Document:

CONFIDENTIAL

 

SHAREHOLDERS’
VOTING RIGHTS PROXY AGREEMENT

 

AMONG

 

MS.
WERAYA LIMPASUTHUM

 

MS.
KANITTHA THARANUT

 

DSWISS
(HK) LIMITED

 

AND

 

DS
ASIA CO., LTD

 

JUNE
27, 2016

 

    	 

    	 

    

 

SHAREHOLDERS’
VOTING RIGHTS PROXY AGREEMENT

 

This
SHAREHOLDERS’ VOTING RIGHTS PROXY AGREEMENT (this “AGREEMENT”) is entered into in Thailand as of JUNE 27, 2016
by and among the following Parties:

 

(1)
MS. WERAYA LIMPASUTHUM

 

ADDRESS:
[Redacted]

 

IDENTITY
CARD NUMBER: [Redacted]

 

(2)
MS. KANITTHA THARANUT

 

ADDRESS:
[Redacted]

 

IDENTITY
CARD NUMBER: [Redacted]

 

(3)
DSWISS (HK) LIMITED. (“DSHK”)

 

REGISTERED
ADDRESS: Rm 405, 4/F Energy Plaza, Tsim Sha Tsui East, Kowloon, Hong Kong

 

(4)
DS ASIA CO., LTD. (“DSAC”)

 

REGISTERED
ADDRESS: 268/24 Soi Tao Pun Junction, Pracharat Rd., Bangsue, Bangkok 10800 Thailand

 

(The
above parties shall hereinafter be individually referred to as a “PARTY” and collectively, “PARTIES”.
Ms. Weraya Limpasuthum and Kanittha Tharanut shall hereinafter be individually referred to as a “SHAREHOLDER” and
collectively, “SHAREHOLDERS”.)

 

WHEREAS:

 

1.
As of the date of this Agreement, Ms. Weraya Limpasuthum, Ms. Kanittha Tharanut and DSHK are the enrolled Shareholders of
DSAC, legally holding all the equity in DSAC, of which DSHK holding 49% interest, Ms. Weraya Limpasuthum holding 41% and Ms. Kanittha
Tharanut holding 10%.

 

2.
The Shareholders intends to severally entrust the individual designated by DSHK with the exercises of their voting rights
in DSAC while DSHK is willing to designate such an individual.

 

The
Parties hereby have reached the following agreement upon friendly consultations:

 

ARTICLE
1 VOTING RIGHTS ENTRUSTMENT

 

1.1
The Shareholders hereby irrevocably undertake to sign the Entrustment Letter after execution of the Agreement to entrust the personnel
designated by DSHK (“TRUSTEES”) then to exercise the following rights enjoyed by them as Shareholders of DSAC in accordance
with the then effective articles of association of DSAC (collectively, the “ENTRUSTED RIGHTS”):

 

(1)
Proposing to convene and attending Shareholders’ meetings of DSAC as proxy of the Shareholders according to the articles
of association of DSAC;

 

(2)
Exercising voting rights as proxy of the Shareholders, on issues discussed and resolved by the Shareholders’ meeting of
DSAC, including but not limited to the appointment and election for the directors, general manager and other senior management
personnel of DSAC.

 

    	1

    	 

    

 

The
above authorization and entrustment is granted subject to the status of trustees as Thai citizens and the approval by DSHK. Upon
and only upon written notice of dismissing and replacing Trustee(s) given by DSHK to the Shareholders, the Shareholders shall
promptly entrust another Thai citizen then designated by DSHK to exercise the above Entrusted Rights, and once new entrustment
is made, the original entrustment shall be replaced; the Shareholders shall not cancel the authorization and entrustment of the
Trustee(s) otherwise.

 

1.2
The Trustees shall perform the entrusted obligation within the scope of entrustment in due care and prudence and in compliance
with laws; the Shareholders acknowledge and assume relevant liabilities for any legal consequences of the Trustees’ exercise
of the foregoing Entrusted Rights.

 

1.3
The Shareholders hereby acknowledge that the Trustees are not required to seek advice from the Shareholders prior to their respective
exercise of the foregoing Entrusted Rights. However, the Trustees shall inform the Shareholders in a timely manner of any resolution
or proposal on convening interim Shareholders’ meeting after such resolution or proposal is made.

 

ARTICLE
2 RIGHT TO INFORMATION

 

2.1
For the purpose of exercising the Entrusted Rights under this Agreement, the Trustees are entitled to know the information with
regard to DSAC’s operation, business, clients, finance, staff, etc., and shall have access to relevant materials of DSAC.
DSAC shall adequately cooperate with the Trustees in this regard.

 

ARTICLE
3 EXERCISE OF ENTRUSTED RIGHTS

 

3.1
The Shareholders will provide adequate assistance to the exercise of the Entrusted Rights by the Trustees, including execution
of the resolutions of the Shareholders’ meeting of DSAC or other pertinent legal documents made by the Trustee when necessary
(e.g., when it is necessary for examination and approval of or registration or filing with governmental departments).

 

3.2
If at any time during the term of this Agreement, the entrustment or exercise of the Entrusted Rights under this Agreement is
unenforceable for any reason except for default of any Shareholders or DSAC, the Parties shall immediately seek a most similar
substitute for the unenforceable provision and, if necessary, enter into supplementary agreement to amend or adjust the provisions
herein, in order to ensure the realization of the purpose of this Agreement.

 

ARTICLE
4 EXEMPTION AND COMPENSATION

 

4.1
The Parties acknowledge that DSHK shall not be requested to be liable for or compensate (monetary or otherwise) other Parties
or any third party due to exercise of Entrusted Rights by the Trustees designated by DSHK under this Agreement.

 

4.2
DSAC and the Shareholders agree to compensate DSHK for and hold it harmless against all losses incurred or likely to be incurred
by it due to exercise of the Entrusted Rights by the Trustees designated by DSHK, including without limitation any loss resulting
from any litigation, demand arbitration or claim initiated or raised by any third party against it or from administrative investigation
or penalty of governmental authorities.

 

However,
the Shareholders and DSAC will not compensate for losses incurred due to wilful misconduct or gross negligence of DSHK.

 

ARTICLE
5 REPRESENTATIONS AND WARRANTIES

 

5.1
Each of the Shareholders hereby severally and jointly represents and warrants that:

 

5.1.1
Each of the Shareholders is a Thai citizen with full capacity and with full and independent legal status and legal capacity to
execute, deliver and perform this Agreement, and may act independently as a subject of actions.

 

    	2

    	 

    

 

5.1.2
Each of the Shareholders has full right and authorization to execute and deliver this Agreement and other documents that are related
to the transaction referred to herein and to be executed by them. They have full right and authorization with respect to consummate
the transaction referred to herein.

 

5.1.3
This Agreement shall be executed and delivered by the Shareholders lawfully and properly. This Agreement constitutes the legal
and binding obligations on them and is enforceable on them in accordance with its terms and conditions hereof

 

5.1.4
The Shareholders are enrolled and legal Shareholders of DSAC as of the effective date of this Agreement, and except the rights
created by this Agreement, the Call Option Agreement entered into by DSHK, DSAC and them on JUNE 27 ,2016 (the “CALL OPTION
AGREEMENT”), as well as the Equity Pledge Agreement entered into by DSHK and DSAC and them on JUNE 27, 2016 (the “EQUITY
PLEDGE AGREEMENT”), there exists no third party right on the Entrusted Rights. Pursuant to this Agreement, the Trustees
may fully and sufficiently exercise the Entrusted Rights in accordance with the then effective articles of association of DSAC.

 

5.1.5
Considering the fact that according to Equity Pledge Agreement, considering the fact that Shareholders will set aside all the
equity interest held thereby in relevant DSAC as security to secure the performance by them of their obligations under the Call
Option Agreement entered into between them and DSHK as of JUNE 27 ,2016, Shareholders undertakes to make full and due performance
of the obligations under Call Option Agreement during the valid term of this Agreement, and they will not be in conflict with
any stipulation under Call Option Agreement, which are likely to have impact on the exercise of the Entrusted Rights the Trustees
under this Agreement.

 

5.1.6
Considering the facts that the DSAC entered into the Management Services Agreement (the “SERVICE AGREEMENT”) on JUNE
27,2016 with DSHK, the Call Option Agreement with DSHK and the Shareholders on JUNE 27, 2016, and that the Shareholders of DSAC
will set aside all equity interest held thereby in DSAC as security to secure the performance of the contractual obligations under
the above two agreements by DSAC, the Shareholders undertakes to, during the valid term of this Agreement, procure the full and
due performance of DSAC of any and all its obligations under the Service Agreement, the Call Option Agreement, and warrants that
no adverse impact on the exercise of the Entrusted Rights hereunder by the Trustees will be incurred due to the breach of the
Management Services Agreement, Call Option Agreement by DSAC.

 

5.2
DSHK (excluding the person designated by it) hereby represents and warrants that:

 

5.2.1
it is a company with limited liability properly registered and legally existing under the laws of Hong Kong, with an independent
corporate legal person status, and with full and independent legal status and legal capacity to execute, deliver and perform this
Agreement and may act independently as a subject of actions; and

 

5.2.2
it has the full corporate power and authority to execute and deliver this Agreement and all the other documents to be entered
into by it in relation to the transaction contemplated hereunder, and has the full power and authority to consummate such transaction.

 

5.3
DSAC hereby represents and warrants that:

 

5.3.1
it is a company with limited liability properly registered and legally existing under laws of Thailand, with an independent legal
person status, and with full and independent legal status and legal capacity to execute, deliver and perform this Agreement and
may act independently as a subject of actions; and

 

5.3.2
it has the full corporate power and authority to execute and deliver this Agreement and all the other documents to be entered
into by it in relation to the transaction contemplated hereunder, and has the full power and authority to consummate such transaction.

 

    	3

    	 

    

 

5.3.3
the Shareholders are enrolled Shareholders as of the effective date of this Agreement, legally holding the equity interest in
it. Except rights created by this Agreement, the Equity Pledge Agreement and the Call Option Agreement, there exists no third
party right on the Entrusted Rights. Pursuant to this Agreement, the Trustees may fully and sufficiently exercise the Entrusted
Rights in accordance with the then effective articles of association of DSAC.

 

5.3.4
Considering the fact that the Shareholders of DSAC will set aside all the equity interest held thereby in DSAC as security to
secure the performance of the contractual obligations by DSAC under the Management Services Agreement, the Call Option Agreement,
DSAC undertakes to, during the valid term of this Agreement, make full and due performance of any and all obligations under the
Management Services Agreement, the Call Option Agreement, and warrants that no adverse impact on the exercise of the Entrusted
Rights hereunder by the Trustees will be incurred due to the breach of the Management Services Agreement, the Call Option Agreement
by DSAC.

 

ARTICLE
6 TERM OF AGREEMENT

 

6.1
This Agreement takes effect from the date of due execution of all the Parties hereto, with the valid term of ten (10) years, unless
terminated in advance by written agreement of all the Parties or according to Article 8.1 of this Agreement. This Agreement shall
automatically renew for another one (1) year when the term (whether original or extended, if applicable) of this Agreement is
due, unless DSHK gives a thirty (30) days notice in writing to the other Parties of the cancellation of such renewal.

 

6.2
In case that the Shareholders transfers all of the equity interest held by it in DSAC with prior consent of DSHK, such Shareholders
shall no longer be a Party to this Agreement whilst the obligations and commitments of the other Parties under this Agreement
shall not be adversely affected thereby.

 

ARTICLE
7 NOTICE

 

7.1
Any notice, request, demand and other correspondences made as required by or in accordance with this Agreement shall be made in
writing and delivered to the relevant Party.

 

7.2
The abovementioned notice or other correspondences shall be deemed to have been delivered when (i) it is transmitted if transmitted
by facsimile or telex, or (ii) it is delivered if delivered in person, or (iii) when five (5) days have elapsed after posting
the same if posted by mail.

 

ARTICLE
8 DEFAULT LIABILITY

 

8.1
The Parties agree and confirm that, if any of the Parties (the “DEFAULTING PARTY”) breaches substantially any of the
provisions herein or fails substantially to perform any of the obligations hereunder, such a breach or failure shall constitute
a default under this Agreement (a “DEFAULT”). In such event any of the other Parties without default (a “NON-DEFAULTING
PARTY”) who incurs losses arising from such a Default shall have the right to require the Defaulting Party to rectify such
Default or take remedial measures within a reasonable period. If the Defaulting Party fails to rectify such Default or take remedial
measures within such reasonable period or within ten (10) days of a Non-defaulting Party’s notifying the Defaulting Party
in writing and requiring it to rectify the Default, then the relevant Non-defaulting Party shall be entitled to choose at its
discretion to (1) terminate this Agreement and require the Defaulting Party to indemnify all damages, or (2) require specific
performance by the Defaulting Party of this Agreement and indemnification against all damages.

 

8.2
Without limiting the generality of Article 8.1 above, any breach by any Shareholders of the Call Option Agreement or Equity Pledge
Agreement shall be deemed as having constituted the breach by such Shareholders of this Agreement; any breach by DSAC of the Management
Services Agreement or Call Option Agreement shall be deemed as having constituted the breach by DSAC of this Agreement.

 

8.3
The Parties agree and confirm, the Shareholders or DSAC shall not request the termination of this Agreement for whatsoever reason
and under whatsoever circumstance, except otherwise stipulated by laws or this Agreement.

 

    	4

    	 

    

 

8.4
Notwithstanding any other provisions herein, the validity of this Article shall not be affected by the suspension or termination
of this Agreement.

 

ARTICLE
9 MISCELLANEOUS

 

9.1
This Agreement shall be prepared in English language.

 

9.2
The conclusion, validity, execution, amendment, interpretation and termination of this Agreement shall be governed by laws of
the Thailand.

 

9.3
Any disputes arising from and in connection with this Agreement shall be settled through consultations among the Parties involved,
and if the Parties involved fail to reach an agreement regarding such a dispute within thirty (30) days of its occurrence, such
dispute shall be submitted to Thailand Arbitration Center for arbitration in Bangkok accordance with the arbitration rules of
such commission, and the arbitration award shall be final and binding on all the Parties involved.

 

9.4
Any rights, powers and remedies empowered to any Party by any provisions herein shall not preclude any other rights, powers and
remedies enjoyed by such Party in accordance with laws and other provisions under this Agreement, and a Party’s exercise
of any of its rights, powers and remedies shall not preclude its exercise of other rights, powers and remedies of it.

 

9.5
Any failure or delay by a Party in exercising any of its rights, powers and remedies hereunder or in accordance with laws (the
“PARTY’S RIGHTS”) shall not lead to a waiver of such rights, and the waiver of any single or partial exercise
of the Party’s Rights shall not preclude such Party from exercising such rights in any other way or exercising the remaining
part of the Party’s Rights.

 

9.6
The titles of the Articles contained herein are for reference only, and in no circumstances shall such titles be used for or affect
the interpretation of the provisions

 

9.7
Each provision contained herein shall be severable and independent from each of other provisions. If at any time any one or more
articles herein become invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions
herein shall not be affected thereby.

 

9.8
Upon execution, this Agreement shall replace any other previous legal documents entered into by relevant Parties on the same subject
matter.

 

9.9
Any amendments or supplements to this Agreement shall be made in writing and shall take effect only when properly signed by the
Parties to this Agreement.

 

9.10
In respect of the Shareholders and DSAC, they shall not assign any of their rights and/or transfer any of their obligations hereunder
to any third parties without prior written consent from DSHK; DSHK shall have the right to assign any of its rights and/or transfer
any of its obligations hereunder to any third parties designated by it after giving notice to the Shareholders.

 

9.11
This Agreement shall be binding on the legal successors of the Parties.

 

[The
remainder of this page is left blank]

 

    	5

    	 

    

 

IN
WITNESS HEREOF, the Parties have caused this Shareholders’ Voting Rights Proxy Agreement to be executed in Thailand as of
the date first herein above mentioned.

 

	Weraya
    Limpasuthum (Shareholder of DS ASIA CO., LTD)	 
	 	 	 
	Signature
    by:	/s/
    Weraya Limpasuthum	 
	 	 	 
	Kanittha
    Tharanut (Shareholder of DS ASIA CO., LTD)	 
	 	 	 
	Signature
    by:	/s/
    Kanittha Tharanut	 

 

For
and on behalf of

DSWISS
(HK) LIMITED (Company chop)

 

	Signature
    by: 	/s/
    Leong Ming Chia	 
	Name:	Leong
    Ming Chia	 
	Position:	Authorized
    Representative	 

 

For
and on behalf of

DS
ASIA CO., LTD (Company chop)

 

	Signed
    by:	/s/
    Weraya Limpasuthum	 
	Name:	Weraya
    Limpasuthum	 
	Position:	Authorized
    Representative	 

 

    	6CONFIDENTIAL

 

EQUITY
PLEDGE AGREEMENT

 

AMONG

 

MS.
WERAYA LIMPASUTHUM

 

MS.
KANITTHA THARANUT

 

DSWISS
(HK) LIMITED

 

AND

 

DS
ASIA CO., LTD.

 

JUNE
27, 2016

 

    	 

    	 

    

 

EQUITY
PLEDGE AGREEMENT

 

This
EQUITY PLEDGE AGREEMENT (hereinafter, this “AGREEMENT”) is entered into in Thailand as of JUNE 27, 2016 by and among
the following Parties:

 

(1)
MS. WERAYA LIMPASUTHUM

 

ADDRESS:
[Redacted]

 

IDENTITY
CARD NUMBER: [Redacted]

 

(2)
MS. KANITTHA THARANUT

 

ADDRESS:
[Redacted]

 

IDENTITY
CARD NUMBER: [Redacted]

 

(3)
DSWISS (HK) LIMITED. (“DSHK”)

 

REGISTERED
ADDRESS: Rm 405, 4/F Energy Plaza, Tsim Sha Tsui East, Kowloon, Hong Kong

 

(4)
DS ASIA CO., LTD. (“DSAC”)

 

REGISTERED
ADDRESS: 268/24 Soi Tao Pun Junction, Pracharat Rd., Bangsue, Bangkok 10800 Thailand

 

(The
above parties shall hereinafter be individually referred to as a “PARTY” and collectively, “PARTIES”.

 

Ms.
Weraya Limpasuthum, Ms. Kanittha Tharanut hereinafter referred to as an “PLEDGOR” individually, and collectively,
the “PLEDGORS”; DSHK hereinafter referred to as a “PLEDGEE”.)

 

WHEREAS:

 

(1)
As of the date of this Agreement, Ms. Weraya Limpasuthum, Ms. Kanittha Tharanut and DSHK are the enrolled Shareholderss of DSAC,
legally holding all the equity in DSAC, of which DSHK holding 49% interest, Ms. Weraya Limpasuthum holding 41% and Ms. Kanittha
Tharanut holding 10%.

 

(2)
Pursuant to the Call Option Agreement dated as of JUNE 27, 2016 among DSHK , DSAC and the Pledgors (hereinafter, the “CALL
OPTION AGREEMENT”), the Pledgors shall transfer part or all of the equity interest of the DSAC to DSHK and/or any other
entity or individual designated by DSHK at the request of the DSHK.

 

(3)
Pursuant to the Shareholders’ Voting Right Proxy Agreement dated as of JUNE 27, 2016 among DSHK, DSAC and the Pledgors (hereinafter,
the “PROXY AGREEMENT”), Pledgors has already irrevocably entrusted the personnel designated by DSHK then with full
power to exercise on their behalf all of her Shareholders’ voting rights in DSAC.

 

(4)
Pursuant to the Management Services Agreement dated as of JUNE 27, 2016 among DSHK and DSAC (hereinafter, the “SERVICE AGREEMENT”),
DSAC has already engaged DSHK exclusively to provide them with relevant management and consultation and other services, for which
the DSAC will respectively pay DSHK services accordingly.

 

(5)
As security for performance by the Pledgors of the Contract Obligations (as defined below) and repayment of the Guaranteed Liabilities
(as defined below), the Pledgors agree to pledge all of her DSAC Equity to the Pledgee and grants the Pledgee the right to request
for repayment in first priority and DSAC agrees such equity pledge arrangement.

 

THEREFORE,
the Parties hereby have reached the following agreement upon mutual consultations:

 

    	 

    	 

    

 

ARTICLE
1 - DEFINITION

 

1.1
Except as otherwise construed in the context, the following terms in this Agreement shall be interpreted to have the following
meanings:

 

“CONTRACT
OBLIGATIONS” shall mean all contractual obligations of Pledgors under the Call Option Agreement , Proxy Agreement and this
Agreement; all contractual obligations of DSAC under the Management Services Agreement, Call Option Agreement, Proxy Agreement
and this Agreement.

 

“GUARANTEED
LIABILITIES” shall mean all direct, indirect and consequential losses and losses of foreseeable profits suffered by Pledgee
due to any Breaching Event (as defined below) of Pledgors, and all fees incurred by Pledgee for the enforcement of the Contractual
Obligations of Pledgors.

 

“TRANSACTION
AGREEMENTS” shall mean the Call Option Agreement and the Proxy Agreement in respect of Pledgors; the Management Services
Agreement, and Proxy Agreement in respect of DSAC.

 

“BREACHING
EVENT” shall mean any breach by Pledgors of her Contract Obligations under the Proxy Agreement, Call Option Agreement or
this Agreement; any breach by DSAC of its Contract Obligations under the Service Agreement, Call Option Agreement and/or Proxy
Agreement.

 

“PLEDGED
PROPERTY” shall mean all of the equity interests in DSAC which are legally owned by the Pledgors as of the effective date
hereof and is to be pledges by her to the Pledgee according to provisions hereof as the security for the performance by her and
DSAC of their Contractual Obligations, and the increased capital contribution and equity interest described in Articles 2.6 and
2.7 hereof;

 

“LAWS
OF THAILAND” shall mean the then valid laws, administrative regulations, administrative rules, local regulations, judicial
interpretations and other binding regulatory documents of Thailand.

 

1.2
The references to any laws of Thailand here in shall be deemed:

 

(1)
to include the references to the amendments, changes, supplements and reenactments of such law, irrespective of whether they take
effect before or after the formation of this Agreement; and

 

(2)
to include the references to other decisions, notices or regulations enacted in accordance therewith or effective as a result
thereof.

 

1.3
Except as otherwise stated in the context herein, all references to an Article, clause, item or paragraph shall refer to the relevant
part of this Agreement.

 

ARTICLE
2 - EQUITY PLEDGE

 

2.1
Each Pledgor hereby agrees to pledge the Pledged Property, which she legally owns and has the right to dispose of, to Pledgee
according to the provisions hereof as the security for the performance of the Contract Obligations and the repayment of the Guaranteed
Liabilities. DSAC hereby agrees that the Pledgors legally holding equity interest in it to pledge the Pledged Property to the
Pledgee according to the provisions hereof.

 

2.2
Each Pledgor hereby undertakes that she will be responsible for, recording the arrangement of the equity pledge hereunder (hereinafter,
the “EQUITY PLEDGE”) on the Shareholders register of DSAC on the date hereof, and will do its best endeavor to make
registration with registration authorities of industry and commerce of DSAC. DSAC undertakes that it will do its best to cooperate
with the Pledgors to complete the registration with authorities of industry and commerce under this Article.

 

2.3
During the valid term of this Agreement, except for the willful misconduct or gross negligence of Pledgee which has direct cause
and effect relationship the reduction in value of the Pledged Property, Pledgee shall not be liable in any way to, nor shall Pledgors
have any right to claim in any way or propose any demands on Pledgee, in respect of the said reduction in value of the Pledged
Property.

 

    	 

    	 

    

 

2.4
To the extent not violating provision of Article 2.3 above, in case of any possibility of obvious reduction in value of the Pledged
Property which is sufficient to jeopardize Pledgee’s rights, Pledgee may at any time auction or sell off the Pledged Property
on behalf of Pledgors, and discuss with Pledgors to use the proceeds from such auction or sale-off as pre-repayment of the Guaranteed
Liabilities, or may submit such proceeds to the local notary institution where Pledgee are domiciled (any fees incurred in relation
thereto shall be borne by Pledgors).

 

2.5
DSHK as Pledgee shall be deemed to have created the encumbrance of first order in priority on the Pledged Property, and in case
of any Breaching Event, Pledgee shall have the right to dispose of the Pledged Property in the way set out in Article 4 hereof.

 

2.6
Only upon prior consent by Pledgee shall Pledgors be able to increase their capital contribution to any or all of the DSAC. Further
capital contribution made by Pledgors in DSAC shall also be part of the Pledged Property.

 

2.7
Only upon prior consent by Pledgee shall Pledgors be able to receive dividends or share profits from the Pledged Property. The
dividends or the profits received by Pledgors from the Pledged Property shall be deposited into Pledgee’s bank account designated
by Pledgee respectively, to be under the supervision of Pledgee and used as the Pledged Property to repay in priority the Guaranteed
Liabilities.

 

2.8
Pledgors agree to bear liabilities to Pledgee upon occurrence of any Breaching Event on the DSAC and Pledgee shall have the right,
upon occurrence of the Breaching Event, to dispose of any Pledged Property of either of Pledgors in accordance with the provisions
hereof.

 

ARTICLE
3 - RELEASE OF PLEDGE

 

In
respect of equity interest of DSAC, upon full and complete performance by Pledgors of all of their Contractual Obligations, Pledgee
shall, at the request of Pledgors, release the pledge created on DSAC under this Agreement, and shall cooperate with Pledgors
to go through the formalities to cancel the record of the Equity Pledge in the Shareholders register of DSAC, with the reasonable
fees incurred in connection with such release to be borne by Pledgee with the same proportion.

 

ARTICLE
4 - DISPOSAL OF THE PLEDGED PROPERTY

 

4.1
Pledgors, DSAC and Pledgee hereby agree that, in case of any Breaching Event, Pledgee shall have the right to exercise, upon giving
written notice to Pledgors, all of the remedial rights and powers enjoyable by them under laws of Thailand, including but not
limited to being repayment in priority with proceeds from auctions or sale-offs of the Pledged Property. Pledgee shall not be
liable for any loss as the result of their reasonable exercise of such rights and powers.

 

4.2
Pledgee shall have the right to designate in writing its legal counsel or other agents to exercise on their respective behalf
any and all rights and powers set out above, and neither Pledgors nor DSAC shall oppose thereto.

 

4.3
The reasonable costs incurred by Pledgee in connection with their exercise of any and all rights and powers set out above shall
be borne by Pledgors, and Pledgee shall have the right to deduct the costs actually incurred from the proceeds that they acquire
from the exercise of the rights and powers.

 

4.4
The proceeds that Pledgee acquire from the exercise of their respective rights and powers shall be used in the priority order
as follows:

 

-
First, to pay any cost incurred in connection with the disposal of the Pledged Property and the exercise by Pledgee of their respective
rights and powers (including remuneration paid to their respective legal counsels and agents);

 

-
Second, to pay any taxes and levies payable for the disposal of the Pledged Property; and

 

-
Third, to repay Pledgee for the Guaranteed Liabilities.

 

    	 

    	 

    

 

In
case of any balance after payment of the above amounts, Pledgee shall return the same to Pledgors according to the relevant laws
and rules or submit the same to the local notary institution where Pledgee are domiciled (any fees incurred in relation thereto
shall be borne by Pledgors).

 

ARTICLE
5 - FEES AND COSTS

 

All
costs actually incurred in connection with the establishment of the Equity Pledge hereunder, including but not limited to stamp
duties, any other taxes, all legal fees, etc shall be borne by Pledgee with the same proportion.

 

ARTICLE
6 - CONTINUITY AND NO WAIVE

 

The
Equity Pledge hereunder is a continuous guarantee, with its validity to continue until the full performance of the Contractual
Obligations or the full repayment of the Guaranteed Liabilities. Neither exemption or grace period granted by Pledgee to Pledgors
in respect of their breach, nor delay by Pledgee in exercising any of their rights under this Agreement shall affect the rights
of Pledgee under this Agreement, relevant laws of Thailand, the rights of Pledgee to demand at anytime thereafter the strict performance
of this Agreement by Pledgors or the rights Pledgee may be entitled to due to subsequent breach by Pledgors of the obligations
under this Agreement.

 

ARTICLE
7 - REPRESENTATIONS AND WARRANTIES BY PLEDGORS

 

Each
of Pledgors hereby represents and warrants to Pledgee as follows:

 

7.1
Each Pledgor is a Thai citizen with full capacity, with full and independent legal status and legal capacity to execute, deliver
and perform this Agreement, and may act independently as a litigant party. The Pledgors has full power and authorization to execute
and deliver this Agreement and all the other documents to be entered into by it in relation to the transaction referred to herein,
and it has the full power and authorization to complete the transaction referred to herein.

 

7.2
All reports, documents and information concerning Pledgors and all matters as required by this Agreement which are provided by
Pledgors to Pledgee before this Agreement comes into effect are true, correct and effective in all material aspects as of the
execution hereof.

 

7.3
At the time of the effectiveness of this Agreement, Pledgors are the sole legal owner of the Pledged Property, with no existing
dispute whatever concerning the ownership of the Pledged Property. Pledgors have the right to dispose of the Pledged Property
or any part thereof.

 

7.4
Except for the encumbrance set on the Pledged Property hereunder and the rights set under the Transaction Agreements, there is
no other encumbrance or third party interest set on the Pledged Property.

 

7.5
The Pledged Property is capable of being pledged or transferred according to the laws, and Pledgors have the full right and power
to pledge the Pledged Property to Pledgee according to this Agreement.

 

7.6
This Agreement constitutes the legal, valid and binding obligations on Pledgors when it is duly executed by Pledgors.

 

7.7
Any consent, permission, waive or authorization by any third person, or any approval, permission or exemption by any government
authority, or any registration or filing formalities (if required by laws) with any government authority to be handled or obtained
in respect of the execution and performance hereof and the Equity Pledge hereunder have already been handled or obtained, and
will be fully effective during the valid term of this Agreement.

 

7.8
The execution and performance by Pledgors of this Agreement are not in violation of or conflict with any laws applicable to them,
or any agreement to which they are a party or which has binding effect on their assets, any court judgment, any arbitration award,
or any administration authority decision.

 

7.9
The pledge hereunder constitutes the encumbrance of first order in priority on the Pledged Property.

 

    	 

    	 

    

 

7.10
All taxes and fees payable in connection with acquisition of the Pledged Property have already been paid in full amount by Pledgors.

 

7.11
There is no pending or, to the knowledge of Pledgors, threatened litigation, legal process or demand by any court or any arbitral
tribunal against Pledgors, or their property, or the Pledged Property, nor is there any pending or, to the knowledge of Pledgors,
threatened litigation, legal process or demand by any government authority or any administration authority against Pledgors, or
their property, or the Pledged Property, which is of material or detrimental effect on the economic status of Pledgors or their
capability to perform the obligations hereunder and the Guaranteed Liabilities.

 

7.12
Pledgors hereby warrant to Pledgee that the above representations and warranties will remain true, correct and effective at any
time and under any circumstance before the Contractual Obligations are fully performed or the Guaranteed Liabilities are fully
repaid, and will be fully complied with.

 

ARTICLE
8 - REPRESENTATIONS AND WARRANTIES

BY
DSAC

 

DSAC
hereby represents and warrants to Pledgee as follows:

 

8.1
DSAC is a limited liability corporation duly incorporated and validly existing under laws of Thailand, with full capacity of disposition
and has obtained due authorization to execute, deliver and perform this Agreement and can independently be a subject of actions.

 

8.2
All reports, documents and information concerning Pledged Property and all matters as required by this Agreement which are provided
by DSAC to Pledgee before this Agreement comes into effect are true, correct and effective in all material aspects as of the execution
hereof.

 

8.3
All reports, documents and information concerning Pledged Property and all matters as required by this Agreement which are provided
by DSAC to Pledgee after this Agreement comes into effect are true, correct and effective in all material aspects upon provision.

 

8.4
This Agreement constitutes the legal, valid and binding obligations on DSAC when it is duly executed by DSAC.

 

8.5
It has full right and authorization to execute and deliver this Agreement and other documents relating to the transaction as stipulated
in this Agreement and to be executed by them. It also has full right and authorization to complete the transaction stipulated
in this Agreement.

 

8.6
There is no pending or, to the knowledge of DSAC, threatened litigation, legal process or demand by any court or any arbitral
tribunal against DSAC, or their property (including but are not limited to the Pledged Property), nor is there any pending or,
to the knowledge of DSAC, threatened litigation, legal process or demand by any government authority or any administration authority
against DSAC, or their property (including but are not limited to the Pledged Property), which is of material or detrimental effect
on the economic status of DSAC or their capability to perform the obligations hereunder and the Guaranteed Liabilities.

 

8.7
DSAC hereby warrants to Pledgee that the above representations and warranties will remain true, correct and effective at any time
and under any circumstance before the Contractual Obligations are fully performed or the Guaranteed Liabilities are fully repaid,
and will be fully complied with.

 

ARTICLE
9 - UNDERTAKINGS BY PLEDGORS

 

Each
of Pledgors hereby individually undertakes to Pledgee as follows:

 

9.1
Without the prior written consent by Pledgee, Pledgors shall not establish or permit to establish any new pledge or any other
encumbrance on the Pledged Property.

 

    	 

    	 

    

 

9.2
Without first giving written notice to Pledgee and having Pledgee’s prior written consent, Pledgors shall not transfer the
Pledged Property, and any attempt by Pledgors to transfer the Pledged Property shall be null and void. The proceeds from transfer
of the Pledged Property by Pledgors shall be used to repay to Pledgee in advance the Guaranteed Liabilities or submit the same
to the third party agreed with Pledgee.

 

9.3
In case of any litigation, arbitration or other demand which may affect detrimentally the interest of Pledgors or Pledgee under
the Transaction Agreements and hereunder or the Pledged Property, Pledgors undertake to notify Pledgee thereof in writing as soon
as possible and promptly and shall take, at the reasonable request of Pledgee, all necessary measures to ensure the pledge interest
of Pledgee in the Pledged Property.

 

9.4
Pledgors shall not carry on or permit any act or action which may affect detrimentally the interest of Pledgee under the Transaction
Agreements and hereunder or the Pledged Property.

 

9.5
Pledgors guarantees that they shall, at the reasonable request of Pledgee, take all necessary measures and execute all necessary
documents (including but not limited to supplementary agreement hereof) in respect of ensuring the pledge interest of Pledgee
in the Pledged Property and the exercise and realization of the rights thereof.

 

9.6
In case of assignment of any Pledged Property as the result of the exercise of the right to the pledge hereunder, Pledgors guarantee
that they will take all necessary measures to realize such assignment.

 

ARTICLE
10 - UNDERTAKINGS BY DSAC

 

10.1
Any consent, permission, waive or authorization by any third person, or any approval, permission or exemption by any government
authority, or any registration or filing formalities (if required by laws) with any government authority to be handled or obtained
in respect of the execution and performance hereof and the Equity Pledge hereunder will be cooperated to handle or obtain by DSAC
to their best and will be ensured to remain full effective during the valid term of this Agreement.

 

10.2
Without the prior written consent by Pledgee, DSAC shall not cooperate to establish or permit to establish any new pledge or any
other encumbrance on the Pledged Property.

 

10.3
Without having Pledgee’s prior written consent, DSAC shall not cooperate to transfer or permit to transfer the Pledged Property.

 

10.4
In case of any litigation, arbitration or other demand which may affect detrimentally the interest of DSAC or Pledgee under the
Transaction Agreements and hereunder or the equity of DSAC as the Pledged Property, DSAC undertake to notify Pledgee thereof in
writing as soon as possible and promptly and shall take, at the reasonable request of Pledgee, all necessary measures to ensure
the pledge interest of Pledgee in the Pledged Property.

 

10.5
DSAC shall not carry on or permit any act or action which may affect detrimentally the interest of Pledgee under the Transaction
Agreements and hereunder or the Pledged Property.

 

10.6
DSAC shall provide Pledgee with the financial statement of the last calendar season within the first month of each calendar season,
including but are not limited to the balance sheet, the income statement and the statement of cash flow.

 

10.7
DSAC guarantee that they shall, at the reasonable request of Pledgee, take all necessary measures and execute all necessary documents
(including but not limited to supplementary agreement hereof) in respect of ensuring the pledge interest of Pledgee in the Pledged
Property and the exercise and realization of the rights thereof.

 

10.8
In case of assignment of any Pledged Property as the result of the exercise of the right to the pledge hereunder, DSAC guarantee
that they will take all necessary measures to realize such assignment.

 

    	 

    	 

    

 

ARTICLE
11 - ENCUMBRANCE OF FIRST ORDER IN PRIORITY

 

11.1
DSHK has the encumbrance of first order in priority on any and all Pledged Property. Pursuant to the stipulations of the Transaction
Agreement, any Breaching Event under any Transaction Agreement shall result in the occurrence of Breaching Event under other Transaction
Agreement, DSHK shall claim the pledge interest hereunder to Pledgors relevant to the Breaching Event, and be repaid in priority
in the proportion of their respective security amount from the proceeds obtained according to the disposal of Pledged Property
stipulated in Article 4 hereof.

 

ARTICLE
12 - CHANGE OF CIRCUMSTANCES

 

12
As supplement and subject to compliance with other terms of the Transaction Agreements and this Agreement, in case that at any
time the promulgation or change of any laws of Thailand, regulations or rules, or change in interpretation or application of such
laws, regulations and rules, or the change of the relevant registration procedures enables Pledgee to believe that it will be
illegal or in conflict with such laws, regulations or rules to further maintain the effectiveness of this Agreement and/or dispose
of the Pledged Property in the way provided herein, Pledgors and DSAC shall, at the written direction of Pledgee and in accordance
with the reasonable request of Pledgee, promptly take actions and/or execute any agreement or other document, in order to:

 

(1)
keep this Agreement remain in effect;

(2)
facilitate the disposal of the Pledged Property in the way provided herein; and/or

(3)
maintain or realize the intention or the guarantee established hereunder.

 

ARTICLE
13 - EFFECTIVENESS AND TERM OF THIS AGREEMENT

 

13.1
This Agreement shall become effective upon this Agreement is duly executed by Pledgors, DSAC and Pledgee

 

13.2
This Agreement shall have its valid term until the full performance of the Contractual Obligations or the full repayment of the
Guaranteed Liabilities.

 

ARTICLE
14 - NOTICE

 

14.1
Any notice, request, demand and other correspondences made as required by or in accordance with this Agreement shall be made in
writing and delivered to the relevant Party.

 

14.2
The abovementioned notice or other correspondences shall be deemed to have been delivered when it is transmitted if transmitted
by facsimile or telex; it shall be deemed to have been delivered when it is delivered if delivered in person; it shall be deemed
to have been delivered five (5) days after posting the same if posted by mail.

 

ARTICLE
15 – MISCELLANEOUS

 

15.1
Pledgee may, upon notice to Pledgors but not necessarily with Pledgors’ consent, assign Pledgee’s rights and/or obligations
hereunder to any third party; provided that Pledgors may not, without Pledgee’s prior written consent, assign Pledgors’
rights, obligations and/or liabilities hereunder to any third party. Successors or permitted assignees (if any) of Pledgors shall
continue to perform the obligations of Pledgors under this Agreement.

 

15.2
This Agreement shall be prepared in English language.

 

15.3
The formation, validity, execution, amendment, interpretation and termination of this Agreement shall be subject to laws of Thailand.

 

15.4
Any disputes arising from and in connection with this Agreement shall be settled through consultations among the Parties involved,
and if the Parties involved fail to reach an agreement regarding such a dispute within thirty (30) days of its occurrence, such
dispute shall be submitted to Thailand Arbitration Center for arbitration in Bangkok accordance with the arbitration rules of
such commission, and the arbitration award shall be final and binding on all the Parties involved.

 

    	 

    	 

    

 

15.5
Any rights, powers and remedies empowered to any Party by any provisions herein shall not preclude any other rights, powers and
remedies enjoyed by such Party in accordance with laws and other provisions under this Agreement, and the exercise of its rights,
powers and remedies by a Party shall not preclude its exercise of its other rights, powers and remedies by such Party.

 

15.6
Any failure or delay by a Party in exercising any of its rights, powers and remedies hereunder or in accordance with laws (hereinafter,
the “PARTY’S RIGHTS”) shall not lead to a waiver of such rights, and the waiver of any single or partial exercise
of the Party’s Rights shall not preclude such Party from exercising such rights in any other way and exercising the remaining
part of the Party’s Rights.

 

15.7
The titles of the Articles contained herein shall be for reference only, and in no circumstances shall such titles be used in
or affect the interpretation of the provisions hereof.

 

15.8
Each provision contained herein shall be severable and independent from each of other provisions, and if at any time any one or
more articles herein become invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions
herein shall not be affected as a result thereof.

 

15.9
This Agreement shall substitute any other documents on the same subject executed by relevant Parties hereof once duly executed.

 

15.10
Any amendments or supplements to this Agreement shall be made in writing. Except for assignment by Pledgee of its rights hereunder
according to Article 15.1 of this Agreement, the amendments or supplements to this Agreement shall take effect only when properly
signed by the Parties to this Agreement.

 

15.11
This Agreement shall be binding on the legal successors of the Parties.

 

15.12
At the time of execution hereof, each of Pledgors shall sign respectively a power of attorney (as set out in Appendix I hereto,
hereinafter, the “POWER OF ATTORNEY”) to authorize any person designated by DSHK to sign on her behalf according to
this Agreement any and all legal documents necessary for the exercise by Pledgee of DSHK’s rights hereunder. Such Power
of Attorney shall be delivered to DSHK to keep in custody and, when necessary, DSHK may at any time submit the Power of Attorney
to the relevant government authority.

 

[The
remainder of this page is left blank]

 

    	 

    	 

    

 

IN
WITNESS HEREOF, the Parties have caused this Call Option Agreement to be executed in Thailand as of the date first herein above
mentioned.

 

	Weraya
    Limpasuthum (Shareholder of DS ASIA CO., LTD)	 
	 	 	 
	Signature
    by:	/s/
    Weraya Limpasuthum	 
	 	 	 
	Kanittha
    Tharanut (Shareholder of DS ASIA CO., LTD)	 
	 	 	 
	Signature
    by:	/s/
    Kanittha Tharanut	 

 

For
and on behalf of

DSWISS
(HK) LIMITED (Company chop)

 

	Signature
    by: 	/s/
    Leong Ming Chia	 
	Name:	Leong
    Ming Chia	 
	Position:	Authorized
    Representative	 

 

For
and on behalf of

DS
ASIA CO., LTD. (Company chop)

 

	Signed
    by:	/s/
    Weraya Limpasuthum	 
	Name:	Weraya
    Limpasuthum	 
	Position:	Authorized
    Representative	 

 

    	 

    	 

    

 

APPENDIX
I:

 

FORMAT
OF THE POWER OF ATTORNEY

 

I,
_________________________, hereby entrusts ______________________, [with his/her identity card number ____________,] to be my
authorized trustee to sign on my behalf all legal documents necessary or desirous for DSWISS (HK) LIMITED to exercise their rights
under the Equity Pledge Agreement between them, myself and DS ASIA CO., LTD..

 

Signature:

Date:

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