Document:

EX-10.4

 Exhibit 10.4 

MASTER TRANSACTION AGREEMENT 

Between 
 AMTD GROUP
COMPANY LIMITED 
 and 

AMTD DIGITAL INC. 

Dated as of May 18, 2021 

 TABLE OF CONTENTS 

 

							
	 ARTICLE I DEFINITIONS
	  	 	2	 
			
	 Section 1.1
	  	Defined Terms	  	 	2	 
		
	 ARTICLE II DOCUMENTS AND ITEMS TO BE DELIVERED PRIOR TO
F-1 FILING
	  	 	5	 
			
	 Section 2.1
	  	Documents to be delivered by AMTD Parent	  	 	5	 
	 Section 2.2
	  	Documents to be delivered by AMTD Digital	  	 	6	 
		
	 ARTICLE III THE IPO AND ACTIONS PENDING THE IPO
	  	 	6	 
			
	 Section 3.1
	  	Transactions prior to the IPO	  	 	6	 
	 Section 3.2
	  	Cooperation	  	 	7	 
		
	 ARTICLE IV COVENANTS AND OTHER MATTERS
	  	 	7	 
			
	 Section 4.1
	  	Other Agreements and Instruments	  	 	7	 
	 Section 4.2
	  	Further Instruments	  	 	7	 
	 Section 4.3
	  	Auditors and Audits; Financial Statements; Accounting Matters	  	 	8	 
	 Section 4.4
	  	Investment Opportunities	  	 	10	 
	 Section 4.5
	  	License of Intellectual Property	  	 	11	 
	 Section 4.6
	  	Confidentiality	  	 	11	 
	 Section 4.7
	  	Privileged Matters	  	 	13	 
	 Section 4.8
	  	Future Litigation and Other Proceedings	  	 	14	 
	 Section 4.9
	  	Mail and other Communications	  	 	15	 
	 Section 4.10
	  	Other Inter-Company Services Agreements	  	 	15	 
	 Section 4.11
	  	Payment of Expenses	  	 	15	 
		
	 ARTICLE V MUTUAL RELEASES; INDEMNIFICATION
	  	 	16	 
			
	 Section 5.1
	  	Release of Claims	  	 	16	 
	 Section 5.2
	  	Indemnification by AMTD Digital	  	 	16	 
	 Section 5.3
	  	Indemnification by AMTD Parent	  	 	17	 
	 Section 5.4
	  	Procedures for Defense, Settlement, and Indemnification of the Third Party Claims	  	 	18	 
	 Section 5.5
	  	Additional Matters	  	 	19	 
	 Section 5.6
	  	Survival of Indemnities	  	 	19	 
		
	 ARTICLE VI DISPUTE RESOLUTION
	  	 	19	 
			
	 Section 6.1
	  	Dispute Resolution	  	 	19	 
		
	 ARTICLE VII MISCELLANEOUS
	  	 	20	 
			
	 Section 7.1
	  	Consent of AMTD Parent	  	 	20	 
	 Section 7.2
	  	Limitation of Liability	  	 	20	 
	 Section 7.3
	  	Entire Agreement	  	 	21	 
	 Section 7.4
	  	Governing Law and Jurisdiction	  	 	21	 
	 Section 7.5
	  	Termination; Amendment	  	 	21	 

  
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	 Section 7.6
	  	Notices	  	 	21	 
	 Section 7.7
	  	Counterparts	  	 	22	 
	 Section 7.8
	  	Binding Effect; Assignment	  	 	22	 
	 Section 7.9
	  	Severability	  	 	22	 
	 Section 7.10
	  	Failure or Indulgence not Waiver; Remedies Cumulative	  	 	22	 
	 Section 7.11
	  	Authority	  	 	22	 
	 Section 7.12
	  	Interpretation	  	 	23	 
	 Section 7.13
	  	Conflicting Agreements	  	 	23	 
	 Section 7.14
	  	Third Party Beneficiaries	  	 	23	 

  
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 MASTER TRANSACTION AGREEMENT 

This Master Transaction Agreement is dated as of May 18, 2021, by and between AMTD Group Company Limited, an exempted company with
limited liability incorporated under the laws of the British Virgin Islands (“AMTD Parent”), and AMTD Digital Inc., an exempted company with limited liability incorporated under the laws of the Cayman Islands (“AMTD
Digital”) (each of AMTD Parent and AMTD Digital a “Party” and, together, the “Parties”). 
 R E
C I T A L S 
 WHEREAS, as of the date hereof, AMTD Parent, together with its subsidiaries including AMTD International Inc., AMTD
Education Group and AMTD Assets Alpha Group, effectively owns 28,953,305 and 19,892,000 issued and outstanding Class A Ordinary Shares and Class B Ordinary Shares of AMTD Digital respectively, representing in aggregate 72.2% of the total
issued and outstanding Ordinary Shares of AMTD Digital; 
 WHEREAS, the Parties currently contemplate that AMTD Digital will seek an initial
public offering (the “IPO”) pursuant to a registration statement on Form F-1 confidentially submitted for review and comment by the SEC under the Securities Act (as so submitted and as amended
from time to time prior to the Public Filing Date, the “Draft IPO Registration Statement”), to be filed publicly with the SEC via its EDGAR system (the date of such public filing, the “Public Filing Date”) following
the substantial completion of such review and comment and as financial market conditions permit (as so filed, and as amended thereafter from time to time, the “IPO Registration Statement”); 

WHEREAS, AMTD Parent has been engaged in the AMTD Digital Business through AMTD Digital and AMTD Digital’s subsidiaries, as more fully
described in the IPO Registration Statement; 
 WHEREAS, prior to the date hereof, all of the then existing assets and liabilities in
connection with the AMTD Digital Business have already been transferred to or assumed by AMTD Digital and its subsidiaries; 
 WHEREAS, the
Parties intend in this Agreement, including the exhibits and schedules hereto, to set forth and memorialize the principal arrangements between AMTD Parent and AMTD Digital regarding the relationship of the Parties from and after the filing of the
IPO Registration Statement and the consummation of the IPO; and 
 NOW, THEREFORE, in consideration of the mutual agreements, covenants, and
provisions contained in this Agreement, the Parties, intending to be legally bound, agree as follows: 

  
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 ARTICLE I 

DEFINITIONS 

Section 1.1 Defined Terms. The following capitalized terms have the meanings given to them in this
Section 1.1: 
 “Action” means any demand, action, suit, countersuit, claim, counterclaim,
arbitration, inquiry, proceeding or investigation by or before any Governmental Authority or any arbitration or mediation tribunal. 

“ADSs” has the meaning set forth in Section 3.1(c) of this Agreement. 

“Agreement” means this Master Transaction Agreement, together with the schedules and exhibits hereto, as the same may be
amended from time to time in accordance with the provisions hereof. 
 “AMTD Digital” has the meaning set forth in the
preamble to this Agreement. 
 “AMTD Digital Balance Sheet” means AMTD Digital’s unaudited consolidated interim
statement of financial position as of the end of the most recently completed fiscal quarter prior to the Public Filing Date. 

“AMTD Digital Business” means the digital financial services, digital investments, digital ecosystem solutions, and digital
media, content, and marketing businesses as of the date hereof by the AMTD Digital and its subsidiaries, as more completely described in the IPO Registration Statement. 

“AMTD Digital Indemnitees” means AMTD Digital and its subsidiaries and each of their respective directors, officers, and
employees. 
 “AMTD Digital Liabilities” means (without duplication) the following Liabilities: 

(i) all Liabilities reflected on the AMTD Digital Balance Sheet; 

(ii) all Liabilities of AMTD Parent or its subsidiaries that arise after the date of the AMTD Digital Balance Sheet that would be reflected on
a consolidated statement of financial position of AMTD Digital as of the date of such Liabilities, if such consolidated statement of financial position was prepared using the same principles and accounting policies under which the AMTD Digital
Balance Sheet was prepared; 
 (iii) all Liabilities that should have been reflected on the AMTD Digital Balance Sheet but are not reflected
on the AMTD Digital Balance Sheet due to mistake or unintentional omission; 
 (iv) all Liabilities, whether arising before, on, or after
the Public Filing Date, that relate to, arise or result from: (1) the operation of the AMTD Digital Business or (2) the operation of any business conducted by AMTD Digital and its subsidiaries at any time after the Public Filing Date; and

 (v) Liabilities of AMTD Digital and its subsidiaries under this Agreement or any of the Inter-Company Agreements. 

“AMTD Digital’s Auditors” has the meaning set forth in Section 4.3(b)(i) of this Agreement.

 “AMTD Group” means AMTD Parent and its subsidiaries, other than AMTD Digital and its subsidiaries. 

  
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 “AMTD Parent” has the meaning set forth in the preamble to this Agreement.

 “AMTD Parent Business” means any business that is conducted by AMTD Parent and its subsidiaries, other than the AMTD
Digital Business. 
 “AMTD Parent Indemnitees” means AMTD Parent and its subsidiaries (excluding AMTD Digital and its
subsidiaries) and each of their respective directors, officers, and employees. 
 “AMTD Parent Liabilities” means (without
duplication) the following Liabilities: 
 (i) all Liabilities, whether arising before, on, or after the Public Filing Date, that relate to,
arise, or result from the operation of the AMTD Parent Business, other than AMTD Digital Liabilities; and 
 (ii) Liabilities of AMTD Parent
and its subsidiaries under this Agreement or any of the Inter-Company Agreements. 
 “AMTD Parent’s Auditors” has the
meaning set forth in Section 4.3(b)(i) of this Agreement. 
 “Class A Ordinary
Shares” means the class A ordinary shares of AMTD Digital, par value US$0.0001 per share. 
 “Class B
Ordinary Shares” means the class B ordinary shares of AMTD Digital, par value US$0.0001 per share. 
 “Confidential
Business Information” has the meaning set forth in Section 4.6(a)(iii) of this Agreement. 

“Confidential Information” has the meaning set forth in Section 4.6(a)(i) of this Agreement. 

“Confidential Technical Information” has the meaning set forth in Section 4.6(a)(ii) of this
Agreement. 
 “Contract” means any contract, agreement, lease, license, sales order, purchase order, instrument, or other
commitment that is binding on any Person or any part of its property under applicable law. 
 “Control Ending Date” means
the first date upon which members of the AMTD Group no longer collectively own at least twenty percent (20%) of the voting power of the then outstanding securities of AMTD Digital. 

“Direct Costs” has the meaning set forth in Section 4.10 of this Agreement. 

“Dispute” has the meaning set forth in Section 6.1(a) of this Agreement. 

“Dispute Resolution Commencement Date” has the meaning set forth in Section 6.1(a) of this
Agreement. 

  
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 “Draft IPO Registration Statement” has the meaning set forth in the
recitals to this Agreement. 
 “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended. 

“Governmental Authority” shall mean any national, state, or local, foreign or international court, government, department,
commission, board, bureau, agency, official, or other regulatory, administrative, or governmental authority. 
 “Indemnifying
Party” means any party which may be obligated to provide indemnification to an Indemnitee pursuant to Section 5.2 or Section 5.3 hereof or any other section of this Agreement or any
Inter-Company Agreement. 
 “Indemnitee” means any party which may be entitled to indemnification from an Indemnifying
Party pursuant to Article V hereof or any other section of this Agreement or any Inter-Company Agreement. 

“Indirect Costs” has the meaning set forth in Section 4.10 of this Agreement. 

“Information” means information, whether or not patentable or copyrightable, in written, oral, electronic, or other tangible
or intangible forms, stored in any medium, including studies, reports, records, books, contracts, instruments, surveys, discoveries, ideas, concepts, know-how, techniques, designs, specifications, drawings,
blueprints, diagrams, models, prototypes, samples, flow charts, data, computer data, disks, diskettes, tapes, computer programs or other software, marketing plans, customer names, communications by or to attorneys (including attorney-client
privileged communications), memos and other materials prepared by attorneys or under their direction (including attorney work product), and other technical, financial, employee, or business information or data. 

“Inter-Company Agreements” means the Transitional Services Agreement and
Non-Competition Agreement. 
 “Investment Opportunity Referral Procedures” has the
meaning set forth in Section 4.4 of this Agreement. 
 “IPO” has the meaning set forth in the
recitals to this Agreement. 
 “IPO Registration Statement” has the meaning set forth in the recitals to this Agreement.

 “Liabilities” means all debts, liabilities, guarantees, assurances, commitments, and obligations, whether fixed,
contingent, or absolute, asserted or unasserted, matured or unmatured, liquidated or unliquidated, accrued or not accrued, known or unknown, due or to become due, whenever or however arising (including, without limitation, whether arising out of any
Contract or tort based on negligence or strict liability) and whether or not the same would be required by the International Financial Reporting Standards issued by the International Accounting Standard Board as in effect from time to time to be
reflected in financial statements or disclosed in the notes thereto. 

  
 4 

 “Loss” and “Losses” mean any and all damages, losses,
deficiencies, Liabilities, obligations, penalties, judgments, settlements, claims, payments, fines, interest, costs, and expenses (including, without limitation, the costs and expenses of any and all Actions and demands, assessments, judgments,
settlements, and compromises relating thereto and the reasonable costs and expenses of attorneys’, accountants’, consultants’ and other professionals’ fees and expenses incurred in the investigation or defense thereof or the
enforcement of rights hereunder), but excluding punitive damages (other than punitive damages awarded to any third party against an indemnified party). 

“Non-Competition Agreement” has the meaning set forth in
Section 2.1 of this Agreement. 
 “Ordinary Shares” means the Class A Ordinary Shares and
the Class B Ordinary Shares. 
 “Party” or “Parties” has the meaning set forth in the preamble of
this Agreement. 
 “Person” means an individual, a partnership, a corporation, a limited liability company, an association,
a joint stock company, a trust, a joint venture, an unincorporated organization, or a governmental entity or any department, agency, or political subdivision thereof. 

“Privileged Information” has the meaning set forth in Section 4.7(a) of this Agreement. 

“Privileges” has the meaning set forth in Section 4.7(a) of this Agreement. 

“Public Filing Date” has the meaning set forth in the recitals to this Agreement. 

“Rule 10A-3(b)(2)” means Rule 10A-3(b)(2) (or
any successor rule to similar effect) promulgated under the Exchange Act. 
 “SEC” means the U.S. Securities and Exchange
Commission. 
 “Securities Act” means the Securities Act of 1933, as amended. 

“Specified Period” has the meaning set forth in Section 4.4(a) of this Agreement. 

“Third Party Claim” has the meaning set forth in Section 5.4(a) of this Agreement. 

“Transitional Services Agreement” has the meaning set forth in Section 2.1 of this Agreement. 

“Underwriters” has the meaning set forth in Section 3.1(a) of this Agreement. 

“Underwriting Agreement” has the meaning set forth in Section 3.1(a) of this Agreement. 

ARTICLE II 
 DOCUMENTS
AND ITEMS TO BE DELIVERED PRIOR TO F-1 FILING 
 Section 2.1 Documents to be
delivered by AMTD Parent. AMTD Parent has delivered and its subsidiaries have delivered, as appropriate, or AMTD Parent will deliver, or will cause its subsidiaries to deliver, as appropriate, prior to the Public Filing Date, to AMTD

  
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Digital and/or its subsidiaries, as appropriate: (a) a duly executed transitional services agreement, substantially in the form attached to the Draft IPO Registration Statement as an
exhibit, with such changes, if any, to such form as may be agreed to by the Parties prior to such execution (the “Transitional Services Agreement”); (b) duly executed non-competition
agreement, substantially in the form attached to the Draft IPO Registration Statement as an exhibit, with such changes, if any, to such form as may be agreed to by the Parties prior to such execution (the
“Non-Competition Agreement”); and (c) such other agreements, documents, or instruments as the Parties may agree are necessary or desirable in order to achieve the purposes hereof. For
purposes of this Agreement, AMTD Digital and its subsidiaries will not be considered subsidiaries of AMTD Parent. 
 Section 2.2
Documents to be delivered by AMTD Digital. AMTD Digital has delivered and its subsidiaries have delivered, as appropriate, or AMTD Digital will deliver, or will cause its subsidiaries to deliver, as appropriate, prior to the Public
Filing Date, on the closing date of the IPO, to AMTD Parent or its subsidiaries, as appropriate: (a) in each case where AMTD Digital or any of its subsidiaries is a party to any agreement or instrument referred to in
Section 2.1, a duly executed counterpart of such agreement or instrument; and (b) such other agreements, documents or instruments as the Parties may agree are necessary or desirable in order to achieve the purposes
hereof. 
 ARTICLE III 

THE IPO AND ACTIONS PENDING THE IPO 

Section 3.1 Transactions prior to the IPO. Subject to the occurrence of the events described in this
Article III, the Parties intend to consummate the IPO and to take, or cause to be taken, the actions specified in this Section 3.1. 

(a) Registration Statement. AMTD Digital has submitted or plans to submit on a confidential basis for review by the SEC the Draft IPO
Registration Statement, and intends to submit such amendments or supplements thereto as may be requested by the SEC staff in connection with such review and agreed to by AMTD Digital, and subsequently to file with the SEC the IPO Registration
Statement and make such amendments and supplements thereto as may be necessary or desirable in order to cause the same to comply with the Securities Act and other applicable law, to become and remain effective under the Securities Act, or as may be
requested by the representatives of the underwriters for the IPO (the “Underwriters”), including, without limitation, filing such amendments or supplements to the IPO Registration Statement as may be required by the underwriting
agreement to be entered into among AMTD Digital and the Underwriters (the “Underwriting Agreement”) following the effectiveness of the IPO Registration Statement under the Securities Act. 

(b) Underwriting Agreement. Following the effectiveness of the IPO Registration Statement, AMTD Digital will enter into the Underwriting
Agreement, which shall in form and substance be satisfactory to AMTD Digital, as determined by its board of directors or authorized designees, as appropriate, and AMTD Digital shall comply with its obligations thereunder. 

(c) Nasdaq Global Market or NYSE Listing. AMTD Digital plans to prepare, file, and have approved an application for listing on the Nasdaq
Global Market or the New York Stock Exchange of the American depositary shares (the “ADSs”), representing Class A Ordinary Shares, to be offered and sold in the IPO. 

  
 6 

 Section 3.2 Cooperation. AMTD Parent and AMTD Digital shall each consult with,
and cooperate in all respects with, the other in connection with the marketing, including any roadshow presentations, and pricing of the ADSs and shall take any and all actions as may be reasonably necessary or desirable to consummate the IPO as
contemplated by the IPO Registration Statement and the Underwriting Agreement. 
 ARTICLE IV 

COVENANTS AND OTHER MATTERS 

Section 4.1 Other Agreements and Instruments. Each of the Parties agrees to execute or cause to be executed by the appropriate
parties and deliver, as appropriate, such other agreements, instruments, and other documents as may be necessary or desirable in order to effect the purposes of this Agreement and the Inter-Company Agreements. 

Section 4.2 Further Instruments. 

(a) To the extent it has not been done prior to the date hereof, AMTD Parent will execute and deliver, and will cause its subsidiaries to
execute and deliver, to AMTD Digital and any of its subsidiaries, as the case may be, such instruments of transfer, conveyance, assignment, substitution, and confirmation, and will take such action as may be reasonably necessary or desirable in
order to transfer, convey, and assign to AMTD Digital and any of its subsidiaries and confirm AMTD Digital’s and any of its subsidiaries’ title to all assets, rights, interests, and other things of value used in or necessary for the
conduct and operation of the AMTD Digital Business on or prior to the Public Filing Date or to be transferred or licensed to AMTD Digital and any of its subsidiaries pursuant to this Agreement or any document referred to herein, to put AMTD Digital
and its subsidiaries in actual possession and operating control thereof and to permit AMTD Digital and its subsidiaries to exercise all rights with respect thereto (including, without limitation, rights under Contracts and other arrangements as to
which the consent of any third party to the transfer thereof have not previously been obtained) relating to the AMTD Digital Business; provided, however, that in the absence of such execution and delivery by AMTD Parent and any of its subsidiaries,
such execution and delivery shall be deemed for all purposes to have occurred subject only to AMTD Digital’s obligation to pay to AMTD Parent or its applicable subsidiary an amount equal to the book value thereof to the extent not previously so
paid. 
 (b) AMTD Parent will execute and deliver, and will cause its appropriate subsidiaries to execute and deliver, to AMTD Digital and
any of its subsidiaries, as the case may be, all instruments, assumptions, novations, undertakings, substitutions, or other documents and take such other action as may be reasonably necessary or desirable in order to have AMTD Parent and any of its
subsidiaries, as the case may be, fully and unconditionally assume and discharge the AMTD Parent Liabilities; provided, however, that in the absence of such execution and delivery by AMTD Parent and any of such appropriate subsidiaries, such
execution and delivery shall be deemed for all purposes to have occurred. 
 (c) AMTD Digital will, and will cause its appropriate
subsidiaries to, execute and deliver to AMTD Parent and its subsidiaries all instruments, assumptions, novations, undertakings, substitutions or other documents and take such other action as may be reasonably necessary or desirable in order to have
AMTD Digital and any of its subsidiaries, as the case may be, fully and unconditionally assume and discharge the AMTD Digital Liabilities; provided, however, that in the absence of such execution and delivery by AMTD Digital and any such appropriate
subsidiaries, such execution and delivery shall be deemed for all purposes to have occurred. 

  
 7 

 (d) Except as hereinabove provided, neither AMTD Parent, AMTD Digital, nor their respective
subsidiaries shall be obligated, in connection with the foregoing matters set forth in this Section, to expend money other than reasonable out-of-pocket expenses,
attorneys’ fees, and recording or similar fees, unless reimbursed by the other relevant Party. Furthermore, each Party, at the request of the other Party hereto, shall execute and deliver such other instruments and do and perform such other
acts and things as may be necessary or desirable for effecting completely the consummation of the transactions contemplated hereby. 

Section 4.3 Auditors and Audits; Financial Statements; Accounting Matters. Each Party agrees that: 

(a) Internal Accounting Controls; Financial Information. After the Public Filing Date, each Party shall maintain in effect at its own
cost and expense adequate systems and controls for its business to the extent necessary to enable the other Party to satisfy its reporting, tax return, accounting, audit, and other obligations, and each Party shall provide, or cause to be provided,
to the other Party and its subsidiaries in such form as such requesting Party shall request, at no charge to the requesting Party, all financial and other data and information as the requesting Party determines necessary or advisable in order to
prepare its financial statements and reports or filings with any Governmental Authority. 
 (b) Selection of Auditors. 

(i) Until the first AMTD Parent fiscal year end occurring after the Control Ending Date, AMTD Digital shall use its reasonable
best efforts to select the independent registered public accounting firm used by AMTD Parent (“AMTD Parent’s Auditors” and, for the avoidance of doubt, should AMTD Parent at any time change the independent
registered public accounting firm serving as its auditors, “AMTD Parent’s Auditors” shall thereafter mean the new firm serving as AMTD Parent’s auditors) to serve as its auditors (“AMTD
Digital’s Auditors”) for purposes of providing an opinion on its consolidated financial statements; provided, however, that AMTD Digital’s Auditors may be different from AMTD Parent’s Auditors if necessary to
comply with applicable laws regarding auditor independence and qualifications (provided, however, that AMTD Digital shall not take any actions, and shall use its reasonable best efforts to cause its directors, officers, and employees not to take any
actions, that could reasonably be expected to require AMTD Digital to engage auditors other than AMTD Parent’s Auditors). After the Public Filing Date, the foregoing shall not be construed so as to unlawfully limit any responsibility of the
audit committee of AMTD Digital’s board of directors, pursuant to SEC Rule 10A-3(b)(2) and rules of the Nasdaq Global Market or the New York Stock Exchange, as applicable, to appoint, compensate, retain
and oversee the work of the registered public accounting firm AMTD Digital engages. 
 (ii) Until the first AMTD Parent
fiscal year end occurring after the Control Ending Date, AMTD Digital shall provide to AMTD Parent as much prior notice as reasonably practical of any change in AMTD Digital’s Auditors for purposes of providing an opinion on its consolidated
financial statements. 

  
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 (c) Annual and Quarterly Financial Statements. Until the Control Ending Date, AMTD
Parent shall provide to AMTD Digital on a timely basis all financial Information that AMTD Digital reasonably requires to meet its schedule for the preparation, printing, filing, and public dissemination of AMTD Digital’s annual and quarterly
financial statements. Without limiting the generality of the foregoing, AMTD Parent will provide all required financial Information with respect to AMTD Parent and its subsidiaries to AMTD Parent’s Auditors in a sufficient and reasonable time
and in sufficient detail to permit AMTD Parent’s Auditors to take all steps and perform all procedures necessary to provide sufficient assistance to AMTD Digital’s Auditors with respect to Information to be included or contained in AMTD
Digital’s annual and quarterly financial statements. 
 (d) Certifications and Attestations. To the extent necessary for the
timely filing by AMTD Digital of annual and quarterly reports under the Exchange Act or in connection with any investigations of prior periods, AMTD Parent shall cause its appropriate officers and employees to provide to AMTD Digital on a timely
basis and as reasonably requested by such Party (A) any certificates requested as support for the certifications and attestations required by Sections 302, 906, and 404 of the Sarbanes-Oxley Act of 2002 to be filed with such annual and
quarterly reports, (B) any certificates or other Information which such appropriate officers and employees received as support for the certificates provided to AMTD Digital and (C) a reasonable opportunity to discuss with such appropriate
officers and employees any issues reasonably related to the foregoing. 
 (e) Identity of Personnel Performing the Annual Audit and
Quarterly Reviews. AMTD Parent shall authorize AMTD Parent’s Auditors to make available to AMTD Digital’s Auditors both the personnel who performed or will perform the annual audits and quarterly reviews of AMTD Parent and work papers
related to the annual audits and quarterly reviews of AMTD Parent, in all cases within a reasonable time prior to AMTD Parent’s Auditors’ opinion date, so that AMTD Digital’s Auditors are able to perform the procedures they consider
necessary to take responsibility for the work of AMTD Parent’s Auditors as it relates to AMTD Digital’s Auditors’ report on AMTD Digital’s financial statements, all within sufficient time to enable AMTD Digital to meet its
timetable for the printing, filing, and public dissemination of AMTD Digital’s annual and quarterly financial statements. 
 (f)
Access to Books and Records. AMTD Parent shall provide AMTD Digital’s internal auditors, counsel, and other designated representatives of AMTD Digital access during normal business hours to (i) the premises of AMTD Parent and its
subsidiaries and all Information (and duplicating rights with respect thereto) within the knowledge, possession or control of AMTD Parent and its subsidiaries and (ii) the officers and employees of AMTD Parent and its subsidiaries, so that AMTD
Digital may conduct reasonable audits relating to the financial statements provided by AMTD Parent pursuant hereto as well as to the internal accounting controls and operations of AMTD Parent and its subsidiaries. 

(g) Notice of Change in Accounting Principles. Until the Control Ending Date, and thereafter if a change in accounting principles by a
Party would affect the historical financial statements of the other Party, no such Party shall make or adopt any significant changes in its accounting estimates or accounting principles from those in effect on the Public Filing Date without first
consulting with the other Party, and if requested by the other Party, such other Party’s independent registered public accounting firm with respect thereto. AMTD Parent shall give AMTD Digital as much prior notice as reasonably practical of any
proposed determination of, or any significant changes in, its accounting estimates or accounting 

  
 9 

 
principles from those in effect on the Public Filing Date. AMTD Parent will consult with AMTD Digital and, if requested by AMTD Digital, AMTD Digital’s independent registered public
accounting firm with respect thereto. AMTD Digital shall give AMTD Parent as much prior notice as reasonably practical of any proposed determination of, or any significant changes in, its accounting estimates or accounting principles from those in
effect on the Public Filing Date. AMTD Digital will consult with AMTD Parent and, if requested by AMTD Parent, AMTD Parent’s independent registered public accounting firm with respect thereto. 

(h) Conflict With Third-Party Agreements. Nothing in this Section 4.3 shall require a Party to violate any
agreement with any third party regarding the confidentiality of confidential and proprietary Information relating to that third party or its business; provided, however, that in the event that a Party is required under this
Section 4.3 to disclose any such Information, such Party shall use its reasonable best efforts to seek to obtain such third party’s consent to the disclosure of such Information. 

Section 4.4 Investment Opportunities. With respect to investment opportunities, AMTD Parent will, and will cause members of the
AMTD Group to, strictly follow the procedures set forth in this Section 4.4 (the “Investment Opportunity Referral Procedures”). 

(a) Where an investment opportunity relates to digital financial services or digital financial licenses, or investment in new technology or
new media companies, is presented to the investment committee or other equivalent body of AMTD Parent for consideration, AMTD Parent will, and will cause appropriate members of the AMTD Group to, promptly notify AMTD Digital in writing of such
investment opportunity and specify a period for consideration of no less than one week (the “Specified Period”) and refrain from pursuing this investment opportunity unless permitted in accordance with this
Section 4.4. 
 (i) If AMTD Digital notifies AMTD Parent in writing of its interests to pursue this
investment opportunity within the Specified Period, AMTD Parent and other members of the AMTD Group will, upon receipt of such notice, continue to refrain from pursuing this investment opportunity until, where applicable, AMTD Digital later notifies
AMTD Parent again in writing of its decision to forego pursuing this investment opportunity, after which AMTD Parent and other members of the AMTD Group may pursue this investment opportunity for itself without further obligations to inform AMTD
Digital. 
 (ii) If AMTD Digital notifies AMTD Parent in writing that it does not intend to pursue this investment
opportunity or AMTD Digital fails to indicate its interests to pursue this investment opportunity within the Specified Period, AMTD Parent and other members of the AMTD Group may, upon receipt of the written notice of AMTD Digital or upon expiration
of the Specified Period, as applicable, pursue this investment opportunity for itself without further obligation to inform AMTD Digital. 

(b) In determining whether or not to pursue an investment opportunity, members of the investment committee of AMTD Digital that have
overlapping duties as directors or officers in AMTD Parent shall abstain from participating in the investment decision-making and approval process. 

  
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 (c) The rights and obligations created by this Section 4.4 shall
not apply to any subsequent investments made by AMTD Parent or other members of the AMTD Group in its existing investee companies as of the date hereof. 

Section 4.5 License of Intellectual Property. Both Parties acknowledge that AMTD Parent (on behalf of itself and other members of
AMTD Group) grants AMTD Digital and its subsidiaries a perpetual, world-wide license to use, for free, any and all intellectual property as set out in Schedule I attached hereto. 

Section 4.6 Confidentiality. Each of the Parties shall hold and shall cause each of their respective subsidiaries to hold, and
shall each cause their respective officers, employees, agents, consultants, and advisors and those of their respective subsidiaries to hold, in strict confidence and not to disclose or release without the prior written consent of the other Party,
any and all Confidential Information concerning such other Party and its respective subsidiaries; provided, that each of the Parties may disclose, or may permit disclosure of, Confidential Information (i) to their respective subsidiaries,
auditors, attorneys, financial advisors, bankers, and other appropriate consultants and advisors who have a need to know such information and, in each case, are informed of their obligation to hold such information confidential to the same extent as
is applicable to the Parties hereto and in respect of whose failure to comply with such obligations, AMTD Digital or AMTD Parent, as the case may be, will be responsible, (ii) if the Parties or any of their respective subsidiaries are compelled
to disclose any such Confidential Information by judicial or administrative process or (iii) if the Parties reasonably determine in good faith that such disclosure is required by other requirements of law. Notwithstanding the foregoing, in the
event that any demand or request for disclosure of Confidential Information is made in connection with any judicial or administrative process, or a Party determines in good faith that disclosure is otherwise required by law, such Party shall
promptly notify the other Party of the existence of such request, demand, or conclusion, and shall provide such other Party a reasonable opportunity to seek an appropriate protective order or other remedy, which the notifying Party will cooperate in
obtaining. In the event that an appropriate protective order or other remedy is not obtained, the Party whose Confidential Information is required to be disclosed shall or shall cause the notifying Party to furnish, or cause to be furnished, only
that portion of the Confidential Information that is required to be disclosed and shall use its reasonable best efforts to obtain reasonable assurances that confidential treatment will be accorded to such Information. 

(a) As used in this Section 4.6: 

(i) “Confidential Information” shall mean Confidential Business Information and Confidential Technical
Information concerning one Party which, prior to, on or following the Public Filing Date, has been disclosed by such Party or its subsidiaries, that (1) is in written, recorded, graphical or other tangible form and is marked
“Proprietary,” “Confidential,” or “Trade Secret,” or where it is evident from the nature and content of such Information that the disclosing Party considers it to be confidential, (2) is in oral form and identified
by the disclosing Party as “Proprietary,” “Confidential,” or “Trade Secret” at the time of oral disclosure, including pursuant to the access provisions of Section 4.3 hereof or any other
provision of this Agreement or where it is evident from the nature and content of such Information that the disclosing Party considers it to be confidential, or (3) in the case of such Information disclosed on or prior to the date hereof,
either such Information is identified by the owning Party to the other relevant Party as Confidential Business Information or 

  
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Confidential Technical Information, orally or in writing on or prior to the Public Filing Date, or it is evident from the nature and content of such Information that the disclosing Party
considers it to be confidential, and includes any modifications or derivatives prepared by the receiving Party that contain or are based upon any Confidential Information obtained from the disclosing Party, including any analysis, reports, or
summaries of the Confidential Information. Confidential Information may also include Information disclosed to a disclosing Party by third parties. Confidential Information shall not, however, include any information which (A) was publicly known
and made generally available in the public domain prior to the time of disclosure by the disclosing Party; (B) becomes publicly known and made generally available after disclosure by the disclosing Party to the receiving Party through no action
or inaction of the receiving Party; (C) is obtained by the receiving Party from a third party without a breach of such third party’s obligations of confidentiality; or (D) is on or after the Public Filing Date independently developed
by the receiving Party without use of or reference to the disclosing Party’s Confidential Information. 
 (ii)
“Confidential Technical Information” shall mean all proprietary scientific, engineering, mathematical or design information, data and material of the disclosing Party including, without limitation, (1) specifications, ideas,
concepts, models, and strategies for products or services, (2) quality assurance policies, procedures and specifications, (3) source code and object code, (4) training materials and information, and (5) all other know-how, methodology, processes, procedures, techniques, and trade secrets related to product or service design, development, manufacture, implementation, use, support, and maintenance. 

(iii) “Confidential Business Information” shall mean all proprietary information, data or material of the
disclosing Party other than Confidential Technical Information, including, but not limited to (1) proprietary earnings reports and forecasts, (2) proprietary macro-economic reports and forecasts, (3) proprietary business plans,
(4) proprietary general market evaluations and surveys, (5) proprietary financing and credit-related information, and (6) customer information. 

(b) Nothing in this Agreement shall restrict (i) the disclosing Party from using, disclosing, or disseminating its own Confidential
Information in any way, or (ii) reassignment of the receiving Party’s employees. Moreover, nothing in the Agreement supersedes any restriction imposed by third parties on their Confidential Information, and there is no obligation on the
disclosing Party to conform third party agreements to the terms of this Agreement except as expressly set forth therein. 
 (c)
Notwithstanding anything to the contrary set forth herein, (i) a Party and its subsidiaries shall be deemed to have satisfied their obligations hereunder with respect to Confidential Information if they exercise the same degree of care (but no
less than a reasonable degree of care) as they take to preserve confidentiality for their own similar Information and (ii) confidentiality obligations provided for in any agreement between a Party or any of its subsidiaries and any employee of
such Party or any of its subsidiaries shall remain in full force and effect. 
 (d) Confidential Information of a Party and its subsidiaries
in the possession of and used by the other Party as of the Public Filing Date may continue to be used by such Party in possession of the Confidential Information in and only in the operation of the AMTD Parent Business, in the case of AMTD Parent
and its subsidiaries, or the 

  
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AMTD Digital Business, in the case of AMTD Digital and its subsidiaries, and may be used only so long as the Confidential Information is maintained in confidence and not disclosed in violation of
Section 4.4(b). Such continued right to use Confidential Information may not be transferred, including by merger, consolidation, reorganization, operation of law, or otherwise, to any third party unless such third party
(i) purchases all or substantially all of the business or business line and assets in one transaction or in a series of related transactions for which or in which the relevant Confidential Information is used or employed and (ii) expressly
agrees in writing to be bound by the provisions of this Section 4.6. In the event that such right to use is transferred in accordance with the preceding sentence, the transferring Party shall not disclose the source of the
relevant Confidential Information. 
 Section 4.7 Privileged Matters. The Parties agree that their respective rights and
obligations to maintain, preserve, assert, or waive any or all privileges belonging to each such Party or its subsidiaries including but not limited to the attorney-client and work product privileges (collectively, “Privileges”),
shall be governed by the provisions of this Section 4.7. With respect to Privileged Information (as defined below) of AMTD Parent, AMTD Parent shall have sole authority in perpetuity to determine whether to assert or waive
any or all Privileges, and AMTD Digital shall take no action (nor permit any of its subsidiaries to take action) without the prior written consent of AMTD Parent that could result in any waiver of any Privilege that could be asserted by AMTD Parent
or any of its subsidiaries under applicable law and this Agreement. With respect to Privileged Information of AMTD Digital, AMTD Digital shall have sole authority in perpetuity to determine whether to assert or waive any or all Privileges, and AMTD
Parent shall take no action (nor permit any of its subsidiaries to take action) without the prior written consent of AMTD Digital that could result in any waiver of any Privilege that could be asserted by AMTD Digital or any of its subsidiaries
under applicable law and this Agreement. 
 (a) The rights and obligations created by this Section 4.7 shall apply
to all Information as to which the Parties or their respective subsidiaries would be entitled to assert or has asserted a Privilege (“Privileged Information”). Privileged Information of AMTD Parent includes but is not limited to
(i) any and all Information regarding the business of AMTD Parent and its subsidiaries (other than Information regarding the AMTD Digital Business), whether or not it is in the possession of AMTD Digital or any of its subsidiaries;
(ii) all communications subject to a Privilege between counsel for AMTD Parent (including in-house counsel) and any individual who, at the time of the communication, was an employee of AMTD Parent,
regardless of whether such employee is or becomes an employee of AMTD Digital or any of its subsidiaries; and (iii) all Information generated, received or arising after the Public Filing Date that refers or relates to Privileged Information of
AMTD Parent generated, received or arising prior to the Public Filing Date. Privileged Information of AMTD Digital includes but is not limited to (x) any and all Information regarding the AMTD Digital Business, whether or not it is in the
possession of AMTD Parent or any of its subsidiaries; (y) all communications subject to a Privilege occurring after the Public Filing Date between counsel for AMTD Digital (including in-house counsel and
former in-house counsel who are or were employees of AMTD Parent) and any person who, at the time of the communication, was an employee of AMTD Digital, regardless of whether such employee was, is or becomes
an employee of AMTD Parent or any of its subsidiaries; and (z) all Information generated, received or arising after the Public Filing Date that refers or relates to Privileged Information of AMTD Digital generated, received or arising prior to
the Public Filing Date. 

  
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 (b) Upon receipt by a Party or its subsidiaries of any subpoena, discovery, or other request
from any third party that actually or arguably calls for the production or disclosure of Privileged Information of the other Party or its subsidiaries, or if a Party or any of its subsidiaries obtains knowledge that any of its current or former
employees has received any subpoena, discovery, or other request from any third party that actually or arguably calls for the production or disclosure of Privileged Information of the other Party or its subsidiaries, such Party shall promptly notify
that other Party of the existence of the request and shall provide that other Party a reasonable opportunity to review the Information and to assert any rights such other Party may have under this Section 4.7 or otherwise
to prevent the production or disclosure of Privileged Information. AMTD Parent or its subsidiaries, or AMTD Digital or its subsidiaries, as the case may be, will not produce or disclose to any third party any of the other Party’s Privileged
Information under this Section 4.7 unless (i) such other Party has provided its express written consent to such production or disclosure or (ii) a court of competent jurisdiction has entered an order not subject
to interlocutory appeal or review finding that the Information is not entitled to protection from disclosure under any applicable privilege, doctrine or rule. 

(c) AMTD Parent’s transfer of books and records pertaining to the AMTD Digital Business and other Information pertaining to AMTD Digital,
if any, AMTD Parent’s agreement to permit AMTD Digital to obtain Information existing prior to the Public Filing Date, AMTD Digital’s transfer of books and records and other Information pertaining to AMTD Parent, if any, and AMTD
Digital’s agreement to permit AMTD Parent to obtain Information existing prior to the Public Filing Date are made in reliance on AMTD Parent’s and AMTD Digital’s respective agreements, as set forth in
Section 4.6 and this Section 4.7, to maintain the confidentiality of such Information and to take the steps provided herein for the preservation of all Privileges that may belong to or be asserted
by AMTD Parent, or AMTD Digital, as the case may be. The access to Information and individuals being granted pursuant to Section 4.3 and the disclosure to one Party of Privileged Information relating to the other
Party’s businesses pursuant to this Agreement shall not be asserted by AMTD Parent or AMTD Digital to constitute, or otherwise be deemed, a waiver of any Privilege that has been or may be asserted under this
Section 4.7 or otherwise. Nothing in this Agreement shall operate to reduce, minimize or condition the rights granted to, or the obligations imposed upon, AMTD Parent and AMTD Digital by this
Section 4.7. 
 Section 4.8 Future Litigation and Other Proceedings. In the event that AMTD Digital
(or any of its subsidiaries or any of its or their respective officers or directors) or AMTD Parent (or any of its subsidiaries or any of its or their respective officers or directors) at any time after the date hereof initiates or becomes subject
to any litigation or other proceedings before any Governmental Authority or arbitration panel with respect to which the Parties have no prior agreements (as to indemnification or otherwise), the Party (and its subsidiaries and its and their
respective officers and directors) that has not initiated and is not subject to such litigation or other proceedings shall comply, at the litigant Party’s expense, with any reasonable requests by the litigant Party for assistance in connection
with such litigation or other proceedings (including by way of provision of Information and making available of employees as witnesses). In the event that AMTD Digital (or any of its subsidiaries or any of its or their respective officers or
directors) and AMTD Parent (or any of its subsidiaries or any of its or their respective officers or directors), or any combination thereof, at any time after the date hereof initiate or become subject to any litigation or other proceedings before
any Governmental Authority or arbitration panel with respect to which the litigant Parties have no prior agreements (as to indemnification or otherwise), each 

  
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litigant Party (and its officers and directors) shall, at their own expense, coordinate their strategies and actions with respect to such litigation or other proceedings to the extent such
coordination would not be detrimental to their respective interests and shall comply, at the expense of the requesting Party, with any reasonable requests of such Party for assistance in connection therewith (including by way of provision of
information and making available of employees as witnesses). 
 Section 4.9 Mail and other Communications. Each of AMTD Parent
and AMTD Digital may receive mail, facsimiles, packages, and other communications properly belonging to the other. Accordingly, each Party authorizes each of the other Party to receive and open all mail, telegrams, packages, and other communications
received by it and not unambiguously intended for the other Party or any of the other Party’ officers or directors, and to retain the same to the extent that they relate to the business of the receiving Party or, to the extent that they do not
relate to the business of the receiving Party, the receiving Party shall promptly deliver such mail, telegrams, packages, or other communications, including, without limitation, notices of any liens or encumbrances on any asset transferred to AMTD
Digital or its subsidiaries in connection with the separation from AMTD Parent, if any, (or, in case the same relate to both businesses, copies thereof) to the other Party as provided for in Section 7.6 hereof. The
provisions of this Section 4.9 are not intended to, and shall not, be deemed to constitute (a) an authorization by either AMTD Parent or AMTD Digital to permit the other to accept service of process on its behalf and
no Party is or shall be deemed to be the agent of the other Party for service of process purposes or (b) a waiver of any Privilege with respect to Privileged Information contained in such mail, telegrams, packages or other communications. 

Section 4.10 Other Inter-Company Services Agreements. To the extent not covered under the Inter-Company Agreements, AMTD Parent
and its subsidiaries, on the one hand, and AMTD Digital and its subsidiaries, on the other, may enter into interim services agreements from time to time covering the provision of various interim services, if any, including financial, accounting,
legal, and other services by AMTD Parent (and its subsidiaries) to AMTD Digital (and its subsidiaries) or, in certain circumstances, vice versa. Such services will generally be provided for a fee equal to the actual Direct Costs and Indirect Costs
of providing such services plus an additional amount as agreed to by the Parties, subject to other considerations being agreed to by the Parties. “Direct Costs” shall include labor-related compensation and travel expenses, materials and
supplies consumed, and agency fees arising from performing the services. “Indirect Costs” shall include occupancy, information technology support, and other overhead costs of the department incurring the direct costs of providing the
service. Payment for any such services will be due within thirty (30) days after AMTD Parent renders an invoice for such services. 

Section 4.11 Payment of Expenses. Except as otherwise provided in this Agreement, the Inter-Company Agreements, or any other
agreement between the Parties relating to the IPO, (a) all costs and expenses of the Parties in connection with the IPO (including costs associated with drafting this Agreement, the Inter-Company Agreements, and the documents relating to the
formation of AMTD Digital and its subsidiaries) shall be paid by AMTD Digital and (b) all costs and expenses of the Parties in connection with any matter not relating to the IPO shall be paid by the Party which incurs such cost or expense.
Notwithstanding the foregoing, AMTD Digital and AMTD Parent shall each be responsible for their own internal fees, costs, and expenses (e.g., salaries of personnel) incurred in connection with the IPO. 

  
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 ARTICLE V 

MUTUAL RELEASES; INDEMNIFICATION 

Section 5.1 Release of Claims. 

(a) AMTD Digital Release. Except as provided in Section 5.1(c), AMTD Digital, for itself and as agent for
each of its subsidiaries, does hereby assume, and does hereby remise, release, and forever discharge the AMTD Parent Indemnitees from, any and all Liabilities whatsoever, whether at law or in equity (including any right of contribution), whether
arising under any contract or agreement, by operation of law or otherwise, existing or arising from any past acts or events occurring or failing to occur or alleged to have occurred or to have failed to occur or any conditions existing or alleged to
have existed on or before the Public Filing Date, including in connection with the transactions and all other activities to implement the IPO. 

(b) AMTD Parent Release. Except as provided in Section 5.1(c), AMTD Parent, for itself and as agent for each
of its subsidiaries, does hereby remise, release and forever discharge the AMTD Digital Indemnitees from any and all Liabilities whatsoever, whether at law or in equity (including any right of contribution), whether arising under any contract or
agreement, by operation of law or otherwise, existing or arising from any past acts or events occurring or failing to occur or alleged to have occurred or to have failed to occur or any conditions existing or alleged to have existed on or before the
Public Filing Date, including in connection with the transactions and all other activities to implement the IPO. 
 (c) No
Impairment. Nothing contained in Section 5.1(a) or Section 5.1(b) shall limit or otherwise affect any Party’s rights or obligations pursuant to or contemplated by this Agreement or any
Inter-Company Agreement, in each case in accordance with its terms, including, without limitation, any obligations relating to indemnification, including indemnification pursuant to Section 5.2 and
Section 5.3 of this Agreement. 
 Section 5.2 Indemnification by AMTD Digital. Except as
otherwise provided in this Agreement, AMTD Digital shall, for itself and as agent for each of its subsidiaries, indemnify, defend (or, where applicable, pay the defense costs for), and hold harmless the AMTD Parent Indemnitees from and against, and
shall reimburse the AMTD Parent Indemnitees with respect to, any and all Losses that any third party seeks to impose upon the AMTD Parent Indemnitees, or which are imposed upon the AMTD Parent Indemnitees, and that relate to, arise out of, or result
from, whether prior to, on or following the Public Filing Date, any of the following items (without duplication): 
 (a) any AMTD Digital
Liability; 
 (b) any breach by AMTD Digital or any of its subsidiaries of this Agreement or any of the Inter-Company Agreements; and 

(c) any Liabilities relating to, arising out of, or resulting from any untrue statement or alleged untrue statement of a material fact or
omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading, with respect to all information (i) contained in the IPO Registration Statement, any issuer free
writing prospectus, or any preliminary, final, or supplemental prospectus forming a part of the IPO Registration Statement (other than information provided 

  
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in writing by AMTD Parent or any of its subsidiaries to AMTD Digital specifically for inclusion in the IPO Registration Statement, any issuer free writing prospectus, or any preliminary, final,
or supplemental prospectus forming a part of the IPO Registration Statement) or (ii) contained in any public filings made by AMTD Digital with the SEC following the Public Filing Date. 

In the event that AMTD Digital or any of its subsidiaries makes a payment to the AMTD Parent Indemnitees hereunder, and any of the AMTD Parent
Indemnitees subsequently diminishes the Liability on account of which such payment was made, either directly or through a third-party recovery (other than a recovery indirectly from AMTD Parent or its subsidiaries), AMTD Parent will promptly repay
(or will procure an AMTD Parent Indemnitee to promptly repay) AMTD Digital (or its subsidiary that has made the payment) the amount by which the payment made by AMTD Digital (or its subsidiary that has made the payment) exceeds the actual cost of
the associated indemnified Liability. 
 Section 5.3 Indemnification by AMTD Parent. Except as otherwise provided in this
Agreement, AMTD Parent shall, for itself and as agent for each of its subsidiaries, indemnify, defend (or, where applicable, pay the defense costs for), and hold harmless the AMTD Digital Indemnitees from and against, and shall reimburse each such
AMTD Digital Indemnitee with respect to, any and all Losses that any third party seeks to impose upon the AMTD Digital Indemnitees or which are imposed upon the AMTD Digital Indemnitees to the extent relating to, arising out of, or resulting from,
whether prior to, on or following the Public Filing Date, any of the following items (without duplication): 
 (a) any Liability of AMTD
Parent or its subsidiaries and all Liabilities arising out of the operation or conduct of the AMTD Parent Business (in each case excluding the AMTD Digital Liabilities); 

(b) any breach by AMTD Parent or any member of the AMTD Group of this Agreement or any of the Inter-Company Agreements; and 

(c) any Liabilities relating to, arising out of, or resulting from any untrue statement or alleged untrue statement of a material fact or
omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading, with respect to all information (i) contained in the IPO Registration Statement, any issuer free
writing prospectus, or any preliminary, final, or supplemental prospectus forming a part of the IPO Registration Statement and provided in writing by AMTD Parent or any of its subsidiaries to AMTD Digital specifically for inclusion in the IPO
Registration Statement, any issuer free writing prospectus, or any preliminary, final, or supplemental prospectus forming a part of the IPO Registration Statement) or (ii) provided in writing by AMTD Parent or its subsidiaries to AMTD Digital
specifically for inclusion in AMTD Digital’s annual or quarterly reports following the Public Filing Date to the extent (1) such information pertains to (A) AMTD Parent or any of its subsidiaries or (B) the AMTD Parent Business
or (2) AMTD Digital has provided prior written notice to AMTD Parent that such information will be included in one or more annual or quarterly reports, specifying how such information will be presented, and the information is included in such
annual or quarterly reports; provided that this sub-clause (2) shall not apply to the extent that any such Liability arises out of or results from, or in connection with, any action or inaction of AMTD
Digital or any of its subsidiaries, including as a result of any misstatement or omission of any information by AMTD Digital or any of its subsidiaries to AMTD Parent. 

  
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 In the event that AMTD Parent or any of its subsidiaries makes a payment to the AMTD Digital
Indemnitees hereunder, and any of the AMTD Digital Indemnitees subsequently diminishes the Liability on account of which such payment was made, either directly or through a third-party recovery (other than a recovery indirectly from AMTD Digital or
its subsidiaries), AMTD Digital will promptly repay (or will procure a AMTD Digital Indemnitee to promptly repay) AMTD Parent (or its subsidiary that has made the payment) the amount by which the payment made by AMTD Parent (or its subsidiary that
has made the payment) exceeds the actual cost of the indemnified Liability. 
 Section 5.4 Procedures for Defense, Settlement, and
Indemnification of the Third Party Claims. 
 (a) Notice of Claims. If an Indemnitee shall receive notice or otherwise learn of
the assertion by a Person (including any Governmental Authority) other than AMTD Parent, AMTD Digital and their subsidiaries of any claim or of the commencement by any such Person of any Action (collectively, a “Third Party Claim”)
with respect to which an Indemnifying Party may be obligated to provide indemnification, AMTD Parent or AMTD Digital, as applicable, will ensure that such Indemnitee shall give such Indemnifying Party written notice thereof within thirty
(30) days after becoming aware of such Third Party Claim. Any such notice shall describe the Third Party Claim in reasonable detail. Notwithstanding the foregoing, the delay or failure of any Indemnitee or other Person to give notice as
provided in this Section 5.4 shall not relieve the related Indemnifying Party of its obligations under this Article V, except to the extent that such Indemnifying Party is actually and
substantially prejudiced by such delay or failure to give notice. 
 (b) Defense by Indemnifying Party. An Indemnifying Party shall
be entitled to participate in the defense of any Third Party Claim and, to the extent that it wishes, at its cost, risk, and expense, to assume the defense thereof, with counsel reasonably satisfactory to the Indemnitee, unless the Indemnifying
Party is also a party to such proceeding and the Indemnitee determines in good faith that joint representation would be materially prejudicial to the Indemnitee’s defense. After timely notice from the Indemnifying Party to the Indemnitee of
such election to so assume the defense thereof, the Indemnifying Party shall not be liable to the Indemnitee for any legal expenses of other counsel or any other expenses subsequently incurred by the Indemnitee in connection with the defense
thereof. The Indemnitee agrees to cooperate in all reasonable respects with the Indemnifying Party and its counsel in the defense against any Third Party Claim. The Indemnifying Party shall be entitled to compromise or settle any Third Party Claim
as to which it is providing indemnification, provided that any compromise or settlement shall be made only with the written consent of the Indemnitee, such consent not to be unreasonably withheld. 

(c) Defense by Indemnitee. If an Indemnifying Party fails to assume the defense of a Third Party Claim within thirty (30) days
after receipt of notice of such claim, the Indemnitee will, upon delivering notice to such effect to the Indemnifying Party, have the right to undertake the defense, compromise, or settlement of such Third Party Claim on behalf of and for the
account of the Indemnifying Party subject to the limitations as set forth in this Section 5.4; provided, however, that such Third Party Claim shall not be compromised or settled without the written consent of the
Indemnifying Party, which consent shall not be unreasonably withheld. If the Indemnitee assumes the defense of any Third Party Claim, it shall keep the Indemnifying Party reasonably informed of the progress of any such defense, compromise or
settlement. The Indemnifying Party shall reimburse all such costs and expenses of the Indemnitee in the event it is ultimately determined that the Indemnifying Party is obligated to indemnify the Indemnitee with respect to such Third Party Claim. In
no event shall an Indemnifying Party be liable for any settlement effected without its consent, which consent shall not be unreasonably withheld. 

  
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 Section 5.5 Additional Matters. 

(a) Cooperation in Defense and Settlement. With respect to any Third Party Claim that implicates both AMTD Digital and AMTD Parent in a
material way due to the allocation of Liabilities, responsibilities for management of defense, and related indemnities set forth in this Agreement or any of the Inter-Company Agreements, the Parties agree to cooperate fully and maintain a joint
defense (in a manner that will preserve the attorney-client privilege, joint defense, or other privilege with respect thereto) so as to minimize such Liabilities and defense costs associated therewith. Any Party that is not responsible for managing
the defense of such Third Party Claims shall, upon reasonable request, be consulted with respect to significant matters relating thereto and may, if necessary or helpful, engage counsel to assist in the defense of such claims. 

(b) Subrogation. In the event of payment by or on behalf of any Indemnifying Party to or on behalf of any Indemnitee in connection with
any Third Party Claim, such Indemnifying Party shall be subrogated to and shall stand in the place of such Indemnitee, in whole or in part based upon whether the Indemnifying Party has paid all or only part of the Indemnitee’s Liability, as to
any events or circumstances in respect of which such Indemnitee may have any right, defense, or claim relating to such Third Party Claim against any claimant or plaintiff asserting such Third Party Claim or against any other person. Such Indemnitee
shall cooperate with such Indemnifying Party in a reasonable manner, and at the cost and expense of such Indemnifying Party, in prosecuting any subrogated right, defense or claim. 

Section 5.6 Survival of Indemnities. The rights and obligations of the Parties under this Article V
shall survive the sale or other transfer by any Party of any of its assets or businesses or the assignment by it of any Liabilities or the acquisition of control of such Party (by sale of capital stock or other equity interests, merger,
consolidation, or otherwise). 
 ARTICLE VI 

DISPUTE RESOLUTION 

Section 6.1 Dispute Resolution. 

(a) Any dispute, controversy, or claim arising out of or relating to this Agreement or any Inter-Company Agreement, or the breach, termination
or validity thereof (“Dispute”) which arises between the Parties shall first be negotiated between appropriate senior executives of each Party who shall have the authority to resolve the matter. Such executives shall meet to attempt
in good faith to negotiate a resolution of the Dispute prior to pursuing other available remedies, within ten (10) days of receipt by a Party of written notice of a Dispute, which date of receipt shall be referred to herein as the “Dispute
Resolution Commencement Date.” Discussions and correspondence relating to trying to resolve such Dispute shall be treated as Confidential Information and Privileged Information of each of AMTD Parent and AMTD Digital developed for the purpose
of settlement and shall be exempt from discovery or production and shall not be admissible in any subsequent proceeding between the Parties. 

  
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 (b) If the senior executives are unable to resolve the Dispute within 60 days from the
Dispute Resolution Commencement Date, then, the Dispute will be submitted to the boards of directors of AMTD Parent and AMTD Digital. Representatives of each board of directors shall meet as soon as practicable to attempt in good faith to negotiate
a resolution of the Dispute. 
 (c) If the representatives of the two boards of directors are unable to resolve the Dispute within 120 days
from the Dispute Resolution Commencement Date, on the request of any Party, the Dispute will be mediated by a mediator appointed pursuant to the mediation rules of the American Arbitration Association. Both Parties will share the administrative
costs of the mediation and the mediator’s fees and expenses equally, and each Party shall bear all of its other costs and expenses related to the mediation, including but not limited to attorney’s fees, witness fees, and travel expenses.
The mediation shall take place in Hong Kong or in whatever alternative forum on which the Parties may agree. 
 (d) If the Parties cannot
resolve any Dispute through mediation within 45 days after the appointment of the mediator (or the earlier withdrawal thereof), each Party shall be entitled to seek relief in a court of competent jurisdiction. 

Unless otherwise agreed in writing, the Parties will continue to provide service and honor all other commitments under this Agreement and each
Inter-Company Agreement during the course of dispute resolution pursuant to the provisions of this Section 6.1 with respect to all matters not subject to such dispute, controversy or claim. 

ARTICLE VII 

MISCELLANEOUS 

Section 7.1 Consent of AMTD Parent. 

(a) Any consent of AMTD Parent pursuant to this Agreement or any of the Inter-Company Agreements shall not be effective unless it is in
writing and evidenced by the signature of the Chief Executive Officer or Chief Financial Officer of AMTD Parent (or such other person that the Chief Executive Officer, Chief Financial Officer, or board of directors of AMTD Parent has specifically
authorized in writing to give such consent). 
 (b) Any consent of AMTD Digital pursuant to this Agreement or any of the Inter-Company
Agreements shall not be effective unless it is in writing and evidenced by the signature of the Chief Executive Officer or Chief Financial Officer of AMTD Digital (or such other person that the Chief Executive Officer, Chief Financial Officer, or
board of directors of AMTD Digital has specifically authorized in writing to give such consent). 
 Section 7.2 Limitation of
Liability. IN NO EVENT SHALL AMTD PARENT OR ANY MEMBER OF THE AMTD GROUP OR AMTD DIGITAL OR ANY OF ITS SUBSIDIARIES BE LIABLE TO THE OTHER PARTY, OR ITS AFFILIATED COMPANIES FOR ANY SPECIAL, CONSEQUENTIAL, INDIRECT, INCIDENTAL, OR PUNITIVE
DAMAGES OR LOST PROFITS, HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY (INCLUDING NEGLIGENCE) ARISING IN ANY WAY OUT OF THIS AGREEMENT, WHETHER OR NOT SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES; PROVIDED, HOWEVER, THAT THE
FOREGOING LIMITATIONS SHALL NOT LIMIT EACH PARTY’S INDEMNIFICATION OBLIGATIONS FOR LIABILITIES AS SET FORTH IN THIS AGREEMENT OR IN ANY INTER-COMPANY AGREEMENT. 

  
 20 

 Section 7.3 Entire Agreement. This Agreement and the Inter-Company Agreements
and the exhibits and schedules referenced or attached hereto and thereto constitute the entire agreement among the Parties with respect to the subject matter hereof and thereof and shall supersede all prior written and oral and all contemporaneous
oral agreements and understandings with respect to the subject matter hereof and thereof. 
 Section 7.4 Governing Law and
Jurisdiction. This Agreement shall be governed by, and construed in accordance with, the laws of Hong Kong. Subject to Section 6.1, each of the Parties hereby submits unconditionally to the jurisdiction of, and agrees
that venue shall lie exclusively in, the courts located in Hong Kong for purposes of the resolution of any disputes arising under this Agreement. 

Section 7.5 Termination; Amendment. This Agreement may be terminated or amended by mutual consent of the Parties, evidenced by an
instrument in writing signed on behalf of each of the Parties. In the event of termination pursuant to this Section 7.5, no Party shall have any liability of any kind to the other Party. This Agreement shall terminate on
the date that is two (2) years after the first date upon which members of the AMTD Group no longer collectively own at least twenty percent (20%) of the voting power of the then outstanding securities of AMTD Digital; provided, however, that
(i) the provisions of Section 4.8 shall survive for a period of seven (7) years after the termination of this Agreement, and (ii) the provisions of Section 4.6,
Article V, Article VI and Article VII shall survive indefinitely after the termination of this Agreement. For avoidance of doubt, the termination of this Agreement shall
not affect the validity and effectiveness of any of the Inter-Company Agreements. 
 Section 7.6 Notices. Notices, offers,
requests or other communications required or permitted to be given by a Party pursuant to the terms of this Agreement shall be given in writing to the other Party to the following addresses: 

if to AMTD Parent: 
 23/F-25/F Nexxus Building 
 41 Connaught Road Central 

Hong Kong 
 Attention:
********************* 
 Facsimile: ********************* 

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

if to AMTD Digital: 
 25/F
Nexxus Building 
 41 Connaught Road Central 

Hong Kong 
 Attention:
********************* 
 Facsimile: ********************* 

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

  
 21 

 or to such other address, facsimile number, or email address as the Party to whom notice is given may have
previously furnished to the other in writing as provided herein. Any notice involving non-performance or termination shall be sent by hand delivery or recognized overnight courier. All other notices may also
be sent by facsimile or email, confirmed by mail. All notices shall be deemed to have been given when received, if hand delivered; when transmitted, if transmitted by facsimile or email; upon confirmation of delivery, if sent by recognized overnight
courier; and upon receipt if mailed. 
 Section 7.7 Counterparts. This Agreement may be executed in one or more counterparts,
each of which shall be deemed to be an original but all of which shall constitute one and the same agreement. 
 Section 7.8 Binding
Effect; Assignment. This Agreement shall inure to the benefit of and be binding upon the Parties hereto and their respective legal representatives and successors, and nothing in this Agreement, express or implied, is intended to confer upon any
other Person any rights or remedies of any nature whatsoever under or by reason of this Agreement. This Agreement may be enforced separately by each Party’s subsidiaries. No Party may assign this Agreement or any rights or obligations
hereunder, without the prior written consent of the other Party, and any such assignment shall be void; provided, however, each Party may assign this Agreement to a successor entity in conjunction with such Party’s reincorporation in another
jurisdiction or into another business form. 
 Section 7.9 Severability. If any term or other provision of this Agreement or the
Exhibits or Schedules attached hereto is determined by a court, administrative agency, or arbitrator to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Agreement
shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any Party. Upon such determination that any term or other
provision is invalid, illegal, or incapable of being enforced, the Parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner to the end
that transactions contemplated hereby are fulfilled to the fullest extent possible. 
 Section 7.10 Failure or Indulgence not
Waiver; Remedies Cumulative. No failure or delay on the part of any Party hereto in the exercise of any right hereunder shall impair such right or be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty or
agreement herein, nor shall any single or partial exercise of any such right preclude other or further exercise thereof or of any other right. All rights and remedies existing under this Agreement or the exhibits or schedules attached hereto are
cumulative to, and not exclusive of, any rights or remedies otherwise available. 
 Section 7.11 Authority. Each of the Parties
hereto represents to the others that (a) it has the corporate or other requisite power and authority to execute, deliver and perform this Agreement, (b) the execution, delivery and performance of this Agreement by it have been duly
authorized by all necessary corporate or other actions, (c) it has duly and validly executed and delivered this Agreement, and (d) this Agreement is a legal, valid, and binding obligation, enforceable against it in accordance with its
terms subject to applicable bankruptcy, insolvency, reorganization, moratorium, or other similar laws affecting creditors’ rights generally and general equity principles. 

  
 22 

 Section 7.12 Interpretation. The headings contained in this Agreement, in any
exhibit or schedule hereto and in the table of contents to this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Any capitalized term used in any exhibit or schedule but not
otherwise defined therein, has the meaning assigned to such term in this Agreement. For all purposes of this Agreement: (i) all references in this Agreement to designated “sections,” “schedules,” “exhibits,” and
other subdivisions are to the designated sections, schedules, exhibits, and other subdivisions of the body of this Agreement unless otherwise indicated; (ii) the words “herein,” “hereof,” and “hereunder” and other
words of similar import refer to this Agreement as a whole and not to any particular section or other subdivision; (iii) “or” is not exclusive; (iv) “including” and “includes” will be deemed to be followed by “but
not limited to” and “but is not limited to,” respectively; (v) any definition of, or reference to, any law, agreement, instrument, or other document herein will be construed as referring to such law, agreement, instrument, or
other document as from time to time amended, supplemented, or otherwise modified; and (vi) any definition of, or reference to, any statute will be construed as referring also to any rules and regulations promulgated thereunder. 

Section 7.13 Conflicting Agreements. None of the provisions of this Agreement is intended to supersede any provision in any
Inter-Company Agreement or any other agreement with respect to the respective subject matters thereof. In the event of conflict between this Agreement and any Inter-Company Agreement or other agreement executed in connection herewith, the provisions
of such other agreement shall prevail. 
 Section 7.14 Third Party Beneficiaries. None of the provisions of this Agreement shall
be for the benefit of or enforceable by any third party, including any creditor of any Person. No such third party shall obtain any right under any provision of this Agreement or shall by reasons of any such provision make any claim in respect of
any Liability (or otherwise) against either Party hereto. 
 [Signature page follows] 

  
 23 

 WHEREFORE, the Parties have signed this Master Transaction Agreement effective as of the
date first set forth above. 
  

			
	AMTD Group Company Limited
		
	By:	 	 /s/ Marcellus Wong

		 	Name: Marcellus Wong
		 	Title: Director
	
	AMTD Digital Inc.
		
	By:	 	 /s/ Mark Lo

		 	Name: Mark Lo
		 	Title: Director

 [Signature page to Master Transaction Agreement]EX-10.5

 Exhibit 10.5 

TRANSITIONAL SERVICES AGREEMENT 

Between 
 AMTD GROUP
COMPANY LIMITED 
 and 

AMTD DIGITAL INC. 

Dated as of May 18, 2021 
  

 TABLE OF CONTENTS 

 

							
	 ARTICLE I DEFINITIONS
	  	 	1	 
			
	 Section 1.1
	 	Defined Terms	  	 	1	 
		
	 ARTICLE II SERVICES
	  	 	4	 
			
	 Section 2.1
	 	Initial Services	  	 	4	 
	 Section 2.2
	 	Additional Services	  	 	4	 
	 Section 2.3
	 	Scope of Services	  	 	4	 
	 Section 2.4
	 	Limitation on Provision of Services	  	 	5	 
	 Section 2.5
	 	Standard of Performance; Standard of Care	  	 	6	 
	 Section 2.6
	 	Prices for Services	  	 	7	 
	 Section 2.7
	 	Changes in Services	  	 	7	 
	 Section 2.8
	 	Services Performed by Third Parties	  	 	8	 
	 Section 2.9
	 	Responsibility for Provider Personnel	  	 	8	 
	 Section 2.10
	 	Services Rendered as a Work-For-Hire; Return of Equipment; Internal Use; No Sale, Transfer, Assignment; Copies	  	 	8	 
	 Section 2.11
	 	Cooperation	  	 	9	 
		
	 ARTICLE III CHARGES AND PAYMENT
	  	 	9	 
			
	 Section 3.1
	 	Procedure	  	 	9	 
	 Section 3.2
	 	Late Payments	  	 	9	 
		
	 ARTICLE IV TERM AND TERMINATION
	  	 	9	 
			
	 Section 4.1
	 	Termination Dates	  	 	9	 
	 Section 4.2
	 	Early Termination by the Recipient	  	 	9	 
	 Section 4.3
	 	Termination by the Provider	  	 	10	 
	 Section 4.4
	 	Effect of Termination of Services	  	 	10	 
	 Section 4.5
	 	Data Transmission	  	 	10	 
		
	 ARTICLE V MISCELLANEOUS
	  	 	10	 
			
	 Section 5.1
	 	DISCLAIMER OF WARRANTIES	  	 	10	 
	 Section 5.2
	 	Limitation of Liability; Indemnification	  	 	11	 
	 Section 5.3
	 	Compliance with Law and Governmental Regulations	  	 	12	 
	 Section 5.4
	 	No Partnership or Joint Venture; Independent Contractor	  	 	12	 
	 Section 5.5
	 	Non-Exclusivity	  	 	13	 
	 Section 5.6
	 	Expenses	  	 	13	 
	 Section 5.7
	 	Further Assurances	  	 	13	 
	 Section 5.8
	 	Confidentiality	  	 	13	 
	 Section 5.9
	 	Headings	  	 	14	 
	 Section 5.10
	 	Interpretation	  	 	14	 
	 Section 5.11
	 	Amendments	  	 	14	 
	 Section 5.12
	 	Inconsistency	  	 	14	 
	 Section 5.13
	 	Notices	  	 	15	 
	 Section 5.14
	 	Assignment; No Third-Party Beneficiaries	  	 	15	 
	 Section 5.15
	 	Entire Agreement	  	 	16	 

  
 i 

							
	 Section 5.16
	 	Counterparts	  	 	16	 
	 Section 5.17
	 	Severability	  	 	16	 
	 Section 5.18
	 	Incorporation by Reference	  	 	16	 
	 Section 5.19
	 	Governing Law and Jurisdiction	  	 	16	 

  

  
 ii 

 TRANSITIONAL SERVICES AGREEMENT 

This Transitional Services Agreement is dated as of May 18, 2021, by and between AMTD Group Company Limited, an exempted company with
limited liability incorporated under the laws of the British Virgin Islands (“AMTD Parent”), and AMTD Digital Inc., an exempted company with limited liability incorporated under the laws of the Cayman Islands (“AMTD
Digital”). 
 R E C I T A L S 

WHEREAS, as of the date hereof, AMTD Parent, together with its subsidiaries including AMTD International Inc., AMTD Education Group and AMTD
Assets Alpha Group, effectively owns 28,953,305 and 19,892,000 issued and outstanding Class A Ordinary Shares and Class B Ordinary Shares of AMTD Digital respectively, representing in aggregate 72.2% of the total issued and outstanding
Ordinary Shares of AMTD Digital; 
 WHEREAS, the parties currently contemplate that AMTD Digital will seek an initial public offering (the
“IPO”) pursuant to a registration statement on Form F-1 confidentially submitted for review and comment by the SEC under the U.S. Securities Act of 1933, as amended, to be filed publicly with
the SEC via its EDGAR system (the date of such public filing, the “Public Filing Date”) following the substantial completion of such review and comment and as financial market conditions permit (as so filed, and as amended
thereafter from time to time, the “IPO Registration Statement”); 
 WHEREAS, AMTD Parent and AMTD Digital have entered into
that certain master transaction agreement, dated as of May 18, 2021 (the “Master Transaction Agreement”), which sets forth and memorializes the principal arrangements between AMTD Parent and AMTD Digital regarding their
relationship from and after the filing of the IPO Registration Statement and the consummation of the IPO, including the entering into of this Agreement; and 

WHEREAS, the parties desire that members of AMTD Group will continue to provide certain services to members of AMTD Digital Group and that
members of AMTD Digital Group will also provide certain services to members of AMTD Group. 
 NOW, THEREFORE, in consideration of the
foregoing recitals, the mutual covenants, and undertakings contained herein and the transactions contemplated by the Master Transaction Agreement, the receipt and sufficiency of which are acknowledged, the parties hereby mutually agree as follows:

 ARTICLE I 

DEFINITIONS 

Section 1.1 Defined Terms. Capitalized terms used and not otherwise defined herein will have the meanings ascribed to such terms
in the Master Transaction Agreement. Capitalized terms used in the Schedule but not otherwise defined therein, will have the meaning ascribed to such word in this Agreement. For purposes of this Agreement, the following words and phrases will have
the following meanings: 
 “Additional Services” has the meaning set forth in Section 2.2 of this
Agreement. 

  
 1 

 “Affiliate” of any Person means a Person that controls, is controlled by,
or is under common control with such Person; provided that, under this Agreement, “Affiliate” of any member of AMTD Group excludes members of AMTD Digital Group, and “Affiliate” of any member of AMTD Digital Group
excludes members of AMTD Group. As used herein, “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such entity, whether through ownership of voting
securities or other interests, by contract or otherwise. 
 “Agreement” means this Transitional Services Agreement,
together with the Schedule hereto, as the same may be amended from time to time in accordance with the provisions hereof. 

“Allocated Cost” has the meaning set forth in Section 2.6 of this Agreement. 

“AMTD Digital” has the meaning set forth in the preamble of this Agreement. 

“AMTD Digital Group” means AMTD Digital and its subsidiaries. 

“AMTD Group” means AMTD Parent and its subsidiaries, other than AMTD Digital and its subsidiaries. 

“AMTD Parent” has the meaning set forth in the preamble of this Agreement. 

“Ancillary Agreement” means any agreement between AMTD Parent and AMTD Digital including the Master Transaction Agreement and
Non-Competition Agreement. 
 “Claims” has the meaning set forth in
Section 5.2(d) of this Agreement. 
 “Class A Ordinary Shares” means the class
A ordinary shares of AMTD Digital, par value US$0.0001 per share. 
 “Class B Ordinary Shares” means the
class B ordinary shares of AMTD Digital, par value US$0.0001 per share. 
 “Force Majeure Event” has the meaning set forth
in Section 2.4(b) of this Agreement. 
 “Governmental Authority” means any federal, state, local,
foreign, or international court, government, department, commission, board, bureau, agency, official, or other regulatory, administrative, or governmental authority. 

“Historical Levels” has the meaning set forth in Section 2.4(a) of this Agreement. 

“Indemnitee” has the meaning set forth in Section 5.2(d) of this Agreement. 

“Indemnitor” has the meaning set forth in Section 5.2(d) of this Agreement. 

“Information” means information in written, oral, electronic, or other tangible or intangible forms, stored in any medium,
including studies, reports, records, books, contracts, instruments, surveys, discoveries, ideas, concepts, know-how, techniques, designs, specifications, drawings, blueprints, diagrams, models, prototypes,
samples, flow charts, data, computer data, disks, diskettes, tapes, computer programs or other software, marketing plans, customer names, communications by or to attorneys (including attorney-client privileged communications), memoranda and other
materials prepared by attorneys or under their direction (including attorney work product), and other technical, financial, employee, or business information or data. 

  
 2 

 “Initial Services” has the meaning set forth in
Section 2.1 of this Agreement. 
 “IPO” has the meaning set forth in the recitals to this
Agreement. 
 “IPO Registration Statement” has the meaning set forth in the recitals to this Agreement. 

“Law” means any law, statute, rule, regulation or other requirement imposed by a Governmental Authority. 

“Master Transaction Agreement” has the meaning set forth in the recitals to this Agreement. 

“Non-Competition Agreement” has the meaning set forth in Section 2.1 of the
Master Transaction Agreement. 
 “Ordinary Shares” means the Class A Ordinary Shares and the Class B Ordinary
Shares. 
 “Person” means an individual, a general or limited partnership, a corporation, a trust, a joint venture, an
unincorporated organization, a limited liability entity, any other entity, and any Governmental Authority. 
 “Provider”
means, with respect to any particular Service, the entity or entities identified on the Schedule as the party to provide such Service. 

“Provider Personnel” has the meaning set forth in Section 2.9 of this Agreement. 

“Public Filing Date” has the meaning set forth in the recitals to this Agreement. 

“Recipient” means, with respect to any particular Service, the entity or entities identified on the Schedule as the party to
receive such Service. 
 “Review Meetings” has the meaning set forth in Section 2.11 of this
Agreement. 
 “Schedule” has the meaning set forth in Section 2.1 of this Agreement. 

“SEC” means the U.S. Securities and Exchange Commission. 

“Service Period” means, with respect to any Service, the period commencing on the Public Filing Date and ending on the
earlier of (i) the date the Recipient terminates the provision of such Service pursuant to Section 4.2, (ii) the date the Provider terminates the provision of such Service pursuant to
Section 4.3, or (iii) the date that is 18 months after the Public Filing Date. 
 “Services”
has the meaning set forth in Section 2.2 of this Agreement. 

  
 3 

 “System” means the software, hardware, data store or maintenance and
support components or portions of such components of a set of information assets identified in a Schedule. 
 “Tax” means
all forms of direct and indirect taxation or duties imposed, or required to be collected or withheld, including charges, together with any related interest, penalties, or other additional amounts. 

“Termination Fees” has the meaning set forth in Section 4.2 of this Agreement. 

“Termination Notice” has the meaning set forth in Section 4.2 of this Agreement. 

“Work Product” has the meaning set forth in Section 2.10 of this Agreement. 

ARTICLE II 
 SERVICES

 Section 2.1 Initial Services. Except as otherwise provided herein, during the applicable Service Period, each
Provider agrees to provide, or with respect to any service to be provided by an Affiliate of the Provider, to cause such Affiliate to provide, to the Recipient, or with respect to any service to be provided to an Affiliate of the Recipient, to such
Affiliate, the services that have been provided by the Provider and any of its Affiliates to the Recipient or its Affiliate (the “Initial Services”), including but not limited to the services set forth on the Schedule (the
“Schedule”) annexed hereto. 
 Section 2.2 Additional Services. From time to time during the applicable Service
Period, the parties may identify additional services that the Provider will provide to the Recipient in accordance with the terms of this Agreement (the “Additional Services” and, together with the Initial Services, the
“Services”). If the parties agree to add any Additional Services, the parties will mutually create a Schedule or amend the existing Schedule for each such Additional Service setting forth the identities of the Provider and the
Recipient, a description of such Service, the term during which such Service will be provided, the cost, if any, for such Service and any other provisions applicable thereto. In order to become a part of this Agreement, such amendment to the
Schedule must be executed by a duly authorized representative of each party, at which time such Additional Service will, together with the Initial Services, be deemed to constitute a “Service” for the purposes hereof and will be
subject to the terms and conditions of this Agreement. The parties may, but will not be required to, agree on Additional Services during the applicable Service Period. Notwithstanding anything to the contrary in the foregoing or anywhere else in
this Agreement, any service actually performed by the Provider upon written or oral request by the Recipient in connection with this Agreement will be deemed to constitute a “Service” for the purposes of
Article III and Section 5.2, but such “Service” will only be incorporated into this Agreement by an amendment as set forth in this Section 2.2 and
Section 5.11. Notwithstanding the foregoing, neither party will have any obligation to agree to provide Additional Services. 

Section 2.3 Scope of Services. Notwithstanding anything to the contrary herein, (a)neither the Provider nor any of its Affiliates
will be required to perform or to cause to be performed any of the Services for the benefit of any third party or any other person other than the applicable Recipient or its Affiliates, and (b) the Provider makes no warranties, express or
implied, with respect to the Services, except as provided in Section 2.5. 

  
 4 

 Section 2.4 Limitation on Provision of Services. 

(a) Except as expressly contemplated in the Schedule, neither the Provider nor any of its Affiliates will be obligated to perform or to cause
to be performed any Service in a volume or quantity that exceeds on an annualized basis 150 percent of the historical volumes or quantities of Services performed by it or its Affiliates for the business of the Recipient during calendar year
2020, without reference to the transactions contemplated by the Master Transaction Agreement (“Historical Levels”); provided, however, that if the Recipient wishes to increase the volume or quantity of such Services provided under
this Agreement by more than such amount, the Recipient will make a request to the appropriate Provider in writing in accordance with Section 5.13 at least fifteen (15) days prior to the next Review Meeting setting out
in as much detail as reasonably possible the change requested and the reason for requesting the change, which request will be considered at the next Review Meeting. The Provider may, in its sole discretion, choose to accommodate or not to
accommodate any such request in part or in full. 
 (b) In case performance of any terms or provisions hereof will be delayed or prevented,
in whole or in part, because of, or related to, compliance with any Law, decree, request, or order of any Governmental Authority, either local, state, federal, or foreign, or because of riots, war, public disturbance, strike, labor dispute, fire
explosion, storm, flood, acts of God, major breakdown or failure of transportation, manufacturing, distribution, or storage facilities, or for any other reason which is not within the control of the party whose performance is interfered with and
which by the exercise of reasonable diligence such party is unable to prevent (each, a “Force Majeure Event”), then upon prompt notice by the party so suffering to the other party, the party suffering will be excused from its
obligations hereunder during the period such Force Majeure Event continues, and no liability will attach against either party on account thereof. No party will be excused from performance if such party fails to use reasonable diligence to remedy the
situation and remove the cause and effect of the Force Majeure Event. 
 (c) If the Provider is unable to provide a Service hereunder because
it does not have the necessary assets because such asset was transferred from the Provider to the Recipient, the parties will determine a mutually acceptable arrangement to provide the necessary access to such asset and until such time as access is
provided, the Provider’s failure to provide such Service will not be a breach of this Agreement. 
 (d) Notwithstanding anything to the
contrary contained herein, this Agreement will not constitute an agreement for the Provider to provide Services to the Recipient to the extent that the provision of any such Services would not be in compliance with applicable Laws. 

  
 5 

 Section 2.5 Standard of Performance; Standard of Care. 

(a) The Provider will use its commercially reasonable efforts to provide and cause its Affiliates to provide the Services in a manner which is
substantially similar in nature, quality, and timeliness to the services provided by the applicable Provider to the applicable Recipient immediately prior to the date hereof; provided, however, that nothing in this Agreement will require the
Provider to prioritize or otherwise favor the Recipient over any third parties or any of the Provider’s or the Provider’s Affiliates’ business operations. The Recipient acknowledges that the Provider’s obligation to provide the
Services is contingent upon the Recipient (i) providing in a timely manner all information, documentation, materials, resources and access requested by the Provider and (ii) making timely decisions, approvals and acceptances and taking in
a timely manner such other actions requested by the Provider, in each case that the Provider (in its reasonable business judgment) believes is necessary or desirable to enable the Provider to provide the Services; provided, however, that the
Provider requests such approvals, information, materials or services with reasonable prior notice to the extent practicable. Notwithstanding anything to the contrary herein, the Provider shall not be responsible for any failure to provide any
Service in the event that the Recipient has not fully complied with the immediately preceding sentence. The parties acknowledge and agree that nothing contained in the Schedule will be deemed to (x) increase or decrease the standard of care
imposed on the Provider, (y) expand the scope of the Services to be provided as set forth in Article II, except to the extent that the Schedule references a Service that was not provided immediately prior to the date
hereof, or (z) limit Sections 5.1 and 5.2. 
 (b) In providing the Services, except to the extent
necessary to maintain the level of Service provided on the date hereof (or with respect to any Additional Service, the agreed-upon level), the Provider will not be obligated to: (i) hire any additional employees or (ii) purchase, lease, or
license any additional equipment, software, or other assets; and in no event will the Provider be obligated to (x) maintain the employment of any specific employee or (y) pay any costs related to the transfer or conversion of the
Recipient’s data to the Provider or any alternate supplier of Services. Further, the Provider will have the right to designate which personnel it will assign to perform the Services, and it will have the right to remove and replace any such
personnel at any time or designate any of its Affiliates or a third party provider at any time to perform the Services. At the Recipient’s request, the Provider will consult in good faith with the Recipient regarding the specific personnel to
provide any particular Services; provided, however, that the Provider’s decision will control and be final and binding. 
 (c) The
Provider’s sole responsibility to the Recipient for errors or omissions committed by the Provider in performing the Services will be to correct such errors or omissions in the Services at no additional cost to the Recipient; provided, however,
that the Recipient must promptly advise the Provider of any such error or omission of which it becomes aware after having used commercially reasonable efforts to detect any such errors or omissions. 

  
 6 

 (d) The parties and their respective Affiliates will use good faith efforts to cooperate
with each other in connection with the performance of the Services hereunder, including producing on a timely basis all information that is reasonably requested with respect to the performance of Services; provided, however, that such cooperation
not unreasonably disrupt the normal operations of the parties and their respective Affiliates; provided further, that the party requesting cooperation will pay all reasonable
out-of-pocket costs and expenses incurred by the party furnishing cooperation, unless otherwise expressly provided in this Agreement or the Master Transaction Agreement.
Such cooperation will include exchanging information, providing electronic access to systems used in connection with the Services and obtaining or granting all consents, licenses, sublicenses, or approvals necessary to permit each party to perform
its obligations hereunder. Notwithstanding anything in this Agreement to the contrary, the Recipient will be solely responsible for paying for the costs of obtaining such consents, licenses, sublicenses, or approvals, including reasonable legal fees
and expenses. Either party providing electronic access to systems used in connection with Services may limit the scope of access to the applicable requirements of the relevant matter through any reasonable means available, and any such access will
be subject to the terms of Section 5.8. The exchange of information or records (in any format, electronic or otherwise) related to the provision of Services under this Agreement will be made to the extent that (i) such
information or records exist and are created in the ordinary course, (ii) do not involve the incurrence of any material expense, and (iii) are reasonably necessary for any such party to comply with its obligations hereunder or under
applicable Law. Subject to the foregoing terms, the parties will cooperate with each other in making information available as needed in the event of a Tax audit or in connection with statutory or governmental compliance issues, whether in Hong Kong,
Singapore or any other country; provided, however, that the provision of such information will be without representation or warranty as to the accuracy or completeness of such information. For the avoidance of doubt, and without limiting any
privilege or protection that now or hereafter may be shared by the Provider and the Recipient, neither party will be required to provide any document if the party who would provide such document reasonably believes that so doing would waive any
privilege or protection (e.g., attorney-client privilege) applicable to such document. 
 (e) If the Provider reasonably believes it is
unable to provide any Service because of a failure to obtain necessary consents (e.g., third-party approvals or instructions or approvals from the Recipient required in the ordinary course of providing a Service), licenses, sublicenses, or approvals
contemplated by Section 2.5(d), such failure shall not constitute a breach hereof by the Provider and the parties will cooperate to determine the best alternative approach; provided, however, that in no event will the
Provider be required to provide such Service until an alternative approach reasonably satisfactory to the Provider is found or the consents, licenses, sublicenses, or approvals have been obtained. 

Section 2.6 Prices for Services. Services provided to any Recipient pursuant to the terms of this Agreement will be charged at the
prices set forth for such Services in the Schedule. At the end of each year during the Service Period, the Provider will determine and allocate the charges, costs and expenses incurred by the Provider to the Recipient on the basis set forth in the
Schedule (collectively, “Allocated Cost”) during the previous year. In determining any cost based on actual usage, the Provider will deliver to the Recipient documentation for such cost at the reasonable request of the Recipient.

 Section 2.7 Changes in Services. The parties agree and acknowledge that any Provider may make changes from time to time in
the manner of performing the applicable Services if such Provider is making similar changes in performing similar services for itself, its Affiliates or other third parties, if any, and if such Provider furnishes to the Recipient substantially the
same notice (in content and timing) as such Provider provides to its Affiliates or other third parties, if any, respecting such changes. In addition, and without limiting the immediately preceding sentence in any way, and notwithstanding any
provision of this Agreement to the contrary, such Provider may make any of the following changes without obtaining the prior consent of the Recipient: (a) changes to the process of performing a particular Service that do not adversely affect
the benefits to the Recipient of such Provider’s provision or quality of such Service in any material respect or materially increase the charge for such Service; (b) emergency changes on a temporary and short-term basis; and
(c) changes to a particular Service in order to comply with applicable Law or regulatory requirements. 

  
 7 

 Section 2.8 Services Performed by Third Parties. Nothing in this Agreement will
prevent the Provider from using its Affiliates or third parties to perform all or any part of a Service hereunder. The Provider will remain fully responsible for the performance of its obligations under this Agreement in accordance with its terms,
including any obligations it performs through its Affiliates or third parties, and the Provider will be solely responsible for payments due any such Affiliates or third parties. 

Section 2.9 Responsibility for Provider Personnel. All personnel employed, engaged or otherwise furnished by the Provider in
connection with its rendering of the Services will be the Provider’s employees, agents or subcontractors, as the case may be (collectively, “Provider Personnel”). The Provider will have the sole and exclusive responsibility for
Provider Personnel, will supervise Provider Personnel and will cause Provider Personnel to cooperate with the Recipient in performing the Services in accordance with the terms and conditions of Section 2.5. The Provider
will pay and be responsible for the payment of any and all premiums, contributions and taxes for workers’ compensation insurance, unemployment compensation, disability insurance, and all similar provisions now or hereafter imposed by any
Governmental Authority with respect to, or measured by, wages, salaries, or other compensation paid, or to be paid, by the Provider to Provider Personnel. 

Section 2.10 Services Rendered as a Work-For-Hire;
Return of Equipment; Internal Use; No Sale, Transfer, Assignment; Copies. All materials, software, tools, data, inventions, works of authorship, documentation, and other innovations of any kind, including any improvements or modifications to the
Provider’s proprietary computer software programs and related materials, that the Provider, or personnel working for or through the Provider, may make, conceive, develop or reduce to practice, alone or jointly with others, in the course of
performing Services or as a result of such Services, whether or not eligible for patent, copyright, trademark, trade secret, or other legal protection (collectively the “Work Product”), as between the Provider and the Recipient,
will be solely owned by the Provider. Upon the termination of any of the Services, (a) the Recipient will return to the Provider, as soon as practicable, any equipment or other property of the Provider relating to such terminated Services which
is owned or leased by the Provider and is, or was, in the Recipient’s possession or control; and (b) the Provider will transfer to the Recipient, as soon as practicable, any and all supporting,
back-up, or organizational data or information of the Recipient used in supplying the Service to the Recipient. In addition, the parties will use good-faith efforts at the termination of this Agreement or any
specific Service provided hereunder, to ensure that all user identifications and passwords related thereto, if any, are canceled, and that any other data (as well as any and all back-up of that data)
pertaining solely to the other party and related to such Service will be returned to such other party and deleted or removed from the applicable computer systems. All systems, procedures and related materials provided to the Recipient are for the
Recipient’s internal use only and only as related to the Services or any of the underlying Systems used to provide the Services, and unless the Provider gives its prior written consent in each and every instance (in its sole discretion), the
Recipient may not sell, transfer, assign, or otherwise use the Services provided hereunder, in whole or in part, for the benefit of any person other than an Affiliate of the Recipient. The Recipient will not copy, modify, reverse engineer,
decompile, or in any way alter Systems without the Provider’s express written consent (in its sole discretion). 

  
 8 

 Section 2.11 Cooperation. Each party will designate in writing to the other
party one (1) representative to act as a contact person with respect to all issues relating to the provision of the Services pursuant to this Agreement. Such representatives will hold review meetings by telephone or in person, as mutually
agreed upon, approximately once every year to discuss issues relating to the provision of the Services under this Agreement (“Review Meetings”). In the Review Meetings such representatives will be responsible for (a) discussing
any problems identified relating to the provision of Services and, to the extent changes are agreed upon, implementing such changes and (b) providing notice that any Service has since the prior Review Meeting for the first time exceeded, or is
anticipated to exceed, the usual and customary volume for such Service as described in the Schedule. 
 ARTICLE III 

CHARGES AND PAYMENT 

Section 3.1 Procedure. Charges for the Services will be charged to and payable by the Recipient. Amounts payable pursuant to the
terms of this Agreement will be paid to the Provider on an annual basis. 
 Section 3.2 Late Payments. Charges not paid within
thirty (30) days after the date when payable will bear interest at the rate of 0.75% per month for the period commencing on the due date and ending on the date that is thirty (30) days after such due date, and thereafter at the rate of
1.5% per month until the date payment is received in full by the Provider. 
 ARTICLE IV 

TERM AND TERMINATION 

Section 4.1 Termination Dates. Unless otherwise terminated pursuant to this Article IV, this Agreement
will terminate with respect to any Service at the close of business on the last day of the Service Period for such Service, unless the parties have agreed in writing to an extension of the Service Period. 

Section 4.2 Early Termination by the Recipient. As provided in the Schedule (regarding the required number of days for written
notice), the Recipient may terminate this Agreement with respect to either all or any one or more of the Services, at any time and from time to time (except in the event such termination will constitute a breach by Provider of a third-party
agreement related to providing such Services), by giving the required written notice to the Provider of such termination (each, a “Termination Notice”). Early termination by the Recipient will obligate the Recipient to pay to the
Provider a termination fee equal to the direct costs incurred by the Provider and any of its Affiliates in connection with their provision of Services at the time of the early termination (the “Termination Fees”). Unless provided
otherwise in the Schedule, all Services of the same type must be terminated simultaneously. As soon as reasonably practicable after its receipt of a Termination Notice, the Provider will advise the Recipient as to whether early termination of such
Services will require the termination or partial termination, or otherwise affect the provision of, certain other Services. If this will be the case, the Recipient may withdraw its Termination Notice within ten (10) days. If the Recipient does
not withdraw the Termination Notice within such period, such termination will be final and the Recipient will be deemed to have agreed to the termination, partial termination, or affected provision of such other Services and to pay the Termination
Fees. 

  
 9 

 Section 4.3 Termination by the Provider. The Provider may terminate this
Agreement with respect to either all or any one or more of the Services, at any time and from time to time, by giving the required written notice to the Recipient of such termination, if (a)members of the AMTD Group no longer collectively own at
least twenty percent (20%) of the voting power of the then outstanding securities of AMTD Digital, or (b) AMTD Parent, collectively with the other members of the AMTD Group, ceases to be the largest beneficial owner of the then outstanding
voting securities of AMTD Digital (for purposes of this clause (b), without considering holdings of institutional investors that have acquired AMTD Digital securities in the ordinary course of their business and not with a purpose nor with the
effect of changing or influencing the control of AMTD Digital). Additionally, the Provider may terminate this Agreement by giving written notice of such termination to the Recipient, if the Recipient breaches any material provision of this Agreement
(including a failure to timely pay an invoiced amount); provided, however, that the Recipient will have thirty (30) days after receiving such written notice to cure any breach which is curable before the termination becomes effective. 

Section 4.4 Effect of Termination of Services. In the event of any termination with respect to one or more, but less than all, of
the Services, this Agreement will continue in full force and effect with respect to any Services not so terminated. Upon the termination of any or all of the Services, the Provider will cease, or cause its applicable Affiliates or third-party
providers to cease, providing the terminated Services. Upon each such termination, the Recipient will promptly (a) pay to the Provider all fees accrued through the effective date of the Termination Notice, and (b) reimburse the Provider
for the termination costs actually incurred by the Provider resulting from the Recipient’s early termination of such Services, if any, including those costs owed to third-party providers, but excluding costs related to the termination of any
particular Provider employees in connection with such termination of Services (including wrongful termination claims) unless the Recipient was notified in writing that such particular employees were being engaged in order for the Provider to provide
such Services. 
 Section 4.5 Data Transmission. In connection with the termination of a particular Service, on or prior to the
last day of each relevant Service Period, the Provider will cooperate fully and will cause its Affiliates to cooperate fully to support any transfer of data concerning the relevant Services to the applicable Recipient. If requested by the Recipient
in connection with the prior sentence, the Provider will deliver and will cause its Affiliates to deliver to the applicable Recipient, within such time periods as the parties may reasonably agree, all records, data, files, and other information
received or computed for the benefit of such Recipient during the Service Period, in electronic and/or hard copy form; provided, however, that (a) the Provider will not have any obligation to provide or cause to provide data in any non-standard format and (b) if the Provider, in its sole discretion, upon request of the Recipient, chooses to provide data in any non-standard format, the Provider and
its Affiliates will be reimbursed for their reasonable out-of-pocket costs for providing data electronically in any format other than its standard format, unless
expressly provided otherwise in the Schedule. 
 ARTICLE V 

MISCELLANEOUS 

Section 5.1 DISCLAIMER OF WARRANTIES. NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS AGREEMENT, THE PROVIDER MAKES NO AND
DISCLAIMS ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT, WITH RESPECT TO THE SERVICES, TO THE EXTENT PERMITTED BY APPLICABLE LAW. THE PROVIDER MAKES NO
REPRESENTATIONS OR WARRANTIES AS TO THE QUALITY, SUITABILITY, OR ADEQUACY OF THE SERVICES FOR ANY PURPOSE OR USE. 

  
 10 

 Section 5.2 Limitation of Liability; Indemnification. 

(a) Each party acknowledges and agrees that the obligations of the other party hereunder are exclusively the obligations of such other party
and are not guaranteed directly or indirectly by such other party’s shareholders, members, managers, officers, directors, agents, or any other person. Except as otherwise specifically set forth in the Master Transaction Agreement, and subject
to the terms of this Agreement, each party will look only to the other party and not to any manager, director, officer, employee, or agent for satisfaction of any claims, demands, or causes of action for damages, injuries, or losses sustained by any
party as a result of the other party’s action or inaction. 
 (b) Notwithstanding (i) the Provider’s agreement to perform the
Services in accordance with the provisions hereof, or (ii) any term or provision of the Schedule to the contrary, the Recipient acknowledges that performance by the Provider of the Services pursuant to this Agreement will not subject the
Provider, any of its Affiliates or their respective members, shareholders, managers, directors, officers, employees, or agents to any liability whatsoever, except as directly caused by the gross negligence or willful misconduct on the part of the
Provider or any of its members, shareholders, managers, directors, officers, employees, and agents; provided, however, that the Provider’s liability as a result of such gross negligence or willful misconduct will be limited to an amount not to
exceed the lesser of (x) the price paid for the particular Service, (y) the Recipient’s or its Affiliate’s cost of performing the Service itself during the remainder of the applicable Service Period, or (z) the
Recipient’s cost of obtaining the Service from a third party during the remainder of the applicable Service Period; provided further that the Recipient and its Affiliates will exercise their commercially reasonable efforts to minimize the cost
of any such alternatives to the Services by selecting the most cost effective alternatives which provide the functional equivalent of the Services replaced. 

(c) NOTWITHSTANDING ANY OTHER PROVISION OF THIS AGREEMENT TO THE CONTRARY, IN NO EVENT WILL EITHER PARTY OR ITS RESPECTIVE AFFILIATES BE LIABLE
FOR ANY SPECIAL, INCIDENTAL, INDIRECT, COLLATERAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES OR LOST PROFITS SUFFERED BY THE OTHER PARTY OR ITS AFFILIATES, HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY, IN CONNECTION WITH ANY DAMAGES ARISING HEREUNDER;
PROVIDED, HOWEVER, THAT TO THE EXTENT EITHER PARTY OR ITS RESPECTIVE AFFILIATES IS REQUIRED TO PAY (A) ANY AMOUNT ARISING OUT OF THE INDEMNITY SET FORTH IN SECTION 5.2(b) AND (B) ANY SPECIAL, INCIDENTAL, INDIRECT,
COLLATERAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES OR LOST PROFITS TO A THIRD PARTY WHO IS NOT AN AFFILIATE OF EITHER PARTY, IN EACH CASE IN CONNECTION WITH A THIRD-PARTY CLAIM, SUCH DAMAGES WILL CONSTITUTE DIRECT DAMAGES OF THE INDEMNIFIED PARTY AND
WILL NOT BE SUBJECT TO THE LIMITATION SET FORTH IN THIS SECTION 5.2(c). 

  
 11 

 (d) The Recipient agrees to indemnify and hold harmless the Provider, the Provider or its
Affiliates and their respective members, shareholders, managers, directors, officers, employees, and agents with respect to any claims or liabilities (including reasonable attorneys’ fees) (“Claims”), which may be asserted or
imposed against the Provider or such persons by a third party who is not an affiliate of either party, as a result of (i) the provision of the Services pursuant to this Agreement, or (ii) the material breach by the Recipient of a
third-party agreement that causes or constitutes a material breach of such agreement by the Provider, except (with respect to both of the foregoing) for any claims which are directly caused by the gross negligence or willful misconduct of the
Provider or such persons. Each party as indemnitee (“Indemnitee”) will give the other party as indemnitor (“Indemnitor”) prompt written notice of any Claims. If Indemnitor does not notify Indemnitee within a
reasonable period after Indemnitor’s receipt of notice of any Claim that Indemnitor is assuming the defense of Indemnitee, then until such defense is assumed by Indemnitor, Indemnitee shall have the right to defend, contest, settle, or
compromise such Claim in the exercise of its reasonable judgment and all costs and expenses of such defense, contest, settlement, or compromise (including reasonable outside attorneys’ fees and expenses) will be reimbursed to Indemnitee by
Indemnitor. Upon assumption of the defense of any such Claim, Indemnitor will, at its own cost and expense, select legal counsel, conduct and control the defense and settlement of any suit or action which is covered by Indemnitor’s indemnity.
Indemnitee shall render all cooperation and assistance reasonably requested by the Indemnitor and Indemnitor will keep Indemnitee fully apprised of the status of any Claim. Notwithstanding the foregoing, Indemnitee may, at its election and sole
expense, be represented in such action by separate counsel and Indemnitee may, at its election and sole expense, assume the defense of any such action, if Indemnitee hereby waives Indemnitor’s indemnity hereunder. Unless Indemnitee waives the
indemnity hereunder, in no event shall Indemnitee, as part of the settlement of any claim or proceeding covered by this indemnity or otherwise, stipulate to, admit or acknowledge any liability or wrongdoing (whether in contract, tort or otherwise)
of any issue which may be covered by this indemnity without the consent of the Indemnitor (such consent not to be unreasonably withheld or delayed). 

Section 5.3 Compliance with Law and Governmental Regulations. The Recipient will be solely responsible for (a) compliance
with all Laws affecting its business and (b) any use the Recipient may make of the Services to assist it in complying with such Laws. Without limiting any other provisions of this Agreement, AMTD Digital agrees and acknowledges that AMTD Parent
has no responsibility or liability for advising AMTD Digital with respect to, or ensuring its compliance with, any public disclosure, its compliance or reporting obligations (including the Securities Act of 1933, as amended, the Securities Exchange
Act of 1934, as amended, the Sarbanes-Oxley Act of 2002, and rules and regulations promulgated under such Acts or any successor provisions), regardless of whether any failure to comply results from information provided hereunder. 

Section 5.4 No Partnership or Joint Venture; Independent Contractor. Nothing contained in this Agreement will constitute or be
construed to be or create a partnership or joint venture between the parties or any of their respective Affiliates, successors, or assigns. The parties understand and agree that this Agreement does not make either of them an agent or legal
representative of the other for any purpose whatsoever. No party is granted, by this Agreement or otherwise, any right or authority to assume or create any obligation or responsibilities, express or implied, on behalf of or in the name of any other
party, or to bind any other party in any manner whatsoever. The parties expressly acknowledge that the Provider is an independent contractor with respect to the Recipient in all respects, including with respect to the provision of the Services. 

  
 12 

 Section 5.5 Non-Exclusivity. The
Provider and its Affiliates may provide services of a nature similar to the Services to any other Person. There is no obligation for the Provider to provide the Services to the Recipient on an exclusive basis. 

Section 5.6 Expenses. Except as otherwise provided herein, each party will pay its own expenses incident to the negotiation,
preparation, and performance of this Agreement, including the fees, expenses, and disbursements of their respective investment bankers, accountants, and counsel. 

Section 5.7 Further Assurances. From time to time, each party will use its commercially reasonable efforts to take or cause to be
taken, at the cost and expense of the requesting party, such further actions as may be reasonably necessary to consummate or implement the transactions contemplated hereby or to evidence such matters. 

Section 5.8 Confidentiality. 

(a) Subject to Section 5.8(c), each party, on behalf of itself and its respective Affiliates, agrees to hold, and to
cause its respective directors, officers, employees, agents, accountants, counsel, and other advisors and representatives to hold, in strict confidence, with at least the same degree of care that applies to such party’s confidential and
proprietary information pursuant to policies in effect as of the date hereof, all Information concerning the other party and its Affiliates that is either in its possession (including Information in its possession prior to the date hereof) or
furnished by the other party, its Affiliates or their respective directors, officers, managers, employees, agents, accountants, counsel, and other advisors and representatives at any time pursuant to this Agreement or otherwise, and will not use any
such Information other than for such purposes as will be expressly permitted hereunder or thereunder, except, in each case, to the extent that such Information has been (i) in the public domain through no fault of such party or its Affiliates
or any of their respective directors, officers, managers, employees, agents, accountants, counsel, and other advisors and representatives, (ii) later lawfully acquired from other sources by such party (or its Affiliates) which sources are not
themselves bound by a confidentiality obligation, or (iii) independently generated without reference or prior access to any proprietary or confidential Information of the other party. 

(b) Each party agrees not to release or disclose, or permit to be released or disclosed, any Information of the other party or its Affiliates
to any other Person, except its directors, officers, employees, agents, accountants, counsel, and other advisors and representatives who need to know such Information (who will be advised of their obligations hereunder with respect to such
Information), except in compliance with Section 5.8(c); provided, however, that any Information may be disclosed to third parties (who will be advised of their obligation hereunder with respect to such Information) retained
by the Provider as the Provider reasonably deems necessary to perform the Services. 
 (c) In the event that any party or any of its
Affiliates either determines on the advice of its counsel that it is required to disclose any Information pursuant to applicable Law (including pursuant to any rule or regulation of any Governmental Authority) or receives any demand under lawful
process or from any Governmental Authority to disclose or provide Information of any other party (or of the other party’s Affiliates) that is subject to the confidentiality provisions hereof, such party will notify the other party prior to
disclosing or providing such Information and will cooperate at the expense of such other party in seeking any reasonable protective arrangements (including by seeking confidential treatment of such Information) requested or required by such other
party. Subject to the foregoing, the person that received such a request or determined that it is required to disclose Information may thereafter disclose or provide Information to the extent required by such Law (as so advised by counsel) or by
lawful process or such Governmental Authority; provided, however, that such Person provides the other party upon request with a copy of the Information so disclosed. 

  
 13 

 Section 5.9 Headings. The Section and paragraph headings contained in this
Agreement or in the Schedule hereto and in the table of contents to this Agreement are for reference purposes only and will not affect in any way the meaning or interpretation of this Agreement. 

Section 5.10 Interpretation. For all purposes of this Agreement and the Schedule delivered pursuant to this Agreement:
(a) the terms defined in Section 1.1 have the meanings assigned to them in Section 1.1 and include the plural as well as the singular; (b) all accounting terms not otherwise defined
herein have the meanings assigned under the International Financial Reporting Standards issued by the International Accounting Standard Board as in effect from time to time; (c) all references in this Agreement to designated
“Sections,” “Schedule,” and other subdivisions are to the designated Sections, Schedule, and other subdivisions of the body of this Agreement; (d) pronouns of either gender or neuter will include, as appropriate, the other
pronoun forms; (e) the words “herein,” “hereof,” “hereunder,” and other words of similar import refer to this Agreement as a whole and not to any particular Section or other subdivision; (f) “or” is not
exclusive; (g) “including” and “includes” will be deemed to be followed by “but not limited to” and “but is not limited to,” respectively; (h) “party” or “parties” refer to a party or
parties to this Agreement unless otherwise indicated; (i) any definition of, or reference to, any law, agreement, instrument, or other document herein will be construed as referring to such law, agreement, instrument, or other document as from
time to time amended, supplemented, or otherwise modified; and (j) any definition of, or reference to, any statute will be construed as referring also to any rules and regulations promulgated thereunder. 

Section 5.11 Amendments. This Agreement (including the Schedule) may not be amended except by an instrument in writing executed by
a duly authorized representative of each party. By an instrument in writing, the Provider, on the one hand, or the Recipient, on the other hand, may waive compliance by the other with any term or provision of this Agreement (including the Schedule)
that such other party was or is obligated to comply with or perform. Any such waiver will only be effective in the specific instance and for the specific and limited purpose for which it was given and will not be deemed a waiver of any other
provision of this Agreement (including the Schedule) or of the same breach or default upon any recurrence thereof. No failure on the part of any party to exercise and no delay in exercising any right hereunder will operate as a waiver thereof nor
will any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. 

Section 5.12 Inconsistency. Neither the making nor the acceptance of this Agreement will enlarge, restrict or otherwise modify the
terms of the Master Transaction Agreement or constitute a waiver or release by any party of any liabilities, obligations or commitments imposed upon them by the terms of the Master Transaction Agreement, including the representations, warranties,
covenants, agreements, and other provisions of the Master Transaction Agreement. In the event of any conflict between the terms of this Agreement (including the Schedule), on the one hand, and the terms of the Master Transaction Agreement, on the
other hand, with respect to the subject matters of this Agreement, the terms of this Agreement will control. In the event of any inconsistency between the terms of this Agreement, on the one hand, and any of the Schedule, on the other hand, the
terms of this Agreement (other than charges for Services) will control. 

  
 14 

 Section 5.13 Notices. Notices, offers, requests or other communications required
or permitted to be given by a party pursuant to the terms of this Agreement shall be given in writing to the other party to the following addresses: 

if to AMTD Parent: 
 23/F-25/F Nexxus Building 
 41 Connaught Road Central 

Hong Kong 
 Attention:
********************* 
 Facsimile: ********************* 

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

if to AMTD Digital: 
 25/F
Nexxus Building 
 41 Connaught Road Central 

Hong Kong 
 Attention:
********************* 
 Facsimile: ********************* 

Email: ********************* 
 or to such other
address, facsimile number, or email address as the party to whom notice is given may have previously furnished to the other in writing as provided herein. Any notice involving non-performance or termination
shall be sent by hand delivery or recognized overnight courier. All other notices may also be sent by facsimile or email, confirmed by mail. All notices shall be deemed to have been given when received, if hand delivered; when transmitted, if
transmitted by facsimile or email; upon confirmation of delivery, if sent by recognized overnight courier; and upon receipt if mailed. 

Section 5.14 Assignment; No Third-Party Beneficiaries. Neither this Agreement nor any of the rights and obligations of the parties
may be assigned by any party without the prior written consent of the other party, except that (a) the Recipient may assign its rights under this Agreement to any Affiliate or Affiliates of the Recipient without the prior written consent of the
Provider, (b) the Provider may assign any rights and obligations hereunder to (i) any Affiliate or Affiliates of the Provider capable of providing such Services hereunder or (ii) third parties to the extent such third parties are
routinely used to provide the Services to Affiliates and businesses of the Provider, in either case without the prior written consent of the Recipient, and (c) an assignment by operation of Law in connection with a merger or consolidation will
not require the consent of the other party. Notwithstanding the foregoing, each party will remain liable for all of its respective obligations under this Agreement. Subject to the first sentence of this Section 5.14, this
Agreement will be binding upon and inure to the benefit of the parties and their respective successors and assigns and no other person will have any right, obligation or benefit hereunder. Any attempted assignment or transfer in violation of this
Section 5.14 will be void. 

  
 15 

 Section 5.15 Entire Agreement. This Agreement, the Ancillary Agreements, the
Schedule and appendices hereto and thereto contain the entire agreement between the parties with respect to the subject matter hereof, supersede all previous agreements, negotiations, discussions, writings, understandings, commitments, and
conversations with respect to such subject matter and there are no agreements or understandings between the parties with respect to such subject matter other than those set forth or referred to herein or therein. 

Section 5.16 Counterparts. This Agreement may be executed in one or more counterparts, all of which will be considered one and the
same agreement, and will become effective when one or more such counterparts have been signed by each of the parties and delivered to the other party. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other
electronic imaging means will be effective as delivery of a manually executed counterpart of this Agreement. 
 Section 5.17
Severability. If any term or provision of this Agreement is invalid, illegal or incapable of being enforced by any applicable Law or public policy, all other conditions and provisions of this Agreement will nonetheless remain in full force
and effect so long as the economic and legal substance of the transactions contemplated by this Agreement is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal, or
incapable of being enforced, the parties will negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated by
this Agreement are consummated as originally contemplated to the fullest extent possible. 
 Section 5.18 Incorporation by
Reference. The Schedule to this Agreement is incorporated herein by reference and made a part of this Agreement as if set forth in full herein. 

Section 5.19 Governing Law and Jurisdiction. This Agreement shall be governed by, and construed in accordance with, the laws of
Hong Kong. Subject to Section 6.1 of the Master Transaction Agreement, each of the parties hereby submits unconditionally to the jurisdiction of, and agrees that venue shall lie exclusively in, the courts located in Hong Kong for purposes of
the resolution of any disputes arising under this Agreement. 
 [Signature page follows] 

  
 16 

 IN WITNESS WHEREOF, each of the parties has caused this Agreement to be duly executed as of
the date first written above. 
  

					
	AMTD Group Company Limited
		
	By:	 	 /s/ Marcellus Wong

		 	Name:	 	Marcellus Wong
		 	Title:	 	Director
	
	AMTD Digital Inc.
		
	By:	 	 /s/ Mark Lo

		 	Name:	 	Mark Lo
		 	Title:	 	Director

 [Signature Page to Transitional Services Agreement] 

 

 SCHEDULE 

SERVICES 
 Types of Services: 

 

	1.	 Administrative Support Services, including but not limited to secretarial support, event management, conference
management, and other day-to-day office support services. 

  

	2.	 Marketing and Branding Support Services, including but not limited to advertising and promotional events,
production of publications and/or brochures. 

  

	3.	 Technology Support Services, including but not limited to network design, optimization and maintenance, system
support and upgrade, technology and infrastructure support, management of information technology equipment, technical support and disaster recovery, and complementary product development. 

 

	4.	 Provision of Office Space and Facilities. 

Provider: AMTD Parent or an Affiliate of AMTD Parent 

Recipient: AMTD Digital or an Affiliate of AMTD Digital 

Scope and Annual Volume of Each Type of Services: Based on the Recipient’s reasonable request subject to the terms of this Agreement, provided
that the Provider actually performs such Service for itself or its Affiliates. 
 Prices for Services: 

 

	1.	 Administrative Support Services: Fixed rate of HK$3,600,000 per year. 

 

	2.	 Marketing and Branding Support Services: To be determined based on actual usage. 

 

	3.	 Technology Support Services: To be determined based on actual usage. 

 

	4.	 Provision of Office Space and Facilities: To be determined based on actual space occupied.

 Required Notice Period for Termination by Recipient Pursuant to Section 4.2 of this Agreement: 30 days 

Required Notice Period for Termination by Recipient Pursuant to Section 4.3 of this Agreement: 30 days 

 

  
 Schedule-1-1

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