Document:

Exhibit
10.1

 

STARBOX
GROUP HOLDINGS LTD.

 

UNDERWRITING
AGREEMENT

 

August
22, 2022

 

Network
1 Financial Securities, Inc.

2
Bridge Avenue, Suite 241

Red
Bank, NJ 07701

 

Ladies
and Gentlemen:

 

The
undersigned, Starbox Group Holdings Ltd., a Cayman Islands exempted company (the “Company”), hereby confirms its agreement
(this “Agreement”) with Network 1 Financial Securities, Inc. (the “Underwriter”) to issue and sell
to the Underwriter an aggregate of 5,000,000 Ordinary Shares, par value $0.001125, of the Company (“Shares”). The
offering and sale of securities contemplated by this Agreement is referred to herein as the “Offering.”

 

1.
Firm Shares; Additional Shares.

 

(a)
Purchase of Firm Shares. On the basis of the representations and warranties herein contained, but subject to the terms and conditions
herein set forth, the Company agrees to issue and sell to the Underwriter an aggregate of 5,000,000 Ordinary Shares (the “Firm
Shares”) at a purchase price (net of underwriting discounts) of $3.72 per Share. The Underwriter agrees to purchase from the
Company the Firm Shares set forth opposite its name on Schedule A attached hereto and made a part hereof.

 

(b)
Delivery of and Payment for Firm Shares. Delivery of and payment for the Firm Shares shall be made at 10:00 A.M., Eastern time,
on the second (2nd) Business Day following the effective date of the Registration Statement (“Effective Date”),
or at such time as shall be agreed upon by the Underwriter and the Company, at the offices of Loeb & Loeb LLP (the “Underwriter’s
Counsel”) or at such other place as shall be agreed upon by the Underwriter and the Company. The hour and date of delivery
of and payment for the Firm Shares is called the “Closing Date.” The closing of the payment of the purchase price
for, and delivery of the Firm Shares through the facilities of DTC for the account of the Underwriter, is referred to herein as the “Closing.”
Payment for the Firm Shares shall be made on the Closing Date by wire transfer in federal (same day) funds upon delivery to the Underwriter
of the Firm Shares through the full fast transfer facilities of the Depository Trust Company (the “DTC”) for the account
of the Underwriter. The Firm Shares shall be registered in such names and in such denominations as the Underwriter may request in writing
at least two (2) Business Days prior to the Closing Date. The Company shall not be obligated to sell or deliver the Firm Shares except
upon tender of payment by the Underwriter for all the Firm Shares.

 

(c)
Additional Shares. The Company hereby grants to the Underwriter an option (the “Over-allotment Option”) to
purchase up to an additional 750,000 Shares (the “Additional Shares”), representing fifteen percent (15%) of the Firm
Shares sold in the offering, in each case only for the purpose of covering over-allotments of such securities, if any.

 

(d)
Exercise of Over-allotment Option. The Over-allotment Option granted pursuant to Section 1(c) hereof may be exercised in
whole or in part at any time within 45 days after the Effective Date. The purchase price to be paid per Additional Share shall be equal
to the price per Firm Share in Section 1(a). The Underwriter shall not be under any obligation to purchase any Additional Shares
prior to the exercise of the Over-allotment Option. The Over-allotment Option granted hereby may be exercised upon written notice given
at least two full business days prior to the exercise to the Company from the Underwriter setting forth the aggregate number of Additional
Shares to be purchased by the Underwriter and the date and time for delivery of and payment for the Additional Shares (the “Option
Closing Date”), which Closing Date shall not be later than five (5) full Business Days after the date of such written notice
to purchase Additional Shares is given or such other time as shall be agreed upon by the Company and the Underwriter, at the offices
of Underwriter’s Counsel or at such other place (including remotely by facsimile or other electronic transmission) as shall be
agreed upon by the Company and the Underwriter. If such delivery and payment for the Additional Shares does not occur on the Closing
Date, the Option Closing Date will be as set forth in the written notice. Upon exercise of the Over-allotment Option with respect to
all or any portion of the Additional Shares, subject to the terms and conditions set forth herein, (i) the Company shall become obligated
to sell to the Underwriter the number of Additional Shares specified in such notice and (ii) the Underwriter shall purchase from the
Company that portion of the total number of Additional Shares then being purchased with the number of Firm Shares set forth in Schedule
A opposite the name of such Underwriter bears to the total number of Firm Shares, subject, in each case, to such adjustment as the
Underwriter, in its sole discretion, shall determine.

 

    	 

    	 

    

 

(e)
Delivery of and Payment for Additional Shares. Payment for the Additional Shares shall be made on the Option Closing Date by wire
transfer in federal (same day) funds, upon delivery to the Underwriter of the Additional Shares through the facilities of DTC for the
account of the Underwriter. The Additional Shares shall be registered in such name or names and in such authorized denominations as the
Underwriter may request in writing at least two (2) full Business Days prior to the Option Closing Date. The Company shall not be obligated
to sell or deliver the Additional Shares except upon tender of payment by the Underwriter for the applicable Additional Shares. The Option
Closing Date may be simultaneous with, but not earlier than, the Closing Date; and in the event that such time and date are simultaneous
with the Closing Date, the term “Closing Date” shall refer to the time and date of delivery of the Firm Shares and Additional
Shares.

 

The
Firm Shares and the Additional Shares are hereinafter referred to collectively as the “Securities.”

 

2.
Representations and Warranties of the Company. The Company represents and warrants to the Underwriter as of the Applicable
Time (as defined below) and as of the Closing Date, as follows:

 

(a)
Filing of Registration Statement.

 

(i)
Pursuant to the Act.

 

(1)
The Company has filed with the Securities and Exchange Commission (the “Commission”) a registration statement and
an amendment or amendments thereto, on Form F-1 (File No. 333- 265635), including any related prospectus or prospectuses, for the registration
of the Securities under the Securities Act of 1933, as amended (the “Act”), which registration statement and amendment
or amendments have been prepared by the Company and conform, in all material respects, with the requirements of the Act and the rules
and regulations of the Commission under the Act (the “Regulations”). Except as the context may otherwise require,
such registration statement on file with the Commission at the time the registration statement becomes effective (including the prospectus,
financial statements, schedules, exhibits and all other documents filed as a part thereof or incorporated therein and all information
deemed to be a part thereof as of the Effective Date pursuant to paragraph (b) of Rule 430A of the Regulations), is referred to herein
as the “Registration Statement.

 

(2)
The final prospectus in the form first furnished to the Underwriter for use in the Offering, is hereinafter called the “Prospectus.”

 

(3)
The Registration Statement has been declared effective by the Commission on or prior to the date hereof. “Applicable Time”
means 4:00 p.m. EDT, on August 19 or such other time as agreed to by the Company and the Underwriter.

 

(ii)
Registration under the Exchange Act. The Securities are registered pursuant to Section 12(b) of the Securities Exchange Act of
1934 (the “Exchange Act”), and the Company has taken no action designed to, or likely to have the effect of, terminating
the registration of the Securities under the Exchange Act nor has the Company received any notification that the Commission is contemplating
terminating such registration except as described in the Registration Statement and Prospectus.

 

(iii)
Listing on Nasdaq. The Shares will be approved for listing on the Nasdaq Capital Market (“Nasdaq”) by the Closing
Date, subject to official notice of issuance, and the Company has taken no action designed to, or likely to have the effect of, terminating
the listing of the Securities on Nasdaq nor has the Company received any notification that Nasdaq is contemplating revoking or withdrawing
approval for listing of the Securities.

 

(b)
No Stop Orders, etc. Neither the Commission nor, to the Company’s knowledge, any state regulatory authority has issued any
order preventing or suspending the use of any preliminary prospectus (“Preliminary Prospectus”), the Prospectus or
the Registration Statement or has instituted or, to the Company’s knowledge, threatened to institute any proceedings with respect
to such an order.

 

    	 

    	 

    

 

(c)
Disclosures in Registration Statement.

 

(i)
10b-5 Representation.

 

(1)
The Registration Statement and any post-effective amendment thereto, at the time it became effective, complied in all material respects
with the requirements of the Act and the Regulations.

 

(2)
The Registration Statement, when it became effective, and any amendment or supplement thereto, did not contain and, at the Closing Date,
will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary
to make the statements therein, in light of the circumstances under which they were made, not misleading, and the Prospectus when filed
with the Commission does not contain and, at the Closing Date, will not contain any untrue statement of a material fact or omit to state
any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which
they were made, not misleading. The representation and warranty made in this Section 2(c)(i)(2) does not apply to statements made
or statements omitted in reliance upon and in conformity with written information with respect to the Underwriter furnished to the Company
by the Underwriter expressly for use in the Registration Statement or Prospectus or any amendment thereof or supplement thereto. The
parties acknowledge and agree that such information provided by or on behalf of the Underwriter consists solely of the disclosure contained
in the “Underwriting” section of the Prospectus (collectively, the “Underwriter’s Information”).

 

(3)
The General Disclosure Package (as defined below), when taken together as a whole with the Prospectus (collectively, the “Disclosure
Materials”), does not contain any untrue statement of a material fact or omit to state any material fact necessary in order
to make the statements therein, in the light of the circumstances under which they were made, not misleading. The preceding sentence
does not apply to statements in or omissions from the Disclosure Materials based upon and in conformity with the Underwriter’s
Information.

 

(ii)
Prior Securities Transactions. No securities of the Company have been sold by the Company or by or on behalf of, or for the benefit
of, any person or persons controlling, controlled by, or under common control with the Company, except as disclosed in the Registration
Statement and the Prospectus.

 

(d)
Changes After Dates in Registration Statement.

 

(i)
No Material Adverse Change. Since the end of the period covered by the latest audited financial statements included in the Registration
Statement and the Prospectus, and except as otherwise specifically stated therein: (i) to the knowledge of the Company, there have been
no events that have occurred that would have a Material Adverse Effect (as defined below); and (ii) there have been no material transactions
entered into by the Company not in the ordinary course of business, other than as contemplated pursuant to this Agreement.

 

(ii)
Recent Securities Transactions, etc. Since the end of the period covered by the latest audited financial statements included in
the Registration Statement and the Prospectus, and except as may otherwise be indicated or contemplated herein or disclosed in the Registration
Statement and the Prospectus, the Company has not, other than with respect to options to purchase Ordinary Shares at an exercise price
equal to the then fair market price of the Ordinary Shares, as determined by the Company’s board of directors, granted to employees,
consultants or service providers: (i) issued any securities or incurred any material liability or obligation, direct or contingent, for
borrowed money other than in the ordinary course of business; or (ii) declared or paid any dividend or made any other distribution on
or in respect to its share capital.

 

(e)
Independent Accountants. To the best of the Company’s knowledge, Friedman LLP (“Friedman”), whose report
is filed with the Commission as part of the Registration Statement, are independent registered public accountants as required by the
Act and the Regulations.

 

    	 

    	 

    

 

(f)
Financial Statements, etc. The financial statements, including the notes thereto and supporting schedules included in the Registration
Statement and Prospectus, fairly present the financial position and the results of operations of the Company at the dates and for the
periods to which they apply; and such financial statements have been prepared in conformity with United States generally accepted accounting
principles (“GAAP”), consistently applied throughout the periods involved except as disclosed therein; and the supporting
schedules included in the Registration Statement present fairly the information required to be stated therein. The Registration Statement
discloses all material off-balance sheet transactions, arrangements, obligations (including contingent obligations), and other relationships
of the Company with unconsolidated entities or other persons that may have a material current or future effect on the Company’s
financial condition, changes in financial condition, results of operations, liquidity, capital expenditures, capital resources, or significant
components of revenues or expenses. Except as disclosed in the Registration Statement and the Prospectus, (a) neither the Company nor
any of its operating subsidiaries (each, a “Subsidiary,” and together, the “Subsidiaries”), has
incurred any material liabilities or obligations, direct or contingent, or entered into any material transactions other than in the ordinary
course of business, (b) the Company has not declared or paid any dividends or made any distribution of any kind with respect to its share
capital; (c) there has not been any change in the share capital of the Company or any of its Subsidiaries or any grants under any stock
compensation plan and, (d) there has not been any material adverse change in the Company’s long-term or short-term debt.

 

(g)
Authorized Capital; Options, etc. The Company has the duly authorized, issued and outstanding capitalization as set forth in the
Registration Statement and the Prospectus. Based on the assumptions stated in the Registration Statement and the Prospectus, the Company
will have on the Closing Date the adjusted capitalization set forth therein. Except as set forth in, or contemplated by, this Agreement,
the Registration Statement and the Prospectus, on the Effective Date and on the Closing Date, there will be no options, warrants, or
other rights to purchase or otherwise acquire any authorized, but unissued share capital of the Company or any security convertible into
share capital of the Company, or any contracts or commitments to issue or sell share capital or any such options, warrants, rights or
convertible securities.

 

(h)
Valid Issuance of Securities, etc.

 

(i)
Outstanding Securities. All issued and outstanding securities of the Company issued prior to the transactions contemplated by
this Agreement have been duly authorized and validly issued and are fully paid and non-assessable; the holders thereof have no rights
of rescission with respect thereto, and are not subject to personal liability by reason of being such holders; and none of such securities
were issued in violation of the preemptive rights of any holders of any security of the Company or similar contractual rights granted
by the Company.

 

(ii)
Securities Sold Pursuant to this Agreement. The Securities have been duly authorized for issuance and sale and, when issued and
paid for, will be validly issued, fully paid and non-assessable; the Securities are not and will not be subject to the preemptive rights
of any holders of any security of the Company or similar contractual rights granted by the Company; and all corporate action required
to be taken for the authorization, issuance and sale of the foregoing Securities has been duly and validly taken. The Securities conform
in all material respects to all statements with respect thereto contained in the Registration Statement.

 

(iii)
Issuance of Securities. Upon issuance of Securities, and subject to full payment thereof by the Underwriter in accordance with
the terms hereof, such Securities will be duly and validly issued, and the persons in whose names the Securities are registered will
be entitled to the rights specified in the Securities, and upon the sale and delivery of these Securities, and payment therefor, pursuant
to this Agreement, the persons in whose names the Securities are registered will acquire good, marketable and valid title to such Securities,
free and clear of all pledges, liens, security interests, charges, claims or encumbrances of any kind.

 

(i)
Registration Rights of Third Parties. Except as set forth in the Registration Statement and the Prospectus, no holders of any
securities of the Company or any rights exercisable for or convertible or exchangeable into securities of the Company have the right
to require the Company to register any such securities of the Company under the Act or to include any such securities in a registration
statement to be filed by the Company.

 

(j)
Validity and Binding Effect of This Agreement. This Agreement has been duly and validly authorized by the Company, and, when executed
and delivered, will constitute, the valid and binding agreement of the Company, enforceable against the Company in accordance with its
terms, except: (i) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors’
rights generally; (ii) as enforceability of any indemnification or contribution provision may be limited under federal and state securities
laws; and (iii) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to equitable
defenses and to the discretion of the court before which any proceeding therefore may be brought.

 

    	 

    	 

    

 

(k)
No Conflicts. The execution, delivery, and performance by the Company of this Agreement, the consummation by the Company of the
transactions herein and therein contemplated and the compliance by the Company with the terms hereof do not and will not, with or without
the giving of notice or the lapse of time or both: (i) result in a material breach of, or conflict with any of the terms and provisions
of, or constitute a material default under, or result in the creation, modification, termination or imposition of any lien, charge or
encumbrance upon any property or assets of the Company pursuant to the terms of any agreement or instrument to which the Company is a
party; (ii) result in any violation of the provisions of the Company’s amended and restated memorandum and articles of association
(as the same may be amended from time to time, the “Charter”); or (iii) violate any existing applicable law, rule,
regulation, judgment, order or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the Company
or any of its properties or business as constituted as of the date hereof, except such violation or breach that would not reasonably
be expected to have a material adverse effect on the assets, business, conditions, financial position or results of operations of the
Company (a “Material Adverse Effect”).

 

(l)
No Defaults; Violations. No default exists in the due performance and observance of any term, covenant or condition of any material
license, contract, indenture, mortgage, deed of trust, note, loan or credit agreement, or any other material agreement or instrument
evidencing an obligation for borrowed money, or any other material agreement or instrument to which the Company is a party or by which
the Company is bound or to which any of the properties or assets of the Company is subject, except for such defaults that would not,
singly or in the aggregate, result in a Material Adverse Effect to the Company and its Subsidiaries, taken as a whole, and that are not
otherwise disclosed in the Registration Statement, the Prospectus or the Disclosure Materials. The Company is not in violation of any
term or provision of its Charter, or in violation in any respect of any franchise, license, permit, applicable law, rule, regulation,
judgment or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the Company or any of its properties
or businesses, except for such defaults that would not, singly or in the aggregate, result in a Material Adverse Effect to the Company
and its Subsidiaries, taken as a whole, and that are not otherwise disclosed in the Registration Statement, the Prospectus or the Disclosure
Materials.

 

(m)
Corporate Power; Licenses; Consents.

 

(i)
Conduct of Business. Except as described in the Registration Statement and the Prospectus, the Company has all requisite corporate
power and authority, and has all necessary authorizations, approvals, orders, licenses, certificates and permits of and from all governmental
regulatory officials and bodies that it needs as of the date hereof to conduct its business purpose as described in the Prospectus, except,
in each case, as would not reasonably be expected to have a Material Adverse Effect.

 

(ii)
Transactions Contemplated Herein. The Company has all corporate power and authority to enter into this Agreement and to carry
out the provisions and conditions hereof and thereof, and all consents, authorizations, approvals and orders required in connection therewith
have been obtained. No consent, authorization or order of, and no filing with, any court, government agency or other body is required
for the valid issuance, sale and delivery of the Securities and the consummation by the Company of the transactions and agreements contemplated
by this Agreement and as contemplated by the Prospectus, except with respect to applicable federal and state securities laws and the
rules and regulations of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and the Nasdaq.

 

(n)
D&O Questionnaires. To the Company’s knowledge, all information contained in the questionnaires (the “Questionnaires”)
completed by each of the Company’s directors and officers named in the section “Management” in the Prospectus immediately
prior to the Offering (the “Insiders”) and provided to the Underwriter is true and correct in all respects and the
Company has not become aware of any information which would cause the information disclosed in the questionnaires completed by each Insider
to become inaccurate and incorrect.

 

(o)
Litigation; Governmental Proceedings. Except as disclosed in the Registration Statement and the Prospectus, there is no action,
suit, proceeding, inquiry, arbitration, investigation, litigation or governmental proceeding pending or, to the Company’s knowledge,
threatened against, or involving the Company or, to the Company’s knowledge, any executive officer or director that has not been
disclosed in the Registration Statement and the Prospectus or in connection with the Company’s listing application for the listing
of the Securities on Nasdaq.

 

    	 

    	 

    

 

(p)
Good Standing. The Company has been duly incorporated, is validly existing and is in good standing under the laws of the Cayman
Islands as of the date hereof, and is duly qualified to do business and is in good standing in each jurisdiction in which the conduct
of the Company’s business requires such qualification, except where the failure to qualify would not reasonably be expected to
have a Material Adverse Effect.

 

(q)
Transactions Affecting Disclosure to FINRA.

 

(i)
Finder’s Fees. Except as described in the Registration Statement and the Prospectus, there are no claims, payments, arrangements,
agreements or understandings relating to the payment of a finder’s, consulting or origination fee by the Company or any Insider
with respect to the sale of the Securities hereunder or any other arrangements, agreements or understandings of the Company or, to the
best of the Company’s knowledge, any of its shareholders that may affect the Underwriter’s compensation, as determined by
FINRA.

 

(ii)
Payments Within Twelve (12) Months. Except as described in the Registration Statement and the Prospectus, the Company has not
made any direct or indirect payments (in cash, securities or otherwise) to: (i) any person, as a finder’s fee, consulting fee or
otherwise, in consideration of such person raising capital for the Company or introducing to the Company persons who raised or provided
capital to the Company; (ii) to any FINRA member; or (iii) to any person or entity that has any direct or indirect affiliation or association
with any FINRA member, within the twelve months prior to the Effective Date, other than the prior payment of US$125,000 to the Underwriter,
as provided hereunder in connection with the Offering.

 

(iii)
FINRA Affiliation. To the Company’s knowledge, and except as may have been previously disclosed in writing to the Underwriter,
no Insider or any beneficial owner of 10% or more of the Company’s outstanding Ordinary Shares has any direct or indirect affiliation
or association with any FINRA member (as determined in accordance with the rules and regulations of FINRA).

 

(iv)
Use of Proceeds. None of the net proceeds of the Offering will be paid by the Company to any participating FINRA member or its
affiliates inclusive of any FINRA member or its affiliates in any country or jurisdiction outside of the United States, except as specifically
authorized herein.

 

(v)
Information. All information provided by the Company in its FINRA Questionnaire to Underwriter Counsel specifically for use by
Underwriter Counsel in connection with its Public Offering System filings (and related disclosure) with FINRA is true, correct and complete
in all material respects.

 

(r)
Foreign Corrupt Practices Act. Neither the Company nor, to the Company’s knowledge, any of the Insiders or employees of
the Company or any other person authorized to act on behalf of the Company has, directly or indirectly, knowingly given or agreed to
give any money, gift or similar benefit (other than legal price concessions to customers in the ordinary course of business) to any customer,
supplier, employee or agent of a customer or supplier, or official or employee of any governmental agency or instrumentality of any government
(domestic or foreign) or any political party or candidate for office (domestic or foreign) or other person who was, is, or may be in
a position to help or hinder the business of the Company (or assist it in connection with any actual or proposed transaction) that might
subject the Company to any damage or penalty in any civil, criminal or governmental litigation or proceeding.

 

(s)
Officers’ Certificate. Any certificate signed by any duly authorized officer of the Company and delivered to you or to the
Underwriter’s Counsel shall be deemed a representation and warranty by the Company to the Underwriter as to the matters covered
thereby.

 

(t)
Lock-Up Period.

 

(i)
Each Insider (the “Lock-Up Parties”) has agreed, pursuant to an executed Lock-Up Agreement in the form attached hereto
as Annex II, that for a period ending 180 days after the Effective Date (the “Lock-Up Period”), each such person
and their respective affiliated parties shall not offer, pledge, sell, contract to sell, grant, lend or otherwise transfer or dispose
of, directly or indirectly, any Securities or share capital of the Company, including Ordinary Shares, or any securities convertible
into or exercisable or exchangeable for such Securities or share capital, without the consent of the Underwriter, with certain exceptions.
The Underwriter may consent to an early release from the applicable Lock-Up period if, in its opinion, the market for the Securities
would not be adversely impacted by sales and in cases of financial emergency of a Lock-up Party.

 

    	 

    	 

    

 

(ii)
The Company, on behalf of itself and any successor entity, has agreed that, without the prior written consent of the Underwriter, it
will not, for a period ending 180 days after the Effective Date, (i) offer, pledge, sell, contract to sell, sell any option or contract
to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or
dispose of, directly or indirectly, any shares of share capital of the Company or any securities convertible into or exercisable or exchangeable
for shares of the Company; (ii) file or cause to be filed any registration statement with the Commission relating to the offering of
any shares of the Company or any securities convertible into or exercisable or exchangeable for shares of the Company or (iii) enter
into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of share
capital of the Company, whether any such transaction described in clause (i), (ii) or (iii) above is to be settled by delivery of shares
of the Company or such other securities, in cash or otherwise. The restrictions contained in this Section 2(t)(ii) shall not apply
to (i) the Securities to be sold hereunder, (ii) the issuance by the Company of Securities upon the exercise of an option or warrant
or the conversion of a security outstanding on the date hereof of, provided that the Underwriter has been advised in writing of such
issuance prior to the date hereof, (iii) the issuance by the Company of option to purchase or shares of Securities, share capital or
restricted share of the Company under any stock compensation plan of the Company outstanding on the date hereof, (iv) any registration
statement on Form S-8, or (v) the issuance of securities in connection with mergers, acquisitions, joint ventures, licensing arrangements
or any other similar non-capital raising transactions provided such shares are not registered pursuant to a registrations statement.
For purposes of subclause (ii) in this paragraph, the Underwriter acknowledges that disclosure in the Registration Statement filed prior
to the date hereof of any outstanding option or warrant shall be deemed to constitute prior written notice to the Underwriter.

 

(u)
Subsidiaries. Exhibit 21.1 of the Registration Statement lists each Subsidiary and consolidated entity of the Company and sets
forth the ownership of all of the Subsidiaries. The Subsidiaries are duly organized and in good standing under the laws of the place
of organization or incorporation, and each such Subsidiary is in good standing in each jurisdiction in which its ownership or lease of
property or the conduct of business requires such qualification, except where the failure to qualify would not reasonably be expected
to have a Material Adverse Effect. The Company’s ownership and control of each Subsidiary and each Subsidiary’s ownership
and control of other Subsidiaries, is as described in the Registration Statement, the Disclosure Materials and the Prospectus. The Company
does not own or control, directly or indirectly, any corporation, association or entity, except as disclosed in the Registration Statement
and the Prospectus. Each of the Company and its Subsidiaries has full corporate power and authority to own or lease, as the case may
be, and to operate its properties and conduct its business as described in the Disclosure Materials and the Prospectus, and is duly qualified
to do business under the laws of each jurisdiction which requires such qualification.

 

(v)
Related Party Transactions. Except as disclosed in the Registration Statement and the Prospectus, there are no business relationships
or related party transactions involving the Company or any other person required to be described in the Prospectus that have not been
described as required.

 

(w)
Board of Directors. The Board of Directors of the Company is comprised of the persons set forth under the section of the Prospectus
captioned “Management.” The qualifications of the persons serving as board members and the overall composition of the board
comply with the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder applicable to the Company and the rules of Nasdaq. At
least one member of the Board of Directors of the Company qualifies as an “audit committee financial expert,” as such term
is defined under the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder and the rules of Nasdaq. In addition, at least a
majority of the persons serving on the Board of Directors qualify as “independent,” as such term is defined under the rules
of Nasdaq.

 

(x)
Sarbanes-Oxley Compliance. Except as described in the Registration Statement, the Disclosure Materials, and the Prospectus, the
Company will be, on the Effective Date, in material compliance with the provisions of the Sarbanes-Oxley Act of 2002 applicable to it
and has implemented or will implement such programs and taken reasonable steps to ensure the Company’s future compliance (not later
than the relevant statutory and regulatory deadlines therefor) with all the material provisions of the Sarbanes-Oxley Act of 2002.

 

    	 

    	 

    

 

(y)
No Investment Company Status. The Company is not and, after giving effect to the Offering and sale of the Securities and the application
of the net proceeds thereof as described in the Registration Statement and the Prospectus, will not be, an “investment company”
as defined in the Investment Company Act of 1940, as amended.

 

(z)
No Material Labor Disputes. No labor dispute with the employees of the Company or any of its Subsidiaries exists or, to the best
of the Company’s knowledge, is imminent, which would result in a Material Adverse Effect.

 

(aa)
Intellectual Property. Except as described in the Registration Statement and the Prospectus, the Company and each of its Subsidiaries
owns or possesses or has valid rights to use all patents, patent applications, trademarks, service marks, trade names, trademark registrations,
service mark registrations, copyrights, licenses, inventions, trade secrets and similar rights (“Intellectual Property”)
necessary for the conduct of the business of the Company and its Subsidiaries as currently carried on and as described in the Registration
Statement and the Prospectus, except for such Intellectual Property, the failure of which to own or possess, as the case may be, would
not reasonably be expected to result in a Material Adverse Effect. To the Company’s knowledge, no action or use by the Company
or any of its Subsidiaries will involve or give rise to any infringement of, or material license or similar fees for, any Intellectual
Property of others, that would reasonably be expected to have a Material Adverse Effect on the Company and the Subsidiaries, taken as
a whole, except as disclosed in the Registration Statement or the Prospectus. Neither the Company nor any of its Subsidiaries has received
any notice alleging any such infringement or fee, except such infringement or fee that would not reasonably be expected to have a Material
Adverse Effect on the Company or the Subsidiaries, taken as a whole.

 

(bb)
Taxes. Each of the Company and its Subsidiaries has filed all returns (as hereinafter defined) required to be filed with taxing
authorities prior to the date hereof or has duly obtained extensions of time for the filing thereof. Each of the Company and its Subsidiaries
has paid all taxes (as hereinafter defined) shown as due on such returns that were filed and has paid all material taxes imposed on or
assessed against the Company or such subsidiary. The provisions for taxes payable, if any, shown on the financial statements filed with
or as part of the Registration Statement are sufficient for all accrued and unpaid taxes, whether or not disputed, for all periods to
and including the dates of such consolidated financial statements. Except as disclosed in writing to the Underwriter and to the knowledge
of the Company, (i) no material issues have been raised (and are currently pending) by any taxing authority in connection with any of
the returns or taxes asserted as due from the Company or its Subsidiaries, and (ii) no waivers of statutes of limitation with respect
to the returns or collection of taxes have been given by or requested from the Company or its Subsidiaries. The term “taxes”
mean all federal, state, local, foreign, and other net income, gross income, gross receipts, sales, use, ad valorem, transfer, franchise,
profits, license, lease, service, service use, withholding, payroll, employment, excise, severance, stamp, occupation, premium, property,
windfall profits, customs, duties or other taxes, fees, assessments, or charges of any kind whatever, together with any interest and
any penalties, additions to tax, or additional amounts with respect thereto. The term “returns” means all returns,
declarations, reports, statements, and other documents required to be filed with relevant taxing authorities in respect to taxes.

 

(cc)
Data. The statistical, industry-related and market-related data included in the Registration Statement and the Prospectus are
based on or derived from sources which the Company reasonably and in good faith believes are reliable and accurate, and such data agree
with the sources from which they are derived. The Company has obtained the written consent to the use of such data from such sources
to the extent necessary.

 

(dd)
Board of Directors. The Company’s Board of Directors has validly appointed an audit committee whose composition satisfies
the requirements of the rules and regulations of Nasdaq and the Board of Directors and/or audit committee has adopted a charter that
satisfies the requirements of the rules and regulations of Nasdaq. Except as disclosed in the Registration Statement and the Prospectus,
neither the Board of Directors nor the audit committee has been informed, nor is any director of the Company aware, of any significant
deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely
to adversely affect the Company’s ability to record, process, summarize and report financial information.

 

    	 

    	 

    

 

(ee)
No Integration. Neither the Company nor any of the Subsidiaries has, prior to the date hereof, made any offer or sale of any securities
which are required to be “integrated” pursuant to the Act or the Regulations with the offer and sale of the Underwriter pursuant
to the Registration Statement. Except as disclosed in the Registration Statement, neither the Company nor any of the Subsidiaries has
sold or issued any Ordinary Shares or any securities convertible into, exercisable or exchangeable for Ordinary Shares, or other equity
securities, or any rights to acquire any Ordinary Shares or other equity securities of the Company, during the six-month period preceding
the date of the Prospectus, including but not limited to any sales pursuant to Rule 144A or Regulation D or S under the Act, other than
Ordinary Shares issued pursuant to employee benefit plans, qualified stock option plans or the employee compensation plans or pursuant
to outstanding options, rights or warrants as described in the Registration Statement.

 

(ff)
Malaysia Representation and Warranties.

 

(i)
Organization. The Subsidiaries have been duly organized and are validly existing as companies under the laws of Malaysia, and
their business license are in full force and effect. 100% of the equity interests of the Subsidiaries are owned by the Company as described
in the Prospectus, and such equity interests are free and clear of all liens, encumbrances, equities or claims; the bylaws, the business
license and other constituent documents of each Subsidiary comply in all material respects with the requirements of applicable laws of
Malaysia and are in full force and effect; and the Subsidiaries have full power and authority (corporate and other) and all consents,
approvals, authorizations, permits, licenses, orders, registrations, clearances and qualifications of or with any governmental agency
having jurisdiction over the Subsidiaries or any of their properties required for the ownership or lease of property by them and the
conduct of their business in accordance with their registered business scope, except for such that would not reasonably be expected to
have a Material Adverse Effect and have the legal right and authority to own, use, lease and operate their assets and to conduct their
business in the manner presently conducted and as described in the Prospectus.

 

Each
Subsidiary has legal and valid title to all of its properties and assets, free and clear of all liens, charges, encumbrances, equities,
claims, options and restrictions; each lease agreement to which it is a party is duly executed and legally binding; its leasehold interests
are set forth in and governed by the terms of any lease agreements, and, to the best of the Company’s knowledge, such agreements
are valid, binding and enforceable in accordance with their respective terms under Malaysia law, except where the invalidity of such
lease agreements would not reasonably be expected to have a Material Adverse Effect on the Company or the Subsidiaries, taken as a whole;
and, none of the Subsidiaries own, operate, manage or have any other right or interest in any other material real property of any kind,
which would reasonably result in a Material Adverse Effect to the Company and the Subsidiaries, taken as a whole, except as described
in the Prospectus.

 

(ii)
Malaysia Taxes. Except as disclosed in the Registration Statement, the Disclosure Materials and Prospectus, no transaction, stamp,
capital or other issuance, registration, transaction, transfer or withholding taxes or duties are payable in Malaysia or the Cayman Islands
to any Malaysia or Cayman Islands taxing authority in connection with (A) the issuance, sale and delivery of the Securities to or for
the account of the purchasers, and (B) the purchase from the Company and the sale and delivery of the Securities to purchasers thereof.

 

(iii)
Dividends and Distributions. Except as disclosed in the Disclosure Materials, Registration Statement and the Prospectus, no Subsidiary
of the Company is currently prohibited or restricted, directly or indirectly, from paying any dividends to the Company, from making any
other distribution on such Subsidiary’s share capital, from repaying to the Company any loans or advances to such Subsidiary from
the Company or from transferring any of such Subsidiary’s property or assets to the Company or any other Subsidiary of the Company.

 

(iv)
Money Laundering. The operations of the Company and its Subsidiaries are and have been conducted at all times in all material
respects in compliance with applicable financial recordkeeping and reporting requirements of money laundering statutes and the rules
and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental
agency (collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental
agency, authority or body or any arbitrator involving the Company, any of its Subsidiaries.

 

    	 

    	 

    

 

(v)
Office of Foreign Assets Control. Neither to the Company’s, nor to any of its Subsidiary’s, knowledge, has any director,
officer, or employee of the Company, any of its Subsidiaries, conducted or entered into a contract to conduct any transaction with the
governments or any subdivision thereof, residents of, or any entity based or resident in the countries that are currently subject to
any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”);
none of the Company or any of its Subsidiaries is currently subject to any U.S. sanctions administered by OFAC (including but not limited
to the designation as a “specially designated national or blocked person” thereunder), the United Nations Security Council,
or the European Union or is located, organized or resident in a country or territory that is the subject of OFAC-administered sanctions,
including, without limitation, Burma/Myanmar, Cuba, Iran, North Korea, Sudan and Syria; and the Company will not knowingly directly or
indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture
partner or other person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions
administered by OFAC.

 

(vi)
No Immunity. None of the Company, its Subsidiaries or any of its or their properties or assets has any immunity from the jurisdiction
of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution
or otherwise) under the laws of the Cayman Islands, Malaysia, New York or United States federal law; and, to the extent that the Company,
its Subsidiaries or any of their respective properties, assets or revenues may have or may hereafter become entitled to any such right
of immunity in any such court in which proceedings may at any time be commenced, each of the Company and its Subsidiaries waives or will
waive such right to the extent permitted by law and has consented to such relief and enforcement under New York law as provided under
this Agreement.

 

(vii)
Free Transferability of Dividends or Distributions. Except as disclosed in the Disclosure Materials, Registration Statement and
Prospectus all dividends and other distributions declared and payable on the Ordinary Shares may under current Cayman Islands and Malaysia
law and regulations be paid to the holders of Securities in United States dollars and may be converted into foreign currency that may
be transferred out of the Cayman Islands, and Malaysia in accordance with, and all such payments made to holders thereof or therein who
are non-residents of the Cayman Islands or Malaysia, will not be subject to income, withholding or other taxes under, the laws and regulations
of the Cayman Islands and Malaysia, or any political subdivision or taxing authority thereof or therein and will otherwise be free and
clear of any other tax, duty, withholding or deduction in the Cayman Islands and Malaysia or any political subdivision or taxing authority
thereof or therein and without the necessity of obtaining any governmental authorization in the Cayman Islands and Malaysia or any political
subdivision or taxing authority thereof or therein.

 

(vi)
Not a PFIC. Except as disclosed in the Disclosure Materials, Registration Statement and Prospectus, the Company does not expect
that it will be treated as a Passive Foreign Investment Company (“PFIC”) within the meaning of Section 1297 of the
United States Internal Revenue Code of 1986, as amended, for its current taxable year. The Company has no plan or intention to operate
in such a manner that would reasonably be expected to result in the Company becoming a PFIC in future taxable years.

 

(vii)
[intentionally omitted].

 

(viii)
[intentionally omitted]

 

(ix)
Foreign Private Issuer Status. The Company is a “foreign private issuer” within the meaning of Rule 405 under the
Act.

 

(xii)
Choice of Law. Except as disclosed in the Disclosure Materials, Registration Statement and the Prospectus, the choice of law provision
set forth in this Agreement constitutes a legal and valid choice of law under the laws of the Cayman Islands and Malaysia and will be
honored by courts in the Cayman Islands and Malaysia, subject to compliance with relevant civil procedural requirements (that do not
involve a re-examination of the merits of the claim) in the Cayman Islands and Malaysia. The Company has the power to submit, and pursuant
to Section 15 of this Agreement, has legally, validly, effectively and submitted, to the personal jurisdiction of each of the
New York Courts, and the Company has the power to designate, appoint and authorize, and pursuant to Section 15 of this Agreement,
has legally, validly, effectively and irrevocably designated, appointed an authorized agent for service of process in any action arising
out of or relating to this Agreement or the Securities in any New York Court, and service of process effected on such authorized agent
will be effective to confer valid personal jurisdiction over the Company as provided in Section 15 of this Agreement.

 

    	 

    	 

    

 

(xiii)
Recognition of Judgments. Any final judgment for a fixed sum of money rendered by a New York Court having jurisdiction under New
York law in respect of any suit, action or proceeding against the Company based upon this Agreement would be recognized and enforced
against the Company by Cayman Islands courts without re-examining the merits of the case under the common law doctrine of obligation;
provided that such judgment is (A) given by a foreign court of competent jurisdiction; (B) imposes on the judgment debtor a liability
to pay a liquidated sum for which the judgment has been given; (C) is final; (D) is not in respect of taxes, a fine or a penalty; and
(E) was not obtained in a manner and is not of a kind the enforcement of which is contrary to natural justice or the public policy of
the Cayman Islands.

 

(gg)
MD&A. The section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations”
in the Preliminary Prospectus included in the Disclosure Materials and the Prospectus accurately and fully describes in all material
respects (A) accounting policies that the Company believes are the most important in the portrayal of the Company’s financial condition
and results of operations and that require management’s most difficult, subjective or complex judgments (“Critical Accounting
Policies”); (B) judgments and uncertainties affecting the application of the Critical Accounting Policies; and (C) the likelihood
that materially different amounts would be reported under different conditions or using different assumptions and an explanation thereof;
and the Company’s management have reviewed and agreed with the selection, application and disclosure of the Critical Accounting
Policies as described in the Disclosure Materials and the Prospectus and have consulted with its independent accountants with regard
to such disclosure.

 

3.
Offering. Upon authorization of the release of the Securities by the Underwriter, the Underwriter intends to offer the Securities
for sale to the public upon the terms and conditions set forth in the Prospectus.

 

4.
Covenants of the Company. The Company acknowledges, covenants and agrees with the Underwriter that:

 

(a)
The Registration Statement and any amendments thereto have been declared effective, and if Rule 430A is used or the filing of the Prospectus
is otherwise required under Rule 424(b), the Company will file the Prospectus (properly completed if Rule 430A has been used) pursuant
to Rule 424(b) within the prescribed time period and will provide evidence satisfactory to the Underwriter of such timely filing.

 

(b)
During the period beginning on the date hereof and ending on the later of the Closing Date or such date as, in the reasonable opinion
of Underwriter’s Counsel, the Prospectus is no longer required by law to be delivered (or in lieu thereof the notice referred to
in Rule 173(a) under the Act is no longer required to be provided) in connection with sales by an underwriter or dealer (the “Prospectus
Delivery Period”), prior to amending or supplementing the Registration Statement, the General Disclosure Package or the Prospectus,
the Company shall furnish to the Underwriter and Underwriter’s Counsel for review a copy of each such proposed amendment or supplement,
and the Company shall not file any such proposed amendment or supplement to which the Underwriter reasonably objects within 36 hours
of delivery thereof to Underwriter’s Counsel. The term “General Disclosure Package” means, collectively, the Issuer
Free Writing Prospectus (es) (as defined below) issued at or prior to the date hereof, the most recent preliminary prospectus related
to this offering, and the information included on Schedule A hereto.

 

(c)
After the date of this Agreement, the Company shall promptly advise the Underwriter in writing of: (i) the receipt of any comments of,
or requests for additional or supplemental information from, the Commission; (ii) the time and date of any filing of any post-effective
amendment to the Registration Statement or any amendment or supplement to any prospectus, the General Disclosure Package or the Prospectus;
(iii) the time and date that any post-effective amendment to the Registration Statement becomes effective; and (iv) the issuance by the
Commission of any stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto or of
any order preventing or suspending its use or the use of any prospectus, the General Disclosure Package, the Prospectus or any issuer
free writing prospectus as defined in Rule 433 of the Regulations (the “Issuer Free Writing Prospectus”), or the initiation
of any proceedings to remove, suspend or terminate from listing the Shares from any securities exchange upon which the Shares are listed
for trading, or of the threatening of initiation of any proceedings for any of such purposes. If the Commission shall enter any such
stop order at any time, the Company will use its reasonable efforts to obtain the lifting of such order at the earliest possible moment.
Additionally, the Company agrees that it shall comply with the provisions of Rules 424(b), 430A and 430B, as applicable, under the Act
and will use its reasonable efforts to confirm that any filings made by the Company under Rule 424(b) or Rule 433 were received in a
timely manner by the Commission (without reliance on Rule 424(b)(8) or Rule 164(b)).

 

    	 

    	 

    

 

(d)
(i) During the Prospectus Delivery Period, the Company will comply in all material respects with all requirements imposed upon it by
the Act as now in effect and as may be hereafter amended, and by the Regulations, as from time to time in force, so far as necessary
to permit the continuance of sales of or dealings in the Securities as contemplated by the provisions hereof, the General Disclosure
Package, the Registration Statement and the Prospectus. If during such period any event or development occurs as a result of which the
Prospectus (or if the Prospectus is not yet available to prospective purchasers, the General Disclosure Package) would include an untrue
statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances
then existing, not misleading, or if during such period it is necessary or appropriate in the opinion of the Company or its counsel or
the Underwriter or Underwriter’s Counsel to amend the Registration Statement or supplement the Prospectus (or if the Prospectus
is not yet available to prospective purchasers, the General Disclosure Package) to comply with the Act, the Company will promptly notify
the Underwriter and will promptly amend the Registration Statement or supplement the Prospectus (or if the Prospectus is not yet available
to prospective purchasers, the General Disclosure Package) or file such document (at the expense of the Company) so as to correct such
statement or omission or effect such compliance.

 

(ii)
If at any time following the issuance of an Issuer Free Writing Prospectus there occurs an event or development as a result of which
such Issuer Free Writing Prospectus would conflict with the information contained in the Registration Statement or the Prospectus or
would include an untrue statement of a material fact or would omit to state a material fact necessary in order to make the statements
therein, in light of the circumstances there existing, not misleading, the Company will promptly notify the Underwriter and will promptly
amend or supplement, at its own expense, such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement
or omission.

 

(e)
The Company will deliver to the Underwriter and Underwriter’s Counsel a copy of the Registration Statement, as initially filed,
and all amendments thereto, including all consents and exhibits filed therewith, and will maintain in the Company’s files manually
signed copies of such documents for at least five (5) years after the date of filing thereof. The Company will promptly deliver to the
Underwriter such number of copies of any Preliminary Prospectus, the Prospectus, the Registration Statement, and all amendments of and
supplements to such documents, if any, and all documents which are exhibits to the Registration Statement and any Preliminary Prospectus
or Prospectus or any amendment thereof or supplement thereto, as the Underwriter may reasonably request. On the Business Day next succeeding
the date of this Agreement, and from time to time thereafter, the Company will furnish to the Underwriter copies of the Prospectus in
such quantities as the Underwriter may reasonably request.

 

(f)
The Company consents to the use and delivery of the Preliminary Prospectus by the Underwriter in accordance with Rule 430 and Section
5(b) of the Act.

 

(g)
If the Company elects to rely on Rule 462(b) under the Act, the Company shall both file a Rule 462(b) Registration Statement with the
Commission in compliance with Rule 462(b) by the earlier of: (i) 10:00 P.M., Eastern time, on the date of this Agreement, and (ii) the
time that confirmations are given or sent, as specified by Rule 462(b)(2), and pay the applicable fees in accordance with Rule 111 of
the Act.

 

(h)
The Company will use its reasonable best efforts, in cooperation with the Underwriter, at or prior to the time of effectiveness of the
Registration Statement, to qualify the Securities for offering and sale under the securities laws relating to the offering or sale of
the Securities of such jurisdictions as the Underwriter may reasonably designate and to maintain such qualifications in effect for so
long as required for the distribution thereof; except that in no event shall the Company be obligated in connection therewith to qualify
as a foreign corporation or to execute a general consent to service of process or to subject itself to taxation if it is otherwise not
so subject.

 

(i)
The Company will make generally available (which includes filings pursuant to the Exchange Act made publicly through the Electronic Data
Gathering, Analysis and Retrieval (“EDGAR”) system) to its security holders as soon as practicable, but in any event
not later than 15 months after the end of the Company’s current fiscal quarter, an earnings statement (which need not be audited)
covering a 12-month period that shall satisfy the provisions of Section 11(a) of the Act and Rule 158 of the Regulations.

 

    	 

    	 

    

 

(j)
Except with respect to (i) securities of the Company which may be issued in connection with an acquisition of another entity (or the
assets thereof), (ii) the issuance of securities of the Company intended to provide the Company with proceeds to acquire another entity
(or the assets thereof), or (iii) the issuance of securities under the Company’s stock option plans with exercise or conversion
prices at fair market value (as defined in such plans) in effect from time to time, during the three (3) months following the Closing
Date, the Company or any successor to the Company shall not undertake any public or private offerings of any equity securities of the
Company (including equity-linked securities) without the prior written consent of the Underwriter, which shall not be unreasonably withheld.

 

(k)
Following the Closing Date, any of the entities and individuals listed on Schedule B hereto (the “Lock-Up Parties”),
without the prior written consent of the Underwriter, shall not sell or otherwise dispose of any securities of the Company, whether publicly
or in a private placement, during the period that their respective lock-up agreements are in effect. The Company will deliver to the
Underwriter the agreements of the Lock-Up Parties to the foregoing effect prior to the Closing Date, which agreements shall be substantially
in the form attached hereto as Annex II.

 

(l)
The Company will not issue press releases or engage in any other publicity without the Underwriter’s prior written consent, for
a period ending at 5:00 P.M., Eastern time, on the first Business Day following the twenty-fifth (25th) day following the Closing Date,
other than normal and customary releases issued in the ordinary course of the Company’s business, or as required by law.

 

(m)
The Company will apply the net proceeds from the sale of the Securities as set forth under the caption “Use of Proceeds”
in the Prospectus. Without the prior written consent of the Underwriter, except as disclosed in the Registration Statement, the General
Disclosure Package and the Prospectus, no proceeds of the Offering will be used to pay outstanding loans from officers, directors or
shareholders or to pay any accrued salaries or bonuses to any employees or former employees.

 

(n)
The Company will use its reasonable best efforts to effect and maintain the listing of the Shares on the NASDAQ Capital Market for at
least two (2) years after the Effective Date, unless such listing is terminated as a result of a transaction approved by the holders
of a majority of the voting securities of the Company. If the Company fails to maintain such listing of its Shares on the NASDAQ Capital
Market or other Trading Market, for a period of two (2) years from the Effective Date, the Company, at its expense, shall obtain and
keep current a listing of such securities in the Standard & Poor’s Corporation Records Services or Mergent’s Industrial
Manual; provided that Mergent’s OTC Industrial Manual is not sufficient for these purposes. “Trading Market” means
any of the following markets or exchanges on which the Ordinary Shares is listed or quoted for trading on the date in question: the NYSE
American, the Nasdaq Stock Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange (or any successors
to any of the foregoing).

 

(o)
The Company will use its reasonable best efforts to do and perform all things required to be done or performed under this Agreement by
the Company prior to the Closing Date, and to satisfy all conditions precedent to the delivery of the Securities.

 

(p)
The Company will not take, and will cause its affiliates not to take, directly or indirectly, any action which constitutes or is designed
to cause or result in, or which could reasonably be expected to constitute, cause or result in, the stabilization or manipulation of
the price of any security to facilitate the sale or resale of any of the Securities.

 

(q)
The Company shall cause to be prepared and delivered to the Underwriter, at its expense, within two (2) Business Days from the date of
this Agreement, an Electronic Prospectus to be used by the Underwriter in connection with the Offering. As used herein, the term “Electronic
Prospectus” means a form of prospectus, and any amendment or supplement thereto, that meets each of the following conditions: (i)
it shall be encoded in an electronic format, satisfactory to the Underwriter, that may be transmitted electronically by the Underwriter
to offerees and purchasers of the Securities for at least the period during which a Prospectus relating to the Securities is required
to be delivered under the Act or the Exchange Act; (ii) it shall disclose the same information as the paper prospectus and prospectus
filed pursuant to EDGAR, except to the extent that graphic and image material cannot be disseminated electronically, in which case such
graphic and image material shall be replaced in the electronic prospectus with a fair and accurate narrative description or tabular representation
of such material, as appropriate; and (iii) it shall be in or convertible into a paper format or an electronic format, satisfactory to
the Underwriter, that will allow recipients thereof to store and have continuously ready access to the prospectus at any future time,
without charge to such recipients (other than any fee charged for subscription to the Internet as a whole and for online time).

 

    	 

    	 

    

 

(r)
In the event that at any time prior to the Closing Date the Company, or any of its affiliates or Subsidiaries shall enter into any transaction
(including, without limitation, any merger, consolidation, acquisition, financing, joint venture or other arrangement) with any party
(i) introduced directly to the Company by the Underwriter, during such period, or (ii) who participated in the Offering, the Underwriter
will be paid a transaction fee, payable at the closing thereof, equal to one percent (1.0%) of the consideration or value received by
the Company and/or its shareholders.

 

5.
Representations and Warranties of the Underwriter.

 

The
Underwriter represents and agrees that, unless it obtains the prior written consent of the Company, it has not made and will not make
any offer relating to the Securities that would constitute a “free writing prospectus,” as defined in Rule 405 under the
Act, required to be filed with the Commission; provided that the prior written consent of the parties hereto shall be deemed to
have been given in respect of the free writing prospectuses included in Schedule C. Any such free writing prospectus consented
to by the Underwriter is herein referred to as a “Permitted Free Writing Prospectus.” The Underwriter represents that it
has treated or agrees that it will treat each Permitted Free Writing Prospectus as an “issuer free writing prospectus,” as
defined in Rule 433, and has complied and will comply with the requirements of Rule 433 applicable to any Permitted Free Writing Prospectus,
including timely Commission filing where required, legending and record keeping.

 

6.
Consideration; Payment of Expenses.

 

(a)
In consideration of the services to be provided for hereunder, the Company shall pay to the Underwriter or its designee(s) the following
compensation (or pro rata portion thereof, if applicable) with respect to the Securities purchased from the Company in this Offering:

 

(i)
an underwriting discount equal to seven percent (7.0%) of the aggregate gross proceeds (inclusive the Over-allotment Option to purchase
the Additional Shares) raised in the Offering;

 

(ii)
a non-accountable expense allowance of one percent (1.0%) of the gross proceeds of the Offering;

 

(iii)
an accountable expense allowance of up to $150,000, of which $75,000 has already been paid to the Underwriter as an advance against accountable
expenses; and

 

(iv)
the Company shall grant to the Underwriter or its designated affiliates share purchase warrants (the “Underwriter’s Warrants”)
covering a number of shares equal to seven percent (7.0%) of the total number of Firm Shares and Additional Shares sold in this offering.

 

(b)
In compliance with FINRA Rule 5110(e)(1), the Underwriter’s Warrants and the underlying securities will be locked up for 180 days
beginning on the date of commencement of sales of the Offering and will expire five (5) years after the Effective Date, subject to certain
exceptions as set forth in FINRA Rule 5110(e)(2). The Underwriter’s Warrants will be exercisable at a price equal to one hundred
and forty percent (140%) of the public offering price of the underlying Ordinary Shares in connection with the Offering. The Underwriter’s
Warrants shall not be redeemable. The Company will register the Ordinary Shares underlying the Underwriter’s Warrants under the
Act and will file all necessary undertakings in connection therewith. The Underwriter’s Warrants and the underlying securities
shall not be sold during the Offering, or sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short
sale, derivative, put, or call transaction that would result in the effective economic disposition of the securities by any person for
a period of 180 days beginning on the date of commencement of sales of the Offering, except that they may be transferred to any member
participating in the Offering and the officers or partners thereof, if all securities so transferred remain subject to the lock-up restriction
for the remainder of the time period. The Underwriter will have the option to exercise, transfer or assign the Underwriter’s Warrants
at any time, provided that the underlying securities shall not be transferred during the lock-up period; i.e., the Shares underlying
the Underwriter’s Warrants shall remain subject to the 180-day lock-up period. The Underwriter’s Warrants may be exercised
as to all or a lesser number of the underlying Ordinary Shares, will provide for cashless exercise and will contain provisions for one
demand registration of the sale of the underlying Ordinary Share at the Company’s expense, an additional demand registration at
the Underwriter’s Warrants holder’s expense, and unlimited “piggyback” registration rights at the Company’s
expense, each with a duration of no more than five years from the date of commencement of sales of the offering in compliance with FINRA
Rule 5110(g)(8)(D). The Underwriter’s Warrants shall further provide for adjustment in the number and price of such warrants (and
the Ordinary Share underlying such Warrants) in the event of recapitalization, merger or other structural transaction to prevent dilution.

 

    	 

    	 

    

 

(c)
The Underwriter reserves the right to reduce any item of compensation or adjust the terms thereof as specified herein in the event that
a determination shall be made by FINRA to the effect that the Underwriter’ aggregate compensation is in excess of FINRA Rules or
that the terms thereof require adjustment.

 

(d)
Whether or not the transactions contemplated by this Agreement, the Registration Statement and the Prospectus are consummated or this
Agreement is terminated, the Company hereby agrees to pay all costs and expenses incident to the Offering, including the following:

 

(i)
all expenses in connection with the preparation, printing, formatting for EDGAR and filing of the Registration Statement, any Preliminary
Prospectus and the Prospectus and any and all amendments and supplements thereto and the mailing and delivering of copies thereof to
the Underwriter and dealers;

 

(ii)
all fees and expenses in connection with filings with FINRA’s Public Offering System;

 

(iii)
all fees, disbursements and expenses of the Company’s counsel and accountants in connection with the registration of the Securities
under the Act and the Offering;

 

(iv)
all reasonable expenses in connection with the qualifications of the Securities for offering and sale under state or foreign securities
or blue sky laws;

 

(v)
all fees and expenses in connection with listing the Securities on a national securities exchange;

 

(vi)
all reasonable travel expenses of the Company’s officers, directors and employees and any other expense of the Company incurred
in connection with attending or hosting meetings with prospective purchasers of the Securities;

 

(vii)
all fees and expenses in connection with any “due diligence” meetings;

 

(viii)
all the road show expenses incurred by the Company;

 

(ix)
any stock transfer taxes or other taxes incurred in connection with this Agreement or the Offering;

 

(x)
the costs associated with book building, prospectus tracking and compliance software and the cost of preparing certificates representing
the Securities;

 

(xi)
the cost and charges of any transfer agent or registrar for the Securities;

 

(xii)
any reasonable costs and expenses incurred in conducting background checks of the Company’s officers and directors by a background
search firm acceptable to the Underwriter, not to exceed $15,000;

 

(xiii)
the costs associated with bound volumes and mementos in such quantities as the Underwriter may reasonably request, not to exceed $2,500;
and

 

(xiv)
fees and expenses of the Underwriter’s legal counsel, not to exceed $75,000.

 

    	 

    	 

    

 

(e)
It is understood, however, that except as provided in this Section 6, and Sections 8, 9 and 11(d) hereof,
the Underwriter will pay all of their own costs and expenses. Notwithstanding anything to the contrary in this Section 6, in the
event that this Agreement is terminated pursuant to Section 12(b) hereof, or subsequent to a Material Adverse Change, the Company
will pay, less any advances previously paid which as of the date hereof is $125,000, including $75,000 as an advance to be applied towards
the accountable expenses allowance (the “Advance”) and $50,000 paid at the time the Company files the Registration
Statement publicly. On the Closing Date, the Company shall pay the Underwriter $25,000 such that as of the Closing Date the Company shall
have paid the Underwriter a total of no more than $150,000 in respect of such accountable expenses pursuant to this Section 6(e). All
documented out-of-pocket expenses of the Underwriter (including but not limited to fees and disbursements of Underwriter’s Counsel
and reasonable and accountable travel) incurred in connection herewith which shall be limited to expenses which are actually incurred
as allowed under FINRA Rule 5110 and in any event, the aggregate amount of such expenses to be reimbursed by the Company shall not exceed
$150,000, including the Advances. To the extent that the Underwriter’ out-of-pocket expenses are less than the Advance, the Underwriter
will return to the Company that portion of the Advances not offset by actual expenses in accordance with FINRA Rule 5110(g)(4)(A).

 

7.
Conditions of Underwriter’ Obligations. The obligations of the Underwriter to purchase and pay for the Firm Shares as
provided herein shall be subject to: (i) the accuracy of the representations and warranties of the Company herein contained, as of the
date hereof and as of the Closing Date, (ii) the absence from any certificates, opinions, written statements or letters furnished to
the Underwriter or to Underwriter’s Counsel pursuant to this Section 7 of any misstatement or omission, (iii) the performance
by the Company of its obligations hereunder, and (iv) each of the following additional conditions. For purposes of this Section 7,
the terms “Closing Date” and “Closing” shall refer to the Closing Date for the Firm Shares and each of the foregoing
and following conditions must be satisfied as of each Closing.

 

(a)
The Registration Statement shall have become effective and all necessary regulatory and listing approvals shall have been received not
later than 5:30 P.M., Eastern time, on the date of this Agreement, or at such later time and date as shall have been consented to in
writing by the Underwriter. If the Company shall have elected to rely upon Rule 430A under the Act, the Prospectus shall have been filed
with the Commission in a timely fashion in accordance with the terms thereof and a form of the Prospectus containing information relating
to the description of the Securities and the method of distribution and similar matters shall have been filed with the Commission pursuant
to Rule 424(b) within the applicable time period; and, at or prior to the Closing Date and the actual time of the Closing, no stop order
suspending the effectiveness of the Registration Statement or any part thereof, or any amendment thereof, nor suspending or preventing
the use of the General Disclosure Package, the Prospectus or any Issuer Free Writing Prospectus shall have been issued; no proceedings
for the issuance of such an order shall have been initiated or threatened; all requests of the Commission for additional information
(to be included in the Registration Statement, the General Disclosure Package, the Prospectus, any Issuer Free Writing Prospectus or
otherwise) shall have been complied with to the Underwriter’s satisfaction.

 

(b)
The Underwriter shall not have reasonably determined, and advised the Company, that the Registration Statement, the General Disclosure
Package or the Prospectus, or any amendment thereof or supplement thereto, or any Issuer Free Writing Prospectus, contains an untrue
statement of fact which, in the Underwriter’s reasonable opinion, is material, or omits to state a fact which, in the Underwriter’s
reasonable opinion, is material and is required to be stated therein or necessary to make the statements therein not misleading.

 

(c)
The Underwriter shall have received legal opinions, in form and substance reasonably satisfactory to the Underwriter and Underwriter’s
Counsel of (i) Mourant Ozannes (Cayman) LLP, Cayman Islands counsel to the Company dated as of the Closing Date and addressed to the
Underwriter, (ii) Hunter Taubman Fischer & Li LLC, U.S. legal counsel for the Company, dated as of the Closing Date and addressed
to the Underwriter; and (iii) GLT Law, Malaysia legal counsel to the Company, dated as of the Closing Date.

 

(d)
The Underwriter shall have received a certificate from the Chief Executive Officer and Chief Financial Officer of the Company, dated
as of the Closing Date, to the effect that: (i) the conditions set forth in subsection (a) of this Section 7 have been satisfied,
(ii) as of the date hereof and as of the Closing Date, the representations and warranties of the Company set forth in Section 2
hereof are accurate, (iii) as of the Closing Date, all agreements, conditions and obligations of the Company to be performed or complied
with hereunder on or prior thereto have been duly performed or complied with, (iv) except as disclosed in the Registration Statement
the General Disclosure Package or the Prospectus, the Company has not sustained any material loss or interference with its businesses,
whether or not covered by insurance, or from any labor dispute or any legal or governmental proceeding, (v) no stop order suspending
the effectiveness of the Registration Statement or any amendment thereof has been issued and no proceedings therefor have been initiated
or threatened by the Commission, (vi) there are no pro forma or as adjusted financial statements that are required to be included in
the Registration Statement and the Prospectus pursuant to the Regulations which are not so included, and (vii) subsequent to the respective
dates as of which information is given in the Registration Statement and the Prospectus, there has not been any Material Adverse Change
or any development involving a prospective Material Adverse Change, whether or not arising from transactions in the ordinary course of
business.

 

    	 

    	 

    

 

(e)
At each of the Closing Date and any Option Closing Date, the Underwriter shall have received a certificate of the Company signed by a
duly authorized executive officer of the Company, dated the Closing Date and Option Closing Date (if such date is other than the Closing
Date), certifying: (i) that each of the Charter and Bylaws is true and complete, has not been modified and is in full force and effect;
(ii) that the resolutions of the Company’s Board of Directors relating to the Offering are in full force and effect and have not
been modified; (iii) the good standing of the Company; and (iv) as to the incumbency of the officers of the Company. The documents referred
to in such certificate shall be attached to such certificate.

 

(f)
On the date of this Agreement and on the Closing Date, the Underwriter shall have received a “comfort” letter from Friedman
as of each such date, addressed to the Underwriter and in form and substance satisfactory to the Underwriter and Underwriter’s
Counsel, confirming that they are independent certified public accountants with respect to the Company within the meaning of the Act
and all applicable Regulations, and stating, as of such date (or, with respect to matters involving changes or developments since the
respective dates as of which specified financial information is given in the Prospectus, as of a date not more than five (5) days prior
to such date), the conclusions and findings of such firm with respect to the financial information and other matters relating to the
Registration Statement covered by such letter.

 

(g)
Subsequent to the execution and delivery of this Agreement and prior to the Closing Date or the Option Closing Date or, if earlier, the
dates as of which information is given in the Registration Statement (exclusive of any amendment thereof) and the Prospectus (exclusive
of any supplement thereto), there shall not have been any change in the share capital or long-term debt of the Company or any change
or development involving a change, whether or not arising from transactions in the ordinary course of business, in the business, condition
(financial or otherwise), results of operations, shareholders’ equity, or properties of the Company, taken as a whole, including
but not limited to the occurrence of any fire, flood, storm, explosion, accident, act of war or terrorism or other calamity, the effect
of which, in any such case described above, is, in the reasonable judgment of the Underwriter, so material and adverse as to make it
impracticable or inadvisable to proceed with the sale of Securities or Offering as contemplated hereby.

 

(h)
The Underwriter shall have received a lock-up agreement from each Lock-Up Party, duly executed by the applicable Lock-Up Party, in each
case substantially in the form attached as Annex II.

 

(i)
The Shares are registered under the Exchange Act and, as of the Closing Date, the Shares shall be listed and admitted and authorized
for trading on the NASDAQ Capital Market and satisfactory evidence of such action shall have been provided to the Underwriter. The Company
shall have taken no action designed to terminate, or likely to have the effect of terminating, the registration of the Shares under the
Exchange Act or delisting or suspending the Shares from trading on the NASDAQ Capital Market, nor will the Company have received any
information suggesting that the Commission or the NASDAQ Capital Market is contemplating terminating such registration or listing. The
Firm Shares and the Additional Shares shall be DTC eligible.

 

(j)
FINRA shall have confirmed that it has not raised any objection with respect to the fairness and reasonableness of the underwriting terms
and arrangements.

 

(k)
No action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by any federal,
state or foreign governmental or regulatory authority that would, as of the Closing Date, prevent the issuance or sale of the Securities;
and no injunction or order of any federal, state or foreign court shall have been issued that would, as of the Closing Date, prevent
the issuance or sale of the Securities or materially and adversely affect or potentially materially and adversely affect the business
or operations of the Company.

 

(l)
The Company shall have furnished the Underwriter and Underwriter’ Counsel with such other certificates, opinions or documents as
they may have reasonably requested.

 

    	 

    	 

    

 

8.
Indemnification.

 

(a)
The Company agrees to indemnify and hold harmless the Underwriter and each Person, if any, who controls the Underwriter within the meaning
of Section 15 of the Act or Section 20 of the Exchange Act, against any losses, liabilities, claims, damages and expenses whatsoever,
as incurred (including but not limited to reasonable attorneys’ fees and any and all reasonable expenses whatsoever, incurred in
investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and all amounts
paid in settlement of any claim or litigation), joint or several, to which they or any of them may become subject under the Act, the
Exchange Act or otherwise (including in settlement of any litigation if such settlement is effected with the written consent of the Company),
insofar as such losses, liabilities, claims, damages or expenses (or actions in respect thereof) arise out of or are based upon: (i)
an untrue statement or alleged untrue statement of a material fact contained in (A) the Registration Statement, including the information
deemed to be a part of the Registration Statement at the time of effectiveness and at any subsequent time pursuant to Rules 430A and
430B of the Regulations, any Preliminary Prospectus, the General Disclosure Package, the Prospectus, or any amendment or supplement to
any of them or (B) any Issuer Free Writing Prospectus or any materials or information provided to investors by, or with the approval
of, the Company in connection with the marketing of the offering of the Securities (“Marketing Materials”), including
any road show or investor presentations made to investors by the Company (whether in person or electronically), or arise out of or are
based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein not misleading and will reimburse such indemnified party for any legal or other expenses reasonably incurred by it in connection
with investigations or defending against such losses, liabilities, claims, damages or expenses (or actions in respect thereof); or (ii)
in whole or in part upon any inaccuracy in the representations and warranties of the Company contained herein; or (iii) in whole or in
part upon any failure of the Company to perform its obligations hereunder; provided, however, that the Company shall not be liable
in any such case to the extent that any such loss, liability, claim, damage or expense (or action in respect thereof) arises out of or
is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in the Registration Statement, any
Preliminary Prospectus, the General Disclosure Package, the Prospectus, or any such amendment or supplement to any of them, or any Issuer
Free Writing Prospectus or any Marketing Materials in reliance upon and in conformity with the Underwriter’s Information.

 

(b)
The Underwriter agrees to indemnify and hold harmless the Company, each of the directors of the Company, each of the officers of the
Company who shall have signed the Registration Statement, and each other Person, if any, who controls the Company within the meaning
of Section 15 of the Act or Section 20 of the Exchange Act, against any losses, liabilities, claims, damages and expenses whatsoever,
as incurred (including but not limited to reasonable attorneys’ fees and any and all reasonable expenses whatsoever, incurred in
investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and all amounts
paid in settlement of any claim or litigation), joint or several, to which they or any of them may become subject under the Act, the
Exchange Act or otherwise (including in settlement of any litigation if such settlement is effected with the written consent of the Underwriter),
insofar as such losses, liabilities, claims, damages or expenses (or actions in respect thereof) arise out of or are based upon an untrue
statement or alleged untrue statement of a material fact contained in the Registration Statement, at the time of effectiveness and at
any subsequent time pursuant to Rules 430A and 430B of the Regulations, any Preliminary Prospectus, the General Disclosure Package, the
Prospectus, any amendment or supplement to any of them or any Marketing Materials, or arise out of or are based upon the omission or
alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading,
and will reimburse such indemnified party for any legal or other expenses reasonably incurred by it in connection with investigating
or defending against such losses, liabilities, claims, damages or expenses (or actions in respect thereof), in each case to the extent,
but only to the extent, that any such loss, liability, claim, damage or expense (or action in respect thereof) arises out of or is based
upon any such untrue statement or alleged untrue statement or omission or alleged omission made in the Underwriter’s Information.

 

    	 

    	 

    

 

(c)
Promptly after receipt by an indemnified party under subsection (a) or (b) above of notice of any claim or the commencement of any action,
such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify
each party against whom indemnification is to be sought in writing thereof (but the failure so to notify an indemnifying party shall
not relieve the indemnifying party from any liability which it may have under this Section 8 to the extent that it is not materially
prejudiced as a result thereof and in any event shall not relieve it from any liability that such indemnifying party may have otherwise
than on account of the indemnity agreement hereunder). In case any such claim or action is brought against any indemnified party, and
it so notifies an indemnifying party thereof, the indemnifying party will be entitled to participate at its own expense in the defense
of such action, and to the extent it may elect by written notice delivered to the indemnified party promptly after receiving the aforesaid
notice from such indemnified party, to assume the defense thereof with counsel satisfactory to such indemnified party; provided however,
that counsel to the indemnifying party shall not (except with the written consent of the indemnified party) also be counsel to the
indemnified party. Notwithstanding the foregoing, the indemnified party or parties shall have the right to employ its or their own counsel
in any such case, but the fees and expenses of such counsel shall be at the expense of such indemnified party or parties unless: (i)
the employment of such counsel shall have been authorized in writing by one of the indemnifying parties in connection with the defense
of such action; (ii) the indemnifying parties shall not have employed counsel to have charge of the defense of such action within a reasonable
time after notice of the claim or the commencement of the action; (iii) the indemnifying party does not diligently defend the action
after assumption of the defense; or (iv) such indemnified party or parties shall have reasonably concluded that a conflict may arise
between the positions of the indemnifying party and the indemnified party, or any of them, in conducting the defense of any such action
or there may be legal defenses available to it or them which are different from or additional to those available to any of the indemnifying
parties (in which case the indemnifying parties shall not have the right to direct the defense of such action on behalf of the indemnified
party or parties), in any of which events such fees and expenses shall be borne by the indemnifying parties and shall be paid as incurred.
It is understood that the indemnifying party shall not, in respect of the legal expenses of any indemnified party in connection with
any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in
addition to any local counsel) of the indemnified party or parties unless such separate representations are required under applicable
ethics rules that govern the representations of the indemnified party or parties by such legal counsel. In the case of any separate firm
for the Underwriter and such control persons and affiliates of any Underwriter, such firm shall be designated in writing by the Underwriter.
In the case of more than one separate firm (in addition to any local counsel) for the Company, and such directors, officers and control
persons of the Company, such firm shall be designated in writing by the Company. No indemnifying party shall, without the prior written
consent of the indemnified parties, effect any settlement or compromise of, or consent to the entry of judgment with respect to, any
pending or threatened claim, investigation, action or proceeding in respect of which indemnity or contribution may be or could have been
sought by an indemnified party under this Section 8 or Section 9 hereof (whether or not the indemnified party is an actual
or potential party thereto), unless (x) such settlement, compromise or judgment (i) includes an unconditional release of the indemnified
party from all liability arising out of such claim, investigation, action or proceeding and (ii) does not include a statement as to or
an admission of fault, culpability or any failure to act, by or on behalf of the indemnified party, and (y) the indemnifying party confirms
in writing its indemnification obligations hereunder with respect to such settlement, compromise or judgment.

 

    	 

    	 

    

 

9.
Contribution. In order to provide for contribution in circumstances in which the indemnification provided for in Section
8 is for any reason held to be unavailable from any indemnifying party or is insufficient to hold harmless a party indemnified thereunder,
the Company and the Underwriter shall contribute to the aggregate losses, claims, damages, liabilities and expenses of the nature contemplated
by such indemnification provision (including any investigation, legal and other expenses incurred in connection with, and any amount
paid in settlement of, any action, suit or proceeding or any claims asserted, but after deducting in the case of losses, claims, damages,
liabilities and expenses suffered by the Company, any contribution received by the Company from Persons, other than the Underwriter,
who may also be liable for contribution, including Persons who control the Company within the meaning of Section 15 of the Act or Section
20 of the Exchange Act, officers of the Company who signed the Registration Statement and directors of the Company), as incurred, to
which the Company and one or more of the Underwriter may be subject, in such proportions as is appropriate to reflect the relative benefits
received by the Company on the one hand and the Underwriter on the other hand from the Offering and sale of the Securities or, if such
allocation is not permitted by applicable law, in such proportions as are appropriate to reflect not only the relative benefits referred
to above but also the relative fault of the Company and the Underwriter in connection with the statements or omissions which resulted
in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative benefits
received by the Company and the Underwriter shall be deemed to be in the same proportion as (x) the total proceeds from the Offering
(net of underwriting discount and commission but before deducting expenses) received by the Company bears to (y) the underwriting discount
and commissions received by the Underwriter, in each case as set forth in the table on the cover page of the Prospectus. The relative
fault of the Company and the Underwriter shall be determined by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company
or the Underwriter and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such
statement or omission. The Company and the Underwriter agree that it would not be just and equitable if contribution pursuant to this
Section 9 were determined by pro rata allocation (even if the Underwriter were treated as one entity for such purpose)
or by any other method of allocation which does not take account of the equitable considerations referred to above in this Section
9. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified party and referred to above
in this Section 9 shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in investigating,
preparing or defending against any litigation, or any investigation or proceeding by any judicial, regulatory or other legal or governmental
agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or
alleged omission. Notwithstanding the provisions of this Section 9: (i) no Underwriter shall be required to contribute any amount
in excess of the underwriting discounts applicable to the Securities underwritten by it and distributed to the public and (ii) no Person
guilty of fraudulent misrepresentation (within the meaning of Section 12(f) of the Act) shall be entitled to contribution from any Person
who was not guilty of fraudulent misrepresentation (within the meaning of Section 12(f) of the Act). For purposes of this Section
9, each Person, if any, who controls an Underwriter within the meaning of Section 15 of the Act or Section 20 of the Exchange Act
shall have the same rights to contribution as such Underwriter, and each Person, if any, who controls the Company within the meaning
of Section 15 of the Act or Section 20 of the Exchange Act, each officer of the Company who shall have signed the Registration Statement
and each director of the Company shall have the same rights to contribution as the Company, subject in each case to clauses (i) and (ii)
of the immediately preceding sentence. Any party entitled to contribution will, promptly after receipt of notice of commencement of any
action, suit or proceeding against such party in respect of which a claim for contribution may be made against another party or parties,
notify each party or parties from whom contribution may be sought, but the omission to so notify such party or parties shall not relieve
the party or parties from whom contribution may be sought from any obligation it or they may have under this Section 9 or otherwise.
As used herein, a “Person” refers to an individual or entity.

 

    	 

    	 

    

 

10.
Survival of Representations and Agreements. All representations, warranties, covenants and agreements of the Company and the
Underwriter contained in this Agreement or in certificates of officers of the Company submitted pursuant hereto, including, without limitation,
the agreements contained in Sections 6, 14 and 15, the indemnity agreements contained in Section 8 and the
contribution agreements contained in Section 9, shall remain operative and in full force and effect regardless of any investigation
made by or on behalf of the Underwriter or any controlling Person thereof or by or on behalf of the Company, any of its officers or directors
or any controlling Person thereof, and shall survive delivery of and payment for the Securities to and by the Underwriter. The representations
and warranties contained in Section 2 and Section 5 and the covenants and agreements contained in Sections 4, 6,
8, 9, 14 and 15 shall survive any termination of this Agreement, including termination pursuant to Sections
11. For the avoidance of doubt, in the event of termination the Underwriter will receive only out-of-pocket accountable expenses
actually incurred subject to the limit in Section 12(d) below, in compliance with FINRA Rules 5110.

 

11.
Right of First Negotiation. The Company hereby grants the Underwriter a right of first negotiation (“Right of First
Negotiation”) for one (1) year from the Closing Date, to act as joint underwriter, placement agent or financial advisor on at least
equal economic terms in connection with any public or private financings (debt or equity, and including self-underwritten offerings),
merger, business combination, recapitalization or sale of some or all of the equity or assets of the Company or any of its Subsidiaries
out of the ordinary course of business (collectively, “Future Services”); provided, however, that the Underwriter shall not
be entitled to have such Right of First Negotiation if no Offering is consummated. The Company shall notify the Underwriter in writing
of its intention to pursue an activity that would enable the Underwriter to exercise its Right of First Negotiation to provide Future
Services. In the event the Company notifies the Underwriter of its intention to pursue an activity that would enable the Underwriter
to exercise its Right of First Refusal to provide Future Services, Underwriter shall notify the Company of its election to provide such
Future Services, including notification of the compensation and other terms to which the Underwriter claims to be entitled, within ten
(10) days of written notice by the Company. In the event the Company engages the Underwriter to provide such Future Services, the Underwriter
will be compensated consistent with that certain engagement letter between the Company and the Underwriter, dated January 6, 2022 (as
amended, the “Engagement Letter”), unless mutually agreed otherwise by the Company and the Underwriter.

 

12.
Effective Date of Agreement; Termination.

 

(a)
This Agreement shall become effective upon the later of: (i) receipt by the Underwriter and the Company of notification of the effectiveness
of the Registration Statement or (ii) the execution of this Agreement. Notwithstanding any termination of this Agreement, the provisions
of this Section 12 and of Sections 1, 4, 6, 8, 9, 14 and 15 shall remain in full
force and effect at all times after the execution hereof to the extent they are in compliance with FINRA Rule 5110.

 

    	 

    	 

    

 

(b)
The Underwriter shall have the right to terminate this Agreement at any time prior to the consummation of the Closing if: (i) any domestic
or international event or act or occurrence has materially disrupted, or in the reasonable opinion of the Underwriter will in the immediate
future materially disrupt, the market for the Company’s securities or securities in general; or (ii) trading on the New York Stock
Exchange or the NASDAQ Stock Market has been suspended or made subject to material limitations, or minimum or maximum prices for trading
have been fixed, or maximum ranges for prices for securities have been required, on the NYSE Euronext or the NASDAQ Stock Market or by
order of the Commission, FINRA or any other governmental authority having jurisdiction; or (iii) a banking moratorium has been declared
by any state or federal authority or any material disruption in commercial banking or securities settlement or clearance services has
occurred; or (iv) (A) there has occurred any outbreak or escalation of hostilities or acts of terrorism involving the United States,
Malaysia or there is a declaration of a national emergency or war by the United States or Malaysia, or (B) there has been any other calamity
or crisis or any change in political, financial or economic conditions, if the effect of any such event in (A) or (B), in the reasonable
judgment of the Underwriter, is so material and adverse that such event makes it impracticable or inadvisable to proceed with the offering,
sale and delivery of the Firm Shares on the terms and in the manner contemplated by the Prospectus.

 

(c)
Any notice of termination pursuant to this Section 12 shall be in writing and delivered in accordance with Section 13.

 

(d)
If this Agreement shall be terminated pursuant to any of the provisions hereof (other than pursuant to Section 11(b) hereof),
or if the sale of the Securities provided for herein is not consummated because any condition to the obligations of the Underwriter set
forth herein is not satisfied or because of any refusal, inability or failure on the part of the Company to perform any agreement herein
or comply with any provision hereof, the Company will, subject to demand by the Underwriter, reimburse the Underwriter for only those
documented out-of-pocket expenses (including the reasonable fees and expenses of their counsel), actually incurred by the Underwriter
in connection herewith as allowed under FINRA Rule 5110 less any amounts previously paid by the Company); provided, however, that
all such expenses, including the costs and expenses set forth in Section 6(d) which were actually paid, shall not exceed $150,000
in the aggregate, including any advances.

 

13.
Notices. All communications hereunder, except as may be otherwise specifically provided herein, shall be in writing, and:

 

(a)
if sent to the Underwriter, shall be mailed, delivered, or emailed, to:

 

Network
1 Financial Securities, Inc.

2
Bridge Avenue, Suite 241

Red
Bank, NJ 07701

Attention:
Adam Pasholk, Managing Director

Email:
[*]

 

with
a copy to Underwriter’s Counsel at:

 

Loeb
& Loeb LLP

2206-19
Jardine House

1
Connaught Place

Central,
Hong Kong SAR

Attention:
Lawrence Venick, Esq.

Email:
[*]

 

(b)
if sent to the Company, shall be mailed, delivered, or emailed, to the Company with a copy to its counsel, at the addresses set forth
in the Registration Statement.

 

    	 

    	 

    

 

14
Parties; Limitation of Relationship. This Agreement shall inure solely to the benefit of, and shall be binding upon, the Underwriter,
the Company and the controlling Persons, directors, officers, employees and agents referred to in Sections 8 and 9 hereof,
and their respective successors and assigns, and no other Person shall have or be construed to have any legal or equitable right, remedy
or claim under or in respect of or by virtue of this Agreement or any provision herein contained. This Agreement and all conditions and
provisions hereof are intended to be for the sole and exclusive benefit of the parties hereto and such Persons and their respective successors
and assigns, and not for the benefit of any other Person. The term “successors and assigns” shall not include a purchaser,
in its capacity as such, of Securities from the Underwriter.

 

15.
Governing Law. This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of New
York without regard to the conflict of laws principles thereof. Each of the parties hereto hereby submits to the exclusive jurisdiction
of the federal and state courts in the Borough of Manhattan in The City of New York (each, a “New York Court”) in any suit
or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. Each of the parties hereto irrevocably
waives any objection to the laying of venue of any suit or proceeding arising out of or relating to this Agreement or the transactions
contemplated hereby in the New York Courts, and irrevocably waives and agrees not to plead or claim in any such court that any such suit
or proceeding in any such court has been brought in an inconvenient forum. The Company irrevocably appoints Cogency Global Inc., 122
East 42nd St 18th Floor, New York, NY 10168 as its authorized agent (the “Authorized Agent”) in the Borough of Manhattan
in The City of New York upon which process may be served in any such suit or proceeding, and agrees that service of process in any manner
permitted by applicable law upon such agent shall be deemed in every respect effective service of process in any manner permitted by
applicable law upon the Company in any such suit or proceeding. The Company further agrees to take any and all actions as may be necessary
to maintain such designation and appointment of such agent in full force and effect for a period of three years from the date of this
Agreement.

 

16.
Entire Agreement. This Agreement, together with the schedules and annexes attached hereto and as the same may be amended from
time to time in accordance with the terms hereof, contains the entire agreement among the parties hereto relating to the subject matter
hereof and there are no other or further agreements outstanding not specifically mentioned herein. This Agreement supersedes any prior
agreements or understandings among or between the parties hereto.

 

17.
Severability. If any term or provision of this Agreement or the performance thereof shall be invalid or unenforceable to any
extent, such invalidity or unenforceability shall not affect or render invalid or unenforceable any other provision of this Agreement
and this Agreement shall be valid and enforceable to the fullest extent permitted by law.

 

18.
Amendment. This Agreement may only be amended by a written instrument executed by each of the parties hereto.

 

19.
Waiver, etc. The failure of any of the parties hereto to at any time enforce any of the provisions of this Agreement shall
not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Agreement or any provision
hereof or the right of any of the parties hereto to thereafter enforce each and every provision of this Agreement. No waiver of any breach,
non-compliance or non-fulfillment of any of the provisions of this Agreement shall be effective unless set forth in a written instrument
executed by the party or parties against whom or which enforcement of such waiver may be sought; and no waiver of any such breach, non-compliance
or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment.

 

    	 

    	 

    

 

20.
No Fiduciary Relationship. The Company hereby acknowledges that the Underwriter is acting solely as Underwriter in connection
with the offering of the Company’s Securities. The Company further acknowledges that the Underwriter is acting pursuant to a contractual
relationship created solely by this Agreement entered into on an arm’s-length basis and in no event do the parties intend that
the Underwriter act or be responsible as a fiduciary to the Company, its management, shareholders, creditors or any other person in connection
with any activity that the Underwriter may undertake or have undertaken in furtherance of the offering of the Company’s Securities,
either before or after the date hereof. The Underwriter hereby expressly disclaims any fiduciary or similar obligations to the Company,
either in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions, and the Company
hereby confirms its understanding and agreement to that effect. The Company hereby further confirms its understanding that the Underwriter
has not assumed an advisory or fiduciary responsibility in favor of the Company with respect to the Offering contemplated hereby or the
process leading thereto, including, without limitation, any negotiation related to the pricing of the Securities; and the Company has
consulted its own legal and financial advisors to the extent it has deemed appropriate in connection with this Agreement and the Offering.
The Company and the Underwriter agree that they are each responsible for making their own independent judgments with respect to any such
transactions, and that any opinions or views expressed by the Underwriter to the Company regarding such transactions, including but not
limited to any opinions or views with respect to the price or market for the Company’s securities, do not constitute advice or
recommendations to the Company. The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Company
may have against the Underwriter with respect to any breach or alleged breach of any fiduciary or similar duty to the Company in connection
with the transactions contemplated by this Agreement or any matters leading up to such transactions.

 

21.
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original,
and all such counterparts shall together constitute one and the same instrument. Delivery of a signed counterpart of this Agreement by
facsimile or other electronic transmission shall constitute valid and sufficient delivery thereof.

 

22.
Headings. The headings herein are inserted for convenience of reference only and are not intended to be part of, or to affect
the meaning or interpretation of, this Agreement.

 

23.
Time is of the Essence. Time shall be of the essence of this Agreement. As used herein, the term “Business Day”
shall mean any day other than a Saturday, Sunday or any day on which any of the major U.S. stock exchanges are not open for business.

 

[Signature
Page Follows]

 

    	 

    	 

    

 

If
the foregoing correctly sets forth your understanding, please so indicate in the space provided below for that purpose, whereupon this
letter shall constitute a binding agreement among us.

 

	Very
    truly yours,  	 
	 	 	 
	Starbox
    Group Holdings Ltd.   	 
	 	 	 
	By:	/s/
Lee Choon Wooi	 
	Name: 
    	Lee
    Choon Wooi	 
	Title:	Chief
    Executive Officer	 

 

Accepted
by the Underwriter,

as
of the date first written above:

 

Network
1 Financial Securities, Inc.

 

	By:	/s/
Adam Pasholk	 
	Name: 
    	Adam
    Pasholk	 
	Title:	Managing
    Director, Investment Banking	 

 

Alexander
Capital, LP

 

	By:	/s/
Jonathan Gazdak	 
	Name: 
    	Jonathan
    Gazdak	 
	Title:	Managing
    Director	 

 

[Signature
Page to Underwriting Agreement]

 

    	 

    	 

    

 

SCHEDULE
A

 

	Underwriters	 	Closing Securities	 	 	Closing Purchase Price	 
	Network 1 Financial Securities, Inc.	 	 	4,500,000	 	 	$	3.72	 
	Alexander Capital L.P.	 	 	500,000	 	 	$	3.72	 
	Total	 	 	5,000,000	 	 	$	3.72	 

 

    	 

    	 

    

 

SCHEDULE
B

 

Lock-Up
Parties

 

Lee
Choon Wooi

Khoo
Kien Hoe

Lai
Kwong Choy

Sung
Ming-Hsuan

Law
Peck Woon

 

    	 

    	 

    

 

SCHEDULE
C

 

Free
Writing Prospectuses

 

    	 

    	 

    

 

Annex
II

 

Lock-Up
Agreement

 

August
22, 2022

 

Network
1 Financial Securities, Inc.

2
Bridge Avenue, Suite 241

Red
Bank, NJ 07701

 

Ladies
and Gentlemen:

 

The
undersigned understands that Network 1 Financial Securities, Inc. (the “Underwriter”) proposes to enter into an Underwriting
Agreement (the “Underwriting Agreement”) with Starbox Group Holdings Ltd., a Cayman Islands exempted company (the
“Company”), providing for the initial public offering in the United States (the “Initial Public Offering”)
of a certain number of the Company’s Ordinary Shares, par value $0.001125 per share (the “Securities”). For
purposes of this letter agreement, “Shares” shall mean shares of the Company’s Ordinary Shares.

 

To
induce the Underwriter to continue its efforts in connection with the Public Offering, the undersigned hereby agrees that, without the
prior written consent of the Underwriter, the undersigned will not, during the period commencing on the date hereof and ending one hundred
and eighty (180) days after the date of the final prospectus (the “Prospectus”) relating to the Initial Public Offering
(the “Lock-Up Period”), (1) offer, pledge, announce the intention to sell, sell, contract to sell, sell any option
or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, make any short sale,
or otherwise transfer or dispose of, directly or indirectly, any Shares or any securities convertible into or exercisable or exchangeable
for or represent the right to receive Shares, whether now owned or hereafter acquired by the undersigned (collectively, the “Lock-Up
Securities”); (2) enter into any swap or other agreement that transfers to another, in whole or in part, any of the economic
consequences of ownership of the Lock-Up Securities, whether any such transaction described in clause (1) above or this clause (2) is
to be settled by delivery of Shares or such other securities, in cash or otherwise; (3) make any written demand for or exercise any right
with respect to the registration of any Shares or any security convertible into or exercisable or exchangeable for Shares; or (4) publicly
disclose the intention to do any of the foregoing.

 

Notwithstanding
the foregoing, and subject to the conditions below, the undersigned may transfer Lock-Up Securities without the prior written consent
of the Underwriter in connection with (a) transactions relating to Lock-Up Securities acquired in open market transactions after the
completion of the Initial Public Offering; (b) transfers of Lock-Up Securities as a bona fide gift, by will or intestacy or to
a family member or trust for the benefit of the undersigned and/or one or more family members (for purposes of this lock-up agreement,
“family member” means any relationship by blood, marriage or adoption, not more remote than first cousin); (c) transfers
of Lock-Up Securities to a charity or educational institution or other not-for-profit organization; (d) if the undersigned, directly
or indirectly, controls a corporation, partnership, limited liability company or other business entity, any transfers of Lock-Up Securities
to any such corporation, partnership, limited liability company or other business entity, or any shareholder, partner or member of, or
owner of similar equity interests in, the same, as the case may be; (e) a sale or surrender to the Company of any options or Shares of
the Company underlying options in order to pay the exercise price or taxes associated with the exercise of options or (f) transfers or
distributions pursuant to any bona fide third-party tender offer, merger, acquisition, consolidation or other similar transaction
made to all holders of the Company’s Shares involving a Change of Control of the Company, provided that in the event that such
tender offer, merger, acquisition, consolidation or other such transaction is not completed, the Lock-Up Securities held by the undersigned
shall remain subject to the provisions of this lock-up agreement; provided that in the case of any transfer pursuant to the foregoing
clauses (b), (c) or (d), (i) any such transfer shall not involve a disposition for value, (ii) each transferee shall sign and deliver
to the Underwriter a lock-up agreement substantially in the form of this lock-up agreement and (iii) no filing under Section 16(a) of
the U.S. Securities Exchange Act of 1934, as amended shall be required or shall be voluntarily made (collectively, “Permitted
Transfers”). For purposes of this paragraph, the term “Change of Control” shall mean any transaction or series
of related transactions pursuant to which any “person” or “group” (as such terms are used in Sections 13(d) and
14(d) of the Exchange Act) becomes the “beneficial owner” (as such term is defined in Rules 13d-3 and 13d-5 under the Exchange
Act), directly or indirectly, of more than 50% of the total voting power of the Shares of the Company on a fully diluted basis. The undersigned
also agrees and consents to the entry of stop transfer instructions with the Company’s transfer agent and registrar against the
transfer of the undersigned’s Lock-Up Securities except in compliance with this lock-up agreement.

 

    	 

    	 

    

 

The
undersigned agrees that, prior to engaging in any transaction or taking any other action that is subject to the terms of this lock-up
agreement (for the avoidance of doubt, excluding any transaction or other action in connection with a Permitted Transfer) during the
period from the date hereof to the expiration of the initial Lock-Up Period, the undersigned will give notice thereof to the Company
and will not consummate any such transaction or take any such action unless it has received written confirmation from the Company that
the Lock-Up Period has expired.

 

The
undersigned agrees that (i) the foregoing restrictions shall be equally applicable to any issuer-directed or “friends and family”
Shares that the undersigned may purchase in the Initial Public Offering, (ii) at least three (3) business days before the effective date
of any release or waiver of the foregoing restrictions in connection with a transfer of Lock-Up Securities, the Underwriter will notify
the Company of the impending release or waiver. Any release or waiver granted by the Underwriter hereunder to any such officer or director
shall only be effective two (2) business days after the publication date of such press release. The provisions of this paragraph will
not apply if (a) the release or waiver is effected solely to permit a transfer of Lock-Up Securities not for consideration or in connection
with any other Permitted Transfer and (b) the transferee has agreed in writing to be bound by a lock-up agreement substantially in the
form of this lock-up agreement.

 

No
provision in this agreement shall be deemed to restrict or prohibit the exercise, exchange or conversion by the undersigned of any securities
exercisable or exchangeable for or convertible into Shares, as applicable; provided that the undersigned does not transfer the
Shares acquired on such exercise, exchange or conversion during the Lock-Up Period, unless in connection with a Permitted Transfer or
in a transfer otherwise permitted pursuant to the terms of this lock-up agreement. In addition, no provision herein shall be deemed to
restrict or prohibit the entry into or modification of a so-called “10b5-1” plan at any time (other than the entry into or
modification of such a plan in such a manner as to cause the sale of any Lock-Up Securities within the Lock-Up Period).

 

The
undersigned understands that the Company and the Underwriter are relying upon this lock-up agreement in proceeding toward consummation
of the Initial Public Offering. The undersigned further understands that this lock-up agreement is irrevocable and shall be binding upon
the undersigned’s heirs, successors and assigns.

 

The
undersigned understands that, if the Underwriting Agreement does not become effective, or if the Underwriting Agreement (other than the
provisions thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the Shares to be
sold thereunder, then this lock-up agreement shall be void and of no further force or effect.

 

Whether
or not the Initial Public Offering actually occurs depends on a number of factors, including market conditions. The Initial Public Offering
will only be made pursuant to an Underwriting Agreement, the terms of which are subject to negotiation between the Company and the Underwriter.

 

This
lock-up agreement shall be governed by and construed in accordance with the internal laws of the State of New York, without regard to
the conflict of laws principles thereof. Delivery of a signed copy of this lock-up agreement by facsimile or e-mail/.pdf transmission
shall be effective as the delivery of the original hereof.

 

[SIGNATURE
PAGE TO FOLLOW]

 

    	 

    	 

    

 

	Very
    truly yours,	 
	 	 
	 	 

	(Signature)	 	 
	 	 	 
	Address:Document

Exhibit 10.1

STOCK PURCHASE AGREEMENT
THIS STOCK PURCHASE AGREEMENT (this “Agreement”) is entered into as of August 24, 2022, by and among HF Sinclair Corporation, a Delaware corporation (the “Company”), on the one hand, and REH Company (the “Selling Stockholder”), on the other hand.
Recitals 
WHEREAS, the Selling Stockholder beneficially owns an aggregate of 55,127,996 shares of the Company’s outstanding common stock, par value $0.01 per share (the “Common Stock”), constituting approximately 26.17% of the outstanding Common Stock; and
WHEREAS, the Selling Stockholder desires to sell to the Company, and the Company desires to repurchase from the Selling Stockholder, an aggregate of 2,406,160 shares of Common Stock (the “Shares”) at a price of $51.95 per Share, for an aggregate price of $125,000,012 for the Shares (such aggregate purchase price, the “Purchase Price”), upon the terms and subject to the conditions set forth in this Agreement.
NOW, THEREFORE, in consideration of the mutual covenants herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned hereby agree as follows:
Agreement
1.Repurchase.
(a)Purchase and Sale. Upon the terms and subject to the conditions of this Agreement, the Company hereby agrees to purchase from the Selling Stockholder, and the Selling Stockholder hereby agrees to sell, convey, assign, transfer and deliver, or cause to be delivered, to the Company, the Shares for an aggregate purchase price equal to the Purchase Price, free and clear of any and all mortgages, pledges, encumbrances, liens, security interests, options, charges, claims, deeds of trust, deeds to secure debt, title retention agreements, rights of first refusal or offer, limitations on voting rights, proxies, voting agreements, limitations on transfer or other agreements or claims of any kind or nature whatsoever, other than restrictions on transfer under applicable securities laws (collectively, “Liens”).
(b)Closing. Subject to the terms and conditions of this Agreement and the delivery of the deliverables contemplated by Section 1(c) of this Agreement, the closing of the purchase and sale of the Shares contemplated hereby (the “Closing”) will take place on or around the third business day following the date hereof, at a time and place mutually agreed by the parties.
(c)Closing Deliveries and Actions. 
(i)At the Closing, the Selling Stockholder shall (A) provide an instruction letter to the Company’s transfer agent directing the transfer agent to transfer the Shares to one or more accounts designated by the Company, sufficient to convey to the Company good, valid and marketable title in and to the Shares, free and clear of any and all Liens and (B) deliver to the Company a properly completed and duly executed IRS Form W-9 (or other applicable IRS tax form).

(ii)At the Closing, the Company shall (A) deliver to the Selling Stockholder by wire transfer to the account to be designated by the Selling Stockholder (such account to be designated by the Selling Stockholder in writing concurrently with or promptly after the execution and delivery of this Agreement) immediately available funds in U.S. dollars in an amount equal to the Purchase Price and (B) provide an instruction letter to the Company’s transfer agent directing the transfer agent to transfer the Shares to one or more accounts designated by the Company.
(d)Conditions of the Selling Stockholder’s Obligations at Closing. The obligation of the Selling Stockholder to sell the Shares is subject to the fulfillment, on or before the Closing, of each of the following conditions, unless otherwise waived:
(i)    The representations and warranties contained in Section 3 shall be true and correct in all respects as of the Closing.
(ii)        The Company shall have performed and complied with all covenants, agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by the Company on or before the Closing.
(iii)There shall be no pending suit, action or proceeding by any federal, state, local or foreign court, administrative agency or governmental or regulatory authority or body (each, an “Authority”) to which the Company or any of its properties is subject, seeking to challenge, restrain, preclude, enjoin or prohibit the transactions contemplated by this Agreement.
(e)Conditions of the Company’s Obligations at Closing. The obligation of the Company to purchase the Shares is subject to the fulfillment, on or before the Closing, of each of the following conditions, unless otherwise waived:
(i)The representations and warranties contained in Section 2 shall be true and correct in all respects as of the Closing.
(ii)The Selling Stockholder shall have performed and complied with all covenants, agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by the Selling Stockholder on or before the Closing.
(iii)There shall be no pending suit, action or proceeding by any Authority to which the Company or any of its properties is subject, seeking to challenge, restrain, preclude, enjoin or prohibit the transactions contemplated by this Agreement.
(f)Withholding Rights.  The Company shall be entitled to deduct and withhold from the Purchase Price such amounts as it may be required to deduct and withhold with respect to the making of such payment under the U.S. Internal Revenue Code of 1986, as amended, or any provision of foreign, state or local tax law; provided that, so long as the Selling Stockholder delivers a IRS Form W-9 pursuant to Section 1(c)(i) confirming the Selling Stockholder is exempt from backup withholding, the parties agree that no deduction or withholding is required with respect to any amounts payable to the Selling Stockholder pursuant to this Agreement.  To the extent that amounts are so withheld by the Company and paid over to 
2

the applicable Authority, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the Selling Stockholder.
2.Representations of the Company. The Company represents and warrants to the Selling Stockholder that, as of the date hereof and at the Closing:
(a)    The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware.
(b)    The Company has the full power and authority to execute, deliver and carry out the terms and provisions of this Agreement and to consummate the transactions contemplated hereby, and has taken all necessary action to authorize the execution, delivery and performance of this Agreement.
(c)    This Agreement has been duly and validly authorized, executed and delivered by the Company and constitutes a legal, valid and binding obligation of the Company, enforceable in accordance with its terms, except to the extent that (i) such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting creditors’ rights generally and (ii) the remedy of specific performance and injunctive and other forms of equitable relief may be subject to certain equitable defenses and to the discretion of the court before which any proceedings may be brought. Inasmuch as the transactions contemplated by this Agreement would be an Interested Transaction with a Related Person as such terms are defined in the Company’s Related Party Transaction Policy, the Audit Committee of the Company has approved this Agreement and the transactions contemplated hereby and the Company has otherwise taken all other actions necessary to approve and effect this Agreement that are necessitated as a result of this Agreement involving an Interested Transaction. 
(d)    The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby will not conflict with, result in the breach of any of the terms or conditions of, constitute a default under or violate, accelerate or permit the acceleration of any other similar right of any other party under the Amended and Restated Certificate of Incorporation or Amended and Restated By-Laws of the Company, any law, rule or regulation or any agreement, lease, mortgage, note, bond, indenture, license or other document or undertaking to which the Company is a party or by which the Company or its properties may be bound, nor will such execution, delivery and consummation violate any order, writ, injunction or decree of any Authority to which the Company or any of its properties is subject, the effect of any of which, either individually or in the aggregate, would have, or reasonably be expected to have, a material adverse effect on the consolidated financial position, stockholders’ equity or results of operations of the Company and its subsidiaries, taken as a whole, or materially impact the Company’s ability to consummate the transactions contemplated by this Agreement (a “Material Adverse Effect”); and no consent, approval, authorization, order, registration or qualification of or with any such Authority is required for the consummation by the Company of the transactions contemplated by this Agreement, except such consents, approvals, authorizations and orders as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
(e)    The Company acknowledges that it has not relied upon any express or implied representations or warranties of any nature made by or on behalf of the Selling Stockholder, whether or not any such representations, warranties or statements were made in writing or orally, except as expressly set forth for the benefit of the Company in this Agreement.
(f)    No agent, broker, financial advisor, or other intermediary acting on behalf of the Company is, or will be, entitled to, any broker’s commission, finder’s fees, or similar 
3

payment from any of the parties, or from any affiliate of any of the parties, in connection with the transactions contemplated by this Agreement. 
3.Representations of the Selling Stockholder . The Selling Stockholder represents and warrants to the Company that, as of the date hereof and at the Closing:
(a)    The Selling Stockholder is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization.
(b)    The Selling Stockholder has the full power and authority to execute, deliver and carry out the terms and provisions of this Agreement and consummate the transactions contemplated hereby, and has taken all necessary action to authorize the execution, delivery and performance of this Agreement.
(c)    This Agreement has been duly and validly authorized, executed and delivered by the Selling Stockholder, and constitutes a legal, valid and binding obligation of the Selling Stockholder, enforceable in accordance with its terms, except to the extent that (i) such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting creditors’ rights generally and (ii) the remedy of specific performance and injunctive and other forms of equitable relief may be subject to certain equitable defenses and to the discretion of the court before which any proceedings may be brought.
(d)    The sale of the Shares to be sold by the Selling Stockholder hereunder and the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby will not conflict with, result in the breach of any of the terms or conditions of, constitute a default under or violate, accelerate or permit the acceleration of any other similar right of any other party under the governing organizational documents of the Selling Stockholder, any law, rule or regulation, or any agreement, lease, mortgage, note, bond, indenture, license or other document or undertaking, to which the Selling Stockholder is a party or by which the Selling Stockholder or its properties may be bound, nor will such execution, delivery and consummation violate any order, writ, injunction or decree of any Authority to which the Selling Stockholder or any of its properties is subject, the effect of any of which, either individually or in the aggregate, would affect the validity of the Shares to be sold by the Selling Stockholder or reasonably be expected to materially impact the Selling Stockholder’s ability to perform its obligations under this Agreement; and no consent, approval, authorization, order, registration or qualification of or with any such Authority is required for the performance by the Selling Stockholder of its obligations under this Agreement and the consummation by the Selling Stockholder of the transactions contemplated by this Agreement in connection with the Shares to be sold by the Selling Stockholder hereunder, except such consents, approvals, authorizations and orders as would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the Selling Stockholder’s ability to consummate the transactions contemplated by this Agreement.
(e)    The transfer of Shares made by the Selling Stockholder at the Closing will be valid and binding obligations of the Selling Stockholder, enforceable in accordance with their respective terms, except to the extent that (i) such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting creditors’ rights generally and (ii) the remedy of specific performance and injunctive and other forms of equitable relief may be subject to certain equitable defenses and to the discretion of the court before which any proceedings may be brought, and will vest in the Company good, valid and marketable title to all Shares purchased by the Company, free and clear of any and all Liens. 
4

(f)    The Selling Stockholder (either alone or together with its advisors) has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the sale of the Shares and it has made an independent decision to sell the Shares to the Company based on the Selling Stockholder’s knowledge about the Company and its business and other information available to the Selling Stockholder. The Selling Stockholder has received all of the information concerning the business and financial condition of the Company that the Selling Stockholder considers necessary or appropriate for making an informed decision whether to enter into, execute and deliver this Agreement and perform the obligations set forth herein. The Selling Stockholder hereby represents and warrants that it has had an opportunity to ask questions and receive answers from the Company as the Selling Stockholder has requested. The Selling Stockholder acknowledges that it has not relied upon any express or implied representations or warranties of any nature made by or on behalf of the Company, whether or not any such representations, warranties or statements were made in writing or orally, except as expressly set forth for the benefit of the Selling Stockholder in this Agreement. The Selling Stockholder acknowledges that the Company and its affiliates, officers and directors may possess material non-public information not known to such Seller regarding or relating to the Company, including information concerning the business, financial condition, results of operations or prospects of the Company. The Selling Stockholder has carefully reviewed the Company’s filings with U.S. Securities and Exchange Commission, and hereby confirms that the Selling Stockholder is relying on no other information, whether delivered by the Company or any other person, in making its decision to sell the Shares. 
(g)With respect to legal, tax, accounting, financial and other considerations involved in the transactions contemplated by this Agreement, including the sale of the Shares, the Selling Stockholder is not relying on the Company (or any agent or representative thereof). The Selling Stockholder has carefully considered and, to the extent it believes such discussion is necessary, discussed with professional legal, tax, accounting, financial and other advisors the suitability of the transactions contemplated by this Agreement, including the sale of the Shares.
(h)No agent, broker, financial advisor, or other intermediary acting on behalf of the Selling Stockholder is, or will be, entitled to, any broker’s commission, finder’s fees, or similar payment from any of the parties, or from any affiliate of any of the parties, in connection with the transactions contemplated by this Agreement. 
4.Stock Transfer or Similar Taxes.  The Selling Stockholder shall be responsible for the payment of any stock transfer or similar taxes in connection with the transaction contemplated by this Agreement.
5.Publicity. Prior to the six-month anniversary of the Closing, the Selling Stockholder agrees that it shall not, and that it shall cause its affiliates and representatives not to, publish, release or file any press release or other public statement or announcement relating to the transactions contemplated by this Agreement without prior written consent of the Company; provided, however, that nothing in this Section 5 shall restrict the ability of the Selling Stockholder (i) to file a Form 4 or an amendment to its Schedule 13D, in each case relating to the transactions contemplated by this Agreement, without further review or consent from the Company, (ii) to take any other action required by law, or (iii) to make any public statement or announcement if the Company has publicly disclosed the transactions contemplated hereby, including, without limitation, in any document filed or furnished to the Securities and Exchange Commission (the “SEC”) in accordance with the Securities Exchange Act of 1934, as amended, or the rules and regulations of the SEC promulgated thereunder; provided, further, that the Selling Stockholder and its affiliates and representatives shall provide the Company and its counsel a meaningful opportunity to review and comment on any such press release or other public statement or announcement relating to the transactions contemplated by this Agreement.
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6.Notices. All notices, requests, claims, demands or other communications to be given or delivered under or by reason of the provisions of this Agreement will be in writing and will be deemed to have been given when delivered personally, mailed by certified or registered mail (return receipt requested and postage prepaid), sent via a nationally recognized overnight courier, or sent via email (receipt of which is confirmed) to the recipient. Such notices, demands and other communications shall be sent as follows:
If to the Selling Stockholder:
REH Company
550 East South Temple
Salt Lake City, Utah 84102
Attention: General Counsel
Email: [_______________]
If to the Company:
HF Sinclair Corp.
2828 N. Harwood, Suite 1300
Dallas, Texas 75201
Attention: Chief Executive Officer
Email:  [_______________] 
with a copy (which shall not constitute notice):
HF Sinclair Corp.
2828 N. Harwood, Suite 1300
Dallas, Texas 75201
Attention: General Counsel
Email:  [_______________] 
or such other address or to the attention of such other person as the recipient party shall have specified by prior written notice to the sending party.
7.Miscellaneous.
(a)    Survival of Representations and Warranties. All representations and warranties contained herein or made in writing by any party in connection herewith shall survive the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby until the expiration of the applicable statute of limitations.
(b)    Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal, or unenforceable in any respect under any applicable law or rule in any jurisdiction, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated.
(c)    Complete Agreement. This Agreement supersedes all prior agreements and understandings (whether written or oral) between the Company and the Selling Stockholder with respect to the subject matter hereof.
(d)    Counterparts. This Agreement may be executed by any one or more of the parties hereto in counterparts, each of which shall be deemed to be an original, but all such 
6

counterparts shall together constitute one and the same instrument. This Agreement, and any and all agreements and instruments executed and delivered in accordance herewith, to the extent signed and delivered by means of facsimile or other electronic format or signature (including email, “pdf,” “tif,” “jpg,” DocuSign and Adobe Sign), shall be treated in all manner and respects and for all purposes as an original signature and an original agreement or instrument and shall be considered to have the same legal effect, validity and enforceability as if it were the original signed version thereof delivered in person.
(e)    Further Assurances. Subject to the other terms of this Agreement, the parties hereto agree to execute and deliver such other instruments and perform such acts, in addition to the matters herein specified, as may be reasonably appropriate or necessary, from time to time, to effectuate the transactions contemplated by this Agreement.
(f)    Successors and Assigns. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned, in whole or in part, by either party without the prior written consent of the other party. Except as otherwise provided herein, this Agreement shall bind and inure to the benefit of and be enforceable by the Selling Stockholder and the Company and their respective successors and assigns.
(g)    No Third Party Beneficiaries or Other Rights. This Agreement is for the sole benefit of the parties and their successors and permitted assigns and nothing herein express or implied shall give or shall be construed to confer any legal or equitable rights or remedies to any person other than the parties to this Agreement and such successors and permitted assigns.
(h)    Governing Law. THIS AGREEMENT AND ANY MATTERS RELATED TO THIS TRANSACTION SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF. The Company and the Selling Stockholder each agrees that any suit or proceeding arising in respect of this Agreement will be tried exclusively in the Delaware Court of Chancery in and for New Castle County, but in the event that such court does not have subject matter jurisdiction, the United States District Court for the District of Delaware, and the Company and the Selling Stockholder each agrees to submit to the jurisdiction of, and to venue in, such courts.
(i)Waiver of Jury Trial. The Company and the Selling Stockholder each hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.
(j)Mutuality of Drafting. The parties have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as jointly drafted by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of the Agreement.
(k)Remedies. Each of the parties hereto agree and acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this Agreement and that any party may in its sole discretion apply to any court of law or equity of competent jurisdiction (without posting any bond or deposit) for specific performance or other injunctive relief in order to enforce, or prevent any violations of, the provisions of this Agreement.
(l)Amendment and Waiver. No modification of or amendment to this Agreement shall be effective unless in a writing signed by the parties to this Agreement, and no 
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waiver of any rights under this Agreement shall be effective unless in a writing signed by the waiving party.
(m)Expenses. Each of the Company and the Selling Stockholder shall bear its own costs and expenses in connection with the drafting, negotiation, execution and delivery of this Agreement and the consummation of the transactions contemplated hereby.
[Signatures appear on the following page.]
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IN WITNESS WHEREOF, the parties hereto have executed this Stock Purchase Agreement as of the date first written above.
COMPANY:
HF SINCLAIR CORPORATION
By:    /s/ Michael C. Jennings    
Name:    Michael C. Jennings
Title:    Chief Executive Officer
SELLING STOCKHOLDER:
REH COMPANY
By:    /s/ Ross  B. Matthews    
Name:    Ross B. Matthews
Title:    Chief Operating Officer

[Signature Page to Stock Purchase Agreement]

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