Document:

ex_122071.htm

 

Exhibit 10.3

 

FIRST AMENDMENT TO Severance Agreements

 

Dated as of August 8, 2018

 

 

This First Amendment to Severance Agreements (this "Amendment"), dated as of August 8, 2018 (the "Amendment Date"), is by and between Steven J. Adolph, an individual (the "Employee"), and SPAR Group, Inc., a Delaware corporation ("SGRP", the "Company" or the "Corporation"). The Employee and Company may be referred to individually as a "Party" and collectively as the "Parties".

 

The Parties are parties to that certain existing Executive Officer Severance Agreement dated June 17, 2016 (the "Existing EOSA"), and that certain existing Amended and Restated Change in Control Severance Agreement dated September 5, 2017 (the "Existing CICSA"), which the Parties now desire to amend upon the terms and provisions and subject to the conditions set forth in this Agreement to clarify that each such agreement is independent (but that payments are not intended to be duplicative). The Existing EOSA and Existing CICSA may be referred to individually as an "Existing Severance Agreement" and collectively as the "Existing Severance Agreements", and as amended by this Amendment, may be referred individually as a "Severance Agreement" and collectively as the "Severance Agreements"

 

In consideration of past, present and future employment by the Company, the mutual covenants below and other good and valuable consideration (the receipt and adequacy of which are hereby acknowledged by each Party), the Employee and Company, intending to be legally bound, hereby agree as follows:

 

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth in this Amendment and the Existing Agreement, and other good and valuable consideration (the receipt and adequacy of which is hereby acknowledged by the Parties), the Parties hereto hereby agree as follows:

 

1.     Certain Definitions. Except as otherwise provided herein, all capitalized terms used and not otherwise defined or amended in this Amendment shall have the meanings respectively given to them in the Existing EOSA or Existing CICSA, as applicable.

 

2.     Amendment to Existing EOSA. Upon execution and delivery of this Amendment, the Existing EOSA is hereby supplemented and amended as follows, effective as of the Amendment Date:

 

(a)     The defined terms: "Existing EOSA" shall mean that certain existing Amended and Restated Change in Control Severance Agreement dated September 5, 2017, by and between Steven J. Adolph, 2017, an individual (as the "Employee" thereunder), and SPAR Group, Inc., a Delaware corporation (as the "Corporation" thereunder). "Existing CICSA" shall mean that certain existing Amended and Restated Change in Control Severance Agreement dated September 5, 2017 (the "Existing CICSA"), by and between Steven J. Adolph, 2017, an individual (as the "Employee" thereunder), and SPAR Group, Inc., a Delaware corporation (as "SGRP" or the "Company" thereunder). "First Amendment" shall mean the First Amendment to Severance Agreements dated as of August 8, 2018 by and between Steven J. Adolph, 2017, an individual (as the "Employee" thereunder), and SPAR Group, Inc., a Delaware corporation ( as "SGRP", the "Company" or the Corporation thereunder). "EOSA" shall mean the Existing ESOA as amended by the First Amendment and as such agreement otherwise may have been and hereafter may be supplemented, modified, amended or restated from time to time in the manner provided therein. "CICSA" shall mean the Existing CICSA as amended by the First Amendment and as such agreement otherwise may have been and hereafter may be supplemented, modified, amended or restated from time to time in the manner provided therein. The defined term "Agreement" shall mean the EOSA.

 

(b)     Section 1 of the Existing EOSA is hereby amended by the addition of the following new subsection to the end of such Section (without the deletion or modification of any other material):

 

(d)     Separate CICSA Agreement; Non-Duplicative Payments. The Employee and the Company have entered into the separate CICSA. This Agreement does not replace, amend or affect the CICSA, and the CICSA Agreement does not replace, amend or affect this Agreement; provided, however, that the severance payments under this Agreement and the CICSA are not intended to be duplicative and the Employee is only entitled to be paid once for his Employee's Daily Salary for the same period of time if the applicable payment periods under those Agreements overlap.

 

(c)     In Section 2 of the Existing EOSA, subsection (l) (entitled "Protected Period") is hereby deleted in its entirety, and the following new amended and restated subsection is hereby inserted in its place (without the deletion or modification of any other material):

 

(l)     "Protected Period" shall mean the period commencing on the Effective Date and ending at 11:59 pm (NYC time) on the day before June 17, 2019. The Protected Period may be renewed for additional twelve month periods from time to time by the written agreement of both Parties in their discretion and the approval of the SGRP Compensation Committee in its discretion, which written agreements shall specify the commencement, duration and end date for each such renewal.

 

-1-

 

 

3.     Amendment to Existing CICSA. Upon execution and delivery of this Amendment, the Existing CICSA is hereby supplemented and amended as follows, effective as of the Amendment Date:

 

(a)     The defined terms: "Existing EOSA" shall mean that certain existing Amended and Restated Change in Control Severance Agreement dated September 5, 2017, by and between Steven J. Adolph, 2017, an individual (as the "Employee" thereunder), and SPAR Group, Inc., a Delaware corporation (as the "Corporation" thereunder). "Existing CICSA" shall mean that certain existing Amended and Restated Change in Control Severance Agreement dated September 5, 2017 (the "Existing CICSA"), by and between Steven J. Adolph, 2017, an individual (as the "Employee" thereunder), and SPAR Group, Inc., a Delaware corporation (as "SGRP" or the "Company" thereunder). "First Amendment" shall mean the First Amendment to Severance Agreements dated as of August 8, 2018 by and between Steven J. Adolph, 2017, an individual (as the "Employee" thereunder), and SPAR Group, Inc., a Delaware corporation ( as "SGRP", the "Company" or the Corporation thereunder). "EOSA" shall mean the Existing ESOA as amended by the First Amendment and as such agreement otherwise may have been and hereafter may be supplemented, modified, amended or restated from time to time in the manner provided therein. "CICSA" shall mean the Existing CICSA as amended by the First Amendment and as such agreement otherwise may have been and hereafter may be supplemented, modified, amended or restated from time to time in the manner provided therein. The defined term "Agreement" shall mean the CICSA.

 

(b)     Section 1 of the Existing CICSA is hereby amended by the addition of the following new subsection to the end of such Section (without the deletion or modification of any other material):

 

(f)     Separate EOSA Agreement; Non-Duplicative Payments. The Employee and the Company have entered into the separate EOSA. This Agreement does not replace, amend or affect the EOSA, and the EOSA Agreement does not replace, amend or affect this Agreement; provided, however, that the severance payments under this Agreement and the EOSA are not intended to be duplicative and the Employee is only entitled to be paid once for his Employee's Daily Compensation for the same period of time if the applicable payment periods under those Agreements overlap.

 

4.     Continuing Severance Agreements, Binding upon Successors. The Existing Severance Agreements, as supplemented and amended by this Amendment, shall remain and continue in full force and effect after the Amendment Date. This Amendment's provisions shall be binding upon the applicable Party and its heirs, successors, assigns and legal representatives and shall inure to the benefit of the heirs, successors, assigns and legal representatives of each other Party.

 

5.     Counterparts, Amendments and Authority. This Amendment may be executed in multiple counterparts and delivered electronically (including by fax or email) or physically, each of which shall be deemed an original and all of which together shall constitute a single agreement binding upon all of the Parties. Any supplement, modification, amendment, restatement, waiver, extension, discharge, release or termination of this Amendment must be in writing and signed by all of the Parties hereto and cannot be given orally. Each individual signing below represents and warrants to the other Party that such individual has the authority to bind the Party on whose behalf he or she has executed this Amendment.

 

6.     Governance and Entire Agreement. This Amendment shall be governed by and construed in accordance with the applicable provisions of the applicable Severance Agreement, which provisions are hereby incorporated herein by reference into this Amendment, and shall be interpreted as if this Amendment were the "Agreement" referred to in those incorporated provisions. This Amendment and the applicable Severance Agreement together contain the entire agreement and understanding of the Parties and supersede and completely replace all prior and other representations, warranties, promises, assurances and other agreements, understandings and information (including, without limitation, all letters of intent, term sheets, existing agreements, offers, requests, responses and proposals), whether written, electronic, oral, express, implied or otherwise, from a Party or between them with respect to the matters contained in this Amendment and the applicable Severance Agreement.

 

In Witness Whereof, the Parties hereto have executed and delivered this Amendment through their duly authorized signatories on the dates stated below and intend to be legally bound by this Amendment effective as of the Amendment Date.

 

	
			COMPANY:

				 	
			EMPLOYEE: 

			
	 	 	 
	
			SPAR Group, Inc.

				 	
			Steven J. Adolph

			
	 	 	 
	
			By:

				 	 	 
	
			[ ▲ Executive's Signature ▲]

				 	
			[ ▲ Employee's Signature ▲ ]

			
	
			Executive's Name: Christiaan M. Olivier

				 	 
	
			Executive's Title: Chief Executive Officer and President

				 	
			Steven J. Adolph

			
	 	 	
			[Employee's Name ▲ Please Type or Print]

			
	
			Date Signed: _________________________

				 	
			Date Signed: _________________________

			
	 	 	 
	
			Company's Current Address:

				 	
			Employee's Current Address:

			
	
			SPAR Group, Inc.

				 	
			Steven J. Adolph

			
	
			333 Westchester Avenue, South Building, Suite 204,

				 	 
	
			White Plains, New York 10604

				 	 

 

-2-Exhibit
10.1

 

 

 

 

 

 

 

 

Dated
the 17th day of August 2018

 

 

LEUNG
TIN LUNG DAVID (梁天龍)

 

 

(as
Vendor)

 

and

 

SHARING
ECONOMY INVESTMENT LIMITED

 

(as
Purchaser)

 

 

 

SALE
AND PURCHASE AGREEMENT 

in respect of 60% of the issued share capital of

GAGFARE LIMITED

 

 

 

 

 

 

 

 

 

 

     

     

    

 

TABLE
OF CONTENTS

 

	Clause	Headings	Page
	 	 	 
	1.	DEFINITIONS AND INTERPRETATION	2
	 	 	 
	2.	SALE AND PURCHASE OF SALE SHARES	5
	 	 	 
	3.	CONSIDERATION	6
	 	 	 
	4.	CONDITIONS PRECEDENT	6
	 	 	 
	5.	COMPLETION	7
	 	 	 
	6.	REPRESENTATIONS AND WARRANTIES	9
	 	 	 
	7.	VENDOR’S GUARANTEE AND UNDERTAKING	11
	 	 	 
	8.	CALL OPTION	13
	 	 	 
	9.	FURTHER ASSURANCE	13
	 	 	 
	10.	RESTRICTIONS ON COMMUNICATION AND ANNOUNCEMENTS	13
	 	 	 
	11.	PARTIAL INVALIDITY	14
	 	 	 
	12.	COSTS AND EXPENSES	14
	 	 	 
	13.	ASSIGNMENT	14
	 	 	 
	14.	CONTINUING EFFECT OF AGREEMENT	14
	 	 	 
	15.	GENERAL	14
	 	 	 
	16.	NOTICES	15
	 	 	 
	17.	COUNTERPARTS	16
	 	 	 
	18.	GOVERNING LAW	16
	 	 	 
	SCHEDULE 1 PARTICULARS OF THE COMPANY	18
	 	 
	SCHEDULE 2 VENDOR WARRANTIES	19
	 	 
	SCHEDULE 3 PURCHASER WARRANTIES	29
	 	 
	APPENDIX 1	30

 

     

     

    

 

THIS
AGREEMENT is made on the 17th day of August 2018

 

BETWEEN

 

	(1)	LEUNG
    TIN LUNG DAVID (梁天龍 ), a holder of Hong Kong identity card number G243412(0) whose residential
    address is House 316 Nam Wai, Sai Kung, New Territories, Hong Kong (the “Vendor”);

 

AND

 

	(2)	SHARING
    ECONOMY INVESTMENT LIMITED, a company incorporated with limited liability in the British Virgin Islands whose registered
    office is situated at Corporate Registrations Limited, Sea Meadow House, Blackburne Highway, (P.O. Box 116), Road Town, Tortola,
    British Virgin Islands (the “Purchaser”).

 

WHEREAS:

 

	(A)	As
    at the date of this Agreement, the Company (particulars of which are set out in Schedule 1) has an issued share capital of
    HK$500,000 divided into 500,000 issued and fully paid shares. The Company is wholly owned by the Vendor.

 

	(B)	As
    at the date of this Agreement, the Purchaser is a wholly owned subsidiary of SEII (as hereinafter defined).

 

	(C)	The
    Vendor has agreed to sell, and the Purchaser has agreed to purchase, the Sale Shares (as hereinafter defined) upon the terms
    and conditions set out in this Agreement.

 

	(D)	Upon
    Completion, the Company will be owned as to 60% by the Purchaser and 40% by the Vendor.

 

NOW
IT IS HEREBY AGREED as follows:

 

		1.	DEFINITIONS
                                         AND INTERPRETATION

 

		1.1.	In
                                         this Agreement (including the Recitals and the Schedules), the following expressions
                                         shall, unless the context otherwise requires, have the following meanings:

 

	 	“Agreement”	this sale and purchase
    agreement (including its Recitals and Schedules), as may be amended or supplemented from time to time;
	 	 	 
	 	“business day” 	a day (other than
    Saturday) on which banks are open in Hong Kong for general banking business;
	 	 	 
	 	“Company” 	GAGFARE LIMITED,
    a company incorporated in Hong Kong with limited liability, particulars of which are set out in SCHEDULE 1;

 

    	 	2	 

     

    

 

	 	“Completion”	completion
    of the sale and purchase of the Sale Shares pursuant to Clause 5;
	 	 	 
	 	“Completion
    Date”	thirty
    business days following the date on which all the Conditions Precedent are fulfilled or waived (as the case may be);
	 	 	 
	 	“Conditions
    Precedent”	the conditions
    precedent set out in Clause 4;
	 	 	 
	 	“Consideration”	has the meaning
    ascribed to it in Clause 3.1;
	 	 	 
	 	“Consideration
    Share(s)”	1,176,087
    SEII Preferred Shares to be allotted and issued by SEII pursuant to Clause 3.1;
	 	 	 
	 	“Employment
    Agreements”	the
    employment contracts to be entered into between the Company and each of the Key Management in the form and substance reasonably
    satisfied by the Purchaser in substantially the same form as set out in Appendix 1;
	 	 	
	 	“Encumbrance”	any
    option, right to acquire, right of pre-emption, mortgage, charge, pledge, lien, hypothecation, title retention, right of
    set off, counterclaim, trust arrangement or other security or any equity or restriction;
	 	 	 
	 	“KPI
    Period”	has the meaning
    ascribed to it in Clause 7.1;
	 	 	 
	 	“KPI Guarantee” 	has the meaning ascribed to it in Clause 7.1;
	 	 	 
	 	“HK$”	Hong Kong dollars, the lawful currency of Hong Kong;
	 	 	 
	 	“Hong Kong”	the Hong Kong Special Administrative Region of the People’s Republic of China;
	 	 	 
	 	“Inland Revenue Ordinance”	Inland Revenue Ordinance (Chapter 112 of the Laws of Hong Kong);
	 	 	 
	 	“Issue Price”	being US$ 3.061 per SEII Share;
	 	 	 
	 	“Key Management”	means the following individuals and their positions in the Company:

 

	 	 	Name	 	Position
	 	 	 	 	 
	 	 	LEUNG Tin Lung David	 	director and chief executive officer
	 	 	 	 	 
	 	 	CHAK
    Wan Ling Margaret	 	director
    of communication
	 	 	 	 	 
	 	 	Kittikorn Kunnalekha	 	chief
    technology officer 

 

    	 	3	 

     

    

 

	 	“Long Stop Date”	18th
    October, 2018 or such later date as may be agreed between the Vendor and the Purchaser;
	 	 	 
	 	“NASDAQ”	National Association
    of Securities Dealers Automated Quotations, the stock market in the USA;
	 	 	 
	 	“Parties”	parties to this
    Agreement and a “Party” means any one of them;
	 	 	 
	 	“Purchaser Warranties”	the representations,
    warranties and undertakings made by the Purchaser and contained in Clause 6 and SCHEDULE 2;
	 	 	 
	 	“Sale Shares”	300,000 shares in
    the share capital of the Company, being 60% of its entire issued share capital as at the date of this Agreement;
	 	 	 
	 	“SEII”	SHARING ECONOMY
    INTERNATIONAL INC., a company incorporated with limited liability in Nevada, the United States and whose shares are listed
    and traded on NASDAQ (Stock Code: SEII);
	 	 	 
	 	“SEII Preferred Shares”	preferred shares
    of SEII;
	 	 	 
	 	“SEII Share(s)”	shares of common
    stock of SEII, par value US$0.001 per share (or of such other securities as shall result from a subdivision, consolidation,
    re-classification or re-construction of such shares from time to time);
	 	 	 
	 	“Stamp Duty Ordinance”	Stamp Duty Ordinance
    (Chapter 117 of the Laws of Hong Kong);
	 	 	 
	 	“Taxation”	all forms of tax,
    rate, levy, duty, charge, impost, fee, deduction or withholding of any nature now or hereafter imposed, levied, collected,
    withheld or assessed by any taxing or other authority in any part of the world and includes any interest, additional tax,
    penalty or other charge payable or claimed in respect thereof;
	 	 	 
	 	“US$”	United States dollars,
    the lawful currency of the USA;
	 	 	 
	 	“Vendor Warranties”	the representations,
    warranties and undertakings made by the Vendor and contained in Clause 6 and SCHEDULE 2;
	 	 	 
	 	“Warranties”	the Vendor Warranties
    and the Purchaser Warranties; and
	 	 	 
	 	“%”	per
    cent.

 

    	 	4	 

     

    

 

		1.2.	In
                                         this Agreement:

 

	 	(a)	references
    to costs, charges, remuneration or expenses shall include any value added tax, turnover tax or similar tax charged in respect
    thereof;

 

	 	(b)	references
    to any action, remedy or method of judicial proceedings for the enforcement of rights of creditors shall include, in respect
    of any jurisdiction other than Hong Kong, references to such action, remedy or method of judicial proceedings for the enforcement
    of rights of creditors available or appropriate in such jurisdiction as shall most nearly approximate thereto;

 

	 	(c)	words
    denoting the singular number only shall include the plural number also and vice versa;

 

	 	(d)	words
    denoting one gender only shall include the other genders and the neuter and vice versa;

 

	 	(e)	words
    denoting persons only shall include firms and corporations and vice versa;

 

	 	(f)	references
    to any provision of any statute shall be deemed also to refer to any modification or re-enactment thereof or any instrument,
    order or regulation made thereunder or under such modification or re-enactment; and

 

	 	(g)	references
    to any document in the agreed form is to such document which has been initialed by the parties for identification.

 

		1.3.	Headings
                                         shall be ignored in construing this Agreement.

 

		1.4.	The
                                         Recital and the Schedules are part of this Agreement and shall have effect accordingly.

 

		2.	SALE
                                         AND PURCHASE OF SALE SHARES

 

Subject
to the terms and conditions of this Agreement, the Vendor, as the legal and beneficial owner, shall sell the Sale Shares to the
Purchaser and the Purchaser shall purchase the same from the Vendor free from all Encumbrances and third party rights of any kind
and together with all rights now or hereafter attaching thereto including the right to receive all dividends and distributions
declared, made or paid on or after the Completion Date.

 

    	 	5	 

     

    

 

		3.	CONSIDERATION

 

		3.1.	The
                                         consideration of the Sale Shares to be paid by the Purchaser to the Vendor at Completion
                                         is US$3,600,000.00 (the “Consideration”), which shall be satisfied by
                                         the allotment and issue of the Consideration Shares by SEII at the Issue Price.

 

		3.2.	The
                                         Purchaser shall procure SEII to allot and issue the Consideration Shares to the Vendor
                                         (or his nominee) on the Completion Date.

 

		4.	CONDITIONS
                                         PRECEDENT

 

		4.1.	Completion
                                         shall be conditional upon the fulfillment of the following Conditions Precedent:

 

	 	(a)	the
    Purchaser having conducted due diligence exercise (legal and financial) on the Company and satisfied with the results thereof;

 

	 	(b)	all
    IPs, trademarks, fully operational software, website programming source code, web server, and related IT applications and
    software assets applicable to or necessary for the business operations of the Company having been duly transferred to the
    Company by means reasonably satisfactory to the Purchaser;

 

	 	(c)	all
    Vendor Warranties being true, accurate and not misleading at all material aspects at all times between the date hereof and
    the Completion Date (as though they had been made on such dates by reference to the facts and circumstances then subsisting);

 

	 	(d)	the
    Company possessing all the requisite licences (including but not limited to a valid travel agent licence issued under the
    Travel Agents Ordinance (Chapter 218), permits and approvals for its businesses;

 

	 	(e)	all
    requisite consents and approvals from the Travel Agents Registry in relation to the proposed change in ownership and control
    of the Company and the Travel Industry Council of Hong Kong in relation to the proposed change in financial control of the
    Company having been obtained;

 

	 	(f)	there
    having been no material adverse change, or any development likely to involve a prospective material adverse change in the
    condition (financial or operational or otherwise) or in the earnings, business affairs or business prospects, assets or liabilities
    of the Company, whether or not arising in the ordinary course of business since the date of this Agreement;

 

	 	(g)	NASDAQ
    having granted the approval for the listing of, and the permission to deal in, the Consideration Shares, if required under
    NASDAQ continued listing rules and regulations; and

 

	 	(h)	all
    necessary consents, approvals (including shareholders’ approval), permits and/or authorisations in respect of the transactions
    contemplated under this Agreement having been obtained.

 

		4.2.	All
                                         Conditions Precedent may be waived by the Parties by written consent.

 

    	 	6	 

     

    

 

		4.3.	Each
                                         Party undertakes to the other Party to use its best endeavours to ensure that the Conditions
                                         Precedent in Clause 4.1 are fulfilled as early as practicable and in any event not later
                                         than the Long Stop Date.

 

		4.4.	Each
                                         Party undertakes to provide all reasonable assistance to the other Party to fulfill the
                                         Conditions Precedent in Clause 4.1 in accordance with Clause 4.3.

 

		4.5.	If
                                         the Conditions Precedent have not been fulfilled or waived (as the case may be) on or
                                         before the Long Stop Date, this Agreement will lapse and become null and void and the
                                         Parties will be released from all obligations hereunder, save for liabilities for any
                                         antecedent breaches hereof.

 

		5.	COMPLETION

 

		5.1.	Completion
                                         shall take place at Wong, Wan & Partners, 3701, Edinburgh Tower, the Landmark, Central,
                                         Hong Kong at 11:00 am on the Completion Date (or at such other place, on such other time
                                         and/or day as the Parties may agree in writing).

 

		5.2.	At
                                         Completion, the Vendor shall:

 

		(a)	deliver
                                         or cause to be delivered to the Purchaser:

 

	 	(i)	evidence
    reasonably satisfactory to the Purchaser that the Conditions Precedent in Clause 4.1 (which are applicable to the Vendor)
    of this Agreement have been fulfilled;

 

	 	(ii)	instrument
    of transfer and the bought and sold notes of the Sale Shares duly executed by the Vendor as registered holder thereof in favour
    of the Purchaser together with the related share certificate(s);

 

	 	(iii)	Employment
    Agreements duly executed by each of the Key Management and the Company;

 

	 	(iv)	(1)	all
    statutory records and minute books (which shall be duly written up to date as at Completion) and accounting records including
    an original copy of the memorandum and articles of association or other equivalent constitutional documents, certificate of
    incorporation and business registration certificates, business licence, governmental approval letters and certificates (if
    any), common seal, authorised chops, share certificate books and other statutory records of the Company;

 

	 	(2)	all
    tax returns and assessments of the Company (if applicable) (receipted where the due dates for payment fell on or before the
    Completion Date);

 

	 	(3)	copies
    of all correspondence, if any, with its lawyers, accountants, tax or revenue departments, all other documents and correspondence,
    if any, relating to the business affairs of the Company; and

 

    	 	7	 

     

    

 

		(4)	all
                                         title deeds, evidence of ownership and documents relating to assets owned by the Company
                                         (if any);
	 	 	 
	 	provided
                                         that the above shall be deemed to have been delivered if they are located at the registered
                                         office or principal place of business of the Company;

 

	 	(v)	resignation
    letter of Chak Wan Ling Margaret from her position as a director of the Company, in the form and substances reasonably satisfied
    by the Purchaser;

 

	 	(vi)	the
    written approval from the Travel Agents Registry;

 

	 	(vii)	the
    written approval from the Travel Industry Council of Hong Kong;

 

	 	(viii)	a
    cheque made payable to “the Government of the HKSAR” for such amount representing the share of Hong Kong stamp duty
    which shall be borne by the Vendor as transferor of the Sale Shares in accordance with the Stamp Duty Ordinance;

 

	 	(ix)	evidence
    reasonably satisfactory to the Purchaser showing that all loans or amounts due by the Company to its shareholders, directors
    or any other third party creditors have been fully waived or settled;

 

	 	(x)	such
    other documents as may be reasonably required to give good title to the Sale Shares free from all Encumbrances and third party
    rights of any kind and to enable the Purchaser to become the registered holder thereof; and

 

	 	(xi)	a
    certified true copy of the resolutions of the board of directors of the Company approving the matters set out in Clause 5.2(b);

 

		(b)	procure
                                         that the following businesses be approved at a meeting of the directors of the Company:

 

	 	(i)	the
    directors of the Company shall approve the transfer of the Sale Shares and the Purchaser and/or its nominee shall be duly
    registered as the holder of the Sale Shares in the register of members of the Company, subject to the articles of association
    of the Company;

 

	 	(ii)	the
    directors of the Company shall approve the resignation of Chak Wan Ling Margaret and Kittikorn Kunnalekha as directors of
    the Company prior to the Completion and the appointment of two or more directors nominated by the Purchaser;

 

	 	(iii)	the
    directors of the Company shall resolve that the share certificate in respect of the Sale Shares be duly issued and delivered
    to the Purchaser and/or its nominee, subject to the articles of association of the Company;

 

	 	(iv)	the
    directors of the Company shall approve the execution and performance of the Employment Agreements; and
	 	 	 
		(v)	the
                                         directors of the Company shall approve any of its directors to do all such acts and things
                                         and to sign any documents reasonably required to give effect to the transaction as contemplated
                                         under this Agreement.

 

    	 	8	 

     

    

  

		5.3.	At
                                         Completion, against compliance with the provisions of Clause 5.2, the Purchaser shall
                                         deliver or cause to be delivered the following documents to the Vendor:

 

	 	(i)	a
    certified copy of the resolutions passed by the board of directors of the Purchaser approving the execution and performance
    of this Agreement;

 

	 	(ii)	evidence
    reasonably satisfactory to the Vendor that the Conditions Precedent in Clause 4.1 (which are applicable to the Purchaser)
    of this Agreement have been fulfilled;

 

	 	(iii)	instrument
    of transfer and the bought and sold notes of the Sale Shares duly executed by the Purchaser;

 

	 	(iv)	a
    copy of the board resolutions and, if required, the resolutions of an extraordinary general meeting of SEII approving the
    allotment and issue of the Consideration Shares;

 

	 	(v)	a
    cheque made payable to “the Government of the HKSAR” for such amount representing the Hong Kong stamp duty which
    shall be borne by the Purchaser as transferee of the Sale Shares in accordance with the Stamp Duty Ordinance; and

 

	 	(vi)	documents
    as may be reasonably required to give good title to the Consideration Shares free from all Encumbrances and third party rights
    of any kind and to enable the Vendor to become the registered holders thereof.

 

		6.	REPRESENTATIONS
                                         AND WARRANTIES

 

		6.1.	The
                                         Purchaser hereby represents, warrants and undertakes to the Vendor in the terms set out
                                         in this Clause 6 and SCHEDULE 3.

 

		6.2.	The
                                         Vendor hereby represent, warrant and undertake to the Purchaser in the terms set out
                                         in this Clause 6 and SCHEDULE 2.

 

		6.3.	The
                                         Purchaser shall be deemed to have repeated all the Purchaser Warranties on the basis
                                         that such Purchaser Warranties will at all times from the date of this Agreement up to
                                         and including the Completion Date be true, complete and accurate in all respects and
                                         such Purchaser Warranties shall have effect as if given at Completion as well as the
                                         date of this Agreement.

 

		6.4.	The
                                         Vendor shall be deemed to have repeated all the Vendor Warranties on the basis that such
                                         Vendor Warranties will at all times from the date of this Agreement up to and including
                                         the Completion Date be true, complete and accurate in all respects and such Vendor Warranties
                                         shall have effect as if given at Completion as well as the date of this Agreement.

 

    	 	9	 

     

    

 

		6.5.	The
                                         Vendor agrees and acknowledges that the Purchaser is entering into this Agreement in
                                         reliance on the Vendor Warranties.

 

		6.6.	The
                                         Purchaser agrees and acknowledges that the Vendor is entering into this Agreement in
                                         reliance on the Purchaser Warranties.

 

		6.7.	None
                                         of the Warranties shall be limited or restricted by reference to or inference from the
                                         terms of any other Warranties or any other terms of this Agreement.

 

		6.8.	If
                                         any Party fails to perform any of its obligations in any material respect (including
                                         its obligation at Completion) under this Agreement or breaches any of the terms or Warranties
                                         set out in this Agreement in any material respect prior to Completion, then without prejudice
                                         to all and any other rights and remedies available at any time to a non-defaulting Party
                                         (including but not limited to the right to damages for any loss suffered by that Party),
                                         any non-defaulting Party may by notice either require the defaulting Party to perform
                                         such obligations or, insofar as the same is practicable, remedy such breach or to the
                                         extent it relates to the failure of the defaulting Party to perform any of its obligations
                                         on or prior to Completion in any material respect, treat the defaulting Party as having
                                         repudiated this Agreement and rescind the same. The rights conferred upon the respective
                                         Parties by the provisions of this Clause 6 are additional to and do not prejudice any
                                         other rights the respective Parties may have. Failure to exercise any of the rights herein
                                         conferred shall not constitute a waiver of any such rights.

 

		6.9.	The
                                         Vendor will not be liable under any of the Vendor Warranties unless a written notice
                                         of a claim has been received by the Vendor not later than the expiry of a period of eighteen
                                         (18) months following the Completion Date and legal proceedings for such claim have been
                                         commenced against and served on the Vendor within six (6) months of the giving of such
                                         written notice.

 

		6.10.	The
                                         total liability of the Vendor in respect of all claims brought by the Purchaser under
                                         this Agreement and/or any ancillary agreements executed pursuant thereto (including the
                                         Warranties) shall not exceed the amount of the Consideration.

 

		6.11.	The
                                         Vendor shall not be liable for any claim to the extent that such liability arises as
                                         a result of any legislation coming into force or effect after the Completion Date with
                                         retrospective effect.

 

		6.12.	The
                                         Vendor shall not be liable for any claim to the extent that such liability arises as
                                         a result of any change in the accounting policy after the Completion Date which is applicable
                                         to the Company.

 

		6.13.	The
                                         Vendor will not be liable for any claim or breach of any of the Vendor Warranties to
                                         the extent that such liability arises as a direct result of:

 

	 	(a)	any
    act done before the date of Completion by the Vendor or the Company at the written request of the Purchaser and is done in
    a manner in compliance with the written instructions of the Purchaser; or

 

	 	(b)	any
    act done or omitted to be done after the date of Completion by the Purchaser or the Company save for such acts which are contemplated
    in or are to be done to give effect to comply with this Agreement and any other documents or such acts which are necessary
    to be conducted in the business operation of the Company.

 

    	 	10	 

     

    

 

		7.	VENDOR’S
                                         GUARANTEE AND UNDERTAKING

 

		7.1.	The
                                         Vendor hereby unconditionally and irrevocably guarantees to the Purchaser that the revenue
                                         and the net profit (for the purpose of clarification, all reference to “net profit”
                                         in this Clause 7 refers to “net profit before tax”) generated by the Company
                                         for each of the two financial years from lst January 2019 or the first two
                                         years of forecast as shown in the valuation report (“KPI Periods”) shall
                                         be not less than the amount as per the revenue and profit forecasts in the valuation
                                         report (referred to in Clause 7.6) for each of such years (the “KPI Guarantee”),
                                         provided that each of the Employment Agreement for the Key Management has not been terminated
                                         by the Company (save as being terminated as a result of employee’s willful misconduct).
                                         The revenue and the net profit generated for each financial year or year of forecast
                                         during the KPI Periods will be calculated according to the generally accepted accounting
                                         principle in Hong Kong and will be audited by an independent professional accountant.
                                         For the avoidance of doubt, in the event that the Employment Agreement for any Key Management
                                         has been terminated by the Company for reasons other than employee’s willful misconduct,
                                         the KPI Guarantee shall cease to have effect automatically and all references to the
                                         KPI Guarantee under this Agreement shall be deemed to be removed or adjusted accordingly.
                                         The Vendor further undertakes to the Purchaser that he will procure at least two (2)
                                         airlines to be signed onto Gagfare during the KPI Period.

 

		7.2.	In
                                         the event that the KPI Guarantee is not fulfilled for any of the financial year or year
                                         of forecast during the KPI Periods, the Purchaser shall have the right to claim an amount
                                         to be compensated by the Vendor (the “Compensation Amount”) calculated
                                         by, subject to clause 7.3 below, multiplying the amount of the Consideration by the shortfall
                                         in revenue or net profit (as the case may be) over the revenue or net profit (as the
                                         case may be) guaranteed under the KPI Guarantee for the respective financial year or
                                         year of forecast in the KPI Periods within 2 months after the date of the Company’s audited
                                         financial statements for the relevant financial year or year of forecast, provided that
                                         if there are shortfalls in both revenue and net profit for any of the KPI Periods, the
                                         Purchaser shall be entitled to claim against such shortfall entitling it the larger compensation.
                                         The term “shortfall” in this Clause 7.2 shall mean either (i) the difference
                                         between the revenue guaranteed under the KPI Guarantee and the actual revenue generated
                                         by the Company for the relevant financial year or year of forecast in the KPI Periods
                                         or (ii) the difference between the net profit guaranteed under the KPI Guarantee and
                                         the actual net profit generated by the Company for the relevant financial year or year
                                         of forecast in the KPI Periods.

 

		7.3.	The
                                         Compensation Amount shall be paid or fulfilled on demand from the Purchaser in the following
                                         manner:

 

	 	(a)	by
    the return of Consideration Shares (the “Returned Share(s)”) issued and allotted to the Vendor on the Completion
    Date to SEII for cancellation, the value of each Returned Share being deemed as the Issue Price; or

 

	 	(b)	in
    the event that all or part of the Consideration Shares are sold by the Vendor during the KPI Periods and the aggregate value
    of the Returned Shares (i.e. the remaining Consideration Shares, if any) based on the calculation specified in paragraph (a)
    above is lower than the Compensation Amount, the remaining Compensation Amount (the “Remaining Compensation”)
    will be paid with the proceeds generated from the sale of the Consideration Shares by the Vendor and the amount of the
    Remaining Compensation will be adjusted as follows:

 

	 	(i)	if
    the transfer price of the Consideration Shares is the same or higher than the Issue Price, the amount of the Remaining Compensation
    will not be adjusted; and

 

	 	(ii)	if
    the transfer price of the Consideration Shares is lower than the Issue Price, the Remaining Compensation shall be adjusted
    and be paid from the actual amount of proceeds received by the Vendor from the sale of the Consideration Shares as if they
    are sold under the Issue Price.

 

    	 	11	 

     

    

 

		7.4.	In
                                         order to secure the Compensation Amount, the Vendor hereby undertakes to the Purchaser
                                         as follows:

 

	 	(a)	the
    Consideration Shares shall remain to be free from all Encumbrances during the KPI Periods and, in any case, up to the time
    of payment of the Compensation Amount;

 

	 	(b)	in
    the event that the Vendor intends to sell or transfer the Consideration Shares during the KPI Periods (the “Intended
    Transfer”):

 

	 	(i)	the
    Purchaser will be notified by the Vendor within 2 business days after the Intended Transfer; and

 

	 	(ii)	upon
    effective registration of the Consideration Shares with the United States Securities and Exchange Commission, the Vendor
    shall     notify the relevant settlement and clearing agent that the proceeds received by the Vendor from the Intended
    Transfer (after     deduction of the expenses incurred for the sale of the Sales Shares and the Intended Transfer) (the “Deposited
    Sum”)     shall be deposited into a bank account designated by the Purchaser (the “Designated
    Account”) with common     control by the Purchaser and the Vendor within 2 business days after the Intended
    Transfer, provided that the Deposited Sum     shall not exceed the amount of revenue guaranteed under the KPI Guarantee. The
    Deposited Sum shall only be utilised by the     Vendor (i) with the written consent by the Purchaser, provided that upon
    expiry of the first financial year or year of forecast     in the KPI Periods, an amount equivalent to the actual revenue
    generated by the Company for such year shall be released by     the Purchaser and can be freely utilised by the Vendor; or
    (ii) for the benefit of the business operations of the Company     and the purpose of fulfilling the KPI Guarantee by the
    Vendor, which is subject to the approval from the board of directors     of the Company.

 

		7.5.	The
                                         Vendor hereby undertakes to the Purchaser that the Key Management shall carry out the
                                         same roles and responsibilities in the Company after Completion for the KPI Periods on
                                         the terms and conditions of the Employment Agreements, provided that (a) the Purchaser
                                         as the majority shareholder after the Completion shall be entitled to change the roles
                                         and responsibilities of the Key Management as it shall deem appropriate, and (b) if there
                                         is any contradiction between this Agreement and any of the Employment Agreements, the
                                         terms and conditions of this Agreement shall prevail.

 

    	 	12	 

     

    

 

		7.6.	The
                                         Vendor hereby undertakes to the Purchaser that he will provide a signed valuation report
                                         issued by BMI Appraisals Limited relating to the Company and the financial forecast for
                                         no less than 10 years (from year 2018 to 2027) and operation budget for the KPI Periods
                                         on suitable assumptions and qualifications after Completion.

 

		7.7.	The
                                         Parties hereby use their best effort to (a) submit an application for listing of the
                                         Company in any one of the internationally recognized exchanges including Hong Kong Stock
                                         Exchange or NASDAQ within 2 years from the Completion Date, and (b) procure a success
                                         in the listing application, provided that the Company achieves all the revenues and profits
                                         under the KPI Guarantee as stipulated in Clause 7.1 and the Purchaser holds not less
                                         than 60% of the issued share capital of the Company.

 

		8.	CALL
                                         OPTION

 

		8.1.	The
                                         Vendor shall be entitled to buy back all the Sale Shares from the Purchaser (the “Call
                                         Option”) during the period from the 8th month to the 12th
                                         month after the Completion Date (the “Exercise Period”) if the Company
                                         is unable to raise US$1,000,000.00 or more within the first 7 months after the Completion
                                         Date.

 

		8.2.	The
                                         Vendor may exercise the Call Option by giving the Purchaser not less than 30 days written
                                         notice in advance during the Exercise Period.

 

		8.3.	If
                                         the Vendor exercises the Call Option, at the completion of the buy-back of all the Sales
                                         Shares, the Vendor shall pay the Consideration in cash to the Purchaser and the Purchaser
                                         shall transfer to the Vendor all the Sale Shares free from all Encumbrances and third
                                         party rights of any kind and together with all rights thereafter attaching thereto including
                                         the right to receive all dividends, distributions declared, made or paid on or after
                                         the date of the completion.

 

		8.4.	The
                                         Call Option shall lapse after the expiry of the Exercise Period if it is not exercised
                                         by the Vendor during the Exercise Period.

 

		9.	FURTHER
                                         ASSURANCE

 

Each
Party undertakes to the other Party to execute or procure to be executed all such documents and to do or procure to be done all
such other acts and things as may be reasonable and necessary to give all Parties the full benefit of this Agreement.

 

		10.	RESTRICTIONS
                                         ON COMMUNICATION AND ANNOUNCEMENTS

 

		10.1.	Each
                                         of the Parties undertakes to the other Party that it shall not at any time after the
                                         date of this Agreement divulge or communicate to any person other than to its professional
                                         advisers, or when required by law or any rule of any relevant stock exchange body, or
                                         to its respective officers or employees whose province it is to know the same any confidential
                                         information concerning the business, accounts, finance or contractual arrangements or
                                         other dealings, transactions or affairs of the other which may be within or may come
                                         to its knowledge in connection with the transactions contemplated by this Agreement and
                                         it shall use its best endeavours to prevent the publication or disclosure of any such
                                         confidential information concerning such matters. This restriction shall not apply to
                                         information or knowledge which is or which properly comes into the public domain, through
                                         no fault of any of the Parties or to information or knowledge which is already known
                                         to any of the Parties at the time of its receipt.

 

    	 	13	 

     

    

 

		10.2.	Each
                                         of the Parties undertakes that he/it shall not at any time (save as required by law or
                                         any rule of any relevant stock exchange or regulatory body) make any announcement in
                                         connection with this Agreement unless the other Party shall have given its consent to
                                         such announcement (which consent may not be unreasonably withheld or delayed and may
                                         be given either generally or in a specific case or cases and may be subject to conditions).
                                         If any Party is required by law or any rule of any relevant stock exchange or regulatory
                                         body to make any announcement in connection with this Agreement, the other Party agrees
                                         to supply all relevant information relating to itself that is within its knowledge or
                                         in its possession as may be reasonably necessary or as may be required by any exchange
                                         and regulatory body to be included in the announcement.

 

		11.	PARTIAL
                                         INVALIDITY

 

If,
at any time, any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect in any jurisdiction,
the legality, validity and enforceability in other jurisdictions or of the remaining provisions of this Agreement shall not be
affected or impaired thereby.

 

		12.	COSTS
                                         AND EXPENSES

 

Each
Party shall bear his/its own costs of and incidental to the preparation, negotiation and settlement of this Agreement and the
transactions contemplated hereunder (including, without limitation, legal fees and expenses, and capital fees or stamp duty (if
any) relating to this Agreement), provided that if the Vendor exercises the Call Option, the Vendor shall bear and pay all the
stamp duty arising from or as a result of the transactions contemplated under the Call Option.

 

		13.	ASSIGNMENT

 

No
Party shall assign any of its rights or obligations under this Agreement without the written consent of the other Party.

 

		14.	CONTINUING
                                         EFFECT OF AGREEMENT

 

Any
provision of this Agreement which is capable of being performed after Completion but which has not been performed at or before
Completion shall remain in full force and effect notwithstanding Completion.

 

		15.	GENERAL

 

		15.1.	This
                                         Agreement supersedes all and any previous agreements, arrangements or understanding between
                                         the Parties relating to the matters referred to in this Agreement and all such previous
                                         agreements, understanding or arrangements (if any) shall cease and determine with effect
                                         from the date hereof and neither Party shall have any claim in connection therewith.

 

    	 	14	 

     

    

 

 

		15.2.	This
Agreement constitutes the entire agreement between the Parties with respect to its subject matter (no Party having relied on any
representation or warranty made by the other Party which is not contained in this Agreement). No variation of this Agreement shall
be effective unless made in writing and signed by all Parties.

 

		15.3.	Time
shall be of the essence of this Agreement but no failure by any Party to exercise, and no delay on its part in exercising any
right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right under this Agreement
preclude any other or further exercise of it or the exercise of any right or prejudice or affect any right against the other.
The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights or remedies provided by law.

 

		15.4.	No
delay or failure by a Party to exercise or enforce (in whole or in part) any right provided by this Agreement or by law shall
operate as a release or waiver, or in any way limit that Party’s ability to further exercise or enforce that, or any other, right.
A waiver of any breach of any provision of this Agreement shall not be effective, or implied, unless that waiver is in writing
and is signed by the Party against whom that waiver is claimed. In the event of a default by either Party in the performance of
its obligations under this Agreement, the non-defaulting Party shall have the right to obtain specific performance of the defaulting
Party’s obligations. Such remedy shall be in addition to any other remedies provided under this Agreement or at law.

 

		15.5.	Except
as expressly provided in this Agreement, 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 which exists or is available apart from that Ordinance.

 

		16.	NOTICES

 

		16.1.	Any
notice claim, demand, court process, document or other communication to be given under this Agreement (collectively “communication”
in this Clause) shall be in writing in the English or Chinese language and may be served or given personally or sent to the
e-mail address (if any) of the relevant Party and marked for the attention and/or copied to such other person as specified in
Clause 16.4.

 

		16.2.	A
change of address or e-mail address of the person to whom a communication is to be addressed or copied pursuant to this Agreement
shall not be effective until five days after a written notice of change has been served in accordance with the provisions of this
Clause 16 on the other Party with specific reference in such notice that such change is for the purposes of this Agreement.

 

		16.3.	All
communications shall be served by the following means and the addressee of a communication shall be deemed to have received the
same within the time stated adjacent to the relevant means of despatch:

 

	 	Means of despatch	 	Time of deemed receipt
	 	Local mail or courier	 	24 hours
	 	E-mail	 	12 hours
	 	Air courier/Speedpost	 	3 days
	 	Airmail	 	7 days

 

    	 	15	 

     

    

 

		16.4.	The
initial addresses and e-mail addresses of the Parties for the service of communications, the person for whose attention such communications
are to be marked and the person to whom a communication is to be copied are as follows:

 

If
to the Vendor:

 

	 	Address
    :	House
    316 Nam Wai, Sai Kung, New Territories, Hong Kong 
	 	E-mail : 	david@gagfare.com
	 	Attention :	Mr.
Leung Tin Lung David (梁天龍)

 

If
to the Purchaser:

 

	 	Address :	Rooms 315 - 316, 3/F, Building
    W12, Hong Kong Science Park, Shatin, N.T., Hong Kong
	 	E-mail :	parkson.yip@seii.com
	 	Attention :	Parkson Yip

 

		16.5.	A
communication served in accordance with this Clause 16 shall be deemed sufficiently served and in proving service and/or receipt
of a communication it shall be sufficient to prove that such communication was left at the addressee’s address or that the envelope
containing such communication was properly addressed and posted or despatched to the addressee’s address. In the case of communication
by e-mail, such communication shall be deemed properly transmitted upon the receipt of the sent confirmation by the e-mail account
of the sender.

 

		16.6.	Nothing
in this Clause shall preclude the service of communication or the proof of such service by any mode permitted by law.

 

		17.	COUNTERPARTS

 

This
Agreement may be executed in any number of counterparts, and this has the same effect as if the execution on the counterparts
were on a single copy of this Agreement.

 

		18.	GOVERNING
LAW

 

		18.1.	This
Agreement shall be governed by and construed in accordance with the laws of Hong Kong.

 

		18.2.	The
courts of Hong Kong have non-exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement
(including a dispute regarding the existence, validity or termination of this Agreement).

 

    	 	16	 

     

    

 

IN
WITNESS whereof this Agreement has been duly executed on the date first above written.

 

	VENDOR	 	 
	SIGNED by LEUNG TIN LUNG DAVID (梁天龍)	)	/s/ LEUNG TIN LUNG DAVID
	in the presence of :	)	 

 

	PURCHASER	 	
	SIGNED by LAU PING KEE	)	/s/ LAU PING KEE
	as authorised representative of	)	 
	SHARING ECONOMY INVESTMENT LIMITED	)	 
	in the presence of :	)	 

 

    	 	17	 

     

    

 

SCHEDULE 1

PARTICULARS
OF THE COMPANY

 

	1.	Company name	:	Gagfare Limited
	 	 	 	 
	2.	Company number	:	2270123
	 	 	 	 
	3.	Date of incorporation	:	31 July 2015
	 	 	 	 
	4.	Place of incorporation	:	Hong Kong
	 	 	 	 
	5.	Address of registered office	:	Room 1101, 11/F., Technology Plaza, No. 651
    King’s Road, North Point, Hong Kong
	 	 	 	 
	6.	Issued share capital	:	HK$500,000
	 	 	 	 
	7.	Sole shareholder	:	Leung Tin Lung David (梁天龍)
	 	 	 	 
	8.	Directors	:	Leung Tin Lung David (梁天龍)
	 	 	 	 
	 	 	 	Chak
    Wan Ling Margaret 

 

    	 	18	 

     

    

 

SCHEDULE
2

VENDOR
WARRANTIES

 

		1.	General

 

		1.1.	The
contents of the Recitals of and Schedule 1 this Agreement are true and accurate.

 

		1.2.	All
information given by the Vendor or their agents or professional advisers to the Purchaser or its employees, agents or professional
advisers relating to the business, activities, affairs, or assets or liabilities of the Company was, when given, and is now true,
accurate and complete in all respects.

 

		1.3.	There
are no material facts or circumstances, in relation to the assets, business or financial condition of the Company which have not
been exhaustively, expressly and fairly disclosed in writing to the Purchaser or its employees, agents or professional advisers,
and which, if disclosed, might reasonably have been expected to affect the decision of the Purchaser to enter into this Agreement.

 

		1.4.	The
execution and performance of this Agreement will not conflict with or result in a breach of or be a reason for the termination
or variation of any agreement or obligation to which the Company is now a party or any of the Company or its assets are or may
be bound or affected or be in violation of any law, rule or regulation of any governmental, administrative or regulatory body
or any order, injunction or decree of any judicial, administrative, regulatory or governmental body affecting the Company.

 

		2.	Organisation,
Authority and Power

 

		2.1.	The
Company is a company duly incorporated and validly existing under the laws of Hong Kong. All issued shares in the Company are
duly authorised, validly issued and fully paid up and none of such shares (where applicable) has been issued in violation of the
memorandum and articles of association of the Company or the terms of any agreement by which the Company or its shareholders were
or are bound, if any.

 

		2.2.	The
Vendor has, on the date of this Agreement and on Completion, full and unfettered right, power and authority to enter into this
Agreement and assume all of their obligations hereunder and no further actions or proceedings are necessary on their part in connection
with the execution, delivery and performance by them of this Agreement.

 

		2.3.	This
Agreement constitutes valid and legally binding obligations on the part of the Vendor enforceable in accordance with its terms.

 

		2.4.	The
Vendor is the legal and beneficial owner of the Sale Shares and is entitled to sell and transfer the Sale Shares and pass the
full legal and beneficial ownership thereof with all rights thereto to the Purchaser or its nominee on the terms of this Agreement.
The Sale Shares are issued and fully paid and are beneficially owned by the Vendor free from all Encumbrances. The Sale Shares
constitutes the 60% of the issued share capital of the Company.

 

    	 	19	 

     

    

 

		3.	Records
and taxation

 

		3.1.	The
Company has duly made up all requisite minutes books, registers and records in compliance with all applicable laws and regulatory
requirements and these and all other deeds and documents (properly stamped where necessary) belonging to or which ought to be
in its possession and its seal are in its possession.

 

		3.2.	All
the books, ledgers, financial and other records of whatsoever kind, of the Company are in its possession, have been fully, properly
and accurately kept and completed, do not contain any material inaccuracies or discrepancies of any kind and give and reflect
a true and fair view of its trading transactions (if any), and its financial, contractual and trading position.

 

		3.3.	The
Company has duly complied with its obligations to account to the relevant tax authorities and all other authorities for all amounts
for which it is or may become accountable in respect of Taxation relating to its business.

 

		3.4.	All
returns in connection with Taxation that should have been filed by the Company have been filed correctly and on a proper
basis in accordance with all applicable laws and regulatory requirements and there are no facts known or which would on reasonable
enquiry be known to the Company or its directors which may give rise to any dispute or to any claim for any Taxation or the deprivation
of any relief or advantage that might have been available.

 

		3.5.	The Company is not
                                                                                                                                                               and does not expect to be involved in any dispute in relation to Taxation and no authority concerned has investigated or
                                                                                                                                                               indicated that it intends to investigate into the tax affairs of the Company nor are there any circumstances of which the
                                                                                                                                                               Vendor is aware which would cause any authority to investigate into the tax affairs of the Company.

 

		3.6.	The
Company has no liability in respect of Taxation (whether actual or contingent) nor any liability for interest, penalties or charges
imposed in relation to any Taxation arising or deemed to arise in any accounting period ending on or before the date of this Agreement.

 

		3.7.	Since
incorporation of the Company and inclusive of the Completion Date:

 

		(i)	the
                                         Company has not been involved in any transaction outside the ordinary course of business
                                         which has given or may give rise to a liability to Taxation on the Company (or would
                                         have given or might give rise to such a liability but for the availability of any relief,
                                         allowance, deduction or credit);

 

		(ii)	no
                                         disposal has taken place or other event occurred which will or may have the effect of
                                         crystallising a liability to Taxation;

 

		(iii)	no
                                         payment has been made by the Company which will not be deductible for profits tax (or
                                         its equivalent) purposes either in computing the profits of the Company or in computing
                                         the profits tax chargeable on the Company;

 

		(iv)	no
                                         event has occurred with the result that the Company has or will become liable to pay
                                         or bear a liability in respect of Taxation directly or primarily charged against, or
                                         attributable to, another person, firm or company; and

 

		(v)	the
Company has not paid or become liable to pay any penalty in connection with any Taxation or otherwise paid any Taxation after
its due date for payment or become liable to pay any Taxation the due date for payment of which has passed or will become prospectively
liable to pay any Taxation the due date for payment of which will fall within 30 days after the date of this Agreement.

 

    	 	20	 

     

    

 

		3.8.	The
Company has within the time limits prescribed by the relevant legislation duly paid all tax (including provisional tax), made
all returns, given all notices, supplied all other information required to be supplied to the Inland Revenue Department of Hong
Kong and any other relevant governmental authority (including any governmental authority of a foreign jurisdiction) and all such
information was and remains complete and accurate in all material respects and all such returns and notices were and remain complete
and accurate in all material respects and were made on a proper basis and do not, nor, to the best of the knowledge, information
and belief of the Vendor, having made due and careful enquiry, are likely to, reveal any transactions which may be the subject
of any dispute with the Inland Revenue Department of Hong Kong or other relevant authorities(including any governmental authority
of a foreign jurisdiction) and the Company is not and has not in the last three years been the subject of an Inland Revenue Department
of Hong Kong(or equivalent foreign tax authority) investigation or field audit or other dispute regarding tax or duty recoverable
from the Company or regarding the availability of any relief from Taxation or duty to the Company and there are no facts known
to the Vendor which are likely to cause such an investigation or audit to be instituted or such a dispute to arise.

 

		3.9.	There
are no material and/or unusual arrangements, agreements or undertakings, between the Company and the Inland Revenue Department
of Hong Kong, or any foreign tax authorities, regarding or affecting the Taxation treatment of the Company.

 

		3.10.	The
Company has kept sufficient records in either English or Chinese:

 

		(i)	of
                                         its income and expenditure to enable the assessable profits of its trade, profession
                                         or business to be readily ascertained in compliance with and for the period mentioned
                                         in Section 51C of the Inland Revenue Ordinance or other similar legislation;

 

		(ii)	of
                                         the consideration, in money or money’s worth, payable or deemed to be payable to it,
                                         to its order or for its benefit in respect of the right of use of its land or buildings
                                         or land and buildings to enable the assessable value of its land or buildings or land
                                         and buildings to be readily ascertained in compliance with and for the period mentioned
                                         in Section 57D of the Inland Revenue Ordinance.

 

		3.11.	The
Company has duly complied with all requirements to deduct or withhold Taxation from any payments it has made and has accounted
in full to the appropriate authorities for all amounts so deducted or withheld.

 

    	 	21	 

     

    

 

		4.	Corporate
Status

 

		4.1.	The
Company is duly incorporated, validly existing and in good standing under the laws of Hong Kong and has all requisite corporate
power and authority to own its assets and to carry on its business as currently conducted and is duly qualified to do business
and is in good standing as a foreign corporation in each jurisdiction where the ownership or operation of its assets or the conduct
of its business requires such qualification.

 

		4.2.	No
events or omissions have occurred whereby the constitution, subsistence or corporate status of the Company has been or is likely
to be adversely affected.

 

		4.3.	No
order for the appointment of a liquidator has been made and as receiver has been appointed over the whole or any part of the assets
of the Company.

 

		4.4.	No
order has been made, or petition presented, or resolution passed for the winding up of the Company, nor has any distress, execution
or other process been levied in respect of the Company which remains undischarged; nor is there any unfulfilled or unsatisfied
judgment or court order outstanding against the Company.

 

		4.5.	Save
as contemplated under and this Agreement, as at the Completion Date, there are no pre-emptive or other outstanding rights, options,
warrants, conversion rights or agreements or commitments of any character relating to the authorised and issued, unissued or treasury
shares or equity interest of the Company and the Company has not issued any debt securities, other securities, rights or obligations
which are convertible into or exchangeable for, or giving any person a right to subscribe for or acquire, capital or equity interest
of the Company, and no such securities or obligations evidencing such rights are outstanding.

 

		5.	Business,
etc.

 

		5.1.	The
Company has not given or permitted to be outstanding any powers of attorney or authority (expressed or implied) to any party to
enter into any contracts, commitments or transactions (other than the usual authority conferred on its directors in respect of
the ordinary course of business) or pursuant to the banking facilities granted to the Company.

 

		5.2.	The
Company has not entered into any contracts, commitments or transactions other than on an arms-length basis nor breached or defaulted
under any contracts, commitments or transactions.

 

		5.3.	There
are no existing circumstances which indicate that as a result of the consummation of this Agreement:

 

		(i)	the
existing level of business of the Company may be substantially reduced; and

 

		(ii)	the
Company will lose the benefit of any right or privilege which it enjoys.

 

		5.4.	Compliance
with the terms of this Agreement does not and will not :

 

		(i)	conflict
with, or result in the breach of, or constitute a default under, any of the terms, conditions or provisions of any agreement or
instrument to which the Company is a party, or any provision of the memorandum or articles of association or equivalent constitutive
documents of the Company or any Encumbrance, lease, contract, order, judgment, award, injunction, regulation or other restriction
or obligation of any kind or character by which or to which any asset of the Company is bound or subject;

 

    	 	22	 

     

    

 

		(ii)	relieve
any person from any obligation to the Company (whether contractual or otherwise), or enable any person to determine any obligation,
or any right or benefit enjoyed by the Company, or to exercise any right, whether under an agreement with, or otherwise in respect
of, the Company;

 

		(iii)	result
in the creation, imposition, crystallisation or enforcement of any Encumbrances whatsoever on any of the assets of the Company;
or

 

		(iv)	result
in any present or future indebtedness of the Company becoming due, or capable of being declared due and payable, prior to its
stated maturity.

 

		5.5.	The
Company has, at all times, carried on its business and conducted its affairs in all respects in accordance with its memorandum
and articles of association or equivalent constitutive documents for the time being in force and any other documents to which
it is, or has been, a party.

 

		5.6.	The
Company is empowered and duly qualified to carry on business in all jurisdictions in which it now carries on business.

 

		5.7.	The
Company is not a party to any undertaking or assurances given to any court or governmental agency, which is still in force.

 

		5.8.	The
Company has conducted and is conducting its business in all respects in accordance with all applicable laws and regulations, whether
of Hong Kong or elsewhere.

 

		5.9.	The
Company is in possess of all requisite licences, permits and approvals for conducting its businesses and is not in breach of any
of the terms or conditions of any of the licences or consents; the enforcement of this Agreement shall not, and there are no factors
that might, in any way prejudice the continuation, or renewal, of any of them.

 

		5.10.	The
Company is not a party to any contract, transaction, arrangement or liability which:

 

		(i)	is
of an unusual or abnormal nature, which is outside the ordinary and proper course of business; or

 

		(ii)	cannot
readily be fulfilled or performed by it on time without undue, or unusual, expenditure of money, effort or personnel.

 

		5.11.	No
notice, demand or claim of default under any agreement, instrument or arrangement to which the Company is a party has been received
by the Company and is outstanding against it and there is nothing whereby any such agreement, instrument or arrangement may be
prematurely terminated or rescinded by any other party.

 

    	 	23	 

     

    

 

		5.12.	The
Vendor is not aware of:

 

		(i)	any
party to any agreement with, or under an obligation to, the Company who is in default under it, being a default which would be
material in the context of the Company’s financial position; and

 

		(ii)	any
circumstances likely to give rise to such a default.

 

		5.13.	Insofar
as the Vendor is aware, the Company has not supplied services or products which are, or were, or will become faulty or defective,
or which do not comply in any material respect with any warranties or representations, expressly or impliedly made by it, or with
all applicable regulations and requirements.

 

		6.	Corporate
Records and Procedures etc.

 

		6.1.	The
copy of the articles of association or the equivalent constitutive documents of the Company delivered to the Purchaser is accurate,
update and complete in all respects.

 

		6.2.	No
alteration has been made to the memorandum or articles of association or the equivalent constitutive documents of the Company
and no resolution of any kind of the shareholders of the Company has been passed (other than resolutions relating to the business
at annual general meetings which was not special business) without disclosure in writing to the Purchaser.

 

		6.3.	The
Company has fully and punctually observed and complied with its obligations under the relevant companies legislations and the
relevant statutes and all returns, particular resolutions and other documents (if any) required to be filed have been properly
and punctually filed.

 

		6.4.	The
register of members of the Company is and will at Completion be correct. There has been no notice of any proceedings to rectify
the register, and there are no circumstances which might lead to any application for rectification of the register, nor will there
be any such circumstances at or before Completion.

 

		7.	Directors

 

Other
than the directors set out in Schedule 1, the Company has no other director.

 

		8.	Dispute,
Claims and Litigation

 

		8.1.	The
Company is not engaged in any litigation or arbitration proceedings, as plaintiff or defendant; there are no proceedings pending
or threatened, either by or against the Company; and no circumstances exist which are likely to give rise to any litigation or
arbitration.

 

		8.2.	There
is no dispute with any revenue, or other official, department or other regulatory authority in Hong Kong or elsewhere, in relation
to the affairs of the Company, and the Company and the Vendor is not aware of any facts which may give rise to any dispute.

 

		8.3.	No
order has been made, or petition presented, or resolution passed for the winding up of the Company; nor has any distress, execution
or other process been levied in respect of the Company which remains undischarged; nor is there any unfulfilled or unsatisfied
judgment or court order outstanding against the Company.

 

    	 	24	 

     

    

 

		8.4.	The
Company has conducted its business and dealt with its assets in all material respects in accordance with all applicable legal
and administrative requirements in Hong Kong and any other jurisdiction.

 

		8.5.	The
Company has not committed any criminal act or material breach of contract or statutory duty or any tortious or other unlawful
act.

 

		8.6.	No
unsatisfied judgment is outstanding against the Company.

 

		9.	Liabilities

 

		9.1.	The
Company does not have any material liabilities or financial commitment.

 

		9.2.	All
loans and payables incurred before Completion have been either waived or settled, save for those as agreed between the Vendor
and the Purchaser.

 

		10.	Agents

 

		10.1.	There
are in force no powers of attorney or any special authorities given by the Company other than those given in the ordinary course
of business.

 

		10.2.	Other
than in the ordinary course of business, the Company has not ever entered into an agreement under which any person has been given
representative or agency rights or powers.

 

		11.	Intellectual
Property

 

		11.1.	Each
of the intellectual property rights owned, used or required to be used by the Company (the Intellectual Property Rights) is:

 

		(i)	valid
and enforceable and nothing has been done or omitted to be done by which it may cease to be valid and enforceable;

 

		(ii)	legally
and beneficially owned by, and validly granted to, the Company alone, free from any licence, Encumbrance, restriction on use or
disclosure obligation; and

 

		(iii)	not,
and will not be, the subject of a claim or opposition from a person (including, without limitation, an employee of the Company)
as to title, validity, enforceability, entitlement or otherwise; and

 

		(iv)	validly
licensed to the Company on terms which have been disclosed to the Buyer and which are not terminable as a result of any transaction
contemplated in this Agreement.

 

		11.2.	Nothing
has been done or omitted to be done and no circumstances exist by which a person is or will be able to seek cancellation, rectification
or other modification of a registration of any of the Intellectual Property Rights.

 

		11.3.	The
Company has not granted nor is it obliged to grant a licence, assignment, consent, undertaking, security interest or other right
in respect of any of the Intellectual Property Rights.

 

    	 	25	 

     

    

 

		11.4.	There
is not, and never has been, an infringement or unauthorised use of any of the Intellectual Property Rights.

 

		11.5.	The
Company does not use, or operate its business under, a name other than corporate name.

 

		12.	Insurance

 

		12.1.	The
Company has at all material times been and is at the date of this Agreement maintained insurance against each risk normally insured
against by a person operating the types of business operated by the Company.

 

		12.2.	Status
of the Policies

 

		(i)	Each
of the insurance policies in respect of which the Company has an interest (the Policies) is valid and enforceable and is
not void or voidable.

 

		(ii)	The
Company has not done anything or omitted to do anything which might:

 

		a)	make
any of the Policies void or voidable; or

 

		b)	prejudice
the ability to effect insurance on the same or better terms in the future.

 

		(iii)	No
insurer under any of the Policies has disputed, or given any indication that it intends to dispute, the validity of any of the
Policies on any grounds.

 

		(iv)	There
is nothing which could:

 

		a)	vitiate
any of the Policies; or

 

		b)	prejudice
the ability to effect insurance on the same or better terms in the future.

 

		(v)	None
of the Policies contains any provisions as to change of control or ownership of the insured.

 

		(vi)	No
insurer has ever cancelled or refused to accept or continue any insurance in relation to the Company.

 

		13.	Compliance
with Law

 

		13.1.	The
Company has complied with:

 

		(i)	each
obligation imposed on it by, and each order and award made under, statute, regulation, code of conduct and practice, collective
agreement, custom and practice relevant to the relations between it and its employees or a trade union or the terms of employment
of its employees; and

 

		(ii)	each
recommendation made by any arbitration or mediation body and each award and declaration made by such body.

 

    	 	26	 

     

    

 

		13.2.	There
is no investigation or enquiry outstanding (or, to the best of the Core Sellers’ knowledge, anticipated) by any governmental organisation
or statutory body in connection with the Company.

 

		13.3.	There
are no active, pending or threatened court, tribunal or arbitration proceedings in respect of the Vendor.

 

		13.4.	The
Company has maintained adequate insurance including employer’s liability insurance in respect of its existing and former employees.

 

		13.5.	No
employee of the Company requires a work permit.

 

		13.6.	To
the best of the Vendor’s knowledge, no employee/consultant/agent of the Company is subject to any restrictive covenants with any
previous employer/client/principal or any court order in relation to any such covenants.

 

		14.	Acquisition
of the Consideration Shares

 

		14.1.	The
Vendor and the Company understand that the Consideration Shares are “restricted securities” and have not been registered
under the Securities Act of 1933, as amended (the “Securities Act”) or any applicable state securities law and
are acquiring the Consideration Shares as principal for their own account and not with a view to or for distributing or reselling
the Consideration Shares or any part thereof in violation of the Securities Act, have no present intention of distributing any
of such Consideration Shares in violation of the Securities Act and have no direct or indirect arrangement or understandings with
any other persons to distribute or regarding the distribution of such Consideration Shares in violation of the Securities Act.
The Vendor and the Company understand that the Consideration Shares may only be disposed of in compliance with the Securities
Act.

 

		14.2.	Each
of the Vendor and the Company hereby represents that he has satisfied himself as to the full observance of the laws of its jurisdiction
in connection with any invitation to subscribe for the Sale Shares Consideration Shares or the Subscription Consideration Shares
(as the case may be), including (i) the legal requirements within its jurisdiction for the acquisition of the Sale Shares Consideration
Shares or the Subscription Consideration Shares (as the case may be), (ii) any foreign exchange restrictions applicable to such
purchase, (iii) any governmental or other consents that may need to be obtained, and (iv) the income tax and other tax consequences,
if any, that may be relevant to the purchase, holding, redemption, sale, or transfer of the Sale Shares Consideration Shares or
the Subscription Consideration Shares (as the case may be). The Vendor’s or the Company’s beneficial ownership of the Sale Shares
Consideration Shares or the Subscription Consideration Shares (as the case may be)s will not violate any applicable securities
or other laws of the Vendor’s or the Company’s jurisdiction.

 

		14.3	The
Vendor and the Company, either alone or together with their representatives, have such knowledge, sophistication and experience
in business and financial matters so as to be capable of evaluating the merits and risks of the acquisition of the Consideration
Shares, and have so evaluated the merits and risks. Each of the Vendor and the Company is able to bear the economic risk of the
Sale Shares Consideration Shares or the Subscription Consideration Shares (as the case may be) and, at the present time, is able
to afford a complete loss of the Sale Shares Consideration Shares or the Subscription Consideration Shares (as the case may be)s.

 

    	 	27	 

     

    

 

		14.4.	The
Vendor and the Company are not, to each of their knowledge, acquiring the Consideration Shares as a result of any advertisement,
article, notice or other communication regarding the Consideration Shares published in any newspaper, magazine or similar media
or broadcast over television or radio or presented at any seminar or any other general solicitation or general advertisement.

 

		14.5.	The
Vendor and the Company acknowledge that they have had the opportunity to review any and all documents and has been afforded (i)
the opportunity to ask such questions as they have deemed necessary of, and to receive answers from, representatives of SEII concerning
the Consideration Shares; and (ii) access to information about SEII and its financial condition, results of operations, business,
properties, management and prospects sufficient to enable it to evaluate the transaction. The Vendor and the Company acknowledge
and agree that SEII has not provided the Vendor and the Company with any information or advice with respect to the Consideration
Shares nor is such information or advice necessary or desired.

 

		14.6.	Neither
the Vendor nor the Company (including any person acting on their behalf) has engaged, nor will engage, in any directed selling
efforts to a U.S. Person (as defined in the Securities Act) with respect to the Consideration Shares and the Vendor, the Company
and any person acting on their behalf have complied and will comply with the “offering restrictions” requirements of
Regulation S. The transactions contemplated hereby have not been pre-arranged with a buyer located in the United States or with
a U.S. Person, and are not part of a plan or scheme to evade the registration requirements of the Securities Act. Neither the
Vendor nor the Company (including any person acting on their behalf) has undertaken or carried out any activity for the purpose
of, or that could reasonably be expected to have the effect of, conditioning the market in the United States, its territories
or possessions, for any of the Consideration Shares. The Vendor and the Company agree not to cause any advertisement of the Consideration
Shares to be published in any newspaper or periodical or posted in any public place and not to issue any circular relating to
the Consideration Shares, except such advertisements that include the statements required by Regulation S, and only offshore and
not in the U.S. or its territories, and only in compliance with any local applicable securities laws.

 

		14.7.	The
Vendor and the Company understand that the Consideration Shares and any securities issued in respect of or exchange for the Consideration
Shares, may be notated with one or all of the following legends, as applicable:

 

“THIS
SECURITY HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION
NOT SUBJECT TO THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.”

 

“THESE
SECURITIES ARE BEING OFFERED TO INVESTORS WHO ARE NOT U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (“THE SECURITIES ACT”) AND WITHOUT REGISTRATION WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION
UNDER THE SECURITIES ACT IN RELIANCE UPON REGULATION S PROMULGATED UNDER THE SECURITIES ACT. TRANSFER OF THESE SECURITIES IS PROHIBITED,
EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S PROMULGATED UNDER THE SECURITIES ACT, PURSUANT TO REGISTRATION UNDER
THE SECURITIES ACT, OR PURSUANT TO AVAILABLE EXEMPTION FROM REGISTRATION. HEDGING TRANSACTIONS MAY NOT BE CONDUCTED UNLESS IN
COMPLIANCE WITH THE SECURITIES ACT.”

 

    	 	28	 

     

    

 

SCHEDULE
3

PURCHASER
WARRANTIES

 

		1.	The
Purchaser has, on the date of this Agreement and on Completion, full and unfettered right, power and authority to enter into this
Agreement and assume all of its obligations hereunder and no further actions or proceedings are necessary on its part in connection
with the execution, delivery and performance by it of this Agreement.

 

		2.	The
Purchaser is a company duly incorporated and validly existing under the laws of British Virgin Islands.

 

		3.	This
Agreement constitutes valid and legally binding obligations on the part of the Purchaser enforceable in accordance with its terms.

 

		4.	All
information given by the Purchaser or its agents or professional advisers to the Vendor or its employees, agents or professional
advisers was, when given, and is now true, accurate and complete in all respects.

 

		5.	Subject
to the fulfillment of the Conditions Precedent, all necessary consents, authorisations and approvals of and all necessary registrations
and filings with any governmental or regulatory agency or body required in the USA and Hong Kong for or in connection with this
Agreement and the performance of the terms thereof have been obtained or made or will have been obtained or made by Completion.

 

		6.	All
the Consideration Shares and the SEII Shares converted in accordance with the Consideration Notes to be issued and allotted by
SEII to the Vendor will be duly authorised, validly issued, fully paid up, free from all Encumbrances and from all other rights
exercisable by third parties, ranking pari passu with all existing SEII Shares in the share capital of SEII. None of the Consideration
Shares, the Consideration Notes and the SEII Shares converted thereunder will be issued in violation of the memorandum and articles
of association of SEII or the terms of any agreement or laws and regulations by which SEII or its shareholders were or are bound,
if any.

 

    	 	29	 

     

    

 

APPENDIX
1

 

FORM
OF THE EMPLOYMENT AGREEMENTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	30

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