Document:

EX-4.2

 Exhibit 4.2 

(Face of Security) 

Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and such certificate is registered in the name of Cede & Co., or in such other name as requested by an authorized representative of DTC, ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 

 

					
	REGISTERED NO. R-001	  	$	500,000,000	  

 CUSIP No. 743315AR4 

THE PROGRESSIVE CORPORATION 

2.45% SENIOR NOTE DUE 2027 
 THE
PROGRESSIVE CORPORATION, an Ohio corporation (the “Issuer”), for value received, hereby promises to pay to CEDE & Co., c/o The Depository Trust Company, 55 Water Street, New York, New York 10041 or registered assigns, at the
office or agency of the Issuer at the office of the Trustee in Boston, Massachusetts, the principal sum of FIVE HUNDRED MILLION DOLLARS ($500,000,000) on January 15, 2027 (the “Maturity Date”), in such coin or currency of the United
States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest semiannually on January 15 and July 15 of each year (each, an “Interest Payment Date”), commencing
on January 15, 2017, on said principal sum at said office or agency, in like coin or currency, at the rate per annum specified in the title of this Note, from the January 15 or the July 15, as the case may be, next preceding the date
of this Note to which interest has been paid, unless no interest has been paid on this Note, in which case from August 25, 2016, until payment of said principal sum has been made or duly provided for at the office or agency maintained by the
Issuer for such purpose; provided, that payment of interest may be made at the option of the Issuer by check mailed to the address of the person entitled thereto as such address shall appear on the Security Register. The interest so payable on any
Interest Payment Date will, subject to certain exceptions provided in the Indenture referred to on the reverse hereof, be paid to the person in whose name this Note is registered at the close of business on the January 1 or July 1, as the
case may be, next preceding the related Interest Payment Date except that any interest payable upon maturity or earlier redemption of this Note will be payable to the person to whom the principal of this Note is payable. 

Reference is made to the further provisions of this Note set forth on the reverse hereof. Such further provisions shall for all purposes have
the same effect as though fully set forth at this place. 
 This Note shall not be valid or become obligatory for any purpose until the
certificate of authentication hereon shall have been signed by the Trustee under the Indenture referred to on the reverse hereof. 

 IN WITNESS WHEREOF, The Progressive Corporation has caused this instrument to be signed by its
duly authorized officers and has caused its corporate seal to be affixed hereto or imprinted hereon. 
  

							
		 		 	THE PROGRESSIVE CORPORATION
				
	[CORPORATE SEAL]	 		 	By:	 	  

		 		 		 	John P. Sauerland
		 		 		 	Vice President

  

			
	Attest:	 	  

		 	Charles E. Jarrett
		 	Secretary

 Dated: August 25, 2016 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities, of the series designated herein, referred to in the within-mentioned Indenture. 

 

			
	 U.S. BANK NATIONAL ASSOCIATION, as

Trustee

		
	By:	 	  

		 	Authorized Signatory

 (Back of Security) 

THE PROGRESSIVE CORPORATION 

2.45% SENIOR NOTE DUE 2027 

This Note is one of a duly authorized issue of debentures, notes, bonds or other evidences of indebtedness of the Issuer (hereinafter called
the “Securities”) of the series hereinafter specified, all issued or to be issued under and pursuant to an indenture dated as of September 15, 1993, as heretofore supplemented and amended (herein called the “Indenture”),
between the Issuer and U.S. Bank National Association, as Trustee (herein called the “Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights,
obligations, duties and immunities thereunder of the Trustee, the Issuer and the Holders of the Securities. The Securities may be issued in one or more series, which different series may be issued in various aggregate principal amounts, may mature
at different times, may bear interest (if any) at different rates, may be subject to different redemption provisions (if any), may be subject to different sinking, purchase or analogous funds (if any) and may otherwise vary as in the Indenture
provided. This Security is one of a series designated as the “2.45% Senior Notes due 2027” of the Issuer (herein called the “Notes”) initially limited in aggregate principal amount to $500,000,000. The Issuer may, without the
consent of Holders, increase the principal amount of the Notes in the future by issuing additional Notes on the same terms and conditions and with the same CUSIP Number(s) as the Notes. 

If any Interest Payment Date or the Maturity Date or any earlier Redemption Date (as defined below) falls on any date that is not a Business
Day, then the related payment will be made on the next succeeding Business Day, without any interest or other additional payment in respect of the delay. “Business Day” means any day, other than a Saturday or Sunday, that is not a day on
which banking institutions or trust companies are generally authorized or required by law, regulation or executive order to close in The City of New York. 

In case an Event of Default, as defined in the Indenture, with respect to the Notes shall have occurred and be continuing, the principal
hereof may be declared, and upon such declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the Indenture. 

The Indenture contains provisions permitting the Issuer and the Trustee, with the consent of the Holders of not less than 66-2/3% in aggregate principal amount of the Securities at the time Outstanding of all series to be affected (voting as one class), evidenced as in the Indenture provided, to execute supplemental indentures adding
any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or modifying in any manner the rights of the Holders of the Securities of each such series; provided, however, that no
such supplemental indenture shall, among other things, (i) extend the final maturity of any Security, or reduce the principal amount thereof or any amount payable upon redemption thereof, or change the currency of payment thereof, or reduce the
rate or extend the time of payment of any interest thereon, or impair or affect the rights of any Holder to institute suit for the payment thereof, without the consent of the Holder of each Security so affected or (ii) reduce the aforesaid
percentage of Securities, the Holders of which are required to consent to any such supplemental indenture, without the consent of the Holder of each Security so affected. It is also provided in the Indenture that, with respect to certain defaults or
Events of Default regarding the Securities of any series, prior to any declaration accelerating the maturity of such Securities, the Holders of a majority in aggregate principal amount Outstanding of the Securities of such series may on behalf of
the Holders of all the Securities of such series waive any such past default or Event of Default and its consequences. The preceding sentence shall not, however, apply to a default in the payment of the principal of or premium, if any, or interest
on any of the Securities. Any such consent or waiver by the Holder of this Note (unless revoked as provided in the Indenture) shall be conclusive and binding upon such Holder and upon all future Holders and owners of this Note and any Note which may
be issued in exchange or substitution herefor, irrespective of whether or not any notation thereof is made upon this Note or such other Note. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on this Note in the manner, at the respective times, at the rate and in the coin or currency herein prescribed. 

 The Notes are issuable in registered form without coupons in minimum denominations of $2,000 and
any integral multiple of $1,000 at the office or agency of the Issuer at the office of the Trustee in Boston, Massachusetts, and in the manner and subject to the limitations provided in the Indenture, but without the payment of any service charge.
Notes may be exchanged for a like aggregate principal amount of Notes of other authorized denominations. The Notes are subject to redemption upon not more than 60 or less than 30 days’ notice by mail, in whole at any time or in part from time
to time at the option of the Issuer on any date (a “Redemption Date”), at a redemption price equal to the accrued and unpaid interest on the principal amount being redeemed to the Redemption Date plus the greater of (i) 100% of the
principal amount of the Notes to be redeemed and (ii) the sum of the present values of the Remaining Scheduled Payments (as defined below) of the Notes to be redeemed, discounted to the Redemption Date, on a semiannual basis (assuming a 360-day
year consisting of twelve 30-day months), at rate equal to the Treasury Rate (defined below), plus 15 basis points. 
 ‘‘Remaining
Scheduled Payments’’ means, with respect to any redemption, the remaining scheduled payments of the principal and interest, exclusive of interest accrued to the Redemption Date, that would be due after the Redemption Date of the Notes to
be redeemed assuming such Notes were not redeemed and were held until the Maturity Date. 
 “Treasury Rate” means, with respect to
any redemption, an annual rate equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue (as defined below), assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to
the Comparable Treasury Price for the Redemption Date. 
 “Comparable Treasury Issue” means, with respect to any redemption, the
United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Notes. 

“Independent Investment Banker” means one of the Reference Treasury Dealers selected by the Issuer. 

“Comparable Treasury Price” means, with respect to any redemption, (i) the average of three Reference Treasury Dealer
Quotations (as defined below) obtained by the Trustee for the Redemption Date after excluding the highest and lowest of five Reference Treasury Dealer Quotations obtained or (ii) if the Trustee obtains fewer than five Reference Treasury Dealer
Quotations, the average of all Reference Treasury Dealer Quotations obtained. 
 “Reference Treasury Dealer” means, with respect
to any redemption, Credit Suisse Securities (USA) LLC and Goldman, Sachs & Co. (or any of their respective affiliates so long as such affiliate is and continues to be a primary U.S. Government securities dealer) and any three other primary
U.S. Government securities dealers chosen by the Issuer. If any of the foregoing ceases to be a primary U.S. Government securities dealer, the Issuer will appoint in its place another nationally recognized investment banking firm that is a primary
U.S. Government securities dealer. 
 “Reference Treasury Dealer Quotation” means, with respect to any redemption, the average, as
determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by a Reference Treasury Dealer at 3:30 p.m., New York City
time, on the third business day preceding the Redemption Date. 
 In the event of redemption of this Note in part only, a new Note or Notes
of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 

Upon due presentment for registration of transfer of this Note at the office or agency of the Issuer at the office of the Trustee in Boston,
Massachusetts, a new Note or Notes of authorized denominations for an equal aggregate principal amount will be issued to the transferee in exchange therefor, subject to the limitations provided in the Indenture, without charge except for any tax or
other governmental charge imposed in connection therewith. 
 The Issuer, the Trustee and any authorized agent of the Issuer or the Trustee
may deem and treat the registered Holder hereof as the absolute owner of this Note (whether or not this Note shall be overdue and notwithstanding any 

 
notation of ownership or other writing hereon), for the purpose of receiving payment of, or on account of, the principal hereof and, subject to the provisions on the face hereof, interest hereon,
and for all other purposes, and neither the Issuer nor the Trustee nor any authorized agent of the Issuer or the Trustee shall be affected by notice to the contrary. 

No recourse under or upon any obligation, covenant or agreement of the Issuer in the Indenture or any indenture supplemental thereto or in any
Note, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator, shareholder, officer or director, as such, of the Issuer or of any successor corporation, either directly or through the Issuer or any
successor corporation, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance
hereof and as part of the consideration for the issue hereof. 
 Terms used herein which are defined in the Indenture shall have the
respective meanings assigned thereto in the Indenture. 

 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

 

					
	 PLEASE INSERT SOCIAL SECURITY OR OTHER

IDENTIFYING NUMBER OF ASSIGNEE
	 		 	
		 		 	
	 	 		 	
	 	 		 	

  
  

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

the within Note and all rights thereunder, hereby irrevocably constituting and appointing 

 
  

attorney to transfer said Note on the books of the Issuer, 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 within instrument in every particular, without alteration or enlargement or any change whatever.Exhibit
10.1

 

LICENSE
AGREEMENT

 

This
LICENSE AGREEMENT, including Schedules (collectively, this “Agreement”), is entered into as of 15th
day of August, 2016(the “Effective Date”) between Vitaxel Group Limited, a Nevada corporation (“Vitaxel”),
and

Vitaxel
Corp (Thailand) Ltd., a limited liability entity and incorporated in Thailand with address at 101/123-124, Sampong 2 Center, Kallapaphruek
Road, Bangbong, 10150, Bangkok, Thailand. Vitaxel and Licensee may be referred to individually as a “Party” and collectively
as the “Parties”.

 

		1.	Definitions.

 

a.           “Platform”
means Vitaxel’s online shopping and services platform(s), including but not limited to Vitaxel’s online shopping
mall known as “Vionmall”, which is geared for Vitaxel and its members and third party providers of products and services.

 

b.           “Territory”
means Thailand.

 

c.           “Net
Profit” means the gross revenue deducted by operating expenses including administrative costs, finance costs, overhead
costs, marketing costs, taxes, and the costs of sale such as payment processing costs and any shipping costs.

 

d.           “Intellectual
Property” means all inventions, discoveries, trademarks, patents, trade names, copyrights, moral rights, jingles, know-how,
intellectual property, software, shop rights, licenses, developments, research data, designs, website designs, technology, trade
secrets, test procedures, processes, route lists, computer programs, computer discs, computer tapes, literature, reports and other
confidential information, intellectual and similar intangible property rights, whether or not patentable or copyrightable (or
otherwise subject to legally enforceable restrictions or protections against unauthorized third party usage), and any and all
applications for, registrations of and extensions, divisions, renewals and reissuance of, any of the foregoing, and rights therein,
including without limitation (i) rights under any royalty or licensing agreements, and (ii) programming and programming rights,
whether on film, tape or any other medium which a Party owns or for which has a right to use.

 

e.           “Vitaxel
Marks” means Vitaxel trademarks, brands, logos or service marks.

 

f.            “Vitaxel
Business” means a direct selling, multi-level marketing company offering travel, entertainment, lifestyle and other
products and services.

 

g.           “Users”
means end users who have registered for access to the Platform.

 

		2.	License;
                                         Ownership.

 

a.           Grant
of License. Vitaxel hereby grants Licensee an exclusive, nontransferable, revocable, license in the Territory during the Term,
subject to all of the terms and conditions hereof: (i) to use the Vitaxel Marks to operate a Vitaxel Business (ii) to authorize
Users to access and use the Platform; and (iii) to market and promote the Vitaxel Business and Platform.

 

    	 	- 1 -	CONFIDENTIAL

     

    

 

b.           Restrictions.
Licensee shall not, except as expressly provided otherwise herein: (i) copy, adapt, redistribute, reformat, reconfigure, translate
into another language, or otherwise modify the Platform; (ii) transfer all or any part of the Vitaxel Business or Platform to
any person or entity without the prior written consent of Vitaxel in each instance; (iii) sublicense, assign, delegate or otherwise
transfer this Agreement, the Vitaxel Business, the Platform, Vitaxel Marks or any of the related rights or obligations for any
reason without the prior written consent of Vitaxel in each instance; or (iv) otherwise use the Vitaxel Marks, Vitaxel Business,
or Platform other than as expressly set forth herein. In the event that Vitaxel becomes aware that Licensee has breached any of
the foregoing restrictions, Licensee shall have a commercially reasonable time to cure upon notice by Vitaxel. Licensee agrees
that (i) it shall not use any Vitaxel Marks in a manner likely to diminish the Vitaxel Marks’ commercial value; (ii) it
shall not knowingly permit any third party to use the Platform or Vitaxel Marks unless authorized to do so in writing by Vitaxel;
(iii) all goodwill associated with Licensee’s use of the Vitaxel Marks shall inure to Vitaxel; (iv) the Vitaxel Marks are
and shall remain the sole property of Vitaxel; (v) Licensee shall follow all guidelines for use of the Vitaxel Marks established
by Vitaxel and communicated to Licensee in writing; and (vi) nothing in this Agreement shall confer in Licensee any right of ownership
in the Vitaxel Marks or the Platform, and Licensee shall not make any representation to that effect, or use the Vitaxel Marks
or the Platform in a manner that suggests that such rights are conferred.

 

c.           Ownership.
As between Vitaxel and Licensee, Vitaxel shall retain all right, title and interest in and to (i) the Vitaxel Business and
any related know-how or trade secrets; (ii) the Platform and any underlying software and/or related databases; (ii) all Intellectual
Property for the Platform or Vitaxel Business and any other material provided to Licensee; (iii) the Vitaxel Marks; and (iv) any
improvements or modifications to the Vitaxel Business, Platform, know-how, or other materials related to the operation of the
Vitaxel Business in the Territory.

 

		3.	Fees.

 

a.           Setup
Costs. Licensee shall bear the initial costs of setting up the Vitaxel Business and the Platform for the Territory.

 

b.           Pricing/Royalties.
Licensee shall collect all revenues and agrees to pay Vitaxel revenue share of 70% of the Net Profit (the “Royalties”)
for every three (3) months period. Licensee shall provide a report of calculation of the Net Profit for every three (3) months
period (the “Report”). Each payment of the Royalties shall be accompanied by the Report and will be sent to: Vitaxel,
c/o Accounts Receivable, Wisma Ho Wah Genting No 35, Jalan Maharajalela, 50150 Kuala Lumpur, Malaysia. The Royalties shall be
payable in US Dollars on the tenth (10th) day of every fourth months.

 

		4.	Audit
                                         Rights.

 

a.           Vitaxel
shall have the right to have an independent third party accounting firm access the books and records of Licensee solely to the
extent necessary to verify the accuracy of the reports and payments made hereunder. Such audit shall be conducted upon at least
thirty (30) days advanced written notice to Licensee on a date reasonably acceptable to both parties. Such audit shall be conducted
during Licensee’s normal business hours. Such audit shall not be more frequent than once (1) per calendar year (unless a
material inaccuracy was found in a prior audit). The final report of the auditing firm shall be shared with both of the parties
and shall report accuracy of payments only. Any amounts that are determined to be due and owing by one party to the other party
following such audit shall be paid within thirty (30) days thereafter.

 

    	 	- 2 -	CONFIDENTIAL

     

    

 

		5.	Right
                                         of Inspection.

 

a.           Vitaxel
shall at all reasonable times (upon at least thirty (30) days written notice), and during Licensee’s regular business hours,
have the right, but not the obligation, to visit and inspect Licensee’s facilities, at Vitaxel’s expense, so as to
assure compliance with the representations, warranties and covenants governing this Agreement.         

 

6.           Additional
Rights. Vitaxel and/or its subsidiaries will have the right of first refusal to acquire the Licensee if shareholders of Licensee
decided to dispose its assets or company.

 

7.          Warranties
and Disclaimer of Warranties and Representations. Vitaxel represents and warrants: (a)it owns the Vitaxel Business, Vitaxel
Marks, and Platform or otherwise has the right to grant Licensee the right to use the Vitaxel Business, Vitaxel Marks, and Platform
in accordance with this Agreement; and (b) Licensee’s use of Vitaxel Business, Vitaxel Marks, and Platform does not violate
or infringe upon the copyright, trademark, trade secret, patent or other proprietary or personal rights of any third party, including
without limitation, publicity and privacy rights, or defame any third party. Licensee represents and warrants: (a) Licensee has
the right to enter into this Agreement, is a limited liability entity duly organized, validly existing, and in good standing under
the laws of Thailand, and that it has the power and authority to execute and deliver this Agreement and perform its obligations
hereunder; and (b) the services performed by Licensee, including without limitation, sales, technical, and customer support services,
shall be performed with satisfactory skill and diligence and in accordance with generally accepted practices and standards of
companies providing similar services. OTHER THAN AS EXPRESSLY SPECIFIED IN THIS AGREEMENT, NEITHER PARTY MAKES ANY REPRESENTATIONS
OR WARRANTIES, INCLUDING BUT NOT LIMITED TO ANY EXPRESS OR IMPLIED WARRANTY OF MERCHANTABILITY, NONINFRINGEMENT, DESIGN, CONDITION,
AND/OR QUALITY. VITAXEL makes no representation or warranty that the Content may be used
for purposes of initiating unsolicited communications, whether via e-mail, facsimile, or telephonic means. Further, VITAXELMAKES
NO WARRANTY, GUARANTY, OR REPRESENTATION THAT THE PLATFORM OR ANY CONTENT PROVIDED TO LICENSEE WILL BE FREE FROM ERRORS OR THAT
ITS USE WILL BE UNINTERRUPTED OR ERROR-FREE OR MAKE ANY OTHER REPRESENTATIONS REGARDING THE USE, OR THE RESULTS OF THE USE, OF
SUCH LICENSOR CONTENT IN TERMS OF SUITABILITY FOR OPERATIONAL REQUIREMENTS, OR OTHERWISE. THE PLATFORM AND ALL CONTENT PROVIDED
HEREUNDER BY OR ON BEHALF OF VITAXEL IS PROVIDED ON AN “AS IS” BASIS.

 

		8.	Indemnification.

 

a.           Vitaxel
Indemnification. Vitaxel shall indemnify, defend and hold harmless Licensee, its parents, affiliates and subsidiaries, and
its and their officers, directors, shareholders, employees and agents, from and against any losses, claims, demands, actions,
suits, proceedings, judgments, awards, liabilities, costs and expenses (including reasonable attorneys’ fees), or liability
resulting from any third party claims against Licensee that the Platform, as originally delivered to Licensee and used by Licensee
solely as permitted by this Agreement, infringes any Chinese copyright, trademark, patent, or other intellectual property right.

 

b.           Licensee
Indemnification. Licensee shall indemnify, defend and hold harmless Vitaxel, its parents, affiliates and subsidiaries, and
its and their officers, directors, shareholders, employees and agents, from and against any losses, settlements, claims, actions,
suits, proceedings, judgments, awards, liabilities, costs and expenses (including reasonable attorneys’ fees) which arise
out of or as a result of any use of the Platform by Licensee hereunder in violation of this Agreement.

 

    	 	- 3 -	CONFIDENTIAL

     

    

 

c.           Indemnification
Procedure. Each party’s indemnification obligations hereunder shall be subject to: (i) the indemnified party’s
prompt notification to the indemnifying party with respect to the pertinent third party claims, although failure to provide such
notification shall not excuse the indemnifying party’s obligations hereunder except to the extent of any material prejudice
as a direct result of such failure; (ii) the indemnifying party’s sole control of the settlement or defense of the pertinent
third party claims, although the indemnifying party shall not, without the prior written approval of the indemnified party, settle
or dispose of any claims in a manner that adversely effects the indemnified party’s rights or interests without the indemnified
party’s prior written consent; and (iii) the indemnified party’s provision of reasonable assistance to the indemnifying
party in defending the claim. The indemnified party shall have the right to participate at its own expense in the defense of an
indemnified claim.

 

d.           Limitation
on Indemnity. Vitaxel’s indemnity set forth in Section 8(a) above will not extend to any third-party infringement claims
resulting, in whole or in part, from (i) any non-permitted modification of the Platform by Licensee, or persons acting under the
control or direction of Licensee, to the extent that such modification gives rise to the infringement claims, (ii) the use of
the Platform by Licensee in any manner or application for which the same were not designed to be used, or (iii) the use of the
Platform by Licensee to make unsolicited communications (including, without limitation, communications via e-mail, faxes, or telephone)
to third parties.

 

9.          Confidential
Information. Each party understands and agrees that in the performance of this Agreement it may have access to private or
confidential, non-public information of the other party, or the other party’s parent company, subsidiaries and affiliates,
and its and their customers and suppliers, including but not limited to, trade secrets, marketing and business plans, customer
information and technical specifications, transaction data and other sales information (the “Confidential Information”).
Each party agrees that: (1) all Confidential Information has be marked or otherwise identified as Confidential; (2) all Confidential
Information shall remain the exclusive property of the owner thereof; and (3) it shall maintain, and shall cause its employees,
subcontractors and other agents to maintain, the confidentiality and secrecy of the other party’s Confidential Information.
Notwithstanding the foregoing, Confidential Information shall not include any information to the extent it (i) is or becomes a
part of the public domain through no act or omission of the receiving party, (ii) is rightfully in the receiving party’s
possession, without obligation of confidentiality with respect thereto, prior to the disclosing party’s disclosure, (iii)
is lawfully disclosed to the receiving party by a third party having no obligation of confidentiality with respect thereto, (iv)
is independently developed without access or reference to, or use of, the disclosing party’s Confidential Information, (v)
is released from confidential treatment by written consent of the disclosing party thereof; or (vi) is required to be disclosed
by applicable law or by request from a governmental agency, provided that the receiving party gives the disclosing party prior
written notice of such disclosure such that the disclosing party can obtain an appropriate protective order or similar remedy
if it so desires. Neither party shall disclose the existence or terms of this Agreement to any third-party without written permission
of the other.

 

10.         Limitation
of Damages. NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY UNDER CONTRACT, NEGLIGENCE, STRICT LIABILITY OR OTHER LEGAL THEORY
FOR ANY SPECIAL, INDIRECT OR CONSEQUENTIAL, EXEMPLARY OR PUNITIVE DAMAGES ARISING OUT OF OR RELATED TO THIS AGREEMENT OR IN CONNECTION
WITH LICENSEE’S USE OF THE PLATFORM IN FURTHERANCE OF A PERMISSIBLE USE (EVEN IF IT HAS BEEN ADVISED OF THE POSSIBILITY
OF SUCH DAMAGES), INCLUDING BUT NOT LIMITED TO DAMAGES ARISING FROM LOSS OF BUSINESS, ANTICIPATED PROFITS OR REVENUE. IN NO EVENT
SHALL EITHER PARTY’S AGGREGATE LIABILITY ARISING FROM OR UNDER THIS AGREEMENT EXCEED THE TOTAL AMOUNT PAID OR PAYABLE BY
LICENSEE TO VITAXEL UNDER THIS AGREEMENT. THE LIMITATION OF LIABILITY IN THE PRECEDING SENTENCE SHALL NOT APPLY TO EACH PARTY’S
RESPECTIVE NON-DISCLOSURE OBLIGATIONS UNDER SECTION 9 OR TO DAMAGES ATTRIBUTABLE TO THE WILLFUL MISCONDUCT OF A PARTY, PROVIDED
THAT IN NO EVENT SHALL EITHER PARTY’S AGGREGATE LIABILITY ARISING FROM THE INDEMNIFICATION OBLIGATIONS OF SECTION 8 EXCEED
THE SUM OF $100,000.

 

    	 	- 4 -	CONFIDENTIAL

     

    

 

		11.	Term;
                                         Termination.

 

a.           Term.
The term of this Agreement shall commence on the Effective Date and shall continue for ten (10) years with a possibility of renewal
for another ten (10) years (the “Term”).

 

b.           Termination.
In addition to any rights set forth in this Agreement, Vitaxel may terminate this Agreement: (i) without cause; (ii) if Licensee
is in material breach of this Agreement and fails to cure such breach within ten (10) days after being notified, in writing, of
such breach, except in case of breach by Licensee of its obligation to pay applicable Fees, in which case Vitaxel shall be entitled
to terminate upon ten (10) days written notice; (iii) if Licensee files a petition in bankruptcy, or has such a petition filed
against it; or (iii) Licensee makes an assignment for the benefit of creditors, or if a receiver, trustee, custodian or similar
agent is appointed or takes possession of its assets. In the event Vitaxel fails to cure a material breach, or files a petition
of bankruptcy, or has such a petition filed against it, or makes an assignment for the benefit of creditors or if a receiver,
trustee, custodian or similar agent is appointed or takes possession of its assets, Licensee shall be entitled to terminate this
Agreement on ten (10) days written notice to Vitaxel.

 

c.           Effect
of Expiration or Termination.

 

i.            Upon
the expiration or earlier termination of this Agreement for any reason, Licensee shall immediately cease (a) operating the Vitaxel
Business; (b) using of the Platform, including without limitation any electronic databases, and return all documents, notes and
other tangible and intangible embodiments of or reflecting the Platform; (c) return all documents, notes and other tangible and
intangible embodiments of the other party’s Confidential Information.

 

ii.         Licensee
further agrees not to engage, start, or invest in a business competitive with Vitaxel in the Territory for three (3) years.

 

iii.         Vitaxel
reserves the right to remove any Users from the Platform without notice

 

d.           Survival
of Payment Obligations. Termination or expiration of this Agreement shall not affect the obligation of Licensee to pay all
amounts owing or to become owing pursuant to this Agreement.

 

		12.	Miscellaneous

 

a.           Notices.
All notices hereunder shall be in writing and shall be sent by certified mail, return receipt requested, or by overnight courier
service, to the address set forth below each party’s signature, or to such other addresses as may be stipulated in writing
by the parties pursuant hereto. Unless otherwise provided, notice shall be effective on the date it is officially recorded as
delivered by return receipt or equivalent.

 

    	 	- 5 -	CONFIDENTIAL

     

    

  

b.           Entire
Agreement; Amendment. This Agreement supersedes all prior agreements, arrangements and undertakings between the parties and
constitutes the entire agreement between the parties relating to the subject matter hereof. This Agreement may not be amended
except by written instrument executed by both parties.

 

c.           Language.
This Agreement has been prepared in English, and the English version thereof shall prevail even if a Chinese translation of
the Agreement may be prepared.

 

d.           Assignment.
Neither party shall assign this Agreement in whole or part without the prior written consent of the other party. Notwithstanding
the foregoing, Vitaxel’s rights and obligations under this Agreement may be assigned without the consent of the Licensee
in connection with a merger, reorganization or sale of all or substantially all of the assets or business to which this Agreement
relates.

 

e.           Force
Majeure. If either party is prevented from performing any of its duties and obligations hereunder (other than duties or obligations
with respect to payment) in a timely manner by reason of any act of God, strike, labor, dispute, flood, public disaster, equipment
or technical malfunctions or failures, power failures or interruptions or any other reason beyond its reasonable control, such
condition shall be deemed to be a valid excuse for delay of performance or for nonperformance of any such duty or obligation for
the period during which such conditions exists.

 

f.            Relationship
of the Parties. Notwithstanding anything to the contrary, this Agreement does not, and shall not be deemed to, constitute
a partnership or joint venture between the parties and neither party nor any of their respective directors, officers, employees
or agents shall, by virtue of the performance of their obligations under this Agreement, be deemed to be an agent or employee
of the other.

 

g.           Survival
of Certain Provisions. Notwithstanding the termination or expiration of this Agreement, the provisions of Sections 1, 2(c),
6, 7, 8, 9, 10(c), 10(d) and 11 shall survive and continue and shall bind the parties and their legal representatives, successors
and permitted assigns.

 

h.           No
Waiver. The waiver of any breach or failure of a term or condition of this Agreement by any party shall not be construed as
a waiver of any subsequent breach or failure of the same term or condition, or a waiver of any other breach or failure of a term
or condition of this Agreement.

 

i.            Governing
Law. This Agreement shall be governed by, and construed in accordance with, the laws of Malaysia. The parties hereto submit
to the exclusive jurisdiction of the courts located in Malaysia, for the purpose of resolving any dispute relating to the subject
matter of this Agreement or the relationship between the parties pursuant to this Agreement.

 

j.            Arbitration.
Prior to commencing any formal dispute resolution proceeding, at least senior executive having decision-making authority,
from each Party will meet, one or more times as is practical, to discuss and attempt to resolve the issue in good faith. Any decision
or resolution reached at these meetings will be final and binding on the parties once reduced to writing and signed by the Parties.
If, at the conclusion of these meetings, the Parties are unable to resolve their differences, then and only then, may a Party
commence an arbitration proceeding as set forth below. Any controversy, claim, or dispute arising out of or related to this Agreement
or the existence, interpretation, performance, or breach thereof, including but not limited to alleged violations of any laws
shall be resolved solely and exclusively by arbitration conducted in Malaysia, applying Malaysia law.

 

    	 	- 6 -	CONFIDENTIAL

     

    

 

k.          Announcements.
Licensee shall not issue any press releases or other public announcement or materials regarding this Agreement without the
prior written consent of Vitaxel in each instance.

 

l.            Counterparts;
Electronic Transmission. This Agreement may be executed in one or more counterparts, none of which need contain the signatures
of each of the parties and each of which shall be deemed an original. The parties may deliver executed signature pages to this
Agreement by electronic means, including facsimile or e-mail transmission. No party shall raise as a defense to the formation
or enforceability of this Agreement as a contract, and each party forever waives any such defense, either (i) the use of electronic
means to deliver a signature or (ii) the fact that any signature was signed and subsequently transmitted electronically, including
via facsimile or e-mail transmission.

 

WHEREFORE,
for the purpose of being bound, the parties execute this Agreement by their duly authorized representatives as of the date set
forth above.

 

	VITAXEL
    GROUP LIMITED	 	VITAXEL
    CORP (THAILAND) LTD

 

	By:  	/s/
    Dato Lim Hui Boon	 	By:  	/s/
    Kanya Phak Lim
	Name:	Dato Lim Hui Boon	 	Name:  	Kanya Phak Lim
	Title:	President	 	Title: 	Executive Director
	IC No.
    510821-07-5457	 	IC No.
    3620501191266

 

	Notice Address:	 	Notice Address:
	 	 	 
	Vitaxel
        Group Limited

        Wisma
        Ho Wah Genting, No. 35

        Jalan
        Maharajalela, 50150

        Kuala
        Lumpur, Malaysia
	 	Vitaxel
        Corp (Thailand)Ltd

        101/123-124,
        Sampeng 2 Center

        Kallapaphruek
        Road, Bangbon,

        10150
        Bangkok, Thailand

 

	Witness by,		Witness by,
	/s/ Yap Hui Ling		/s/ Lim Wai Khoohg
	Name: Yap Hui Ling	 	Name: Lim Wai Khoohg
	IC No. 760324-05-5334	 	IC No. 660204107015
	 	 	 

 

 

 

    	 	- 7 -	CONFIDENTIAL

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