Document:

Exhibit 10.2

 

FORM
OF

 

AGBA
GROUP HOLDING LIMITED

 

SHARE
AWARD SCHEME

 

		1.	DEFINITIONS
                                            AND INTERPRETATION

 

		1.1	In
                                            this Scheme, save where the context otherwise requires, the following expressions have the
                                            respective meanings set opposite them:

 

	 	“Adoption
    Date”
	the
    date on which this Scheme is approved and adopted by the Board;
	 	 	 
	 	“Articles”	the articles
    of association of the Company from time to time;
	 	 	 
	 	“Award”	an award
    of Shares by the Board to a Selected Grantee pursuant to Paragraph 5;
	 	 	 
	 	“Award
    Agreement(s)”	the award
    agreement(s) entered and to be entered into by the Company or the Trustee with the Selected Grantee(s) in relation to the grant of
    Award(s);
	 	 	 
	 	“Awarded
    Shares”	in respect
    of a Selected Grantee, such number of Shares determined by the Board and granted to such Selected Grantee;
	 	 	 
	 	“Board”	the board
    of Directors from time to time and such committee or such subcommittee or person(s) delegated with the power and authority by the
    board of directors of the Company to administer the Scheme;
	 	 	 
	 	“Business
    Day”	any day
    (other than Saturday or Sunday) on which banking institutions in Hong Kong are open generally for normal banking business;
	 	 	 
	 	“Company”	AGBA
    Group Holding Limited, a company incorporated in the British Virgin Islands and whose Shares are listed on the Stock Exchange (stock
    code: [●]);
	 	 	 
	 	“Directors”	the directors
    of the Company;
	 	 	 
	 	“Eligible
    Person”	any Employee
    or director of any member of the Group, or (subject to applicable laws and regulations) any consultant, advisor or independent contractor
    as may be designated as an Eligible Person at the Board’s discretion from time to time;

 

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	 	“Employee”	any person
    designated as an employee, whether full time or part time, of any member of the Group including any person deemed to be an employee
    pursuant to applicable laws and regulations;
	 	 	 
	 	“Excluded
    Grantee”	any Grantee
    who is resident in a place where the settlement of the Reference Amount and the award of the Awarded Shares and/or the award of the
    Returned Shares and/or the vesting and transfer of Shares pursuant to the terms of the Scheme is not permitted under the laws and
    regulations of such place or where in the view of the Board (as the case may be) compliance with applicable laws and regulations
    in such place make it necessary or expedient to exclude such Grantee;
	 	 	 
	 	“Grantee”	any Eligible
    Person;
	 	 	 
	 	“Group”	the Company
    and its Subsidiaries and “member of the Group” shall be construed accordingly;
	 	 	 
	 	“Hong
    Kong”	the Hong
    Kong Special Administrative Region of the People’s Republic of China;
	 	 	 
	 	HK$”	Hong
    Kong dollars, the lawful currency of Hong Kong;
	 	 	 
	 	Incapacitated”	an individual
    shall be deemed to be “Incapacitated”, for purposes of this Scheme and the Trust Deed, upon the receipt by the Board
    of (a) a certificate signed by two medical practitioners qualified to assess such matters (a “Medical Certificate”) stating
    that such individual is unable to understand the nature or consequences of his actions because of accident, physical or mental deterioration
    or other similar cause or (b) a copy of the order or decree of a court of competent jurisdiction declaring such individual to be
    Incapacitated. Such Incapacity shall be deemed to continue unless or until the Board receives (i) in the case of any Incapacity resulting
    from the receipt of the Board a Medical Certificate, a certificate to the contrary signed by two medical practitioners qualified
    to assess such matters, or (ii) in the case of any judicially determined Incapacity, a copy of the order or decree of a court of
    competent jurisdiction declaring such individual no longer to be Incapacitated, and the terms “Incapacity”, “incapacitation”,
    etc. shall be construed accordingly;
	 	 	 
	 	“Listing
    Rules”	the Nasdaq
    Stock Market Rules;
	 	 	 
	 	“Partial
    Lapse”	the lapse
    of a part of an Award as a result of the occurrence of one of the following events: (i) a Selected Grantee is found to be an Excluded
    Grantee or (ii) a Selected Grantee fails to return duly signed transfer documents prescribed by the Trustee for the relevant Awarded
    Shares within the stipulated period;

 

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	 	“Reference
    Amount”	the reference
    value of the Awarded Shares awarded to a Selected Grantee, being the closing price of the Awarded Shares on the date of the Award
    plus, if relevant, brokerage fee, stamp duty, Stock Exchange trading fee, investor compensation levy and such other related purchase
    expenses of the Trustee attributable to the Awarded Shares;
	 	 	 
	 	“Reference
    Date”	the Business
    Day immediately prior to the date of instruction by the Board to the Trustee to purchase any Shares as Trust Shares;
	 	 	 
	 	“Related
    Income”	all bonus
    shares, scrip dividends, cash dividends and cash distributions derived from the Shares, but shall not include any nil-paid rights,
    warrants, options and/or non-cash distributions which are derived from the Shares or the net proceeds from any sale of such rights,
    warrants, options and/or non-cash distributions; and for the avoidance of doubt, shall not include any Residual Cash;
	 	 	 
	 	“Residual
    Cash”	being
    cash remaining in the Trust Fund (including interest income derived from deposits maintained with licensed banks in Hong Kong which
    have not been applied in the acquisition of Shares), where applicable;
	 	 	 
	 	“Returned
    Shares”	such
    Awarded Shares and their Related Income which have failed to vest in accordance with the terms of the Scheme (whether as a result
    of a Total Lapse or a Partial Lapse or otherwise), or which were forfeited in accordance with the terms of the Scheme, or such Shares
    being deemed to be Returned Shares pursuant to the terms of the Scheme and/or the Trust Deed;
	 	 	 
	 	“Scheme”	the “Share
    Award Scheme” constituted by the terms hereof, in its present form or as amended from time to time in accordance with the provisions
    hereof;
	 	 	 
	 	“Selected
    Grantee(s)”	Grantee(s)
    selected by the Board pursuant to Paragraph 5.1;
	 	 	 
	 	“Shares”	ordinary
    shares in the capital of the Company;
	 	 	 
	 	“Stock
    Exchange”	the Nasdaq
    Capital Market;
	 	 	 
	 	“Subsidiary”	a company
    which is for the time being and from time to time a subsidiary of the Company (within the meaning given under Part 1 Division 4 of
    the Companies Ordinance (Chapter 622 of the Laws of Hong Kong)), whether incorporated in Hong Kong or elsewhere;

 

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	 	“Total
    Lapse”	the lapse
    of an Award as a result of (i) a Selected Grantee ceases to be a Grantee (including but not limited to cessation caused by dismissal
    with cause of a Selected Grantee by the Company but excluding cessation caused by the death or Incapacity of a Selected Grantee or
    the retirement of a Selected Grantee at his normal retirement date or earlier by agreement with the Company or the Subsidiary) or
    (ii) a Selected Grantee being convicted under the Prevention of Bribery Ordinance (Cap. 201) or (iii) the Subsidiary by which a Selected
    Grantee is employed or engaged ceases to be a subsidiary of the Company or (iv) an order for the winding-up of the Company is made
    or a resolution is passed for the voluntary winding-up of the Company (otherwise than for the purposes of, and followed by, a solvent
    amalgamation or reconstruction in such circumstances that substantially the whole of the undertaking, assets and liabilities of the
    Company pass to a successor company).
	 	 	 
	 	 	For the
    avoidance of doubt, if a Selected Grantee dies or becomes Incapacitated at any time prior to a Vesting Date or unless otherwise determined
    by the Board, all the Awarded Shares will be deemed to be vested on the day immediately prior to his or her death or the date on
    which the Board receives the Medical Certificate or copy of order or decree of a court confirming the Incapacity of the Selected
    Grantee, and if a Selected Grantee retires (in accordance with the relevant law and retirement policy of the Company from time to
    time) at any time prior to a Vesting Date, the Board shall have absolute discretion to determine whether the Awarded Shares shall
    vest and if so, the Vesting Date;
	 	 	 
	 	“Trust”	the trust
    constituted by the Trust Deed;
	 	 	 
	 	“Trust
    Deed”	a trust
    deed in relation to the appointment of the Trustee for the administration of the Scheme entered or to be entered into between the
    Company and the Trustee (as restated, supplemented and amended from time to time);
	 	 	 
	 	“Trust
    Fund”	the trust
    fund of the Trust;
	 	 	 
	 	“Trust
    Shares”	any Shares
    (i) issued by the Company to the Trustee from time to time; (ii) purchased by or on behalf of the Company and delivered to the Trustee
    subsequently; or (ii) purchased by or on behalf of the Trustee (at the request of the Company) out of cash in the Trust Fund from
    time to time;
	 	 	 
	 	“Trustee”	the trustee
    or trustees for the time being of the trusts declared in the Trust Deed, and any additional or replacement trustees; and
	 	 	 
	 	“Vesting
    Date”	in respect
    of a Selected Grantee, the date on which such Selected Grantee’s entitlement to the Awarded Shares accrues in accordance with
    the conditions imposed by the Board under Paragraph 5.5 or is deemed to have accrued under Paragraph 6.1.

 

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		1.2	In
                                            this Scheme, save where the context otherwise requires:

 

		(i)	the
                                            headings are inserted for convenience only and shall not limit, vary, extend or otherwise
                                            affect the construction of any provision of this Scheme;

 

		(ii)	references
                                            to paragraphs are references to paragraphs of this Scheme;

 

		(iii)	references
                                            to any statute or statutory provision shall be construed as references to such statute or
                                            statutory provision as respectively amended, consolidated or re-enacted, or as its operation
                                            is modified by any other statute or statutory provision (whether with or without modification),
                                            and shall include any subsidiary legislation enacted under the relevant statute;

 

		(iv)	expressions
                                            in the singular shall include the plural and vice versa;

 

		(v)	expressions
                                            in any gender or neuter shall include other genders and the neuter;

 

		(vi)	references
                                            to persons shall include bodies corporate, corporations, partnerships, sole proprietorships,
                                            organizations, associations, enterprises, branches and entities of any other kind; and

 

		(vii)	references
                                            to any document or agreement shall include that respective document or agreement as amended,
                                            novated, supplemented or replaced.

 

		2.	PURPOSE
                                            OF THE SCHEME

 

		2.1	The
                                            purposes of this Scheme are:

 

		(i)	to
                                            recognize the contributions by the Grantees and to give incentives thereto in order to retain
                                            them for the continuing operation and development of the Group; and

 

		(ii)	to
                                            attract suitable personnel for further development of the Group.

 

		2.2	This
                                            Scheme document serves to set out the terms and conditions upon which the incentive arrangement
                                            for the Grantees shall operate.

 

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		3.	DURATION

 

Subject
to any early termination as may be determined by the Board pursuant to Paragraph 10, the Scheme shall be valid and effective from the
Adoption Date for a term of ten (10) years, after which period no further Awards shall be granted or accepted, but the provisions of
the Scheme shall remain in full force and effect in order to give effect to the vesting of the Awards granted or accepted prior to the
expiration of the period of the Scheme.

 

		4.	ADMINISTRATION

 

		4.1	The
                                            Scheme shall be subject to the administration of the Board in accordance with the terms stated
                                            herein and the terms of the Trust Deed.

 

		4.2	The
                                            Trustee will hold the Shares and the income derived therefrom in accordance with the terms
                                            of the Trust Deed.

 

		4.3	The
                                            Board may from time-to-time issue an implementation and operation manual for the Scheme.

 

		5.	OPERATION
                                            OF THE SCHEME

 

		5.1	The
                                            Board may, from time to time, at its absolute discretion select any Grantee (excluding any
                                            Excluded Grantee) for participation in the Scheme as a Selected Grantee. However, until so
                                            selected, no Grantee shall be entitled to participate in the Scheme.

 

		5.2	Subject
                                            to Paragraph 7, the Board shall select Selected Grantee(s) and determine the number of Awarded
                                            Shares and inform the Trustee and the Selected Grantee(s) accordingly. The Board shall, at
                                            its discretion after having regard to the requirements under Paragraph 5.13, either:

 

		(i)	having
                                            regard to paragraph 5.2(ii) below, cause to be issued to the Trustee such number of Shares
                                            as required by the Trustee from time to time to fulfil its obligations to transfer the Awarded
                                            Shares to the Selected Grantees upon vesting; and/or

 

		(ii)	having
                                            regard to paragraph 5.2(i) above, cause to be paid to the Trustee such amount as needed by
                                            the Trustee to purchase such number of Shares as required by the Trustee from time to time
                                            to fulfil its obligations to transfer the Awarded Shares to the Selected Grantees upon vesting.

 

		5.3	Once
                                            the grant of Awards to a Selected Grantee has been approved by the Board, the Board shall
                                            immediately inform the Trustee of:

 

		(i)	the
                                            name, address, identity card/passport number and position of the Selected Grantee, and whether
                                            the Selected Grantee is a related person of the Company;

 

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		(ii)	the
                                            number of Awarded Shares for the Selected Grantee; and

 

		(iii)	the
                                            Vesting Date and the conditions for vesting.

 

		5.4	Prior
                                            to granting any Awards to Selected Grantees, the Board shall either (i) ensure that the Trustee
                                            has sufficient Shares in the Trust Fund to satisfy all the Awards made by the Board, or (ii)
                                            put the Trustee in fund to purchase Shares, either from the market or off-market, to satisfy
                                            all the Awards made by the Board. The Trustee shall not agree to any Awards made by the Board
                                            until the Trustee is satisfied that it has sufficient amount of Trust Shares for the Trustee
                                            to implement the Award.

 

		5.5	Awarded
                                            Shares held by the Trustee upon the Trust and which are referable to a Selected Grantee shall
                                            vest to that Selected Grantee in accordance with the vesting schedule determined at the discretion
                                            of the Board, provided that the Selected Grantee remains at all times after the grant of
                                            the Award and on each relevant Vesting Date(s) a Grantee. The Board may also, in its absolute
                                            discretion, determine the performance, operating and financial targets and other criteria,
                                            if any, to be satisfied by the Selected Grantee or the Company before the Awarded Shares
                                            can vest. The Company shall provide the Trustee with a copy of the vesting schedule (which
                                            shall show, for each Selected Grantee, the number of Awarded Shares prospectively vesting
                                            and actually vesting). For these purposes, unless otherwise notified by the Company in writing,
                                            the Trustee may treat the vesting schedule as conclusive of the matters shown in that schedule
                                            and that, the case of vested entitlements, the Selected Grantee in question remains a Grantee
                                            on the applicable Vesting Date (or any earlier deemed date under Paragraph 5.6). The Trustee
                                            is not required to make any enquiry as to whether each such vesting schedule is correct.
                                            The Related Income shall not vest to the Selected Grantee but shall become part of the Trust
                                            Fund and be applied in accordance with Paragraph 8.1.

 

		5.6	Notwithstanding
                                            Paragraph 5.5, unless specified otherwise in the relevant Award Agreement, in respect of
                                            a Selected Grantee who died at any time prior to a Vesting Date, or who worked for the Company
                                            or a Subsidiary (as the case may be) for no less than five (5) consecutive years and retired
                                            at his normal retirement date at any time prior to a Vesting Date, all the Awarded Shares
                                            of a Selected Grantee (or rights thereto) shall be deemed to be vested on the day immediately
                                            prior to his death or retirement at his normal retirement date.

 

		5.7	In
                                            the event of the death of a Selected Grantee, the Trustee shall hold the vested Awarded Shares,
                                            and the rights thereto, (hereinafter referred to as “Benefits”) upon trust and,
                                            subject to the Trustee holding or if not holding acquiring such Awarded Shares within the
                                            Trust Fund, to transfer the same to the legal personal representatives of the deceased Selected
                                            Grantee (whose identity and contact details will be notified to the Trustee by the Board)
                                            and subject as aforesaid the Trustee shall hold the Benefits or so much thereof as shall
                                            not be transferred or applied under the foregoing powers within:

 

		(i)	two
                                            (2) years of the death of the Selected Grantee (or such longer period as the Trustee and
                                            the Board shall agree from time to time); or

 

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		(ii)	the
                                            Trust Period (whichever is shorter), upon trust to transfer the same to the legal personal
                                            representatives of the Selected Grantee or, if the Benefits would otherwise become bona vacantia,
                                            the Benefits shall be forfeited and cease to be transferable and such Benefits shall be held
                                            as Returned Shares for the purposes of the Scheme. Notwithstanding the foregoing, the Benefits
                                            held upon the trusts hereof shall until transfer is made in accordance herewith be retained
                                            and may be invested and otherwise dealt with by the Trustee in every way as if they had remained
                                            part of the Trust Fund. The Trustee shall treat information provided to it as to the death
                                            of any Selected Grantee and the identity and contact details of their personal representative
                                            as conclusive and without being required to be made any enquiry that such information is
                                            correct.

 

		5.8	Save
                                            as provided in Paragraph 5.6 or otherwise specified in the relevant Award Agreement, in the
                                            event of a Total Lapse, then unless the Board shall decide otherwise, all the Awarded Shares
                                            of such Award shall not vest on the relevant Vesting Date but shall become Returned Shares
                                            for the purposes of the Scheme.

 

		5.9	In
                                            the event of a Partial Lapse, the relevant part of an Award made to such Selected Grantee
                                            shall, unless the Board otherwise agree, lapse and the relevant Awarded Shares shall not
                                            vest on the relevant Vesting Date but shall become Returned Shares for the purposes of the
                                            Scheme.

 

		5.10	Except
                                            in the circumstances of a Total Lapse,

 

		(i)	barring
                                            any unforeseen circumstances, unless otherwise agreed between the Board and the Trustee,
                                            at least ten (10) Business Days before the relevant Vesting Date, the Board shall confirm
                                            with the Trustee the list of Selected Grantees who have fulfilled all vesting conditions
                                            (if any) and the number of Awarded Shares to be vested on each Selected Grantee;

 

		(ii)	the
                                            Board shall also instruct the Trustee to send to the relevant Selected Grantees referred
                                            to in Paragraph 5.10(i) (via the Company) a vesting notice together with such prescribed
                                            transfer documents which require such Selected Grantees to effect the vesting and transfer
                                            of the Awarded Shares; and

 

		(iii)	subject
                                            to the receipt by the Trustee of transfer documents prescribed by the Trustee and duly signed
                                            by the Selected Grantees, other documents and information requested by the Trustee (if any)
                                            and a confirmation from the Company that all vesting conditions having been fulfilled, the
                                            Trustee shall:

 

		(a)	transfer
                                            the relevant Trust Shares as Awarded Shares to the relevant Selected Grantee by way of delivery
                                            of the physical share certificates; or

 

		(b)	transfer
                                            the relevant Trust Shares as Awarded Shares to the relevant Selected Grantee by depositing
                                            the Trust Shares into the relevant brokerage account held by the Selected Grantee.

 

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		5.11	Any
                                            Award made hereunder shall be personal to the Selected Grantee to whom it is made and shall
                                            not be assignable and no Selected Grantee shall in any way sell, transfer, charge, mortgage,
                                            encumber or create any interest in favor of any other person over or in relation to the Awarded
                                            Shares referable to him pursuant to such Award or the Related Income or any of the Returned
                                            Shares under the Scheme.

 

		5.12	For
                                            the avoidance of doubt:

 

		(i)	a
                                            Selected Grantee shall only have a contingent interest in the Awarded Shares which are referable
                                            to such Selected Grantee subject to the vesting of such Shares in accordance with Paragraph
                                            5.5;

 

		(ii)	a
                                            Selected Grantee shall have no rights in the Residual Cash, the Related Income or any of
                                            the Returned Shares;

 

		(iii)	no
                                            instructions may be given by a Selected Grantee to the Trustee in respect of the Awarded
                                            Shares, and such other properties of the Trust except when the Award becomes vested;

 

		(iv)	the
                                            Trustee shall not exercise the voting rights in respect of any Shares held under the Trust
                                            (including but not limited to the Trust Shares, the Related Income and the Returned Shares).
                                            All other rights and powers in respect of any Shares held under the Trust (including but
                                            not limited to the Trust Shares, the Related Income and the Returned Shares) shall be exercised
                                            by the Trustee in accordance with the instructions of the Company;

 

		(v)	a
                                            Selected Grantee shall have no rights in any fractional share arising out of consolidation
                                            of Shares (such Shares shall be deemed as Returned Shares for the purposes of the Scheme);

 

		(vi)	in
                                            the event a Selected Grantee ceases to be eligible pursuant to Paragraph 5.8 on the relevant
                                            Vesting Date, the award of the Awarded Shares in respect of the relevant Vesting Date shall,
                                            unless the Board otherwise agree, lapse and all the unvested Awarded Shares shall not vest
                                            on the relevant Vesting Date and the Selected Grantee shall have no claims against the Company
                                            or the Trustee; and

 

		(vii)	in
                                            the case of the death of a Selected Grantee, the Benefits shall be forfeited if no transfer
                                            of the Benefits to the legal personal representatives of the Selected Grantee is made within
                                            the period prescribed in Paragraph 5.7, the legal personal representatives of the Selected
                                            Grantee shall have no claims against the Company or the Trustee.

 

		5.13	No
                                            Award shall be made by the Board pursuant to Paragraph 5.2 and no assets shall be delivered
                                            or made to the Trustee and no instructions to deal in the Trust Shares shall be given to
                                            the Trustee under the Scheme where any such dealing at that time would cause the Company
                                            or any Subsidiary or any Grantee to be in breach of any applicable law, rules or regulations,
                                            from time to time.

 

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		5.14	In
                                            respect of the administration of the Scheme, the Company shall comply with all applicable
                                            laws, codes or regulations including without limitation those imposed by the Listing Rules
                                            from time to time.

 

		5.15	The
                                            deemed cash income of an Awarded Share as described in Paragraphs 6.2, 6.3, 6.4 and 6.6 shall
                                            be applied to defray the fees, costs and expenses of the Trust and the remainder will be
                                            treated as income of the Trust Fund.

 

		6.	TAKEOVER,
                                            RIGHTS ISSUE, OPEN OFFER, SCRIP DIVIDEND SCHEME, ETC

 

		6.1	If
                                            there occurs an event of change in control of the Company, whether by way of consummation
                                            of an offer, merger, scheme of arrangement or otherwise, the Board shall have the discretion
                                            to decide whether the Awarded Shares shall vest or lapse on the date when such change of
                                            control event becomes or is declared unconditional. On the occurrence of a change of control
                                            event and the Board has decided that the Awarded Shares should be vested, the Board shall
                                            instruct the Trustee in writing the number of Awarded Shares to be vested on each Selected
                                            Grantee and the Trustee shall send to each Selected Grantees via the Company a vesting notice
                                            together with such prescribed transfer documents which require such Selected Grantee to effect
                                            the vesting and transfer of the Trust Shares as Awarded Shares. Subject to the receipt by
                                            the Trustee of duly executed prescribed transfer documents, the Trustee shall transfer the
                                            Trust Shares as Awarded Shares to the Selected Grantees. For the purpose of this Paragraph
                                            6.1, “control” shall mean a holding, or aggregate holdings, of 30% or more of
                                            the voting rights of the Company, irrespective of whether that holding or holdings gives
                                            de facto control.

 

		6.2	In
                                            the event the Company undertakes an open offer of new securities in respect of any Shares
                                            which are held by the Trustee under the Scheme, the Board shall instruct the Trustee as to
                                            whether or not to subscribe for any new Shares. If the Board instructs the Trustee to subscribe
                                            for new Shares under the open offer, the Company shall provide the Trustee with the necessary
                                            funding for the subscription. In the event of a rights issue, the Board shall instruct the
                                            Trustee as to whether or not to take up any rights Shares. If the Board instructs the Trustee
                                            to take up any rights Shares, the Company shall provide the Trustee with the necessary funding.
                                            Should the Board instruct the Trustee not to take up any rights Shares, the Board shall direct
                                            the Trustee to sell such amount of the nil-paid rights allotted to it during a specific period
                                            and at a specific price range as instructed by the Company and the net proceeds of sale of
                                            such rights shall, unless otherwise instructed by the Company, be held as income of the Trust
                                            Fund and be applied in accordance with Paragraph 5.15.

 

		6.3	In
                                            the event the Company issues bonus warrants in respect of any Shares which are held by the
                                            Trustee, the Board shall instruct the Trustee as to whether or not to subscribe for any new
                                            Shares by exercising any of the subscription rights attached to the bonus warrants. If the
                                            Board instructs the Trustee to subscribe for new Shares pursuant to the bonus warrants, the
                                            Company shall provide the Trustee with the necessary funding for the subscription. Should
                                            the Board instruct the Trustee not to exercise the subscription rights, the Board shall direct
                                            the Trustee to sell the bonus warrants created and granted to it during a specific period
                                            and at a specific price range as instructed by the Company and the net proceeds of sale of
                                            such bonus warrants shall, unless otherwise instructed by the Company, be held as income
                                            of the Trust Fund and be applied in accordance with Paragraph 5.15.

 

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		6.4	In
                                            the event the Company undertakes a scrip dividend scheme, the Board shall instruct the Trustee
                                            as to the election of scrip dividend or cash dividend. If there is an election for scrip
                                            dividend, it will be treated as Related Income and held by the Trustee in accordance with
                                            Paragraph 8.1. If there is an election for cash dividend, unless otherwise instructed by
                                            the Company, it will be treated as income of the Trust Fund and be applied in accordance
                                            with Paragraph 5.15.

 

		6.5	In
                                            the event that the Company undertakes a consolidation of the Shares, all fractional shares
                                            arising out of such consolidation in respect of the Trust Shares shall be deemed as Returned
                                            Shares for the purposes of the Scheme and shall not be transferred to the relevant Selected
                                            Grantee on the relevant Vesting Date.

 

		6.6	In
                                            the event of other non-cash and non-scrip distributions made by the Company in respect of
                                            Shares held upon the Trust, the Board shall direct the Trustee whether or not to dispose
                                            of such distribution. Should the Board instruct the Trustee to dispose of such distribution
                                            at a price agreed by the Company, unless otherwise instructed by the Company, the net sale
                                            proceeds thereof shall be deemed as income of the Trust Fund and shall be applied in accordance
                                            with Paragraph 5.15.

 

		7.	SCHEME
                                            LIMIT AND ALTERATIONS

 

		7.1	The
                                            maximum number of Shares available for Award under the Scheme shall be determined by the
                                            Board from time to time.

 

		7.2	Notwithstanding
                                            Paragraph 7.1, the Board shall not make any further award of Awarded Shares which will result
                                            in the number of Shares awarded by the Board under the Scheme representing in excess of twenty
                                            (20) per cent. of the issued share capital of the Company from time to time.

 

		7.3	The
                                            maximum number of Shares which may be subject to an award or awards to a Selected Grantee
                                            during any 12-month period shall not in aggregate exceed such number of Shares as permitted
                                            by applicable laws and regulations and, in the absence of a maximum number permitted by applicable
                                            laws and regulations, such number as determined by the Board from time to time.

 

		7.4	The
                                            Scheme may be amended in any respect by a resolution of the Board provided that no such amendment
                                            shall operate to affect materially and adversely any subsisting rights of any Selected Grantee
                                            hereunder except with:

 

		(i)	the
                                            consent in writing of Selected Grantees whose Awarded Shares amount to three-fourths (3/4)
                                            in nominal value of all Shares held by the Trustee on that date; or

 

		(ii)	the
                                            sanction of a resolution at a meeting of Selected Grantees passed by not less than three-fourths
                                            (3/4) of the votes cast by Selected Grantees entitled to vote at the meeting.

 

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		7.5	For
                                            any meeting of Selected Grantees referred to in Paragraph 7.4 all the provisions of the Articles
                                            as to general meetings of the Company shall mutatis mutandis apply as though the Shares then
                                            held by the Trustee on behalf of Selected Grantees were a separate class of shares forming
                                            part of the share capital of the Company except that:

 

		(i)	not
                                            less than 7 days’ notice of such meeting shall be given;

 

		(ii)	a
                                            quorum at any such meeting shall be any two Selected Grantees present in person or by proxy
                                            unless at the time of such meeting there is only one Selected Grantee in which case a quorum
                                            shall be one Selected Grantee present in person or by proxy;

 

		(iii)	every
                                            Selected Grantee present in person or by proxy at any such meeting shall be entitled on a
                                            show of hands to one vote, and on a poll, to one vote for each Awarded Share proposed to
                                            be awarded to him and held by the Trustee;

 

		(iv)	any
                                            Selected Grantee present in person or by proxy may demand a poll; and

 

		(v)	if
                                            any such meeting is adjourned for want of a quorum such adjournment shall be to such date
                                            and time not being less than 7 or more than 14 days thereafter and to such place as may be
                                            appointed by the chairman of the meeting. At any adjourned meeting those Selected Grantees
                                            who are then present in person or by proxy shall form a quorum and at least 7 days’
                                            notice of any adjourned meeting shall be given in the same manner as for an original meeting
                                            and such notice shall state that those Selected Grantees who are then present in person or
                                            by proxy shall form a quorum.

 

		7.6	In
                                            respect of any proposed alterations to the advantage of the Selected Grantee and where the
                                            Board considers necessary, such proposed alterations shall be approved by the Board.

 

		8.	RELATED
                                            INCOME AND RETURNED SHARES

 

		8.1	The
                                            Trustee shall hold the Related Income which is in the form of Shares and the Returned Shares
                                            exclusively for the benefit of all or one or more of the Grantees (including future Grantees
                                            but excluding any Excluded Grantee).

 

		8.2	The
                                            Trustee may upon instructions by the Company:

 

		(i)	allocate
                                            such Related Income and Returned Shares as Awarded Shares to any Selected Grantees; or

 

		(ii)	sell
                                            such Related Income and Returned Shares, in which case the net sale proceeds thereof shall
                                            be deemed as income of the Trust Fund and shall be applied in accordance with Paragraph 5.15.

 

    12

     

    

 

		9.	DISPUTES

 

		9.1	The
                                            Board shall have the full rights and powers to interpret the Scheme, the vesting conditions
                                            set forth in the offer letter issued to the Selected Grantee and any matters in relation
                                            to the Scheme.

 

		9.2	Any
                                            dispute arising in connection with the Scheme shall be referred to the decision of the Board
                                            who shall act as experts and not as arbitrators and whose decision shall be final and binding.

 

		10.	TERMINATION

 

		10.1	The
                                            Scheme shall terminate on the earlier of:

 

		(i)	the
                                            tenth (10th) anniversary of the Adoption Date; and

 

		(ii)	such
                                            date of early termination as determined by the Board

 

provided
that such termination shall not affect any subsisting rights of any Selected Grantee hereunder.

 

		10.2	Upon
                                            termination, the Trustee shall:

 

		(i)	subject
                                            to the receipt of the transfer documents prescribed by the Trustee and duly signed by the
                                            Selected Grantee within the period stipulated by the Trustee, transfer the Awarded Shares
                                            which shall vest on the expiry of the Trust Period (for this purpose, all unvested Awarded
                                            Rights shall become vested on the Selected Grantee so referable on such date of termination
                                            save in respect of the Total Lapse);

 

		(ii)	sell
                                            or otherwise dispose of all the Trust Shares (which are unvested), the Related Income in
                                            the form of Shares, the Returned Shares and all such non-cash income remaining in the Trust
                                            Fund, within thirty (30) Business Days of the date of termination of the Scheme, to the extent
                                            permissible by the prevailing market conditions; and

 

		(iii)	forthwith
                                            after the sale referred to in Paragraph 10.2(ii), remit or transfer to the Company the Residual
                                            Cash and the net proceeds of sale referred to in Paragraph 10.2(ii) hereof and such other
                                            funds remaining in the Trust (after making appropriate deductions in respect of all disposal
                                            costs, liabilities and expenses in accordance with the Trust Deed).

 

		10.3	For
                                            the avoidance of doubt, the temporary suspension of the granting of any Award shall not be
                                            construed as a decision to terminate the operation of the Scheme.

 

    13

     

    

 

		11.	MISCELLANEOUS

 

		11.1	The
                                            Scheme shall not form part of any contract of service or employment between the Company or
                                            any Subsidiary and any Grantee, and the rights and obligations of any Grantee under the terms
                                            of such Grantee’s office or employment shall not be affected by such Grantee’s
                                            participation in the Scheme or any right which such Grantee may have to participate in it
                                            and the Scheme shall afford such Grantee no additional rights to compensation or damages
                                            in consequence of the termination of such office or employment for any reason.

 

		11.2	The
                                            grants of an Award on a particular basis in any year does not create any right to or expectation
                                            of the grant of Awards on the same basis, or at all, in any future year. Participation in
                                            the Scheme does not imply any right to participate, or to be considered for participation
                                            in any later operation of the Scheme. Subject to any applicable legislative requirement,
                                            any Award will not be regarded as remuneration for pensions purposes or for the purposes
                                            of calculating payments on termination of employment.

 

		11.3	The
                                            Board shall not be obliged to arrange the transfer of any Shares within the prescribed time
                                            as specified in Paragraph 5 following an Award, if to do so would breach any applicable law
                                            or regulation or otherwise would require the Board and/or the Company to comply with additional
                                            requirements which are, in the reasonable opinion of the Board, unduly onerous or burdensome.

 

		11.4	The
                                            Company shall bear the costs of establishing and administering the Scheme, including, for
                                            the avoidance of doubt, costs arising from communication as referred to in Paragraph 11.5,
                                            expenses incurred in the purchase of Shares by the Trustee and stamp duty and normal registration
                                            fees (i.e., not being fees chargeable by the share registrar of any express service of registration)
                                            in respect of the transfer of Shares to Selected Grantees on the relevant Vesting Date. For
                                            the avoidance of doubt, the Company shall not be liable for any tax or expenses of such other
                                            nature payable on the part of any Grantee in respect of any vesting or transfer of Shares.

 

		11.5	Any
                                            notice or other communication between the Company and the Trustee may be given by sending
                                            the same by prepaid post or by personal delivery to, the Company’s or the Trustee’s
                                            principal place of business in Hong Kong or such other address as notified by from time to
                                            time by the party receiving such notice or communication to the sending party.

 

		11.6	Any
                                            notice or other communication served by post shall be deemed to have been served twenty-four
                                            (24) hours after the same was put in the post.

 

		11.7	The
                                            Company shall not be responsible for any failure by any Grantee to obtain any consent or
                                            approval required for such Grantee to participate in the Scheme as a Selected Grantee or
                                            for any tax, duty, expenses, fees or any other liability to which such Grantee’s may
                                            become subject as a result of such Grantee’s participation in the Scheme.

 

    14

     

    

 

		11.8	This
                                            Scheme shall not confer on any person any legal or equitable rights (other than those constituting
                                            the Awards themselves) against the Company or the Trustee directly or indirectly or give
                                            rise to any cause of action at law or in equity against the Company or the Trustee.

 

		11.9	By
                                            participating in this Scheme the Selected Grantee consents to the holding and processing
                                            of personal data provided by the Selected Grantee to the Company for all purposes relating
                                            to the operation of this Scheme. These include, but are not limited to:

 

		(i)	administering
                                            and maintaining the Selected Grantee records;

 

		(ii)	providing
                                            information to the Trustee, legal advisers, registrars, brokers or third-party administrators
                                            of this Scheme;

 

		(iii)	providing
                                            information to future purchasers of the Company or the business in which the Selected Grantee
                                            works; or

 

		(iv)	transferring
                                            information about the Selected Grantee to a country or territory outside Hong Kong.

 

		11.10	Each
                                            and every provision hereof shall be treated as a separate provision and shall be severally
                                            enforceable as such and in the event of any provision or provisions being or becoming unenforceable
                                            in whole or in part. To the extent that any provision or provisions are unenforceable they
                                            shall be deemed to be deleted from these rules of the Scheme, and any such deletion shall
                                            not affect the enforceability of the rules of the Scheme as remain not so deleted.

 

		12.	GOVERNING
                                            LAW

 

		12.1	The
                                            Scheme shall operate subject to the Articles and any applicable law.

 

		12.2	The
                                            Scheme shall be governed by and construed in accordance with the laws of Hong Kong.

 

 

15Exhibit 10.3

 

		Ng Wing Fai

                         Page 1 / 5

 

PRIVATE
AND CONFIDENTIAL

 

01
November 2022 

 

Mr. Ng
Wing Fai

Present

 

Dear
Wing Fai,

 

RE:
Letter of Appointment (“the Contract”) and Transfer (“Transfer”)

 

We
are pleased to inform you that with effect from 1 November 2022, the employer of your employment with AGBA Management Company
Limited, will be replaced with Tandem Money Hong Kong Limited (the “Company”). Your position will remain Group
President (Grade 8-8B), with the following terms and conditions.

 

Date
of Commencement

 

1
November 2022

 

Your
previous years of service accrued with AGBA Management Company Limited from 15 September 2015 will be taken into account
in calculating your period of service with the Company.

 

Gross
Basic Salary

 

You
will be paid an annual basic salary of HK$10,350,048 in 12 monthly installments (i.e. HK$862,504 per
month).

 

Discretionary
Annual Performance Bonus (the “Bonus”)

 

You
will continue to participate in the Discretionary Annual Performance Bonus Scheme (the “Scheme”). The Bonus amount will be
determined by the management of the Company (“the “Management”) according to the business results and your performance
(including your individual appraisal). The Bonus is of a gratuitous nature (in other words the bonus does not form part of your wages
for the purpose of the Employment Ordinance) and the Company retains full discretion to review and modify the Scheme from time to time
without prior notice to you.

 

If
you join the Company other than the first day of the calendar year, your first year’s Bonus entitlement, if any, will be calculated
on a pro-rata basis and subject to successful completion of your probation by the year-end.

 

No
Bonus will be paid if you are no longer in employment or are under notice of termination of employment, either given to or received from
the Company, at the time that Bonus is due to be paid, or if you have been disciplined and the disciplinary sanction is still current
at that time.

 

Mandatory
Provident Fund Scheme (“MPFS”)

 

Your
entitlement to the MPFS will continue and the employee contributions to the MPFS will be deducted from your monthly basic salary. Please
refer to the “Staff Handbook” for details of the MPFS.

 

AGBA Tower, 68 Johnston Road, Wan Chai, Hong Kong | 香港灣仔莊士敦道68號匯邦集團大廈

 

     

     

    

 

		Ng Wing Fai

                         Page 2 / 5

 

Office
Hours

 

The
office hours are from Monday to Friday from 9:00am to 5:30pm with a one-hour lunch break. However, subject to the nature of your
position, you are expected to work beyond such hours as are reasonably necessary to carry out your duties, as instructed or directed
by the Management.

 

Probation

 

Not
applicable or if you are under probation with AGBA Management Company Limited at the time of Transfer, your probation will
continue with the same conditions until it is successfully completed.

 

Secondment

 

You
understand that the Company may render or provide services to its associated companies. You accept and agree that the Company may second,
transfer, instruct, or direct you to work or perform your work or duties for the associated companies (as defined under the Companies
Ordinance, Cap.622) of the Company, including but not limited to the associated companies set out in the Schedule to this Contract, on
either a temporary or permanent basis and either on a part time or full time basis on the same terms and conditions as set out in this
Contract or otherwise mutually agreed between the Company and you. Further, you understand, accept, and agree that you may have to concurrently
work or perform your work or duties for the Company and its associated companies, subject to the instructions and directions of the Management.

 

For
the avoidance of doubt, the Company may change, revise, or amend any of the associated companies as set out in the Schedule to this Contract
from time to time without notice to you.

 

Annual
Leave

 

You
will be entitled to 25 working days per calendar year, if applicable, upon completion of three months’ service should your
Join Group Date is within three months at time of Transfer. It will be increased in accordance with your position grading with the Company
per the policy of the Company. Any untaken or overtaken Annual Leave balance will be carried forwarded to the Company upon Transfer.
For incomplete year of service, your entitlement will be pro-rated accordingly.

 

Fringe
Benefits

 

You
will be entitled to all fringe benefits of the Company in accordance with your Benefit Band IV upon completion of
probationary period if applicable.

 

Tax
Responsibility

 

You
will be responsible for the payment of your personal income tax.

 

AGBA Tower, 68 Johnston Road, Wan Chai, Hong Kong | 香港灣仔莊士敦道68號匯邦集團大廈

 

     

     

    

 

		Ng Wing Fai

                         Page 3 / 5

 

Termination
of Employment

 

	(a)	This
                                            Contract may be terminated by either party as follows:

 

		(i)	During
                                            the first month of probationary period, no notice is required.

 

		(ii)	Starting
                                            from the second month, either party is required to give seven (7) days written notice or
                                            salary in lieu of notice.

 

		(iii)	After
                                            written confirmation of employment, three (3) month(s) written notice or salary in lieu of
                                            notice is required.

 

	(b)	This
                                            Contract may be terminated by the Company without the notice or salary in lieu of notice
                                            to you as set out in (a) above if:

 

		(i)	you
                                            committed any act in breach of the policies and procedures of the Company or its associated
                                            companies or applicable industry codes of practice, regulatory requirements, or laws which
                                            is sufficiently serious in the circumstances to warrant summary dismissal, or you have been
                                            guilty of misconduct, fraud or dishonesty, neglect of duty or wilful disobedience; or

 

		(ii)	your
                                            work duties in relation to your position require you to act in certain capacity in compliance
                                            with the applicable regulatory or statutory requirements (local and/or overseas), such as
                                            a responsible officer under the Insurance Ordinance, Mandatory Provident Fund Schemes Ordinance,
                                            or the Securities and Futures Ordinance, the management-in-charge under the regime of the
                                            Securities and Futures Commission, or a legal representative in a foreign invested company
                                            in People’s Republic of China, and any such requirement is not discharged or met by
                                            you within a reasonable period of time.

 

Employees’
Obligations upon Termination

 

	(a)	Upon
                                            the termination of this Contract for any cause whatsoever you shall:

 

		(i)	immediately
                                            deliver up to the Company and its associated companies all documents, statistics, accounts,
                                            records, programs and other items of whatsoever nature or description which may be in your
                                            possession or under your control which relate in any way to the business or affairs of the
                                            Company and/or its associated companies and no information from or copies of any such documents
                                            as aforesaid or any part thereof shall be retained by you in any form; and

 

		(ii)	in
                                            the event that you shall in the course of this employment create any intellectual property
                                            rights which is capable of giving rise to a proprietary interest (the “Intellectual
                                            Property”) relating to or capable of being used in the businesses of the Company and/or
                                            its associated companies, the Intellectual Property shall be the property of the Company
                                            or its associated companies. The Company expects you to comply with the Intellectual Property
                                            policies of the Company and its associated companies at all times. You may not use of any
                                            Intellectual Property for a party other than the Company its associated companies unless
                                            the use is permitted or authorized by the Management. Rights and obligations under this clause
                                            shall continue to be in force after the termination of this Contract in respect of any Intellectual
                                            Property created during the term of this employment and shall be binding upon the personal
                                            representatives of yourself.

 

	(b)	During
                                            the term of this Contract and for a period of six (6) months after its termination for whatever
                                            cause, you undertake that you shall not, directly or indirectly, solicit or induce any person
                                            who is

 

		(i)	a
sales person or consultant or (ii) any person who is employed or engaged by the Company or its associated companies and with whom you
have any dealing in the course of your employment, to terminate his or her employment or engagement with the Company and/or its associated
companies.

 

AGBA Tower, 68 Johnston Road, Wan Chai, Hong Kong | 香港灣仔莊士敦道68號匯邦集團大廈

 

     

     

    

 

		Ng Wing Fai

                         Page 4 / 5

 

	(c)	You
                                            further undertake that, during the term of this Contract and for a period of six (6) months
                                            after its termination for whatever cause, you shall not, directly or indirectly, solicit
                                            business from any customers or accounts of the Company and/or its associated companies with
                                            whom you have service or dealings while you are employed by the Company. These covenants
                                            do not restrict the right of a former employee to pursue any profession or job at any time
                                            after termination of employment with the Company. You acknowledge that the restrictions imposed
                                            on you herein are reasonable and necessary to protect the trade secrets and proprietary interests
                                            of the Company and its associated companies.

 

Company
Policies, Procedures and Regulatory Requirements

 

During
the term of this Contract, you shall at all times and in all respects comply with:

 

	(a)	all
                                            internal policies and procedures from time to time issued by the Company and/or its associated
                                            companies;

 

	(b)	all
                                            laws, regulations and industry codes of practice applicable to your work and duties;

 

	(c)	the
                                            statutory and regulatory requirements as to the capacity under which your work duties require
                                            you act accordingly; and

 

	(d)	all
                                            reasonable and lawful instructions or directions given to you by the Management or under
                                            the authority of the Company.

 

Your
agreement to be bound by this clause is a condition of your employment. Failure to comply with the above will result in disciplinary
action possibly leading to dismissal.

 

Confidentiality

 

You
shall not during or after the termination of this Contract reveal or disclose to any person or persons, except what is necessary in the
proper performance of your work duties hereunder or with the prior consent of the Management so to do, any Confidential Information,
including any trade secret, which you may receive, obtain or discover in relation to the business or affairs of the Company and/or its
associated companies.

 

“Confidential
Information” means all information, know-how and records (in whatever form held) relating to the business or affairs of the Company
and/or its associated companies including (but without prejudice to the generality of the foregoing) all formulas, designs, specifications,
drawings, data, manuals and instructions and all customer lists, contact details of customers or potential customers or any suppliers
and potential suppliers of the Company and/or its associated companies, sales information and statistic, market surveys and plans, sales
techniques, price lists, business plans and methods, corporate plans, management systems, finances, maturing business opportunities,
research and development of the Company and/or its associated companies, forecasts and technical or other expertise and computer software
and accounting and tax records, correspondences, orders and enquiries that are confidential or not generally known and all such other
information in respect of which the Company and/or its associated companies is bound by a legally enforceable obligation of confidence
to a third party, and information generally understood by you or considered by the Company or its associated companies to be confidential.

 

AGBA Tower, 68 Johnston Road, Wan Chai, Hong Kong | 香港灣仔莊士敦道68號匯邦集團大廈

 

     

     

    

 

		Ng Wing Fai

                         Page 5 / 5

 

Exclusion
of Other Occupations

 

During
the term of this Contract, you shall not, without the prior written consent of the Company, engage or be concerned either directly or
indirectly as principal, agent, director, employee, or otherwise in any other trade, business, occupation or private professional practice.

 

Garden
Leave

 

The
Company reserves the right, at its sole discretion, not to assign any work to you and may at any time or from time to time direct you
not to perform some or all of your work duties or exclude you from any premises of the Company and/or its associated companies without
giving any reason. Your salary and benefits will not cease to be payable by reason only of the Company invoking any such arrangement.

 

Governing
Law

 

This
Contract will be governed by and construed in accordance with the laws of the Hong Kong Special Administrative Region (“HKSAR”).
The Company and you shall submit to the jurisdiction of the Courts of HKSAR in relation to any dispute arising in connection with this
Contract.

 

This
Contract supersedes any prior oral or written understanding regarding the terms and conditions of your employment with the Company. Details
of the other terms and conditions which apply to your employment are stated in the Staff Handbook which may be changed from time to time.

 

This
offer of employment is subject to satisfactory references from your previous employers, if applicable, and your legal capacity and status
to be employed in Hong Kong.

 

On
behalf of the Company, we extend to you a warm welcome and wish you every success in your career with the Company. Please indicate your
understanding, acceptance, and agreement of the above terms and conditions by signing and returning the duplicate of this Contract to
us.

 

	Yours
sincerely,	 	
	For and on behalf of	 	 
	AGBA
Management Company Limited and 	 	 
	Tandem Money Hong Kong Limited	 	Agreed and Accepted:
	 	 	 
	/s/ Jean
Kam	 	/s/ Ng Wing Fai
	Jean
Kam	 	Ng Wing Fai
	Head
of Human Resources	 	HKID Card No.: G289503(9)
	01 November 2022	 	Date:

 

JK/cl

 

AGBA Tower, 68 Johnston Road, Wan Chai, Hong Kong | 香港灣仔莊士敦道68號匯邦集團大廈

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