, social security or other benefits or obligations for
employees. No complaint or grievance relating to the labor practices of any of the Group Companies is pending or, to the Knowledge of the Target Company, threatened against any of the Group Companies, and no charges are pending or, to the Knowledge
of the Target Company, threatened before any Government Authority responsible for the prevention of unlawful employment practices with respect to any of the Group Companies. 

Section 3.17     Transactions with Related Parties. 

(a)     Other than Contracts entered into in the ordinary course of business, there are no Contracts to or by which any
Group Company, on the one hand, and any Related Party, on the other hand, are or have been parties or otherwise bound or affected (the “Related Party Contracts”). Each Related Party Contract was made on terms and conditions as
favorable to such Group Company as would have been obtainable by it at the time in a comparable arm’s-length transaction with an unrelated party. 

  
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 (b)     No Related Party has any direct or indirect ownership in any
Person with which any Group Company has a business relationship, or any Person that competes with or could reasonably be expected to compete with any Group Company. Except for transactions in the ordinary course of the business of a Group Company on
terms and conditions as favorable to the Group Companies as would have been obtainable by them at the time in a comparable arm’s-length transaction with an unrelated party, no Related Party has any
Contract with, proposed transaction with, or is indebted to, any Group Company, nor is any Group Company indebted (or committed to make loans or extend or guarantee credit) to any of them (other than for accrued salaries, reimbursable expenses or
other standard employee benefits). No Related Party has had, either directly or indirectly, a material interest in: (i) any Person which purchases from or sells, licenses or furnishes to a Group Company any goods, property, intellectual or
other property rights or services; or (ii) any Contract to which a Group Company is a party or by which it may be bound or affected. 

Section 3.18     Competing Business. Any of the Group Companies, Key Employees and their respective Affiliates
are not conducting and have no plan to conduct, engage in, invest in, or own any business or assets outside of the Group Companies that compete with the Business. 

Section 3.19     Licenses and Permits. Each Group Company has at all times obtained and maintained the
requisite Licenses and Permits necessary for the conduct of its business or the ownership or use of its assets worldwide. The Disclosure Schedule lists all the Licenses and Permits held by each of the Group Company. Except for those listed in the
Disclosure Schedule, no other License is necessary for, or otherwise material to, the conduct of the Business by any such Person. The consummation of the transactions contemplated under the Transaction Documents will not result in the termination or
revocation of any of the Licenses and Permits listed in the Disclosure Schedule. None of the Group Companies, Key Employees, and to the Knowledge of the Target Company, Selling Shareholders, and their respective Affiliates own any licenses or
permits relating to the Business, except for those listed in the Disclosure Schedule. Each of the Licenses and Permits listed in the Disclosure Schedule is valid and in full force and effect, and each Group Company has at all times been in
compliance with each of the Licenses and Permits. 
 Section 3.20     Entire Business. There are no
facilities, services, assets or properties shared with any other Person (other than with any other Group Company), which are used in connection with the Business of the Group Companies. 

Section 3.21     Office or Branch Locations. Except as disclosed in the Disclosure Schedule, the Group
Companies do not maintain any office or branch. 
 Section 3.22     Full Disclosure. Neither information
provided by the Warrantors in this Agreement nor in any Exhibit or Schedule hereto contains any untrue statement of any material fact or omits to state any material fact necessary in order to make the statements contained herein or therein not
misleading. 
 Section 3.23     Brokers. No broker, finder or investment banker is entitled to receive from
any Group Company any brokerage, finder’s or other fee or commission in connection with the transactions contemplated by this Agreement or any other Transaction Document based upon arrangements made by or on behalf of any Group Company. 

  
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 Section 3.24     Amount Due to Option Holders. The Group
Companies have no outstanding cash payment obligations to any former or current holders of the Target Company Share Awards due to their exercise of the Target Company Share Awards, through cashless exercise or other manner, or repurchase of the
Target Company Share Awards or others permitted under the Target Company Share Incentive Plan. 
 Section 3.25    
No Other Representations or Warranties. Except for the representations and warranties contained in this ARTICLE III, none of the Warrantors makes any representation or warranty, express or implied, at law or in equity, with respect to
any Group Company or their business, assets or properties, employees, agents, or any other information provided to the Purchaser, its Affiliates or their representatives in connection with the transactions contemplated hereby. None of the Warrantors
will have or be subject to any liability or indemnification obligation to the Purchaser, its Affiliates or their representatives resulting from the distribution, or making available, to such persons, or such persons’ use of, any such
information, including any documents, projections, forecasts or other materials made available to the Purchaser, its Affiliates or their representatives in connection with the transactions contemplated hereby. The Purchaser agrees that none of the
Warrantors is making any representation or warranty, expressed or implied, with respect to the result of or consequences related to or arising out of the operation of the Group Companies by the Purchaser after the Closing Date. 

ARTICLE IV 

REPRESENTATIONS AND WARRANTIES WITH RESPECT TO SELLING 

SHAREHOLDERS 
 Each
Selling Shareholder represents and warrants, severally and not jointly, to the Purchaser that the statements contained in this ARTICLE IV with respect only to such Selling Shareholder, are true, correct and complete as of the date hereof and
as of the Closing Date (unless any representations and warranties expressly relate to another date, in which case as of such other date). 

Section 4.1     Capacity. 

(a)     If such Selling Shareholder is a natural person, such Selling Shareholder is of sound mind, has the legal capacity
to enter into this Agreement and the other Transaction Documents to which he or she is a party, has entered into or will enter into this Agreement and the other Transaction Documents to which he or she is a party on his or her own will, and
understands the nature of the obligations to be assumed by him or her under this Agreement and the other Transaction Documents to which he or she is a party. 

(b)     If such Selling Shareholder is not a natural person, such Selling Shareholder is duly organized, validly existing
and in good standing under the Laws of the place of its incorporation or formation, and has all requisite corporate power and authority to own, lease and operate its properties and to carry on its business as now conducted. 

  
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 Section 4.2     Authorization. Such Selling Shareholder has
all requisite power and authority to execute and deliver this Agreement and the other Transaction Documents to which such Selling Shareholder is a party, to perform its obligations hereunder and thereunder and to consummate the transactions
contemplated hereby and thereby. If such Selling Shareholder is not a natural person, the execution and delivery of this Agreement and the other Transaction Documents to which such Selling Shareholder is a party and the consummation of the
transactions contemplated hereby and thereby have been duly authorized by all requisite corporate action on the part of such Selling Shareholder. This Agreement has been, and each of the other Transaction Documents to which such Selling Shareholder
is a party will be at or prior to the Closing, duly and validly executed and delivered by such Selling Shareholder and (assuming the due authorization, execution and delivery by the other parties hereto and thereto) this Agreement constitutes, and
the other Transaction Documents to which such Selling Shareholder is a party will constitute, the legal, valid and binding obligations of such Selling Shareholder, enforceable against it in accordance with their respective terms, except as
enforcement may be limited by general principles of equity, whether applied in a court of Law or a court of equity, and by applicable bankruptcy, insolvency and similar Law affecting creditors’ rights and remedies generally. 

Section 4.3     Conflicts; Consents of Third Parties. 

(a)     None of the execution, delivery and performance by such Selling Shareholder of this Agreement or the other
Transaction Documents to which such Selling Shareholder is a party, the consummation of the transactions contemplated hereby or thereby, or compliance by such Selling Shareholder with any of the provisions hereof or thereof will breach or conflict
with, or result in any violation of or default under (with or without notice or lapse of time, or both), any provision of (i) the memorandum and articles of association or comparable organizational documents of such Selling Shareholder (if such
Selling Shareholder is not a natural person) or (ii) any Law or Order applicable to such Selling Shareholder. 

(b)     No consent, waiver, approval, Order, Permit or authorization of, or declaration or filing with, or notification
to, any Government Authority or any other Person is required to be obtained or completed by such Selling Shareholder in connection with the execution and delivery of this Agreement or the other Transaction Documents or the compliance by such Selling
Shareholder with any of the provisions hereof or thereof, or the consummation of the transactions contemplated hereby or thereby, except (x) where failure to obtain such consent, waiver, approval, Order, Permit or authorization, or make such
declaration or filing, would not prevent or materially delay the consummation by such Selling Shareholder of the transactions contemplated by this Agreement and the other Transaction Documents to which such Selling Shareholder is a party or
(y) as may be necessary as a result of any facts or circumstances relating solely to the Purchaser or any of its Affiliates. 

Section 4.4     Ownership and Transfer of Shares. Such Selling Shareholder is the record and beneficial owner
of the Purchased Old Shares of such Selling Shareholder, free and clear of all Liens. Such Selling Shareholder has the power to sell, transfer, assign and deliver its Purchased Old Shares as provided in this Agreement and, upon transfer and delivery
of the Purchased Old Shares to the Purchaser and payment therefor in accordance with this Agreement and entry of the name of the Purchaser as the holder of the Purchased Old Shares in the register of members of the Target Company, such transfer and
delivery will convey to the Purchaser good and marketable title to such Shares, free and clear of all Liens. Each Purchased Old Share of such Selling Shareholder is duly authorized, validly issued and fully paid. Each of the SAFE Holders agrees and
confirms that the respective SAFE Agreement shall be terminated automatically upon the conversion of such SAFE Holder’s rights under the respective SAFE Agreement into the Shares pursuant to Schedule A. 

  
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 Section 4.5     No Undisclosed Interest. None of the Founder
and her Affiliates is, a direct or indirect participant in any joint venture, partnership, or other similar arrangement, or otherwise owns or Controls (directly or indirectly) any equity interest in such Selling Shareholder or any of such Selling
Shareholder’s Affiliates. 
 Section 4.6     Brokers. No broker, finder or investment banker is
entitled to receive from any Group Company any brokerage, finder’s or other fee or commission in connection with the transactions contemplated by this Agreement or any other Transaction Document based upon arrangements made by or on behalf of
such Selling Shareholder. 
 Section 4.7     No Other Representations or Warranties. Except for the
representations and warranties contained in this ARTICLE IV, none of the Selling Shareholders makes any representation or warranty, express or implied, at law or in equity, with respect to any of them or their business, assets or properties,
employees, agents, or any other information provided to the Purchaser, its Affiliates or their representatives in connection with the transactions contemplated hereby. None of the Selling Shareholders will have or be subject to any liability or
indemnification obligation to the Purchaser, its Affiliates or their representatives resulting from the distribution, or making available, to such persons, or such persons’ use of, any such information, including any documents, projections,
forecasts or other materials made available to the Purchaser, its Affiliates or their representatives in connection with the transactions contemplated hereby. The Purchaser agrees that none of the Selling Shareholders is making any representation or
warranty, expressed or implied, with respect to the result of or consequences related to or arising out of the operation of the Group Companies by the Purchaser after the Closing Date. 

ARTICLE V 

REPRESENTATIONS AND WARRANTIES OF PURCHASER 

The Purchaser represents and warrants to the Warrantors and the Selling Shareholders that the statements contained in this ARTICLE V
are true and correct as of the date hereof and as of the Closing Date (unless any representations and warranties expressly relate to another date, in which case as of such other date): 

Section 5.1     Organization and Good Standing. The Purchaser is an exempted company duly organized, validly
existing and in good standing under the Laws of the Cayman Islands, and has all requisite corporate power and authority to own, lease and operate its properties and to carry on its business as now conducted. The Purchaser is duly qualified or
authorized to do business as now conducted and is in good standing under the Laws of each jurisdiction in which such qualification or authorization is required. Complete and correct copies of the memorandum and articles of association of the
Purchaser, which are in full force and effect as of the date hereof and as of immediately prior to the Closing, have been provided to the Warrantors and the Selling Shareholders. 

  
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 Section 5.2     Authorization. The Purchaser has all
requisite power and authority to execute and deliver this Agreement and the other Transaction Documents to which the Purchaser is a party, to perform its obligations hereunder and thereunder and to consummate the transactions contemplated hereby and
thereby. The execution and delivery of this Agreement and the other Transaction Documents to which the Purchaser is a party and the consummation of the transactions contemplated hereby and thereby have been duly authorized by all requisite corporate
action on the part of the Purchaser. This Agreement has been, and each of the other Transaction Documents to which the Purchaser is a party will be at or prior to the Closing, duly and validly executed and delivered by the Purchaser and (assuming
the due authorization, execution and delivery by the other parties hereto and thereto) this Agreement constitutes, and the other Transaction Documents to which the Purchaser is a party will constitute, the legal, valid and binding obligations of the
Purchaser, enforceable against it in accordance with their respective terms, except as enforcement may be limited by general principles of equity, whether applied in a court of Law or a court of equity, and by applicable bankruptcy, insolvency and
similar Law affecting creditors’ rights and remedies generally. 
 Section 5.3     Conflicts;
Consents of Third Parties. 
 (a)     None of the execution, delivery and performance by the Purchaser of this
Agreement or the other Transaction Documents to which the Purchaser is a party, the consummation of the transactions contemplated hereby or thereby, or compliance by the Purchaser with any of the provisions hereof or thereof will breach or conflict
with, or result in any violation of or default under (with or without notice or lapse of time, or both), any provision of (i) the memorandum and articles of association of the Purchaser; (ii) any Contract or License of the Purchaser;
(iii) any Order applicable to any Purchaser Group Company or by which any of the properties or assets of any Purchaser Group Company are bound, or (iv) any applicable Law; in each case of (i) to (iv), except as would not, individually
or in the aggregate, materially and adversely affect the ability of the Purchaser to carry out its obligations hereunder and under the other Transactions Documents to which it is a party and to consummate the transactions contemplated hereby and
thereby. 
 (b)     No consent, waiver, approval, Order, Permit or authorization of, or declaration or filing with, or
notification to, any Government Authority or any other Person is required to be obtained or completed by the Purchaser in connection with the execution and delivery of this Agreement or the other Transaction Documents or the compliance by the
Purchaser with any of the provisions hereof or thereof, or the consummation of the transactions contemplated hereby or thereby including without limitation Purchaser’s acquisition, ownership, and business operation of the Target Company from
and after the Closing, except (i) where failure to obtain such consent, waiver, approval, Order, Permit or authorization, or make such declaration or filing, would not prevent or materially delay the consummation by the Purchaser of the
transactions contemplated by this Agreement and the other Transaction Documents to which the Purchaser is a party or (ii) as may be necessary as a result of any facts or circumstances relating solely to any party hereof or any of its
Affiliates. 
 Section 5.4     Share Capital. The authorized share capital of the Purchaser consists of
4,800,000,000 Purchaser Shares and 200,000,000 Class B ordinary shares, par value US$0.00001 per share. As of the date hereof, 49,826,667 ordinary shares of the Purchaser are issued and outstanding. 

Section 5.5     Financial Statements. Certain true and complete copies of unaudited condensed consolidated
financial statements have been delivered by the Purchaser to the Company. Except as may be otherwise indicated in these financial statements, these financial statements (i) were prepared in accordance with the books of account and other
financial records of the Purchaser, (ii) fairly present in all material respects the consolidated financial position of the Purchaser as of the dates indicated therein and the consolidated results of its operations for the periods specified
therein, (iii) have been prepared in accordance with the Applicable Accounting Standard applied on a basis consistent with the past practices of the Purchaser, and (iv) include all adjustments (consisting only of normal recurring accruals)
that are necessary for a fair presentation of the consolidated financial condition of the Purchaser and the results of the operations of the Purchaser as of the dates thereof and for the periods covered thereby. 

  
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 Section 5.6     No Other Representations or Warranties.
Except for the representations and warranties contained in this ARTICLE V, the Purchaser makes no representation or warranty, express or implied, at law or in equity, with respect to it or its business, assets or properties, employees,
agents, or any other information provided to the Warrantors and the Selling Shareholders, their Affiliates or their representatives in connection with the transactions contemplated hereby. The Purchaser will not have or be subject to any liability
or indemnification obligation to the Warrantors or the Selling Shareholders, their Affiliates or their representatives resulting from the distribution, or making available, to such persons, or such persons’ use of, any such information,
including any documents, projections, forecasts or other materials made available to the Warrantors and the Selling Shareholders, its Affiliates or their representatives in connection with the transactions contemplated hereby. 

ARTICLE VI 
 COVENANTS

 Section 6.1    Access to Information. Following the date hereof until the earlier of (a) the
Closing and (b) the termination of this Agreement pursuant to Section 8.1, subject to applicable Law or the terms of any Contract or Licence to which any Group Company is subject, the Purchaser shall be entitled to
make, during normal business hours, such investigation of the properties, assets, businesses and operations of the Group Companies and such examination of the books and records of the Group Companies as it may reasonably request from time to time
upon reasonable advance notice to the relevant Group Company and to make extracts and copies of such books and records, provided that none of the Warrantors shall be required to take or allow actions that would unreasonably interfere with the
operation of the business of any Group Company. Subject to the Purchaser’s compliance with the preceding sentence, the Warrantors shall cause the Group Companies and each of the Group Companies’ respective Key Employees, directors,
accountants, attorneys and other representatives to: (a) afford the officers, accountants, attorneys and other representatives of the Purchaser access, during regular business hours, to the offices, properties, facilities, books and records of
each Group Company, and (b) furnish to the officers, accountants, attorneys and other representatives of the Purchaser such additional financial data and other information regarding the assets, properties, liabilities and goodwill of each Group
Company as the Purchaser may from time to time request. 
 Section 6.2     Notice of Developments. 

(a)     Following the date hereof until the earlier of (a) the Closing and (b) the termination of this Agreement
pursuant to Section 8.1, each Selling Shareholder and the Warrantors shall promptly notify the Purchaser in writing of all events, circumstances, facts and occurrences arising subsequent to the date of this Agreement which
could result in any breach of a representation or warranty or covenant or agreement of such Selling Shareholder or the Warrantors in this Agreement, as the case may be, which could have the effect of making any representation or warranty of such
Selling Shareholder or the Warrantors, as the case may be, untrue or incorrect in any respect, or which could result in any of the conditions set forth in Section 7.1 and Section 7.2 not to be
satisfied on or before the Long Stop Date. Following the date hereof until the earlier of (a) the Closing and (b) the termination of this Agreement pursuant to Section 8.1, the Warrantors shall (i) promptly
notify the Purchaser in writing of all other material developments affecting the assets, Liabilities, business, financial condition, operations, result of operations, client relationships, employee relations, projections or prospects of any Group
Company, and (ii) promptly inform the Purchaser of any oral or written communication between any Warrantor or Group Company and any Government Authority in connection with the transactions contemplated hereunder. 

  
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 (b)     Following the date hereof until the earlier of (a) the
Closing and (b) the termination of this Agreement pursuant to Section 8.1, the Purchaser shall promptly notify the Selling Shareholders and the Warrantors in writing of all events, circumstances, facts and occurrences
arising subsequent to the date of this Agreement which could result in any breach of a representation or warranty or covenant or agreement of the Purchaser in this Agreement, which could have the effect of making any representation or warranty of
the Purchaser untrue or incorrect in any respect, or which could result in any of the conditions set forth in Section 7.1 and Section 7.3 not to be satisfied on or before the Long Stop Date. 

Section 6.3     Conduct of the Business Pending the Closing. Between the date hereof and the earlier of
(a) the Closing and (b) the termination of this Agreement pursuant to Section 8.1, except (x) as required by applicable Law, (y) as otherwise required by this Agreement or at the Purchaser’s
request or with the Purchaser’s permission, or (z) with the prior written consent of the Purchaser, the Target Company shall, and shall cause the other Group Companies to, and the Warrantors shall cause the Target Company and the other
Group Companies to: 
 (a)     conduct the respective Businesses of the Group Companies in the ordinary course and
consistent with the Group Companies’ past practice; 
 (b)     not increase its indemnification protection
currently available to the directors and officers of the Group Companies; 
 (c)     use their commercially reasonable
efforts to (i) preserve the present business operations, organization and goodwill of the Group Companies, (ii) keep available the services of its current officers and employees, (iii) preserve the present relationships with clients
of the Group Companies, and (iv) not engage in any practice, take any action, fail to take any action or enter into any transaction which could cause any representation or warranty of the Warrantors or the Selling Shareholders in this Agreement
to be untrue or result in a breach of any covenant made by the Warrantors or any Selling Shareholder in this Agreement; 
 (d)
    not declare any dividends; 
 (e)     not issue any Equity Securities at a pre-money equity valuation of Target Company of less than US$20.0 million; and 
 (f)
    not take any of the actions enumerated in Section 3.9. 

  
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 Section 6.4     Further Assurances. The Target Company, the
Selling Shareholders, and the Purchaser shall use (and the Target Company shall cause each other Group Company to use) their best efforts to (a) take all actions necessary or appropriate and do all things (including to execute and deliver
documents and other papers) necessary, proper or advisable to consummate the transactions contemplated by this Agreement, (b) cause the fulfillment at the earliest practicable date of all of the conditions to their respective obligations to
consummate the transactions contemplated by this Agreement, including obtaining the approval by MAS and other Government Authorities or any third party consents on or before the Long Stop Date, (c) cause the Amended Constitution, in a form
reasonably satisfactory to the Purchaser, to become effective upon Closing, and (d) cause each of the SAFE Holders to convert its rights under the respective SAFE Agreement into the Shares pursuant to Schedule A. 

Section 6.5     Confidentiality and Publicity. 

(a)     Each Party agrees to, and shall cause its agents, representatives, Affiliates, employees, officers and directors to
treat and hold as confidential (and not disclose or provide access to any Person to) all confidential or proprietary information with respect to the other parties, the Business or the Group Companies or relating to the transactions contemplated
hereby; provided, however, that this Section 6.5(a) shall not apply to (i) information to be provided to the directors, shareholders, Affiliates and legal, accounting and financial advisors of each Party,
who have an absolute need to know such information in order to facilitate the transactions contemplated hereby; (ii) any information that, at the time of disclosure, is in the public domain and was not disclosed in breach of this Agreement by
any Party or any of its agents, representatives, Affiliates, employees, officers or directors, or (iii) any information that is required to be disclosed by Law or Government Authority, provided that in such event (except that information is
required to be disclosed in the Purchaser’s filing or reporting with the SEC as required under applicable securities law) the Party being required to make such disclosure shall provide the other Parties with prompt written notice of such
requirement so that such other Party or Parties may seek a protective order or other remedy or waive compliance with this Section 6.5(a) and, in the event that such protective order or other remedy is not obtained, or such
other Party or Parties waive compliance with this Section 6.5(a), the Party being required to make such disclosure shall furnish only that portion of such confidential information which is legally required to be provided
and exercise its commercially reasonable efforts to obtain assurances that confidential treatment will be accorded such information. 
 (b)
    No Party shall make, or cause to be made, any press release or public announcement, comments, statements or communications in respect of this Agreement or the transactions contemplated hereby or otherwise communicate with any
news media without the prior written consent of the Purchaser (in the case of a proposed release or announcement by any Selling Shareholder or the Target Company) or of the Target Company (in the case of a proposed release or announcement by the
Purchaser), unless otherwise required by Law or Government Authority. 

  
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 Section 6.6     Exclusivity. Between the date of this
Agreement and the earlier of (a) the Closing and (b) the termination of this Agreement pursuant to Section 8.1, none of the Target Company and the Selling Shareholders or any of their respective Affiliates,
officers, directors, representatives or agents shall, and the Target Company, the Founder, and the other Key Employees shall cause the other Group Companies and their respective Affiliates, officers, directors, representatives and agents to not,
(i) solicit, initiate, consider, encourage or accept any other proposals or offers from any Person (A) relating to any acquisition or purchase of all or any portion of the equity interests in the Target Company or any other Group Company
or all or any material portion of the assets of the Group Companies, or (B) to enter into any merger, consolidation, business combination, recapitalization, reorganization or other extraordinary business transaction involving or otherwise
relating to any Group Company, or (ii) participate in any discussions, conversations, negotiations and other communications regarding, or furnish to any other Person any information with respect to, or otherwise cooperate in any way, assist or
participate in, facilitate or encourage any effort or attempt by any other Person to seek to do any of the foregoing. The Target Company and the Selling Shareholders immediately shall, and the Target Company, the Founder, and the other Key Employees
immediately shall cause the other Group Companies to, cease and cause to be terminated all existing discussions, conversations, negotiations and other communications with any Persons conducted heretofore with respect to any of the foregoing. The
Target Company and the Selling Shareholders shall notify the Purchaser promptly if any such proposal or offer, or any inquiry or other contact with any Person with respect thereto, is made and shall, in any such notice to the Purchaser, indicate in
reasonable detail the identity of the Person making such proposal, offer, inquiry or contact and the terms and conditions of such proposal, offer, inquiry or other contact. 

Section 6.7     Tax Filing. 

(a)     The Parties hereby acknowledge, covenant and agree that, subject to Section 6.7(c), (i)
the Purchaser shall have no obligation to pay any Tax of any nature that is required by applicable Law to be paid by any Selling Shareholder or its Affiliates or their respective direct and indirect partners, members and shareholders arising out of
the transactions contemplated by this Agreement and the other Transaction Documents; and (ii) each Selling Shareholder agrees to bear and pay any Tax of any nature that is required by applicable Laws to be paid by it arising out of the
transactions contemplated by this Agreement and the other Transaction Documents. 
 (b)     Each of the Parties shall,
at their own expenses, within such period of time as required by the Relevant Tax Authority duly and properly make with the applicable Taxing Authority (the “Relevant Tax Authority”) the relevant Tax filings and disclosures that are
required by (and shall make such filings and disclosures in accordance with the requirements of) applicable Law in connection with the transactions contemplated hereby. 

(c)     To the extent that any Party is determined by the Relevant Tax Authority to be required by applicable Law to pay
Taxes in connection with the transactions contemplated by this Agreement, such Party shall, within such period of time as required by the Relevant Tax Authority, pay such Taxes and provide the Purchaser and the Target Company, as soon as reasonably
practicable, with evidence that such Taxes have been paid in the form of a receipt of payment issued by the Relevant Tax Authority.
 (d)
    Notwithstanding anything in this Agreement to the contrary, the Parties shall cooperate with the Target Company as and to the extent reasonably requested by the Target Company in connection with the filing of any Tax Returns
and in any threatened or actual proceeding with respect to Taxes, including the retention and (upon request) the provision of records. 

Section 6.8     Consent and Waiver. 

(a)     The Target Company and each Selling Shareholder hereby irrevocably consents to the transactions contemplated hereby
and by the other Transaction Documents and hereby irrevocably waives, subject to the Closing taking place, any protective provision, veto rights, right of first refusal, right of first offer, pre-emptive
right, co-sale right, or any similar rights that the Target Company or such Selling Shareholder, as applicable, may have, whether pursuant to the Existing Constitution or otherwise, in respect of the
transactions contemplated hereby and by the other Transaction Documents. 

  
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 (b)     Each Selling Shareholder hereby irrevocably consents to the
allocation of the Purchase Consideration for Old Shares Acquisition among the Selling Shareholders and the Purchase Consideration for their respective Purchased Old Shares as contemplated by Schedule A as well as the mechanism with respect to
Alternative Arrangement Shares in accordance with Section 2.1(b). 
 Section 6.9
    Use of Proceeds. Purchase Consideration for New Shares Acquisition shall be used for the business development, expansion and operation of the Target Company as approved by both the Chairman of the board of directors
and the Chief Executive officer of the Target Company. 
 ARTICLE VII 

CONDITIONS TO CLOSING 

Section 7.1     Conditions Precedent to Obligations of Each Party. The respective obligations of each Party to
consummate the transactions contemplated by this Agreement is subject to the fulfillment, on or prior to the Closing Date, of each of the following conditions (any or all of which may be waived by such Party, in its sole discretion, in whole or in
part to the extent permitted by applicable Law): 
 (a)     there shall not be in effect any Law or Order by a
Government Authority of competent jurisdiction restraining, enjoining or otherwise prohibiting the consummation of the transactions contemplated hereby; and 

(b)     no Legal Proceeding shall have been commenced by or before any Government Authority against such Party seeking to
restrain or materially and adversely alter the transactions contemplated by this Agreement which would render it impossible or unlawful to consummate such transactions, provided, however, that the provisions of this
Section 7.1(b) shall not apply if such Party has directly or indirectly solicited or encouraged any such Legal Proceeding. 

Section 7.2     Conditions Precedent to Obligations of the Purchaser. The obligation of the Purchaser to
consummate the transactions contemplated by this Agreement is subject to the fulfillment, on or prior to the Closing Date, of each of the following additional conditions (any or all of which may be waived by the Purchaser, in its sole discretion, in
whole or in part to the extent permitted by applicable Law): 
 (a)     (i) the representations and warranties in
Section 3.1, Section 3.2, Section 3.3, Section 3.4 and Section 3.5 (the foregoing representations and warranties, collectively, the “Target Company Fundamental
Warranties”) and the representations and warranties in Section 4.1, Section 4.2, Section 4.3 and Section 4.4 (the foregoing
representations and warranties, collectively, the “Selling Shareholder Fundamental Warranties”) shall be true and correct in all respects when made and as of the Closing with the same force and effect as if made as of the Closing,
except to the extent such representations and warranties relate to another date (in which case such representations and warranties shall be true and correct in all respects as of such other date with the same force and effect as if made as of such
other date), and (ii) the representations and warranties set forth in ARTICLE III and ARTICLE IV (other than the Target Company Fundamental Warranties and the Selling Shareholder Fundamental Warranties) (A) that are not
qualified by “materiality,” “Material Adverse Effect,” or similar qualifiers shall have been true and correct in all respects when made and shall be true and correct in all material respects as of the Closing with the same force
and effect as if made as of the Closing, and (B) that are qualified by “materiality,” “Material Adverse Effect,” or similar qualifiers shall have been true and correct in all respects when made and as of the Closing with the
same force and effect as if made as of the Closing, in each case of (A) and (B), other than such representations and warranties that relate to another date (in which case such representations and warranties shall be true and correct in all
respects as of such other date with the same force and effect as if made as of such other date); 

  
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 (b)     each of the Target Company and the Selling Shareholders shall
have performed and complied with each of the obligations and agreements required by this Agreement to be performed or complied with by such Party on or prior to the Closing Date; 

(c)     from and after the date hereof, there shall have been no change, event, effect or circumstance that, individually
or in the aggregate, has had or would reasonably be expected to have a Material Adverse Effect; 
 (d)     the Purchaser
shall have received certificates from the Target Company and each Selling Shareholder, signed by an authorized signatory of the Target Company and each such Selling Shareholder, respectively, dated as of the Closing Date, certifying that, with
respect to the Target Company and such Selling Shareholder (as applicable), the conditions set forth in Section 7.2(a), Section 7.2(b), and Section 7.2(c) have been
satisfied; 
 (e)     the Existing Constitution shall have been duly amended and restated as the Amended Constitution,
in a form reasonably satisfactory to the Purchaser; 
 (f)     the Selling Shareholders and the Target Company shall
have signed the Shareholders Agreement with the Purchaser, in a form reasonably satisfactory to the Purchaser; 
 (g)
    the Founder and each Selling Shareholder that is a Key Employee shall sign a Share Mortgage Agreement, pledging 50% of the Purchaser Shares to Purchaser, substantially in the form of Exhibit B hereto; 

(h)     the Target Company and the Selling Shareholders shall have obtained all consent, waiver, approval, Order, Permit
or authorization of, or made declaration or filing with, or notification to, any Government Authority or any other Person required to be obtained or completed by the Group Companies in connection with the Closing; 

(i)     the Purchaser is satisfied with the results of its legal, business and financial due diligence on Target Company;

 (j)     the Founder and Key Employees have all entered into employment, confidentiality and non-competition agreements with the Target Company, each in a forms reasonably satisfactory to the Purchaser; and 

(k)     each of the SAFE Holders have converted its rights under the respective SAFE Agreement into the Shares pursuant to
Schedule A. 

  
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 Section 7.3     Conditions Precedent to Obligations of the
Target Company. The obligations of the Target Company to consummate the transactions contemplated by this Agreement are subject to the fulfillment, prior to or on the Closing Date, of each of the following additional conditions (any or all of
which may be waived by the Target Company in its sole discretion in whole or in part to the extent permitted by applicable Law): 
 (a)
    the representations and warranties in Section 5.1, Section 5.2, Section 5.3 and Section 5.4 (the foregoing representations and warranties,
collectively, the “Purchaser Fundamental Warranties”) shall be true and correct in all respects when made and as of the Closing with the same force and effect as if made as of the Closing, and (ii) the representations and
warranties of the Purchaser set forth in this Agreement (other than the Purchaser Fundamental Warranties) shall have been true and correct in all respects when made and shall be true and correct in all material respects as of the Closing with the
same force and effect as if made as of the Closing; 
 (b)     the Purchaser shall have performed and complied with each
of the obligations and agreements required by this Agreement to be performed or complied with by the Purchaser on or prior to the Closing Date; 

(c)     the Target Company shall have received a certificate from the Purchaser signed by an authorized signatory of the
Purchaser, dated the Closing Date, certifying that the conditions set forth in Section 7.3(a) and Section 7.3(b) have been satisfied; and 

(d)     the Purchaser shall have obtained all consent, waiver, approval, Order, Permit or authorization of, or made
declaration or filing with, or notification to, any Government Authority or any other Person required to be obtained or completed by the Purchaser or the Purchaser Group Companies in connection with the Closing. 

Section 7.4     Conditions Precedent to Obligations of the Selling Shareholders. The obligations of the
Selling Shareholders to consummate the transactions contemplated by this Agreement are subject to the fulfillment, prior to or on the Closing Date, of each of the following additional conditions (any or all of which may be waived by the Selling
Shareholders in whole or in part to the extent permitted by applicable Law): 
 (a)     the Purchaser Fundamental
Warranties shall be true and correct in all respects when made and as of the Closing with the same force and effect as if made as of the Closing, and (ii) the representations and warranties of the Purchaser set forth in this Agreement (other
than the Purchaser Fundamental Warranties ) shall have been true and correct in all respects when made and shall be true and correct in all material respects as of the Closing with the same force and effect as if made as of the Closing; 

(b)     the Purchaser shall have performed and complied with each of the obligations and agreements required by this
Agreement to be performed or complied with by the Purchaser on or prior to the Closing Date; 
 (c)     each Selling
Shareholder shall have received a certificate from the Purchaser signed by an authorized signatory of the Purchaser, dated the Closing Date, certifying that the conditions set forth in Section 7.4(a) and
Section 7.4(b) have been satisfied; and 
 (d)     the Purchaser shall have obtained all
consent, waiver, approval, Order, Permit or authorization of, or made declaration or filing with, or notification to, any Government Authority or any other Person required to be obtained or completed by the Purchaser or the Purchaser Group Companies
in connection with the Closing. 

  
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 ARTICLE VIII 

TERMINATION 

Section 8.1     Termination of Agreement. This Agreement may be terminated with respect to all Parties and all
transactions contemplated herein at any time prior to the Closing as follows: 
 (a)     by the Purchaser if, between
the date hereof and the Closing, (i) there is a breach of any representation or warranty or failure to perform any covenant or agreement set forth in this Agreement on the part of the Target Company or any Selling Shareholder and (ii) such
breach or failure to perform would cause any of the conditions set forth in Section 7.1 or Section 7.2 not to be satisfied on or before the Long Stop Date and cannot be cured, or if curable, is not
cured within twenty (20) days after written notice of such breach is given to the Target Company or the Selling Shareholders by the Purchaser; 

(b)     by the Target Company and the Founder, acting jointly, if, between the date hereof and the Closing, there is a
breach of any representation or warranty or failure to perform any covenant or agreement set forth in this Agreement on the part of the Purchaser, which breach or failure to perform would cause any of the conditions set forth in
Section 7.1 or Section 7.3 not to be satisfied on or before the Long Stop Date and cannot be cured, or if curable, is not cured within twenty (20) days after written notice of such breach is
given to the Purchaser by the Target Company; 
 (c)     by the Purchaser on or after the Long Stop Date if the Closing
shall not have occurred by the close of business on the Long Stop Date, provided that the right to terminate this Agreement pursuant to this Section 8.1(c) shall not be available to the Purchaser if its failure to
perform any of its obligations under this Agreement shall have resulted in the failure of the Closing to be consummated by the Long Stop Date; 

(d)     by the Target Company and the Founder, acting jointly, on or after the Long Stop Date if the Closing shall not
have occurred by the close of business on the Long Stop Date, provided that the right to terminate this Agreement pursuant to this Section 8.1(d) shall not be available to the Target Company and the Founder if the
failure by the Target Company or the Founder to perform any of its obligations under this Agreement shall have resulted in the failure of the Closing to be consummated by the Long Stop Date; 

(e)     by the Purchaser pursuant to Section 2.7(a)(iii), 

(f)     by the Target Company and the Selling Shareholders (acting jointly) pursuant to
Section 2.7(c); or 
 (g)     by mutual written consent of the Target Company, the Selling
Shareholders and the Purchaser. 
 Section 8.2     Termination of Agreement with Respect to a Selling
Shareholder. This Agreement may be terminated with respect to a Selling Shareholder that is not a Founder and the transactions contemplated herein between that Selling Shareholder and the other Parties at any time prior to the Closing as
follows: 
 (a)     by the Purchaser if, between the date hereof and the Closing, (i) there is a breach of any
representation or warranty or failure to perform any covenant or agreement set forth in this Agreement on the part of such Selling Shareholder and (ii) such breach or failure to perform would cause any of the conditions set forth in
Section 7.1 or Section 7.2 not to be satisfied on or before the Long Stop Date and cannot be cured, or if curable, is not cured within twenty (20) days after written notice of such breach is
given to such Selling Shareholder by the Purchaser; 

  
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 (b)     by that Selling Shareholder if, between the date hereof and the
Closing, there is a breach of any representation or warranty or failure to perform any covenant or agreement set forth in this Agreement on the part of the Purchaser, which breach or failure to perform would cause any of the conditions set forth in
Section 7.1 or Section 7.3 not to be satisfied on or before the Long Stop Date and cannot be cured, or if curable, is not cured within twenty (20) days after written notice of such breach is
given to the Purchaser by that Selling Shareholder; 
 (c)     by the Purchaser on or after the Long Stop Date if the
Closing shall not have occurred by the close of business on the Long Stop Date, provided that the right to terminate this Agreement pursuant to this Section 8.2(c) shall not be available to the Purchaser if its
failure to perform any of its obligations under this Agreement shall have resulted in the failure of the Closing to be consummated by the Long Stop Date; and 

(d)     by that Selling Shareholder, on or after the Long Stop Date if the Closing shall not have occurred by the close of
business on the Long Stop Date, provided that the right to terminate this Agreement pursuant to this Section 8.2(d) shall not be available to such Selling Shareholder if the failure by such Selling Shareholder to
perform any of its obligations under this Agreement shall have resulted in the failure of the Closing to be consummated by the Long Stop Date. 

Section 8.3     Procedure Upon Termination. 

(a)     In the event of termination by a Party pursuant to Section 8.1 hereof, written notice of
such termination shall forthwith be given to the other Parties, and this Agreement shall thereupon terminate without further action by any Party. 

(b)     In the event of termination by the Purchaser or a Selling Shareholder that is not the Founder pursuant to
Section 8.2 hereof, written notice of such termination shall forthwith be given to the other Parties, and this Agreement shall thereupon terminate with respect to that Selling Shareholder and the transactions contemplated
herein between such Selling Shareholder and the Purchaser without further action by any Party. 
 Section 8.4
    Effect of Termination. 
 (a)     In the event that this Agreement is validly terminated
in accordance with Section 8.1 and Section 8.3, each of the Parties shall be relieved of their duties and obligations arising under this Agreement after the date of such termination and such termination shall be
without liability to any Party; provided that (i) no such termination shall relieve any Party hereto from liability for a breach of any of its covenants or agreements or its representations and warranties contained in this Agreement
prior to the date of termination, (ii) any such termination shall be without prejudice to any rights which have already accrued to any Party under this Agreement, and (iii) ARTICLE I, Section 6.5,
this Section 8.4, and ARTICLE X shall survive any such termination. 

  
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 (b)     In the event that this Agreement is validly terminated with
respect to a Selling Shareholder that is not the Founder in accordance with Section 8.2 and Section 8.3, that Selling Shareholder shall, and each of the other Parties shall with respect to that
Selling Shareholder, be relieved of their duties and obligations arising under this Agreement after the date of such termination and such termination shall be without liability to any Party; provided that (i) no such termination shall
relieve any Party hereto from liability for a breach of any of its covenants or agreements or its representations and warranties contained in this Agreement prior to the date of termination, (ii) any such termination shall be without prejudice
to any rights which have already accrued to any Party under this Agreement, and (iii) ARTICLE I, Section 6.5, this Section 8.4, and ARTICLE X shall survive any such
termination. 
 ARTICLE IX 

INDEMNIFICATION 

Section 9.1     Survival of Representations, Warranties and Covenants. The representations and warranties of
each Party contained in this Agreement shall survive the Closing until the date that is two (2) years following the Closing Date; provided, however, the Target Company Fundamental Warranties, the Selling Shareholder Fundamental
Warranties and the Purchaser Fundamental Warranties shall survive the Closing indefinitely, and the representations and warranties set forth in Section 3.13 (Taxes) shall survive the Closing until sixty
(60) days after the applicable statute of limitations governing claims arising thereunder. Notwithstanding the foregoing, the covenants or other agreements of the Target Company, the Selling Shareholders and/or the Purchaser contained in
this Agreement that by their terms are to be performed after the Closing shall survive the Closing in accordance with their terms, unless and only to the extent that non-compliance with such covenants or
agreements is waived in writing by the Party that is the beneficiary of such covenants or agreements. If written notice of a claim for indemnification has been given in accordance with Section 9.2 prior to the expiration of
the applicable representations, warranties, covenants or other agreements, then the relevant representations, warranties, covenants or other agreements shall survive as to such claim, until such claim has been finally resolved. 

Section 9.2     Indemnification. 

(a)     Indemnification by the Selling Shareholders. From and after the Closing, each of the Selling Shareholders
shall, severally and not jointly, indemnify, defend and hold harmless the Purchaser and its Affiliates (including, for the avoidance of doubt, the Group Companies from and after the Closing) and their respective officers, directors, employees,
agents, successors and permitted assigns (collectively, the “Purchaser Indemnitees”) from and against all Liabilities, losses, damages, diminution in value, claims, costs and expenses (including reasonable attorneys’ fees and
expenses incurred in connection with the investigation or defense of any of the same or in responding to or cooperating with any governmental investigation), interest, awards, judgments, fines and penalties actually suffered or incurred by the
Purchaser Indemnitees (in each case, whether absolute, accrued, conditional or otherwise and whether or not resulting from Third Party Claims) (hereinafter “Purchaser Losses”) directly arising out of or relating to: 

(i)     any untrue representation or warranty or breach thereof set forth in ARTICLE IV or any
Transaction Documents; or 
 (ii)     any breach or
non-fulfillment of any covenant or obligation to be performed by any Selling Shareholder under the Transaction Documents. 

  
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 (b)     Indemnification by the Warrantors. From and after the
Closing, each of the Warrantors shall, severally and jointly, indemnify, defend and hold harmless (to the fullest extent permitted by applicable Law) the Purchaser Indemnitees from and against all Purchaser Losses directly arising out of or relating
to: 
 (i)     any untrue representation or warranty or breach thereof set forth in ARTICLE III or
any Transaction Documents; 
 (ii)     any breach or
non-fulfillment of any covenant or obligation to be performed by any Warrantor under the Transaction Documents; 

(iii)     any Tax obligations of the Group Companies for all taxable periods ending on or before the
Closing Date and the portion of any Straddle Period through the end of the Closing Date, except to the extent that such Taxes are reserved in the Financial Statements; provided that, in the case of any Straddle Period, (A) the amount of
any Taxes of the Group Companies based upon or measured by net income or gain which relate to the portion of the Straddle Period through the end of the Closing Date will be determined based on an interim closing of the books as of the close of
business on the Closing Date, and (B) the amount of any other Taxes of the Group Companies which relate to the portion of the Straddle Period through the end of the Closing Date will be determined according to an interim closing of the books to
the greatest extent possible, and otherwise shall be deemed to be the amount of such Tax for the entire Straddle Period (except to the extent that such Taxes are reserved for in the Financial Statements) multiplied by a fraction, the numerator of
which is the number of days in the portion of the Straddle Period through the end of the Closing Date and the denominator of which is the number of days in such Straddle Period; 

(iv)     any Liability and Legal Proceeding relating to any completed or proposed coin, token, or
cryptocurrency offering or sales or similar financing by any Group Company or Warrantor; or 
 (v)
    any payment obligations and commitments that are outside of the Group Companies’ ordinary course of business and have not been disclosed or included in the Target Company’s Financial Statements. 

For the avoidance of doubt, the indemnity obligation of each Warrantor towards any Purchaser Indemnitees with respect to Item (iii) above
shall not be affected or prejudiced by the fact that such matter may be disclosed to the Purchaser in the Disclosure Schedule or otherwise. 

(c)     Indemnification by the Purchaser. From and after the Closing, the Purchaser shall indemnify, defend and
hold harmless each Selling Shareholder and its Affiliates, and their respective officers, directors, agents, employees, successors and permitted assigns (collectively, the “Selling Shareholder Indemnitees”) from and against all
Liabilities, losses, damages, diminution in value, claims, costs and expenses (including reasonable attorneys’ fees and expenses incurred in connection with the investigation or defense of any of the same or in responding to or cooperating with
any governmental investigation), interest, awards, judgments, fines and penalties actually suffered or incurred by the Selling Shareholder Indemnitees (in each case, whether absolute, accrued, conditional or otherwise and whether or not resulting
from Third Party Claims) (hereinafter “Selling Shareholder Losses”) directly arising out of or relating to 

  
 40 

 (i)     any untrue representation or warranty or breach
thereof set forth in ARTICLE V; or any Transaction Documents; or 
 (ii)     any breach or non-fulfillment of any covenant or obligation to be performed by the Purchaser under the Transaction Documents. 

(d)     Procedures Relating to Indemnification. 

(i)     Any Party seeking indemnification under this Section 9.2 (an “Indemnified
Party”) shall promptly give the Party from whom indemnification is being sought (an “Indemnifying Party”) notice in writing of any matter which such Indemnified Party has determined has given or could reasonably be expected
to give rise to a right of indemnification under this Agreement stating in reasonable detail the nature of the claim, and containing a reference to the provisions of this Agreement in respect of which such right of indemnification is claimed or
arises; provided, however, that the failure to provide such notice shall not release the Indemnifying Party from any of its obligations under this Section 9.2 except to the extent the Indemnifying Party is materially
prejudiced by such failure. With respect to any recovery or indemnification sought by an Indemnified Party from the Indemnifying Party that does not involve a Third Party Claim, if the Indemnifying Party does not notify the Indemnified Party within
thirty (30) days from its receipt of the notice from the Indemnified Party that the Indemnifying Party disputes such claim, the Indemnifying Party shall be deemed to have accepted and agreed with such claim. If the Indemnifying Party has
disputed a claim for indemnification (including any Third Party Claim), the Indemnifying Party and the Indemnified Party shall proceed in good faith to negotiate a resolution to such dispute. If the Indemnifying Party and the Indemnified Party
cannot resolve such dispute in thirty (30) days after delivery of the dispute notice by the Indemnifying Party, such dispute shall be resolved by arbitration pursuant to Section 10.3. 

(ii)     If an Indemnified Party shall receive notice of any Legal Proceeding, audit, demand or assessment
(each, a “Third Party Claim”) against it or which may give rise to a claim for Purchaser Loss or Selling Shareholder Loss under this Section 9.2, within 30 days of the receipt of such notice, the
Indemnified Party shall give the Indemnifying Party written notice of such Third Party Claim; provided, however, that the failure to provide such notice shall not release the Indemnifying Party from any of its obligations under this
Section 9.2 except to the extent that the Indemnifying Party is materially prejudiced by such failure. If the Indemnifying Party acknowledges in writing its obligation to indemnify the Indemnified Party hereunder against
any Purchaser Losses or Selling Shareholder Losses, as applicable, that may result from such Third Party Claim, then the Indemnifying Party shall be entitled to assume and control the defense of such Third Party Claim at its expense and through
counsel of its choice if it gives notice of its intention to do so to the Indemnified Party within five days of the receipt of such notice from the Indemnified Party; provided, however, that if there exists or is reasonably likely to
exist a conflict of interest that would make it inappropriate in the judgment of the Indemnified Party in its sole and absolute discretion for the same counsel to represent both the Indemnified Party and the Indemnifying Party, then the Indemnified
Party shall be entitled to retain its own counsel in each jurisdiction for which the Indemnified Party determines counsel is required, at the Indemnifying Party’s expense. In the event that the Indemnifying Party exercises the right to
undertake any such defense against any such Third Party Claim as provided above, the Indemnified Party shall cooperate with the Indemnifying Party in such defense and make available to the Indemnifying Party, at the Indemnifying Party’s
expense, all witnesses, pertinent records, materials and information in the Indemnified Party’s possession or under the Indemnified Party’s control relating thereto as is reasonably required by the Indemnifying Party. Similarly, in the
event the Indemnified Party is, directly or indirectly, conducting the defense against any such Third Party Claim, the Indemnifying Party shall cooperate with the Indemnified Party in such defense and make available to the Indemnified Party, at the
Indemnifying Party’s expense, all such witnesses, records, materials and information in the Indemnifying Party’s possession or under the Indemnifying Party’s control relating thereto as is reasonably required by the Indemnified Party.
No such Third Party Claim may be settled by the Indemnifying Party without the prior written consent of the Indemnified Party. 

  
 41 

 (e)     No Warrantor or Selling Shareholder shall be entitled to claim
against any Group Company for contribution, reimbursement, indemnification or other participation in respect of or arising out of any indemnification obligation of the Warrantors or Selling Shareholders hereunder, and each Warrantor and Selling
Shareholder hereby irrevocably and unconditionally waives any such claim it may have against the Group Companies. Each Warrantor and Selling Shareholder is entitled to claim against any other Warrantor or Selling Shareholders (other than the Target
Company) for contribution, reimbursement, indemnification and other participation. 
 Section 9.3     Limitation
of Liability. 
 (a)     In no event shall any Indemnifying Party be liable to any Indemnified Party for
indemnification under Section 9.2 for any punitive, incidental, consequential, special or indirect damages. 

(b)     The aggregate liability of the Target Company under Section 9.2 (other than with respect
to breach of any of the Target Company Fundamental Warranties, fraud, and Section 9.2(b)(iii)-(v)) to the other Parties shall be capped at US$3.0 million. 

(c)     The aggregate liability of the Founder under Section 9.2 (other than with respect to
breach of any of the Target Company Fundamental Warranties and Selling Shareholders Fundamental Warranties and fraud) to the Purchaser shall be capped at US$3.0 million plus the Purchase Consideration for Old Shares Acquisition attributable to
the Founder, which shall be the amount calculated by multiplying the number of Purchased Old Shares sold by the Founder and US$123.85 (being the agreed value of each Purchased Old Share as at the date of Closing). 

(d)     The aggregate liability of each Selling Shareholder (excluding the Founder) under Section 9.2(a)(i) (other
than with respect to breach of any of the Selling Shareholder Fundamental Warranties and fraud) to the Purchaser shall be capped at Purchase Consideration for Old Shares Acquisition attributable to such Selling Shareholder, which shall be the amount
calculated by multiplying the number of Purchased Old Shares sold by such Selling Shareholder and US$123.85 (being the agreed value of each Purchased Old Share as at the date of Closing); 

(e)     The aggregate liability of the Purchaser under Section 9.2 (other than with respect to
breach of any of the Purchaser Fundamental Warranties and fraud) to the other Parties shall be capped at, with respect to: (i) the Target Company, US$3.0 million; and (ii) each Selling Shareholder, Purchase Consideration for Old
Shares Acquisition attributable to such Selling Shareholder, which shall be the amount calculated by multiplying the number of Purchased Old Shares sold by such Selling Shareholder and US$123.85 (being the agreed value of each Purchased Old Share as
at the date of Closing). 

  
 42 

 ARTICLE X 

MISCELLANEOUS 

Section 10.1     Expenses. Except as otherwise provided in this Agreement, each Party shall bear its own costs
and expenses incurred in connection with the negotiation and execution of this Agreement and each other Transaction Document and the consummation of the transactions contemplated hereby and thereby. 

Section 10.2     Governing Law. This Agreement will be governed by and construed in accordance with the laws
of Hong Kong without giving effect to any choice or conflict of law provision or rule thereof. 
 Section 10.3    
Arbitration. 
 (a)     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 in Hong Kong in accordance with the Hong Kong International Arbitration Centre Administered Arbitration Rules (the “HKIAC
Rules”) in force when the notice of arbitration is submitted in accordance with the HKIAC Rules. The HKIAC Rules are deemed to be incorporated by reference to this clause. The tribunal shall be comprised of three arbitrators. The Purchaser,
on the one hand, and the Selling Shareholders, acting jointly, on the other hand, shall each nominate one arbitrator and the third, who shall serve as president of the tribunal, shall be nominated by the party-nominated arbitrators. The arbitration
shall be conducted in English. Each Party irrevocably and unconditionally consents to such arbitration as the sole and exclusive method of resolving any dispute arising out of or in connection with this Agreement, including any question regarding
its existence, validity or termination, other than any proceedings to seek the remedies of specific performance as contemplated by Section 10.5. 

(b)     The award of the arbitral tribunal shall be final and binding on the Parties. The Parties agree that they will not
have recourse to any judicial proceedings, in any jurisdiction whatsoever, for the purpose of seeking appeal, annulment, setting aside, modification or any diminution or impairment of its terms or effect insofar as such exclusion can validly be
made. Judgment upon any award rendered may be entered in any court having jurisdiction thereof, or application may be made to such court for a judicial acceptance of the award and an order of enforcement, as the case may be. 

Section 10.4     Entire Agreement; Amendments and Waivers. This Agreement (including the schedules and
exhibits hereto) and the other Transaction Documents represent the entire understanding and agreement among the Parties with respect to the subject matter hereof and thereof. This Agreement can be amended, supplemented or changed, and any provision
hereof can be waived, only by written instrument making specific reference to this Agreement signed by the Purchaser, the Selling Shareholders and the Target Company (except as specifically contemplated by Section 2.7(b)).
No action taken pursuant to this Agreement, including any investigation by or on behalf of any Party, shall be deemed to constitute a waiver by the Party taking such action of compliance with any representation, warranty, covenant or agreement
contained herein. The waiver by any Party of a breach of any provision of this Agreement shall not operate or be construed as a further or continuing waiver of such breach or as a waiver of any other or subsequent breach. No failure on the part of
any Party to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such Party preclude any other or further exercise
thereof or the exercise of any other right, power or remedy. 

  
 43 

 Section 10.5     Specific Performance. The Parties
acknowledge and agree that irreparable damage would occur if any provision of this Agreement were not performed in accordance with the terms hereof and that, prior to the termination of this Agreement in accordance with ARTICLE VIII, each
Party shall be entitled to seek specific performance of the terms hereof. It is accordingly agreed that prior to such termination, each Party shall be entitled to seek an injunction or injunctions to prevent such breaches of this Agreement and to
seek to enforce specifically (without proof of actual damages or harm, and not subject to any requirement for the securing or posting of any bond in connection therewith) such terms and provisions of this Agreement, this being in addition to any
other remedy to which each Party is entitled at law or in equity. 
 Section 10.6     Notices. All notices
and other communications under this Agreement shall be in writing and shall be deemed effectively given (i) when delivered personally by hand (with written confirmation of receipt), (ii) when sent by email (provided that the email
was properly and correctly addressed to the recipient’s email address notified by the recipient under this Agreement) or (iii) two Business Days following the day sent by international overnight courier (with written confirmation of
receipt), in each case at the following addresses and email addresses (or to such other address or email address as a party may have specified by notice given to the other party pursuant to this provision): 

If to the Purchaser, to: 
 AMTD
Digital Inc. 
 Address:         23/F - 25/F Nexxus Building, 41 Connaught Road, Central, Hong Kong

 Email:             ********************* 

Attention:       ********************* 

If to the Target Company, to: 

PolicyPal Pte. Ltd. 
 Address:
Registered office of the Target Company from time to time 
 Email: ********************* 

Attention: ********************* 

If to the Target Company, an additional copy to: 

********************* 
 Address:
Block 309 Yishun Ring Road, #02-1250C, Singapore 760309  
 Email: ********************* 

  
 44 

 If to the Selling Shareholders, to the address, email address and attention details set
forth on the signature page to this Agreement of such Selling Shareholder. 
 Section 10.7     Severability.
If any term or other provision of this Agreement is invalid, illegal, or incapable of being enforced by any law or public policy, all other terms or provisions of this Agreement shall nevertheless remain in full force and effect so long as the
economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal, or incapable of being enforced, the
parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally
contemplated to the greatest extent possible. 
 Section 10.8     Binding Effect; Third Party Rights;
Assignment. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns. Except as provided in Section 9.2 hereof, nothing in this Agreement,
express or implied, shall create or be deemed to create upon any Person who is not a Party, any rights or remedies under or by reason of this Agreement pursuant to the Contracts (Right of Third Parties) Ordinance (Cap.623, Laws of Hong Kong). No
assignment of this Agreement or of any rights or obligations hereunder may be made by (i) any Selling Shareholder or the Target Company, directly or indirectly (by operation of law or otherwise), without the prior written consent of the
Purchaser, and (ii) the Purchaser directly or indirectly (by operation of law or otherwise), without the prior written consent of the Selling Shareholders and the Target Company, and any attempted assignment in violation of this
Section 10.8 shall be void. 
 Section 10.9     Disclosure Schedule References.
The Parties agree that any reference in a particular Section of the Disclosure Schedule shall be deemed to be an exception to or, as applicable, a disclosure for purposes of the representations and warranties, or covenants, as applicable, of the
relevant Party that are contained in the corresponding Section of this Agreement. 
 Section 10.10    
Counterparts. This Agreement may be executed in any number of counterparts, each of which will be deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same
agreement. Facsimile and e-mailed copies of signatures shall be deemed to be originals for purposes of the effectiveness of this Agreement. 

** REMAINDER OF PAGE INTENTIONALLY LEFT BLANK ** 

  
 45 

 The Parties have caused this Agreement to be duly executed as of the date first written
above. 
  

			
	 AMTD Digital Inc.

		
	 By:
	 	 /s/ William Fung

	 Name: William Fung

	 Title: Director and CEO

  
 [Signature Page to Share
Purchase Agreement] 

 The Parties have caused this Agreement to be duly executed as of the date first written
above. 
  

			
	PolicyPal Pte. Ltd.
		
	By:	 	 /s/ Yap Wen Yin Valenzia

	Name: Yap Wen Yin Valenzia
	Title: Authorized Signatory

  
 [Signature Page to Share
Purchase Agreement] 

 The Parties have caused this Agreement to be duly executed as of the date first written
above. 
  

	
	Yap Wen Yin Valenzia
	
	 /s/ Yap Wen Yin Valenzia

	
	Address: ******************
	Email: ******************

  
 [Signature Page to Share
Purchase Agreement] 

 The Parties have caused this Agreement to be duly executed as of the date first written
above. 
  

	
	Wong Kai Chin
	
	 /s/ Wong Kai Chin

	
	Address: ******************
	Email: ******************

  
 [Signature Page to Share
Purchase Agreement] 

 The Parties have caused this Agreement to be duly executed as of the date first written
above. 
  

	
	Toh Pei Yu
	
	 /s/ Toh Pei Yu

	
	Address: ******************
	Email: ******************

  
 [Signature Page to Share
Purchase Agreement] 

 The Parties have caused this Agreement to be duly executed as of the date first written
above. 
  

	
	Yan Wye Huong
	
	 /s/ Yan Wye Huong

	
	Address: ******************
	Email: ******************

  
 [Signature Page to Share
Purchase Agreement] 

 The Parties have caused this Agreement to be duly executed as of the date first written
above. 
  

	
	Phoo Yong Koon, Wilson
	
	 /s/ Phoo Young Koon, Wilson

	
	Address: ******************
	Email: ******************

  
 [Signature Page to Share
Purchase Agreement] 

 The Parties have caused this Agreement to be duly executed as of the date first written
above. 
  

	
	Lily Priska Tania
	
	 /s/ Lily Priska Tania

	
	Address: ******************
	Email: ******************

  
 [Signature Page to Share
Purchase Agreement] 

 The Parties have caused this Agreement to be duly executed as of the date first written
above. 
  

	
	Lim Ting Zhou
	
	 /s/ Lim Ting Zhou

	
	Address: ******************
	Email: ******************

  
 [Signature Page to Share
Purchase Agreement] 

 The Parties have caused this Agreement to be duly executed as of the date first written
above. 
  

	
	Ong JunTian, Ivan
	
	 /s/ Ong JunTian, Ivan

	
	Address: ******************
	Email: ******************

  
 [Signature Page to Share
Purchase Agreement] 

 The Parties have caused this Agreement to be duly executed as of the date first written
above. 
  

	
	Rennes Lee Ting
	
	 /s/ Rennes Lee Ting

	
	Address: ******************
	Email: ******************

  
 [Signature Page to Share
Purchase Agreement] 

 The Parties have caused this Agreement to be duly executed as of the date first written
above. 
  

	
	Eilane Wang
	
	 /s/ Eilane Wang

	
	Address: ******************
	Email: ******************

  
 [Signature Page to Share
Purchase Agreement] 

 The Parties have caused this Agreement to be duly executed as of the date first written
above. 
  

	
	Deborah Ong
	
	 /s/ Deborah Ong

	
	Address: ******************
	Email: ******************

  
 [Signature Page to Share
Purchase Agreement] 

 The Parties have caused this Agreement to be duly executed as of the date first written
above. 
  

	
	Muhamad Iswan Bin Mastuah
	
	 /s/ Muhamad Iswan Bin Mastuah

	
	Address: ******************
	Email: ******************

  
 [Signature Page to Share
Purchase Agreement] 

 The Parties have caused this Agreement to be duly executed as of the date first written
above. 
  

	
	Zhaoyan Liu
	
	 /s/ Zhaoyan Liu

	
	Address: ******************
	Email: ******************

  
 [Signature Page to Share
Purchase Agreement] 

 The Parties have caused this Agreement to be duly executed as of the date first written
above. 
  

	
	 Gerald Tear Nam Jiang

	
	 /s/ Gerald Tear Nam Jiang

	
	Address: ******************
	Email: ******************

  
 [Signature Page to Share
Purchase Agreement] 

 The Parties have caused this Agreement to be duly executed as of the date first written
above. 
  

	
	Lim Siow Wei
	
	 /s/ Lim Siow Wei

	
	Address: ******************
	Email: ******************

  
 [Signature Page to Share
Purchase Agreement] 

 The Parties have caused this Agreement to be duly executed as of the date first written
above. 
  

			
	SHAREHOLDER:
	500 DURIANS II, L.P.
	
	By: 500 DURIANS II, L.L.C.,
	its general partner
		
	By:	 	 /s/ Christine Tsai

	Name:	 	Christine Tsai
	Title:	 	President
	
	Address: ******************
	Email: ******************
	Attention: ******************

  
 [Signature Page to Share
Purchase Agreement] 

 The Parties have caused this Agreement to be duly executed as of the date first written
above. 
  

	
	Ho Poh Wah
	
	 /s/ Ho Poh Wah

	
	Address: ******************
	Email: ******************

  
 [Signature Page to Share
Purchase Agreement] 

 The Parties have caused this Agreement to be duly executed as of the date first written
above. 
  

			
	SEA DRAGONS FUND PTE LTD.
		
	By:	 	 /s/ AARON TAN Wei
CHENG                      

	Name:	 	AARON TAN WEI CHENG
	Title:	 	Authorized Signatory
	
	Address: ******************
	Email: ******************
	Attention: ******************

  
 [Signature Page to Share
Purchase Agreement] 

 The Parties have caused this Agreement to be duly executed as of the date first written
above. 
  

	
	PECK Wee Boon Patrick
	
	 /s/ PECK Wee Boon Patrick

	
	Address: ******************
	Email: ******************

  
 [Signature Page to Share
Purchase Agreement] 

 The Parties have caused this Agreement to be duly executed as of the date first written
above. 
  

			
	GREAT NOBLE INTERNATIONAL II LIMITED
		
	By:	 	 /s/ Tan Chow Boon

	Name:	 	Tan Chow Boon
	Title:	 	Corporate reprehensive
	
	Address: ******************
	Email: ******************
	Attention: Tan Chow Boon

  
 [Signature Page to Share
Purchase Agreement] 

 The Parties have caused this Agreement to be duly executed as of the date first written
above. 
  

			
	ELECTRONIC COMMERCE GLOBAL LIMITED
		
	By:	 	 /s/ Dennis
Jacobs                                        
    

	Name:	 	Dennis Jacobs
	Title:	 	COO
	
	Address: ******************
	Email: ******************
	Attention: ******************

  
 [Signature Page to Share
Purchase Agreement] 

 The Parties have caused this Agreement to be duly executed as of the date first written
above. 
  

	
	Mok Li Yee
	
	 /s/ Mok Li Yee

	
	Address: ******************
	Email: ******************

  
 [Signature Page to Share
Purchase Agreement] 

 The Parties have caused this Agreement to be duly executed as of the date first written
above. 
  

			
	 FENBUSHI INVESTMENT FUND LP

		
	 By:
	 	 /s/ Bo
Shen                                         
       

	 Name:
	 	Bo Shen
	 Title:
	 	Director
	
	 Address: ******************

	 Email: ******************

	 Attention: Bo Shen

  
 [Signature Page to Share
Purchase Agreement] 

 The Parties have caused this Agreement to be duly executed as of the date first written
above. 
  

	
	Tan Jun Hong
	
	 /s/ Tan Jun Hong

	
	Address: ******************
	Email: ******************

  
 [Signature Page to Share
Purchase Agreement] 

 The Parties have caused this Agreement to be duly executed as of the date first written
above. 
  

			
	Apoorva Jain
		
	By:	 	 /s/ Apoorva Jain

	
	Address: ******************
	Email: ******************

  
 [Signature Page to Share
Purchase Agreement] 

 The Parties have caused this Agreement to be duly executed as of the date first written
above. 
  

			
	Koh Kia Leng Kimberley
		
	By:	 	 /s/ Koh Kia Leng Kimberley

	
	Address: ******************
	Email: ******************

  
 [Signature Page to Share
Purchase Agreement] 

 The Parties have caused this Agreement to be duly executed as of the date first written
above. 
  

			
	Hoong Kah Kuan
		
	By:	 	 /s/ Hoong Kah Kuan

	
	Address: ******************
	Email: ******************

  
 [Signature Page to Share
Purchase Agreement] 

 The Parties have caused this Agreement to be duly executed as of the date first written
above. 
  

			
	Ng Cheng Wei
		
	By:	 	 /s/ Ng Cheng Wei

	
	Address: ******************
	Email: ******************

  
 [Signature Page to Share
Purchase Agreement] 

 SCHEDULE A 

CAPITALIZATION TABLES 
 (fully
diluted) 
  

																													
	 	 	
Capitalization as of the date hereof
	 	
Capitalization Immediately Before Closing
	 	 	 Transaction Contemplated in this

Agreement
	 	
Capitalization Immediately After Closing
	 
	 Name of Selling

Shareholder
	 	 Class of
Shares
	 	 Number of
Shares
	 	 Shareholding

(fully

diluted)
	 	 Class of

Shares
	 	 Number of

Shares
	 	Shareholding
(fully diluted)	 	 	 Purchased

Old Shares*
	 	 Purchaser

Shares in

Exchange*
	 	 Purchased

New
 Shares
	 	 Class of

Shares
	 	 Number of

Shares^
	 	Shareholding
(fully
diluted)^	 
	 Gerald Tear Nam Jiang#
	 		 		 		 	 Ordinary Shares
	 	7,092	 	 	4.39	% 	 	3,096	 	30,863	 	N/A	 	 Ordinary Shares
	 	3,996	 	 	2.15	% 
	 Lim Siow Wei#
	 		 		 		 	 Ordinary Shares
	 	3,546	 	 	2.20	% 	 	1,548	 	15,432	 	N/A	 	 Ordinary Shares
	 	1,998	 	 	1.08	% 
	 500 DURIANS II, L.P. #
	 		 		 		 	 Ordinary Shares
	 	3,546	 	 	2.20	% 	 	1,548	 	15,432	 	N/A	 	 Ordinary Shares
	 	1,998	 	 	1.08	% 
	 Ho Poh Wah#
	 		 		 		 	 Ordinary Shares
	 	1,773	 	 	1.10	% 	 	774	 	7,716	 	N/A	 	 Ordinary Shares
	 	999	 	 	0.54	% 
	 SEA DRAGONS FUND PTE LTD. #
	 		 		 		 	 Ordinary Shares
	 	1,773	 	 	1.10	% 	 	774	 	7,716	 	N/A	 	 Ordinary Shares
	 	999	 	 	0.54	% 
	 PECK Wee Boon Patrick #
	 		 		 		 	 Ordinary Shares
	 	5,319	 	 	3.29	% 	 	2,322	 	23,147	 	N/A	 	 Ordinary Shares
	 	2,997	 	 	1.61	% 
	 Great Noble International II Limited#
	 		 		 		 	 Ordinary Shares
	 	3,546	 	 	2.20	% 	 	1,548	 	15,432	 	N/A	 	 Ordinary Shares
	 	1,998	 	 	1.08	% 
	 ELECTRONIC COMMERCE GLOBAL

LIMITED #
	 		 		 		 	 Ordinary Shares
	 	1,064	 	 	0.66	% 	 	464	 	4,630	 	N/A	 	 Ordinary Shares
	 	600	 	 	0.32	% 
	 MOK Li Yee#
	 		 		 		 	 Ordinary Shares
	 	1,773	 	 	1.10	% 	 	774	 	7,716	 	N/A	 	 Ordinary Shares
	 	999	 	 	0.54	% 
	 Fenbushi Investment Fund LP #
	 		 		 		 	 Ordinary Shares
	 	1,773	 	 	1.10	% 	 	774	 	7,718	 	N/A	 	 Ordinary Shares
	 	999	 	 	0.54	% 
	 Tan Jun Hong#
	 		 		 		 	 Ordinary Shares
	 	5,319	 	 	3.29	% 	 	2,322	 	23,148	 	N/A	 	 Ordinary Shares
	 	2,997	 	 	1.61	% 
	 Reserved ESOP
	 		 		 		 	 Ordinary Shares
	 	8,684	 	 	5.38	% 	 	3,791	 	37,791	 	N/A	 	 Ordinary Shares
	 	4,893	 	 	2.63	% 
	 Toh Pei Yu
	 		 		 		 	 Ordinary Shares
	 	565	 	 	0.35	% 	 	247	 	2,459	 	N/A	 	 Ordinary Shares
	 	318	 	 	0.17	% 
	 Yan Wye Huong
	 		 		 		 	 Ordinary Shares
	 	1,103	 	 	0.68	% 	 	482	 	4,800	 	N/A	 	 Ordinary Shares
	 	621	 	 	0.33	% 
	 Phoo Yong Koon, Wilson
	 		 		 		 	 Ordinary Shares
	 	982	 	 	0.61	% 	 	429	 	4,273	 	N/A	 	 Ordinary Shares
	 	553	 	 	0.30	% 
	 Lily Priska Tania
	 		 		 		 	 Ordinary Shares
	 	177	 	 	0.11	% 	 	77	 	770	 	N/A	 	 Ordinary Shares
	 	100	 	 	0.05	% 
	 Zhaoyan Liu
	 		 		 		 	 Ordinary Shares
	 	62	 	 	0.04	% 	 	27	 	270	 	N/A	 	 Ordinary Shares
	 	35	 	 	0.02	% 

																													
	 Lim Ting Zhou
	 		 		 		 	 Ordinary Shares
	 	163	 	 	0.10	% 	 	71	 	709	 	N/A	 	 Ordinary Shares
	 	92	 	 	0.05	% 
	 Ivan Ong JunTian
	 		 		 		 	 Ordinary Shares
	 	148	 	 	0.09	% 	 	65	 	644	 	N/A	 	 Ordinary Shares
	 	83	 	 	0.04	% 
	 Rennes Lee Ting
	 		 		 		 	 Ordinary Shares
	 	71	 	 	0.04	% 	 	31	 	309	 	N/A	 	 Ordinary Shares
	 	40	 	 	0.02	% 
	 Eilane Wang
	 		 		 		 	 Ordinary Shares
	 	149	 	 	0.09	% 	 	65	 	648	 	N/A	 	 Ordinary Shares
	 	84	 	 	0.05	% 
	 Koh Kia Leng Kimberley
	 		 		 		 	 Ordinary Shares
	 	2,000	 	 	1.24	% 	 	873	 	8,704	 	N/A	 	 Ordinary Shares
	 	1,127	 	 	0.61	% 
	 Deborah Ong
	 		 		 		 	 Ordinary Shares
	 	112	 	 	0.07	% 	 	49	 	487	 	N/A	 	 Ordinary Shares
	 	63	 	 	0.03	% 
	 Muhamad Iswan Bin Mastuah
	 		 		 		 	 Ordinary Shares
	 	75	 	 	0.05	% 	 	33	 	326	 	N/A	 	 Ordinary Shares
	 	42	 	 	0.02	% 
	 Reserved Advisors
	 		 		 		 	 Ordinary Shares
	 	1,657	 	 	1.03	% 	 	723	 	7,212	 	N/A	 	 Ordinary Shares
	 	934	 	 	0.50	% 
	 MOK Li Yee
	 		 		 		 	 Ordinary Shares
	 	800	 	 	0.50	% 	 	349	 	3,481	 	N/A	 	 Ordinary Shares
	 	451	 	 	0.24	% 
	 Apoorva Jain
	 		 		 		 	 Ordinary Shares
	 	492	 	 	0.30	% 	 	215	 	2,141	 	N/A	 	 Ordinary Shares
	 	277	 	 	0.15	% 
	 PECK Wee Boon Patrick
	 		 		 		 	 Ordinary Shares
	 	800	 	 	0.50	% 	 	349	 	3,481	 	N/A	 	 Ordinary Shares
	 	451	 	 	0.24	% 
	 Great Noble International II Limited
	 		 		 		 	 Ordinary Shares
	 	200	 	 	0.12	% 	 	87	 	870	 	N/A	 	 Ordinary Shares
	 	113	 	 	0.06	% 
	 Ng Cheng Wei
	 		 		 		 	 Ordinary Shares
	 	200	 	 	0.12	% 	 	87	 	870	 	N/A	 	 Ordinary Shares
	 	113	 	 	0.06	% 
	 Hoong Kah Kuan
	 		 		 		 	 Ordinary Shares
	 	138	 	 	0.09	% 	 	60	 	601	 	N/A	 	 Ordinary Shares
	 	78	 	 	0.04	% 
	 Wong Kai Chin
	 	Ordinary Shares	 	10,000	 	9.40%	 	 Ordinary Shares
	 	10,000	 	 	6.19	% 	 	4,365	 	43,518	 	N/A	 	 Ordinary Shares
	 	5,635	 	 	3.03	% 
	 Yap Wen Yin Valenzia
	 	Ordinary Shares	 	96,385	 	90.60%	 	 Ordinary Shares
	 	96,385	 	 	59.69	% 	 	42,076	 	419,451	 	N/A	 	 Ordinary Shares
	 	54,309	 	 	29.24	% 
	 New Issuance to Purchaser
	 		 		 		 		 		 				 		 		 	N/A	 	 Ordinary Shares
	 	24,223	 	 	13	% 
	 New Money Funding for New PolicyPal Shares
	 		 		 		 		 		 				 		 		 		 	 Ordinary Shares
	 	70,495	 	 	37.96	% 
		 		 	  
	 	  
	 		 	  
	 	  
	  
	 	 	  
	 	  
	 		 		 	  
	 	  
	  
	 
	 Total
	 		 	106,385	 	100%	 		 	161,487	 	 	100	% 	 	70,495	 	702,765	 		 		 	185,710	 	 	100	% 
		 		 	  
	 	  
	 		 	  
	 	  
	  
	 	 	  
	 	  
	 		 		 	  
	 	  
	  
	 

  

	*	 Numbers calculated based on Target Valuation of US$20.0 million for illustration purpose.

	^	 Numbers calculated based on post-money valuation of Target Company (i.e. the equivalent of Target Valuation plus
Purchase Consideration for New Shares Acquisition) of US$23.0 million for illustration purposes. 

	#	 SAFE Holder. 

 SCHEDULE B 

COMPANY DISCLOSURE SCHEDULE 
 Attached. 

 EXHIBIT A 

FORM OF INSTRUMENT OF TRANSFER 

 

INSTRUMENT OF TRANSFER FORM 

PolicyPal Pte. Ltd. 
 (the “Company”) 

FOR VALUE RECEIVED, 
 [TRANSFEROR NAME] (the
“Transferor”) hereby sells, assigns and transfers to AMTD DIGITAL INC. (the “Transferee”) [number] ordinary shares fully paid up and in the Company subject to several conditions on which the
Transferor held the same immediately before the execution hereof, and the Transferee hereby agrees to accept the said shares subject to the conditions aforesaid. This document may be executed in any number of counterparts. 

The parties have executed this document on              2020 

 

	
	The Transferor
	
	  

	Name:
	Designation:
	For and on behalf of [TRANSFEROR] 
	
	[OR]
	
	  

	[TRANSFEROR]
	
	The Transferee
	
	  

	Name:
	Designation:
	For and on behalf of AMTD DIGITAL INC. 

 EXHIBIT B 

FORM OF SHARE MORTGAGE AGREEMENTEX-10.15

 CONFIDENTIAL 

Exhibit 10.15 
 DATED
30 JULY 2020 
 NGSP Holdings Limited 

and 
 AMTD Digital Inc.

  
  

SHARE PURCHASE AGREEMENT 
  

 
  

 SHARE PURCHASE AGREEMENT 

This SHARE PURCHASE AGREEMENT (the “Agreement”) is made and entered into as of the 30th day of July 2020 by and between: 
  

	 	1.	 NGSP Holdings Limited, a company with limited liability duly established and validly existing under the
laws of British Virgin Islands (the “Investor”); and 

  

	 	2.	 AMTD Digital Inc., a company with limited liability duly established and validly existing under the laws
of the Cayman Islands (the “Company”). 

 The Company and the Investor are each referred to herein as a
“Party,” and collectively as the “Parties.” 
 RECITALS 

WHEREAS, The Company desires to issue and sell to the Investor, and the Investor desires to subscribe to and purchase from the Company certain
number of Class A Shares (defined below) of the Company on the terms and conditions set forth in this Agreement. 
 NOW, THEREFORE, in
consideration of the foregoing recitals, the mutual promises hereinafter set forth, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 

 

	1.	 DEFINITIONS. 

1.1 In addition to the terms defined in the context hereof, the following terms shall have the meanings ascribed to them below. 

“Affiliate” means, with respect to any Person, any other Person directly or indirectly Controlling, Controlled by, or under
common Control with such Person; provided that none of the Company and any of its Subsidiaries shall be considered an Affiliate of the Investor. 

“Applicable Law” means, with respect to any Person, any international, domestic or foreign federal, state or local law
(statutory, common or otherwise), constitution, treaty, convention, ordinance, code, rule, regulation, order, injunction, judgment, decree, ruling or other similar requirement enacted, adopted, promulgated or applied by a Governmental Authority that
is binding upon or applicable to such Person, as amended unless expressly specified otherwise. 
 “Balance Sheet Date”
means the consolidated balance sheet as of 31st December 2019 provided to the Investor by the Company. 
 “Business Day”
means a day, other than Saturday, Sunday, or other day on which commercial banks in the Cayman Islands or Hong Kong are authorized or required by Applicable Laws to close. 

“Class A Shares” means Class A ordinary shares, par value US$0.0001 per share, in the share capital
of the Company. 
 “Class B Shares” means Class B ordinary shares, par value US$0.0001 per share,
in the share capital of the Company. 

  
 1 

 “Closing Date” means the date of the Closing. 

“Consent” means any consent, approval, authorization, release, waiver, permit, grant, franchise, concession, agreement,
license, exemption or order of, registration, certificate, declaration or filing with, or report or notice to, any Person, including any Governmental Authority. 

“Contract” means any agreement, contract, lease, indenture, instrument, note, debenture, bond, mortgage, or deed of trust or
other agreement, commitment, arrangement, or understanding, whether written or oral. 
 “Control” means, when used with
respect to any Person, the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms “Controlling” and
“Controlled” have correlative meanings. 
 “Encumbrance” means any security interest, pledge, mortgage,
lien, charge, claim, hypothecation, title defect, right of first option or refusal, right of preemption, or other encumbrance of any kind. 

“Governmental Authority” means any transnational, domestic or foreign federal, state or local governmental, regulatory or
administrative authority, department, court, agency or official, including any political subdivision thereof. 
 “Group
Company” means each of the Company and its Subsidiaries, and “Group Companies” refers to all of the Group Companies collectively. 

“IFRS” means the International Financial Reporting Standards issued by the International Accounting Standards Board. 

“knowledge” of any Person that is not an individual means the knowledge of such Person’s officers after reasonable
inquiry and investigation. 
 “Management Accounts” means unaudited condensed consolidated financial statements as of and
for the 2020 ended 30th April 2020 prepared in accordance with IFRS. 
 “Material Adverse Effect” means any event,
circumstance, change, or effect that, individually or in the aggregate, has or would reasonably be expected to have a material adverse effect on the financial condition or results of operations of the Group Companies taken as a whole, provided,
however, that none of the following, either alone or in combination, shall be considered a “Material Adverse Effect”: (i) events, circumstances, changes, or effects that generally affect the industries in which the Group Companies operate
(including legal and regulatory changes), (ii) general economic or political conditions or events, circumstances, changes, or effects affecting the markets generally, and (iii) changes caused by a material worsening of current conditions caused
by acts of terrorism or war (whether or not declared), social unrest, or health epidemics occurring after the date hereof. 

“Memorandum and Articles” means the memorandum and articles of association of the Company, as amended, in effect from time to
time. 
 “Person” means an individual, corporation, partnership, limited liability company, association, trust, or other
entity or organization, including a Governmental Authority. 

  
 2 

 “Securities” means any ordinary shares or any equity interest of, or shares
of any class in the share capital (ordinary, preferred or otherwise) of, the Company and any convertible securities, options, warrants and any other type of equity or equity-linked securities convertible, exercisable or exchangeable for any such
equity interest or shares of any class in the share capital of the Company. 
 “Securities Act” means the U.S. Securities
Act of 1933, as amended, and the rules and regulations promulgated thereunder. 
 “Subsidiary” of any Person means any
corporation, partnership, limited liability company, joint stock company, joint venture, or other organization or entity, whether incorporated or unincorporated, which is controlled by such Person. 

“Transfer” means directly or indirectly, offer, sell, contract to sell, pledge, transfer, assign, give, hypothecate,
encumber, grant a security interest in, convey in trust, gift, devise or descent, or otherwise dispose of, or suffer to exist (whether by operation of law of otherwise) any encumbrance on, any Securities or any right, title or interest therein or
thereto, or enter into a transaction which would have the same effect, or enter into any swap, hedge or other arrangement that transfers, in whole or in part, any of the economic consequences of ownership of any Securities, in cash or otherwise, or
publicly disclose the intention to make any such disposition or to enter into any such transaction, swap, hedge or other arrangement, including transfers pursuant to divorce or legal separation, transfers to receivers, levying creditors, trustees or
receivers in bankruptcy proceedings or general assignees for the benefit of creditors, whether voluntary or by operation of law, directly or indirectly, of any Securities. 

1.2 Other Defined Terms. The following terms shall have the meanings defined for such terms in the Sections set forth below. 

 

					
	 Agreement
	  	Preamble	  	
	 Closing
	  	Section 2.2	  	
	 Company
	  	Preamble	  	
	 Confidential Information
	  	Section 5.2	  	
	 Consultation Period
	  	Section 7.14(a)	  	
	 Dispute
	  	Section 7.14(a)	  	
	 HKIAC
	  	Section 7.14(b)	  	
	 Indemnifiable Loss
	  	Section 7.1(a)	  	
	 Indemnifying Party
	  	Section 7.1(a)	  	
	 Indemnitee
	  	Section 7.1(a)	  	
	 Investor
	  	Preamble	  	
	 Permit
	  	Section 3.7	  	
	 Purchased Shares
	  	Section 2.1	  	
	 Purchase Price
	  	Section 2.1	  	

  

	2.	 PURCHASE AND SALE. 

2.1 Purchase and Sale. Subject to the terms and conditions hereof, at the Closing (as defined below) the Company shall issue and sell to
the Investor, and the Investor shall purchase from the Company, 50,000 Class A Shares (the “Purchased Shares”) for an aggregate purchase price of US$500,000.00 (the “Purchase Price”). 

  
 3 

 2.2 Transfer of Funds. The Investor shall pay the Purchase Price by wire transfer of
United States dollars in immediately available funds on or before 06 August 2020 to the bank account designated by the Company as follow: 
  

			
	 Beneficiary Bank:
	  	*********************
	 Swift Code:
	  	*********************
	 Beneficiary Name:
	  	AMTD Digital Inc.
	 Account Number:
	  	*********************

 2.3 Closing. The closing of the transactions as set forth in Section 2.1 (the
“Closing”) shall take place remotely via the electronic exchange of documents and signatures subject to and within two (2) Business Days (defined below) after satisfaction or, to the extent permissible, waiver by the Party or
Parties entitled to the benefit of the conditions set forth in Section 6 (other than conditions that by their nature are to be satisfied at the Closing, but subject to the satisfaction or, to the extent permissible, waiver
of those conditions at the Closing), or at such other time or place as the Company and the Investor may agree. 
 (a) The Investor shall, at
the Closing, pay the Purchase Price by wire transfer of U.S. dollars in immediately available funds to a designated account of the Company, provided that the Company shall deliver wire transfer instructions to the Investor at least two
(2) Business Days prior to the Closing. 
 (b) The Company shall (i) cause, at the Closing, its register of members to be updated
to reflect the Investor as the record holder of the Purchased Shares, and (ii) deliver to the Investor, within five (5) Business Days after the Closing, a certified copy of an extract of such updated register of members and a share
certificate issued in favor of the Investor representing the Purchased Shares, duly signed for and on behalf of the Company. 
  

	3.	 REPRESENTATIONS AND WARRANTIES OF THE COMPANY. 

Subject to such exceptions as may be specifically set forth in the corresponding sections of a disclosure schedule to be delivered by the
Company to the Investor as of the date of this Agreement, where applicable, the Company hereby represents and warrants to the Investor as follows: 

3.1 Organization, Standing, and Qualification. Each Group Company is duly established, validly existing, and in good standing (or
equivalent status in the relevant jurisdiction) under the laws of the place of its establishment and has all requisite power and authorization to own its properties and assets and to carry on its business as now conducted. Each Group Company is duly
qualified or licensed to do business in each jurisdiction in which the nature of the business conducted by it makes such qualification or licensing necessary, except to the extent that the failure to be so qualified or licensed would not have a
Material Adverse Effect. 
 3.2 Capitalization. Immediately prior to the Closing, the Company is authorized to issue 10,000,000,000
ordinary shares, including (i) 8,000,000,000 Class A Shares, of which 10,726,667 Class A Shares are issued and outstanding, and (ii) 2,000,000,000 Class B Shares, of which 38,800,000 Class B Shares are issued and outstanding. The
register of members of the Company provided by the Company to the Investor prior to the Closing is true and correct as of the date provided. 

  
 4 

 3.3 Authorization; Enforceability; Validity. All corporate actions on the part
of the Company necessary for the authorization, execution, and delivery of, and the performance of the obligations of the Company under this Agreement have been taken or will be taken prior to the Closing. This Agreement constitutes a valid and
binding obligation of the Company, enforceable in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors’
rights generally, and (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies. 

3.4 Valid Issuance of Purchased Shares. The Purchased Shares, when issued, sold, delivered, and paid for by the Investor in accordance
with the terms of this Agreement, will be duly and validly issued, fully paid, and non-assessable. 

3.5 Consents; No Conflicts. All Consents from or with any Governmental Authority or any other Person required in connection with the
valid execution, delivery, and performance of this Agreement, and the consummation of the transactions contemplated hereunder, other than on the part of the Investor, have been duly obtained or completed and are in full force and effect. The
execution, delivery, and performance of this Agreement by the Company do not, and the consummation by the Company of the transactions contemplated hereunder will not, (i) result in a violation of the Memorandum and Articles, (ii) conflict
with or result in a violation of the Applicable Laws, or (iii) conflict with or result in a breach or violation in, or constitute a default under, any Contract to which the Company is a party, in each case, except to the extent that such
violation, conflict, breach, or default would not have a Material Adverse Effect. 
 3.6 Financial Statements. The Company has
delivered the Management Accounts to the Investor prior to the date hereof. Except as may be otherwise indicated in the Management Accounts, the Management Accounts (i) are in accordance with the books and records of the Group Companies,
(ii) are true, correct, and complete and present fairly the financial condition of the Group Companies as a whole as of the date or dates therein indicated and the results of operations for the period or periods therein specified, and
(iii) have been prepared in accordance with the IFRS applied on a consistent basis. Since the Balance Sheet Date, (i) each Group Company has operated in the ordinary course of its business in all material respects and (ii) there has
not been a Material Adverse Effect. 
 3.7 Compliance with Applicable Laws. Each Group Company is, and has been, in compliance with
Applicable Laws, except where such non-compliance would not be expected to have a Material Adverse Effect. The Group Companies have all material permits, licenses, authorizations, consents, orders and
approvals (“Permits”) that are required in order to carry on their business as presently conducted. All such material Permits are in full force and effect. 

3.8 No Undisclosed Liabilities. Except as disclosed in the Management Accounts, there are no liabilities of any Group Company, whether
accrued, contingent, absolute, determined, determinable or otherwise, and there is no existing condition, situation or set of circumstances that would reasonably be expected to result in such a liability, other than: (i) liabilities incurred
since the Balance Sheet Date in the ordinary course of business, (ii) any other undisclosed liabilities that are not material to the Company on a consolidated basis, and (iii) any liabilities incurred pursuant to this Agreement. 

  
 5 

 3.9 Exempt Offering. The offer and sale of the Purchased Shares under this Agreement
are or shall be exempt from the registration requirements and prospectus delivery requirements of the Securities Act, and from the registration or qualification requirements of any other applicable securities laws and regulations. None of the
Company, its affiliates, or any Person acting on its behalf, has engaged in any directed selling efforts (within the meaning of Regulation S under the Securities Act) in the United States in connection with the transactions contemplated in this
Agreement. 
 3.10 Insolvency and Winding Up. No order or petition has been presented or resolution passed for the administration, winding-up, dissolution, or liquidation of any Group Company and no administrator, receiver, or manager has been appointed in respect thereof. None of the Group Companies has commenced any other proceeding under any
bankruptcy, reorganization, composition, arrangement, adjustment of debt, release of debtors, dissolution, insolvency, liquidation, or similar Law of any jurisdiction and no such proceedings have been commenced against any Group Company. 

3.12 Litigation. There are no pending or, to the knowledge of the Company, threatened material actions, claims, demands,
investigations, examinations, indictments, litigations, suits or other criminal, civil or administrative or investigative proceedings before or by any Governmental Authority or by any other person against any Group Company, except that would not be
reasonably expected to have a Material Adverse Effect. 
  

	4.	 REPRESENTATIONS AND WARRANTIES OF THE INVESTOR. 

The Investor represents and warrants to the Company as follows. 

4.1 Authorization. The Investor has all requisite power, authority, and capacity to enter into this Agreement and to perform its
obligations under this Agreement. This Agreement has been duly authorized (including as approved by the board of directors of the Investor), executed, and delivered by the Investor. This Agreement, when executed and delivered by the Investor, will
constitute valid and legally binding obligations of such Investor enforceable in accordance with its terms, subject, as to enforcement of remedies, to applicable bankruptcy, insolvency, moratorium, reorganization, and similar laws affecting
creditors’ rights generally and to general equitable principles. 
 4.2 Purchase for Own Account. The Purchased Shares will be
acquired for the Investor’s own account, not as a nominee or agent, and not with a view to or in connection with the sale or distribution of any part thereof. By executing this Agreement, the Investor further represents that it does not have
any Contract with any person to sell, transfer, or grant participations to any person, with respect to any of the Purchased Shares. 
 4.3
Organization, Good Standing, and Qualification. The Investor is duly established, validly existing, and in good standing under the laws of the jurisdiction of its formation. 

4.4 Investment Experience. The Investor acknowledges that it is able to fend for itself, can bear the economic risks of its investment,
and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Purchased Shares. 

  
 6 

 4.5 Status of Investor. The Investor is (i) not a U.S. person within the meaning
of Rule 902 of Regulation S under the Act, or (ii) purchasing the Purchased Shares outside the United States in compliance with Regulation S under the Act and in accordance with any applicable securities laws of any state of the United States
or any other jurisdiction. 
 4.6 Restricted Securities. Investor understands that the Purchased Shares it is purchasing are
characterized as “restricted securities” under U.S. federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such laws and applicable regulations such
securities may be resold without registration under the Act only in certain limited circumstances. 
 4.7 Legends. It is understood
that the certificates evidencing the Purchased Shares shall bear the following legend: 
 “THESE SECURITIES HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES UNDER SUCH ACT OR A VALID EXEMPTION THEREFROM.”

  

	5.	 COVENANTS. 

5.1 5.1 Lock-Up. The Investor shall not, during the
Lock-Up Period (as defined below), Transfer any Securities without the prior written consent of the Company (which the Company may grant or withhold in its sole discretion). Notwithstanding the foregoing
sentence, the Investor may freely Transfer any Securities to any of its Subsidiaries, provided that the Investor shall cause such Subsidiary to which it makes such Transfer to be subject to the same
lock-up restrictions provided in the first sentence under this Section 5.1 and the Investor shall be responsible for any breach of such lock-up
restrictions by such transferees. As used herein, the “Lock-Up Period” with respect to any Securities held by the Investor will commence on the Closing Date and continue until and include the
date that is 180 days after the pricing of an initial public offering of the Class A Shares of the Company. 
 5.2 Non-Disclosure. The Investor shall, and shall cause its Affiliates to: (i) treat and hold as strictly confidential (and not disclose or provide access to any person or entity to) all confidential or
proprietary information relating to the transactions contemplated hereby, including without limitation the existence and content of this Agreement (collectively, “Confidential Information”), (ii) in the event that the Investor or
any of its affiliates becomes legally compelled to disclose any such information, provide the Company with prompt written notice of such requirement (to the extent compliant with Applicable Laws) so that the Company may seek a protective order or
other remedy or waive compliance with this Section 5.2, and (iii) in the event that such protective order or other remedy is not obtained, or the Company chooses to waive compliance with this
Section 5.2, furnish only that portion of such confidential information that is legally required to be provided and exercise its reasonable endeavors to obtain assurances that confidential treatment will be accorded such
information. 
  

	6.	 CONDITIONS TO CLOSING. 

6.1 Conditions to Obligations of All Parties. The obligations of each Party hereto to consummate the Closing are subject to the
satisfaction of the following conditions: 

  
 7 

 (a) no provision of any Applicable Law or no judgment entered by or with any Governmental
Authority with competent jurisdiction, shall be in effect that enjoins, prohibits or materially alters the terms of the transactions contemplated hereby; and 

(b) no proceeding challenging this Agreement or the transactions contemplated hereby, or seeking to prohibit, alter, prevent or materially
delay the Closing, shall have been instituted or be pending before any Governmental Authority. 
 6.2 Conditions to Obligations of the
Investor. The obligations of the Investor to consummate the Closing are subject to the satisfaction of the following further conditions: 

(a) (i) the representations and warranties of the Company that are qualified hereunder by materiality or Material Adverse Effect shall be true
and correct in all respects on and as of the Closing Date as though made on and as of the Closing Date, and (ii) the representations and warranties of the Company that are not qualified hereunder by materiality or Material Adverse Effect shall
be true and correct in all material respects on and as of the Closing Date as though made on and as of the Closing Date; 
 (b) the Company
shall have performed or complied with all obligations and conditions herein required to be performed or complied with by the Company on or prior to the Closing Date; and 

(c) there shall have been no Material Adverse Effect. 

6.3 Conditions to Obligations of the Company. The obligations of the Company to consummate the Closing are subject to the satisfaction
of the following further conditions: 
 (a) the representations and warranties of the Investor herein shall be true and correct on and as of
the Closing Date as though made on and as of the Closing Date; and 
 (b) the Investor shall have performed all obligations and conditions
herein required to be performed or observed by the Investor on or prior to the Closing Date. 
  

	7.	 MISCELLANEOUS. 

7.1 Indemnity. 
 (a) The
Company shall jointly and severally indemnify the Investor and its directors, officers, employees, and agents (in each case, the indemnifying party as the “Indemnifying Party” and each of the indemnified parties as the
“Indemnitee”), as applicable, against any losses, liabilities, damages, liens, penalties, diminution in value, costs, and expenses, including reasonable advisor’s fees and other reasonable expenses of investigation and defense
of any of the foregoing, incurred by such Indemnitee (the “Indemnifiable Loss”) as a result of (i) any breach or violation of any representation or warranty made by the Indemnifying Party, or (ii) any breach
by the Indemnifying Party of any covenant or agreement contained herein. 
 (b) If an Indemnitee believes that it has a claim that may give
rise to an indemnity obligation hereunder, it shall promptly notify the Indemnifying Party stating specifically the basis on which such claim is being made, the material facts related thereto, and (if ascertainable or quantifiable) the amount of the
claim asserted. In the event of a third-party claim against an Indemnitee for which such Indemnitee seeks indemnification from the Indemnifying Party, no settlement shall be deemed conclusive with respect whether there was an Indemnifiable Loss or
the amount of such Indemnifiable Loss unless such settlement is consented to by the Indemnifying Party. Any dispute related to this Section 7.1(b) shall be resolved pursuant to Section 7.14 hereof. 

  
 8 

 (c) (i) The Indemnifying Party shall not have any liability under this Agreement until the
aggregate amount of Indemnifiable Loss incurred by an Indemnitee exceeds an amount equal to US$200,000, in which case such Indemnitee shall be entitled to indemnification of the entire amount of the Indemnifiable Loss; and (ii) the amount of
Indemnifiable Loss for which the Indemnitee may be indemnified by the Indemnifying Party under this Agreement shall be limited to the Purchase Price actually paid by the Investor. 

(d) Notwithstanding any other provision contained herein, this Section 7.1 shall be the sole and exclusive monetary remedy of each
Party for any claim arising out of or resulting from this Agreement and the transactions contemplated hereby, except that no limitation or exceptions with respect to the obligations or liabilities on any Party provided in Section 7.1(c)
shall apply to an Indemnifiable Loss arising due to the fraud or willful misconduct of such Party. 
 7.2 Governing Law. This
Agreement shall be governed by and construed in accordance with the law of Hong Kong as to matters within the scope thereof, without regard to its principles of conflicts of laws. 

7.3 Survival. The representations and warranties made herein shall survive for two (2) years after the Closing. 

7.4 Successors and Assigns. Except as otherwise expressly provided herein, the provisions hereof shall inure to the benefit of, and be
binding upon, the successors, assigns, heirs, executors, and administrators of the Parties. This Agreement and the rights and obligations therein may not be assigned by a Party without the written consent of the other Parties. 

7.5 Entire Agreement. This Agreement and the schedules and exhibits hereto constitute the entire understanding and agreement between
the Parties with regard to the subjects hereof and thereof; provided, however, that nothing in this Agreement shall be deemed to terminate or supersede the provisions of any applicable confidentiality and
non-disclosure agreements executed by the Parties prior to the date hereof, which agreements shall continue in full force and effect until terminated in accordance with their respective terms. 

7.6 Notices. Except as may be otherwise provided herein, all notices, requests, waivers, and other communications made pursuant to this
Agreement shall be in writing and shall be conclusively deemed to have been duly given (i) when hand delivered to a Party, upon delivery; (ii) when sent by facsimile at the number set forth in Exhibit A hereto, upon receipt of
confirmation of error-free transmission; (iii) seven (7) Business Days after deposit in the mail as air mail or certified mail, receipt requested, postage prepaid, and addressed to the relevant Party or Parties as set forth in Exhibit A;
or (iv) three (3) Business Days after deposit with an overnight delivery service, postage prepaid, addressed to the relevant Parties as set forth in Exhibit A with next business day delivery guaranteed, provided that the sending
Party receives a confirmation of delivery from the delivery service provider. 

  
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 Each person making a communication hereunder by facsimile shall promptly confirm by
telephone to the person to whom such communication was addressed each communication made by it by facsimile pursuant hereto, but the absence of such confirmation shall not affect the validity of any such communication. A Party may change or
supplement the addresses given above, or designate additional addresses, for purposes of this Section 7.6, by giving the other parties written notice of the new address in the manner set forth above. 

7.7 Amendments. Any term of this Agreement may be amended only with the written consent of the Company and the Investor. 

7.8 Delays or Omissions. No delay or omission to exercise any right, power, or remedy accruing to any Party, upon any breach or default
of any other Party under this Agreement, shall impair any such right, power, or remedy of such Party, nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of any similar breach of default thereafter
occurring; nor shall any waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent, or approval of any kind or character of any breach or default under this Agreement or any waiver thereof, must be in
writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement, or by law or otherwise afforded to the Parties shall be cumulative and not alternative. 

7.9 Finder’s Fees. Each Party represents and warrants to the other Parties that it has retained no finder or broker in connection
with the transactions contemplated by this Agreement. 
 7.10 Interpretation; Titles and Subtitles. This Agreement shall be construed
according to its fair language. The rule of construction to the effect that ambiguities are to be resolved against the drafting party shall not be employed in interpreting this Agreement. The titles of the sections and subsections of this Agreement
are for convenience of reference only and are not to be considered in construing this Agreement. Unless otherwise expressly provided herein, all references to Sections and Exhibits herein are to Sections and Exhibits of this Agreement. As used in
this Agreement, the words “include” and “including,” and variations thereof, shall not be deemed to be terms of limitation, but rather shall be deemed to be followed by the words “without limitation.” 

7.11 Counterparts. This Agreement may be executed (including facsimile signature) in any number of counterparts, each of which shall be
an original, but all of which together shall constitute one instrument. 
 7.12 Severability. If any provision of this Agreement is
found to be invalid or unenforceable, then such provision shall be construed, to the extent feasible, so as to render the provision enforceable and to provide for the consummation of the transactions contemplated hereby on substantially the same
terms as originally set forth herein, and if no feasible interpretation would save such provision, it shall be severed from the remainder of this Agreement, which shall remain in full force and effect unless the severed provision is essential to the
rights or benefits intended by the parties. In such event, the parties shall use best efforts to negotiate, in good faith, a substitute, valid and enforceable provision or agreement which most nearly effects the parties’ intent in entering into
this Agreement. 
 7.13 Further Assurances. Each Party shall from time to time and at all times hereafter make, do, execute, or cause
or procure to be made, done, and executed such further acts, deeds, conveyances, consents, and assurances without further consideration, which may reasonably be required to effect the transactions contemplated by this Agreement. 

  
 10 

 7.14 Dispute Resolution. 

(a) Consultation Between Parties. Any dispute, controversy or, claim or difference of any kind whatsoever arising out of, relating to,
or in connection with this Agreement, or the breach, termination, or invalidity hereof (including the validity, scope, and enforceability of this arbitration provision) (the “Dispute”) shall first be attempted to be resolved through
consultation between the Parties in good faith for a period of thirty (30) days after written notice has been sent by registered mail by any Party to the other Party (the “Consultation Period”). 

(b) Arbitration. If the Dispute remains unresolved upon expiration of the Consultation Period, any Party may in its sole discretion
elect to submit the matter to arbitration with notice to any other Party or Parties. The arbitration shall be conducted in Hong Kong and shall be administered by the Hong Kong International Arbitration Centre (“HKIAC”) in accordance
with the HKIAC Administered Arbitration Rules in force at the time of the commencement of the arbitration. The arbitration tribunal shall consist of three arbitrators. The language of the arbitration shall be English. The decision of the arbitrators
(by rule of majority) shall be final and binding on the parties (including any decision on their fees) and their fees shall be borne and paid by the parties in such proportions as the arbitrators shall determine. 

7.15 Calculation Adjustment. Calculation of any share number or any per share amount shall be adjusted from time to time for any share
split, share dividend, share combination, recapitalization, or any other similar transactions after the Closing Date, as appropriate. 

7.16 Expenses. The Investor and the Company shall bear their own cost and expense for consummation of the transaction contemplated
hereunder. 
 7.17 Rights of Third Parties. Unless otherwise stated, a person who is not a party to this Agreement has no right under
the Contracts (Rights of Third Parties) Ordinance (Cap. 623) to enforce any term of this Agreement but this does not affect any right or remedy of a third party that exists or is available apart from that Ordinance. The Parties do not require the
consent of any Person that is not party to this Agreement to rescind or vary this Agreement at any time. 
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has been intentionally left blank] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement as of the date and year first above written. 
  

			
	THE COMPANY:
	
	AMTD DIGITAL INC.
		
	By:	 	/s/ William Fung
		 	Name: William Fung
		 	Title: Director

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement as of the date and year first above written. 
  

			
	THE INVESTOR:
	
	NGSP HOLDINGS LIMITED
		
	By:	 	/s/ Nimil Rajnikant Parekh
		 	Name: Nimil Rajnikant Parekh
		 	Title: Director

 EXHIBIT A 

Notices 
 To the Company

  

			
	Address:	  	23/F—25/F Nexxus Building, 41 Connaught Road, Central, Hong Kong
		
	Email:	  	*********************
		
	Attention:	  	*********************

 To the Investor 

 

			
	Address:	  	
		
	Email:	  	*********************
		
	Attention:	  	*********************

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