Document:

Document

Exhibit 10.25

F&G Annuities & Life, Inc.
Deferred Compensation Plan
Effective January 1, 2023

						
	ARTICLE I	
	Establishment and Purpose	1
		
	ARTICLE II	
	Definitions	1
		
	ARTICLE III	
	Eligibility and Participation	7
		
	ARTICLE IV	
	Deferrals	7
		
	ARTICLE V	
	Company Contributions	10
		
	ARTICLE VI	
	Benefits	11
		
	ARTICLE VII	
	Modifications to Payment Schedules	14
		
	ARTICLE VIII	
	Valuation of Account Balances; Investments	15
		
	ARTICLE IX	
	Administration	16
		
	ARTICLE X	
	Amendment and Termination	17
		
	ARTICLE XI	
	Informal Funding	18
		
	ARTICLE XII	
	Claims	18
		
	ARTICLE XIII	
	General Provisions	23

ARTICLE I
Establishment and Purpose
F&G Annuities & Life, Inc. (the “Company”) hereby establishes the F&G Annuities & Life, Inc. Deferred Compensation Plan (the “Plan”), effective January 1, 2023. The purpose of the Plan is to attract and retain key employees and Directors by providing each Participant with an opportunity to defer receipt of a portion of their salary, bonus, Directors’ Fees and other specified compensation. The Plan is not intended to meet the qualification requirements of Code Section 401(a), but is intended to meet the requirements of Code Section 409A, and shall be operated and interpreted consistent with that intent.
The Plan constitutes an unsecured promise by a Participating Employer to pay benefits in the future. Participants in the Plan shall have the status of general unsecured creditors of the Company or the Adopting Employer, as applicable. Each Participating Employer shall be solely responsible for payment of the benefits of its employees and their beneficiaries. The Plan is unfunded for Federal tax purposes and is intended to be an unfunded arrangement for eligible employees who are part of a select group of management or highly compensated employees of the Employer within the meaning of Sections 201(2), 301(a)(3) and 401(a)(l) of ERISA. Any amounts set aside to defray the liabilities assumed by the Company or an Adopting Employer will remain the general assets of the Company or the Adopting Employer and shall remain subject to the claims of the Company’s or the Adopting Employer’s creditors until such amounts are distributed to the Participants.
ARTICLE II
Definitions
2.1    Account.  Account means a bookkeeping account maintained by the Committee to record the payment obligation of a Participating Employer to a Participant as determined under the terms of the Plan. The Committee may maintain an Account to record the total obligation to a Participant and component Accounts to reflect amounts payable at different times and in different forms. Reference to an Account means any such Account established by the Committee, as the context requires. Accounts are intended to constitute unfunded obligations within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA.
2.2    Account Balance.  Account Balance means, with respect to any Account, the total payment obligation owed to a Participant from such Account as of the most recent Valuation Date.
2.3    Adopting Employer.  Adopting Employer means an Affiliate that, with the consent of the Company, has adopted the Plan for the benefit of its eligible employees.
2.4    Affiliate.  Affiliate means a corporation, trade or business that, together with the Company, is treated as a single employer under Code Section 414(b) or (c).
2.5    Beneficiary.  Beneficiary means a natural person, estate, or trust designated by a Participant to receive payments to which a Beneficiary is entitled in accordance with 
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provisions of the Plan. The Participant’s spouse, if living, otherwise the Participant’s estate, shall be the Beneficiary if: (i) the Participant has failed to properly designate a Beneficiary, or (ii) all designated Beneficiaries have predeceased the Participant. If the Participant names someone other than his or her spouse as a Beneficiary, a spousal consent, in the form designated by the Committee, must be signed by that Participant’s spouse and returned to the Committee.
A former spouse shall have no interest under the Plan, as Beneficiary or otherwise, unless the Participant designates such person as a Beneficiary after dissolution of the marriage, except to the extent provided under the terms of a domestic relations order as described in Code Section 414(p)(l)(B).
2.6    Business Day.  A Business Day is each day on which the New York Stock Exchange is open for business.
2.7    Change in Control.  Change in Control, with respect to a Participating Employer that is organized as a corporation, occurs on the date on which any of the following events occur (i) a change in the ownership of the Participating Employer; (ii) a change in the effective control of the Participating Employer; (iii) a change in the ownership of a substantial portion of the assets of the Participating Employer.
For purposes of this Section, a change in the ownership of the Participating Employer occurs on the date on which any one person, or more than one person acting as a group, acquires ownership of stock of the Participating Employer that, together with stock held by such person or group constitutes more than 50% of the total fair market value or total voting power of the stock of the Participating Employer. A change in the effective control of the Participating Employer occurs on the date on which either (i) a person, or more than one person acting as a group, acquires ownership of stock of the Participating Employer possessing 30% or more of the total voting power of the stock of the Participating Employer, taking into account all such stock acquired during the 12-month period ending on the date of the most recent acquisition, or (ii) a majority of the members of the Participating Employer’s Board of Directors is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of such Board of Directors prior to the date of the appointment or election, but only if no other corporation is a majority shareholder of the Participating Employer. A change in the ownership of a substantial portion of assets occurs on the date on which any one person, or more than one person acting as a group, other than a person or group of persons that is related to the Participating Employer, acquires assets from the Participating Employer that have a total gross fair market value equal to or more than 40% of the total gross fair market value of all of the assets of the Participating Employer immediately prior to such acquisition or acquisitions, taking into account all such assets acquired during the 12-month period ending on the date of the most recent acquisition.
An event constitutes a Change in Control with respect to a Participant only if the Participant performs services for the Participating Employer that has experienced the 
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Change in Control, or the Participant’s relationship to the affected Participating Employer otherwise satisfies the requirements of Treasury Regulation Section l.409A-3(i)(5)(ii).
The determination as to the occurrence of a Change in Control shall be based on objective facts and in accordance with the requirements of Code Section 409A.
2.8    Claimant.  Claimant means a Participant or Beneficiary filing a claim under Article XII of this Plan.
2.9    Code.  Code means the Internal Revenue Code of 1986, as amended from time to time.
2.10    Code Section 409A.  Code Section 409A means section 409A of the Code, and regulations and other guidance issued by the Treasury Department and Internal Revenue Service thereunder.
2.11    Committee.  Committee means the committee appointed by the Board of Directors of the Company (or the appropriate committee of such board) to administer the Plan. If no designation is made, the Chief Executive Officer of the Company or his delegate shall have and exercise the powers of the Committee.
2.12    Company.  Company means F&G Annuities & Life, Inc.
2.13    Company Contribution.  Company Contribution means a credit by a Participating Employer to a Participant’s Account(s) in accordance with the provisions of Article V of the Plan. Company Contributions are credited at the sole discretion of the Participating Employer and the fact that a Company Contribution is credited in one year shall not obligate the Participating Employer to continue to make such Company Contribution in subsequent years. Unless the context clearly indicates otherwise, a reference to Company Contribution shall include Earnings attributable to such contribution.
2.14    Compensation.  Compensation means a Participant’s base salary, bonus, commission, Directors’ Fees and such other cash or equity-based compensation (if any) approved by the Committee as Compensation that may be deferred under this Plan. Compensation shall not include any compensation that has been previously deferred under this Plan or any other arrangement subject to Code Section 409A.
2.15    Compensation Deferral Agreement.  Compensation Deferral Agreement means an agreement between a Participant and a Participating Employer that specifies (i) the amount of each component of Compensation that the Participant has elected to defer to the Plan in accordance with the provisions of Article IV, and (ii) the Payment Schedule applicable to one or more Accounts. The Committee may permit different deferral amounts for each component of Compensation and may establish a minimum or maximum deferral amount for each such component. Unless otherwise specified by the Committee in the Compensation Deferral Agreement, Participants may defer up to 75% of their Annual Base Salary, up to 100% of their Annual Bonus, up to 100% of their quarterly bonuses, up to 75% of their Commissions, and up to 100% of Directors’ Fees 
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for a Plan Year. A Compensation Deferral Agreement may also specify the investment allocation described in Section 8.4.
2.16    Death Benefit.  Death Benefit means the benefit payable under the Plan to a Participant’s Beneficiary(ies) upon the Participant’s death as provided in Section 6.1 of the Plan.
2.17    Deferral.  Deferral means a credit to a Participant’s Account(s) that records that portion of the Participant’s Compensation that the Participant has elected to defer to the Plan in accordance with the provisions of Article IV. Unless the context of the Plan clearly indicates otherwise, a reference to Deferrals includes Earnings attributable to such Deferrals.
Deferrals shall be calculated with respect to the gross cash Compensation payable to the Participant prior to any deductions or withholdings, but shall be reduced by the Committee as necessary so that it does not exceed 100% of the cash Compensation of the Participant remaining after deduction of all required income and employment taxes, 401(k) and other employee benefit deductions, and other deductions required by law. Changes to payroll withholdings that affect the amount of Compensation being deferred to the Plan shall be allowed only to the extent permissible under Code Section 409A.
2.18    Director.  Director means a non-Employee member of the Board of Directors of the Company or an Adopting Employer.
2.19    Earnings.  Earnings means an adjustment to the value of an Account in accordance with Article VIII.
2.20    Effective Date.  Effective Date means January 1, 2023.
2.21    Eligible Employee.  Eligible Employee means a member of a “select group of management or highly compensated employees” of a Participating Employer within the meaning of Sections 201(2), 301(a)(3) and 40l(a)(l) of ERISA, as determined by the Committee from time to time in its sole discretion.
2.22    Employee.  Employee means a common-law employee of an Employer.
2.23    Employer.  Employer means, with respect to Employees it employs, each Participating Employer and any Affiliate of such Participating Employer.
2.24    ERISA.  ERISA means the Employee Retirement Income Security Act of 1974, as amended from time to time.
2.25    Fiscal Year Compensation.  Fiscal Year Compensation means Compensation earned during one or more consecutive fiscal years of a Participating Employer, all of which is paid after the last day of such fiscal year or years.
2.26    Participant.  Participant means an Eligible Employee or a Director who has received notification of his or her eligibility to defer Compensation under the Plan under Section 3.1 and any other person with an Account Balance greater than zero, regardless of 
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whether such individual continues to be an Eligible Employee or a Director. A Participant’s continued participation in the Plan shall be governed by Section 3.2 of the Plan.
2.27    Participating Employer.  Participating Employer means the Company and each Adopting Employer.
2.28    Payment Schedule.  Payment Schedule means the date as of which payment of an Account under the Plan will commence and the form in which payment of such Account will be made.
2.29    Performance-Based Compensation.  Performance-Based Compensation means Compensation where the amount of, or entitlement to, the Compensation is contingent on the satisfaction of pre-established organizational or individual performance criteria relating to a performance period of at least twelve consecutive months. Organizational or individual performance criteria are considered pre-established if established in writing by not later than ninety (90) days after the commencement of the period of service to which the criteria relate, provided that the outcome is substantially uncertain at the time the criteria are established. The determination of whether Compensation qualifies as “Performance-Based Compensation” will be made in accordance with Treas. Reg. Section 1.409A-l(e) and subsequent guidance.
2.30    Plan.  Generally, the term Plan means the “F&G Annuities & Life, Inc. Deferred Compensation Plan” as documented herein and as may be amended from time to time hereafter. However, to the extent permitted or required under Code Section 409A, the term Plan may in the appropriate context also mean a portion of the Plan that is treated as a single plan under Treas. Reg. Section 1.409A-l(c), or the Plan or portion of the Plan and any other nonqualified deferred compensation plan or portion thereof that is treated as a single plan under such section. “Plan”, in the appropriate context, refers to the portion of this Plan represented by each Adopting Employer’s liabilities with respect to its Employees and Directors.
2.31    Plan Year.  Plan Year means January 1 through December 31.
2.32    Primary Account.  Primary Account means the Participant’s Retirement/Termination Account established in his or her Compensation Deferral Agreement submitted upon his or her initial enrollment in the Plan.
2.33    Retirement.  Retirement means a Participant’s Separation from Service after attainment of age 60.
2.34    Retirement Benefit.  Retirement Benefit means the benefit payable to a Participant under the Plan following the Retirement of the Participant.
2.35    Retirement/Termination Account. Retirement/Termination Account means an Account established by the Committee to record the amounts payable to a Participant upon 
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Separation from Service.  Unless otherwise determined by the Committee, a Participant may maintain no more than five Retirement/Termination Accounts.
2.36    Separation from Service.  An Employee incurs a Separation from Service upon termination of employment with the Employer. A Director incurs a Separation from Service when he or she no longer serves on the Board of Directors of the Company. Whether a Separation from Service has occurred shall be determined by the Committee in accordance with Code Section 409A.
Except in the case of an Employee on a bona fide leave of absence as provided below, an Employee is deemed to have incurred a Separation from Service if the Employer and the Employee reasonably anticipated that the level of services to be performed by the Employee after a date certain would be reduced to 20% or less of the average services rendered by the Employee during the immediately preceding 36-month period (or the total period of employment, if less than 36 months), disregarding periods during which the Employee was on a bona fide leave of absence.
An Employee who is absent from work due to military leave, sick leave, or other bona fide leave of absence shall incur a Separation from Service on the first date immediately following the later of (i) the six-month anniversary of the commencement of the leave or (ii) the expiration of the Employee’s right, if any, to reemployment under statute or contract.
For purposes of determining whether a Separation from Service has occurred, the Employer means the Employer as defined in Section 2.23 of the Plan, except that for purposes of determining whether another organization is an Affiliate of the Company, common ownership of at least 50% shall be determinative.
The Committee specifically reserves the right to determine whether a sale or other disposition of substantial assets to an unrelated party constitutes a Separation from Service with respect to a Participant providing services to the seller immediately prior to the transaction and providing services to the buyer after the transaction. Such determination shall be made in accordance with the requirements of Code Section 409A.
2.37    Specified Date Account.  A Specified Date Account means an Account established by the Committee to record the amounts payable at a future date as specified in the Participant’s Compensation Deferral Agreement. Unless otherwise determined by the Committee, a Participant may maintain no more than five Specified Date Accounts. A Specified Date Account may be identified in enrollment materials as an “In-Service Account” or such other name without affecting the meaning of this Section.
2.38    Specified Date Benefit.  Specified Date Benefit means the benefit payable to a Participant under the Plan in accordance with Section 6.l(c).
2.39    Substantial Risk of Forfeiture.  Substantial Risk of Forfeiture shall have the meaning specified in Treas. Reg. Section l.409A-l(d).
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2.40    Termination Benefit.  Termination Benefit means the benefit payable to a Participant under the Plan following the Participant’s Separation from Service prior to Retirement.
2.41    Unforeseeable Emergency.  An Unforeseeable Emergency means a severe financial hardship to the Participant resulting from an illness or accident of the Participant, the Participant’s spouse, the Participant’s dependent (as defined in Code section 152, without regard to section 152(b)(l), (b)(2), and (d)(l)(B)) or a Beneficiary; loss of the Participant’s property due to casualty (including the need to rebuild a home following damage to a home not otherwise covered by insurance, for example, as a result of a natural disaster); or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. The types of events which may qualify as an Unforeseeable Emergency may be limited by the Committee.
2.42    Valuation Date.  Valuation Date shall mean each Business Day.
ARTICLE III
Eligibility and Participation
3.1    Eligibility and Participation.  An Eligible Employee or a Director becomes a Participant upon the earlier to occur of (i) a credit of Company Contributions under Article V or (ii) receipt of notification of eligibility to participate.
3.2    Duration.  A Participant shall be eligible to defer Compensation and receive allocations of Company Contributions, subject to the terms of the Plan, for as long as such Participant remains an Eligible Employee or a Director. A Participant who is no longer an Eligible Employee or a Director but has not Separated from Service may not file a Compensation Deferral Agreement under Article IV, but may otherwise exercise all of the rights of a Participant under the Plan with respect to his or her Account(s). On and after a Separation from Service, a Participant shall remain a Participant as long as his or her Account Balance is greater than zero and during such time may continue to make allocation elections as provided in Section 8.4. An individual shall cease being a Participant in the Plan when all benefits under the Plan to which he or she is entitled have been paid.
ARTICLE IV
Deferrals
4.1    Deferral Elections, Generally.  
(a)    A Participant may elect to defer Compensation by submitting a Compensation Deferral Agreement during the enrollment periods established by the Committee and in the manner specified by the Committee, but in any event, in accordance with Section 4.2. A Compensation Deferral Agreement that is not timely filed with respect to a service period or component of Compensation shall be considered void and shall have no effect with respect to such service period or Compensation. The Committee may modify or cancel any Compensation Deferral 
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Agreement prior to the date the election becomes irrevocable under the rules of Section 4.2.
(b)    The Participant shall specify on his or her Compensation Deferral Agreement the amount of Deferrals and whether to allocate Deferrals to a Retirement/Termination Account or to a Specified Date Account. If no designation is made, Deferrals shall be allocated to the Participant’s Primary Account. A Participant may also specify in his or her Compensation Deferral Agreement the Payment Schedule applicable to his or her Plan Accounts. If the Payment Schedule is not specified in a Compensation Deferral Agreement, the Payment Schedule shall be the Payment Schedule specified in Section 6.2. 
4.2    Timing Requirements for Compensation Deferral Agreements.
(a)    First Year of Eligibility. In the case of the first year in which an Eligible Employee or a Director becomes eligible to participate in the Plan, he has up to 30 days following his initial eligibility to submit a Compensation Deferral Agreement with respect to Compensation to be earned during such year. The Compensation Deferral Agreement described in this paragraph becomes irrevocable upon the end of such 30-day period. The determination of whether an Eligible Employee or a Director may file a Compensation Deferral Agreement under this paragraph shall be determined in accordance with the rules of Code Section 409A, including the provisions of Treas. Reg. Section l.409A-2(a)(7).
A Compensation Deferral Agreement filed under this paragraph applies to Compensation earned on and after the date the Compensation Deferral Agreement becomes irrevocable.
(b)    Prior Year Election. Except as otherwise provided in this Section 4.2, Participants may defer Compensation by filing a Compensation Deferral Agreement no later than December 31 of the year prior to the year in which the Compensation to be deferred is earned. A Compensation Deferral Agreement described in this paragraph shall become irrevocable with respect to such Compensation as of January 1 of the year in which such Compensation is earned.
(c)    Performance-Based Compensation. Participants may file a Compensation Deferral Agreement with respect to Performance-Based Compensation no later than the date that is six months before the end of the performance period, provided that:
(i)    the Participant performs services continuously from the later of the beginning of the performance period or the date the criteria are established through the date the Compensation Deferral Agreement is submitted; and
(ii)    the Compensation is not readily ascertainable as of the date the Compensation Deferral Agreement is filed.
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A Compensation Deferral Agreement becomes irrevocable with respect to Performance-Based Compensation as of the day immediately following the latest date for filing such election. Any election to defer Performance-Based Compensation that is made in accordance with this paragraph and that becomes payable as a result of the Participant’s death or disability (as defined in Treas. Reg. Section l.409A-l(e)) or upon a change in control (as defined in Treas. Reg. Section l.409A-3(i)(5)) prior to the satisfaction of the performance criteria, will be void.
(d)    Sales Commissions. Sales commissions (as defined in Treas. Reg. Section l.409A-2(a)(l2)(i)) are considered to be earned in the taxable year of the Participant in which the sale occurs. The Compensation Deferral Agreement must be filed before the last day of the year preceding the year in which the sales commissions are earned and becomes irrevocable after that date.
(e)    Short-Term Deferrals. Compensation that meets the definition of a “short-term deferral” described in Treas. Reg. Section l.409A-l(b)(4) may be deferred in accordance with the rules of Article VII, applied as if the date the Substantial Risk of Forfeiture lapses is the date payments were originally scheduled to commence, provided, however, that the provisions of Section 7.3 shall not apply to payments attributable to a change in control (as defined in Treas. Reg. Section l.409A-3(i)(5)). 
(f)    Certain Forfeitable Rights. With respect to a legally binding right to a payment in a subsequent year that is subject to a forfeiture condition requiring the Participant’s continued services for a period of at least twelve months from the date the Participant obtains the legally binding right, an election to defer such Compensation may be made on or before the 30th day after the Participant obtains the legally binding right to the Compensation, provided that the election is made at least twelve months in advance of the earliest date at which the forfeiture condition could lapse. The Compensation Deferral Agreement described in this paragraph becomes irrevocable after such 30th day. If the forfeiture condition applicable to the payment lapses before the end of the required service period as a result of the Participant’s death or disability (as defined in Treas. Reg. Section l.409A-3(i)(4)) or upon a change in control (as defined in Treas. Reg. Section l.409A-3(i)(5)), the Compensation Deferral Agreement will be void unless it would be considered timely under another rule described in this Section.
(g)    Company Awards. Participating Employers may unilaterally provide for deferrals of Company awards prior to the date of such awards. Deferrals of Company awards (such as sign-on, retention, or severance pay) may be negotiated with a Participant prior to the date the Participant has a legally binding right to such Compensation.
4.3    Allocation of Deferrals. A Compensation Deferral Agreement may allocate Deferrals to one or more Specified Date Accounts and/or to one or more Retirement/Termination 
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Accounts. The Committee may, in its discretion, establish a minimum deferral period for Specified Date Accounts (for example, the fourth Plan Year following the year Compensation subject to the Compensation Deferral Agreement is earned).
4.4    Deductions from Pay.  The Committee has the authority to determine the payroll practices under which any component of Compensation subject to a Compensation Deferral Agreement will be deducted from a Participant’s Compensation.
4.5    Vesting.  Participant Deferrals shall be 100% vested at all times.
4.6    Cancellation of Deferrals.  The Committee may cancel a Participant’s Deferrals (i) for the balance of the Plan Year in which an Unforeseeable Emergency occurs, (ii) if the Participant receives a hardship distribution under the Employer’s qualified 40l(k) plan, through the end of the Plan Year in which the six-month anniversary of the hardship distribution falls, and (iii) during periods in which the Participant is unable to perform the duties of his or her position or any substantially similar position due to a mental or physical impairment that can be expected to result in death or last for a continuous period of at least six months (a “Disability”), provided cancellation occurs by the later of the end of the taxable year of the Participant or the 15th day of the third month following the date the Participant incurs the Disability.
ARTICLE V
Company Contributions
5.1    Discretionary Company Contributions. The Participating Employer may, from time to time in its sole and absolute discretion, credit Company Contributions to any Participant in any amount determined by the Participating Employer. Such contributions will be credited to a Participant’s Primary Account.
5.2    Vesting.  Company Contributions described in Section 5.1, above, and the Earnings thereon, shall vest in accordance with the vesting schedule(s) established by the Committee at the time that the Company Contribution is made. All Company Contributions shall become 100% vested upon the occurrence of the earliest of: (i) the death of the Participant while actively employed; (ii) the disability of the Participant, (iii) Retirement of the Participant, or (iv) a Change in Control (except to the extent vesting would result in tax under Code Section 280G). The Participating Employer may, at any time, in its sole discretion, increase a Participant’s vested interest in a Company Contribution. The portion of a Participant’s Accounts that remains unvested upon his or her Separation from Service after the application of the terms of this Section 5.2 shall be forfeited.
5.3    Company Make-Up Contributions. For each year a Participant is entitled to a matching contribution under the Company’s 40l(k) plan, the Company shall credit at the end of the Plan Year to such Participant’s Primary Account an amount equal to (a) minus (b) plus (c):
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(a)    The amount of matching contribution that would have been made by the Company to a Participant’s account in the Company 40l(k) plan for the 401(k) plan year as if the Participant had made no deferrals into this Plan (assuming Deferrals reduce compensation for purposes of computing the maximum company match in the 401(k) plan).
(b)    The actual amount of Company matching contributions to such Participant’s 40l(k) plan account for the Plan Year.
(c)    The amount of any lost matching contribution to the Participant’s account in the Company 40l(k) plan due to ACP testing pursuant to Code Section 40l(m).
Company Make-Up Contributions shall vest in accordance with the Company’s 40l(k) plan vesting schedule.
ARTICLE VI
Benefits
6.1    Benefits, Generally.  A Participant shall be entitled to the following benefits under the Plan:
(a)    Retirement Benefit. Upon the Participant’s Separation from Service due to Retirement, he or she shall be entitled to a Retirement Benefit. The Retirement Benefit shall be equal to the vested portion of the Retirement/Termination Account(s) and any Specified Date Accounts that have not commenced payments. The Retirement Benefit shall be based on the value of such Accounts as of the January 31 or July 31 immediately preceding the payment commencement date, or such other date determined by the Committee. If the Participant Separates from Service during the first half of the year (January-June), then payment will commence February 1st of the following year. If the Participant Separates from Service during the second half of the year (July-December), then payment will commence August 1st of the following year. If payments are to be made in annual installments, each installment will be paid on each anniversary of the payment commencement date described above.
(b)    Termination Benefit. Upon the Participant’s Separation from Service for reasons other than death or Retirement, he or she shall be entitled to a Termination Benefit. The Termination Benefit shall be equal to the vested portion of the Retirement/Termination Account(s) and the vested portion of any unpaid Specified Date Accounts that have not commenced payments. The Termination Benefit shall be based on the value of such Accounts as of the January 31 or July 31 immediately preceding the payment commencement date, or such other date determined by the Committee. If the Participant Separates from Service during the first half of the year (January-June), then payment will commence February 1st of the following year. If the Participant Separates from Service during the second half of the year (July-December), then payment will commence August 1st of the following year. If payments are to be made in annual installments, each 
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installment will be paid on each anniversary of the payment commencement date described above.
(c)    Specified Date Benefit. If the Participant has established one or more Specified Date Accounts, he or she shall be entitled to a Specified Date Benefit with respect to each such Specified Date Account. The Specified Date Benefit shall be equal to the vested portion of the Specified Date Account, based on the value of that Account as of January 31 of the Plan Year designated by the Participant. Payment of the Specified Date Benefit will be made within 2-1/2 months following January 31 of the Plan Year designated by the Participant.
(d)    Death Benefits. In the event of the Participant’s death, his or her designated Beneficiary(ies) shall be entitled to a Death Benefit. The Death Benefit shall be equal to the vested portion of the Retirement/Termination Account(s) and the vested portion of any unpaid Specified Date Accounts that have not commenced payment. The Death Benefit shall be based on the value of the Accounts as of the January 31 or July 31 immediately preceding the payment commencement date, or such other date as determined by the Committee. If the Participant’s death occurs during the first half of the year (January - June), then payment will commence the following August 1st. If the Participant’s death occurs during the second half of the year (July - December), then payment will commence February 1st of the following year.  
(e)    Unforeseeable Emergency Payments. A Participant who experiences an Unforeseeable Emergency may submit a written request to the Committee to receive payment of all or any portion of his or her vested Accounts. Whether a Participant or Beneficiary is faced with an Unforeseeable Emergency permitting an emergency payment shall be determined by the Committee based on the relevant facts and circumstances of each case, but, in any case, a distribution on account of Unforeseeable Emergency may not be made to the extent that such emergency is or may be reimbursed through insurance or otherwise, by liquidation of the Participant’s assets, to the extent the liquidation of such assets would not cause severe financial hardship, or by cessation of Deferrals under this Plan. If an emergency payment is approved by the Committee, the amount of the payment shall not exceed the amount reasonably necessary to satisfy the need, taking into account the additional compensation that is available to the Participant as the result of cancellation of deferrals to the Plan, including amounts necessary to pay any taxes or penalties that the Participant reasonably anticipates will result from the payment. The amount of the emergency payment shall be subtracted first from the vested portion of the Participant’s Retirement/Termination Account(s) until depleted and then from the vested Specified Date Accounts, beginning with the Specified Date Account with the latest payment commencement date. Emergency payments shall be paid in a single lump sum within the 90-day period following the date the payment is approved by the Committee.
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6.2    Form of Payment.  
(a)    Retirement Benefit. A Participant who is entitled to receive a Retirement Benefit shall receive payment of such benefit from each Retirement/Termination Account in a single lump sum, unless the Participant elects on his or her initial or a subsequent Compensation Deferral Agreement to have such benefit paid from one or more of the Participant’s Retirement/Termination Accounts in one of the following alternative forms of payment (i) substantially equal annual installments over a period of five (5), ten (10), or fifteen (15) years, as elected by the Participant; or (ii) a lump sum payment of a percentage of the balance in such Retirement/Termination Account, with the balance paid in substantially equal annual installments over a period of five (5), ten (10), or fifteen (15) years, as elected by the Participant. Payment of any portion of the Retirement Benefit from a Participant’s Specified Date Account(s) shall be paid in the same form of benefit as the Participant’s Primary Account.
(b)    Termination Benefit. A Participant who is entitled to receive a Termination Benefit shall receive payment of such benefit in substantially equal annual installments over a period of five years.
(c)    Specified Date Benefit. The Specified Date Benefit shall be paid in a single lump sum, unless the Participant elects on the Compensation Deferral Agreement with which such Specified Date Account was established to have such Account paid in substantially equal annual installments over a period of two to five years, as elected by the Participant. Notwithstanding any election of a form of payment by the Participant, Specified Date Benefits that have not commenced as of the Participant’s Separation from Service will be paid according to the payment schedule for the Retirement Benefit, Termination Benefit or Death Benefit, whichever applies to the Participant upon his or her Separation from Service. However, if the Retirement, Termination or Death Benefit is payable in a lump sum, the unpaid balance of all Specified Date Accounts (regardless of such Accounts’ payment status) will be payable in a lump sum.
(d)    Death Benefit. If the Participant dies prior to the payment commencement date of his or her Retirement Benefit, his or her designated Beneficiary shall receive payment of such benefit in a single lump sum, unless the Participant elects on his or her initial Compensation Deferral Agreement to have the Death Benefit paid in one of the following alternative forms of payment (i) substantially equal annual installments over a period of five (5), ten (10), or fifteen (15) years, as elected by the Participant; or (ii) a lump sum payment of a percentage of the Death Benefit, with the balance paid in substantially equal annual installments over a period of five (5), ten (10), or fifteen (15) years, as elected by the Participant.
If the Participant dies on or after his Retirement Benefit payment commencement date, his or her designated Beneficiary shall receive the remaining payments under the payment schedule in effect for the Retirement Benefit.
Page 13

(e)    Change in Control. A Participant will receive a single lump sum payment equal to the unpaid balance of all of his or her Accounts in the event of a Separation from Service within 24 months following a Change in Control. Accounts will be valued and paid under the payment timing rules described in Section 6. l(b). In addition to the foregoing, a Participant who has incurred a Separation from Service prior to a Change in Control and any Beneficiary of such Participant who is receiving or is scheduled to receive payments at the time of a Change in Control, will receive the balance of all unpaid Accounts in a single lump sum on the next scheduled payment date described in Section 6.1.
(f)    Small Account Balances. The Committee may, in its sole discretion which shall be evidenced in writing no later than the date of payment, elect to pay the value of the Participant’s Accounts upon a Separation from Service in a single lump sum if the balance of such Accounts is not greater than the applicable dollar amount under Code Section 402(g)(l)(B), provided the payment represents the complete liquidation of the Participant’s interest in the Plan.
(g)    Rules Applicable to Installment Payments. If a Payment Schedule specifies installment payments, annual payments will be made beginning as of the payment commencement date for such installments and shall continue on each anniversary thereof until the number of installment payments specified in the Payment Schedule has been paid. The amount of each installment payment shall be determined by dividing (a) by (b), where (a) equals the Account Balance as of the Valuation Date and (b) equals the remaining number of installment payments.
For purposes of Article VII, installment payments will be treated as a single form of payment. If a lump sum equal to less than 100% of a Retirement/Termination Account is paid, the payment commencement date for the installment form of payment will be the first anniversary of the payment of the lump sum.
6.3    Acceleration of or Delay in Payments.  The Committee, in its sole and absolute discretion, may elect to accelerate the time or form of payment of a benefit owed to the Participant hereunder, provided such acceleration is permitted under Treas. Reg. Section l.409A-3(j)(4). The Committee may also, in its sole and absolute discretion, delay the time for payment of a benefit owed to the Participant hereunder, to the extent permitted under Treas. Reg. Section l.409A-2(b)(7).
ARTICLE VII
Modifications to Payment Schedules
7.1    Participant’s Right to Modify.  A Participant may modify any or all of the alternative Payment Schedules with respect to an Account, consistent with the permissible Payment Schedules available under the Plan, provided such modification complies with the requirements of this Article VII.
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7.2    Time of Election.  The date on which a modification election is submitted to the Committee must be at least twelve months prior to the date on which payment is scheduled to commence under the Payment Schedule in effect prior to the modification.
7.3    Date of Payment under Modified Payment Schedule.  Except with respect to modifications that relate to the payment of a Death Benefit, the date payments are to commence under the modified Payment Schedule must be no earlier than five years after the date payment would have commenced under the original Payment Schedule. Under no circumstances may a modification election result in an acceleration of payments in violation of Code Section 409A.
7.4    Effective Date.  A modification election submitted in accordance with this Article VII is irrevocable upon receipt by the Committee and becomes effective 12 months after such date.
7.5    Effect on Accounts.  An election to modify a Payment Schedule is specific to the Account or payment event to which it applies, and shall not be construed to affect the Payment Schedules of any other Accounts. For the avoidance of doubt, a Participant’s election to modify the Payment Schedule under one of a Participant’s Specified Date or Retirement/Termination Account shall not be treated as an election to modify the Payment Schedule under any of the Participant’s other Specified Date or Retirement/Termination Accounts.
ARTICLE VIII
Valuation of Account Balances; Investments
8.1    Valuation. Deferrals shall be credited to appropriate Accounts on the date such Compensation would have been paid to the Participant absent the Compensation Deferral Agreement. Company Contributions shall be credited to a Retirement/Termination Account at the times determined by the Committee. Valuation of Accounts shall be performed under procedures approved by the Committee.
8.2    Earnings Credit.  Each Account will be credited with Earnings on each Business Day, based upon the Participant’s investment allocation among a menu of investment options selected in advance by the Committee, in accordance with the provisions of this Article VIII (“investment allocation”).
8.3    Investment Options.  Investment options will be determined by the Committee. The Committee, in its sole discretion, shall be permitted to add or remove investment options from the Plan menu from time to time, provided that any such additions or removals of investment options shall not be effective with respect to any period prior to the effective date of such change.
8.4    Investment Allocations.  A Participant’s investment allocation constitutes a deemed, not actual, investment among the investment options comprising the investment menu. At no time shall a Participant have any real or beneficial ownership in any investment option included in the investment menu, nor shall the Participating Employer or any trustee 
Page 15

acting on its behalf have any obligation to purchase actual securities as a result of a Participant’s investment allocation. A Participant’s investment allocation shall be used solely for purposes of adjusting the value of a Participant’s Account Balances.
A Participant shall specify an investment allocation for each of his Accounts in accordance with procedures established by the Committee. Allocation among the investment options must be designated in increments of 1%. The Participant’s investment allocation will become effective on the same Business Day or, in the case of investment allocations received after a time specified by the Committee, the next Business Day.
A Participant may change an investment allocation on any Business Day, both with respect to future credits to the Plan and with respect to existing Account Balances, in accordance with procedures adopted by the Committee. Changes shall become effective on the same Business Day or, in the case of investment allocations received after a time specified by the Committee, the next Business Day, and shall be applied prospectively.
8.5    Unallocated Deferrals and Accounts.  If the Participant fails to make an investment allocation with respect to an Account, such Account shall be invested in an investment option, the primary objective of which is the preservation of capital, as determined by the Committee.
ARTICLE IX
Administration
9.1    Plan Administration.  This Plan shall be administered by the Committee which shall have discretionary authority to make, amend, interpret and enforce all appropriate rules and regulations for the administration of this Plan and to utilize its discretion to decide or resolve any and all questions, including but not limited to eligibility for benefits and interpretations of this Plan and its terms, as may arise in connection with the Plan. Claims for benefits shall be filed with the Committee and resolved in accordance with the claims procedures in Article XII.
9.2    Administration Upon Change in Control.  Upon a Change in Control affecting the Company, the Committee, as constituted immediately prior to such Change in Control, shall continue to act as the Committee. The individual who was the Chief Executive Officer of the Company (or if such person is unable or unwilling to act, the next highest ranking officer) prior to the Change in Control shall have the authority (but shall not be obligated) to appoint an independent third party to act as the Committee.
Upon such Change in Control, the Company may not remove the Committee, unless 2/3rds of the members of the Board of Directors of the Company and a majority of Participants and Beneficiaries with Account Balances consent to the removal and replacement Committee. Notwithstanding the foregoing, neither the Committee nor the officer described above shall have authority to direct investment of trust assets under any rabbi trust described in Section 11.2.
Page 16

The Participating Employer shall, with respect to the Committee identified under this Section, (i) pay all reasonable expenses and fees of the Committee, (ii) indemnify the Committee (including individuals serving as Committee) against any costs, expenses and liabilities including, without limitation, attorneys’ fees and expenses arising in connection with the performance of the Committee hereunder, except with respect to matters resulting from the Committee’s gross negligence or willful misconduct and (iii) supply full and timely information to the Committee on all matters related to the Plan, any rabbi trust, Participants, Beneficiaries and Accounts as the Committee may reasonably require.
9.3    Withholding.  The Participating Employer shall have the right to withhold from any payment due under the Plan (or with respect to any amounts credited to the Plan) any taxes required by law to be withheld in respect of such payment (or credit). Withholdings with respect to amounts credited to the Plan shall be deducted from Compensation that has not been deferred to the Plan.
9.4    Indemnification.  The Participating Employers shall indemnify and hold harmless each employee, officer, director, agent or organization, to whom or to which are delegated duties, responsibilities, and authority under the Plan or otherwise with respect to administration of the Plan, including, without limitation, the Committee and its agents, against all claims, liabilities, fines and penalties, and all expenses reasonably incurred by or imposed upon him or it (including but not limited to reasonable attorney fees) which arise as a result of his or its actions or failure to act in connection with the operation and administration of the Plan to the extent lawfully allowable and to the extent that such  claim, liability, fine, penalty, or expense is not paid for by liability insurance purchased or paid for by the Participating Employer. Notwithstanding the foregoing, the Participating Employer shall not indemnify any person or organization if his or its actions or failure to act are due to gross negligence or willful misconduct or for any such amount incurred through any settlement or compromise of any action unless the Participating Employer consents in writing to such settlement or compromise.
9.5    Delegation of Authority.  In the administration of this Plan, the Committee may, from time to time, employ agents and delegate to them such administrative duties as it sees fit, and may from time to time consult with legal counsel who shall be legal counsel to the Company.
9.6    Binding Decisions or Actions.  The decision or action of the Committee in respect of any question arising out of or in connection with the administration, interpretation and application of the Plan and the rules and regulations thereunder shall be final and conclusive and binding upon all persons having any interest in the Plan.
ARTICLE X
Amendment and Termination
10.1    Amendment and Termination.  The Company may at any time and from time to time amend the Plan or may terminate the Plan as provided in this Article X. Each Participating Employer may also terminate its participation in the Plan.
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10.2    Amendments.  The Company, by action taken by its Board of Directors, may amend the Plan at any time and for any reason, provided that any such amendment shall not reduce the vested Account Balances of any Participant accrued as of the date of any such amendment or restatement (as if the Participant had incurred a voluntary Separation from Service on such date) or reduce any rights of a Participant under the Plan or other Plan features with respect to Deferrals made prior to the date of any such amendment or restatement without the consent of the Participant. The Board of Directors of the Company may delegate to the Committee the authority to amend the Plan without the consent of the Board of Directors for the purpose of (i) conforming the Plan to the requirements of law, (ii) facilitating the administration of the Plan, (iii) clarifying provisions based on the Committee’s interpretation of the document and (iv) making such other amendments as the Board of Directors may authorize.
10.3    Termination.  The Company, by action taken by its Board of Directors, may terminate the Plan and pay Participants and Beneficiaries their Account Balances in a single lump sum at any time, to the extent and in accordance with Treas. Reg. Section l.409A-3(j)(4)(ix). If a Participating Employer terminates its participation in the Plan, the benefits of affected Employees shall be paid at the time provided in Article VI.
ARTICLE XI
Informal Funding
11.1    General Assets.  Obligations established under the terms of the Plan may be satisfied from the general funds of the Participating Employers, or a trust described in this Article XI No Participant, spouse or Beneficiary shall have any right, title or interest whatever in assets of the Participating Employers. Nothing contained in this Plan, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind, or a fiduciary relationship, between the Participating Employers and any Employee, spouse, or Beneficiary. To the extent that any person acquires a right to receive payments hereunder, such rights are no greater than the right of an unsecured general creditor of the Participating Employer.
11.2    Rabbi Trust.  A Participating Employer may, in its sole discretion, establish a grantor trust, commonly known as a rabbi trust, as a vehicle for accumulating assets to pay benefits under the Plan. Payments under the Plan may be paid from the general assets of the Participating Employer or from the assets of any such rabbi trust. Payment from any such source shall reduce the obligation owed to the Participant or Beneficiary under the Plan.
ARTICLE XII
Claims
12.1    Filing a Claim.  Any controversy or claim arising out of or relating to the Plan shall be filed in writing with the Committee which shall make all determinations concerning such claim. Any claim filed with the Committee and any decision by the Committee denying 
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such claim shall be in writing and shall be delivered to the Participant or Beneficiary filing the claim (the “Claimant”).
(a)    In General. Notice of a denial of benefits will be provided within ninety (90) days of the Committee’s receipt of the Claimant’s claim for benefits. If the Committee determines that it needs additional time to review the claim, the Committee will provide the Claimant with a notice of the extension before the end of the initial ninety (90) day period. The extension will not be more than ninety (90) days from the end of the initial ninety (90) day period and the notice of extension will explain the special circumstances that require the extension and the date by which the Committee expects to make a decision.
(b)    Contents of Notice. If a claim for benefits is completely or partially denied, notice of such denial shall be in writing and shall set forth the reasons for denial in plain language. The notice shall (i) cite the pertinent provisions of the Plan document and (ii) explain, where appropriate, how the Claimant can perfect the claim, including a description of any additional material or information necessary to complete the claim and why such material or information is necessary. The claim denial also shall include an explanation of the claims review procedures and the time limits applicable to such procedures, including a statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA following an adverse decision on review.
12.2    Appeal of Denied Claims.  A Claimant whose claim has been completely or partially denied shall be entitled to appeal the claim denial by filing a written appeal with a committee designated to hear such appeals (the “Appeals Committee”). A Claimant who timely requests a review of the denied claim (or his or her authorized representative) may review, upon request and free of charge, copies of all documents, records and other information relevant to the denial and may submit written comments, documents, records and other information relevant to the claim to the Appeals Committee. All written comments, documents, records, and other information shall be considered “relevant” if the information (i) was relied upon in making a benefits determination,(ii) was submitted, considered or generated in the course of making a benefits decision regardless of whether it was relied upon to make the decision, or (iii) demonstrates compliance with administrative processes and safeguards established for making benefit decisions. The Appeals Committee may, in its sole discretion and if it deems appropriate or necessary, decide to hold a hearing with respect to the claim appeal.
(a)    In General. Appeal of a denied benefits claim must be filed in writing with the Appeals Committee no later than sixty (60) days after receipt of the written notification of such claim denial. The Appeals Committee shall make its decision regarding the merits of the denied claim within sixty (60) days following receipt of the appeal (or within one hundred and twenty (120) days after such receipt, in a case where there are special circumstances requiring extension of time for reviewing the appealed claim). If an extension of time for reviewing the appeal is required because of special circumstances, written notice of the extension shall be 
Page 19

furnished to the Claimant prior to the commencement of the extension. The notice will indicate the special circumstances requiring the extension of time and the date by which the Appeals Committee expects to render the determination on review. The review will take into account comments, documents, records and other information submitted by the Claimant relating to the claim without regard to whether such information was submitted or considered in the initial benefit determination.
(b)    Contents of Notice. If a benefits claim is completely or partially denied on review, notice of such denial shall be in writing and shall set forth the reasons for denial in plain language. The decision on review shall set forth (i) the specific reason or reasons for the denial, (ii) specific references to the pertinent Plan provisions on which the denial is based, (iii) a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to and copies of all documents, records, or other information relevant (as defined above) to the Claimant’s claim, and (iv) a statement describing any voluntary appeal procedures offered by the plan and a statement of the Claimant’s right to bring an action under Section 502(a) of ERISA.
12.3    Claims Appeals Upon Change in Control.  Upon a Change in Control, the Appeals Committee, as constituted immediately prior to such Change in Control, shall continue to act as the Appeals Committee. Upon such Change in Control, the Company may not remove any member of the Appeals Committee, but may replace resigning members if 2/3rds of the members of the Board of Directors of the Company and a majority of Participants and Beneficiaries with Account Balances consent to the replacement.
The Appeals Committee shall have the exclusive authority at the appeals stage to interpret the terms of the Plan and resolve appeals under the Claims Procedure.
Each Participating Employer shall, with respect to the Committee identified under this Section, (i) pay its proportionate share of all reasonable expenses and fees of the Appeals Committee, (ii) indemnify the Appeals Committee (including individual committee members) against any costs, expenses and liabilities including, without limitation, attorneys’ fees and expenses arising in connection with the performance of the Appeals Committee hereunder, except with respect to matters resulting from the Appeals Committee’s gross negligence or willful misconduct and (iii) supply full and timely information to the Appeals Committee on all matters related to the Plan, any rabbi trust, Participants, Beneficiaries and Accounts as the Appeals Committee may reasonably require.
12.4    Legal Action.  A Claimant may not bring any legal action, including a suit in state or federal court or commencement of any arbitration, relating to a claim for benefits under the Plan unless and until the Claimant has followed the claims procedures under the Plan and exhausted his or her administrative remedies under such claims procedures. In no event may legal action be brought more than five years after the events giving rise to the claim have occurred.
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If a Participant or Beneficiary prevails in a legal proceeding brought under the Plan to enforce the rights of such Participant or any other similarly situated Participant or Beneficiary, in whole or in part, the Participating Employer shall reimburse such Participant or Beneficiary for all legal costs, expenses, attorneys’ fees and such other liabilities incurred as a result of such proceedings. If the legal proceeding is brought in connection with a Change in Control, or a “change in control” as defined in a rabbi trust described in Section 11.2, the Participant or Beneficiary may file a claim directly with the trustee for reimbursement of such costs, expenses and fees. For purposes of the preceding sentence, the amount of the claim shall be treated as if it were an addition to the Participant’s or Beneficiary’s Account Balance.
12.5    Discretion of Appeals Committee.  All interpretations, determinations and decisions of the Appeals Committee with respect to any claim shall be made in its sole discretion, and shall be final and conclusive.
12.6    Arbitration.  
(a)    Prior to Change in Control. If, prior to a Change in Control, any claim or controversy between a Participating Employer and a Participant or Beneficiary is not resolved through the claims procedure set forth in Article XII, such claim shall be submitted to and resolved exclusively by expedited binding arbitration by a single arbitrator. Arbitration shall be conducted in accordance with the following procedures:
The complaining party shall promptly send written notice to the other party identifying the matter in dispute and the proposed remedy. Following the giving of such notice, the parties shall meet and attempt in good faith to resolve the matter. In the event the parties are unable to resolve the matter within twenty one (21) days, the parties shall meet and attempt in good faith to select a single arbitrator acceptable to both parties. If a single arbitrator is not selected by mutual consent within ten (10) Business Days following the giving of the written notice of dispute, an arbitrator shall be selected from a list of nine persons each of whom shall be an attorney who is either engaged in the active practice of law or recognized arbitrator and who, in either event, is experienced in serving as an arbitrator in disputes between employers and employees, which list shall be provided by the main office of either JAMS, the American Arbitration Associate (“AAA”) or the Federal Mediation and Conciliation Service. If, within three Business Days of the parties’ receipt of such list, the parties are unable to agree on an arbitrator from the list, then the parties shall each strike names alternatively from the list, with the first to strike being determined by the flip of a coin. After each party has had four strikes, the remaining name on the list shall be the arbitrator. If such person is unable to serve for any reason, the parties shall repeat this process until an arbitrator is selected.
Unless the parties agree otherwise, within sixty (60) days of the selection of the arbitrator, a hearing shall be conducted before such arbitrator at a time and a place 
Page 21

agreed upon by the parties. In the event the parties are unable to agree upon the time or place of the arbitration, the time and place shall be designated by the arbitrator after consultation with the parties. Within thirty (30) days of the conclusion of the arbitration hearing, the arbitrator shall issue an award, accompanied by a written decision explaining the basis for the arbitrator’s award.
In any arbitration hereunder, the Participating Employer shall pay all administrative fees of the arbitration and all fees of the arbitrator, except that the Participant or Beneficiary may, if he/she/it wishes, pay up to one-half of those amounts. Each party shall pay its own attorneys’ fees, costs, and expenses, unless the arbitrator orders otherwise. The prevailing party in such arbitration, as determined by the arbitrator, and in any enforcement or other court proceedings, shall be entitled, to the extent permitted by law, to reimbursement from the other party for all of the prevailing party’s costs (including but not limited to the arbitrator’s compensation), expenses, and attorneys’ fees. The arbitrator shall have no authority to add to or to modify this Plan, shall apply all applicable law, and shall have no lesser and no greater remedial authority than would a court of law resolving the same claim or controversy. The arbitrator shall have no authority to add to or to modify this Plan, shall apply all applicable law, and shall have no lesser and no greater remedial authority than would a court of law resolving the same claim or controversy. The arbitrator shall, upon an appropriate motion, dismiss any claim without an evidentiary hearing if the party bringing the motion establishes that it would be entitled to summary judgment if the matter had been pursued in court litigation.
The parties shall be entitled to discovery as follows: Each party may take no more than three depositions. The Participating Employer may depose the Participant or Beneficiary plus two other witnesses, and the Participant or Beneficiary may depose the Participating Employer, pursuant to Rule 30(b)(6) of the Federal Rules of Civil Procedure, plus two other witnesses. Each party may make such reasonable document discovery requests as are allowed in the discretion of the arbitrator.
The decision of the arbitrator shall be final, binding, and non-appealable, and may be enforced as a final judgment in any court of competent jurisdiction.
This arbitration provision of the Plan shall extend to claims against any parent, subsidiary, or affiliate of each party, and, when acting within such capacity, any officer, director, shareholder, Participant, Beneficiary, or agent of any party, or of any of the above, and shall apply as well to claims arising out of state and federal statutes and local ordinances as well as to claims arising under the common law or under this Plan.
Notwithstanding the foregoing, and unless otherwise agreed between the parties, either party may apply to a court for provisional relief, including a temporary restraining order or preliminary injunction, on the ground that the arbitration 
Page 22

award to which the applicant may be entitled may be rendered ineffectual without provisional relief.
Any arbitration hereunder shall be conducted in accordance with the Federal Arbitration Act: provided, however, that, in the event of any inconsistency between the rules and procedures of the Act and the terms of this Plan, the terms of this Plan shall prevail.
If any of the provisions of this Section 12.6(a) are determined to be unlawful or otherwise unenforceable, in the whole part, such determination shall not affect the validity of the remainder of this section and this section shall be reformed to the extent necessary to carry out its provisions to the greatest extent possible and to insure that the resolution of all conflicts between the parties, including those arising out of statutory claims, shall be resolved by neutral, binding arbitration. If a court should find that the provisions of this Section 12.6(a) are not absolutely binding, then the parties intend any arbitration decision and award to be fully admissible in evidence in any subsequent action, given great weight by any finder of fact and treated as determinative to the maximum extent permitted by law.
The parties do not agree to arbitrate any putative class action or any other representative action. The parties agree to arbitrate only the claims(s) of a single Participant or Beneficiary.
(b)    Upon Change in Control. If, upon the occurrence of a Change in Control, any dispute, controversy or claim arises between a Participant or Beneficiary and the Participating Employer out of or relating to or concerning the provisions of the Plan, such dispute, controversy or claim shall be finally settled by a court of competent jurisdiction which, notwithstanding any other provision of the Plan, shall apply a de novo standard of review to any determination made by the Company or its Board of Directors, a Participating Employer, the Committee, or the Appeals Committee.
ARTICLE XIII
General Provisions
13.1    Assignment.  No interest of any Participant, spouse or Beneficiary under this Plan and no benefit payable hereunder shall be assigned as security for a loan, and any such purported assignment shall be null, void and of no effect, nor shall any such interest or any such benefit be subject in any manner, either voluntarily or involuntarily, to anticipation, sale, transfer, assignment or encumbrance by or through any Participant, spouse or Beneficiary. Notwithstanding anything to the contrary herein, however, the Committee has the discretion to make payments to an alternate payee in accordance with the terms of a domestic relations order (as defined in Code Section 414(p)(l)(B)).
The Company may assign any or all of its liabilities under this Plan in connection with any organizational restructuring, recapitalization, sale of assets (including a sale with respect to which an agreement under Treas. Reg. Section l.409A-l(h)(4) has been entered 
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into) or other similar transaction affecting a Participating Employer without the consent of the Participants.
13.2    Accounts Taxable Under Code Section 409A.  The Plan is intended to constitute a plan of deferred compensation that meets the requirements for deferral of income taxation under Code Section 409A. The Committee, pursuant to its authority to interpret the Plan, may sever from the Plan or any Compensation Deferral Agreement any provision or exercise of a right that otherwise would result in a violation of Code Section 409A.
13.3    No Legal or Equitable Rights or Interest.  No Participant or other person shall have any legal or equitable rights or interest in this Plan that are not expressly granted in this Plan. Participation in this Plan does not give any person any right to be retained in the service of the Participating Employer. The right and power of a Participating Employer to dismiss or discharge an Employee is expressly reserved. The Participating Employers make no representations or warranties as to the tax consequences to a Participant or a Participant’s beneficiaries resulting from a deferral of income pursuant to the Plan.
13.4    No Employment Contract.  Nothing contained herein shall be construed to constitute a contract of employment between an Employee and a Participating Employer.
13.5    Notice.  Any notice or filing required or permitted to be delivered to the Committee under this Plan shall be delivered in writing, in person, or through such electronic means as is established by the Committee. Notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt for registration or certification. Written transmission shall be sent by certified mail to:
F&G ANNUITIES & LIFE, INC.
ATTN: [TITLE – REDACTED]
[ADDRESS – REDACTED]
Any notice or filing required or permitted to be given to a Participant under this Plan shall be sufficient if in writing or hand-delivered, or sent by mail to the last known address of the Participant.
13.6    Headings.  The headings of Sections are included solely for convenience of reference, and if there is any conflict between such headings and the text of this Plan, the text shall control.
13.7    Invalid or Unenforceable Provisions.  If any provision of this Plan shall be held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provisions hereof and the Committee may elect in its sole discretion to construe such invalid or unenforceable provisions in a manner that conforms to applicable law or as if such provisions, to the extent invalid or unenforceable, had not been included.
13.8    Lost Participants or Beneficiaries.  Any Participant or Beneficiary who is entitled to a benefit from the Plan has the duty to keep the Committee advised of his or her current mailing address. If benefit payments are returned to the Plan or are not presented for 
Page 24

payment after a reasonable amount of time, the Committee shall presume that the payee is missing. The Committee, after making such efforts as in its discretion it deems reasonable and appropriate to locate the payee, shall stop payment on any uncashed checks and may discontinue making future payments until contact with the payee is restored.
13.9    Facility of Payment to a Minor.  If a distribution is to be made to a minor, or to a person who is otherwise incompetent, then the Committee may, in its discretion, make such distribution (i) to the legal guardian, or if none, to a parent of a minor payee with whom the payee maintains his or her residence, or (ii) to the conservator or committee or, if none, to the person having custody of an incompetent payee. Any such distribution shall fully discharge the Committee, the Company, and the Plan from further liability on account thereof.
13.10    Governing Law.  To the extent not preempted by ERISA, the laws of the State of Florida shall govern the construction and administration of the Plan.
Page 25Exhibit 10.22

 

EXECUTION VERSION

 

	 	30 JANUARY
	2019

 

 

 

LOAN AGREEMENT

 

 

between

NEAR PTE. LTD

and

 

HARBERT EUROPEAN SPECIALTY
LENDING COMPANY II, S.À R.L.

 

     

     

    

 

CONTENTS

 

	Clause	 	Page Number
	 	 	 	 
	1.	Definitions and Interpretation	 	1
	2.	The Facilities	 	8
	3.	Security	 	8
	4.	Purpose	 	8
	5.	Conditions	 	8
	6.	Drawdown	 	9
	7.	Repayment, Prepayment and Cancellation	 	10
	8.	Interest	 	11
	9.	Fees and Expenses	 	11
	10.	Payments	 	11
	11.	Representations and Warranties	 	12
	12.	Undertakings	 	14
	13.	Events of Default	 	17
	14.	Indemnities	 	20
	15.	Taxes	 	20
	16.	Change in Circumstances	 	21
	17.	Set-Off	 	22
	18.	Certificates	 	22
	19.	Assignment and Transfers	 	23
	20.	Notices	 	23
	21.	Remedies and Waivers	 	24
	22.	Severance	 	24
	23.	Third Parties	 	24
	24.	Board Observer	 	24
	25.	Term	 	25
	26.	Counterparts	 	25
	27.	English Language	 	25
	28.	Law and Jurisdiction	 	25
	SCHEDULE 1	 	26
	SCHEDULE 2 Drawdown Notice	 	29
	SCHEDULE 3 Group Companies	 	31
	SCHEDULE 4 Investments as at the date of this Agreement	 	32

 

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	This Agreement is dated	 	30 January 2019

 

BETWEEN

 

	(1)	NEAR PTE. LTD incorporated and registered in Singapore
with company registration no. 201205693G whose registered office is at 160 Robinson Road #20-03 Singapore 068914 (the “Borrower”);
and

 

	(2)	HARBERT EUROPEAN SPECIALTY
LENDING COMPANY II, S.À R.L., incorporated as a Société à responsabilité limitée,
with registered number B213757 and its registered address at 5, Rue Guillaume Kroll, L-1882 Luxembourg (the “Lender”).

 

IT IS AGREED as follows:

 

		1.	Definitions and Interpretation

 

		1.1	In this Agreement, unless the context requires otherwise:

 

“ACRA” means the Accounting
and Corporate Regulatory Authority of Singapore;

 

“Advance”
means a Facility A Advance or a Facility B Advance, as the context requires;

 

“assets” includes
present and future properties, revenues and rights of any description;

 

“Availability Period”
means:

 

		(a)	in relation to the Facility A Advance, the period from and including the date
of this Agreement to and including the date falling five days after the date of this Agreement; and

 

		(b)	in relation to each Facility B Advance, the period from and including the date
of this Agreement to and including 31 December 2019;

 

“Business Day”
means a day, except a Saturday or Sunday, on which banks are generally open for business in Luxembourg, the City of London and Singapore;

 

“Business Plan”
means the business plan delivered to the Lender pursuant to Clause 5.1;

 

“Certificate” has
the meaning ascribed to it in the Singapore law governed share warrant instrument to subscribe for shares in the Borrower to be granted
by the Borrower to Harbert European Growth Capital Fund II, SCSp on or about the date hereof (the “Warrant Instrument”);

 

“Closing Date” means
the date on which an Advance is made under Facility A;

 

“Convertible Loan”
mean the $4,000,000 convertible loan agreement dated 20 June 2017 and made between Near Pte. Ltd. as Company and OurCrowd International
Investment III, L.P. as Lender;

 

“Documents”
means this Agreement, the Security Documents, the Subordination Document and any other document so designated by the Lender and the Borrower,
but excluding the Warrant Instrument;

 

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“Drawdown Date”
means, in relation to any Advance, the date upon which that Advance is made, provided that this shall not occur prior to 14 February 2019,
except as otherwise agreed by the Lender in writing;

 

“Drawdown Notice” means
a notice in the form set out in Schedule 2;

 

“Event of Default”
means any of those events or circumstances set out in Clause 13.1;

 

“Existing Facilities”
means the $4,000,000 receivables credit and term facilities made available pursuant to an agreement dated 1 June 2018 (as amended,
or amended or restated from time to time) in the form as at the date of this Agreement between, amongst others, Near Australia Pty Ltd
as borrower and Partners for Growth V, L.P. as lender;

 

“Facility” means Facility
A or Facility B;

 

“Facility A”
means the cash advance facility made available under this Agreement as described in Clause 2.1(a);

 

“Facility A Advance”
means an advance of Facility A made or to be made by the Lender to the Borrower under this Agreement, or as the context may require, the
principal amount of any Advance from time to time outstanding;

 

“Facility A Amount”
means €5,000,000;

 

“Facility B”
means the working capital facility made available under this Agreement as described in Clause 2.1(b);

 

“Facility B Advance”
means an advance of Facility B made or to be made by the Lender to the Borrower under this Agreement, or as the context may require, the
principal amount of any Advance from time to time outstanding;

 

“Facility B Amount”
means €3,000,000;

 

“Funds Flow Statement”
means a funds flow statement describing sources and uses in the agreed form;

 

“Group” means the
Borrower, its subsidiaries, any of its holding company and any subsidiary of such holding company from time to time but does not include
Near Japan KK and Near Europe Limited (the “Excluded Entities” and each an “Excluded Entity”), provided
that:

 

		(a)	the Excluded Entities complete a solvent liquidation or winding-up by no later
than the date falling 6 months following the date of this Agreement;

 

		(b)	each Excluded Entity shall receive no more than €20,000 (or its equivalent
in other currencies) from any member of the Group for the purpose of facilitating any solvent liquidation or winding-up referred to in
(a) above; and

 

		(c)	all residual cash entitlements of each Excluded Entity are distributed in cash
to the Borrower immediately following the completion of any solvent liquidation or winding-up referred to in paragraph (a) above;

 

“Group Structure Chart”
means the group structure chart in the agreed form;

 

“Indebtedness”
means any obligation (present or future, actual or contingent, as principal or surety or otherwise) for the payment or repayment of money;

 

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“Indirect Tax”
means any goods and services tax, consumption tax, value added tax or any tax of a similar nature;

 

“Intellectual Property Rights” means:

 

		(a)	any patents, source code, trade marks, service marks, designs, business names,
copyrights, database rights, design rights, domain names, moral rights, inventions, confidential information, knowhow and other intellectual
property rights and interests (which may now or in the future subsist), whether registered or unregistered; and

 

		(b)	the benefit of all applications and rights to use such assets of each member of
the Group (which may now or in the future subsist);

 

“Interest Only Period”
means, in relation to Facility A only, the period commencing on the Drawdown Date and ending on the date 9 months thereafter;

 

“Interest Period”
means a period commencing on and including a Repayment Date and ending on but excluding the next Repayment Date provided that the initial
period in respect of any Advance shall commence on the Drawdown Date of such Advance and end on the next Repayment Date;

 

“Interest Rate”
means, in the case of any Advance hereunder, the greater of (a) 12% per annum, and (b) the one year EURIBOR screen rate as quoted in the
Wall Street Journal five Business Days prior to the Drawdown Date, plus 12% per annum;

 

“Investment” shall
mean the purchase or acquisition of any capital stock, equity interest, or any other securities of, or any financial interest in, any
person, or the extension of any financial advance, loan, extension of credit or capital contribution to, or any other financial investment
in, any person otherwise than in connection with the merger and acquisition or other proposed activities of the Borrower set out in the
Business Plan or any updated business plan delivered by the Borrower to the Lender following the date of this Agreement;

 

“Legal Reservations” means:

 

		(a)	the principle that equitable remedies may be granted or refused at the discretion
of a court and the limitation of enforcement by laws relating to insolvency, reorganisation and other laws generally affecting the rights
of creditors;

 

		(b)	the time barring of claims under the Limitation Act (Cap 163) of Singapore;

 

		(c)	the possibility that an undertaking to assume liability for or indemnify a person
against non-payment of stamp duty (or its equivalent in any other applicable jurisdiction) may be void and defences of set-off or counterclaim;
and

 

		(d)	similar principles, rights and defences under the laws of any relevant jurisdiction;

 

“Loan” means
the aggregate principal amount of each Facility A Advance and each Facility B Advance for the time being outstanding under this Agreement;

 

“Management Accounts”
means the management accounts of the Group delivered pursuant to Clause 5.1;

 

“Material Adverse Effect” means an event
or circumstance that has a material adverse effect on any one or more of:

 

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		(a)	the financial condition, business or assets of the Group taken as a whole;

 

		(b)	the ability of the Borrower to comply with its payment obligations under any of
the Documents; or

 

		(c)	the validity or enforceability of the Documents or the rights or remedies of the
Lender under the Documents and, if capable of remedy, is not remedied within 5 Business Days of the earlier of (i) the Borrower becoming
aware of the relevant event or circumstance; and (ii) the giving of notice of the same by the Lender;

 

“Material Consents”
means any approval, authorisation, consent, exemption, licence, permission or registration by, or from any governmental or regulatory
or other authority or person necessary for (i) carrying on by it of its business and (ii) the execution, delivery and performance of this
Agreement and the Documents and the use of each Facility;

 

“Permitted Disposal”
means any sale, lease, licence, sub-licence, grant, transfer or other disposal which:

 

		(a)	is a licence of any of its Intellectual Property Rights to a third party in the ordinary
course of its business, provided that, in each case:

 

		(i)	the ownership of the Intellectual Property Right subject to the licence remains
with the Borrower at all times and does not create any ownership rights in respect of that Intellectual Property Right in favour of a
third party licensee;

 

		(ii)	the licence does not give a third party licensee the right to take any action
(including, without limitation, litigation, arbitration and/or the exercise of enforcement rights) against third parties for infringement
of any Intellectual Property Right if the infringement is connected to the licence;

 

		(iii)	such licence does not impair, or could not reasonably be expected to impair, the
creation, maintenance, perfection and/or any enforcement by the Lender of any Security Interest;

 

		(iv)	the Borrower shall in be compliance with the terms of the Security Documents,
and the granting of such licence shall not require any amendment, novation, variation or supplement to any Security Document; and

 

		(v)	no Potential Event of Default has occurred and is continuing; or

 

		(b)	is otherwise made with the prior written consent of the Lender;

 

“Permitted Indebtedness”
means any Indebtedness of any member of the Group:

 

		(a)	under this Agreement or any other Document;

 

		(b)	under any finance lease, rental agreements or equivalent instruments;

 

		(c)	incurred with the consent of the Lender;

 

		(d)	existing as of the date of this Agreement, provided that no further advances
                                                                                                     (including, for the avoidance of doubt, any increase to the aggregate principal amount) shall be made available in respect of such
                                                                                                     indebtedness, save capitalised interest pursuant to the Convertible Loan
in the form and substance in existence at the date of this Agreement;

 

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		(e)	to any other member of the Group;

 

		(f)	arising from existing or future preference share liabilities, provided that in
each case such liabilities are fully subordinated to the Facilities in form and substance satisfactory to the Lender;

 

		(g)	on the corporate credit card of the Borrower from time to time, up to a value of
$250,000 (or its equivalent in other currencies) at any time;

 

		(h)	being trade credit of no more than 90 days and other unsecured non-interest bearing
debt (including taxes, duties and costs) arising in the ordinary course of trading;

 

		(i)	that is fully subordinated to the Facilities in form and substance satisfactory
to the Lender; and

 

		(j)	in respect of indebtedness specified in paragraphs (a) to (e) above, up to a maximum
aggregate amount for the Group at any time outstanding of €8,000,000 (or its equivalent in other currencies);

 

“Permitted Investments”
means:

 

		(a)	deposits (excluding any rental deposits) and retentions made in the ordinary course
of trading and up to a value of $150,000 (or its equivalent in other currencies) in aggregate at any time;

 

		(b)	any Investment provided that the Borrower’s free cash balance shall not at any
time reduce below $10,000,000 (or its equivalent in other currencies), in each case pro forma the making of the aggregate total amount
contractually committed to be invested in any and all investments pursuant to this paragraph (b);

 

		(c)	Investments held by any member of the Group as of the date of this Agreement and
specified in Schedule 4, including any future investments in similar instruments up to a value of $500,000 (or its equivalent in other
currencies) per investment;

 

		(d)	deposits with commercial banks organized under the laws of Singapore;

 

		(e)	Investments pursuant to or arising under currency agreements or interest rate
agreements entered into in the ordinary course of trading;

 

		(f)	Investments consisting of deposit accounts of the Borrower in which the Lender
has a perfected Security Interest;

 

		(g)	the acquisition of shares or interests in or the incorporation of a company or
other entity in accordance with Clause 12.1(s);

 

		(h)	the acquisition of shares or interests in a company or other entity where the acquisition
is financed by external funding fully subordinated to the Loan in form and substance satisfactory to the Lender; and

 

		(i)	any Investment otherwise
permitted by the terms of the Documents;

 

    5

    

    

 

“Permitted Security Interest” means:

 

		(a)	the Security Interests constituted by the Security Documents;

 

		(b)	liens arising by operation of law and any Security Interests arising out of title
retention provisions in a supplier’s standard conditions of sale in each case arising or entered into in the ordinary course of trading
and not as a result of any default or omission on the part of the Borrower or any other member of the Group;

 

		(c)	any Security Interest granted to a financing party over any equipment under any
finance leases referred to in paragraph (b) of the definition of Permitted Indebtedness;

 

		(d)	any netting or set-off arrangement entered into by any member of the Group in
the ordinary course of its banking arrangements for the netting of debit and credit balances, including any banker’s lien created by operation
of law or custom; and

 

		(e)	any Security Interest created with the prior written consent of the Lender;

 

“Potential Event of Default”
means any event or circumstance specified in Clause 13.1 that would (with the expiry of a grace period, the giving of notice, the making
of any determination under the Documents or any combination of the foregoing) be an Event of Default;

 

“Register”
has the meaning ascribed to it in the Warrant Instrument;

 

“Repayment Date” means the last Business Day of each calendar
month;

 

“Secured Liabilities”
has the meaning given to that term in the Security Document entered into between the Borrower and the Lender on or about the date of this
Agreement.

 

“Secured Property”
means the whole or any part of the property, assets and undertaking from time to time mortgaged, charged, assigned or otherwise secured
to the Lender under the Security Documents;

 

“Security Documents”
means:

 

		(a)	the Singapore law governed deed of debenture constituting the first fixed and floating
charges over all of the assets of the Borrower to be granted by the Borrower to the Lender on or about the date hereof;

 

		(b)	any other document designated as such by both or all the parties to it; and

 

		(c)	each variation or amendment of or supplement to any document referred to above
from time to time (and where the context permits includes any one or more of them);

 

“Security Interest”
means any mortgage, charge (whether fixed, floating, legal or equitable), assignment by way of security, pledge, lien, contractual right
of set-off, hypothecation or other security interest securing or preferring any obligation of any person or any other agreement or arrangement
or trust arrangement having a similar effect or conferring rights of retention or set-off or other disposal rights over an asset and includes
any agreement to create any of the foregoing;

 

“Security Period”
has the meaning given to that term in the Security Document entered into between the Borrower and the Lender on or about the date of this
Agreement.

 

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“Specified Equity Investment”
means not less than €10,000,000 (or its equivalent in other currencies) being received by the Borrower from a financial sponsor
prior to 31 December 2019;

 

“Subordination Document”
means the subordination agreement to be entered into on or about the date of this Agreement between Borrower, Lender and Ourcrowd International
Investment III, L.P.;

 

“Tax Deduction”
means a deduction of withholding for or on account of tax from a payment under this Agreement or any Document;

 

“Taxes” includes
all present and future taxes, levies, imposts, duties, fees, charges or withholdings of whatever nature and wherever levied, charged,
or assessed, together with any interest on them and any fine, surcharge or penalties in respect of them and “Tax” shall
be construed accordingly;

 

“Termination Date”
means the date falling 45 months after the Drawdown Date in respect of the first Advance made under this Agreement;

 

“Total Facility Amount”
means the aggregate of the Facility A Amount and the Facility B Amount, being €8,000,000 as at the date of this Agreement;

 

“Warrants” has the meaning
ascribed to it in the Warrant Instrument; and

 

“Warrant Instrument”
has the meaning given to that term in the definition of “Certificate”.

 

“Warrant Shares” has
the meaning ascribed to it in the Warrant Instrument.

 

		1.2	In this Agreement, unless otherwise expressly provided:

 

		(a)	any reference to a time of day is to London time;

 

		(b)	any reference to a person shall be construed as a reference to any individual,
firm, company, body corporate, business trust, state or local government or any political subdivision thereof, state or state entity or
any association (whether incorporated or unincorporated) or partnership (whether having separate legal personality) or any two or more
of the foregoing;

 

		(c)	any reference to a Clause or Schedule is a reference to a clause of or schedule
to this Agreement;

 

		(d)	any reference to any statutory provision shall include a reference to such provision
as from time to time re-enacted, amended, extended or replaced;

 

		(e)	any reference to a Document or Security Document or to any other document, agreement
or instrument is a reference to that Document, Security Document, document, instrument or agreement as the same may have been, or may
from time to time, be amended, extended, restated or supplemented; and

 

		(f)	an Event of Default is “continuing” if it has not been remedied or waived
in writing by the Lender;

 

		1.3	Words importing the singular shall include the plural and vice
versa and words denoting gender include every gender.

 

		1.4	Clause headings are inserted for ease of reference only in this
Agreement and shall not affect its interpretation.

 

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		2.	The Facilities

 

		2.1	Subject to the terms and conditions of this Agreement, the Lender
agrees to make available to the Borrower:

 

		(a)	a cash advance facility in the maximum aggregate amount equal to the Facility A
Amount; and

 

		(b)	a working capital facility in the maximum aggregate amount equal to the Facility
B Amount.

 

		3.	Security

 

		3.1	The Loan and all interest and other sums payable in respect
of each Facility shall be secured by the Security Documents at all times.

 

		3.2	The Borrower shall (and will procure that each member of the
Group shall), as soon as is reasonably practicable following a request by the Lender and subject to the same being permitted under all
applicable laws and any contracts or other binding requirements, do and execute any and all further acts, deeds, documents and things
as may from time to time be required by the Lender (acting reasonably) to (a) secure the Borrower’s obligations to the Lender under
any Document, or (b) perfect, facilitate the realisation of or enforce the Security Interests or guarantees created under each Security
Document provided always that the terms and requirements of any such acts, deeds, documents and things shall be no more onerous
than those set out in the Security Documents.

 

		4.	Purpose

 

		4.1	The Borrower shall use:

 

		(a)	the Facility A Advance to refinance in full the Existing Facilities (including,
for the avoidance of doubt, the payment of any fees and expenses which are due under the Documents and in amounts as agreed by the Lender)
as described in the Funds Flow Statement; and

 

		(b)	each Facility B Advance to finance the general corporate expenses and working capital
requirements of the Group.

 

		4.2	The Borrower shall not use any Advance in contravention of any applicable law or
for any purpose except that permitted in Clause 4.1.

 

		4.3	Failure by the Borrower to comply with this Clause 4 shall not prejudice the rights
of the Lender who shall not be under any obligation to monitor or concern itself with the use or application by the Borrower of any Advance.

 

		5.	Conditions

 

		5.1	The obligations of the Lender under this Agreement are subject to the condition
that the Lender shall have received the documents and evidence set out in Part A to Schedule 1 in form and substance satisfactory to it
before the first Advance under this Agreement.

 

		5.2	The obligation of the Lender to make each and every Advance is subject to the
further conditions precedent that at the time of giving the relevant Drawdown Notice and on the relevant Drawdown Date:

 

		(a)	each of the representations and warranties in Clause 11.1 remain true and correct
in all material respects on each and as of each such time as if given by reference to the facts and circumstances existing at such time;

 

    8

    

    

 

		(b)	no Event of Default or Potential Event of Default shall have occurred and be continuing
or would result from the making of the Advance; and

 

		(c)	there is no material, significant or unexpected adverse change in the business,
results of operations, forecasts, condition (financial or otherwise), assets, liabilities or prospects of the Group since the date of
the last audited or management produced financial statements or the funding of any previous Advance.

 

		5.3	The conditions set out in this Clause 5 are inserted solely for the benefit of
the Lender and may be waived in whole or in part without conditions by the Lender in relation to an Advance without prejudicing the right
of the Lender to require fulfilment of such conditions in whole or in part in respect of any other Advance.

 

		6.	Drawdown

 

		6.1	Subject to the terms and conditions of this Agreement, the Borrower may draw Facility
A provided that:

 

		(a)	the Lender shall have received a duly completed and executed Drawdown Notice relating
to a proposed Facility A Advance no later than 10am London time on the fifth Business Day before the proposed Drawdown Date of the Facility
A Advance;

 

		(b)	the proposed Drawdown Date is a Business Day within the Availability Period; and

 

		(c)	the aggregate of all Facility A Advances shall not exceed the Facility A Amount.

 

		6.2	Subject to the terms and conditions of this Agreement and subject to the monthly
management accounts of the Borrower evidencing that its ratio of total debt-to-end of quarterly recurring revenue (multiplied by four)
is not greater than 50% (“the QRR Condition”), the Borrower may draw Facility B provided that:

 

		(a)	the Lender shall have received a duly completed and executed Drawdown Notice relating
to a proposed Facility B Advance no later than 10am London time on the tenth Business Day before the proposed Drawdown Date of each Facility
B Advance;

 

		(b)	the proposed Drawdown Date is a Business Day within the Availability Period;

 

		(c)	no Facility B Advance shall be for less than €1,000,000; and

 

		(d)	the aggregate of all Facility B Advances shall not exceed the Facility B Amount.

 

		6.3	The QRR Condition shall not apply in the event that the Borrower has received
the Specified Equity Investment.

 

		6.4	Each Drawdown Notice shall be irrevocable and the Borrower shall be obliged to
borrow accordingly.

 

		6.5	If the conditions set out in this Agreement have been met and subject to the terms
of this Agreement, the Lender shall make the Advance to the Borrower by crediting such account of the Borrower as the Borrower shall specify
in the relevant Drawdown Notice.

 

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		6.6	If any part of a Facility shall not have been drawn within the time periods specified
in this Agreement the remaining Facility shall be automatically cancelled whereupon the Facility A Amount or the Facility B Amount, as
applicable, shall be reduced accordingly.

 

		7.	Repayment, Prepayment and Cancellation

 

		7.1	During the Interest Only Period, the Borrower shall repay interest only that has
accrued and is payable in accordance with Clause 8.2 on the Drawdown Date and then, following the expiry of the Interest Only Period,
the Facility A Amount (together with interest that has accrued and is payable in accordance with Clause 8.2) shall be repaid in 36 equal
monthly instalments commencing on the next Repayment Date following expiry of the Interest Only Period.

 

		7.2	Each Facility B Advance shall be repaid in 36 equal monthly instalments commencing
on the Drawdown Date of that Facility B Advance.

 

		7.3	The Borrower shall in any event pay any and all amounts outstanding under this
Agreement on the Termination Date.

 

		7.4	The Borrower, on the giving of 5 Business Days’ prior written notice, may prepay
on any Repayment Date any outstanding Advance (in whole but not in part) by paying an amount equal to (i) the outstanding principal amount
of such Advance together with all accrued but unpaid interest on that Advance to the date of prepayment, (ii) an amount equal to the future
interest payments that would have been due on that Advance under this Agreement if that Advance had been repaid in accordance with Clause
7.1 where such future interest payments are determined in accordance with the Interest Rate discounted by the prevailing 1-year EURIBOR
screen rate on the date of prepayment (with such discount rate capped at 5% but if less than zero, that rate shall be deemed to be zero),
and (iii) all unpaid fees, costs expenses and other amounts payable by the Borrower to the Lender under this Agreement. This same calculation
shall apply in the event of the Loan becoming immediately due and payable pursuant to Clauses 7.8, 13.2 or 16.2.

 

		7.5	Any amount payable pursuant to this Clause 7 shall be capped at 10% of the Loan
outstanding at the time of the prepayment.

 

		7.6	Any notice of prepayment given by the Borrower under this Agreement shall be irrevocable
and the Borrower shall be bound to prepay the relevant amount(s) in accordance with such notice. Any amount repaid or prepaid may not
be redrawn.

 

		7.7	The Borrower must promptly notify the Lender as soon as it becomes aware of a change
of control of the Borrower.

 

		7.8	Except in the case of a Specified Equity Investment, after a change of control
of the Borrower (whether or not notice under Clause 7.7 is given) the Lender may by notice to the Borrower cancel any undrawn part of
this Facility and declare all Advances, together with accrued interest and all other amounts accrued under this Agreement or any Document,
to be immediately due and payable. Any such notice will take effect in accordance with its terms.

 

		7.9	In Clauses 7.7 and 7.8, “change of control” means any of the following
events (whether in one or in a series of related transactions): listing on any stock exchange; merger, consolidation or reorganisation
of a member of the Group; the sale of all or (in the reasonable opinion of the Lender) substantially all the assets of any member of the
Group; the sale or issue of shares or securities of a member of the Group (whether by that member of the Group or by shareholders of that
member of the Group) representing a majority of the voting power in that Group company; the exclusive licence of all or a material portion
of any member of the Group’s Intellectual Property Rights to any other entity or person, other than a member of the Group.

 

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		8.	Interest

 

		8.1	So long as any Advances are outstanding under each Facility, the Borrower shall
pay to the Lender interest on those Advances, which shall accrue at the Interest Rate.

 

		8.2	The Borrower shall pay interest that has accrued on each Advance in arrears in
respect of each Interest Period to the Lender on the Drawdown Date and on each Repayment Date.

 

		8.3	Interest shall be calculated on each Repayment Date by taking the Interest Rate,
dividing by 12 and multiplying by the Loan at the start of each Interest Period.

 

		8.4	Whist an Event of Default is continuing, interest will be calculated on the amount
of the Loan at 4% above the rate effective immediately before the Event of Default. Any default interest, if not paid, shall be compounded
monthly.

 

		9.	Fees and Expenses

 

		9.1	The Borrower shall pay to the Lender on the Closing Date an arrangement fee of €120,000 in cash being 1.5% of the Total Facility Amount
as at the date of this Agreement.

 

		9.2	The Borrower shall pay promptly, and in any event within 10 Business Days of demand
and on a full indemnity basis to the Lender the amount of all costs and expenses (including but not limited to legal and out-of-pocket
expenses) the Lender reasonably and properly incurs and provides reasonable evidence of, in connection with the preparation, negotiation,
execution and delivery of the Documents and the registration and perfection of the Security Documents.

 

		9.3	The Borrower shall pay promptly, and in any event within 10 Business Days of demand
and on a full indemnity basis to the Lender all costs and expenses (including but not limited to legal and out-of pocket-expenses, and
time spent by its management) that the Lender reasonably and properly incurs and provides reasonable evidence of in connection with any
actual or proposed amendment, extension, waiver or consent under or in connection with this Agreement (including any matters related to
a change of control or a prepayment of the Loan) and in contemplation of or otherwise in connection with the enforcement (or attempted
enforcement), or preservation (or attempted preservation) of any rights under this Agreement and/or any other Document or otherwise in
respect of any money from time to time owing under this Agreement.

 

		9.4	The Borrower shall pay any stamp, documentary, registration, lodgement and other
similar duties or taxes to which any of the Documents or any judgement given in connection with any Document may be subject or give rise
and shall fully indemnify the Lender from and against any losses, costs, claims, expenses or liabilities which the Lender may incur as
a result of any delay or omission by the Borrower to pay any such duties or taxes.

 

		9.5	The amounts stated in the Agreement to be payable by the Borrower are exclusive
of any Indirect Tax (if any) properly charged thereon which shall be payable in addition.

 

		9.6	The Lender shall be entitled to effect payment (to the extent not already discharged)
of all fees, expenses and other sums due and payable by the Borrower under this Clause 9 out of and by deduction from any Advance and
the Borrower irrevocably authorises the Lender to do so.

 

		10.	Payments

 

		10.1	All payments to be made by the Borrower under this Agreement shall be made in full
without set-off or counterclaim and, subject to Clause 15, free and clear of any deductions or withholdings in immediately
available fully transferable cleared funds for value in Euros on their due date to the account notified by the Lender to the Borrower.

 

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		10.2	In the case of partial payment, the Lender may appropriate such payment towards
the obligations of the Borrower under this Agreement as the Lender may decide. The Borrower waives any right to make an appropriation
in respect of a partial payment. Any appropriation by the Lender shall apply to the exclusion of any actual or purported appropriation
by the Borrower.

 

		11.	Representations and Warranties

 

		11.1	The Borrower represents and warrants to the Lender that:

 

		(a)	it is duly incorporated and validly existing under the laws of its jurisdiction
of incorporation and has full power and authority to carry on its business as it is now being conducted and to own its property and assets;

 

		(b)	it has full power and authority to execute, deliver and perform its obligations
under the Documents and to use the Facilities; all necessary action has been taken (and not revoked) and all necessary consents and authorisations
obtained to authorise the execution, delivery and performance of the Documents, and the Documents constitute (subject to the Legal Reservations)
the valid and legally binding obligations of the Borrower enforceable in accordance with the terms of the Documents;

 

		(c)	each Security Document creates the Security Interests which that Security Document
purports to create and those Security Interests are (subject to the Legal Reservations and the Lender carrying out all necessary filings
and registrations with any necessary court or other authority) valid and effective;

 

		(d)	the execution, delivery and performance of the Documents and the use of the Facilities
do not and will not:

 

		(i)	contravene any law, regulation, directive, or judicial or official order to which
any member of the Group is subject;

 

		(ii)	result in any breach of or default under any obligation, agreement, restriction,
undertaking or instrument to which any member of the Group is a party or is subject or which it requires to carry on its business;

 

		(iii)	contravene any provision of the Borrower’s constitutional documents;

 

		(iv)	result in any limitation on the Borrower’s powers to borrow or incur Indebtedness
being exceeded; or

 

		(v)	result in the creation or imposition of or oblige the Borrower to create any Security
on its undertaking or on any of its assets, rights or revenues other than as contemplated by the Documents,

 

in each case where the same would
have a Material Adverse Effect;

 

		(e)	its payment obligations under the Documents rank senior to the claims of all its
other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law;

 

		(f)	no litigation, arbitration or administrative proceeding and, without limitation,
no dispute with any statutory or governmental authority is taking place, pending or, to its knowledge, threatened against any of
member of the Group which, if adversely determined, would have a Material Adverse Effect;

 

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		(g)	no Event of Default or (on the date of this Agreement only) Potential Event of
Default has occurred and is continuing;

 

		(h)	no member of the Group is overdue in the payment of Taxes imposed upon it or its
assets within the time period allowed; no member of the Group is materially overdue in the filing of any Tax returns and the Borrower
is not aware of any claims that are being or are reasonably likely to be asserted against any member of the Group with respect to Taxes
in each case save as notified to the Lender;

 

		(i)	neither it nor any member of the Group has incurred Indebtedness other than Permitted
Indebtedness;

 

		(j)	it has not taken any corporate action nor have any other steps been taken or legal
proceedings been started or threatened against it for its winding up, dissolution or re organisation or for the appointment of a receiver,
administrator, administrative receiver, trustee or similar officer of it or of any or all of its revenues or assets;

 

		(k)	no member of the Group has created any Security Interest over the whole or any
part of its present or future assets, undertaking, rights or revenues other than a Permitted Security Interest or is under any obligation
to create any Security Interest other than a Permitted Security Interest and the Borrower is the legal or beneficial owner of the assets
charged or assigned pursuant to the Security Documents;

 

		(l)	the latest audited financial statements delivered to the Lender have been prepared
in accordance with generally accepted accounting principles and practices in Singapore and give a true and fair view of the financial
condition and results of operations of the relevant member of the Group at the date to which such financial statements have been prepared;
and since that date there has been no material adverse change in the business, assets or operations of the Borrower or the Group taken
as a whole;

 

		(m)	the most recent management accounts of the Group have been prepared with due care
and attention and in accordance with good accounting practice on a basis consistent with that of the Management Accounts, accurately reflect
the financial position of the Group in all material respects as at their date and fully disclose all liabilities, actual or contingent,
all encumbrances and financial commitments in existence at the date of the most recent management accounts;

 

		(n)	all written information supplied to the Lender in contemplation of, in connection
with, or pursuant to the Documents was true and accurate in all material respects as at its date and does not contain any materially misleading
statement or omit to state a material fact and all forecasts, projections and written statements of intention and opinions provided to
the Lender by any member of the Group were made honestly and in good faith on the date on which they were expressed to be made and the
Borrower is not aware of any fact or circumstance, the omission of which would have made any such information, forecast, projection, statements
of intention or opinion misleading in any material respect on the date on which they were expressed to be made;

 

		(o)	no member of the Group has any subsidiaries other than as set out in Schedule 3
                                                                                                     (save to the extent of subsidiaries disposed of or acquired in accordance with the terms of this Agreement) and where a member of
                                                                                                     the Group is indicated in Schedule
3 as the shareholder of a member of the Group, it is the sole and beneficial owner of all the issued share capital of that member of the
Group free from any Security Interest other than a Permitted Security Interest, provided that the parties agree that Near Europe Limited
and Near Japan KK shall not be treated as members of the Group or as subsidiaries for the purposes of the Documents;

 

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		(p)	all Material Consents have been obtained or effected and are in full force and
effect;

 

		(q)	the Group Structure Chart delivered to the Lender pursuant to paragraph 23 of Part
A to Schedule 1 is true, complete and accurate in all material respects and shows (i) the Borrower and each member of the Group, including
current name, jurisdiction of incorporation and company registration number; and (ii) all minority interests in the Borrower and each
member of the Group; and

 

		(r)	each member of the Group is the legal or beneficial owner of, or has valid leases
or licences of, and all necessary authorisations and consents to use, its assets (including all Intellectual Property Rights and to the
knowledge of each member of the Group, there is no material violation by any person of any right of such member of the Group with respect
to such Intellectual Property Rights) which are necessary to carry on its business as presently conducted and the use of the assets does
not infringe any third party rights in any material respect.

 

		11.2	The representations and warranties in Clause 11.1 shall be deemed to be repeated
by the Borrower on and as of the date of each Drawdown Notice, each Drawdown Date and each Repayment Date from the date of this Agreement
until all moneys due and owing (actually or contingently) by the Borrower under the Documents have been repaid in full as if made with
reference to the facts and circumstances existing at each such date, provided that the Borrower may qualify these representations and
warranties when delivering a Drawdown Notice, if required and the Lender shall be entitled, in its sole discretion, to accept or reject
the Drawdown Notice with due regard to such qualification. Any such qualification may subsequently be incorporated into the representations
and warranties at the written request of the Borrower and to the extent accepted in writing by the Lender, in its sole discretion.

 

		12.	Undertakings

 

		12.1	General Undertakings

 

The Borrower undertakes to the
Lender that from the date of this Agreement and so long as any monies or obligations, actual or contingent, are outstanding under any
Document:

 

		(a)	it shall deliver to the Lender copies of the Group’s audited consolidated accounts
and the Borrower’s audited accounts no later than 120 days after the end of the financial period to which they relate which shall each
be prepared to the standards set out in Clauses 11.1(l);

 

		(b)	it shall deliver to the Lender promptly, and in any event within 30 days after
the month to which they relate, copies of the latest management accounts of the Group containing financial information in no less detail
than the Management Accounts;

 

		(c)	save as required in order to comply with accounting principles, practices and standards
generally accepted in Singapore or law, it will not change its accounting policies without the prior written consent of the Lender;

 

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		(d)	it will provide to the Lender such financial and other information concerning the
business, assets and affairs of it and other members of the Group as the Lender may from time to time reasonably require, and on request
and reasonable notice from the Lender will grant the Lender access to the Borrower’s management team for update meetings, such update
meetings not to exceed 4 meetings in any 12 month period, provided that no such limitation shall apply if a Default has occurred and is
continuing;

 

		(e)	it shall deliver to the Lender copies of all its notices and other communications
despatched to its shareholders generally (or any class thereof) or its creditors generally (or any class thereof) at the same time as
it dispatches such notices to such shareholders or creditors, as the case may be;

 

		(f)	it will as soon as practical deliver to the Lender copies of the minutes of all board
meetings and shareholders’ meetings of the Borrower together with copies of documents presented to such meetings (redacted, if necessary,
to remove any sensitive or confidential information where required by law or which would not materially affect the position of the Lender
under the Documents) including without limitation any updates to the annual budget, and grant the Lender board observer status in accordance
with Clause 24;

 

		(g)	it will obtain, maintain in full force and effect and comply with all Material
Consents;

 

		(h)	it will not make or permit any substantial change in the nature or scope of its
business or that of the Group, or suspend any substantial part of its operations which it conducts directly or indirectly, or commence
any type of business substantially different from its or the Group’s business at the date of this Agreement;

 

		(i)	it will insure its business and assets with such insurers and against such risks
of the kinds customarily insured against by, and in amounts reasonably and commercially prudent for, companies carrying on similar businesses,
and shall if required by the Lender, deposit with the Lender certificates of insurance and evidence of all premiums and other payments
necessary for effecting and maintaining such insurance;

 

		(j)	it will promptly inform the Lender upon becoming aware of any circumstance or occurrence
which will adversely affect its ability to perform its obligations under any Document or of any Event of Default or Potential Event of
Default, or, if required by the Lender (acting reasonably), shall confirm to the Lender that no such circumstance or occurrence has occurred;

 

		(k)	it will promptly upon becoming aware that the same is threatened in writing or
pending (but in any event immediately after the commencement thereof) give to the Lender notice in writing of any litigation, arbitration
or administrative proceedings, claim or action or any dispute affecting the Borrower or any member of the Group or the assets secured
to the Lender which, if adversely determined, would have a Material Adverse Effect;

 

		(l)	it will not and will procure that no member of the Group will:

 

		(i)	create, purport to create or permit to exist any Security Interest other than a
Permitted Security Interest over all or any part of its respective present or future undertaking, assets, rights or revenues; or

 

		(ii)	permit or agree to any material variation of the rights attaching to the whole
or any part of the Secured Property, other than may result from the licensing to commercial third parties of Intellectual
Property Rights in the ordinary course of trading;

 

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		(m)	to the extent legally permissible, it will ensure that no more than three months’
worth of operating cash is held by each member of the Group other than the Borrower and, on demand of the Lender upon an Event of Default
which is continuing, shall procure that all cash balances held by any member of the Group are immediately transferred to the Borrower’s
account;

 

		(n)	other than a Permitted Disposal, it will not, and will procure that no member
of the Group will, enter into a single transaction or series of transactions (whether related or not) and whether voluntary or involuntary
to sell, lease, licence, sub-licence, transfer or otherwise dispose of any asset;

 

		(o)	it will not make any distribution by way of dividend or otherwise howsoever without
the prior written consent of the Lender (such consent not to be unreasonably withheld or delayed);

 

		(p)	it will not and will procure that no member of the Group will incur any Indebtedness
other than Permitted Indebtedness;

 

		(q)	it will use all reasonable endeavours to procure that the Lender or its authorised
representatives be allowed all reasonable access and on reasonable notice to its premises and any other location where assets charged
pursuant to the Security Documents are located provided that (i) the Lender or its authorised representatives shall only be given
such access where the Borrower is permitted to do so by any applicable contracts, laws and other requirements with which the Borrower
is required to comply and subject to the Lender or its authorised representatives complying with all applicable security protocols and
other requirements and signing any confidentiality undertakings as may reasonably be required and (ii) the Lender shall pay to the Borrower
on demand all costs incurred by the Group in repairing any damage caused by the Lender or its authorised representatives;

 

		(r)	it will procure that no other member of the Group will issue shares or other securities
of any kind to any person, other than (i) pursuant to employee stock options; (ii) as part of the Borrower’s next financing round following
the date of this Agreement; (iii) under any warrant instrument; (iv) in the case of any other member of the Group, to the Lender pursuant
to the applicable Security Documents; or (v) where a member of the Group other than the Borrower is issuing such securities to establish
or further a joint venture, provided that in relation to such joint venture: (i) the Borrower does not dispose of any Intellectual Property
Rights to such joint venture; and (ii) the Borrower’s direct and, if applicable, indirect legal and beneficial interests (whether by way
of share capital or otherwise) in that joint venture is secured in favour of the Lender pursuant to one or more Security Documents, each
in form and substance satisfactory to it;

 

		(s)	it will, and will procure that each other member of the Group will, notify the Lender
in writing if it acquires shares or other interests in or incorporates a company or any other entity within 30 days of that acquisition
or incorporation and will, if that company or other entity is, following that acquisition or incorporation, a wholly owned subsidiary
of any member of the Group, procure that such company or other entity becomes a party hereto as a guarantor and executes such Security
Documents as the Lender may reasonably require as soon as is reasonably practicable thereafter provided always that the terms of such
Security Documents are not materially more onerous than those entered into by the Borrower on or about the date of this Agreement;

 

    16

    

    

 

		(t)	subject to the Legal Reservations and to the extent legally permissible in an applicable
jurisdiction at the relevant time, it will procure that any member of the Group existing at the time of this Agreement shall, at any time
and as soon as reasonably practicable following a request by the Lender, become a borrower, co-borrower, guarantor and/or security provider
under the terms of this Agreement on terms reasonably specified by the Lender;

 

		(u)	it will not make any Investments other than Permitted Investments;

 

		(v)	it will, and it will procure that each member of the Group will, comply with all
laws and obligations (including, without limitation, all relevant environmental laws, regulations and permits) binding upon it, failure
to comply with which would have a Material Adverse Effect;

 

		(w)	it will, and it will procure that each member of the Group will, duly and punctually
pay and discharge all Taxes imposed upon it or its assets within the time period allowed without incurring penalties unless (i) such payment
is being contested in good faith and (ii) such payment can be lawfully withheld and failure to pay and discharge those Taxes would not
have a Material Adverse Effect;

 

		(x)	it will, and will procure that each member of the Group will, ensure that:

 

		(i)	in respect of Near India Pvt. Ltd only, all Permitted Investments contributed or
paid to any member of the Group are solely used to fund operational expenses (including salaries, rent and other ordinary course of business
expenses) and no such proceeds are used for any other purpose (including, for example, acquisitions and capital expenditure); and

 

		(ii)	in respect of any other member of the Group, all Permitted Investments contributed
or paid to any member of the Group are solely used to fund operational expenses (including salaries, rent and other ordinary course of
business expenses) and capital expenditure in the ordinary course of business and no such proceeds are used for any other purpose (including,
for example, acquisitions and capital expenditure outside the ordinary course of business);

 

		(y)	it will, immediately upon becoming aware that any of its shareholders have received
any bona fide written offer to acquire or enter into discussions to sell a controlling interest in the Borrower or the Group, or if there
is any proposal to change the ultimate holding company of the Group or any member of the Group, inform the Lender of such offer or proposal;
and

 

		(z)	subject to Clause 12.1(m) above, it will not lend money to another member of the
Group without the Lender’s prior written consent.

 

		13.	Events of Default

 

		13.1	Each of the following is an Event of Default:

 

		(a)	the Borrower fails to pay in the currency and manner provided any amount payable
pursuant to a Document when due unless such failure is due to an administrative or technical error and payment is made within 5 Business
Days of its due date;

 

		(b)	the Borrower fails to observe or perform any of its obligations under the Documents
(other than those referred to in Clause 13.1(a) or under any undertaking or arrangement entered into in connection therewith and, in the
case of a failure which is capable of being remedied, within 7 Business Days after it has been notified of
the failure to observe or perform the relevant obligation by the Lender, it has not been remedied to the reasonable satisfaction of the
Lender;

 

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		(c)	any representation, warranty or statement which is made or deemed to be made or
repeated by the Borrower in any of the Documents or which is contained in any certificate, statement or notice provided by the Borrower
under or in connection with the Documents is or proves to be incorrect or untrue in any material respect when made or deemed to be made
or repeated with reference to the facts and circumstances existing at such time provided that no Event of Default will occur under this
Clause 13.1(c) if the circumstances giving rise to the misrepresentation are capable of remedy and are remedied within 7 Business Days
after it has been notified of the relevant misrepresentation by the Lender;

 

		(d)	any provision of any of the Documents is or becomes (subject to the Legal Reservations)
invalid, unlawful or unenforceable and this becomes materially adverse to the interests of the Lender;

 

		(e)	any member of the Group ceases to carry on the whole or a substantial part of
the business it carries on at the date of this Agreement (unless as a result of any transaction permitted under this Agreement or with
the prior written consent of the Lender) or any governmental authority expropriates all or a substantial part of the assets of any member
of the Group;

 

		(f)	any Material Consent is withdrawn or revoked or expires or is modified or made
subject to any condition which has or might reasonably be likely to have a Material Adverse Effect;

 

		(g)	any Indebtedness of any member of the Group in excess of €350,000 is not
paid when due or within any applicable grace period or becomes due or capable of being declared due before its stated maturity as a result
of any event of default or any provision having a similar effect, unless and only to the extent that such payment is being contested in
good faith;

 

		(h)	the Borrower repudiates any of the Documents or does or causes to be done any
act or thing evidencing an intention to repudiate any of the Documents;

 

		(i)	at any time it is or becomes unlawful for the Borrower to perform or comply with
any or all of its material obligations under the Documents or the subordination created under any subordination document to which the
Borrower is a party is or becomes unlawful or any of the material obligations of the Borrower under the Documents are not, or cease to
be, legal, valid and binding or any subordination created under the Subordination Document ceases to be legal, valid and binding or is
alleged in writing by the Subordinated Creditor (as defined in the Subordination Document) to be ineffective;

 

		(j)	the Borrower is unable to pay its debts as they fall due, suspends or threatens to
suspend making payment on any of its debt, or admits its inability to pay its debts as they fall due, commences negotiations with any
one or more of its creditors with a view to the general readjustment or rescheduling of its indebtedness, or makes a general assignment
for the benefit of, or a composition with, its creditors;

 

		(k)	any corporate action, legal proceedings or other procedure or step is taken by
any person in relation to:

 

		(i)	the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution,
administration or reorganisation (by way of voluntary arrangement, scheme
of arrangement or otherwise) of any member of the Group other than a solvent liquidation or reorganisation of any member of the Group;

 

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		(ii)	a composition, compromise, assignment or arrangement with any creditor of any
member of the Group or for the benefit of creditors generally; or

 

		(iii)	the appointment of a liquidator (other than in respect of a solvent liquidation
of a member of the Group), receiver, administrative receiver, administrator, compulsory manager, trustee in bankruptcy or other similar
officer in respect of any member of the Group or any of its assets,

 

provided always that this Clause
13.1(k) shall not apply to any petition for winding up which is frivolous or vexatious and is being contested in good faith and is discharged
or dismissed within 14 Business Days of commencement or, if earlier, the date on which it is advertised;

 

		(l)	an encumbrancer takes possession of, or a trustee or administrative or other
                                                                                                      receiver or similar officer is appointed in respect of, all or any substantial part of the business, undertaking, property, rights,
                                                                                                      revenues or assets of any member of the Group, or a distress or any other form of execution, is levied or enforced upon or sued out
                                                                                                      against any such property, rights, revenues or assets or any Security Interest which may for the time being affect any of its assets
                                                                                                      becomes enforceable or any steps are taken by any person (other than the Lender) to enforce any Security Interest against the
                                                                                                      property or assets of any member of the Group in each case where the aggregate value of such business, undertaking, property,
                                                                                                      rights, revenues or assets exceeds €100,000 (or its equivalent in other currencies);

 

		(m)	any proceedings analogous to any of the events specified in paragraphs (j), (k) or (l) of this Clause occurs under the laws of any
applicable jurisdiction in relation to any member of the Group;

 

		(n)	an event occurs or circumstances arise that has or might reasonably be likely to
have a Material Adverse Effect; and

 

		(o)	any failure by the Borrower, or other member of the Group, to satisfy the conditions
specified in Part B to Schedule 1 (Conditions Subsequent) of this Agreement.

 

		13.2	Upon and at any time after an Event of Default, so long as the
same is continuing, by written notice to the Borrower the Lender (without prejudice to any of its rights) may:

 

		(a)	declare that any obligation of the Lender to make an Advance shall be terminated
whereupon the Total Facility Amount shall immediately be reduced to zero; and/or

 

		(b)	declare that all or part of the Loan together with accrued interest and all other
amounts accrued or outstanding under the Documents (including under Clause 7.4) be immediately due and payable, whereupon they shall become
immediately due and payable and the Borrower shall forthwith repay them; and/or

 

		(c)	declare that all or part of any amount outstanding under each Facility be payable
on demand, whereupon they shall immediately become payable on demand by the Lender (including, if relevant, amounts under Clause 7.4);
and/or

 

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		(d)	make demand under or enforce any Security held by the Lender for the obligations
of the Borrower under the Documents; and/or

 

		(e)	take all other remedies available at law or equity.

 

		13.3	If, in the Lender’s opinion (acting reasonably), any of
the cure periods provided for in Clause 13.1 could prejudice the Lender, such that the Lender could receive a decrease in the proceeds
recovered from the exercise of its rights under the Security Documents, then the Lender shall be entitled to shorten or cancel any such
cure period. The Lender shall provide the Borrower with a written notice detailing the reasons for any such shortening or cancellation.

 

		14.	Indemnities

 

		14.1	The Borrower shall indemnify the Lender on demand from and against
any reasonable expense, loss, damage or liability which the Lender shall demonstrate was incurred by it as a consequence of:

 

		(a)	the occurrence of any Event of Default;

 

		(b)	the repayment (or prepayment) of any amount under this Agreement other than on
a Repayment Date or in accordance with any prepayment notice given by the Borrower under this Agreement;

 

		(c)	any Advance not being made for any reason (excluding default by the Lender) after
a Drawdown Notice has been given for that Advance; or

 

		(d)	otherwise in connection with any breach by the Borrower of this Agreement,

 

provided always that the indemnity shall not extend to
damages directly caused by the Lender’s own gross negligence or wilful misconduct.

 

		14.2	If, for any reason, any payment due under or in connection with
this Agreement is made or is recovered in a currency (the ‘payment currency’) other than that in which it is required to
be paid under this Agreement (the ‘contractual currency’) then, to the extent that the payment to the Lender (when converted
at the rate of exchange on the date of payment or, in the case of a liquidation, the latest date for the determination of liabilities
permitted by the applicable law) falls short of the amount due under or in connection with this Agreement, the Borrower, as a separate
and independent obligation, shall indemnify fully and hold harmless the Lender against the amount of the shortfall, and for the purposes
of this Clause, ‘rate of exchange’ means the rate at which the Lender is able on the relevant date to purchase the contractual
currency in London with the payment currency and shall take into account (and the Borrower shall be liable for) any premium and other
costs of exchange including any Taxes reasonably and properly incurred by reason of any such exchange.

 

		15.	Taxes

 

		15.1	The Borrower shall make all payments to be made by it under this Agreement or
any Document without any Tax Deduction, unless the applicable law requires a Tax Deduction.

 

		15.2	The Borrower shall notify the Lender promptly upon becoming aware that it must
make a Tax Deduction (or that there is any change in the rate or the basis of a Tax Deduction). The Lender shall notify the Borrower promptly
upon becoming aware that the Borrower must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax Deduction).

 

		15.3	If a Tax Deduction is required by law to be made by the Borrower, the amount of
the payment due from the Borrower shall be increased to the extent necessary to ensure that (after making any Tax Deduction)
the Lender receives and retains a net amount equal to the sum which it would have received and so retained if no Tax Deduction had been
required.

 

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		15.4	If the Borrower is required to make a Tax Deduction, the Borrower shall make that
Tax Deduction to the relevant taxation or other authority and any payment required in connection with that Tax Deduction within the time
allowed and in the amount required by law and within thirty days of making either a Tax Deduction or any payment required in connection
with that Tax Deduction, the Borrower shall deliver to the Lender evidence reasonably satisfactory to the Lender that the Tax Deduction
has been made or (as applicable) any appropriate payment paid to the relevant taxing authority.

 

		15.5	Subject to Clause 15.6, the Borrower shall (within thirty days of demand by the
Lender) pay to the Lender an amount equal to the loss, liability or cost which the Lender reasonably determines will be or has been (directly
or indirectly) suffered for or on account of Tax by the Lender in respect of a Document and if the Lender makes, or intends to make a
claim under this Clause 15.5, the Lender shall notify the Borrower as soon as is reasonably practicable of the event which will give,
or has given, rise to the claim.

 

		15.6	Clause 15.5 shall not apply to:

 

		(a)	Tax imposed on or calculated by reference to the net income received or receivable
by the Lender by the law of the jurisdiction:

 

		(i)	of its incorporation; or

 

		(ii)	in which it is treated as resident for Tax purposes; or

 

		(iii)	the office through which the Lender will perform its obligations under this Agreement;

 

		(b)	the extent that such loss, liability or cost is compensated for by an increased payment
under Clause 15.3.

 

		15.7	If, following any payment of an additional amount under Clause 15.3 or an amount
under Clause 15.5, the Lender shall receive or be granted a credit against or remission for any Tax payable by it, the Lender shall reimburse
the Borrower in accordance with this Clause 15.7, to the extent that such reimbursement does not prejudice the retention of the amount
of such credit or remission or the right of the Lender to obtain any other relief or allowance which may be available to it. Any such
reimbursement shall be limited to such amount as the Lender shall reasonably certify to be the proportion of such credit or remission
as will leave it (after making such reimbursement) in no worse after-Tax position than it would have been in had there been no such payment
under Clause 15.3 or 15.5. Nothing in this Agreement shall oblige the Lender to rearrange its tax affairs or to disclose to the Borrower
any information regarding its tax affairs and computations or shall entitle the Borrower to enquire about the Lender’s tax affairs.

 

		16.	Change in Circumstances

 

		16.1	The Borrower shall, within 10 Business Days of a demand by the Lender, pay to it
for the account of the Lender, the amount of any Increased Costs incurred by the Lender as a result of (i) the introduction of or any
change in (or the interpretation, application or administration of) any law, regulation, treaty or official directive or (ii) compliance
with any law or regulation made or implemented after the date of this Agreement. In this Clause “Increased Costs” means
(i) an additional or increased cost or (ii) a reduction of any amount due and payable under this Agreement or the Security Documents,
which is incurred or suffered by a Lender in relation to this Agreement and/or the Security Documents.
Increased Costs shall exclude (i) anything attributable to the wilful breach by the Lender of any law or regulation, (ii) any costs
that could have been avoided if the Lender had acted reasonably to limit such costs, (iii) anything attributable to a Tax Deduction
required by law to be made and (iv) anything compensated for under Clause 15.3.

 

    21

    

    

 

		16.2	If it any time it becomes unlawful for the Lender to make, fund, or allow to remain
outstanding any Advance or part of the Loan, then the Lender shall promptly after becoming aware of the same deliver to the Borrower a
certificate to that effect and shall not be thereafter obliged to make any Advance and, if the Lender so requires in that certificate,
the Total Facility Amount shall be reduced to zero and the Borrower shall not later than such date as the Lender specifies (being no earlier
than the next Repayment Date to occur after the last day of any applicable grace period permitted by law) repay each Advance together
with accrued interest and all other amounts due to the Lender under this Agreement and the Documents.

 

		16.3	If at any time more than one currency or currency unit is recognised by the central
bank of, or having jurisdiction in, any country as the lawful currency of that country:

 

		(a)	for so long as the currency in which the obligations under this Agreement are
expressed (the ‘express currency’) shall remain so recognised, those provisions and obligations shall remain denominated and paid or satisfied
in that currency;

 

		(b)	if the express currency ceases to be so recognised, any reference to that currency
shall be translated into and become payable in the currency of that country designated by the Lender; and

 

		(c)	the translation from one currency to another shall be at the official rate of exchange
recognised by the central bank for the conversion of that currency into the other, rounded up or down by the Lender in the manner officially
prescribed in relation to such official rate or, if and to the extent not so recognised or prescribed, in such manner as the Lender may
reasonably determine.

 

		16.4	If any change in any currency of a country occurs, this Agreement will be amended
to the extent the Lender, after consultation with the Borrower, specifies to be necessary in the light of the change in currency and to
put the Lender as far as possible in the same position as it would have been but for such change in currency.

 

		17.	Set-Off

 

		17.1	Upon the occurrence of an Event of Default which is continuing, the Lender may
apply any credit balance on any account maintained by the Borrower with the Lender in or towards satisfaction of any sum then due and
payable from the Borrower to the Lender. For this purpose the Lender is authorised to purchase (at a market rate of exchange and otherwise
on terms reasonably available to the Lender) with the moneys standing to the credit of such account such other currencies as may be necessary
to effect such application. The Lender is not obliged to exercise any of its rights under this Clause which shall be without prejudice
to and in addition to any rights it may have at law.

 

		18.	Certificates

 

		18.1	Any certificate or determination of the Lender as to any rate of interest, any
amount lent by, owing to or paid to the Lender or any other amount payable under this Agreement or any Document, in the absence of manifest
error, shall be conclusive evidence of the rate or amount thereof.

 

    22

    

    

 

		19.	Assignment and Transfers

 

		19.1	This Agreement shall be binding upon and enure for the benefit of the parties hereto
and their respective successors and permitted assigns.

 

		19.2	The Borrower may not assign, transfer, novate or dispose of any interest in its
rights and/or obligations under any of the Documents without the prior written consent of the Lender.

 

		19.3	The Lender may at any time assign, transfer, novate or dispose of any interest
in its rights and/or obligations under any of the Documents.

 

		19.4	If the Lender assigns all or any part of its rights or transfers all or any of
its obligations as provided in this Clause 19 all relevant references in the Documents to the Lender shall thereafter be construed as
references to the Lender and/or its assignee, as relevant, and, in the case of a transfer of all or part of the Lender’s obligations,
the Borrower shall thereafter look only to the assignee in respect of that proportion of the Lender’s obligations under this Agreement
as corresponds to the obligations assumed by such assignee.

 

		19.5	The Lender may disclose on a confidential basis to any actual or potential person
with whom it is proposing to enter, or has entered into, any kind of assignment, transfer, novation, participation or other agreement
in relation to this Agreement, such information about the Borrower and its business and financial condition as the Lender may reasonably
consider appropriate together with copies of this Agreement and the Documents.

 

		20.	Notices

 

		20.1	All notices, demands or other communications under or in connection with this
Agreement shall be in writing and may be given by letter, facsimile or other comparable means of communication:

 

		(a)	to the Lender, at the address specified at the head of this Agreement marked for
the attention of the Directors, with a copy to Harbert European Fund Advisors Ltd, Brookfield House, 5th Floor, 44 Davies Street,
London W1K 5JA, UK;

 

		(b)	to the Borrower at Near Pte. Ltd., 160 Robinson Road, #20-03 SBF Centre, Singapore
068914 or to the following email address rahul@near.co, marked for the attention of Mr. Rahul Agarwal;

 

or (in any case) to such other address or facsimile number
as the relevant party may notify to the other in accordance with this Clause for such purpose.

 

		20.2	Every notice, demand or other communication will be deemed to be given as follows:

 

		(a)	if personally delivered, at the time of delivery;

 

		(b)	if by letter, at noon on the third Business Day following the day such letter was
posted (or in the case of airmail, seven days after the envelope containing the same was delivered into the custody of the postal authorities);
and

 

		(c)	if by facsimile transmission or comparable means of communication during the business
hours of the addressee on the day of transmission, otherwise on the next following Business Day.

 

		20.3	In proving such service it shall be sufficient to prove that personal delivery
was made or that such letter was properly deposited in the post (postage prepaid), addressed and delivered to the postal authorities
or in the case of facsimile transmission or other comparable means of communication that a confirming hard copy was provided promptly
after transmission.

 

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		21.	Remedies and Waivers

 

		21.1	No failure, delay or omission on the part of the Lender to exercise any power,
right or remedy shall impair or operate as a waiver thereof nor shall any single or partial or defective exercise by the Lender of any
power, right or remedy preclude any other or further exercise of that or any other power right or remedy under this Agreement and no act
or course of conduct or negotiation on the Lender’s part or on its behalf shall in any way preclude it from exercising any such power,
right or remedy or constitute a suspension or variation of any such power, right or remedy unless and until such power, right or remedy
is formally waived.

 

		21.2	The remedies provided in this Agreement to the Lender are cumulative, may be exercised
as often as the Lender considers necessary and are in addition to all rights vested or to be vested in it pursuant to the other Documents
and rights remedies under the general law. Such rights shall not be capable of being waived or varied otherwise by an express waiver or
variation in writing.

 

		22.	Severance

 

		22.1	Each of the provisions of this Agreement is severable and distinct from the others.
If at any time one or more provisions of this Agreement is or becomes invalid, illegal or unenforceable in any respect under any law,
the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired.

 

		23.	Third Parties

 

		23.1	Unless expressly provided to the contrary in this Agreement, a person who is not
a party has no right under the Contracts (Rights of Third Parties) Act, Chapter 53B of Singapore to enforce or to enjoy the benefit of
any term of this Agreement.

 

		23.2	Notwithstanding any term of this Agreement, the consent of any third party is not
required for any variation (including any release or compromise of any liability under) or termination of this Agreement.

 

		24.	Board Observer

 

		24.1	The Lender shall have the right at any time to appoint any one person to be an
observer (“Observer”). Any such appointment must be effected by notice in writing to the Borrower by the Lender who may
in a similar manner remove any Observer appointed pursuant to this Clause 24, and appoint any person in place of any such Observer so
removed, any such appointment or removal to take effect when such notice is received by the Borrower or on such later date (if any) specified
in the notice.

 

		24.2	Subject to Clause 24.3, the Observer shall be entitled:

 

		(a)	to receive notice of meetings of directors (and committees of directors) of the
Borrower and all other information in respect of such meetings that a director would be entitled to receive and shall be entitled to receive
such information (including notices of such meetings) at the same time as the director(s); and

 

		(b)	to attend, observe and speak (but not vote) at meetings of directors (and committees
of directors) of the Borrower,

 

but shall not be a director of the
Borrower and shall not be counted in the quorum of any meeting of directors (or committee of directors) of the Borrower.

 

    24

    

    

 

		24.3	The entitlements of the Observer pursuant to Clause 24.2 shall not apply to meetings
regarding matters which are highly sensitive and where the participation of the Observer would not be appropriate.

 

		24.4	For the avoidance of doubt, the Lender’s rights under this Clause 24 shall terminate
upon the expiry of the Security Period.

 

		25.	Term

 

		25.1	For the avoidance of doubt, this Agreement and all rights and obligations of the
parties hereunder shall terminate on the date upon which the Lender (acting reasonably) is satisfied that all the Secured Liabilities
have been unconditionally and irrevocably paid and discharged in full and no further Secured Liabilities are capable of being outstanding.

 

		26.	Counterparts

 

		26.1	This Agreement may be executed in any number of counterparts and by the different
parties on separate counterparts each of which when executed and delivered shall constitute an original, but all the counterparts together
shall constitute one and the same agreement.

 

		27.	English Language

 

		27.1	All notices or communications under or in connection with the Documents shall
be in the English language or, if in any other language, accompanied by a translation into English. In the event of any conflict between
the English text and the text in any other language, the English text shall prevail.

 

		28.	Law and Jurisdiction

 

		28.1	This Agreement is governed by and shall be construed in accordance with Singapore
law.

 

		28.2	The Borrower irrevocably agrees for the exclusive benefit of the Lender that the
courts of Singapore shall have the jurisdiction to hear and determine any suit, action or proceeding and to settle any disputes which
may arise out of or in connection with this Agreement (including any other obligations arising out of or in connection with this Agreement)
and for such purposes hereby irrevocably submits to the jurisdiction of such courts.

 

		28.3	Nothing contained in this Clause 28 shall limit the right of the Lender to take
proceedings against the Borrower in any other court of competent jurisdiction, nor shall the taking of any such proceedings in one or
more jurisdictions preclude the taking of proceedings in any other jurisdiction, whether concurrently or not (unless precluded by applicable
law).

 

		28.4	The Borrower irrevocably waives any objection it may have now or in the future
to the courts of Singapore being nominated for the purposes of Clause 28.2 above and agrees not to claim that any such court is not an
appropriate or convenient forum.

 

AS WITNESS this Agreement has been duly executed on the
date stated at the beginning of this Agreement.

 

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SCHEDULE 1

 

Part A
– Conditions Precedent to Drawdown Date

 

In this Schedule “certified”
means certified by a director or other duly authorised officer of the Borrower or other relevant person in a certificate of a director
or officer (as the case may be) as being a true, complete and up to date copy as at a date no earlier than the relevant Drawdown Date.

 

		1.	A certified copy of the certificate of incorporation, memorandum and articles of
association of the Borrower.

 

		2.	A certified copy or extract of the resolutions of the board of directors of the Borrower:

 

		(a)	approving the Warrant Instrument, the Certificate, this Agreement and any other
Documents required to be delivered under this Agreement to which it is a party;

 

		(b)	authorising the person(s) executing the same to do so; and

 

		(c)	authorising a person(s) to sign Drawdown Notices and all notices or other communications
to be given or made on behalf of the Borrower.

 

		3.	A certified copy or extract of the resolutions of the board of directors of the
Borrower approving:

 

		(a)	the allotment and issuance of the Warrants to the Holder pursuant to the Warrant
Instrument and the entry of the name of the Holder into the Register in respect thereof;

 

		(b)	the allotment and issuance of the Warrant Shares arising from the exercise or conversion
of any of the Warrants;

 

		(c)	the delivery of the Certificate to the Holder for the Warrants; and

 

		(d)	the delivery of a certified copy of the Register to the Holder, updated to show
the entry of the Holder’s name as the holder of the Warrants.

 

		4.	Any other documentary evidence satisfactory to the Lender evidencing the allotment
and issuance of the Warrant Shares to the Lender.

 

		5.	The Certificate in respect of the Warrants.

 

		6.	Evidence required by the Lender for the purpose of any “know your customer”
requirements.

 

		7.	A certificate of the Borrower (signed by a director) confirming that borrowing,
guaranteeing and securing the Facilities would not cause any borrowing, guarantee, or security or similar limit binding on the Borrower
or any member of the Group to be exceeded, and containing specimen signatures authenticated to the satisfaction of the Lender of each
person authorised to sign by the resolutions referred to in paragraph 2 above of this Schedule.

 

		8.	A certificate of the Borrower (signed by a director) certifying that each copy
document relating to it specified in this Part A to Schedule 1 is correct, complete and in full force and effect as at a date no earlier
than the date of this Agreement.

 

		9.	Each fee payable pursuant to Clause 9 to the extent due and payable.

 

    26

    

    

 

		10.	The Security Documents duly executed by each of the parties thereto other than
the Lender accompanied by such notices, assignments, deeds, documents and consents as are required to be delivered under the Security
Documents.

 

		11.	All documentation, and/or evidence of all steps required to perfect the security
contained in the Security Documents, as the Lender may request and which shall be in such form and substance acceptable to the Lender.

 

		12.	A duly signed letter from a director, authorising the Lender or its solicitors
to file the relevant form in respect of any Security Document to which it is a party with such relevant government or regulatory authorities,
including but not limited to ACRA, to register any charges created by the respective Security Documents with the statement(s) containing
particulars of charge relating thereto (if required).

 

		13.	Share certificates and duly executed stock transfers in blank for all shares issued
by each member of the Group other than the Borrower.

 

		14.	The Subordination Document duly executed by each of the parties thereto other
than the Lender.

 

		15.	Certified consents or a certified copy or extract of the resolutions of the shareholders
of the Borrower as are necessary for the entry by the Borrower into this Agreement and the Documents to which it is a party.

 

		16.	A certified copy or extract of the shareholders’ resolutions of the Borrower approving
the allotment and issuance of Warrants and the allotment and issuance of Warrant Shares arising from the exercise of any of the Warrants.

 

		17.	Written waivers by the existing shareholders of the Borrower of their rights of
pre- emption, anti dilution rights and other rights in relation to the allotment and issuance of the Warrant Shares by the Borrower to
the Lender.

 

		18.	The duly completed Drawdown Notice for that Advance.

 

		19.	A certified copy of the most recent management accounts of the Group.

 

		20.	A certificate of an officer of the Borrower certifying that the conditions relevant
to the particular Advance set out in Clause 5 have been satisfied or waived by the Lender.

 

		21.	The Business Plan.

 

		22.	The Funds Flow Statement.

 

		23.	The Group Structure Chart which shows the Group assuming the Closing Date has occurred.

 

		24.	An executed Warrant Instrument and warrant certificate in the agreed form.

 

		25.	An exit waterfall showing the proceeds payable to the Lender or its nominee under
the warrant in the case of a theoretical exit at valuations of €120,000,000.

 

    27

    

    

 

Part B – Conditions Subsequent

 

		1.	Documents and/or evidence in form and substance satisfactory to the Lender that
all existing indebtedness granted by the Group or over the Group (other than Permitted Indebtedness) has been fully repaid or discharged
no later than 10 Business Days following the Closing Date.

 

		2.	Documents and/or evidence in form and substance satisfactory to the Lender that
all existing Security Interests granted by the Group or over the Group (other than Permitted Security Interests) have been fully released
or discharged no later than 10 Business Days following the Closing Date.

 

		3.	Copies of all Security Document notices in respect of account banks and insurances
only executed, in each case, by the Borrower and provided to the Lender no later than 3 Business Days following the Closing Date.

 

		4.	Documents and/or evidence in form and substance satisfactory to the Lender evidencing
the ACRA filing referred to in paragraph 12 of Part A to Schedule 1 hereto by no later than 30 days following the Closing Date.

 

		5.	Documents and/or evidence in form and substance satisfactory to the Lender that
any stamp duty liability incurred by the Borrower in connection with the Subordination Agreement has been duly discharged by no later
than 30 days following the Closing Date.

 

    28

    

    

 

SCHEDULE 2

Drawdown Notice

 

	To:	Harbert European Specialty Lending Company II, S.à r.l.
	 	5, Rue Guillaume Kroll

 L-1882 Luxembourg

 

For the Attention of: The Directors

 

Date __________20 ___

 

Dear Sirs

 

	Re:	Facility Agreement dated  20 (the “Facility Agreement”)

 

We refer to the Facility Agreement. We wish to draw
an Advance under the Facility Agreement as follows:

 

	a)	Facility: [A] / [B]

 

	b)	Proposed Drawdown Date: 20 (or, if that is not a Business Day, the next Business
                                Day);

 

	c)	Amount: €__________

 

	d)	[The proceeds should be credited after deducting all fees and expenses due in accordance
with the Facility Agreement].

 

	e)	Bank Account to which proceeds should be credited

 

	 	Bank:	 	 
	 	Account Name:	 	 
	 	Sort Code:	 	 
	 	Account Number:	 	 
	 	IBAN:	 	 

 

We confirm that:

 

		a)	the matters required to be represented and warranted by us pursuant
to Clause 11 of the Facility Agreement on the date of this Drawdown Notice are true and correct in all material respects on the date
of this Drawdown Notice as if made on such date;

 

		b)	no Event of Default or Potential Event of Default, each as defined
in the Facility Agreement, has occurred and is continuing on the date of this Drawdown Notice or would result from the drawing of the
proposed Advance; and

 

		c)	each condition to drawdown of the proposed Advance as set out in the Facility
Agreement has been fulfilled.

 

We undertake to inform you:

 

		a)	if an Event of Default or Potential Event of Default occurs before the Drawdown
Date in respect of the proposed Advance;

 

		b)	if any representation or warranty made by us pursuant to Clause 11 of the Facility
Agreement on the date of this Drawdown Notice ceases to be accurate as at the Drawdown Date of the proposed Advance; or

 

		c)	any condition to drawdown of the proposed Advance ceases to be satisfied.

 

This Drawdown Notice is irrevocable.

 

Yours faithfully

 

______________________

Authorised
for and on behalf of

NEAR PTE. LTD

    29

    

    

 

SCHEDULE 3

Group Companies

 

	Company	 	Jurisdiction
    of incorporation	 	Shareholder	 	Registered
    Number	 	Status
	Near Pte Ltd	 	Singapore	 	Parent	 	Company Number: 201205693G	 	Active
	Near India Pvt Ltd	 	India	 	100% Subsidiary	 	Corporate Identity Number: U72200KA2009PTC050999	 	Active
	Near Australia Pty Ltd	 	Australia	 	100% Subsidiary	 	ACN: 603 250 862	 	Active
	Near Americas Inc	 	United States (California)	 	100% Subsidiary	 	California Corporate Number: C3763399	 	Active
	Near Japan KK	 	Japan	 	100% Subsidiary	 	
    Corporate Number: 0100-01-

    165993
	 	Under Closure
	Near Europe Limited	 	England and Wales	 	100% Subsidiary	 	Company Number: 9857997	 	Under Closure

 

    30

    

    

 

SCHEDULE 4

Investments as at the
date of this Agreement

 

	Investment Fund	 	Investment Type	 	Currency	 	Amount	 
	Reliance Mutual Fund	 	Money Market Instruments	 	INR	 	 	35,000,000	 
	XLocations Inc	 	Strategic Investment	 	JPY	 	 	15,000,000	 

 

    31

    

    

 

	Signed for and on behalf of	)	 
	NEAR PTE. LTD	)	/s/ Anil Mathews
	 	 	Name: Anil Mathews
	 	 	Occupation: Director & CEO

 

[Signature page to the
Loan Agreement]

 

     

     

    

 

	Signed for and on behalf of 	)	 
	HARBERT FUND ADVISORS, INC.	)	 
	as Investment Manager for 	)	/s/ John W. McCullough
	HARBERT EUROPEAN SPECIALTY	)	John W. McCullough
	LENDING COMPANY II, S.À R.L.	)	EVP & General Counsel

 

[Signature page to the
Loan Agreement]

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