Document:

Exhibit 10.24

 

THIS PROMISSORY NOTE (“NOTE”)
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”).  THIS NOTE HAS
BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF
UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH
REGISTRATION IS NOT REQUIRED.  

 

AMENDED AND RESTATED PROMISSORY NOTE

 

	
        Principal Amount:  Up to $135,000.00

        
	September 19, 2018

 

Draper Oakwood Technology
Acquisition Inc., a Delaware corporation (“Maker”), promises to pay to the order of Draper Oakwood Investments,
LLC or its registered assigns or successors in interest or order (“Payee”), the principal sum of up to One Hundred
Thirty Five Thousand Dollars ($135,000.00) (previously Two Hundred Thousand Dollars ($200,000.00) in lawful money of the United
States of America, on the terms and conditions described below.  All payments on this Note (unless the full principal
is converted pursuant to Section 15 below) shall be made by check or wire transfer of immediately available funds to such account
as Payee may from time to time designate by written notice in accordance with the provisions of this Note. This Note hereby amends
and restates that certain promissory note issued by Maker to Payee on July 30, 2018 in the amount of Two Hundred Thousand Dollars
($200,000.00).

 

		1.	Repayment. The principal balance of this Note
shall be payable on the earliest to occur of (i) the date on which Maker consummates its initial business combination and (ii)
the date that the winding up of Maker is effective (such date, the “Maturity Date”). The principal balance
may be prepaid at any time, at the election of Maker.

 

		2.	Interest. This Note shall be non-interest bearing.

 

		3.	Drawdown Requests. Payee, in its sole and absolute discretion, may fund up to One Hundred
Thirty Five Thousand Dollars ($135,000.00) for costs reasonably related to Maker’s consummation of an initial business combination.
The principal of this Note may be drawn down from time to time until the date on which Maker consummates its initial business combination,
upon written request from Maker to Payee (each, a “Drawdown Request”). Each Drawdown Request must state the
amount to be drawn down, and must be in multiples of not less than Ten Thousand Dollars ($10,000) unless agreed upon by Maker and
Payee. Payee, in its sole discretion, shall fund each Drawdown Request no later than five (5) business days after receipt of a
Drawdown Request; provided, however, that the maximum amount of drawdowns collectively under this Note shall not exceed One Hundred
Thirty Five Thousand Dollars ($135,000.00). Once an amount is drawn down under this Note, it shall not be available for future
Drawdown Requests even if prepaid. Except as set forth herein, no fees, payments or other amounts shall be due to Payee in connection
with, or as a result of, any Drawdown Request by Maker.

 

		4.	Application of Payments. All payments received by Payee pursuant to this Note shall
be applied first to the payment in full of any costs incurred in the collection of any sum due under this Note, including (without
limitation) reasonable attorney’s fees, and then to the reduction of the unpaid principal balance of this Note.

 

     

     

    

 

		5.	Events of Default. The following shall constitute an event of default (“Event
of Default”):

 

(a) Failure to Make Required
Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business days of the Maturity
Date.

 

(b) Voluntary Bankruptcy, etc.
The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization, rehabilitation or other
similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator (or other similar official) of Maker or for any substantial part of its property, or the making by it of any assignment
for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate
action by Maker in furtherance of any of the foregoing.

 

(c) Involuntary Bankruptcy,
Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker in an involuntary
case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian,
trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering the winding-up or
liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive
days.

 

		6.	Remedies.

 

(a) Upon
the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare this Note
to be due immediately and payable, whereupon the unpaid principal amount of this Note and all other amounts payable hereunder,
shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby
expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b) Upon
the occurrence of an Event of Default specified in Sections 5(b) and 5(c) hereof, the unpaid principal balance of this Note and
all other amounts payable hereunder, shall automatically and immediately become due and payable, in all cases without any action
on the part of Payee.

 

		7.	Waivers. Maker and all endorsers and guarantors
of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest, and notice of protest with
regard to this Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note,
and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or personal,
or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing
for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real or personal
property that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may
be sold upon any such writ in whole or in part in any order desired by Payee.

 

		8.	Unconditional Liability. Maker hereby waives
all notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Note, and
agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected
in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee, and consents
to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment
or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto
without notice to Maker or affecting Maker’s liability hereunder.

 

		9.	Notices. All notices, statements or other documents
which are required or contemplated by this Note shall be: (i) in writing and delivered personally or sent by first class registered
or certified mail, overnight courier service or facsimile or electronic transmission to the address designated in writing, (ii)
by facsimile to the number most recently provided to such party or such other address or fax number as may be designated in writing
by such party and (iii) by electronic mail, to the electronic mail address most recently provided to such party or such other
electronic mail address as may be designated in writing by such party.  Any notice or other communication so transmitted
shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt of written
confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight courier service
or five (5) days after mailing if sent by mail.

 

		10.	Construction. THIS NOTE SHALL BE CONSTRUED
AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS THEREOF.

 

		11.	Severability. Any provision contained in this
Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

    	 	2	 

     

    

 

		12.	Trust Waiver.  Notwithstanding anything
herein to the contrary, Payee hereby waives any claim in or to any distribution of or from the trust account (the “Trust
Account”) established in connection with Maker’s initial public offering (the “IPO”), and hereby
agrees not to seek recourse, reimbursement, payment or satisfaction for any claim against the Trust Account for any reason whatsoever;
provided, however, that upon the consummation of the initial business combination, Maker shall repay the principal balance of
this Note out of the proceeds released to Maker from the Trust Account.

 

		13.	Amendment; Waiver.  Any amendment hereto
or waiver of any provision hereof may be made with, and only with, the written consent of Maker and Payee.

 

		14.	Assignment.  No assignment or transfer
of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law or otherwise) without
the prior written consent of the other party hereto and any attempted assignment without the required consent shall be void; provided,
however, that the foregoing shall not apply to an affiliate of Payee who agrees to be bound to the terms of this Note.

 

		15.	Conversion.

 

(a) Notwithstanding
anything contained in this Note to the contrary, at Payee’s option, at any time prior to payment in full of the principal
balance of this Note, Payee may elect to convert all or any portion of the unpaid principal balance of this Note into that number
of shares of common stock (the “Conversion Units”) equal to: (x) the portion of the principal amount
of this Note being converted pursuant to this Section 15, divided by (y) $10.00, rounded up to the nearest whole number of shares.
The Conversion Units shall be identical to the units issued by the Maker to the Payee in a private placement upon consummation
of the Maker’s initial public offering. The Conversion Units and their underlying securities, and any other equity security
of Maker issued or issuable with respect to the foregoing by way of a stock dividend or stock split or in connection with a combination
of shares, recapitalization, amalgamation, consolidation or reorganization, shall be entitled to the registration rights set forth
in Section 16 hereof.

 

(b) Upon any complete
or partial conversion of the principal amount of this Note, (i) such principal amount shall be so converted and such converted
portion of this Note shall become fully paid and satisfied, (ii) Payee shall surrender and deliver this Note, duly endorsed, to
Maker or such other address which Maker shall designate against delivery of the Conversion Units, (iii) Maker shall promptly deliver
a new duly executed Note to Payee in the principal amount that remains outstanding, if any, after any such conversion and (iv)
in exchange for all or any portion of the surrendered Note, Maker shall, at the direction of Payee, deliver to Payee (or its members
or their respective affiliates) (Payee or such other persons, the “Holders”) the Conversion Units, which shall
bear such legends as are required, in the opinion of counsel to Maker or by any other agreement between Maker and Payee and applicable
state and federal securities laws.

 

(c) The Holders shall
pay any and all issue and other taxes that may be payable with respect to any issue or delivery of the Conversion Units upon conversion
of this Note pursuant hereto; provided, however, that the Holders shall not be obligated to pay any transfer taxes resulting from
any transfer requested by the Holders in connection with any such conversion.

 

(d) The Conversion
Units shall not be issued upon conversion of this Note unless such issuance and such conversion comply with all applicable provisions
of law.

 

    	 	3	 

     

    

 

		16.	Registration Rights.

 

(a) Reference is made
to that certain Registration Rights Agreement between Maker and the parties thereto, dated as of September 14, 2017 (the “Registration
Rights Agreement”). All capitalized terms used in this Section 16 shall have the same meanings ascribed to them in the
Registration Rights Agreement.

 

(b) The Holders shall
be entitled to one Demand Registration, which shall be subject to the same provisions as set forth in Section 2.1 of the Registration
Rights Agreement.

 

(c) The Holders shall
also be entitled to include the Conversion Units and their underlying securities in Piggyback Registrations, which shall be subject
to the same provisions as set forth in Section 2.2 of the Registration Rights Agreement; provided, however, that in the event that
an underwriter advises Maker that the Maximum Number of Securities has been exceeded with respect to a Piggyback Registration,
the Holders shall not have any priority for inclusion in such Piggyback Registration.

 

(d) Except as set forth
above, the Holders and Maker, as applicable, shall have all of the same rights, duties and obligations set forth in the Registration
Rights Agreement.

 

[Signature Page Follows]

 

    	 	4	 

     

    

 

IN WITNESS WHEREOF, Maker, intending
to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first above written.

 

	 	DRAPER OAKWOOD TECHNOLOGY ACQUISITION INC.
	 	 	 
	 	By:	/s/Aamer Sarfraz
	 	Name:	Aamer Sarfraz
	 	Title:	Chief Executive Officer

 

    	 	5Exhibit 10.26

 

 

 

      

SHAREHOLDERS AGREEMENT

  

 

 

2012. 05. 23

 

 

 

 

 

 

Reebonz PTE LTD

   

ISE COMMERCE Co.,Ltd.

   

MR. Donggu Ha

   

    	 	1	 

     

    

 

THIS SHAREHOLDERS AGREEMENT (this
“Agreement”) is made as of the 23rd day of May 2012 (the “Effective Date”) by
and among:

 

		(1)	REEBONZ PTE LTD (Company Registration No. 200909470E), a company duly incorporated under
the laws of Singapore having its registered office at 21 Tai Seng Street, #04-00 Charles & Keith Building, Singapore 534166
(“Reebonz Singapore”);

 

		(2)	ISE COMMERCE INC., a company duly incorporated under the laws of the Republic of Korea (“Korea”)
having its registered office at 5th Floor, Saman Building, 78 Samsung-dong, Gangnam-gu, Seoul 135-090, Korea (“ISE”);

 

		(3)	REEBONZ KOREA CO., LTD., a company duly incorporated under the laws of Korea having its
registered office at 5th Floor, Saman Building, 78 Samsung-dong, Gangnam-gu, Seoul 135-090, Korea (the “Company”);
and

 

		(4)	Mr. Donggu Ha, a Korean citizen (National Resident ID No.: 771222-1852528) residing at Hillstate
116-704, Samsung2-dong, Gangnam-gu, Seoul 135-877, Korea (the “Founder”, and together with Reebonz Singapore
and ISE, the “Existing Shareholders”).

 

Reebonz Singapore,
ISE, the Company and the Founder are hereinafter collectively referred to as the “Parties” and individually
as a “Party”.

 

WHEREAS:

 

		(A)	The Existing Shareholders are, as of the Effective Date, the legal and beneficial owners of all
of the issued and outstanding shares of the Company;

 

		(B)	The Company has, as of the Effective Date, authorized capital stock of 40,000 common shares with
a 5,000 Korean Won par value (paid in capital) plus 45,000 Korean Won for additional paid in capital per share, of which 20,000
common shares are issued and outstanding; and

 

		(C)	The Parties wish to enter into this Agreement to set forth the managerial, corporate governance,
financial and other arrangements agreed among them in relation to their participation in the Company and the manner in which the
affairs of the Company will be determined and regulated.

 

NOW, THEREFORE, in consideration
of the mutual promises and covenants contained herein, the Parties agree as follows:

  

		1.	DEFINITIONS

 

		1.1	In this Agreement, unless the subject or context otherwise requires, the following capitalized
terms shall be defined as stated herein:

 

“Adoption Agreement”
has the meaning as set forth in Section 5.3 of this Agreement.

 

“Affiliate”
means, with respect to any Person, any other Person directly or indirectly Controlling, Controlled by or under direct or indirect
common Control with, that Person.

 

“Agreement”
has the meaning as set forth in the preamble of this Agreement.

 

    	 	2	 

     

    

 

“Articles”
means the Articles of Incorporation of the Company, as from time to time amended, modified or supplemented.

 

“Board” means
the board of directors of the Company.

 

“Business”
means the business of selling luxury goods and services.

 

“Business Day”
means a day (other than a Saturday, Sunday or a gazetted public holiday in Singapore) when banks are open for banking business
in Singapore.

 

“Buyout Option”
has the meaning as set forth in Section 25(c) of this Agreement.

 

“Capital Call”
has the meaning as set forth in Section 4.3 of this Agreement.

 

“Co-Selling Shareholder(s)”
has the meaning as set forth in Section 6.2(b) of this Agreement.

 

“Company”
has the meaning as set forth in the preamble of this Agreement.

 

“Control”
shall mean the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of
a Person, whether through the ownership of voting securities, by contract, or otherwise, and the terms “Controlled”
or “Controlling” shall have meanings correlative to the foregoing.

 

“Defaulting
Party” has the meaning as set forth in Section 16.1 of this Agreement.

 

“Default
Sale Notice” has the meaning as set forth in Section 16.1 of this Agreement.

 

“Default
Sale Price” has the meaning as set forth in Section 16.1 of this Agreement.

 

“Default
Sale Shares” has the meaning as set forth in Section 16.1 of this Agreement.

 

“Directors”
means the directors of the Company, and a “Director” shall mean any of them.

 

“Drag
Along Notice” has the meaning as set forth in Section 6.1(a) of this Agreement.

 

“Drag
Along Portion” has the meaning as set forth in Section 6.1(b) of this Agreement.

 

“Drag
Along Transaction” has the meaning as set forth in Section 6.1(a) of this Agreement.

 

“Effective
Date” has the meaning as set forth in the preamble of this Agreement.

 

“ESOP”
has the meaning as set forth in Section 26 of this Agreement.

 

“Existing
Shareholders” has the meaning as set forth in the preamble of this Agreement.

 

“First
Offer” has the meaning as set forth in Section 17.3(a) of this Agreement.

 

“First
Performance Target” has the meaning as set forth in Section 25(a) of this Agreement.

 

    	 	3	 

     

    

 

“Founder(s)”
means Mr. Donggu Ha and any new Shareholder of the Company that works with Mr. Donggu Ha (as founding team or employee of the Company).

 

“Founder
Transferee” has the meaning as set forth in Section 5.1(b) of this Agreement.

 

“GMS”
has the meaning as set forth in Section 25(a) of this Agreement.

 

“Independent
Accountants” has the meaning as set forth in Section 16.1 of this Agreement.

 

“ISE”
has the meaning as set forth in the preamble of this Agreement.

 

“Korea”
has the meaning as set forth in the preamble of this Agreement.

 

“New Securities”
means any Shares or equity-linked securities that the Company may propose to issue, from time to time, after the Effective Date.

 

“Non-Defaulting Parties”
has the meaning as set forth in Section 16.1 of this Agreement.

 

“Non-Transferring Shareholders”
has the meaning as set forth in Section 5.2(a) of this Agreement.

 

“Offer Date”
has the meaning as set forth in Section 17.3 of this Agreement.

 

“Offered Shares”
has the meaning as set forth in Section 5.1(a) of this Agreement.

 

“Offer Notice”
has the meaning as set forth in Section 17.3(a) of this Agreement.

 

“Offer Period”
has the meaning as set forth in Section 17.3(b) of this Agreement.

 

“Offer Price”
has the meaning as set forth in Section 17.3(a) of this Agreement.

 

“Other Parties”
has the meaning as set forth in Section 17.3(a) of this Agreement.

 

“Other Shares”
has the meaning as set forth in Section 17.3 of this Agreement.

 

“Party” or
“Parties” has the meaning as set forth in the preamble of this Agreement.

 

“Performance Targets”
has the meaning as set forth in Section 25(a) of this Agreement.

 

“Person” means
any natural person, any corporation, limited liability company, partnership, firm, joint venture, association, joint stock company,
trust, incorporated or unincorporated association or organization, incorporated or unincorporated foundation, governmental entity
or other entity.

 

“Products”
has the meaning as set forth in Section 27 of this Agreement.

 

“Purchasing Party”
has the meaning as set forth in Section 17.3 of this Agreement.

 

    	 	4	 

     

    

 

“Reebonz Singapore”
has the meaning as set forth in the preamble of this Agreement.

 

“Refusing Shareholders”
has the meaning as set forth in Section 5.2(b) of this Agreement.

 

“Right of First Refusal”
has the meaning as set forth in Section 5.2(a) of this Agreement.

 

“Second Offer”
has the meaning as set forth in Section 17.3(b) of this Agreement.

 

“Second Offer Price”
has the meaning as set forth in Section 17.3(b) of this Agreement.

 

“Second
Performance Target” has the meaning as set forth in Section 25(a) of this Agreement.

 

“Shares” means
shares of the common stock of the Company.

 

“Shareholders”
means collectively, the Existing Shareholders and any new shareholder of the Company, and “Shareholder” means
any one of them, individually.

 

“Shareholding
Ratio” means for each Shareholder, the ratio of the number of the Shares held by each such Shareholder bears to the total
number of the Shares then issued and outstanding.

 

“Success
Option” has the meaning as set forth in Section 25(b)(i) of this Agreement..

 

“Third
Performance Target” has the meaning as set forth in Section 25(a) of this Agreement.

 

“Transfer”
shall mean to directly or indirectly sell, assign, encumber, hypothecate, pledge, convey in trust, gift, transfer by bequest, devise
or descent, grant a security interest in, or otherwise transfer or dispose of, including, but not limited to, transfers to receivers,
levying creditors, trustees or receivers in bankruptcy proceedings or general assignees for the benefit of creditors, whether voluntary
or by operation of Law. The terms “Transferred”, “Transferring”, “Transferor”
and “Transferee” shall have meanings correlative to the foregoing.

 

“Transfer
Notice” has the meaning as set forth in Section 5.1(a) of this Agreement.

 

“Transferring
Shareholder” has the meaning as set forth in Section 5.1(a) of this Agreement.

 

		1.2	Any reference to a statutory provision shall include such provision and any regulations made in
pursuance thereof as from time to time modified or re-enacted whether before or after the date of this Agreement so far as such
modification or re-enactment applies or is capable of applying to any transactions entered into hereunder or in connection with
this Agreement.

 

		1.3	References to “Sections”, “Exhibits” and “Schedules” are, unless
otherwise specified, to sections of, the exhibits and the schedules to, this Agreement.

 

		1.4	The headings in this Agreement are for convenience only and shall not affect the interpretation
hereof.

 

    	 	5	 

     

    

 

		1.5	Unless the context otherwise requires, references to the singular number shall include references
to the plural number and vice versa and references to natural persons shall include bodies corporate and the use of any gender
shall include all genders.

 

		1.6	References to “US$” and “$” are to the lawful currency of United States
of America.

 

		1.7	References to any agreement or document including this Agreement shall include such agreement or
document as amended, modified, varied or supplemented from time to time.

 

		1.8	The words “include” and “including,” when used in this Agreement, with
respect to any matter or thing, shall mean “including, without limitation,” such matter or thing.

  

		2.	BUSINESS OF THE COMPANY

 

		2.1	The primary business purpose of the Company shall be to carry on the Business.

 

		2.2	The Business shall be conducted in the best interests of the Company on sound commercial profit
making principles so as to achieve the objectives of the Company and to generate the maximum achievable profits available for distribution.

  

		3.	SHAREHOLDING PROPORTION

 

		3.1	As of the Effective Date, the initial Shareholding Ratio of each of the Existing Shareholders is
as set out in Schedule 1 of this Agreement

  

		4.	PREEMPTIVE RIGHTS; CAPITAL AND FINANCING

 

		4.1	The Company shall not issue any New Securities unless, prior to such issuance, the Company offers
such New Securities first to each Shareholder, in proportion to its respective shareholding in the Company at the time of issuance
of the New Securities, in accordance with the procedures set forth in Section 4.2 below and on the same terms and conditions as
the Company proposes to issue such New Securities.

 

		4.2	In case where the Company proposes to issue New Securities, the Company shall send a written notice
to each Shareholder stating the number of New Securities to be offered and the price and terms on which the Company proposes to
offer such New Securities. Within fourteen (14) days following receipt of the notice from the Company, each Shareholder may elect,
by written notice to the Company, to purchase New Securities in proportion to its respective Shareholding Ratio and on the same
terms and conditions as the Company proposes to issue such New Securities. Unless otherwise agreed by the Shareholders, the closing
of the purchase of the New Securities subscribed for by any Shareholder pursuant to this Section 4.2 shall occur within fourteen
(14) after the last day that notices of preemptive rights hereunder are due to be received by the Company from the Shareholders.

 

		4.3	At any time after the date of incorporation of the Company until the date of the twenty fourth
(24th) month anniversary thereof, any Party may make a call for additional equity capital (each, a “Capital
Call”). Upon a Capital Call, the Parties are obligated to make additional capital contributions to achieve up to two
(2) billion Korean Won in proportion to their respective Shareholding Ratio; provided that each Party’s respective
Shareholding Ratio may change upon the Founders’ exercise of the Success Option or Reebonz Singapore’s exercise of
the Buyout Option pursuant to Section 25 herein.

 

    	 	6	 

     

    

  

		5.	TRANSFER OF SHARES

 

		5.1	Transfer Restrictions

 

		(a)	In case where a Shareholder (the “Transferring Shareholder”) desires to Transfer
any of its Shares to a third party (excluding any direct or indirect competitor of Reebonz Korea), the Transferring Shareholder
shall give a written notice (the “Transfer Notice”) to the Company and the other Shareholders describing in
full detail the proposed Transfer, including the number of the Shares to be sold (the “Offered Shares”), the
proposed transfer price, and the name and address of the proposed purchaser. Upon receipt of a Transfer Notice, the other Shareholders
may elect to exercise the Right of First Refusal as set out in Section 5.2 with respect to the Offered Shares.

 

		5.2	Right of First Refusal

 

		(a)	Except as provided in Sections 5.1, if any Transferring Shareholder proposes to Transfer Offered
Shares, the other Shareholders (the “Non-Transferring Shareholders”) shall have a right of first refusal (the
“Right of First Refusal”), but shall not be obligated, to purchase, all, but not less than all, of such Offered
Shares.

 

		(b)	The Non-Transferring Shareholders shall indicate their desires to purchase all of the Offered Shares
by delivering an exercise notice of the Right of First Refusal to the Transferring Shareholder and the Company within fourteen
(14) days after the date of receiving the Transfer Notice. If there is more than one (1) Non-Transferring Shareholder who exercises
the Right of First Refusal, such Non-Transferring Shareholders (collectively, the “Refusing Shareholders”) shall
be bound to purchase their respective pro data portion of the Offered Shares calculated in accordance with the following:

 

Respective number of the Offered Shares
that each of the Refusing Shareholders is obligated to purchase =

 

 

 

		(c)	If any of the Non-Transferring Shareholders do not exercise the Right of First Refusal, the Transferring
Shareholder may, within fourteen (14) days following delivery to the Non-Transferring Shareholders of the Transfer Notice, conclude
the Transfer of all of the Offered Shares on terms and conditions not more favorable to the proposed purchaser than those described
in the Transfer Notice. Any proposed Transfer on terms and conditions more favorable to the proposed purchaser than those described
in the Transfer Notice, as well as any subsequent proposed Transfer of any Shares by the Transferring Shareholder shall again be
subject to the Right of First Refusal and shall require compliance by the Transferring Shareholder with the procedures described
in this Section 5.2.

 

    	 	7	 

     

    

 

		(d)	Each Shareholder agrees that it shall vote its Shares to approve all actions necessary to carry
out the provisions of this Section 5 or any Transfer of Shares permitted pursuant to the terms and conditions set forth in this
Agreement.

 

		(e)	Upon any of the Shareholders ceasing to hold any Shares, the provisions of this Agreement will
cease to be applicable to such Shareholder as if it were not a party to this Agreement, save for Section 12 and save that all rights
and liabilities of such Shareholder which may have arisen or accrued prior and up to the date on which such Shareholder ceases
to hold any Shares shall in no way whatsoever be affected.

 

		5.3	No Person to whom any New Securities are issued or Shares are Transferred shall be admitted as
a Shareholder hereunder or acquire any rights hereunder, including any voting or approval rights or the right to receive distributions
in respect of the New Securities or Transferred Shares, as applicable, unless (i) such New Securities are issued or such Shares
are Transferred in compliance with the provisions of this Agreement and (ii) such Person has executed and delivered to the Company
an adoption agreement (the “Adoption Agreement”) substantially in the form of Exhibit A hereto and such
other customary instruments that the Company may reasonably require to effectuate the admission of such new Shareholder and (iii)
the Board has approved the Transfer of Shares or issuance of the New Securities to such person in accordance with the Articles.

     

		6.	DRAG ALONG; TAG ALONG

 

		6.1	Drag Along.

 

		(a)	As long as none of the Non-Transferring Shareholders exercises the Right of First Refusal and in
the event that Reebonz Singapore determines to Transfer any of its Shares in an arm’s length transaction (a “Drag
Along Transaction”), then Reebonz Singapore shall give written notice of such Drag-Along Transaction (the “Drag
Along Notice”) to the Company and to the other Shareholders no later than thirty (30) days prior to the date on which
such Drag-Along Transaction is anticipated to be consummated. The Drag Along Notice shall include (i) the identity of the Drag-Along
Transaction purchaser, (ii) the number of Shares proposed to be sold by Reebonz Singapore, (iii) the consideration per share for
which the Transfer is proposed to be made and (iv) all other material terms and conditions of the Drag Along Transaction.

 

		(b)	Upon request as set forth in the Drag Along Notice, each other Shareholder shall vote all of their
Shares as to which such Shareholder has voting rights in favor of the Drag Along Transaction and will otherwise cooperate with
and take all necessary and appropriate steps to facilitate the proposed transaction on such terms and conditions as Reebonz Singapore
proposes in the Drag Along Notice, including (i) executing waivers of any statutory appraisal rights or dissenters’ rights,
(ii) delivering stock certificates duly endorsed for transfer evidencing such Shareholder’s Shares and (iii) entering into
any stock sale agreement or similar agreement; provided, however, that (x) all Shareholders shall be entitled to the same
consideration per share of the Shares (e.g., cash or securities or a combination thereof) and (y) no Shareholder will be subject
to an indemnification or similar obligation in excess of the proceeds received by such Shareholder in such Drag-Along Transaction.

 

    	 	8	 

     

    

 

		(c)	Reebonz Singapore and the other Shareholders will have a period of thirty (30) days from the date
of the Drag-Along Notice to consummate the Drag-Along Transaction on the terms and conditions set forth in such Drag-Along Notice;
provided that, if such Drag-Along Transaction is subject to any regulatory approval, such thirty (30) day period shall be
extended until the expiration of five (5) Business Days after all such approvals have been received.

   

		7.	BOARD OF DIRECTORS AND MANAGEMENT

 

		7.1	Number of Directors; Statutory Auditor

 

The Board shall consist of no
more than five (5) Directors. Reebonz Singapore shall be entitled to designate three (3) directors, and ISE and the Founder shall
be entitled to designate one (1) Director, each. One (1) statutory auditor shall be elected at a general meeting of the Shareholders.
The statutory auditor shall have the right to attend meetings of the Board.

   

		7.2	Appointment and Removal of Directors

 

		(a)	Each Shareholder undertakes to promptly procure appointment to, and resignation or removal from,
the Board of such number of each Shareholder’s appointee(s) to the Board to ensure that the number of such appointee(s) on
the Board shall at all times not exceed the total number of Directors which each Shareholder is entitled to appoint as provided
in Section 7.1.

 

		(b)	The right of appointment or removal conferred on a Shareholder shall include the right of that
Shareholder at any time and from time to time to determine the period during which such person appointed by that Shareholder as
a Director shall hold the office of a Director.

 

		(c)	Each appointment or removal of a Director shall be in writing and signed by or on behalf of the
Shareholder appointing or removing such Director and shall be delivered to the registered office for the time being of the Company.

 

		7.3	Meetings of the Board

 

		(a)	The Board shall meet quarterly, unless otherwise agreed by a simple majority vote of the Directors.

 

		(b)	Unless otherwise agreed by all the Directors, at least seven (7) days’ prior written notice
of every Board meeting specifying the date, place and time of the meeting and the business to be transacted thereat shall be given
to every Director. Meetings of the Board may be convened by any Director.

 

		(c)	Directors may participate in a meeting of the Board by means of instantaneous communication device
as permitted under the relevant Korean laws or any other method permitted under the relevant Korean laws, without the Directors
being physically present at the said meeting. In such event, any of the Directors who have chosen to participate in the meeting
in the aforementioned manner shall be deemed to be present at the meeting in person.

 

    	 	9	 

     

    

 

		(d)	All actions and resolutions taken at a meeting of the Board shall be adopted by the affirmative
vote of the majority of the Directors present at a duly convened Board meeting; provided that the following matter must
be unanimously approved by all of the Directors: (i) increasing the amount of the Company’s issued share capital; (ii) issuance
of any New Securities; (iii) grant of any option or other interest; (iv) any redemption or purchase by the Company of any of the
Shares and (v) any other reorganization of the Company’s share Capital.

 

		7.4	Quorum

 

		(a)	No business shall be transacted at a meeting of the Board unless a quorum is present. The quorum
for all meetings of the Board shall be three (3) Directors present at the commencement of the meeting and at the time of voting
for each agenda to be resolved at the meeting.

 

		(b)	In the event that a quorum is not present within thirty (30) minutes after the scheduled commencement
of the meeting, the meeting shall be adjourned and reconvened in fourteen (14) days at the same time and place (unless longer notice
have otherwise been given to the Directors) whereupon two (2) Directors each present shall be sufficient to form a quorum.

 

		7.5	Board Reserved Matters; Resolutions of the Board

 

Schedule 2 attached
hereto provides a list of matters which shall be subject to the approval of the Board. All actions and resolutions taken at a meeting
of the Board shall be adopted by the affirmative vote of the majority of the Directors or appointed corporate representatives on
behalf of appointed Directors present at a duly convened Board meeting.

 

		7.6	Representative Director

 

The Company may have one
Representative Director who shall be appointed by the Board.

 

		(a)	Term of Office. Subject to Section 7.6(d), the term of office of the Representative Director
shall be three (3) years, unless earlier terminated pursuant to the provisions of Section 7.6(d) herein.

 

		(b)	Authority. The Representative Director shall have general supervision, direction and control
of the Business and officers of the Company, and shall provide day-to-day direction and guidance consistent with and subject to
this Agreement and resolutions adopted from time to time by the Board or the Shareholders. The Representative Director shall act
as the chairman of the Board and shall also chair general meetings of the Shareholders of the Company.

 

		(c)	Limitation on Authority. The extent and scope of the Representative Director’s power
to make a decision or to take any action for and on behalf of the Company shall be determined by and be subject to the conditions,
restrictions and stipulations established by the Board and/or a general meeting of shareholders of the Company.

 

    	 	10	 

     

    

 

		(d)	Removal. The Shareholders shall, and shall cause the Company to, remove the Representative
Director from office in case of any of the following (provided that the Shareholder that nominated the Representative Director
shall be entitled to nominate his replacement):

 

		(i)	the Representative Director is not operating the Business substantially in compliance with the
resolutions of the Board and/or the general meetings of shareholders;

 

		(ii)	the Representative Director has acted in bad faith or abused the confidence placed in him;

 

		(iii)	the Representative Director has acted in material contravention of any of the provisions of this
Agreement or of any other agreement related thereto;

 

		(iv)	the Representative Director has acted in material contravention of any applicable law, decree or
regulation of any governmental entity or the Articles; or

 

		(v)	the Representative Director has otherwise failed in any material respect to comply with his duties
and obligations owed to the Company.

 

		(e)	Non-Competition. During the period in which he remains as the Representative Director of
the Company or for a period of two (2) years after resignation or termination, without first obtaining a written consent of the
Shareholders, the Representative Director shall not, directly or indirectly, or permit his Affiliates to, as an individual, consultant,
partner, shareholder or in any other capacity, have an interest in any entity conducting business which competes with, or is same
as, the Business.

   

		8.	SHAREHOLDERS’ MEETINGS

  

		8.1	General
                                         Meetings of Shareholders

 

The
Shareholders shall cause the Company to hold an ordinary general meeting of shareholders within three (3) months after the end
of each fiscal year of the Company. The date, time and place of such general meeting of shareholders shall be determined by the
Board; provided that any general meeting of shareholders shall be held on a Business Day. The Company may hold an extraordinary
general meeting of shareholders from time to time as determined by the Board (directly or as may be requested by a Shareholder);
provided that any extraordinary general meeting of shareholders shall be held on a Business Day.

 

    	 	11	 

     

    

 

		8.2	Proxies
                                         and Written Resolutions

 

A
Shareholder may exercise its vote by proxy. Further, a resolution of a general meeting of Shareholders may be adopted in writing
by a certificate of such resolution executed by all Shareholders without holding a meeting.

 

		8.3	Notice

 

In
convening any general meeting of the Shareholders, a written notice thereof shall be given by the Representative Director or any
Director at least fourteen (14) days prior to the date set for such meeting to all the Shareholders and other persons entitled
to receive notice. The above period may be shortened or omitted with the written consent of all of the Shareholders before any
such meeting. The notice shall state the agenda, date, time and place for the meeting and shall be in English. Any general meeting
of Shareholders shall resolve only those matters stated in the notice of the meeting, unless all Shareholders, whether present
or not, unanimously agree otherwise.

 

		8.4	Quorum

 

		(a)	Notwithstanding anything in the Articles to the contrary, no action of the Company shall be taken
at any general meeting of the Shareholders unless a quorum of Shareholders is present throughout the meeting. Reebonz Singapore
must be present at all general meetings of the Shareholders. All resolutions of the Shareholders shall, subject to any additional
requirements imposed by the applicable laws, be adopted by a simple majority vote of the Shareholders present and voting.

 

		(b)	In the event that a quorum is not present within thirty (30) minutes after the scheduled commencement
of the general meeting of Shareholders, the meeting shall be adjourned to the same day in the next week at the same time and place
(unless longer notice has otherwise been given to all Shareholders) whereupon any two (2) Shareholders each present in person or
by proxy or by duly authorised representative at the commencement of the adjourned meeting and at the time of voting for each resolution
considered at the adjourned meeting shall be sufficient to form a quorum.

 

8.5       Resolutions

 

		(a)	Ordinary Resolutions. Except as otherwise provided in this Agreement or if a higher voting
threshold is required by applicable law, all resolutions at the general meeting of shareholders of the Company shall be passed
by the affirmative vote of a majority of the voting Shares present and entitled to vote at such meeting, such shares present representing
more than one-half (1/2) of the total issued and outstanding voting Shares of the Company.

 

		(b)	Special Resolutions. Notwithstanding Section 8.5(a) above, the actions set forth in Schedule
3 hereto by or relating to the Company shall require a special resolution of the general meeting of Shareholders passed by
more than one-half (1/2) vote of all issued and outstanding voting Shares of the Company.

 

    	 	12	 

     

    

  

		9.	SHAREHOLDERS’ CONTRIBUTION AND EXPERTISE

 

		9.1	The Shareholders undertake with one another and with the
Company that they will use their best endeavours to promote and develop the Business to the best advantage.

 

		9.2	The Parties agree that no Shareholder shall be required
to provide any financial support for the Company except on terms acceptable to all Shareholders and on the same terms mutatis
mutandis by all Shareholders in proportion to their respective shareholding in the Company.

  

		10.	NO PARTNERSHIP

 

Other than formation and operation
of the Company, none of the provisions of this Agreement shall be deemed to constitute a partnership among the Shareholders and
neither of them shall have any authority to bind the other in any way,

  

		11.	COSTS

 

All costs, legal fees and other
expenses incurred in the preparation and execution of this Agreement shall be borne by the Company.

  

		12.	NON-DISCLOSURE OF INFORMATION

 

		12.1	None of the Shareholders shall divulge or communicate to
any person or use or exploit for any purpose whatever any of the trade secrets or confidential knowledge or information or any
financial or trading information relating to the other Shareholder and/or the Company which the relevant Shareholder may receive
or obtain as a result of entering into this Agreement and shall use its reasonable endeavours to prevent its employees from so
acting.

 

		12.2	Notwithstanding the foregoing, the confidentially obligation
shall not apply to:-

 

		(a)	any information which becomes generally known to the public, other than by reason of any wilful
or negligent act or omission of the Shareholders or any of their employees;

 

		(b)	any information which is, at the time of disclosure, legally in the possession of the person to
which such information is to be furnished; or

 

		(c)	any information which is required to be disclosed pursuant to any applicable legal requirement
or legal process issued by any court or any competent government authority or rules or regulations of any relevant regulatory body.

 

		12.3	Subject to Section 12.2, this restriction shall continue
to apply two (2) years after the termination of this Agreement.

 

    	 	13	 

     

    

  

		13.	ASSIGNMENT

 

		14.1	Save as expressly provided in this Agreement or the Articles,
none of the Shareholders shall assign or transfer or purport to assign or transfer any of its rights or obligations hereunder
without the prior written consent of the other Shareholders.

 

		14.2	RB Singapore agrees to assign the exclusive right to the
company for the use of its registered trademarks and country level website domain names for the purpose of operation of the business
during the course of this joint venture agreement. The of brand names and would include the use of Reebonz, ReebonzVintage, Kwerkee
or any other brand names under Reebonz Singapore to operate the business in Korea.

  

		14.	MODIFICATION; WAIVER

 

		14.1	This Agreement may not be modified, amended, altered, or
supplemented except upon the execution and delivery of a written agreement executed by the Parties. No waiver of any provision
of this Agreement shall be valid unless it is in writing and signed by the Party against whom it is sought to be enforced.

 

		14.2	The failure of any Party at any time to insist upon strict
performance of any condition, promise, covenant, agreement, or understanding set forth herein shall not be construed as a waiver
or relinquishment of the right to insist upon strict performance of the same or any other condition, promise, covenant, agreement,
or understanding at a future time.

  

		15.	FURTHER ASSURANCE

 

The Shareholders shall execute
and take such steps as may be in their power to procure that all other necessary persons, if any, execute and do all such further
documents, agreements, deeds, acts and things as may be required so that full effect may be given to the provisions of this Agreement.

  

		16.	DEFAULT SALE OF SHARES

 

		16.1	If any Shareholder (for the purposes of this Section 16,
the “Defaulting Party”):

 

		(a)	commits any material breach of its obligations under this Agreement and, if such breach is capable
of remedy, fails to take all necessary actions to remedy such breach within thirty (30) days after the service of a notice in writing
by any other Shareholder complaining of such breach;

 

		(b)	for any reason whatsoever suspends its performance of, or fails to proceed regularly and diligently
to perform, any or all of its obligations hereunder and continues such default for thirty (30) days after the service of a notice
in writing by any other Shareholder to that effect, or at any time thereafter repeats such default;

 

		(c)	has any order of a court of law having jurisdiction over such Shareholder made for its compulsory
liquidation or bankruptcy or has a receiver, judicial manager or similar officer appointed over such Shareholder or in respect
of any material part of its assets or undertakings; or

 

    	 	14	 

     

    

 

		(d)	becomes bankrupt or insolvent or is unable to pay its debts as they become due or makes any arrangement
or composition with its creditors or takes or suffers any similar action or occurrence in any jurisdiction or ceases or threatens
to cease to carry on its business or any substantial part thereof or is subject to a distress or execution or other process levied
or enforced upon or sued out against any part of its assets or undertaking,

 

the Defaulting Party shall thereupon
be deemed to have served on the other Shareholders (the “Non-Defaulting Parties”) a notice (the “Default
Sale Notice”) offering to sell the full legal and beneficial title to all of the Shares owned by the Defaulting Party
(the “Default Sale Shares”) to the Non-Defaulting Parties at a price which is lesser of (x) the original purchase
price per Share that the Defaulting Party paid for the Default Sale Shares and (y) the net asset value of the Shares which is determined
by the independent accountants chosen upon mutual agreement by the Parties (the “Independent Accountants”) in
accordance with Section 16.4 (the “Default Sale Price”).

 

		16.2	Subject to this Section 16, the procedure specified in
Section 5.2 shall apply mutatis mutandis to the offer of the Default Sale Shares.

 

		16.3	If any of the Default Sale Shares remains unsold following
the procedure referred to in Section 16.2, the Non-Defaulting Parties may require the Defaulting Party to sell all of the remaining
Default Sale Shares to any person approved by the Non-Defaulting Parties at a price which is not lower than the Default Sale Price.

 

		16.4	The Independent Accountants, in making their preparation
of the Company’s financial statements and determination of the Default Sale Price, will act as experts and not as arbitrators
and will determine in writing what in their opinion is the net asset value of the Default Sale Shares on the date the Default
Sale Notice was deemed to have been served pursuant to Section 16.1, on the following assumptions:

 

		(a)	that the transfer of the Default Sale Shares is made on an arm’s length basis;

 

		(b)	that, if the Company was then carrying on business as a going concern, it will continue to do so,
but after taking into account the impact, if any, of the material breach of the Defaulting Party on the business of the Company
as a going concern;

 

		(c)	valuing the Default Sale Shares as a rateable proportion of the total value of the total issued
share capital of the Company, which value shall not be discounted or enhanced by reference to the number of the Default Sale Shares;
and

 

		(d)	all such other circumstances as the auditors deem to be relevant.

 

All fees and expenses for the
Auditors hereunder shall be borne by the Defaulting Party.

 

		16.5	The rights of the Non-Defaulting Party under this Section
16 shall be in addition to and without prejudice to any other rights of the Non-Defaulting Parties against the Defaulting Party
at law or in equity, including but not limited to the right to damages.

 

    	 	15	 

     

    

 

		17	DEADLOCK

 

		17.1	Where:

 

		(a)	a matter requiring the approval of the Shareholders (pursuant to Section 8) has been considered
at a meeting or by way of written resolutions and the affirmative vote of all of the Shareholders is not obtained at the meeting
or by way of written resolutions; or

 

		(b)	a matter relating to the affairs of the Company is not resolved by reason of an absence of quorum
in any three (3) successive general meetings of the Shareholders or Board meetings (including adjourned meetings), as the case
may be;

 

such matter shall be referred
to the respective Shareholders or chairman of the Board within seven (7) days, who shall use their best endeavours to resolve the
matter within thirty (30) days of the occurrence of such matter.

 

		17.2	If the Shareholders or chairman of the Board shall agree
upon a resolution of the matters described in Section 17.1 within the thirty (30) day period, they shall jointly execute a statement
setting forth the terms of such resolution and the Shareholders shall exercise all voting and other rights and powers available
to them to procure that such resolution is fully and promptly carried into effect.

 

		17.3	In the event that the matter remains unresolved after the
expiration of the thirty (30) day period, any Shareholder (each a “Purchasing Party”) may, within fourteen
(14) days (“Offer Date”) from the end of the thirty (30) day period, elect to purchase all of the shares not
held by him (“Other Shares”) in accordance with the provisions of this Section 17.3.

 

		(a)	The Purchasing Party shall, by giving a written notice (“Offer Notice”) to the
auditors of the Company, make an offer to the other Shareholders (“Other Parties”) to purchase the Other Shares.
The Offer Notice shall stipulate the purchase price (“Offer Price”) offered by the Purchasing Party (“First
Offer”) for the Other Shares. The Offer Price shall not be less than the fair market value of the Other Shares as determined
by the auditors of the Company in accordance with Section 16.4. The Parties agree that the determination of the fair market value
of the Other Shares by the auditors shall be final and binding on the Parties.

 

		(b)	Any of the Other Parties shall be entitled to make a written counteroffer (“Second Offer”)
within fourteen (14) days of the Offer Date (“Offer Period”) to purchase the Shares held by the Purchasing Party
at a price (“Second Offer Price”) greater than the Offer Price. If none of the Other Parties makes a written
counteroffer within the Offer Period, the Purchasing Party shall be entitled to purchase the Other Shares at the Offer Price and
the Other Parties shall be bound to execute a transfer of his shares to the Purchasing Party within seven (7) days of the expiry
of the Offer Period.

 

		(c)	In the event that by the Offer Date, no offer has been submitted to the auditors of the Company,
the Shareholders shall procure the winding-up of the Company.

 

    	 	16	 

     

    

 

		18.	TERMINATION

 

		18.1	This Agreement shall take effect from the Effective Date
and shall continue until terminated in accordance with the provisions hereof; provided that the Shareholders can unanimously
agree at any time to terminate this Agreement on terms and conditions unanimously acceptable to them.

 

		18.2	If any Shareholder sells all of its Shares in accordance
with the provisions of this Agreement, then subject to Section 18.3, it shall be released from all of its obligations hereunder.
If, following the completion of any such transfer, there is only one Shareholder in the company, then this Agreement shall be
terminated and no longer effective upon completion of such transfer.

 

		18.3	Termination of this Agreement however caused and cessation
of any Shareholder to hold any Shares shall be without prejudice to any obligation or rights of any of the Shareholders which
have accrued prior to such termination or cessation and shall not affect any provision of this Agreement which is expressly or
impliedly provided to come into effect on or continue in effect after such termination or cessation.

  

		19.	DIVIDEND POLICY

 

For each fiscal
year of the company, at least fifty percent (50%) of the profits generated by the Company in excess of capital requirements and
prudent capital reserves shall be paid out to the Shareholders as dividends in accordance with the business plan of the Company.
Such dividends shall be distributed to the Shareholders in proportion to their respective shareholdings in the Company. Notwithstanding
anything herein to the contrary, no dividend shall be declared if such distribution would render the Company insolvent or unable
for it to meet its obligations to creditors as they become due.

  

		20.	SEVERABILITY

 

If any of the
provisions of this Agreement is found by a Court or other competent authority to be void or unenforceable, such provision shall
be deemed to be deleted from this Agreement and the remaining provisions of this Agreement shall continue in full force and effect.
Notwithstanding the foregoing the Shareholders shall thereupon negotiate in good faith in order to agree the terms of a mutually
satisfactory provision to be substituted for the provision so found to be void or unenforceable.

 

		21.	NOTICES AND OTHER COMMUNICATIONS

 

		21.1	Where this agreement provides for the giving of notice
or the making of any other communication, such notice or communication shall not (unless otherwise expressly provided) be effective
unless given or made in writing in accordance with the following provisions of this Section 21.

 

		21.2	Any notice or communication to be given or made under or
in connection with this Agreement may be delivered or sent by post to the Shareholders and to the Company at the respective addresses
indicated in the preamble of this Agreement. Any notice or other communication so delivered or sent shall be deemed to have been
served when received, except that if it is received between 5.30 p.m. on a Business Day and 9.00 a.m. on the next Business Day
it shall be deemed to have been served at 9.00 a.m. on the second of such Business Days.

 

    	 	17	 

     

    

 

		21.3	Where any Party has given notice to the others of any different
address or number to be used for the purposes of this Section, then such different address or number shall replace those shown
above.

  

		22.	ENTIRE AGREEMENT

 

This Agreement
supersedes any previous agreement amongst the Parties in relation to the matters dealt with herein and represents the entire understanding
between the Parties in relation thereto.

  

		23.	TIME OF ESSENCE

 

Any time or period mentioned
in any provision of this Agreement may be extended by mutual agreement between the Parties but as regards any time, date or period
originally fixed or any time, date or period so extended as aforesaid time shall be of the essence.

  

		24.	INFORMATION RIGHTS

 

The Company
shall deliver to all Shareholders (i) annual financial statements within 90 days after the end of each fiscal year; (ii) unaudited
monthly financial statements within 30 days of the end of each month; (iii) unaudited quarterly financial statements within 30
days of the end of each business quarter; and (iv) an annual budget and operating plan within 30 days prior to each fiscal year.

  

		25.	BUYBACK OPTION

 

		(a)	The “Performance Targets” shall mean, collectively, the following three (3)
performance targets: (i) cumulative gross merchandise sales of the Company (the “GMS”) equal to 0.5 billion
Korean Won and gross profit margin based on Management Accounts Profit and Loss Formula of greater than twenty five percent (25%)
(the “First Performance Target”); (ii) the GMS equal to one (1) billion Korean Won and gross profit margin based
on Management Accounts Profit and Loss Formula of greater than twenty five percent (25%) (the “Second Performance Target”);
and (iii) the GMS equal to 1.5 billion Korean Won and gross profit margin based on Management Accounts Profit and Loss Formula
of greater than twenty five percent (25%) (the “Third Performance Target”).

 

		(b)	Success Option.

 

		(i)	The Founders shall have the option to purchase Shares From Reebonz and ISE (the “Success
Option”) as follows:

 

		A.	If the First Performance Target is satisfied prior to 30th June 2013, the Founders shall
have the option to purchase 1.67% of the issued and outstanding Shares of the Company held by Reebonz Singapore and 1.67% of the
issued and outstanding Shares of the Company held by ISE.

 

    	 	18	 

     

    

 

		B.	If the Second Performance Target is satisfied prior to 31st December 2013, the Founders
shall have the option to purchase 1.67% of the issued and outstanding Shares of the Company held by Reebonz Singapore and 1.67%
of the issued and outstanding Shares of the Company held by ISE.

 

		C.	If the Third Performance Target is satisfied by 30th June 2014, the Founders shall have
the option to purchase 1.66% of the issued and outstanding Shares of the Company held by Reebonz Singapore and 1.66% of the issued
and outstanding Shares of the Company held by ISE.

 

		(ii)	The Founders may exercise the Success Option, by providing a written notice to Reebonz Singapore
and ISE, within five (5) days from the date that the Founders become aware that a Performance Target is met; provided that
the closing of the Transfer of the Shares shall occur no later than the tenth (10th) day of the calendar month immediately
following the month during which such notice was sent.

 

		(iii)	The exercise price per Share of the Success Option shall be the average purchase price per Share
that the Founders paid for the Shares that they own plus ten percent (10%) of the total amount that the Founders
paid for the Shares they own, calculated at an annual compounding rate.

 

		(c)	Buyout Option. Reebonz Singapore shall have the option to purchase all of the Shares owned
by ISE and the Founders (the “Buyout Option”) if any of the Performance Targets is not satisfied in accordance
with the schedule provided in Section 25(b)(i).

 

		(i)	Reebonz Singapore may exercise the Buyout Option by providing a written notice to the Founders
and ISE within fourteen (14) days from the date that Reebonz Singapore becomes aware that a Performance Target is not met; provided
that the closing of the transfer of the Shares shall occur no later than the tenth (10th) day of the calendar month
immediately following the month during which such notice is sent.

 

		(ii)	With respect to the Shares owned by the Founders, the price per Share for the Buyout Option shall
be the lesser of (x) the average purchase price per Share that the Founders paid for such Shares they own and (y) the net asset
value of the Shares owned by the Founders determined by the Independent Accountants.

 

		(iii)	With respect to the Shares owned by ISE, the price per Share for the Buyout Option shall be the
average purchase price per Share that ISE paid for its Shares plus ten percent (10%) of the total amount that ISE
paid for the Shares it owns, calculated at an annual compounding rate.

   

		26.	EMPLOYEE SHARE OPTION PLAN

 

The Parties
agree that the Company may establish an employee share option plan or similar scheme (the “ESOP”) of which terms
shall be in accordance with the relevant Korean laws. The number of Shares reserved under the ESOP to be issued in accordance with
the terms of the ESOP shall not exceed ten percent (10%) of the total number of issued and outstanding Shares of the Company. Any
ESOP must be approved by the Board of Directors.

 

    	 	19	 

     

    

 

		27.	TRANSFER PRICING

 

The Parties
agree that Reebonz Singapore shall charge for all direct costs incurred in connection with import of the products (the “Products”)
Reebonz Singapore sells to the Company, which will be sold to the Company at a “Wholesale Price”. The details of such
costs will be provided for in a separate agreement and each invoice.

 

For
all other services that are provided by Reebonz Singapore to the Company, a cost which is calculated based on the number of working
days required to complete such service shall be charged directly to the Company. The detailed formula for calculation of such cost
shall be further discussed among the Parties and provided in a separate agreement.

  

		28.	MONTHLY MANAGEMENT FEES

 

The Parties
agree that Reebonz Singapore will provide management and operating support services to the Company and charge the Company a monthly
management fee, which shall be 7.5% of the net revenue of the Company. The net revenue of the Company shall be calculated in accordance
with the following: the GMS minus (i) value added tax; (ii) custom duties or tariffs imposed on the Products; (iii) any
discounts offered in relation to sale of the Products; and (iv) marketing credits saved by the customers resulting from purchase
of the Products. The details of the management service will be provided for in a separate agreement.

 

		29.	CONFIDENTIALITY

 

The Parties
agree to procure all the employees of the Company to sign confidentiality, invention assignment, non-competition non-solicitation
agreements and any other similar or related agreements prior to date.

 

		30.	COUNTERPARTS

 

This Agreement may be executed
in one or more counterparts, each of which shall be deemed an original and all of which taken together shall constitute one instrument.

 

		31.	GOVERNING LAW; ARBITRATION

 

This Agreement shall be governed
by and construed in accordance with the laws of Korea, without regard to its conflicts of law provisions. Each Party to this Agreement
irrevocably agrees that any disputes arising out of or in connection with this Agreement that cannot be settled by mutual agreement
shall be referred to and finally resolved by arbitration under the Rules of Arbitration of the Korean Commercial Arbitration Board
by one or more arbitrators appointed in accordance with the said Rules. The place of the arbitration shall be Seoul, Korea, and
the language of the arbitration shall be English. The award rendered by the arbitrator(s) shall be final and binding upon the Parties.

  

[Remainder of this page intentionally
left blank; signature page follows]

 

    	 	21	 

     

    

 

IN WITNESS WHEREOF,
the Parties have caused this Agreement to be executed by their respective duly authorized signatories as of the Effective Date.

 

	SIGNED
    BY	 	 
	Mr.
    Samuel Lim	 
	for
    and on behalf of	 
	REEBONZ
    PTE LTD	/s/
    Samuel Lim
	in
    the presence of:	Samuel
    Lim
	 	 
	/s/
    Cheah Synn-Wei, David	 
	Cheah
    Synn-Wei, David	 

  

	SIGNED
    BY	 	 
	Mr.
    Eungsu Kim	 
	for
    and on behalf of	 
	ISE
    Commerce INC.	/s/
    Eungsu Kim
	in
    the presence of:	Eungsu
    Kim
	 	 
	/s/
    Numok Kwan	 
	Numok
    Kwan	 

 

	SIGNED
    BY	 	 
	Mr.
    Donggu Ha	 
	in
    the presence of:	/s/
    Doggu Ha
	 	Doggu
    Ha
	/s/
    Hari Park	 
	Hari
    Park	 
	 	 
	 	 

    

 

[Signature Page to the Shareholders Agreement]

  

    	 	 	 

     

    

 

SCHEDULE 1

 

SHAREHOLDING RATIO

   

	Shareholder’s Name	 	Number of Shares as of the Effective Date	 	 	Shareholding Ratio as of the Effective 

Date	 	 	Shareholding Ratio upon full exercise of the Success 

Option	 
	Reebonz Pte Ltd	 	 	 	 	 	 	70	 	 	 	65	 
	Founders	 	 	 	 	 	 	10	 	 	 	20	 
	ISE Commerce INC.	 	 	 	 	 	 	20	 	 	 	15	 
	Total	 	 	20,000	 	 	 	100	%	 	 	100	%

  

    	 	 	 

     

    

 

SCHEDULE 2

 

BOARD RESERVED MATTERS

  

		(a)	any borrowing in excess of US$25,000;

 

		(b)	permitting the sale, lease, license or otherwise disposal of assets other than in the ordinary course of the operation of the
Business;

 

		(c)	applying for the listing or trading of any Shares or debt securities on any stock exchange or market;

 

		(d)	forming any subsidiary or participating in any partnership or joint venture (incorporated or not);

 

		(e)	change of the Company’s name or registered office;

 

		(f)	transfer of any Shares;

 

		(g)	entering into any transaction or arrangement of any nature whatsoever with any of the Shareholders, Directors or any Person
who is connected to any of the Shareholders or Directors whether or not any other Person shall be party to such transaction or
arrangement;

 

		(h)	entering into any commitment by way of a transaction or series of related transactions (including without limitation any leasing
transaction) which would involve the Company in the payment or receipt of consideration having an aggregate value in excess of
US$50,000;

 

		(i)	entering into any arrangement, contract or transaction outside the normal course of Business or otherwise than on an arm’s
length terms;

 

		(j)	giving notice of termination of any arrangements, contracts or transaction in the context of the Business, or vary any such
arrangements, contracts or transactions;

 

		(k)	creating or permitting to be created any mortgage, charge, encumbrance or other security interest whatsoever on any asset or
the Business, in whole or in part, or any of the Company’s Shares, other than in the ordinary course of Business;

 

		(l)	change of either:

 

		(i)	the Company’s accounting policies and principles;

		(ii)	the Company’s external auditors; or

		(iii)	the Company’s financial year end;

 

		(m)	declaring or paying any dividend or make any other distribution (by way of capitalization, repayment or in any other manner)
out of its distributable profits or any of its reserves;

 

		(n)	making any loan (otherwise than by way of deposit with a bank or other institution the normal business of which includes the
acceptance of deposits) or grant any credit (other than in the normal course of trading) or give any guarantee (other than in the
normal course of trading), surety or indemnity to secure the liability of any person or assume the obligations of any Person;*

 

    	 	 	 

     

    

 

		(o)	establishing or amending any profit-sharing, stock option, bonus or other incentive scheme of any nature for Directors, Officers
or employees of the Company;

 

		(p)	appointment or removal of Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, or Chief Technology Officer
of the Company;

 

		(q)	agreement to remunerate (by payment of fees, the provision of benefits-in-kind or otherwise) any officer of or consultant of
the Company at a rate in excess of US$50,000 per annum or increase the remuneration of any such Person to a rate in excess of fifteen
percent (15%) per annum;

 

		(r)	entering into or vary any contract of employment providing for the payment of remuneration (including pension and other benefits)
in excess of a rate of US$50,000 per annum or increase the remuneration of any member of senior management (including pension and
other benefits) to a rate in excess of fifteen percent (15%) per annum;

 

		(s)	instituting, settling or compromising any legal proceedings involving a liability in excess of US$25,000 or being otherwise
material to the interests of the Company (other than debt recovery proceedings in the ordinary course of Business) instituted by
or threatened against the Company or submit to arbitration or alternative dispute resolution any dispute involving the Company
involving a liability in excess of US$25,000 or being otherwise material to the interests of the Company;

 

		(t)	making any agreement with any revenue or tax authorities or make any claim, disclaimer, election or consent exceeding US$25,000
for tax purposes in relation to the Company or its Business;

 

		(u)	amendments to any internal policies of the Company;

 

		(v)	approval of resolutions and corresponding documentation to be put forward to the Shareholders at a general meeting of shareholders
of the Company;

 

		(w)	entering into any agreement or other arrangement for the sale, licensing, assignment or disposal howsoever to any third party
of any intellectual property rights of the Company or take any step to change the trading name or style of the Company.

 

    	 	 	 

     

    

 

SCHEDULE 3

 

SHAREHOLDER SPECIAL RESOLUTION MATTERS

  

		(a)	Amendment of the Articles;

 

		(b)	Amendment to the rights attaching to any Shares;

 

		(c)	Transfer of all or an important part of the Business or assets of the Company;

 

		(d)	Lease of or entrusting a third party with the management of the Business or an arrangement for
the sharing of profits or losses of the Business with a third party;

 

		(e)	Acquisition of all or part of a business of a third party which has a material impact on the Business;

 

		(f)	Appointment, replacement and/or removal of a Director and/or Statutory Auditor;

 

		(g)	Capital reduction;

 

		(h)	Dissolution of the Company;

 

		(i)	Mergers;

 

		(j)	Spin-off of any part of the Business; or

 

		(k)	Changes to the nature of the Business or any expansion thereto.

 

    	 	 	 

     

    

 

EXHIBIT A

 

FORM OF ADOPTION AGREEMENT

   

This ADOPTION AGREEMENT
(this “Adoption Agreement”) is executed by the undersigned (the “Transferee”) pursuant to
the terms of that certain Shareholders Agreement dated as of [DATE], 2012 (the “Agreement”) by and among REEBONZ
PTE LTD, ISE Commerce INC., Reebonz Korea Co., Ltd. (the “Company”) and the Founders. Capitalized terms used
but not defined herein shall have the respective meanings ascribed to such terms in the Agreement. By the execution of this Adoption
Agreement, the Transferee agrees as follows:

 

1. Acknowledgment.
Transferee acknowledges that Transferee is acquiring certain number of Shares, subject to the terms and conditions of the
Agreement.

 

2. Agreement.
Transferee (i) agrees that the Shares acquired by the Transferee shall be bound by and subject to the terms of the Agreement,
(ii) agrees that the Transferee shall be a “Shareholder” and a “Party” as such term is defined and
used in the Agreement, and (iii) hereby adopts the Agreement with the same force and effect as if Transferee were originally
a Party thereto.

 

3. Notice.
Any notice required or permitted under the Agreement shall be given to the Transferee at the address listed beside
Transferee’s signature below.

 

EXECUTED AND DATED this ______ day of ______,
____.

  

	 	 	TRANSFEREE:
	 	 	 	 
	 	 	By:	         
	 	 	 	Name:
	 	 	 	Title:
	 	 	 	 
	 	 	Address:	 
	 	 	 	 
	 	 	 	 
	 	 	Fax: 	 
	 	 	 	 
	Accepted and Agreed:	 	 	 
	 	 	 	 
	REEBONZ KOREA CO., LTD.	 	 	 
	 	 	 	 	 
	By: 	         	 	 	 
	Title:

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