Document:

EX-10.12

 Exhibit 10.12 

INDEMNITY AGREEMENT 
 THIS INDEMNITY
AGREEMENT (this “Agreement”) is made as of July 15, 2021, by and between Black Spade Acquisition Co, a Cayman Islands exempted company (the “Company”), and Wing Hong Sammy Hsieh
(“Indemnitee”). 
 RECITALS 

WHEREAS, highly competent persons have become more reluctant to serve publicly-held corporations as directors, officers or in other capacities unless
they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of such corporations; 

WHEREAS, the Board of Directors of the Company (the “Board”) has determined that, in order to attract and retain qualified
individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company and its Subsidiaries (as defined below) from certain liabilities; 

WHEREAS, while the Amended and Restated Memorandum and Articles of Association of the Company provide for the indemnification of the officers and
directors of the Company, Indemnitee may also be entitled to indemnification pursuant to applicable Cayman Islands law, and the Amended and Restated Memorandum and Articles of Association provide that the indemnification provisions set forth therein
are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the board of directors, officers and other persons with respect to indemnification, hold harmless, exoneration, advancement and
reimbursement rights; 
 WHEREAS, the uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and
retaining such persons; 
 WHEREAS, the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to
the best interests of the Company’s shareholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future; 

WHEREAS, it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, hold harmless, exonerate and to advance
expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so protected against liabilities; 

WHEREAS, this Agreement is a supplement to and in furtherance of the Amended and Restated Memorandum and Articles of Association of the Company and any
resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder; and 

 WHEREAS, Indemnitee may not be willing to serve as an officer or director without adequate
protection, and the Company desires Indemnitee to serve in such capacity, and Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Company on the condition that he or she be so indemnified. 

NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as
follows: 

  
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 TERMS AND CONDITIONS 

1. SERVICES TO THE COMPANY. In consideration of the Company’s covenants and obligations hereunder, Indemnitee will serve or continue to
serve as an officer, director, advisor, key employee or any other capacity of the Company, as applicable, for so long as Indemnitee is duly elected or appointed or retained or until Indemnitee tenders his or her resignation or until Indemnitee is
removed. The foregoing notwithstanding, this Agreement shall continue in full force and effect after Indemnitee has ceased to serve as a director, officer, advisor, key employee or in any other capacity of the Company, as provided in
Section 17. This Agreement, however, shall not impose any obligation on Indemnitee or the Company to continue Indemnitee’s service to the Company beyond any period otherwise required by law or by other agreements or commitments of the
parties, if any. 
 2. DEFINITIONS. As used in this Agreement: 

(a) References to “agent” shall mean any person who is or was a director, officer or employee of the Company or a Subsidiary of the
Company or other person authorized by the Company to act for the Company, to include such person serving in such capacity as a director, officer, employee, fiduciary or other official of another corporation, partnership, limited liability company,
joint venture, trust or other enterprise at the request of, for the convenience of, or to represent the interests of the Company or a Subsidiary of the Company. 

(b) The terms “Beneficial Owner” and “Beneficial Ownership” shall have the meanings set forth in Rule 13d-3 promulgated under the Exchange Act (as defined below) as in effect on the date hereof. 
 (c) “Cayman
Court” shall mean the courts of the Cayman Islands. 
 (d) A “Change in Control” shall be deemed to occur upon the
earliest to occur after the date of this Agreement of any of the following events: 
 (i) Acquisition of Shares by Third Party. Other than an
affiliate of Black Spade Sponsor LLC (the “Sponsor”), any Person (as defined below) is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing fifteen percent (15%) or more of the
combined voting power of the Company’s then outstanding securities entitled to vote generally in the election of directors, unless (1) the change in the relative Beneficial Ownership of the Company’s securities by any Person results
solely from a reduction in the aggregate number of outstanding shares of securities entitled to vote generally in the election of directors, or (2) such acquisition was approved in advance by the Continuing Directors (as defined below) and such
acquisition would not constitute a Change in Control under part (iii) of this definition; 
 (ii) Change in Board of Directors. Individuals who,
as of the date hereof, constitute the Board, and any new director whose election by the Board or nomination for election by the Company’s shareholders was approved by a vote of at least two thirds of the directors then still in office who were
directors on the date hereof or whose election for nomination for election was previously so approved (collectively, the “Continuing Directors”), cease for any reason to constitute at least a majority of the members of the
Board; 

  
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 (iii) Corporate Transactions. The effective date of a merger, share exchange, asset acquisition,
share purchase, reorganization or similar business combination, involving the Company and one or more businesses (a “Business Combination”), in each case, unless, following such Business Combination: (1) all or
substantially all of the individuals and entities who were the Beneficial Owners of securities entitled to vote generally in the election of directors immediately prior to such Business Combination beneficially own, directly or indirectly, more than
50% of the combined voting power of the then outstanding securities of the Company entitled to vote generally in the election of directors resulting from such Business Combination (including, without limitation, a corporation which as a result of
such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more Subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination,
of the securities entitled to vote generally in the election of directors; (2) other than an affiliate of the Sponsor, no Person (excluding any corporation resulting from such Business Combination) is the Beneficial Owner, directly or
indirectly, of 15% or more of the combined voting power of the then outstanding securities entitled to vote generally in the election of directors of the surviving corporation except to the extent that such ownership existed prior to the Business
Combination; and (3) at least a majority of the Board of Directors of the corporation resulting from such Business Combination were Continuing Directors at the time of the execution of the initial agreement, or of the action of the Board of
Directors, providing for such Business Combination; 
 (iv) Liquidation. The approval by the shareholders of the Company of a complete liquidation of
the Company or an agreement or series of agreements for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than factoring the Company’s current receivables or escrows due (or, if such approval
is not required, the decision by the Board to proceed with such a liquidation, sale, or disposition in one transaction or a series of related transactions); or 

(v) Other Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation
14A (or any successor rule) (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act (as defined below), whether or not the Company is then subject to such reporting requirement. 

(e) “Companies Law” shall mean the Companies Law (2020 Revision) of the Cayman Islands, as amended from time to time. 

(f) “Corporate Status” describes the status of a person who is or was a director, officer, trustee, general partner, manager, managing
member, fiduciary, employee or agent of the Company or of any other Enterprise (as defined below) which such person is or was serving at the request of the Company. 

  
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 (g) “Disinterested Director” shall mean a director of the Company who is not and was
not a party to the Proceeding (as defined below) in respect of which indemnification is sought by Indemnitee. 
 (h) “Enterprise”
shall mean the Company and any other corporation, constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger to which the Company (or any of its wholly owned Subsidiaries) is a party, limited liability
company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, officer, trustee, general partner, managing member, fiduciary, employee or
agent. 
 (i) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

(j) “Expenses” shall include all direct and indirect costs, fees and expenses of any type or nature whatsoever, including, without
limitation, all reasonable attorneys’ fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, fees of private investigators and professional advisors, duplicating costs, printing and binding
costs, telephone charges, postage, delivery service fees, fax transmission charges, secretarial services and all other disbursements, obligations or expenses in connection with prosecuting, defending, preparing to prosecute or defend, investigating,
being or preparing to be a witness in, settlement or appeal of, or otherwise participating in, a Proceeding (as defined below), including reasonable compensation for time spent by the Indemnitee for which he or she is not otherwise compensated by
the Company or any third party. Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding (as defined below), including without limitation the principal, premium, security for, and other costs relating
to any cost bond, supersedes bond, or other appeal bond or its equivalent. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee. 

(k) References to “fines” shall include any excise tax assessed on Indemnitee with respect to any employee benefit plan. 

(l) References to “serving at the request of the Company” shall include any service as a director, officer, employee, agent or fiduciary of
the Company or a Subsidiary of the Company which imposes duties on, or involves services by, such director, officer, employee, agent or fiduciary with respect to an employee benefit plan, its participants or beneficiaries; and if Indemnitee acted in
good faith and in a manner Indemnitee reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan, Indemnitee shall be deemed to have acted in a manner “not opposed to the best interests
of the Company” as referred to in this Agreement. 
 (m) “Independent Counsel” shall mean a law firm or a member of a law
firm with significant experience in matters of corporation law and that neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with
respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements); or (ii) any other party to the Proceeding (as defined below) giving rise to a claim for indemnification hereunder.
Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or
Indemnitee in an action to determine Indemnitee’s rights under this Agreement. 

  
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 (n) The term “Person” shall have the meaning as set forth in Sections 13(d) and
14(d) of the Exchange Act as in effect on the date hereof; provided, however, that “Person” shall exclude: (i) the Company; (ii) any Subsidiaries of the Company; (iii) any employment benefit plan of the Company or of a
Subsidiary (as defined below) of the Company or of any corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of shares of the Company; and (iv) any trustee or
other fiduciary holding securities under an employee benefit plan of the Company or of a Subsidiary (as defined below) of the Company or of a corporation owned directly or indirectly by the shareholders of the Company in substantially the same
proportions as their ownership of shares of the Company. 
 (o) The term “Proceeding” shall include any threatened, pending or
completed action, suit, arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought in the right of the Company or otherwise
and whether of a civil (including intentional or unintentional tort claims), criminal, administrative or investigative or related nature, in which Indemnitee was, is, will or might be involved as a party or otherwise by reason of the fact that
Indemnitee is or was a director or officer of the Company, by reason of any action (or failure to act) taken by him or her or of any action (or failure to act) on his or her part while acting as a director or officer of the Company, or by reason of
the fact that he or she is or was serving at the request of the Company as a director, officer, trustee, general partner, managing member, fiduciary, employee or agent of any other Enterprise, in each case whether or not serving in such capacity at
the time any liability or expense is incurred for which indemnification, reimbursement, or advancement of expenses can be provided under this Agreement. 

(p) The term “Subsidiary,” with respect to any Person, shall mean any corporation, limited liability company, partnership, joint
venture, trust or other entity of which a majority of the voting power of the voting equity securities or equity interest is owned, directly or indirectly, by that Person. 

3. INDEMNITY IN THIRD-PARTY PROCEEDINGS. To the fullest extent permitted by applicable law, the Company shall indemnify, hold harmless and
exonerate Indemnitee in accordance with the provisions of this Section 3 if Indemnitee was, is, or is threatened to be made, a party to or a participant (as a witness, deponent or otherwise) in any Proceeding, other than a Proceeding by or in
the right of the Company to procure a judgment in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this Section 3, Indemnitee shall be indemnified, held harmless and exonerated against all Expenses, judgments, liabilities,
fines, penalties and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties and amounts paid in settlement) actually, and
reasonably incurred by Indemnitee or on his or her behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best
interests of the Company and, in the case of a criminal Proceeding, had no reasonable cause to believe that his or her conduct was unlawful. 

  
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 4. INDEMNITY IN PROCEEDINGS BY OR IN THE RIGHT OF THE COMPANY. To the fullest extent permitted
by applicable law, the Company shall indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Section 4 if Indemnitee was, is, or is threatened to be made, a party to or a participant (as a witness, deponent
or otherwise) in any Proceeding by or in the right of the Company to procure a judgment in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this Section 4, Indemnitee shall be indemnified, held harmless and exonerated
against all Expenses actually and reasonably incurred by him or her on his or her behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he or she reasonably believed to be
in or not opposed to the best interests of the Company. No indemnification, hold harmless or exoneration for Expenses shall be made under this Section 4 in respect of any claim, issue or matter as to which Indemnitee shall have been finally
adjudged by a court to be liable to the Company, unless and only to the extent that any court in which the Proceeding was brought or the Cayman Court shall determine upon application that, despite the adjudication of liability but in view of all the
circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification, to be held harmless or to exoneration. 
 5.
INDEMNIFICATION FOR EXPENSES OF A PARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL. Notwithstanding any other provisions of this Agreement except for Section 27, to the extent that Indemnitee was or is, by reason of Indemnitee’s Corporate
Status, a party to (or a participant in) and is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part, the Company shall, to the fullest extent permitted by applicable law,
indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by him or her in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise,
as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably
incurred by him or her or on his or her behalf in connection with each successfully resolved claim, issue or matter. If Indemnitee is not wholly successful in such Proceeding, the Company also shall, to the fullest extent permitted by applicable
law, indemnify, hold harmless and exonerate Indemnitee against all Expenses reasonably incurred in connection with a claim, issue or matter related to any claim, issue, or matter on which Indemnitee was successful. For purposes of this Section and
without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 

  
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 6. INDEMNIFICATION FOR EXPENSES OF A WITNESS. Notwithstanding any other provision of this
Agreement except for Section 27, to the extent that Indemnitee is, by reason of his or her Corporate Status, a witness or deponent in any Proceeding to which Indemnitee was or is not a party or threatened to be made a party, he or she shall, to
the fullest extent permitted by applicable law, be indemnified, held harmless and exonerated against all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection therewith. 

7. ADDITIONAL INDEMNIFICATION, HOLD HARMLESS AND EXONERATION RIGHTS.  

(a) Notwithstanding any limitation in Sections 3, 4, or 5, except for Section 27, the Company shall, to the fullest extent permitted by applicable law,
indemnify, hold harmless and exonerate Indemnitee if Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against all Expenses,
judgments, fines, penalties and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties and amounts paid in settlement) actually
and reasonably incurred by Indemnitee in connection with the Proceeding. No indemnification, hold harmless or exoneration rights shall be available under this Section 7(a) on account of Indemnitee’s conduct which constitutes a breach of
Indemnitee’s duty of loyalty to the Company or its shareholders or is an act or omission not in good faith or which involves intentional misconduct or a knowing violation of the law. 

(b) Notwithstanding any limitation in Sections 3, 4, 5 or 7(a), except for Section 27, the Company shall, to the fullest extent permitted by applicable
law, indemnify, hold harmless and exonerate Indemnitee if Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against all Expenses,
judgments, fines, penalties and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties and amounts paid in settlement) actually
and reasonably incurred by Indemnitee in connection with the Proceeding. 
 8. CONTRIBUTION IN THE EVENT OF JOINT LIABILITY. 

(a) To the fullest extent permissible under applicable law, if the indemnification, hold harmless and/or exoneration rights provided for in this Agreement are
unavailable to Indemnitee in whole or in part for any reason whatsoever, the Company, in lieu of indemnifying, holding harmless or exonerating Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether for
judgments, liabilities, fines, penalties, amounts paid or to be paid in settlement and/or for Expenses, in connection with any Proceeding without requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any
right of contribution it may have at any time against Indemnitee. 

  
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 (b) The Company shall not enter into any settlement of any Proceeding in which the Company is jointly liable
with Indemnitee (or would be if joined in such Proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee. 

(c) The Company hereby agrees to fully indemnify, hold harmless and exonerate Indemnitee from any claims for contribution which may be brought by officers,
directors or employees of the Company other than Indemnitee who may be jointly liable with Indemnitee. 
 9. EXCLUSIONS. Notwithstanding any
provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnification, advance expenses, hold harmless or exoneration payment in connection with any claim made against Indemnitee: 

(a) for which payment has actually been received by or on behalf of Indemnitee under any insurance policy or other indemnity or advancement provision and
which payment has not subsequently been returned, except with respect to any excess beyond the amount actually received under any insurance policy, contract, agreement, other indemnity or advancement provision or otherwise; 

(b) for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of
Section 16(b) of the Exchange Act (or any successor rule) or similar provisions of state statutory law or common law; or 
 (c) except as otherwise
provided in Sections 14(f)-(g) hereof, prior to a Change in Control, in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against
the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Company provides the indemnification, hold harmless
or exoneration payment, in its sole discretion, pursuant to the powers vested in the Company under applicable law. 
 10. ADVANCES OF EXPENSES; DEFENSE
OF CLAIM. 
 (a) Notwithstanding any provision of this Agreement to the contrary except for Section 27, and to the fullest extent not prohibited by
applicable law, the Company shall pay the Expenses incurred by Indemnitee (or reasonably expected by Indemnitee to be incurred by Indemnitee within three months) in connection with any Proceeding within ten (10) days after the receipt by the
Company of a statement or statements requesting such advances from time to time, prior to the final disposition of any Proceeding. Advances shall, to the fullest extent permitted by law, be unsecured and interest free. Advances shall, to the fullest
extent permitted by law, be made without regard to Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s ultimate entitlement to be indemnified, held harmless or exonerated under the other provisions of this
Agreement. Advances shall include any and all reasonable Expenses incurred pursuing a Proceeding to enforce this right of advancement, including Expenses incurred preparing and forwarding statements to the Company to support the advances claimed. To
the fullest extent required by applicable law, such payments of Expenses in advance of the final disposition of the Proceeding shall be made only upon the Company’s receipt of an undertaking, by or on behalf of Indemnitee, to repay the advanced
amounts to the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified by the Company under the provisions of this Agreement, the Amended and Restated Memorandum and Articles of Association, applicable law or
otherwise. This Section 10(a) shall not apply to any claim made by Indemnitee for which an indemnification, hold harmless or exoneration payment is excluded pursuant to Section 9. 

  
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 (b) The Company will be entitled to participate in the Proceeding at its own expense. 

(c) The Company shall not settle any action, claim or Proceeding (in whole or in part) which would impose any Expense, judgment, fine, penalty or limitation
on Indemnitee without Indemnitee’s prior written consent. 
 11. PROCEDURE FOR NOTIFICATION AND APPLICATION FOR INDEMNIFICATION. 

(a) Indemnitee agrees to notify promptly the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or
other document relating to any Proceeding, claim, issue or matter therein which may be subject to indemnification, hold harmless or exoneration rights, or advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company
shall not relieve the Company of any obligation which it may have to Indemnitee under this Agreement, or otherwise. 
 (b) Indemnitee may deliver to the
Company a written application to indemnify, hold harmless or exonerate Indemnitee in accordance with this Agreement. Such application(s) may be delivered from time to time and at such time(s) as Indemnitee deems appropriate in his or her sole
discretion. Following such a written application for indemnification by Indemnitee, Indemnitee’s entitlement to indemnification shall be determined according to Section 12(a) of this Agreement. 

12. PROCEDURE UPON APPLICATION FOR INDEMNIFICATION. 
 (a)
A determination, if required by applicable law, with respect to Indemnitee’s entitlement to indemnification shall be made in the specific case by one of the following methods, which shall be at the election of Indemnitee: (i) by a majority
vote of the Disinterested Directors, even though less than a quorum of the Board, (ii) by a committee of such directors designated by majority vote of such directors, (iii) if there are no Disinterested Directors or if such directors so
direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee, or (iv) by vote of the shareholders. The Company promptly will advise Indemnitee in writing with respect to any determination
that Indemnitee is or is not entitled to indemnification, including a description of any reason or basis for which indemnification has been denied. If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be
made within ten (10) days after such determination. Indemnitee shall reasonably cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such
person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination.
Any costs or Expenses (including reasonable attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the
determination as to Indemnitee’s entitlement to indemnification) and the Company hereby agrees to indemnify and to hold Indemnitee harmless therefrom. 

  
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 (b) In the event the determination of entitlement to indemnification is to be made by Independent Counsel
pursuant to Section 12(a) hereof, the Independent Counsel shall be selected as provided in this Section 12(b). The Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the
Board), and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected and certifying that the Independent Counsel so selected meets the requirements of “Independent Counsel” as
defined in Section 2 of this Agreement. If the Independent Counsel is selected by the Board, the Company shall give written notice to Indemnitee advising him or her of the identity of the Independent Counsel so selected and certifying that the
Independent Counsel so selected meets the requirements of “Independent Counsel” as defined in Section 2 of this Agreement. In either event, Indemnitee or the Company, as the case may be, may, within ten (10) days after such
written notice of selection shall have been received, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent
Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 2 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and
timely objection, the person so selected shall act as Independent Counsel. If such written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn
or a court of competent jurisdiction has determined that such objection is without merit. If, within twenty (20) days after submission by Indemnitee of a written request for indemnification pursuant to Section 11(b) hereof, no Independent
Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition the Cayman Court for resolution of any objection which shall have been made by the Company or Indemnitee to the other’s selection of Independent
Counsel and/or for the appointment as Independent Counsel of a person selected by the Cayman Court, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section
(a) hereof. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 14(a) of this Agreement, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to
the applicable standards of professional conduct then prevailing). 

  
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 (c) The Company agrees to pay the reasonable fees and expenses of Independent Counsel and to fully indemnify
and hold harmless such Independent Counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto. 

13. PRESUMPTIONS AND EFFECT OF CERTAIN PROCEEDINGS. 
 (a)
In making a determination with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted
a request for indemnification in accordance with Section 11(b) of this Agreement, and the Company shall have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination
contrary to that presumption. Neither the failure of the Company (including by the Disinterested Directors or Independent Counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification
is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including by the Disinterested Directors or Independent Counsel) that Indemnitee has not met such applicable
standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct. 
 (b) If the
person, persons or entity empowered or selected under Section 12 of this Agreement to determine whether Indemnitee is entitled to indemnification shall not have made a determination within thirty (30) days after receipt by the Company of
the request therefor, the requisite determination of entitlement to indemnification shall, to the fullest extent permitted by law, be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement
by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a final judicial determination that any or
all such indemnification is expressly prohibited under applicable law; provided, however, that such 30-day period may be extended for a reasonable time, not to exceed an additional fifteen (15) days, if
the person, persons or entity making the determination with respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating thereto. 

(c) The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo
contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a
manner which he or she reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his or her conduct was unlawful. 

  
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 (d) For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith
if Indemnitee’s action is based on the records or books of account of the Enterprise, including financial statements, or on information supplied to Indemnitee by the directors, manager, or officers of the Enterprise in the course of their
duties, or on the advice of legal counsel for the Enterprise, its Board, any committee of the Board or any director, trustee, general partner, manager or managing member, or on information or records given or reports made to the Enterprise, its
Board, any committee of the Board or any director, trustee, general partner, manager or managing member, by an independent certified public accountant or by an appraiser or other expert selected by the Enterprise, its Board, any committee of the
Board or any director, trustee, general partner, manager or managing member. The provisions of this Section 13(d) shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed or found to
have met the applicable standard of conduct set forth in this Agreement. 
 (e) The knowledge and/or actions, or failure to act, of any other director,
officer, trustee, partner, manager, managing member, fiduciary, agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. 

14. REMEDIES OF INDEMNITEE. 
 (a) In the event that
(i) a determination is made pursuant to Section 12 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses, to the fullest extent permitted by applicable law, is not
timely made pursuant to Section 10 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 12(a) of this Agreement within thirty (30) days after receipt by the Company
of the request for indemnification, (iv) payment of indemnification is not made pursuant to Section 5, 6, 7 or the last sentence of Section 12(a) of this Agreement within ten (10) days after receipt by the Company of a written
request therefor, (v) a contribution payment is not made in a timely manner pursuant to Section 8 of this Agreement, (vi) payment of indemnification pursuant to Section 3 or 4 of this Agreement is not made within ten
(10) days after a determination has been made that Indemnitee is entitled to indemnification, or (vii) payment to Indemnitee pursuant to any hold harmless or exoneration rights under this Agreement or otherwise is not made in accordance
with this Agreement, Indemnitee shall be entitled to an adjudication by the Cayman Court to such indemnification, hold harmless, exoneration, contribution or advancement rights. Alternatively, Indemnitee, at his or her option, may seek an award in
arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Except as set forth herein, the provisions of Cayman Islands law (without regard to its conflict of laws rules)
shall apply to any such arbitration. The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration. 
 (b) In
the event that a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 14 shall be
conducted in all respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination. 

  
 13 

 (c) In any judicial proceeding or arbitration commenced pursuant to this Section 14, Indemnitee shall
be presumed to be entitled to be indemnified, held harmless, exonerated to receive advancement of Expenses under this Agreement and the Company shall have the burden of proving Indemnitee is not entitled to be indemnified, held harmless, exonerated
and to receive advancement of Expenses, as the case may be, and the Company may not refer to or introduce into evidence any determination pursuant to Section 12(a) of this Agreement adverse to Indemnitee for any purpose. If Indemnitee commences
a judicial proceeding or arbitration pursuant to this Section 14, Indemnitee shall not be required to reimburse the Company for any advances pursuant to Section 10 until a final determination is made with respect to Indemnitee’s
entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed). 
 (d) If a determination shall have been made pursuant to
Section 12(a) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 14, absent (i) a
misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such
indemnification under applicable law. 
 (e) The Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to
this Section 14 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement.

 (f) The Company shall indemnify and hold harmless Indemnitee to the fullest extent permitted by law against all Expenses and, if requested by Indemnitee,
shall (within ten (10) days after the Company’s receipt of such written request) pay to Indemnitee, to the fullest extent permitted by applicable law, such Expenses which are incurred by Indemnitee in connection with any judicial
proceeding or arbitration brought by Indemnitee: (i) to enforce his or her rights under, or to recover damages for breach of, this Agreement or any other indemnification, hold harmless, exoneration, advancement or contribution agreement or
provision of the Amended and Restated Memorandum and Articles of Association, or the Bylaws now or hereafter in effect; or (ii) for recovery or advances under any insurance policy maintained by any person for the benefit of Indemnitee,
regardless of the outcome and whether Indemnitee ultimately is determined to be entitled to such indemnification, hold harmless or exoneration right, advancement, contribution or insurance recovery, as the case may be (unless such judicial
proceeding or arbitration was not brought by Indemnitee in good faith). 

  
 14 

 (g) Interest shall be paid by the Company to Indemnitee at the legal rate under New York law for amounts
which the Company indemnifies, holds harmless or exonerates, or advances, or is obliged to indemnify, hold harmless or exonerate or advance for the period commencing with the date on which Indemnitee requests indemnification, to be held harmless,
exonerated, contribution, reimbursement or advancement of any Expenses and ending with the date on which such payment is made to Indemnitee by the Company. 

15. SECURITY. Notwithstanding anything herein to the contrary, except for Section 27, to the extent requested by Indemnitee and approved by
the Board, the Company may at any time and from time to time provide security to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral. Any such security, once provided
to Indemnitee, may not be revoked or released without the prior written consent of Indemnitee. 
 16.
NON-EXCLUSIVITY; SURVIVAL OF RIGHTS; INSURANCE; SUBROGATION. 
 (a) The rights of Indemnitee as provided by this
Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Amended and Restated Memorandum and Articles of Association, any agreement, a vote of shareholders or a resolution
of directors, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any Proceeding (regardless of when such Proceeding is
first threatened, commenced or completed) or claim, issue or matter therein arising out of, or related to, any action taken or omitted by such Indemnitee in his or her Corporate Status prior to such amendment, alteration or repeal. To the extent
that a change in applicable law, whether by statute or judicial decision, permits greater indemnification, hold harmless or exoneration rights or advancement of Expenses than would be afforded currently under the Amended and Restated Memorandum and
Articles of Association or this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any
other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or
remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy. 
 (b) The Companies Law and the
Amended and Restated Memorandum and Articles of Association permit the Company to purchase and maintain insurance or furnish similar protection or make other arrangements including, but not limited to, providing a trust fund, letter of credit, or
surety bond (“Indemnification Arrangements”) on behalf of Indemnitee against any liability asserted against him or her or incurred by or on behalf of him or her or in such capacity as a director, officer, employee or agent of
the Company, or arising out of his or her status as such, whether or not the Company would have the power to indemnify him or her against such liability under the provisions of this Agreement or under the Companies Law, as it may then be in effect.
The purchase, establishment, and maintenance of any such Indemnification Arrangement shall not in any way limit or affect the rights and obligations of the Company or of Indemnitee under this Agreement except as expressly provided herein, and the
execution and delivery of this Agreement by the Company and Indemnitee shall not in any way limit or affect the rights and obligations of the Company or the other party or parties thereto under any such Indemnification Arrangement. 

  
 15 

 (c) To the extent that the Company maintains an insurance policy or policies providing liability insurance
for directors, officers, trustees, partners, managers, managing members, fiduciaries, employees, or agents of the Company or of any other Enterprise which such person serves at the request of the Company, Indemnitee shall be covered by such policy
or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director, officer, trustee, partner, managers, managing member, fiduciary, employee or agent under such policy or policies. If, at the
time the Company receives notice from any source of a Proceeding as to which Indemnitee is a party or a participant (as a witness, deponent or otherwise), the Company has director and officer liability insurance in effect, the Company shall give
prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all
amounts payable as a result of such Proceeding in accordance with the terms of such policies. 
 (d) In the event of any payment under this Agreement, the
Company, to the fullest extent permitted by law, shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, including with respect to any insurance. The Indemnitee shall execute all papers required and take all
action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights. No such payment by the Company shall be deemed to relieve any insurer of its obligations. 

(e) The Company’s obligation to indemnify, hold harmless, exonerate or advance Expenses hereunder to Indemnitee who is or was serving at the request of
the Company as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent of any other Enterprise shall be reduced by any amount Indemnitee has actually received as indemnification, hold harmless or exoneration
payments or advancement of expenses from such Enterprise. Notwithstanding any other provision of this Agreement to the contrary except for Section 27, (i) Indemnitee shall have no obligation to reduce, offset, allocate, pursue or apportion any
indemnification, hold harmless, exoneration, advancement, contribution or insurance coverage among multiple parties possessing such duties to Indemnitee prior to the Company’s satisfaction and performance of all its obligations under this
Agreement, and (ii) the Company shall perform fully its obligations under this Agreement without regard to whether Indemnitee holds, may pursue or has pursued any indemnification, advancement, hold harmless, exoneration, contribution or
insurance coverage rights against any person or entity other than the Company. 
 (f) Notwithstanding anything contained herein, the Company is the primary
indemnitor, and any indemnification or advancement obligation of the Sponsor or its affiliates is secondary. 

  
 16 

 17. DURATION OF AGREEMENT. All agreements and obligations of the Company contained herein
shall continue during the period Indemnitee serves as a director or officer of the Company or as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent of any other corporation, partnership, joint venture,
trust, employee benefit plan or other Enterprise which Indemnitee serves at the request of the Company and shall continue thereafter so long as Indemnitee shall be subject to any possible Proceeding (including any rights of appeal thereto and any
Proceeding commenced by Indemnitee pursuant to Section 14 of this Agreement) by reason of his or her Corporate Status, whether or not he or she is acting in any such capacity at the time any liability or expense is incurred for which
indemnification or advancement can be provided under this Agreement. 
 18. SEVERABILITY. If any provision or provisions of this Agreement
shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any Section, paragraph
or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the
fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest
extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself
invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby. 
 19. ENFORCEMENT AND BINDING EFFECT.

 (a) The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to
induce Indemnitee to serve as a director, officer or key employee of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director, officer or key employee of the Company. 

(b) Without limiting any of the rights of Indemnitee under the Amended and Restated Memorandum and Articles of Association of the Company as they may be
amended from time to time, this Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties
hereto with respect to the subject matter hereof. 

  
 17 

 (c) The indemnification, hold harmless, exoneration and advancement of expenses rights provided by or
granted pursuant to this Agreement shall be binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or
substantially all of the business and/or assets of the Company), shall continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of the Company or a director, officer, trustee, general partner, manager, managing
member, fiduciary, employee or agent of any other Enterprise at the Company’s request, and shall inure to the benefit of Indemnitee and his or her spouse, assigns, heirs, devisees, executors and administrators and other legal representatives.

 (d) The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially
all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that
the Company would be required to perform if no such succession had taken place. 
 (e) The Company and Indemnitee agree herein that a monetary remedy for
breach of this Agreement, at some later date, may be inadequate, impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto agree that Indemnitee may, to the
fullest extent permitted by law, enforce this Agreement by seeking, among other things, injunctive relief and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief
and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which he or she may be entitled. The Company and Indemnitee further agree that Indemnitee shall, to the fullest extent permitted by law, be
entitled to such specific performance and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds or other undertaking in connection therewith. The Company
acknowledges that in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a court of competent jurisdiction, Company hereby waives any such requirement of such a bond or undertaking to the fullest extent permitted by law.

 20. MODIFICATION AND WAIVER. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the
Company and Indemnitee. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement nor shall any waiver constitute a continuing waiver. 

21. NOTICES. All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been
duly given (i) if delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, or (ii) mailed by certified or registered mail with postage prepaid, on the third (3rd) business day
after the date on which it is so mailed: 
 (a) If to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as
Indemnitee shall provide in writing to the Company. 
 (b) If to the Company, to: 

Black Spade Acquisition Co 

  
 18 

 Appleby Global Services (Cayman) Limited, 71 Fort Street, PO Box 500, Grand Cayman, 

Cayman Islands, KY1-1106 

Attention: Chi Wai Dennis Tam 
 With a copy, which shall not
constitute notice, to 
 Davis Polk & Wardwell LLP 

18th Floor, The Hong Kong Club Building 
 3A Chater Road, Central,
Hong Kong 
 Attn: James C. Lin, Esq. 
 or to any other address
as may have been furnished to Indemnitee in writing by the Company. 
 22. APPLICABLE LAW AND CONSENT TO JURISDICTION. This Agreement and the
legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of New York, without regard to its conflict of laws rules. Except with respect to any arbitration commenced by Indemnitee
pursuant to Section 14(a) of this Agreement, to the fullest extent permitted by law, the Company and Indemnitee hereby irrevocably and unconditionally: (a) agree that any action or proceeding arising out of or in connection with this
Agreement shall be brought only in the Cayman Court and not in any other state or federal court in the United States of America or any court in any other country; (b) consent to submit to the exclusive jurisdiction of the Cayman Court for
purposes of any action or proceeding arising out of or in connection with this Agreement; (c) waive any objection to the laying of venue of any such action or proceeding in the Cayman Court; and (d) waive, and agree not to plead or to
make, any claim that any such action or proceeding brought in the Cayman Court has been brought in an improper or inconvenient forum, or is subject (in whole or in part) to a jury trial. To the fullest extent permitted by law, the parties hereby
agree that the mailing of process and other papers in connection with any such action or proceeding in the manner provided by Section 21 or in such other manner as may be permitted by law, shall be valid and sufficient service thereof. 

23. IDENTICAL COUNTERPARTS. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of
which together shall constitute one instrument. Delivery of this Agreement by one party to the other may be made by facsimile, electronic mail (including any electronic signature complying with the New York Electronic Signatures and Records Act
(N.Y. State Tech. §§ 301-309), as amended from time to time, or other applicable law) or other transmission method, and the parties hereto agree that any counterpart so delivered shall be deemed to
have been duly and validly delivered and be valid and effective for all purposes. 
 24. MISCELLANEOUS. Use of the masculine pronoun shall be
deemed to include usage of the feminine pronoun where appropriate. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.

  
 19 

 25. PERIOD OF LIMITATIONS. No legal action shall be brought and no cause of action shall be
asserted by or in the right of the Company against Indemnitee, Indemnitee’s spouse, heirs, executors or personal or legal representatives after the expiration of two years from the date of accrual of such cause of action, and any claim or cause
of action of the Company shall be extinguished and deemed released unless asserted by the timely filing of a legal action within such two-year period; provided, however, that if any shorter period of
limitations is otherwise applicable to any such cause of action such shorter period shall govern. 
 26. ADDITIONAL ACTS. If for the
validation of any of the provisions in this Agreement any act, resolution, approval or other procedure is required to the fullest extent permitted by law, the Company undertakes to cause such act, resolution, approval or other procedure to be
affected or adopted in a manner that will enable the Company to fulfill its obligations under this Agreement. 
 27. WAIVER OF CLAIMS TO TRUST
ACCOUNT. Indemnitee hereby agrees that he or she does not have any right, title, interest or claim of any kind (each, a “Claim”) in or to any monies in the trust account established in connection with the Company’s
initial public offering for the benefit of the Company and holders of shares issued in such offering, and hereby waives any Claim he or she may have in the future as a result of, or arising out of, any services provided to the Company and will not
seek recourse against such trust account for any reason whatsoever. Accordingly, Indemnitee acknowledges and agrees that any indemnification provided hereto will only be able to be satisfied by the Company if (i) the Company has sufficient
funds outside of the trust account to satisfy its obligations hereunder or (ii) the Company consummates an initial business combination. 
 28.
MAINTENANCE OF INSURANCE. The Company shall use commercially reasonable efforts to obtain and maintain in effect during the entire period for which the Company is obligated to indemnify the Indemnitee under this Agreement, one or more
policies of insurance with reputable insurance companies to provide the officers/directors of the Company with coverage for losses from wrongful acts and omissions and to ensure the Company’s performance of its indemnification obligations under
this Agreement. The Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director or officer under such policy or policies. In all such insurance
policies, the Indemnitee shall be named as an insured in such a manner as to provide the Indemnitee with the same rights and benefits as are accorded to the most favorably insured of the Company’s directors and officers. 

[Signature Page Follows] 

  
 20 

 IN WITNESS WHEREOF, the parties hereto have caused this Indemnity Agreement to be signed as of the
day and year first above written. 
  

			
	 Black Spade Acquisition Co

		
	By:	 	 /s/ Dennis Tam

		 	 Name: Dennis Tam

		 	 Title: Director

  

	
	 INDEMNITEE

	
	 /s/ Wing Hong Sammy Hsieh

	 Name: Wing Hong Sammy Hsieh

	
	 Address for notices:

  
 [Signature
page—Indemnity Agreement]Exhibit
10.1

 

 

FOMO
CORP (OTC: FOMC)

BOARD
OF DIRECTORS

and

SHAREHOLDER
CONFERENCE

 

Meeting
Minutes Transcript

Conference
Date: Wednesday, July 16, 2021 @ 1:00 PM ET

Location:
Zoom

 

DISCLAIMER:

 

THE
FOLLOWING IS THE OUTPUT OF TRANSCRIBING FROM AN AUDIO RECORDING. ALTHOUGH THE TRANSCRIPTION IS LARGELY ACCURATE, IN SOME CASES IT IS
INCOMPLETE OR INACCURATE DUE TO INAUDIBLE PASSAGES OR TRANSCRIPTION ERRORS. IT IS POSTED AS AN AID TO UNDERSTANDING THE PROCEEDINGS AT
THE MEETING. MANY FACTORS CAN CONTRIBUTE OR ADVERSELY IMPACT THE QUALITY OF THIS TRANSCRIPTION. THIS TRANSCRIPTION SHOULD NOT BE TREATED
AS AN AUTHORITATIVE RECORD. INSTEAD, THIS TRANSCRIPT SHOULD BE USED AS A REFERENCE. THI TRANSCRIPT SHOULD BE READ BY REFERING TO THE
FOMO CORP BUSINESS INCUBATION & ACCELERATION, SHAREHOLDER MEETING DECK DATED JULY 16, 2021, AND FILED WITH THE SECURITIES AND EXCHANGE
CORPORATION (SEC) IN THE FORM OF 8-K ON JULY 16, 2021.

 

CORPORATE:

 

FOMO CORP.

 

Energy Intelligence Center, LLC. (EIC) [FOMO Subsidiary]

IAQ Technologies, LLC. (p/k/a Purge Virus, LLC.) (IAQ Tech) [FOMO Subsidiary]

KANAB CORP. (Kanab Club) [FOMO Subsidiary]

 

PARTICIPANTS:

 

Vikram Grover, President & CEO, FOMO CORP.

Charlie Szoradi, LEED AP, CTO EIC and IAQ Tech.

Mary Kirk, VP of Operations and Controller, EIC and IAQ Tech.

John Conklin, Chief Executive Operating Officer, EIC and IAQ Tech

Dilip Limaye, Owner, Online Energy Manager, LLC

 

Speaker
1 (00:01):

 

[inaudible
00:00:01].

 

Vik
Grover (00:06):

 

Hey,
good afternoon. This is Vik Grover, President and CEO of FOMO CORP. I’m calling to order our annual shareholders meeting. [inaudible
00:00:16] accompanied by some of our advisory board members and employees. [inaudible 00:00:21] Dilip Limaye of Online Energy Manager
LLC. Across the table from me are John Conklin, our Chief Executive Operating Officer of our subsidiaries, [inaudible 00:00:33] Center
and Purge Virus. Mary Kirk, who runs finance for those businesses and Charlie Szoradi, our CTO and founder. All right. So the meeting
is officially called to order.

 

Vik
Grover (00:46):

 

Our
first order of business is to appoint members to our board of directors. In no certain order, we will be appointing, subject to their
acceptance of mutually agreeable directors and officers insurance to be provided by the company. We will be appointing Charlie Szoradi,
John Conklin, Dilip Limaye and Shamira Jaffer to the board of directors who will come [inaudible 00:01:18] as chairman of the board.

 

Vik
Grover (01:20):

 

The
vote for these directors is the same, so I’m not going to read it five times, or four times rather. They have a total common shares
of 5,852,611,492, preferred A votes of 287,500,000, preferred B votes potentially of 5,143,315,000, and preferred C share votes of 100
billion. There were a total potential votes available for these corporate actions of 111,283,426,492. A total of 102,088,815,000 votes
were cast in favor of these four appointments. All these motions have passed have been approved by the [inaudible 00:02:21].

 

    	 

    	FOMO CORP (OTC: FOMC)
Board Of Directors and Shareholder Conference
Meeting Minutes Transcript
	 
Wednesday, July 16, 2021
Page 2 of 16

    

 

Vik
Grover (02:20):

 

That
was our primary corporate action for this meeting. And now, we’d like to give an update to shareholders based on our progress at
[inaudible 00:02:35]. This slide share has been filed under Form 8-K with the SEC on or around 11:30 Eastern [inaudible 00:02:44] 2021.
First, I’d like to read the [inaudible 00:02:53] statement. All the information presented herein with respect to the existing and
future business and historical operating results of FOMO CORP, and [inaudible 00:03:04] as to future operations including the possible
acquisition of companies that are subject to the letters of intent, based on materials prepared by the company’s management and
involves significant subjective judgment and analysis which may or may not be correct.

 

Vik
Grover (03:19):

 

Information
provided herein is believed to be accurate and reliable. The company makes no representations or warranties, expressed or implied, as
to the accuracy or completeness [inaudible 00:03:28]. Nothing contained herein is or should be relied upon as a promise or representation
as to the future, particularly with respect to the possible acquisition of companies that are subject to the letters of intent, which
are subject to our due diligence and a definitive signed agreement between the responsible parties, of which there are no assurances
will be successful. No information in this presentation should be construed as any indication whatsoever of the company’s future
revenues, operating results, [inaudible 00:03:57] stock price.

 

Vik
Grover (04:02):

 

Moving
to slide three, there’s a brief table of contents. We’ll talk about the background of the company, our structures, some of
our operations and the improvements we’ve made to our processes, sales projections, M&A, fundraising, and capital structure.
[inaudible 00:04:20].

 

Vik
Grover (04:21):

 

Moving
on to the overview, this is something that most of our investors probably know, but we’re going to go through the [inaudible 00:04:28]
background nonetheless. FOMO CORP is a successor to a blank check IPO that was formed in February of 1990. The company at that time was
called [K7 00:04:37]. And it’s relevant because special purpose acquisition company stocks have been all the rage of Wall Street
in the last 12 to 18 months. So our company actually was one of the original SPACs. It was reorganized in 2014 with a reverse merger
of a company called 2050 Motors that has an electric vehicle strategy that failed. The [inaudible 00:05:03] company went delinquent,
brought in new management, including myself. We repositioned the company as a technology incubator over the last [inaudible 00:05:12],
and we retired all default debt, civil litigation, acquired businesses and assets, including Purge Virus, in October of 2020, and Independence
LED and Energy Intelligence Center subsequent [inaudible 00:05:29] at the spring of 2021. And we renamed the company FOMO CORP after
a lengthy review with [inaudible 00:05:35].

 

    	 

    	FOMO CORP (OTC: FOMC)
Board Of Directors and Shareholder Conference
Meeting Minutes Transcript
	 
Wednesday, July 16, 2021
Page 3 of 16

    

 

Vik
Grover (05:35):

 

All
of our acquisitions have been done in restricted preferred B shares, and this is an important point given a lot of misinformation that’s
been distributed to our investors. This was not a reverse merger. We took the company over two years ago. We did not buy the shell, and
we did not issue any free trading [inaudible 00:05:59] affiliates, insiders or third parties.

 

Vik
Grover (06:05):

 

I’m
going to hand the slide five, the next few slides off to John Conklin, who will give an overview of [inaudible 00:06:11] operations.

 

John
Conklin (06:16):

 

Thank
you, Vik. Okay. So regarding the structure of the subsidiaries, which are three, energy and ... I’m sorry, Energy Intelligence
Center is one. The other is Independence LED and Purge Virus. Independence LED and Energy Intelligence Center has been pooled into one
single operating company, which is now Energy Intelligence Center. So all the business, the assets, the cash flow for ILED and EIC will
be channeled through the new Energy Intelligence Center. Purge Virus is structured as a company to provide, in broad focus, healthy buildings
by providing air treatment and pathogen disinfection. Company now is IAQ technologies, LLC. And so there will be a new logo change, but
the function of the company as it was, Purge Virus, continues, but in a much broader capacity under the theme of healthy and efficient
buildings. Go to the next slide.

 

Vik
Grover (07:42):

 

[inaudible
00:07:42], they got screwed up [inaudible 00:07:48]. So [inaudible 00:07:54] kind of a practice run [inaudible 00:07:54].

 

John
Conklin (07:55):

 

Okay.
So what we’re going to talk about now is from the operations perspective. Since I have come on board, we’ve done a number
of internal measures, which include operations and controls. And the theme of all of the Operations Control is on engineered solutions
to energy efficient and healthy buildings. And our whole objective there is to broaden our partners, our strategic teams and companies
that we work with to provide bankable energy solutions to companies, developers, and building owners. Our focus is on big picture objectives,
which what we’ve done is we structured leadership, and we’ve done that by enhancing the individual’s responsibilities
in key areas that bring them the strength.

 

John
Conklin (08:47):

 

So
Mary Kirk, who was introduced earlier, remains Vice President of Operations and Finance, integral to our team, Charlie and his knowledge
and understanding of technology, energy efficiency, is at the CTO focusing on those technologies and innovations, and my focus is to
work with Mary and Charlie while focusing on improving operations. And so basically, the two companies, again, Energy Intelligence Center
and IAQ Technologies is been integrated for cross-functional operations of both companies. So both companies will be working with one
another on a collaboration platform to share assets, and to be able to grow both companies as the two teams work together.

 

    	 

    	FOMO CORP (OTC: FOMC)
Board Of Directors and Shareholder Conference
Meeting Minutes Transcript
	 
Wednesday, July 16, 2021
Page 4 of 16

    

 

John
Conklin (09:41):

 

We’ve
developed financial models for operations, product sales and marketing, and we’re building customer relationships based on the
collaboration platform. So our business sales and marketing are all based on new communication channels, which we’ve been working
on over the past month or so.

 

John
Conklin (09:59):

 

We’ve
established a new procurement powerhouse which allows us to build in an RFP process so that the sales representatives that are in the
field collect information regarding a particular project, brings that into Mary, Charlie and I. Typically, Mary and I run point through
the RFP process. We’ve got it structured in such a way that the sales rep is pulled in towards the end of the RFP review and submittal
process to work on margins, and then we’re off to submittals.

 

John
Conklin (10:32):

 

Basically,
one important aspect of our focus on big picture objectives is strengthening relationships with internal and external shareholders. Obviously,
the internal shareholders or stakeholders are us as a team and our sales representatives, and I’ll talk about the sales reps in
a minute, and then the external stakeholders is everybody that we’re either working with on a project or contemplated project.
And so all those relationships we want to strengthen as we build the business.

 

John
Conklin (11:05):

 

We
want to ensure that our value missions and plan for short long term goals align with the board of directors and the shareholders, and
they build and improved new alliances with partnerships and other companies. And one of the important ways that we’re doing this
is through enhancing employees communication. Next slide.

 

John
Conklin (11:27):

 

Basically,
our sales execution is expanded. We had six individuals on our sales platform just a couple of weeks ago, we’re now up to nine.
We have sales representatives in the northeast United States, the North Midwest US in Florida. We’re also have coverage now in
countries of North Africa, and the Gulf Cooperation Council, and those countries include Algeria, Egypt, Libya, Morocco, Sudan, Tunisia,
and Western Sahara, along with Saudi Arabia, the UAE, Omen, Iran, Kuwait, and Qatar, and we’re expanding into new US and global
markets as well. Our focus, again, on big picture objectives, we’re planning on hiring a new national director of sales, and expanding
our sales regions so that the individuals in key areas will become regional directors and build a sales team below them, and this growth
is reflected into the cash flow pro forma, which we’ll talk about in a little while.

 

John
Conklin (12:33):

 

Of
course, enhancing our procurement process is key to this growth. And so we can establish new and stronger value for future sales. And
then the other element of what we’ve been working on for operations is we will soon see new and improved company websites for EIC
and IAQ technologies, and we’ll give you an announcement on when those new websites are active. And our plan right now is to keep
Purge Virus operating in parallel with the development of the new IAQ technologies as we build out that particular website. And then
we’ll transition into parallel operations and then phase out of Purge Virus as we provide directly to IAQ technologies, and then
IAQ technologies will be up and running on itself.

 

    	 

    	FOMO CORP (OTC: FOMC)
Board Of Directors and Shareholder Conference
Meeting Minutes Transcript
	 
Wednesday, July 16, 2021
Page 5 of 16

    

 

John
Conklin (13:21):

 

So
that’s it for our operations which we’ve been working on in the past month and a half or so. And with that, I’ll turn
it back to Vik for the next slide.

 

Vik
Grover (13:37):

 

Okay.
Well, actually, I’m going to hand it right back off to Charlie Szoradi who has a couple of slides about the [inaudible 00:13:44]
marketplace opportunities. [inaudible 00:13:46]-

 

Charlie
Szoradi (14:07):

 

Mute.
There it goes.

 

Speaker
4 (14:09):

 

[inaudible
00:14:09].

 

Charlie
Szoradi (14:10):

 

[inaudible
00:14:10]. So I’ll speak to the first slide, which is the marketplace opportunity for the indoor air quality. We had all hoped,
in the United States and around the world, that COVID-19 last spring was going to come and go much more quickly than it has, but the
variants and these mutations have really persisted. So this map, which has the southern smile all the way across to California, shows
from the end of last month that we have real issues at hand now. And these red states are the ones that have the higher COVID-19 infection
levels than the others, the orange is the ones that are increasing, the yellow is flat and the light blue is the decrease with only the
darker blue as the strong decrease.

 

Charlie
Szoradi (14:58):

 

What
it means is we’re not out of the woods. And it turns out with this delta variant that it looks like it’s accounting now,
according to the World Health Organization, for 58% of the US infections, and it looks like that it has been detected in more than 100
countries. So we now have a challenge for ongoing indoor air quality, not just to address COVID-19 and its variants, but also the growing
concern that there is a need, at a systemic level, to have healthier indoor air, the way we have healthier indoor water. Like we expect
the water to come out of the taps clean, we should expect the air to come out of the ducts in our HVAC systems that is clean.

 

Charlie
Szoradi (15:41):

 

So
it could be some of the lemonade that comes out of the COVID lemons is a new set of standards not only to address the Delta variant and
the other variants that are threatening life and health and safety in the United States, but also ongoing, healthier buildings for respiratory
diseases, the asthmas, the allergens that can be improved when it comes to reducing cost of health care in the United States.

 

Charlie
Szoradi (16:11):

 

These
states that are going to be a focus for us for Purge Virus and the new IAQ tech business start with California, move across to Arizona,
which all of these red states, Texas, which has the largest increase now, Oklahoma, and then really across as we go from Arkansas into
then Alabama, from the Florida tip all the way up through to Georgia, South Carolina, North Carolina, Virginia, and then also our neighboring
state of Ohio, where we’re here in Pennsylvania, not quite out of the woods, but seeing a decrease. But we’re not just focused
at a national level, on a blanket of business development. We are starting to look at more of a laser focus on where we can help, for
example, the schools in the state of Alabama, where we can help do things in the areas that need the most disinfection the quickest.
Okay, let’s go on to the next slide.

 

    	 

    	FOMO CORP (OTC: FOMC)
Board Of Directors and Shareholder Conference
Meeting Minutes Transcript
	 
Wednesday, July 16, 2021
Page 6 of 16

    

 

Charlie
Szoradi (17:16):

 

This
is about the marketplace opportunities for energy efficiency, and what’s very interesting here is they’re basically two paths.
So we can look at the private sector, and we can look at the public sector with the federal government here in the United States. The
private sector includes now some momentum, and this is towards energy efficiency relative to costs for saving money, and also environmental
stewardship. Certain businesses want to focus on saving the money, others may have governance. Could be a board resolution to reach a
sustainability level, there could be penalties that come out of certain bureaus. Could be the Department of some energy and agriculture
is trying to create efficiency on the public sector, but it could be the board resolution is deciding that they want to have a sustainability
level because the mayor of New York is going to impose penalties for certain levels of consumption of kilowatt hours.

 

Charlie
Szoradi (18:16):

 

Now,
what this all means is we have to watch the climate, record breaking heat waves and the cyber-attacks on the fuel infrastructure. So
here’s the latest statistics. 15 states across the country, Arizona, California, Colorado, Connecticut, Idaho, Maine, Massachusetts,
Montana, Nevada, New Hampshire, Oregon, Rhode Island, Utah, Washington State and Wyoming have hit with record heat in these heat waves.
And those exceptional heat waves have made June 2021 the hottest June on record, according to the US National Oceanic and Atmospheric
Administration, NOAA. No joking around. So, science is there, the cyber-attacks that have impacted the fuel supply chain are real, the
infrastructure is vulnerable, and some of these companies are focused on resiliency. And that resiliency is about not being beholden
to what happens outside of their control. Meaning if the grid is shut down, and the fuel can’t come, then they can’t put
their people to work, they can’t deliver their services and their products.

 

Charlie
Szoradi (19:32):

 

So
now climate change is real, and we are here to help with all kinds of technologies in our ecosystem that start with algorithmic software
for HVAC, include the family of renewables with solar and other sources, and also include energy saving lighting in some of the core
blocking and tackling that we’ve done for many years.

 

Charlie
Szoradi (19:54):

 

Now,
with the federal government, there’s also some incentives and these are initiative with the expected American infrastructure plan,
and the American families plan. So the Biden administration has lead on this. We’re expecting lots of complexity in terms of how
they’re going to navigate a bipartisan bill that’s going to get passed, but there is some confidence that momentum will carry
the day. To give you an idea from the initial Biden plan for the infrastructure and utilities, [inaudible 00:20:25] component of it,
the child care facilities in the United States were slated to receive 25 billion. Well, a portion of that includes upgrading the buildings,
but also creating efficiencies while you’re upgrading the buildings. Public schools 100 billion, affordable housing 213 billion,
community colleges 12 billion, federal buildings $10 billion to upgrade these buildings.

 

    	 

    	FOMO CORP (OTC: FOMC)
Board Of Directors and Shareholder Conference
Meeting Minutes Transcript
	 
Wednesday, July 16, 2021
Page 7 of 16

    

 

Charlie
Szoradi (20:53):

 

Well,
under the census, the latest census, there were 3.4 billion square feet of federal real estate within the 87 billion square feet of non-residential
across the United States. They haven’t changed all the lights. In many of these buildings, they have not done the easiest things.
Within the Obama administration, there was a lot of focus on renewables. The LED lights were still very new and were much more expensive.
Within the Trump administration, there wasn’t a big focus on lighting and some of the lower hanging fruit for efficiencies. And
now, there’s a moment in time with this Biden and hopefully bipartisan money to really help improve these buildings. We’ve
done work with the Durham Medical Center and veteran hospitals have slated 18 billion in funding for upgrading infrastructure. We also
had one contract to do the work for Walter Reed National Military Medical Center, and I can tell you that the momentum is with us on
the federal side. The electric and clean energy budget alone is 100 billion. These all add up to the numbers I’ve rattled off.
$478 billion is potentially on the table for us to be able to help the federal government improve their infrastructure and reduce taxpayer
costs.

 

Charlie
Szoradi (22:15):

 

So
the combination of the private sector momentum, with the heat wave and the awareness that like this is real, because when it’s
hotter, the energy bills go up, which means saving every dollar has a higher return on their investment. And within that federal government,
we’re going to see how it unfolds. But regardless of infrastructure, the lights need to be changed. And we can see with the Buy
American Act, since we have the BAA compliance with our independence LED product line now rolled into the energy Intelligence Center,
the way to give the yes answer when the contractors ask if the product that we make meets that compliance. It’s 50% or more domestic
components, and it is substantial transformation of materials to meet that DAA compliance. We were one of the very first with independence
to do it back in 2010 and ‘11, having moved manufacturing from Shenzhen, China here to southeastern Pennsylvania. And we have the
10 year warranty, one of the strongest leading warranties and the VAA compliance in the entire US market. So we’re looking forward
to both private sector and public sector work for energy efficiency. I’ll turn it over to Vik again.

 

Vik
Grover (23:35):

 

Thank
you, Charlie. [inaudible 00:23:37] this sound here [inaudible 00:23:40]. I think I’ll handle this John. Maybe next time we’ll
[inaudible 00:23:52] for it, but I’ve asked John Conklin and his team, including Mary, to prepare a budget. If you can see on slide
10, our [inaudible 00:24:01] is expecting relatively strong growth that will come out of this public company turnaround. We are now completing
an integration and turnaround of our three businesses. And with access to capital, which we will talk about shortly, we are expecting
a very strong growth off of our relatively low base for 2022, which is really I think, what people should look forward to. We’re
modeling Energy Intelligence Center and IAQ technologies roughly 10 million our top line. At that level, the company will be [inaudible
00:24:40].

 

Vik
Grover (24:40):

 

I’ve
also asked the audience to look at the long term margin [inaudible 00:24:47] as any company should strive for at this early [inaudible
00:24:52] model, and the margins are very [inaudible 00:24:57] margins of roughly [inaudible 00:24:59]. Again, these numbers are really
just for our existing businesses and [inaudible 00:25:07].

 

    	 

    	FOMO CORP (OTC: FOMC)
Board Of Directors and Shareholder Conference
Meeting Minutes Transcript
	 
Wednesday, July 16, 2021
Page 8 of 16

    

 

Vik
Grover (25:10):

 

On
business development, we’ve got a lot going on. I listed a few here for you with our team’s input. John and I spent the day
visiting a provider of robotic services. In the disinfection space, they have a new product, but they also have a strong operation with
[inaudible 00:25:34] presence working with the giant in the corporate space, [inaudible 00:25:40]. But in this [inaudible 00:25:42] space,
they’re a new entrant. So we’re in discussions with this provider [inaudible 00:25:47] in K12 education, manufacturing and
other [inaudible 00:25:52].

 

Vik
Grover (25:53):

 

And
of course, we’re still talking to SmartGuard and some other partners. And so this is in process of development. [inaudible 00:26:04]
quality, I don’t think I need to discuss that. Charlie just [inaudible 00:26:07] that very, very thoroughly. With Charlie’s
background in independent [inaudible 00:26:15] lights and his relationship with [inaudible 00:26:18] for our board meeting, not board
meeting, our shareholder meeting, we’re in discussions with the Agrarian Group for a joint venture or partnership type of arrangement
[inaudible 00:26:30] for indoor farming. [inaudible 00:26:34] proposals have been circulated with some of the powers that be in the government.

 

Vik
Grover (26:40):

 

And
last but not least, we’re aggressively working in the energy efficiency as a service space. With Online Energy Manager LLC, which
is owned by Dilip Limaye, who is on our board, and some of his sales channels partners are in direct discussion with John and his team.

 

Vik
Grover (27:03):

 

On
slide 12, mergers and acquisitions, I think for some of the investors, this is the elephant in the room. [inaudible 00:27:10] the slide,
we are currently in definitive agreements to acquire or invest in three companies, LED [inaudible 00:27:21], Lux Solutions to be known
as SmartGuard Energy. That definitive agreement was signed in April. It’s a combination of restricted B stock, cash and seller
notes. We have submitted a relatively thorough due diligence request list which is being responded to, and we are in discussions with
auditors and valuation experts on [inaudible 00:27:47] action.

 

Vik
Grover (27:49):

 

A
brief update. Could have made a whole slide on SmartGuard, but one of the major developments for SmartGuard is that one of their major
markets, at least on the LED funding side, [inaudible 00:28:03] Puerto Rico, and that literally reopened from a lockdown on July 5th.
They have a relatively large project, a series of projects with the government, and [inaudible 00:28:15]. So we’re getting close
to game time in Puerto Rico for SmartGuard. So we have a lot of optimism there. And with regard to Lux Solutions, they continue to do
business [inaudible 00:28:29] large, high profile customers in the hospitality space.

 

    	 

    	FOMO CORP (OTC: FOMC)
Board Of Directors and Shareholder Conference
Meeting Minutes Transcript
	 
Wednesday, July 16, 2021
Page 9 of 16

    

 

Vik
Grover (28:33):

 

Last
but not least, we are analyzing and discussing to move forward on investment in some of our [inaudible 00:28:41] business to test the
market in [inaudible 00:28:42] relationships. With the government and with some maintenance and janitorial [inaudible 00:28:48]. The
next two targets are not under a letter of intent or a definitive agreement, but we are in discussions with their bankers, one I’m
very excited ... Well, I’m excited about both, but I’m very excited about the second entity here, a multi-disciplinary organization
[inaudible 00:29:05]. It’s a profitable company, relatively small by most buyers’ perspective, but for us, it’s large
and it’s very strategic because they manage 150 million square feet of commercial real estate space, for various projects such
as fire suppression systems, energy audits and [inaudible 00:29:26], and that gives us an obvious [inaudible 00:29:30] for existing companies
[inaudible 00:29:32], not to mention the fact that it is nicely [inaudible 00:29:36], not a venture backed company. So we’re optimistic
we’ll move forward.

 

Vik
Grover (29:43):

 

Third
company is a low voltage contracting firm involved in security services [inaudible 00:29:49] in the northeast. Again, one owner looking
to sell, nicely profitable and it would add some low voltage installation capabilities, and also possibly is a model that we could cookie
cutter to other [inaudible 00:30:03]. If I could close this slide by saying that we’re disappointed, we could not move forward
on Ecolight and the HVAC transactions that were signed as letters of intent. Without adding any color, we just could not complete due
diligence, but there were no material disagreements with [inaudible 00:30:25] parties, and we remain friendly in partnership terms with
the companies. As a matter of fact, last night, I had the pleasure of having dinner with one of the owners, and we’re looking forward
to a continued relationship.

 

Vik
Grover (30:41):

 

Slide
13 on the fundraising, we filed an S-1 on June 22nd and it was declared effective yesterday morning, July 15th. It actually, technically
was July 14th [inaudible 00:30:55]. But on around the morning of the 15th, it went effective. This registers two billion shares at a
rate down as follows. 1.5 billion at 002 and 500 million warrants, if exercised, at 004. One investor is involved in the transaction.
They have existing money and restricted securities with FOMO. They have a long term relationship with us, and this actually is a relationship
originally introduced to me by a dear friend of mine and business associate from Wall Street.

 

Vik
Grover (31:34):

 

This
last part of this slide is really important. This company in its turnaround was suffocating under toxic financing, where the lenders
converted at their will and literally drove the stock down. [inaudible 00:31:49] allows us to control the funding, and we can put stock
to the fund by contract [inaudible 00:31:56] registered. We do not have to sell all these shares, although our goal is to finance the
company and [inaudible 00:32:02] growth, but they cannot force us to sell to them. So it’s a game changer in terms of the funding
capabilities of this company. I can also tell you that this morning, I spent an hour on the phone with a very large family office with
just under a billion under management that has invested in companies in this space, and they are very interested in supporting some or
all of our transactions that we just discussed.

 

    	 

    	FOMO CORP (OTC: FOMC)
Board Of Directors and Shareholder Conference
Meeting Minutes Transcript
	 
Wednesday, July 16, 2021
Page 10 of 16

    

 

Vik
Grover (32:33):

 

Slide
14, we financed these acquisitions and some of the services that we’ve obtained through restricted Series B convertible stock.
So unlike a lot of these reverse mergers that you may see, [inaudible 00:32:49] again, we were not a reverse merger. We have not diluted
the shareholders by billions of shares handing them out like mad men. It’s been a very controlled process. All of the stock is
effectively locked up. [inaudible 00:33:01] first time that we hope to move up to the NASDAQ next year, and we would expect [inaudible
00:33:07]. But to put the pen to paper, you can see our fully diluted shares are roughly 12 and a half billion. That’s our market
cap, give or take where the stocks trading of about $12.5 billion. I would point out on this slide, I did not include the warrants and
options as part of that 12.5 billion number because the stock is below where most of those options exercise.

 

Vik
Grover (33:32):

 

On
slide 15 is something that probably a lot of the investors are scratching their head about or they’re not even aware of it. We
were approached by lenders that also approached us for this vehicle, and they asked us to see if we could save another public company.
The new SEC rules for form 15 companies that require them to become, if not fully reporting with the SEC, at least alternative reporting
[inaudible 00:34:05] or they will be effectively delisted. If not delisted, they will lose their [inaudible 00:34:12] quotations, which
has the same outcome. It effectively [inaudible 00:34:16] the companies. So, the SEC is basically cleansing the market of non-reporting
companies. I’m sure many people in this audience have seen companies that don’t report [inaudible 00:34:26] and you wonder
how they still trade. Well, the SEC is finally getting rid of them.

 

Vik
Grover (34:31):

 

We
raised, literally in two weeks, we raised $125,000, got rid of two of the lenders, brought the company current with the Secretary of
State of Nevada for three years of delinquency, paid the annual dues, settled with the transfer agent, settled with the filing agent,
hired lawyers to win a lawsuit brought by a third party that wanted control. We amended the articles to increase the shares, changed
the name of the company to reflect what I thought was a slick [inaudible 00:35:01] Himalaya Technologies instead of [inaudible 00:35:05]
business name.

 

Vik
Grover (35:08):

 

We
also ran this whole process through FOMO CORP, and this is important because I’ve seen some misinformation on the street that somehow
there is some kind of stock play here [inaudible 00:35:20] FOMO shareholders holding a bag of some sort. FOMO was issued 100 million
[inaudible 00:35:27] shares for this cleanup. And so FOMO CORP can now call Himalayan technologies a majority owned subsidiary. We intend
to file form 10 by the end of this month and become a fully SEC reporting company. That’s a lot of work to do in two weeks. It
leverages as all of the cleanup that took two years at FOMO CORP. And so we will now certainly own a fully reporting SEC company, which
we intend to use for similar incubation investments, but with more of a focus on the internet space. We have not completed the sale of
the Kanab Club internet site through this vehicle. However, it’s under review, and I’ll probably have to retain an independent
[inaudible 00:36:10] vetted by an independent party.

 

    	 

    	FOMO CORP (OTC: FOMC)
Board Of Directors and Shareholder Conference
Meeting Minutes Transcript
	 
Wednesday, July 16, 2021
Page 11 of 16

    

 

Vik
Grover (36:17):

 

We’ve
made offers to license or acquire companies in the sports betting market. A video application provider, think of a TikTok, that creates
some short form videos and others. And probably the greatest opportunity here is to partner with a recently added Advisory Board Member
Shamira Jaffer, who owns Signifi Solutions to filter CBD cannabis advertising and vending business [inaudible 00:36:50]. This is actually
a transaction I worked on 10 years ago as a banker, and it was not ready for [inaudible 00:36:55]. Today, she’s doing substantial
revenues with some of the largest internet retailers and real world retailers in the world. [inaudible 00:37:05] names begin with A,
B and [inaudible 00:37:09] very large companies. So this is a potential explosive relationship. Although like FOMO, this public company
has less than 80 million shares. So [inaudible 00:37:19] upside [inaudible 00:37:22].

 

Vik
Grover (37:27):

 

All
right. So in summary, FOMO CORP has completed a vast turnaround over the past few years. We’ve brought the company current. We
got rid of the bankruptcy threat. We got rid of litigation. [inaudible 00:37:35] not easy, certainly not fun. This company has gone through
a very lengthy FINRA review and now an SEC approval of a form S-1. So when you look at the stock price, I challenge you to find a fully
reporting audited company that can claim this. We’ve completed some tuck in strategic acquisitions that were relatively early stage
and needed some cleanup and operational excellence which we are providing. Now that we are raising capital, we can focus on incubating
additional companies. Some of them we’ve already partnered with. In fact, we’re at one of them, those offices right now at
Work [Merch 00:38:21]. So we can now start to focus on what we really want to do, which is grow companies, instead of putting out fires
and cleaning up businesses.

 

Vik
Grover (38:29):

 

Today,
we announced the appointment of several professionals to the board of directors. We welcome them to help me take this to the next level
and [inaudible 00:38:40] proper governance, which at the end, sets us up to uplist this stock if not by the end of this year, sometime
in early 2022, probably to the NASDAQ, but at least to the OTCQB, which will give us greater transparency and liquidity with investors.
And with that, our presentation is complete, and we’ll call for questions before we close [inaudible 00:39:06].

 

Speaker
6 (39:06):

 

[inaudible
00:39:06]. What is the [inaudible 00:39:06] HMLA? How [inaudible 00:39:19] other than the fact that [inaudible 00:39:21]. How does it
affect [inaudible 00:39:28]?

 

Vik
Grover (39:34):

 

Well,
HMLA. Well, the obvious ownership will ascribe value. I don’t believe that the Kanab Club was getting any value whatsoever in FOMO.
In fact, we didn’t even, quite frankly, have it on our website. We basically just ran it as a side project. This allows us to use
stock to buy other companies or invest in other companies. It allows us to raise money in that vehicle for internet businesses. I don’t
have to go to SmartGuard, for example, or even Charlie or John and say, “Hey. I want to dilute and raise 500 grand for the internet.”
[inaudible 00:40:16] wanting $500,000 to invest in the Dilip’s energy business [inaudible 00:40:22].

 

    	 

    	FOMO CORP (OTC: FOMC)
Board Of Directors and Shareholder Conference
Meeting Minutes Transcript
	 
Wednesday, July 16, 2021
Page 12 of 16

    

 

Vik
Grover (40:22):

 

So
there was a mismatch between fighting for capital, that this ... It frees HMLA or the internet business to do what it wants. The second
thing is it really doesn’t make sense to have a cannabis type of business involved in a company that’s pitching [inaudible
00:40:39]. There was no way to reconcile that. If it was an information portal for graphene battery technology or electric vehicles,
maybe it could have stuck there. It didn’t make sense. That vehicle was opportunistic. The SEC is basically holding a gun to thousands
of these companies and saying, “You’re dead.” And so lender said, “Hey, can you fix it?”

 

Vik
Grover (41:04):

 

Kanab
Club probably isn’t ready to be necessarily part of its own public company. It’s early. It’s the guts of a social network.
Free is free, and we were given a vehicle that I saw a very easy path to get a [inaudible 00:41:16]. FOMO was a complete mess. It was
a mess. There was a lot of problems with this company and we fixed [inaudible 00:41:26] at great [inaudible 00:41:27], great expense.
This one’s easy. [inaudible 00:41:29] have a current in a couple of weeks, with almost no shares. I don’t know if I answered
your question, but that’s [inaudible 00:41:38].

 

Speaker
7 (41:39):

 

[inaudible
00:41:39] backwards, how does it affect the stock price of FOMO? That’s what they’re asking me. And I like to go back to,
“Yeah, it’s going to [inaudible 00:41:47], other than the fact that we’re at 100 million shares. I think that’s
[inaudible 00:41:51] 50 and 50, 50 for your [inaudible 00:41:54] for [inaudible 00:41:56], or is it going to be-

 

Vik
Grover (41:57):

 

Yeah,
that’s it. Well, no, there could be more shares. If a valuation expert comes back and says, “Hey, in this market, can I Kanab
Club’s worth $5 million,” well, then there’s going to be more considerations. I can’t make that decision because
I’m the CEO of both. So we’ll have to hire somebody to do it.

 

Speaker
7 (42:13):

 

Correct.

 

Vik
Grover (42:14):

 

But
[inaudible 00:42:14] I think it’s worth more than [inaudible 00:42:19]. We’re going to find out. When it’s current,
that’s one big step. That will change things. It’s a deregistered stock. To be honest, I’m actually scratching my head
how it’s even free, but that’s for somebody else to [inaudible 00:42:34]. So I think when it gets current, we’ll see
what it does. I can go to Shamira with this ecommerce advertising platform for her vending machines, and say, “Look. Here’s
a pure vehicle for you to put your investment into, or to do cannabis vending machines,” not flower, I’m talking to gummy
bears and whatnot. But it’s much easier to pitch a pure play cannabis, internet, omnichannel type of story than saying, “Hey,
here’s Purge Virus and all this.” You got to understand that too. But if it gets current and the stock goes up big, it will
have to reflect in [inaudible 00:43:18] at some point.

 

    	 

    	FOMO CORP (OTC: FOMC)
Board Of Directors and Shareholder Conference
Meeting Minutes Transcript
	 
Wednesday, July 16, 2021
Page 13 of 16

    

 

Vik
Grover (43:23):

 

I
just looked at FOMO at two tenths of [inaudible 00:43:24], but I didn’t see it getting any value at all for Kanab Club. In some
respects, I have made the argument Kanab Club could support the whole market cap of the company if it’s done right. It needs real
money. That’s a business that needs investment. Serious investments require customers and [inaudible 00:43:44] platform to do the
iOS and Android apps. So we’ll see. The jury’s out. It was opportunistic. I haven’t done it yet. We haven’t done
the sale of Kanab Club yet. So if we look at it, and it doesn’t make sense, then we won’t do it. We’ll [inaudible 00:44:02]
something else. So [inaudible 00:44:07].

 

Speaker
8 (44:10):

 

How
[inaudible 00:44:10] revenue?

 

Vik
Grover (44:14):

 

Right
now, there’s no revenue. Right now-

 

Speaker
8 (44:15):

 

What
is the projection on how that’s going to happen?

 

Vik
Grover (44:19):

 

Well,
it’s your typical internet model. You need to get traffic and then put in the advertising and the monetization. Right now, what
we wrote in it with the programmers [inaudible 00:44:31]. They took a little bit of it, and the rest, they basically out. So it’s
been completely rewritten. So I don’t know if you’ve used it but it works flawlessly as a ... It’s basically a super
messaging platform. It needs the guts of a messaging platform, and now we need to layer on to it ... It should be done today, as a matter
of fact. They didn’t announce it, but we have paid for the development of an outreach referral engine. So when you sign up, they’ll
give you, “Here’s 10 passes. Refer your buddies from Discord,” or whoever. And there’ll be a way to do that in
the site. So that should help it go viral.

 

Vik
Grover (45:11):

 

I
wanted to do it so that you can just invite everybody you know on Twitter and Facebook and whatnot [inaudible 00:45:15] about it. People
probably don’t want to invite all their friends to the [inaudible 00:45:19]. It’s just going to be [inaudible 00:45:21],
and it will keep track of your successful referrals and you’ll still getting points, kind of like Delta miles in a away or something
like that.

 

Vik
Grover (45:34):

 

Ultimately,
I’d like to have some kind of crypto token, which will be some kind of currency you can use. It may just be as simple as credits
you can use on an ecommerce purchase on site, but it maybe other things. I haven’t decided yet. Now, obviously, we’ll do
an ecommerce page. I don’t envision us selling our own branded stuff [inaudible 00:45:58], but yeah, I know, but we would certainly
have an API for, let’s say, [Twelve 00:46:04] Davis. He’s an NFL player. He’s got a CBD business, and he wants to sell
the [inaudible 00:46:08] on our site. Well, [inaudible 00:46:09] or some kind of ... This is going to require some legal review but is
it certified that it doesn’t have 0.3% THC that is really, it’s not a drug, it’s just a [inaudible 00:46:25].

 

    	 

    	FOMO CORP (OTC: FOMC)
Board Of Directors and Shareholder Conference
Meeting Minutes Transcript
	 
Wednesday, July 16, 2021
Page 14 of 16

    

 

Vik
Grover (46:24):

 

There
are all the things we’re going to go through. It’s not going to be a cheap process. We’re going to get lawyers to look
at this, and then you got to look state by state. I want to do a dating app. I think that these match.com type companies are literally
.... I want to use my words very carefully because sometimes, [inaudible 00:46:46] on the internet. I think that there’s a price
umbrella that is outrageous, and there’s a quality of their services and their introductions that they make to customers are about
as low as you can get. There’s a lot of fraud, a lot of scams, a lot of fake profiles. I think they never delete accounts so that
they have the facade of having tens of millions of people on their databases. I would argue probably a tiny percent are active. I think
there’s even a chance that some of these people are [inaudible 00:47:18].

 

Vik
Grover (47:18):

 

So
I don’t see any reason why we can’t come out with an advertising driven dating site for some minimal annual fee, 99 cents
a year [inaudible 00:47:31] so we can verify you’re real. But I think you get a lot of [inaudible 00:47:33]. So that could be a
revenue driver. And you may, if you have a freemium internet property, might be able to upsell them to 999 a year or 99 cents a month
so you don’t see ads. We have to look at all that.

 

Speaker
8 (47:49):

 

That’s
the future. That’s [MLA 00:47:50], right?

 

Vik
Grover (47:52):

 

Well,
yeah, but also if we can convince Shamira to put in automated vending, then all bets are off, and it’s not just about [inaudible
00:47:59]. Now you have CBD advertising on automated retail machines, and I can’t name the mall operator, but it’s one of
the largest premier mall operators in the United States that you [inaudible 00:48:12]. So this is all preliminary. I don’t want
people to shout and say this is ... But these are things that we could not discuss while John and Charlie are fixing the [inaudible 00:48:26]
or Dilip and his sales channel are pitching how has it been in New York City to let us manage the chiller plants that say, “Oh,
by the way, we’ve got a cannabis site.” It just didn’t make sense.

 

Vik
Grover (48:41):

 

Now,
ultimately, if we’re successful, my definition of success is [inaudible 00:48:47], you get some kid, a 30-year-old or a 35-year-old
whiz kid that wants to build it up [inaudible 00:48:57], and we don’t want to be funding it. Let it fund itself and it could be
.... This was my vision of FOMO in the beginning was build companies up, spin them out, let them go. So this is our first test of it.
It’s not the classic textbook spin out. It’s just again, it’s a vehicle. It’s [inaudible 00:49:19] to basically
do [inaudible 00:49:19] public entity to do it.

 

Vik
Grover (52:00):

 

I
will say that SOS [inaudible 00:52:07] question because I know a lot of investors want to hear what’s going on with the quorum
and whatnot, and I’m not in the trenches and [inaudible 00:52:14].

 

Charlie
Szoradi (52:15):

 

After
coming back from Alabama, so I was at that nurse conference, the Alabama Association of nurses-

 

    	 

    	FOMO CORP (OTC: FOMC)
Board Of Directors and Shareholder Conference
Meeting Minutes Transcript
	 
Wednesday, July 16, 2021
Page 15 of 16

    

 

Vik
Grover (52:21):

 

[inaudible
00:52:21] your mic.

 

Charlie
Szoradi (52:22):

 

Now,
I’ve unmuted it. I came back from the Alabama Association of Nurses Conference, and I can tell you that the confusion in the marketplace
slows down the adoption of the technology. So what happens with safely opening schools is they have the portal, which has been built
out and the following conference was with the superintendents. So, then the follow-up became meeting with those superintendents, including
one of the major counties, that has some of the largest footprint of the individual schools that has now asked for the comparison of
the disinfection in the rooms with portable devices versus the breakdown of all the math in the ceiling, HVAC ductwork.

 

Charlie
Szoradi (53:03):

 

So
now the pushback is can we get quickly the size, the cubic feet per minute, of the HVAC units called air handling units? HVAC is complicated
enough for true disinfection. You need to have the dosage set with time intensity and distance. So the ultraviolet lamps need to go into
the air handling units, AAQs, and we take what is the tonnage. The typical average is about 400 CFM per ton. If they know the CFM, we
have volume of air flow. That’s great. If they don’t, we can calculate it. But we need the size of the plenum. The plenum
is what feeds the air to through trunk duct. Width, height, and the length along the direction of the airflow lets us determine the air
velocity. Then we can determine the number of LED basically or ultraviolet through a ... It’s a Mercury based phosphorus system
that can basically irradiate the pathogens, including COVID.

 

Charlie
Szoradi (54:04):

 

So
it’s not as easy as the entire industry has thought. You’re really accurately in what’s called single pass disinfection.
Take care of pathogens. So interest was high. That’s great. Then it goes to the bureaucracy of what is the ESSER, right? The Emergency
Elementary and Secondary School Emergency Relief funding, the ESSER funding. So it’s like in sales, this really interesting challenge.
It’s creating demand for something that they didn’t more than a year ago want or even think about wanting, educating them
into the choices between the ultraviolet, the photocatalytic oxidation, the bipolar ionization, narrowing the field of what is proven
and makes the most sense, sizing it to their system, budgeting, demos, a long way of saying it’s taken longer than we thought to
get the big money in from this ESSER fund, but it hasn’t gone away. So it’s not like it’s gone to other groups. It’s
just now being mired in some of the bureaucracy of when it comes, and how quickly we can get, in some cases, proposals and samples into
the hands. And I’ll let John carry that.

 

John
Conklin (55:20):

 

So
with that, schools are also looking to expand how pathogens are controlled in the space. And it used to be thought that air was the primary
way to disinfect and that was going to take care of all the issues. Now on the recent standards, looking at more clean buildings, they’re
realizing there’s also surfaces that has to be taken care of. So where air handlers or discrete units, either put on a wall or
on a tabletop were thought to be the cure all to pathogen control, they now realize that’s taking care of the airspace, but what
about the desks? What about what the children are going to touch? What about lockers? What about gymnasiums, gymnasium floors, wrestling
mats? So these are all now coming into focus that it’s not any longer just about air. We have to look at the second dimension of
disinfection, and we’re now bringing that into our portfolio to provide some options for disinfection treatment.

 

    	 

    	FOMO CORP (OTC: FOMC)
Board Of Directors and Shareholder Conference
Meeting Minutes Transcript
	 
Wednesday, July 16, 2021
Page 16 of 16

    

 

John
Conklin (56:21):

 

So
where it was thought to be perfect to be air, now we realize it’s much bigger than that, and that also has impacted the process
because schools are now saying, “Do we buy air and surface treatment? Do I need just surface treatment? Do I buy just air treatment?”
And so now the superintendents are getting together with their staff to say, “What exactly are our needs?” And perhaps one
room has a great fit for air, but then we look at gymnasiums or locker rooms and say it’s not just air, because now it’s
surfaces and you’ve got students in those locker rooms changing and coming into contact with surfaces that really should also be
cared for. So it’s adding a new dimension to things. Hopefully that helps. (silence).

 

Vik
Grover (58:25):

 

Right.
This is Vik Grover. We’re going to call this meeting to conclusion. Thank you very much for attending. We will post a transcript
of this online when we get a completed. Thank you.

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