Document:

cosg_ex103.htm

EXHIBIT 10.3
  
 	 Date: 
	 17 May 2021

	  
	  

	 To: 
	 Party A (as defined in the Appendix)

	  
	  

	 From: 
	 Party B (as defined in the Appendix)

  
 PRIVATE & CONFIDENTIAL
  
 Dear Sirs,
  
 Share Swap – the issued share capital of the Target Company (as defined in the Appendix) in exchange for shares of the OTC Company (as defined in the Appendix) to be made between Party A and Party B (together the “Parties”, and each a “Party”). 
  
 The purpose of this letter (this “Letter”) is to confirm that the Parties have agreed to swap shares in the following manner: 
  
 	  
	 1.
	 Party A shall pay Party C the Administrative Fee (as defined in the Appendix) less the Deposit (as defined in the Appendix) upon the signing of this Letter. The Administrative Fee shall be refunded in full to Party A, if the Share Swap does not take effect or Party A exercises the Option (as defined below) after the first anniversary of the Completion Date (as defined in the Appendix). For the avoidance of doubt, no refund will be made if Party A exercises the Option (as defined below) within 12 months after the Completion Date.

	  
	  
	  

	  
	 2.
	 Party B, being a wholly owned subsidiary of the OTC Company on and after the Completion Date (as defined in the Appendix), will cause and procure the OTC Company to issue and allocate with full legal title, free of any rights, interest or any other encumbrances, the Relevant Number (as defined in the Appendix) of the OTC Shares (as defined in the Appendix) to, or to the order of, Party A in accordance with the OTC Shares Deliveries (as defined in the Appendix), in exchange for the delivery (directly or indirectly) of the Target Shares (as defined in the Appendix) by Party A to Party B in accordance with the Target Shares Deliveries (as defined in the Appendix).

	  
	  
	  

	  
	 3.
	 Party A hereby irrevocably and unconditionally agrees and undertakes to Party B that Party A will ensure that the Target Company will achieve each Financial Undertaking (as defined in the Appendix). In the event that a Financial Undertaking is not achieved, an Adjustment (as defined in the Appendix) shall be made with respect to such failure.

	  
	  
	  

	  
	 4.
	 Party A may, subject to the NASDAQ Upgrade (as defined in the Appendix), at any time within 30 months after the Completion Date, decide not to proceed with the Share Swap (the “Option”), in which case, Party B shall transfer all of the Target Shares it has received back to Party A against the delivery of all of the OTC Shares transferred to Party A. In the event that Party A has disposed of any OTC Shares prior to exercising the Option, Party A may pay the sale proceeds of such disposed OTC shares, in lieu of physical delivery, to Party B.

	  
	  
	  

	  
	 5.
	 The Parties agree to such other terms and conditions set out in the Appendix.

	  
	  
	  

	  
	 6.
	 Party B hereby agrees and undertakes to Party A that it will not and will procure that its agents, officers, employees and advisers will not, at any time after the date of this Letter, without the prior written consent of Party A or save as required by law or any rule of any relevant stock exchange body, disclose any information concerning the business, accounts, finance or contractual arrangements or other dealings, transactions or affairs of the Target Company supplied to Party B, its agents, officers, employees or advisers by Party A, to any third party (other than those of its agents, officers, employees or advisers as are necessarily required in the course of their duties to receive and acquire such documents, information and/or knowledge under the same duty of confidentiality). For the avoidance of doubt, the OTC Company shall make announcement(s) in respect of this Letter in accordance with the relevant rules, regulations and laws in the United States of America, where necessary or desirable (as determined by the OTC Company, in its sole and absolute discretion).

  
 	 
	 Page 1

	

	 

  
 	  
	 7.
	 Party A hereby agrees and undertakes to Party B that it will not and will procure that its agents, officers, employees and advisers will not, at any time after the date of this Letter, without the prior written consent of Party B or save as required by law or any rule of any relevant stock exchange body, disclose any information concerning the business, accounts, finance or contractual arrangements or other dealings, transactions or affairs of Party B or the OTC Company supplied to Party A, its agents, officers, employees or advisers by Party B, to any third party (other than those of its agents, officers, employees or advisers as are necessarily required in the course of their duties to receive and acquire such documents, information and/or knowledge under the same duty of confidentiality).

	  
	  
	  

	  
	 8.
	 No Party may assign or transfer any of their rights or obligations under this Letter, without the prior written consent of the other Party.

	  
	  
	  

	  
	 9.
	 This Letter shall be governed by, and construed in accordance with, the laws of Hong Kong and the Parties submit to the non-exclusive jurisdiction of the Hong Kong courts.

   
 Yours faithfully,
  
 Executed as a deed
 for and on behalf of
 MASSIVE TREASURE LIMITED
  
 	 ____________________________
 LEE YING CHIU HERBERT
 DIRECTOR

  
 I/We hereby acknowledge and agree to the terms contained in this Letter.
  
 DATED: 17 May 2021
  
 Executed as a deed
 By ______________
  
 	 
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 We, COSMOS GROUP HOLDINGS INC. (COSG), hereby acknowledge and agree to the terms contained in this Letter.
  
 	 ____________________________
 CHAN MAN CHUNG
 DIRECTOR 
 WITH EFFECT FROM THE COMPLETION DATE

  
 	 
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 Appendix
  
 	 Term
	 Definition

	  
	  

	 Party A:
	 ____________________ 
  

	  
	  

	 Party B:
	 MASSIVE TREASURE LIMITED

	  
	  

	 Party C:
	 CHAN MAN CHUNG for and on behalf of Cosmos Group Holdings Inc (COSG)

	  
	  

	 Target Company:
	 _________________
  

	  
	  

	 OTC Company:
	 COSMOS GROUP HOLDINGS INC (COSG)

	  
	  

	 Deposit:
	 Not Applicable

	  
	  

	 Administration Fee:
	 Not Applicable

	  
	  

	 OTC Shares:
	 Ordinary voting shares of the OTC Company

	  
	  

	 Relevant Number:
  
	 Relevant Number = Initial Relevant Number + Secondary Relevant Number (all subject to Adjustment)
  
 “Initial Relevant Number” means (2)/(1)*0.26 (rounded down to the nearest whole number) 
  
 “Secondary Relevant Number” means (2)/(3)*0.25 (rounded down to the nearest whole number)
  
 (1) The closing price of the OTC Shares as of the date of signing this letter; and 
  
 (2) 8 times of the First Undertaking Amount (as defined below); and
  
 (3) The closing price of the OTC Shares as of the fifth business day prior to the first anniversary of the Completion Date.

	  
	  

	 OTC Shares Deliveries:
	 The OTC Shares shall be delivered to the following persons on the following dates:

	  
	  

	  
	  
	 1.
	 On the Completion Date, 75% of the Initial Relevant Number of the OTC Shares shall be delivered to TSIM MING CHUI, HKID Y128850(2), or in such other manner as specified by Party A.

	  
	  
	  
	  

	  
	  
	 2. 
	 On the Completion Date, 25% of the Initial Relevant Number of the OTC Shares shall be delivered to XU FENGNA, HKID M636398(4), or in such other manner as specified by Party A.

	  
	  
	  
	  

	  
	  
	 3.
	 On the first anniversary of the Completion Date, 75% of the Secondary Relevant Number of the OTC Shares shall be delivered to TSIM MING CHUI, HKID Y128850(2), or in such other manner as specified by Party A.

	  
	  
	  
	  

	  
	  
	 4.
	 On the first anniversary of the Completion Date, 25% of the Secondary Relevant Number of the OTC Shares shall be delivered to XU FENGNA, HKID M636398(4), or in such other manner as specified by Party A.

	  
	  
	  
	  

	  
	  
	 5.
	Within 30 days of the second anniversary of the Completion Date, any additional OTC Shares as described in the Adjustment to Party A, or in such other manner as specified by Party A.
	  
  
	  
	  
	  
  

  
 	 
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 	 Target Shares:
	 Ordinary voting shares of the Target Company

	  
	  
	  

	 Appropriate Number:
  
	 Appropriate Number = Initial Appropriate Number + Secondary Appropriate Number
   
 “Initial Appropriate Number” means 2,601
  
 “Secondary Appropriate Number ” means 2,499 

	  
	  
	  
	
	 Target Shares Deliveries:
	 The Appropriate Number of Target Shares shall be delivered to the following persons on the following dates:

	  
	  
	  

	  
	  
	 1.
	 On the Completion Date, 100% of the Initial Appropriate Number of the Target Shares shall be delivered to Party B, or such other manner as specified by Party B.

	  
	  
	  
	  

	  
	  
	2.	On the first anniversary of the Completion Date, 100% of the Secondary Appropriate Number of the Target Shares shall be delivered to Party B, or such other manner as specified by Party B.
	  
	  
	  
	  

	 Completion Date:
	 30 June 2021 or such other later date as is necessary to comply with all rules, regulations and laws of the United States of America to complete the Share Swap.

	  
	  
	  
	  

	 Financial Undertaking:
	 In respect each of the financial years mentioned below:

	  
	  
	  
	  

	  
	  
	 1.
	 The “First Undertaking Amount” is defined as HKD3,000,000, being the net profit certified by an accountant acceptable to Party B in the first financial year from 1 June 2021 to 31 May 2022 to be achieved by the Target Company.

	  
	  
	  
	  

	  
	  
	 2.
	 The “Second Undertaking Amount” is defined as HKD3,000,000, being the net profit certified by an accountant acceptable to Party B in the second financial year from 1 June 2022 to 31 May 2023 to be achieved by the Target Company.

	  
	  
	  
	  

	  
	 For the purposes of the above, “net profit” means actual unimpaired income received or realized by the Target Company, less any expenses paid by it, excluding reasonable expenses related to the Share Swap and payment of profit taxes in accordance with Hong Kong laws.
  
 At the end of the first financial year, Party A will ensure that Target Company will dividend all of the First Undertaking Amount to all shareholders in accordance with their respective shareholdings. Each Shareholder will then lend all of its portion of the dividends to the Target Company for a duration of 12 months.
  
 For the avoidance of doubt, at the end of the second financial year, Party A will ensure that the Target Company shall have:

	  
	  
	  
	  

	  
	  
	 (i)
	 In its bank accounts, cash amount equal to the Second Undertaking Amount; and

	  
	  
	  
	  

	  
	  
	 (ii)
	(ii) Within 3 months after the completion date, Party A will ensure that the Target Company ceases to have any assets and liabilities, other than the cash amount described in (i) above. 
	  
  
	  
	  
	  
  

   
 	 
	Page 5
	

	 

   
 	 Adjustment:
	 With respect to each financial year, if Party A falls short of the Financial Undertaking for such financial year, the Relevant Number shall be reduced by the same proportion. The number of OTC Shares representing such reduction may be deducted from the immediately following delivery of OTC Shares to Party A, if sufficient and available. And if not sufficient or available, Party A shall deliver such number of OTC Shares representing such reduction to the OTC Company (or such portion representing the insufficiency).
  
 On the second anniversary of the Completion Date, if the aggregate net profit for the 2 financial years is larger than the Second Undertaking Amount, additional bonus OTC shares calculated as follows will be issued to Party A:
  
 ((1)/(the Second Undertaking Amount) -1) * (the Relevant Number), rounded down to the nearest whole number
  
 (1) The aggregate net profit of each of the 2 financial years, from 1 June 2021 to 31 May 2022 and from 1 June 2022 to 31 May 2023.
  
 For the avoidance of doubt, the price of the OTC Shares to be applied in the adjustment shall be the same as the price(s) of the original respective Share Swap.

	  
	  
	  
	  

	 NASDAQ Upgrade:
	  
	 1.
	 If the OTC Company intends to submit an application to list on NASDAQ, Party B shall provide Party A with not less than thirty (30) day’s prior written notice, to the extent practicable and permissible under all applicable laws.

	  
	  
	  
	  

	  
	  
	 2.
	In the event that the OTC Company has submitted an application to list on NASDAQ, the Option shall be immediately suspended until the first anniversary of the successful listing of the OTC Company on NASDAQ. For the avoidance of doubt, if such application is unsuccessful for any reason, such suspension of the Option shall immediately cease to be effective. 
	  
	  
	  
	  

	 Other Terms and Conditions:
	 1.
	 Party B will not interfere with the day to day operations and management of the Target Company;

	  
	  
	  

	  
	 2.
	 Party A shall solely be responsible for the management and operations of the Target Company within two (2) years after the Completion Date;

	  
	  
	  

	  
	 3.
	 Party B undertakes that it will not exercise its right to nominate, appoint or change any director in the Target Company within two (2) years after the Completion Date; and

	  
	  
	  

	  
	 4.
	 There will be no distribution of dividends by the Target Company within two (2) years after the Completion Date, other than in accordance with the Financial Undertaking.

	  
	  
	  

	  
	 5.
	Party B acknowledges that all assets and liabilities, including receivables, kept in the books and bank account of the Target Company prior to the Completion Date are the assets and liabilities of Party A. Party A has the right to withdraw the said assets and liabilities from the Target Company at any time after the Completion Date. For the avoidance of doubt, nothing in this paragraph 5 affects Party A’s Financial Undertaking set out above. 

  
 	 
	Page 6Exhibit 4.1

 

	 	NUMBER UNITS U-
	SEE REVERSE FOR CERTAIN DEFINITIONS	CUSIP G6448C111
	 	 

NEWCOURT ACQUISITION CORP

 

UNITS CONSISTING OF ONE CLASS A ORDINARY SHARE
AND ONE-HALF OF ONE

WARRANT TO PURCHASE ONE CLASS A ORDINARY SHARE

 

	THIS CERTIFIES THAT	 	is the owner of	 	Units.
	 	 	 	 	 

Each Unit (“Unit”) consists
of one (1) Class A ordinary share, par value $0.0001 per share (“Ordinary Shares”), of Newcourt Acquisition
Corp., a Cayman Islands exempted company (the “Company”), and one-half of one (1) warrant (the “Warrant”).
Each whole Warrant entitles the holder to purchase one Ordinary Share (subject to adjustment) for $11.50 per share (subject to adjustment).
Each Warrant will become exercisable on the later of (i) thirty (30) days after the Company’s completion of a merger, share exchange,
asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses (each a “Business
Combination”), or (ii) twelve (12) months from the closing of the Company’s initial public offering, and will expire,
unless exercised before 5:00 p.m., New York City Time, on the date that is five (5) years after the date on which the Company completes
its initial Business Combination, or earlier upon redemption or liquidation. The Ordinary Shares and Warrants comprising the Units represented
by this certificate are not transferable separately prior to [______], 2021, unless  Cantor Fitzgerald &
Co. elects to allow separate trading earlier, subject to the Company’s filing of a Current Report on Form 8-K with the Securities
and Exchange Commission containing an audited balance sheet reflecting the Company’s receipt of the gross proceeds of its initial
public offering and issuing a press release announcing when separate trading will begin. The terms of the Warrants are governed by a Warrant
Agreement, dated as of [______], 2021, between the Company and Continental Stock Transfer & Trust Company, as Warrant Agent, and are
subject to the terms and provisions contained therein, all of which terms and provisions the holder of this certificate consents to by
acceptance hereof. Copies of the Warrant Agreement are on file at the office of the Warrant Agent One State Street, New York, New York
10004, and are available to any Warrant holder on written request and without cost.

 

This certificate is not valid unless countersigned
by the Transfer Agent and Registrar of the Company.

 

This certificate shall be governed by and construed
in accordance with the internal laws of the State of New York.

 

Witness the facsimile signature of its duly authorized
officers.

 

	  [Title]  	 	[Title]  

 

    

     

    

 

Newcourt Acquisition Corp

 

The Company will furnish without charge to each
unitholder who so requests, a statement of the powers, designations, preferences and relative, participating, optional or other special
rights of each class of shares or series thereof of the Company and the qualifications, limitations, or restrictions of such preferences
and/or rights.

 

The following abbreviations, when used in the inscription
on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations:

 

	TEN COM	— 	as tenants in common	 	UNIF GIFT MIN ACT —	Custodian 
	TEN ENT	—	as tenants by the entireties	 	 	(Cust) (Minor)
	JT TEN	—	as joint tenants with right of survivorship and not as tenants in common	 	 	under Uniform Gifts to Minors
	 	 	 	 	 	Act	 
	 	 	 	 	 	 	(State)

Additional abbreviations may also be used though not in the above list.

 

For value received, hereby sell, assign and transfer unto

 

	 
	
    PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING
    NUMBER OF ASSIGNEE

    

	 
	
    (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING
    ZIP CODE, OF ASSIGNEE)

    

	 
	Units represented by the within Certificate, and does hereby irrevocably constitute and appoint
	Attorney to transfer the said Units on the books of the within named Company with full power of substitution in the premises.
	Dated: 	 	 

 

	 	 	Notice: 	The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.
	Signature(s) Guaranteed:	 	 
	 	 	 

THE SIGNATURE(S) MUST BE GUARANTEED BY

AN ELIGIBLE GUARANTOR INSTITUTION

(BANKS, STOCKBROKERS, SAVINGS AND LOAN

ASSOCIATIONS AND CREDIT UNIONS WITH

MEMBERSHIP IN AN APPROVED SIGNATURE

GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 UNDER THE

SECURITIES ACT OF 1933, AS AMENDED).    

In each case, as more fully described in the Company’s
final prospectus dated [______], 2021, the holder(s) of this certificate shall be entitled to receive a pro-rata portion of certain funds
held in the trust account established in connection with its initial public offering only in the event that (i) the Company redeems the
Class A ordinary shares sold in its initial public offering and liquidates because it does not consummate an initial business combination
by [______], 2023, (ii) the Company redeems the Class A ordinary shares sold in its initial public offering in connection with a shareholder
vote to amend the Company’s amended and restated memorandum and articles of association to modify the substance and timing of the
Company’s obligation to redeem 100% of the Class A ordinary shares if it does not consummate an initial business combination by
[______], 2023, or (iii) if the holder(s) seek(s) to redeem for cash his, her or its respective Class A ordinary shares in connection
with a tender offer (or proxy solicitation, solely in the event the Company seeks shareholder approval of the proposed initial business
combination) setting forth the details of a proposed initial business combination. In no other circumstances shall the holder(s) have
any right or interest of any kind in or to the trust account.

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