Document:

Exhibit

Exhibit 10.3
February 4, 2020

Quidel Corporation 
Individual Retirement Program for Werner Kroll (“Employee”)
Effective February 4, 2020 (“Effective Date”)

This Individual Retirement Program (the “Program”) is awarded to Employee by the Board of Directors (the “Board”) of Quidel Corporation (the “Company”), on behalf of the Company, as an incentive for Employee to continue his employment with the Company as Senior Vice President, R&D through at least March 31, 2023. Employee understands and agrees that the Company has no obligation to provide the Program to Employee and that any violation of the terms of the Program or other obligations to the Company or its affiliates by Employee may result in, among other matters, termination of the Program by the Company, in the discretion of the Board. Employee further understands and agrees that, in providing the Program to Employee, the Company is not guaranteeing employment to Employee, and Employee remains an “at will” employee who may be terminated at any time, for any reason, in the discretion of the Company.
		
	1.
	Equity Incentive Compensation. Beginning in February 2020, and then in 2021, 2022 and 2023, provided that Employee continues to be employed by the Company as Senior Vice President, R&D, as of such date, Employee will be granted non-qualified stock options (“Options”) and/or Restricted Stock Units (“RSUs”) with a total then current grant value of $1,000,000 in each of such years. Within parameters set by the Company, Employee will be entitled to choose the mix of Options and RSUS that he wishes to receive for each of these four years. Such awards of Options and RSUs shall be the sole equity incentive compensation awarded by the Company to Employee on or after January 1, 2020, unless the Company determines otherwise.  Employee shall not be entitled to any other equity incentive compensation during his employment with the Company on or after January 1, 2020 as part of this plan.  In addition, Employee shall not be entitled to any additional Option or RSU awards after the date Employee ceases to serve as Senior Vice President, R&D of the Company.  The award agreement for any award of Options or RSUs pursuant to the Program shall provide for the following vesting schedule: one-third of such awards granted will vest each year on the anniversary of the date of the grant subject to continued employment with the Company in any capacity.

		
	2.
	Extended Exercise Period. Provided that Employee remains employed with the Company as its Senior Vice President, R&D through at least March 31, 2023, to the extent any Options granted under the Program are vested on the date of Employee’s termination of employment with the Company, such Options will be exercisable during the full stated term of those Options. 

		
	3.
	Base Salary.  For calendar years 2020, 2021, 2022 and 2023, provided that Employee continues to be employed by the Company as Senior Vice President, R&D, in each such year, Employee will receive a base salary equal to his prior year’s base salary, increased by the average of the annual merit increases granted to other executives of the Company at the SVP level (the “Other SVPs”), not inclusive of special adjustments, including promotion adjustments, in such year, if any, and will continue to be eligible to receive in each such year a cash bonus, calculated as for Other SVPs in the applicable year, at a target level of 75% of Employee’s base salary for such year. 

		
	4.
	Early Termination of the Program.  If Employee terminates his employment with the Company, or is terminated by the Company for any reason prior to March 31, 2023, the Program will terminate on Employee’s last day of employment.  

		
	5.
	Change of Control.  In the event of a change in control of the Company (as defined in Employee’s change in control agreement with the Company), during Employee’s employment with the Company as Senior Vice President, R&D, the terms of Employee’s change in control agreement shall govern the vesting of all Options and RSUs, whenever granted.  In addition, the administrator of the Company’s equity plan under which any Options and RSUs are granted, including Options and RSUs granted on or after January 1, 2020, may provide for accelerated vesting upon Employee’s death or disability.

		
	6.
	Special Advisor Agreement.  If Employee remains employed with the Company as its Senior Vice President, R&D through at least March 31, 2023, Employee and the Company shall enter into a Special Advisor Agreement in the form attached hereto as Exhibit A effective upon Employee ceasing to serve as the Company’s Senior Vice President, R&D, and as set forth therein; provided Employee ends such service in good standing with the Company.  

[signature page follows]

IN WITNESS, WHEREOF, the parties have executed and delivered this document as of the Effective Date.

QUIDEL CORPORATION

/S/ DOUGLAS BRYANT     
Douglas Bryant
President & CEO

WERNER KROLL
/S/ WERNER KROLL    

Exhibit A
SPECIAL ADVISOR TRANSITION AGREEMENT 

THIS SPECIAL ADVISOR TRANSITION AGREEMENT (this “Agreement”) is made and entered as of                           by and between QUIDEL CORPORATION, a Delaware corporation (the “Company”), and Werner Kroll, an individual (“Kroll”).
BACKGROUND
A.Kroll currently serves as the Company’s SVP, R&D and intends to retire from this current role and desires to transition to the role of Special Advisor (as defined below) effective as of March 2023 (the “SVP, R&D End Date”).
B.The Company and Kroll are entering into this Agreement to confirm their understandings as to the terms and conditions of Kroll’s employment after the SVP, R&D End Date and each party’s commitments and obligations through the Term (as defined below).
C.In connection with his retirement as SVP, R&D, Kroll has agreed to execute and deliver to the Company a release, substantially in the form agreed upon by the parties on February 4, 2020 (the “Release,” and the date after delivery of such Release by Kroll and termination of all periods in which such Release can be revoked, the “Effective Date”).
AGREEMENT
1.Employment.  From and after the SVP, R&D End Date, and during the Term, Kroll shall continue as a full-time employee of the Company, but shall retire from the position of SVP, R&D and instead serve as a non-officer special advisor to the Company (“Special Advisor”), pursuant to which he will provide such advice and services to the Company Group (as defined below) as may be reasonably requested by the Company from time to time, including answering questions and/or assisting with projects (the “Special Advisor Services”). Unless earlier terminated pursuant to this Agreement, Kroll will remain in this position through until the end of the Term.  In providing the Special Advisor Services, Kroll shall report to the Chief Executive Officer of the Company.  Kroll agrees to make himself reasonably available on an as-needed basis to provide the Special Advisor Services and agrees to dutifully provide the Special Advisor Services to the best of his ability and at such locations as reasonably designated by the Company.
2.Term. Kroll shall provide the Special Advisor Services from the SVP, R&D End Date until the first anniversary of the SVP, R&D End Date (the “Initial Term”).  The term of Kroll’s employment shall continue until, and then automatically terminate, as of the first anniversary of the SVP, R&D End Date, unless terminated earlier pursuant to this Agreement or extended by agreement of the parties (the Initial Term, or such earlier or extended period, the “Term”).  The parties acknowledge, however, that the Term is intended to be for a total period of twelve months.  
3.Compensation.

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a.Base Salary.  Subject to the terms and conditions herein, in consideration of Kroll’s performance of the Special Advisor Services, the Company shall pay Kroll a base salary at a rate equal to 50% of his base pay per pay period as of the date of this Agreement, commencing on the first pay period after the SVP, R&D End Date. 
b.Benefits, Equity, and Incentive Compensation.  Kroll’s employee benefits for medical, dental and vision and 401(k) plan shall continue through the Term at the same levels as are in effect as of the date of this Agreement, provided nothing herein shall restrict the Company from amending such benefits provided that such amendments are effective for all members of the Company’s management entitled to such benefits, and provided further that the Effective Date occurs.  Kroll acknowledges and agrees that after the SVP, R&D End Date he shall not receive any further grants of equity incentive awards nor shall he be eligible to participate in any bonus plans applicable to the fiscal year in which the SVP, R&D End Date occurs or any year thereafter.
4.Release.  If Kroll does not execute and deliver the Release, or revokes the Release, this Agreement shall terminate and be null and void. 
5.Kroll’s Acknowledgements and Obligations.  As a material condition to Kroll’s receipt of the benefits set forth in Sections 3 and 6 hereof, Kroll acknowledges and agrees that:
a.    he will continue to comply with the terms and conditions of the Agreement Re Confidential Information, Inventions, Non-Solicitation and Conflicts of Interest that he signed on May 27, 2014 (as amended from time to time pursuant to its terms, “Confidentiality Agreement”).  Without limiting the foregoing, Kroll reaffirms his obligations under Section 4 of the Confidentiality Agreement, which precludes soliciting of or causing employees to leave their employment with Quidel for one year following the termination of his employment;  
b.    while employed by the Company hereunder, he will not, directly or indirectly, provide services, whether as an employee, consultant, director, independent contractor, agent, owner or partner, to any person or entity that competes or is planning to compete with the Company or any of its subsidiaries (the “Company Group”); provided, however, that Kroll’s passive investment in up to five percent (5%) of the outstanding voting securities or similar equity interest in a publicly held entity shall not be deemed a breach of this Agreement; and 
c.    he will not make, directly or indirectly, any statement that is disparaging of the Company or any of its affiliates, or any of their respective directors, employees or distributors (except to the extent necessary to respond truthfully to any inquiry from applicable regulatory authorities or to provide information pursuant to legal process).
6.Vesting of Equity Awards.  The vesting of equity awards (restricted stock and options) held by Kroll on the SVP, R&D End Date shall continue to vest through the Term and be governed 

A-2

in accordance with the Company’s applicable equity incentive plans and specific equity award grant documentation. All equity awards held by Kroll at the time of the termination of his employment shall also be handled in accordance with the Company’s applicable equity incentive plans and grant documentation.
7.Termination by the Company. 
a.    In the event that Kroll is terminated during the Term from his role as Special Advisor by the Company with “Cause” (as defined below), Kroll shall not be entitled to any further payments or consideration hereunder, including any further benefits or vesting of equity as described in Sections 3 or Section 6 hereof, but shall only be entitled to salary, accrued benefits and other amounts legally owing to Kroll through the date of employment termination.  The Company shall thereafter have no further obligations to Kroll under this Agreement.
b.    In the event that Kroll is terminated from his role as Special Advisor by the Company without “Cause” (as defined below) prior to the end of the Initial Term, provided that Kroll executes and delivers to the Company within 21 calendar days after such termination (and there after does not revoke) a Release substantially in the form attached hereto as Exhibit A, Kroll shall be entitled to receive the following severance payments and benefits: (1) a lump-sum payment equal to the remaining amount of base salary that Kroll would have received under Section 3(a) if the term of this Agreement had continued until the end of the Initial Term, less any applicable taxes and withholdings, payable within thirty (30) days from the date of termination, and (2) the vesting of equity awards, as and to the extent described in and contemplated by Section 6 hereof, as though Kroll’s employment continued through the end of the Initial Term.  
c.    For purposes, hereof, “Cause” shall be limited to the following: (1) fraud; (2  personal dishonesty involving money or property of the Company Group or that results in material harm to the Company Group; (3) Kroll’s willful misconduct that is injurious to the Company Group; (4) a serious breach of a fiduciary duty to the Company Group; (5) Kroll’s conviction for a felony (including via a guilty or nolo contendere plea), excluding traffic offenses; (6) Kroll’s willful and continued neglect of duties to the Company Group (other than any such failure resulting from his incapacity because of physical or mental illness); or (7) Kroll’s material breach of this Agreement.  Kroll shall be afforded a reasonable opportunity of up to 30 days (as of and upon written notice from the Company) to cure any willful neglect of his duties and any other alleged material breach of this Agreement if such breach is reasonably susceptible of cure.  If, in the reasonable good faith judgment of the Company, the alleged breach is not reasonably susceptible of cure, or such circumstances or material breach has not satisfactorily been cured within such thirty (30) day period, such neglect of duties or material breach shall there upon constitute “Cause”.
8.Confidentiality of Business and Legal Information.  Kroll acknowledges that the Company holds as confidential and/or privileged certain information (including, but not limited to, non-public information obtained by Kroll in his position as an executive for the Company), as well as certain trade secret information and knowledge concerning the intimate and confidential affairs of the Company Group and the various phases of their respective businesses, 

A-3

including, for example and without limitation, processes, formulae, data and know-how, improvements, inventions, techniques, marketing plans, strategies, forecasts, mailing lists, customer lists, pricing information, manufacturing processes, distribution systems, computer systems or programs and other types of similar information within Kroll’s knowledge by virtue of his employment with the Company (collectively, the foregoing shall be referred to herein as “Confidential Trade Secret, Proprietary and Legal Information”).  Kroll agrees that all Confidential Trade Secret, Proprietary and Legal Information shall be the sole property of the Company and that the Company shall be and is the sole owner of all patents and other rights in connection therewith as well as any privileges.  Kroll further agrees to hold in strictest confidence and to refrain from using or disclosing to any other person or entity, directly or indirectly, any Confidential Trade Secret, Proprietary and Legal Information, other than the Company Group, their employees, directors and authorized representatives.  In that regard, Kroll expressly acknowledges that he has not disclosed (other than to the Company Group, their respective employees, directors and authorized representatives) any Confidential Trade Secret, Proprietary and Legal Information.  Kroll specifically agrees that he will not disclose any Confidential Trade Secret, Proprietary and Legal Information at any time in the future (other than to the Company Group, their respective employees, directors and authorized representatives).  Kroll further represents and warrants that, on the last day of the Term, he will return to the Company all property and documents of the Company Group, whether kept electronically or in hard copy form and will have retained no copies thereof.  This Section supplements the obligations of Kroll contained in Section 5 hereof.
9.Entire Agreement.  This Agreement sets forth the entire agreement between the parties hereto and, except for the Confidentiality Agreement between Kroll and the Company, fully supersedes any and all prior agreements or understandings between the parties pertaining to the subject matter hereof.  For the avoidance of doubt, the April 21, 2014, Employment Offer letter (the “Offer letter”) and the Agreement Re: Change in Control between the Company and Kroll dated May 8, 2014 (as the same may be amended from time to time pursuant to its terms, the “CIC Agreement”), shall automatically expire as of the SVP, R&D End Date (from and after which the Offer letter and CIC Agreement will be of no force or effect), and except as expressly provided in this Agreement, Kroll shall not be entitled to any payments or benefits of any kind in connection with a termination or resignation for any reason.  The parties agree that no amendment or modification of this Agreement shall be effective unless it is in writing signed by both parties.
10. Miscellaneous.
a.    Notices.  Any notice required or permitted to be given under this Agreement shall be sufficient if in writing and delivered in person or sent by registered or certified mail to Kroll’s residence in the case of Kroll or to its principal office in the case of the Company.
b.    Arbitration.  Any dispute arising out of this Agreement, including related to the Special Advisor Services, shall be resolved exclusively by final and binding arbitration before a single arbitrator, in San Diego, California pursuant to the rules of 

A-4

JAMS.  Judgment upon any such arbitration award may be entered by any state or federal court of competent jurisdiction.  In the event any party to this Agreement initiates any arbitration action or proceeding in connection with enforcement of this Agreement, the prevailing party in such action or proceeding shall be entitled to recover its costs and attorney’s fees from the non-prevailing party.
c.    Waiver.  The waiver of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement.  No waiver shall be valid unless in writing and executed by the party to be charged therewith.
d.    Severability/Modification.  In the event that any clause or provision of this Agreement shall be determined to be invalid, illegal or unenforceable, such clause or provision may be severed or modified to the extent necessary, and, as severed and/or modified, this Agreement shall remain in full force and effect to the maximum extent permitted by law.
e.    Assignment.  This Agreement may not be assigned by Kroll.  The rights and obligations of the Company under this Agreement shall inure to the benefit of and shall be binding upon the successors and assigns of the Company.
f.    Governing law and Jurisdiction.  This Agreement shall be interpreted, construed, and enforced under the internal laws of the State of California.  The courts and authorities of the State of California shall have sole jurisdiction and venue for purposes of enforcing the arbitration agreement above.
g.    Counterparts.  This Agreement may be executed in two counterparts, each of which shall be deemed an original, but all of which together constitute one in the same agreement.
IN WITNESS, WHEREOF, the parties have executed and delivered this Agreement as of the Effective Date.

QUIDEL CORPORATION
        
Douglas Bryant
President & CEO
WERNER KROLL
        

A-5Exhibit
10.6

 

ESCROW
AGREEMENT

 

THIS
ESCROW AGREEMENT (the “Escrow Agreement”) is made and entered into as of ________, 2020, by and between
Diginex Limited, a Singapore public company limited by shares (f/k/a Digital Innovative Limited) (“Singapore NewCo”),
Pelham Limited, a Hong Kong company, solely in its capacity as the representative of the stockholders of Singapore NewCo (the
“Stockholders’ Representative”), and VStock Transfer, LLC, a California limited liability company (the
“Escrow Agent”).

 

WHEREAS,
Diginex Ltd., a Hong Kong company (the “Company”), the stockholders of the Company (the “Stockholders”),
the Stockholders’ Representative and 8i Enterprises Acquisition Corp, a British Virgin Islands business company (“JFK”)
entered into that certain Share Exchange Agreement dated July 9, 2019 (the “Agreement”);

 

WHEREAS,
the Company, the Stockholders, the Stockholders’ Representative, Singapore NewCo, Digital Innovative Limited, a British
Virgins Island business company (“BVI NewCo”) and JFK entered into that certain Amendment and Joinder Agreement
to the Share Exchange Agreement dated October 8, 2019, providing for, among other things, the merger of BVI NewCo, with and into
JFK, and as a result of the merger JFK shall be the surviving entity and wholly-owned subsidiary of Singapore NewCo (the “Amendment
and Joinder”);

 

WHEREAS,
the parties to the Share Exchange Agreement and the Amendment and Joinder entered into that certain Second Amendment to Share
Exchange Agreement dated January 28, 2020 (the “Second Amendment”, and together with the Agreement and the
Amendment and Joinder, the “Share Exchange Agreement”);

 

WHEREAS,
pursuant to the terms and conditions of the Share Exchange Agreement, Singapore NewCo will issue 20,000,000 ordinary shares of
Singapore NewCo to the Stockholders, of which amount 2,000,000 ordinary shares (the “Escrow Shares”) shall
be deposited with the Escrow Agent on the date hereof in connection with Singapore NewCo’s obligations under Section 10.4
of the Share Exchange Agreement;

 

NOW
THEREFORE, in consideration of the foregoing and of the mutual covenants hereinafter set forth, the parties hereto agree as
follows:

 

1.
Appointment; Defined Terms.

 

(a)
Singapore NewCo and the Stockholders’ Representative hereby appoint VStock Transfer, LLC as the Escrow Agent for the purposes
set forth herein, and the Escrow Agent hereby accepts such appointment under the terms and conditions set forth herein.

 

(b)
All capitalized terms used, but not defined herein, shall have the respective meanings ascribed to such terms in the Share Exchange
Agreement. The Escrow Agent shall act only in accordance with the terms and conditions contained in this Escrow Agreement and
shall have no duties or obligations with respect to the Share Exchange Agreement.

 

2.
Escrow Shares.

 

(a)
Singapore NewCo agrees to deposit with the Escrow Agent the Escrow Shares on the date hereof. The Escrow Agent shall hold the
Escrow Shares as a book-entry position registered in the name of the Stockholders of the Company as indicated on Exhibit
A.

 

(i)
With respect to any matter for which the Escrow Shares are permitted to vote, the Stockholders shall be entitled to vote the Escrow
Shares to which they are entitled to and such Escrow Shares shall be taken into account in a quorum.

 

    	 

    	 

    

 

(ii)
Any dividends, interest payments or other distributions of any kind made with respect to the Escrow Shares shall be deemed part
of the Escrow Shares (the “Escrow Income”) and be delivered promptly to the Escrow Agent to be held in a bank
account and be deposited in one or more non-interest-bearing accounts to be maintained by the Escrow Agent in the name of the
Escrow Agent.

 

(iii)
In the event of any stock split, reverse stock split, stock dividend, recapitalization, reorganization, merger, consolidation,
combination, exchange of shares, liquidation, spin-off or other similar change in capitalization or event, the Escrow Shares under
Section 2(a) above shall be appropriately adjusted on a pro rata basis and consistent with the terms of any applicable
agreements.

 

3.
Disposition and Termination. On the date that is twelve (12) months from the Closing Date (the “Release Date”),
the Escrow Shares and Escrow Income shall be released by the Escrow Agent to the Stockholders less the number or amount of Escrow
Shares equal to the amount of any losses from Claims (as defined in the Share Exchange Agreement) set forth in an Indemnification
Notice (as defined in the Share Exchange Agreement) from Singapore NewCo with respect to any pending but unresolved claims for
indemnification. Prior to the Release Date, the Stockholders’ Representative and Singapore NewCo shall jointly issue to
the Escrow Agent a certificate executed by each of them instructing the Escrow Agent to release such number of Escrow Shares determined
in accordance with this Section 3.

 

If
any claims for Indemnification are to be satisfied by withholding part of or all of the Escrow Shares from the Stockholders on
the Release Date, those Escrow Shares shall be forfeited and cancelled.

 

Any
Escrow Shares released from the Escrow Account to the Stockholders’ Representative for distribution to the Stockholders
shall be deemed fully paid Singapore NewCo Ordinary Shares as of the time of such release and no Stockholder shall be required
to pay any additional amount (in cash or otherwise) to Singapore NewCo in connection with the receipt of fully paid Singapore
NewCo Ordinary Shares as part of this Escrow Agreement.

 

If
an Insolvency Event occurs at any time before the Release Date, the Escrow Shares shall, automatically and without any required
action or payment on the part of the Stockholders, be deemed to be fully paid as of the time of the Insolvency Event and released
from the Escrow Account to the Stockholders, to be dealt with in accordance with applicable insolvency laws and regulations. An
“Insolvency Event” will be deemed to have occurred if (i) Singapore NewCo institutes proceedings to be adjudicated
as insolvency, (ii) an application or order has been made or resolution passed for the winding-up, judicial management or administration
or for the appointment of a liquidator, provisional liquidator or judicial manager of, Singapore NewCo, or (iii) an approval for
any commencement, decision not to oppose or settlement of any case, proceeding or other action for insolvency, receivership, liquidation,
dissolution, bankruptcy or similar proceeding of or on behalf of Singapore NewCo has been passed and Singapore NewCo provides
written notice to Escrow Agent of such occurrence.

 

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4.
Escrow Agent.

 

(a)
The Escrow Agent shall have only those duties as are specifically and expressly provided herein, which shall be deemed purely
ministerial in nature, and no other duties shall be implied. The Escrow Agent shall neither be responsible for, nor chargeable
with, knowledge of, nor have any requirements to comply with, the terms and conditions of any other agreement, instrument or document
between Singapore NewCo and any other person or entity, in connection herewith, if any, including without limitation the Share
Exchange Agreement or nor shall the Escrow Agent be required to determine if any person or entity has complied with any such agreements,
nor shall any additional obligations of the Escrow Agent be inferred from the terms of such agreements, even though reference
thereto may be made in this Escrow Agreement. In the event of any conflict between the terms and provisions of this Escrow Agreement,
those of the Share Exchange Agreement, any schedule or exhibit attached to this Escrow Agreement, or any other agreement between
Singapore NewCo and any other person or entity, the terms and conditions of this Escrow Agreement shall control. The Escrow Agent
may rely upon and shall not be liable for acting or refraining from acting upon any written notice, document, instruction or request
furnished to it hereunder and believed by it to be genuine and to have been signed or presented by the applicable person without
inquiry and without requiring substantiating evidence of any kind. The Escrow Agent shall not be liable to any beneficiary or
other person for refraining from acting upon any instruction setting forth, claiming, containing, objecting to, or related to
the transfer or distribution of the Escrow Shares, or any portion thereof, unless such instruction shall have been delivered to
the Escrow Agent in accordance with Section 10 below and the Escrow Agent has been able to satisfy any applicable security
procedures as may be required hereunder and as set forth in Section 10. The Escrow Agent shall be under no duty to inquire
into or investigate the validity, accuracy or content of any such document, notice, instruction or request. The Escrow Agent shall
have no duty to solicit any payments which may be due it or the Escrow Shares nor shall the Escrow Agent have any duty or obligation
to confirm or verify the accuracy or correctness of any amounts deposited with it hereunder.

 

(b)
The Escrow Agent shall not be liable for any action taken, suffered or omitted to be taken by it in good faith except to the extent
that a final adjudication of a court of competent jurisdiction determines that the Escrow Agent’s gross negligence or willful
misconduct was the primary cause of any loss to either party. The Escrow Agent may execute any of its powers and perform any of
its duties hereunder directly or through affiliates or agents. The Escrow Agent may consult with counsel, accountants and other
skilled persons to be selected and retained by it. The Escrow Agent shall not be liable for any action taken, suffered or omitted
to be taken by it in accordance with, or in reliance upon, the advice or opinion of any such counsel, accountants or other skilled
persons except to the extent that a final adjudication of a court of competent jurisdiction determines that the Escrow Agent’s
gross negligence or willful misconduct was the primary cause of any loss to either party. In the event that the Escrow Agent shall
be uncertain or believe there is some ambiguity as to its duties or rights hereunder or shall receive instructions, claims or
demands which, in its opinion, conflict with any of the provisions of this Escrow Agreement, it shall be entitled to refrain from
taking any action and its sole obligation shall be to keep safely all property held in escrow until it shall be given a direction
in writing which eliminates such ambiguity or uncertainty to the satisfaction of the Escrow Agent or by a final and non-appealable
order or judgment of a court of competent jurisdiction.

 

5.
Succession.

 

(a)
The Escrow Agent may resign and be discharged from its duties or obligations hereunder by giving thirty (30) days’ advance
notice in writing of such resignation to the other parties hereto specifying a date when such resignation shall take effect, provided
that such resignation shall not take effect until a successor escrow agent has been appointed in accordance with this Section
5. If the parties hereto have jointly failed to appoint a successor escrow agent prior to the expiration of thirty (30) days
following receipt of the notice of resignation, the Escrow Agent may petition any court of competent jurisdiction for the appointment
of a successor escrow agent or for other appropriate relief, and any such resulting appointment shall be binding upon all of the
parties hereto. The Escrow Agent’s sole responsibility after such thirty (30) day notice period expires shall be to hold
the Escrow Shares and to deliver the same to a designated substitute escrow agent, if any, or in accordance with the directions
of a final order or judgment of a court of competent jurisdiction, at which time of delivery the Escrow Agent’s obligations
hereunder shall cease and terminate, subject to the provisions of Section 7 below. In accordance with Section 7
below, the Escrow Agent shall have the right to withhold, as security, an amount of shares equal to any dollar amount due and
owing to the Escrow Agent, plus any costs and expenses the Escrow Agent shall reasonably believe may be incurred by the Escrow
Agent in connection with the termination of this Escrow Agreement.

 

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(b)
Any entity into which the Escrow Agent may be merged or converted or with which it may be consolidated, or any entity to which
all or substantially all the escrow business may be transferred, shall be the Escrow Agent under this Escrow Agreement without
further act.

 

6.
Compensation and Reimbursement. The Escrow Agent shall be entitled to compensation for its services under this Escrow Agreement
as Escrow Agent and for reimbursement for its reasonable out-of-pocket costs and expenses, in the amounts and payable as set forth
on Exhibit B. All amounts owed under the foregoing sentence shall be paid by Singapore NewCo. The Escrow Agent shall also
be entitled to payment of any amounts to which the Escrow Agent is entitled under the indemnification provisions contained herein
as set forth in Section 7; provided, however, that such compensation, expenses, disbursements and advances shall
not be paid from the Escrow Shares. The obligations of Singapore NewCo set forth in this Section 6 shall survive the resignation,
replacement or removal of the Escrow Agent or the termination of this Escrow Agreement.

 

7.
Indemnity.

 

	a)	The
    Escrow Agent shall be indemnified and held harmless by Singapore NewCo from and against any expenses, including counsel fees
    and disbursements, or loss suffered by the Escrow Agent in connection with any action, suit or other proceeding involving
    any claim which in any way, directly or indirectly, arises out of or relates to this Escrow Agreement, the services of the
    Escrow Agent hereunder, except for expenses or losses arising from the Escrow Agent’s gross negligence or willful misconduct.
    Promptly after the receipt by the Escrow Agent of notice of any demand or claim or the commencement of any action, suit or
    proceeding, the Escrow Agent shall notify the other parties hereto in writing. In the event of the receipt of such notice,
    the Escrow Agent, in its sole discretion, may commence an action in the nature of interpleader in the any state or federal
    court located in New York County, State of New York.
	 	 
	b)	The
    Escrow Agent shall not be liable for any action taken or omitted by it in good faith and in the exercise of its own best judgment,
    and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice
    of counsel (including counsel chosen by the Escrow Agent), statement, instrument, report or other paper or document (not only
    as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of
    any information therein contained) which is believed by the Escrow Agent to be genuine and to be signed or presented by the
    proper person or persons. The Escrow Agent shall not be bound by any notice or demand, or any waiver, modification, termination
    or rescission of this Escrow Agreement unless evidenced by a writing delivered to the Escrow Agent signed by the proper party
    or parties and, if the duties or rights of the Escrow Agent are affected, unless it shall have given its prior written consent
    thereto.
	 	 
	c)	The
    Escrow Agent shall not be liable for any action taken by it in good faith and believed by it to be authorized or within the
    rights or powers conferred upon it by this Escrow Agreement, and may consult with counsel of its own choice and shall have
    full and complete authorization and indemnification, for any action taken or suffered by it hereunder in good faith and in
    accordance with the opinion of such counsel, in each case except to the extent that the Escrow Agent’s gross negligence
    or willful misconduct was the cause of any loss to either party.
	 	 
	d)	This
    Section 7 shall survive termination of this Escrow Agreement or the resignation, replacement or removal of the Escrow
    Agent for any reason.

 

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8.
Patriot Act Disclosure/Taxpayer Identification Numbers/Tax Reporting.

 

(a)
Section 326 of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism
Act of 2001 (“USA PATRIOT Act”) requires the Escrow Agent to implement reasonable procedures to verify the
identity of any person that opens a new account with it. Accordingly, parties hereto acknowledge that Section 326 of the USA PATRIOT
Act and the Escrow Agent’s identity verification procedures require the Escrow Agent to obtain information which may be
used to confirm identity, including without limitation name, address and organizational documents (“identifying information”).
The parties hereto agree to provide the Escrow Agent with information and consent to the Escrow Agent obtaining from third parties
any such identifying information required as a condition of opening an account with or using any service provided by the Escrow
Agent.

 

(b)
The underlying transaction does not constitute an installment sale requiring any tax reporting or withholding of imputed interest
or original issue discount to the IRS or other taxing authority.

 

9.
Notices. All notices and communications hereunder shall be deemed to have been duly given and made if in writing and if
(i) served by personal delivery upon the party for whom it is intended, (ii) delivered by registered or certified mail, return
receipt requested, or by Federal Express or similar overnight courier, or (iii) sent by facsimile or email, provided that the
receipt of such facsimile or email is promptly confirmed, by telephone, electronically or otherwise, to the party at the address
set forth below, or such other address as may be designated in writing hereafter, in the same manner, by such party:

 

If
to Singapore NewCo:

 

	 	Diginex
    Limited
	 	35/F
    Two International
	 	Finance
    Street, Central
	 	Hong
    Kong
	 	Attention:
    Paul Ewing
	 	Phone:
    +852 2248 0600
	 	Email:
    paul.ewing@diginex.com

 

If
to the Stockholders’ Representative:

 

	 	Pelham
    Limited
	 	c/o
    Diginex Limited
	 	35F
    International Finance Centre
	 	8
    Finance Street
	 	Central,
    Hong Kong
	 	Attention:
    Miles Pelham
	 	Facsimile
    No.: __________
	 	Email:
    ________________

 

If
to the Escrow Agent:

 

	 	VStock
    Transfer, LLC
	 	18
    Lafayette Place
	 	Woodmere,
    New York 11598
	 	Attention:
    Chief Executive Officer
	 	Facsimile:
    (646) 536-3179

 

    	5

    	 

    

 

Notwithstanding
the above, in the case of communications delivered to the Escrow Agent, such communications shall be deemed to have been given
on the date received by an officer of the Escrow Agent or any employee of the Escrow Agent who reports directly to any such officer
at the above-referenced office. In the event that the Escrow Agent, in its sole discretion, shall determine that an emergency
exists, the Escrow Agent may use such other means of communication as the Escrow Agent deems appropriate. For purposes of this
Escrow Agreement, “Business Day” shall mean any day other than a Saturday, Sunday or any other day on which
the Escrow Agent located at the notice address set forth above is authorized or required by law or executive order to remain closed.

 

10.
Security Procedures. Notwithstanding anything to the contrary as set forth in Section 9, any instructions setting
forth, claiming, containing, objecting to, or in any way related to the transfer or distribution, including but not limited to
any transfer instructions that may otherwise be set forth in a written instruction permitted pursuant to Section 3 of this
Escrow Agreement, may be given to the Escrow Agent only by confirmed facsimile or other electronic transmission (including e-mail)
and no instruction for or related to the transfer or distribution of the Escrow Shares and Escrow Income, or any portion thereof,
shall be deemed delivered and effective unless the Escrow Agent actually shall have received such instruction by facsimile or
other electronic transmission (including e-mail) at the number or e-mail address provided to Singapore NewCo and the Stockholders’
Representative by the Escrow Agent in accordance with Section 9 and as further evidenced by a confirmed transmittal to
that number.

 

(a)
In the event transfer instructions are so received by the Escrow Agent by facsimile or other electronic transmission (including
e-mail), the Escrow Agent is authorized to seek confirmation of such instructions by telephone with Singapore NewCo, and the Escrow
Agent may rely upon the confirmation of anyone purporting to be the person or persons so designated. The persons and telephone
numbers for call-backs may be changed only in a writing actually received and acknowledged by the Escrow Agent.

 

(b)
Assuming compliance with the provisions of this Escrow Agreement, Singapore NewCo acknowledges that the Escrow Agent is authorized
to deliver the Escrow Shares and Escrow Income to the custodian account or recipient designated by Singapore NewCo and the Stockholders’
Representative in writing.

 

11.
Compliance with Court Orders. In the event that any escrow property shall be attached, garnished or levied upon by any
court order, or the delivery thereof shall be stayed or enjoined by an order of a court, or any order, judgment or decree shall
be made or entered by any court order affecting the property deposited under this Escrow Agreement, the Escrow Agent is hereby
expressly authorized, in its sole discretion, to obey and comply with all writs, orders or decrees so entered or issued, which
it is advised by opinion of legal counsel of its own choosing is binding upon it, whether with or without jurisdiction, and in
the event that the Escrow Agent reasonably obeys or complies with any such writ, order or decree it shall not be liable to any
of the parties hereto or to any other person, entity, firm or corporation, by reason of such compliance notwithstanding such writ,
order or decree be subsequently reversed, modified, annulled, set aside or vacated.

 

    	6

    	 

    

 

12.
Miscellaneous. Except for changes to transfer instructions as provided in Section 10, the provisions of this Escrow
Agreement may be waived, altered, amended or supplemented, in whole or in part, only by a writing signed by the Escrow Agent and
the other parties hereto. Neither this Escrow Agreement nor any right or interest hereunder may be assigned in whole or in part
by the Escrow Agent or any other party hereto without the prior consent of all the other parties hereto. This Escrow Agreement
shall be governed by and construed under the laws of the State of New York. Each of the parties hereto irrevocably waives any
objection on the grounds of venue, forum non-conveniens or any similar grounds and irrevocably consents to service of process
by mail or in any other manner permitted by applicable law and consents to the jurisdiction of any court of the State of New York
or United States federal court, in each case, sitting in New York County, New York. To the extent that in any jurisdiction any
party may now or hereafter be entitled to claim for itself or its assets, immunity from suit, execution attachment (before or
after judgment), or other legal process, such party shall not claim, and it hereby irrevocably waives, such immunity. The parties
further hereby waive any right to a trial by jury with respect to any lawsuit or judicial proceeding arising or relating to this
Escrow Agreement. No party to this Escrow Agreement is liable to any other party for losses due to, or if it is unable to perform
its obligations under the terms of this Escrow Agreement because of, acts of God, fire, war, terrorism, floods, strikes, electrical
outages, equipment or transmission failure, or other causes reasonably beyond its control. This Escrow Agreement may be executed
in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the
same instrument. All signatures of the parties to this Escrow Agreement may be transmitted by facsimile or other electronic transmission
(including e-mail), and such facsimile or other electronic transmission (including e-mail) will, for all purposes, be deemed to
be the original signature of such party whose signature it reproduces, and will be binding upon such party. If any provision of
this Escrow Agreement is determined to be prohibited or unenforceable by reason of any applicable law of a jurisdiction, then
such provision shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating
the remaining provisions thereof, and any such prohibition or unenforceability in such jurisdiction shall not invalidate or render
unenforceable such provisions in any other jurisdiction. A person who is not a party to this Escrow Agreement shall have no right
to enforce any term of this Escrow Agreement. The parties represent, warrant and covenant that each document, notice, instruction
or request provided by such party to the other party shall comply with applicable laws and regulations. Where, however, the conflicting
provisions of any such applicable law may be waived, they are hereby irrevocably waived by the parties hereto to the fullest extent
permitted by law, to the end that this Escrow Agreement shall be enforced as written. Except as expressly provided in Section
7 above, nothing in this Escrow Agreement, whether express or implied, shall be construed to give to any person or entity
other than the Escrow Agent and the other parties hereto any legal or equitable right, remedy, interest or claim under or in respect
of this Escrow Agreement or the Escrow Shares and the Escrow Income escrowed hereunder.

 

[remainder
of page intentional left blank]

 

    	7

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Escrow Agreement as of the date set forth above.

 

SINGAPORE
NEWCO:

 

DIGINEX
LIMITED

 

	By:		 
	Name:	 	 
	Title:	 	 

 

STOCKHOLDERS’
REPRESENTATIVE:

 

PELHAM
LIMITED,

solely
in its capacity as the Stockholders’ Representative.

 

	By:		 
	Name:	 	 
	Title:	 	 

 

ESCROW
AGENT:

 

VSTOCK
TRANSFER, LLC

 

	By:		 
	Name:	 	 
	Title:	 	 

 

[Signature
Page to Escrow Agreement]

 

    	8

    	 

    

 

EXHIBIT
A

 

[Enclosed
separately.]

 

    	9

    	 

    

 

EXHIBIT
B

 

[Enclosed
separately.]

 

    	10

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