Document:

EX-10.18

 Certain identified information has been excluded from this exhibit because it both (i) is not
material and (ii) would be competitively harmful if publicly disclosed. 
 Exhibit 10.18 

Agreement to Build and Lease 

DATED 30 JAN 2019 
 HSBC
INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED 
 in its capacity as trustee of AREIT 

(as Lessor) 
 and 

GRABTAXI HOLDINGS PTE. LTD. 

(as Lessee) 
  

 
 AGREEMENT TO
BUILD AND LEASE 
 in respect of 

Land Lot provisionally known as PID 

8201808006, forming part of Government Survey 

Lot Nos. 5418K-PT and 4398W-PT of Mukim 3 at 

One-North, Singapore 

 
  

 
 

 
 Baker & McKenzie.Wong & Leow 

8 Marina Boulevard #05-01 Tower 1 

Marina Bay Financial Centre 

Singapore 018981 

 CONTENTS 
  

							
	Clause	  	 	  	Page	 
	1.	  	Interpretation	  	 	2	 
	2.	  	Agreement to Build and Lease	  	 	8	 
	3.	  	Premises	  	 	9	 
	4.	  	Option to Renew	  	 	10	 
	5.	  	Rent	  	 	11	 
	6.	  	Floor Area	  	 	11	 
	7.	  	Lessee Security Deposit	  	 	12	 
	8.	  	Base Specifications of the Building	  	 	13	 
	9.	  	Project	  	 	13	 
	10.	  	Early Access and Fitout	  	 	17	 
	11.	  	Defects	  	 	19	 
	12.	  	Variations to Base Plans and Specifications	  	 	20	 
	13.	  	Signage Rights	  	 	25	 
	14.	  	Warranties	  	 	25	 
	15.	  	Head Lease Documents	  	 	25	 
	16.	  	Execution and Terms of Lease Agreement	  	 	26	 
	17.	  	Rights and Obligations of the Patties:	  	 	27	 
	18.	  	Costs	  	 	27	 
	19.	  	Assignment by Lessor	  	 	28	 
	20.	  	Assignment by Lessee	  	 	28	 
	21.	  	Termination by either Patty	  	 	28	 
	22.	  	Confidentiality	  	 	29	 
	23.	  	Goods and Services Tax	  	 	30	 
	24.	  	Notices	  	 	30	 
	25.	  	Dispute Resolution	  	 	31	 
	26.	  	Governing Law and Submission to Jurisdiction	  	 	32	 
	27.	  	Miscellaneous	  	 	32	 
	28.	  	Lessor’s Liability	  	 	33	 
		
	Schedules and Appendices	  			
		
	SCHEDULE A	  			
	Plan & Description of Land	  	 	35	 
	SCHEDULE B	  			
	Base Plan and Specifications	  	 	36	 
	APPENDIX A	  			
	Form of Lease Agreement	  	 	37	 
	APPENDIX B	  			
	List of Warranties	  	 	38	 

 DATE: 30 January 2019 

PARTIES: 
  

	(1)	 HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED (in its capacity as Trustee of Ascendas Real
Estate Investment Trust), a company incorporated under the laws of Singapore with UEN No. 194900022R, and having its registered address at 21 Collyer Quay #13-02 HSBC Building S049320 (the
“Lessor”); and 

  

	(2)	 GRABTAXI HOLDINGS PTE. LTD., a company incorporated in Singapore with UEN No. 201316157E and having its
registered address at 6 Shenton Way #38-01 OUE Downtown Singapore 068809 (the “Lessee”),  

(collectively, the “Parties”, and each, a “Party”).  

RECITALS: 
  

	(A)	 Following a request for proposal process conducted by the Lessee, the Lessor has been selected by the Lessee to
acquire and purchase a leasehold interest in respect of the Land (as herein defined), and to develop the Building (as herein defined) upon the Land. 

  

	(B)	 The Lessee desires for the Building to be developed upon the Land in accordance with this Agreement to be used
by the Lessee in the course of the Lessee’s business, for the Permitted Use (as herein defined). 

  

	(C)	 The Lessor agrees to grant, and the Lessee agrees to take, a lease of the Property, subject to the terms in
this document and the terms in the Lease Agreement (as herein defined). 

 IT IS AGREED as follows: 

 

	1.	 INTERPRETATION 

 

	1.1	 Defined terms 

In this Agreement, the words and expressions below have the meanings ascribed to them: 

“Access Notice” has the meaning as stated in Clause 10.1.2. 

“AREIT” means Ascendas Real Estate Investment Trust. 

“Authorities” means any and/or all relevant governmental, quasi-governmental, statutory or regulatory authorities (including
JTC) and “Authority” means any one of them. 
 “Authorities Variation” has the meaning as stated in Clause
12.2(a). 
 “Building” means Tower I and Tower 2 collectively as described in the annexure at Schedule B, which are
to be designed, developed and constructed on the Land by the Lessor pursuant to this Agreement. 
 “Base Plans and
Specifications” means all designs, drawings, plans, layout, details, specifications and plans for the Building described in the annexure at Schedule B to this Agreement, and includes all Variations made to them in accordance with
this Agreement. 
 “Business Day” means a day (other than a Saturday, Sunday or any gazetted public holiday in Singapore) on
which commercial banks are ordinarily open for business in Singapore. 
 “Certifying Party” means either the architect or
the project manager as may be appointed by the Lessor or such other appropriate Qualified Person as may be mutually agreed between the Pa1iies. 

  
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 “Confidential Information” means the terms of the MOU, this Agreement
and/or the Lease Agreement and all information relating to the Project including without limitation the location of the Land, the Permitted Use, the proposed timing for the construction, all technical information, drawings and designs but does not
include information which the Party receiving the Confidential Information can show: 
  

	 	(a)	 became available to the public other than due to a Party’s unauthorised disclosure; 

 

	 	(b)	 that at the time of receipt, was already in that Party’s possession or became lawfully available to that
Party on a non-confidential basis from a third party entitled to make that disclosure; or 

  

	 	(c)	 was independently developed by that Party without the benefit of the other Party’s Confidential
Information. 

 “Construction Commencement Date” has the meaning as stated in Clause 7.1(b). 

“CSC” means the certificate of statutory completion for the Building issued by the Building and Construction Authority
under the Building Control Act (Chapter 29). 
 “Declared Investment” has the meaning as stated in Clause 15.1.1(b). 

“Defects Liability Period” means a period of twelve (12) months after the Possession Date. 

“Detailed Plans and Specifications” means all designs, drawings, plans, layout, details, specifications and other drawn or
written information which are necessary to complete the works for the Project (excluding the Lessee’s Fitout Works) prepared or to be prepared by the Lessor based on and in accordance with the Base Plans and Specifications and approved by the
Lessee in accordance with Clause 9.1(b). 
 “Dispute” has the meaning as stated in Clause 25.1. 

“Estimated GFA” means the GFA as stated in Clause 6.1. 

“Extended NTP Deadline” has the meaning as stated in Clause 9.5. 

“Final NFP” has the meaning as stated in Clause 12.5.1. 

“Fitout” means the Lessee’s fitting out and decoration of the Property to suit the Lessee’s occupation and use. 

“Fitout Works” means the works necessary to complete the Fitout. 

“Fitting Out Period” means, collectively, the Pre-TOP Access Period and Rent Free
Period. 
 “Force Majeure Event” shall mean an event which is beyond the control of the Main Contractor and was not
contributed to by the Main Contractor, that results in a total or partial failure of the Main Contractor in the fulfilment of any of its obligations under the Main Contract, and which is unforeseen, or if foreseeable, is unavoidable, and such events
shall include but not be limited to any of the following: 
  

	 	(a)	 exceptionally adverse weather conditions; 

 

	 	(b)	 damage or disruptions to construction works caused by fire, storm, lightning, high winds, earthquake or
incidents relating to aircraft or aerial objects; 

  

	 	(c)	 war, hostilities (whether war be declared or not), invasion, act of foreign enemies, insurgency, terrorism,
civil commotion or riots; 

  
 3 

	 	(d)	 rebellion, revolution, insurrection or military or usurped power or civil war; 

 

	 	(e)	 industrial action by workmen, strikes, lockouts or embargoes in respect of any of the trades employed upon the
construction; 

  

	 	(f)	 any shortage of labour or construction materials resulting from domestic or foreign government actions,
embargoes or regulations; or 

  

	 	(g)	 island wide disruption of power or water lasting for a continuous period of more than 48 hours.

 “GFA” means the aggregate gross floor area of the Building measured to include half the thickness of
the walls/partitions/glass (as the case may be) which form the external boundary of the space being measured, and half the thickness of the internal walls/partitions/glass, as well as the areas occupied by all pillars, columns, mullions, internal
partitions and projections within the space being measured, provided that, and subject to Clause 6: 
  

	 	(a)	 until the GFA is determined by the registered surveyor engaged by the Lessor, the GFA shall be the Estimated
GFA; and 

  

	 	(b)	 upon determination of the GFA by the registered surveyor, the GFA will be the Surveyed GFA.

 “GST” means goods and services tax as provided for in the Goods and Services Tax Act (Chapter 117A).

 “HSBCITS” has the meaning as stated in Clause 28(a). 

“Initial NFP” has the meaning as stated in Clause 12.5.2. 

“Initial Rate” has the meaning as stated in Clause 5.2(a). 

“JTC” means JTC Corporation, a body corporate incorporated under the Jurong Town Corporation Act (Chapter 150). 

“JTC Letter of Offer” means the letter of offer dated 28 January 2019 incorporating the Schedule of Building Terms,
Special Terms and Conditions and Standard Terms and Conditions together with the form of lease in respect of the JTC Lease in respect of the Land issued by JTC to the Lessor, and duly accepted by the Lessor, as varied by the Side Letter dated
28 January 2019 issued by JTC to the Lessor. 
 “JTC Lease” means the lease in respect of the Land (substantially in
the form attached to the JTC Letter of Offer) to be granted by JTC to the Lessor pursuant to the JTC Letter of Offer. 
 “JTC Lease
Documents” means the JTC Letter of Offer, JTC Lease and includes all documents made between JTC and the Lessor on terms and conditions agreed to by the Lessor and the Lessee which are expressed to be supplemental or variation to any of the
JTC Lease Documents. 
 “Land” means the whole of the land lot provisionally known as PID 8201808006, forming part of
Government Survey Lot Nos. 5418K-PT and 4398W-PT of Mukim 3, with an approximate site area of 11,435 square metres subject to final survey, as described in Schedule
A. 
 “Land Application Fee” means the amount of approximately S$390,867. 77 that the Lessor has paid to JTC for
the land application in relation to the Land. 

  
 4 

 “Laws” means any and/or all present and future laws, legislation,
subsidiary legislation, statutes and ordinances (including applicable anti-bribery and corruption, competition / antitrust laws and applicable rules of any relevant stock exchange), and any orders, directions, by-laws, codes, regulations,
guidelines, notices and, requirements of or issued by any Authority or common law. 
 “Lease” has the meaning as stated in
Clause 3.3. 
 “Lease Area” means the GFA of the Building. 

“Lease Agreement” has the meaning as stated in Clause 3.3(iii). 

“Lease Commencement Date” means the Possession Date. 

“Lease Deposit” has the meaning as stated in Clause 7.4. 

“Lessee Payment” has the meaning as stated in Clause 12.4.2(a). 

“Lessee Variation” has the meaning as stated in Clause 12.3(a). 

“Lessor Payment” has the meaning as stated in Clause 12.4.2(b). 

“Lessor Variation” has the meaning as stated in Clause 12.7(a). 

“MOU” means the binding Memorandum of Understanding signed between Ascendas Funds Management (S) Limited in its capacity
as manager of Ascendas Real Estate Investment Trust (“AREIT”) and the Lessee relating to the Project, the Building, this Agreement, and the Lease Agreement and includes any variation or supplementary document entered into between
the Parties. 
 “Main Contract” means the contract to, inter alia, construct the Project made between the Lessor (as
employer) and the Main Contractor (as main contractor for the Project). 
 “Main Contractor” means HPC Builders Pte. Ltd. or
such other substitute main contractor under the Main Contract appointed by the Lessor which shall be at least of similar repute and/or qualification as HPC Builders Pte. Ltd. 

“Mechanical and Electrical Equipment” means the plant, mechanical and electrical equipment, fixtures and fittings installed by
the Lessor at the Property in accordance with the Base Plans and Specifications and Detailed Plans and Specifications. 
 “NFP”
has the meaning as stated in Clause 12.4.1. 
 “Notice” has the meaning as stated in Clause 24.1. 

“Notice to Take Possession” has the meaning as stated in Clause 9.4(a). 

“NTP Deadline” means the date stated in Clause 9.4(a). 

“NTP Extension Notice” has the meaning as stated in Clause 9.5. 

“Paying Party” has the meaning as stated in Clause 23.1. 

“Payment Date” means the 1st day of each month of the Term. 

“Permitted Use” means for use for purposes of software development and fintech only, with supporting activities including but
not limited to the following activities, subject to prevailing Development Control Guidelines: 
  

	 	(a)	 (i)     research and development; 

  
 5 

	 	(ii)	 the carrying out of software maintenance and use as call centre; 

 

	 	(iii)	 use as fleet support centre for training purposes, carrying out of customer/driver sign-up and customer/driver support activities and other activities relating to support of the fleet support centre (including without limitation customer/driver activation, issues resolution and operation of
training team); and 

  

	 	(iv)	 use as an industrial canteen in accordance with the terms of the JTC Letter of Offer; and

  

	 	(b)	 all other allowable uses that are approved by JTC and other relevant Authorities. 

“Plans” has the meaning as stated in Clause 10.3. 

“Practical Completion” means the stage reached when the Project has been essentially completed and the Building is fit for its
intended purpose as set out in the Base Plans and Specifications and Detailed Plans and Specifications, except for minor omissions and defects that do not prevent its use in accordance with the Permitted Use, and with tests and documentation
required under the Main Contract having been completed and made available, as certified by the Certifying Party. 
 “Possession
Date” has the meaning as stated in Clause 9.4(b). 
 “Pre-TOP Access Date”
has the meaning as stated in Clause 10.1.2(ii). 
 “Pre-TOP Access Period” means
the period commencing on the Pre-TOP Access Date and ending upon the TOP Date. 
 “Prevailing
Market Rent” has the meaning as stated in Clause 4.1(c). 
 “Project” means the project for the development
comprising the construction and completion of the Building at the Land and installation of the Mechanical and Electrical Equipment in accordance with the Base Plans and Specifications and Detailed Plans and Specifications. 

“Property” means the Land together with the Building. 

“Quantity Surveyor” means the quantity surveyor appointed by the Lessor for the construction and completion of the Project.

 “Qualified Person” shall have the meaning as that defined in the Building Control Act (Chapter 29). 

“Receiving Party” has the meaning as stated in Clause 23.1. 

“Reconciliation Period” has the meaning as stated in Clause 12.5.3(a). 

“Renewal Lease” has the meaning as stated in Clause 4.1(b)(iii). 

“Renewal Term” has the meaning ascribed to it in the Lease Agreement. 

“Rent” has the meaning as stated in Clause 5.2(a). 

“Rent-Free Period” has the meaning as stated in Clause 5.1. 

“Security Deposit” has the meaning as stated in Clause 7.1. 

“SIAC” means the Singapore International Arbitration Centre. 

“SIAC Rules” means the Arbitration Rules of the SIAC for the time being in force. 

  
 6 

 “Stipulated Date” has the meaning as stated in Clause 15.1.1(b). 

“Specified Defect” has the meaning as stated in Clause 11.1. 

“Surveyed GFA” has the meaning as stated in Clause 6.2(a). 

“Term” means 11 years commencing on the Lease Commencement Date. 

“TOP” means the temporary occupation permit for the Building issued by the Building Construction Authority under the Building
Control Act (Chapter 29). 
 “TOP Date” means the date on which the TOP is issued. 

“Tower 1” refers to the bigger of the two towers comprising the Building as described in the annexure at Schedule B,
which is to be designed, developed and constructed on the Land by the Lessor pursuant to this Agreement. 
 “Tower 2”
refers to the smaller of the two towers comprising the Building as described in the annexure at Schedule B, which is to be designed, developed and constructed on the Land by the Lessor pursuant to this Agreement. 

“Transferee” has the meaning as stated in Clause 19.3. 

“Variation Costs” has the meaning as stated in Clause 12.3(d). 

“Variation Savings” has the meaning as stated in Clause 12.3(d). 

“VO Stage 1 Finalisation Date” has the meaning as stated in Clause 12.4.1. 

“Variations” means the Authorities Variations, the Lessor Variations and the Lessee Variations, or any of them. 

“Warranties” and “Warranty” have the meaning as stated in Clause 14. 

“14 Days’ Period” has the meaning as stated in Clause 4.1(c). 

 

	1.2	 Statutory provisious 

A reference to any Law, statutory provision or enactment includes all consolidations, re-enactments, re-statements, subordinate enactments, amendments, modifications, or replacements thereof. 
  

	1.3	 Recitals, schedules, etc. 

 

	 	(a)	 Each Recital, Schedule and Appendix to this Agreement fonns part of this Agreement. 

 

	 	(b)	 References in this Agreement to the Parties include their legal personal representatives, successors and
permitted assigns. 

  

	1.4	 Meaning of references 

Except where specifically required or indicated otherwise: 
  

	 	(a)	 words importing one gender import any gender, words importing individuals import body corporates and vice
versa, words importing the singular import the plural and vice versa, and words importing the whole include a reference to any part thereof; 

  

	 	(b)	 references to a person include any individual, firm, body corporate, unincorporated association, govermuent,
state or agency of state, association, joint venture or partnership, in each case whether or not having a separate legal personality. References to a company shall be construed to include any company, corporation or other body corporate wherever and
howsoever incorporated or established; 

  
 7 

	 	(c)	 references to the word “include” or “including” (or any similar term) are not
to be construed as implying any limitation and general words introduced by the word “other” (or any similar term) shall not be given a restrictive meaning because they are preceded by words indicating a particular class of acts, matters or
things; 

  

	 	(d)	 any reference to “writing” or “written” includes any method of reproducing
words or text in a legible form; 

  

	 	(e)	 references to “S$” are to the lawful currency of the Republic of Singapore;

  

	 	(f)	 references to times of the day are to that time in Singapore and references to a day are to a period of
twenty-four (24) hours running from midnight to midnight; 

  

	 	(g)	 references to the Lessor include its successors and pennitted assigns and all persons entitled to possession of
the Property at the end of the Lease; and 

  

	 	(h)	 references to the Lessee include its successors and permitted assigns. 

 

	1.5	 Headings 

Clause and paragraph headings and the table of contents are for ease of reference only and do not affect construction. 

 

	1.6	 Consents and approvals 

 

	 	(a)	 If under this Agreement, an act requires the consent or approval of a Party for any action, that consent or
approval must be obtained in writing before starting to take that action, unless that requirement for consent or approval is expressly waived. 

  

	 	(b)	 A reference to the consent or approval of the Lessor is taken to include, where consent or approval is required
under any of the provisions of the JTC Lease Documents, the consent or approval of JTC. 

  

	2.	 AGREEMENT TO BUILD AND LEASE 

 

	2.1	 Subject to the conditions below, the Lessor agrees with the Lessee as follows: 

 

	 	(a)	 The Lessor shall acquire from JTC a leasehold interest in respect of the Land for a term of thirty
(30) years, at the Lessor’s sole cost and expense. In connection with the acquisition, the Lessor shall accept the JTC Letter of Offer by 8 February 2019 and shall enter into a lease with JTC for the Land on the terms and conditions
in the JTC Letter of Offer and the JTC Lease Documents or on such other terms and conditions stipulated by JTC. 

  

	 	(b)	 The Lessor shall, at the Lessor’s sole cost and expense, design, construct and complete the Project, in
accordance with the terms and conditions in this Agreement. 

  

	 	(c)	 Subject to the terms and conditions in this Agreement and the terms and conditions in the Lease Agreement, the
Lessor shall grant the Lessee a lease of the Property and Mechanical and Electrical Equipment for the Term. 

  

	2.2	 Land Application Fee 

 

	 	(a)	 If this Agreement is terminated for any reason (i) not due to the default of either the Lessor or the
Lessee, or (ii) due to the default of both the Lessor and the Lessee, and the Land Application Fee is forfeited by JTC, the Lessee and the Lessor will bear the cost of the Land Application Fee in equal shares. The Lessee will accordingly
compensate the Lessor for 50% of the Land Application Fee paid to JTC. 

  
 8 

	 	(b)	 In the event that this Agreement is terminated for any reason due entirely to the Lessee’s default,
including but not limited to any breach of the Lessee’s obligations under this Agreement, and the Land Application Fee is forfeited by JTC, the Lessee shall compensate the Lessor for 100% of the Land Application Fee paid to JTC. However, if
this Agreement is terminated due entirely to the default of the Lessor, including but not limited to any breach of the Lessor’s obligations under this Agreement, the Lessor will bear the full amount of the Land Application Fee paid to JTC.

  

	 	(c)	 In the event that this Agreement is terminated pursuant to this Clause 2.2 (save for the case where this
Agreement is terminated due entirely to the Lessee’s default), the Lessor shall return all Security Deposit paid by the Lessee within fourteen (14) Business Days of such termination. 

 

	3.	 PREMISES 

  

	3.1	 Premises 

The premises to be leased to the Lessee will be the Property. 
  

	3.2	 Permitted Use 

 

	 	(a)	 The Lessee shall be permitted to use the Property for the Permitted Use. 

 

	 	(b)	 The Lessor shall: 

  

	 	(i)	 at its own cost and expense, apply for the requisite approvals from JTC and the relevant Authorities for sub-letting of the Property to the Lessee for the Permitted Use and ensure that such approvals are obtained before the issuance of the TOP; and 

 

	 	(ii)	 at the request of the Lessee, render all necessary assistance to the Lessee in making applications for change
of use of the Property from the Permitted Use, such assistance to include without limitation, execution of the relevant letters of authority/consent to facilitate the Lessee’s submission of such applications. 

 

	 	(c)	 The Lessee shall: 

  

	 	(i)	 at its own cost and expense, apply for all requisite approvals for the Fitout Works; 

 

	 	(ii)	 pay for all costs incurred in connection with the necessary application by the Lessee for any change of use of
the Property including without limitation, any differential premium, development charges and additional property tax (if any) resulting from such change of use of the Property from the Permitted Use; 

 

	 	(iii)	 at the request of the Lessor, provide copies of the approvals referred to in this Clause 3.2(c) to the Lessor
(if the Lessor is not already in receipt of the same); and 

  
 9 

	 	(iv)	 comply with all terms and conditions imposed by JTC and the relevant Authorities in connection with the
approvals referred to in this Clause 3.2    to the extent applicable to the Lessee. 

  

	3.3	 Lease Commencement Date and Term 

The lease of the Property (the “Lease”) will: 
  

	 	(i)	 commence on the Lease Commencement Date; 

 

	 	(ii)	 be for the Term; and 

 

	 	(iii)	 be on the same terms and conditions as those set out in the form oflease agreement at Appendix A to this
Agreement (the “Lease Agreement”).  

  

	4.	 OPTION TO RENEW 

 

			
	4.1	 	 (a)    The Lessee will have the option (to be exercised by written notice
from the Lessee to the Lessor given no less than twelve (12) months before expiry of the Term) to renew the Lease for the Renewal Term and the renewal shall be subject to the approval of JTC and (if applicable) any other relevant
Authorities.

  

	 	(b)	 The Renewal Term will: 

 

	 	(i)	 commence on the date falling immediately after the expiry of the Term; 

 

	 	(ii)	 be for five (5) years; 

 

	 	(iii)	 be on the same terms and conditions as the Lease Agreement except for this option to renew (“Renewal
Lease”); and 

  

	 	(iv)	 be for a rent amount determined as follows: 

 

	 	(A)	 for the first year of the Renewal Term: 

 

	 	(aa)	 if the then Prevailing Market Rent as at the commencement of the Renewal Term is 170% or more of the rent
payable for the last year of the Term, the rent for the first year of the Renewal Term shall be at the rate being 80% of such Prevailing Market Rent; and 

  

	 	(bb)	 if the then Prevailing Market Rent as at the commencement of the Renewal Term is less than 170% of the rent
payable for the last year of the Term, the rent for the first year of the Renewal Term shall be at such Prevailing Market Rent; and 

  

	 	(B)	 the rent shall be revised annually on each anniversary date of the lease commencement date of the Renewal Term
at an increase of 2.5% per annum on the immediately preceding rent. 

  

	 	(c)	 The Parties will endeavour to agree on the prevailing market rent on a per square foot basis as at the
commencement date of the Renewal Lease (“Prevailing Market Rent”) in respect of the Property. 

  
 10 

 In the absence of agreement between the Parties of the Prevailing Market Rent by the date
falling fourteen (14) days after the Lessor’s receipt of the Lessee’s notice of intention to renew (“14 Days’ Period”), each Party shall appoint a reputable independent licenced valuer within fourteen
(14) days after the 14 Days’ Period to determine the Prevailing Market Rent, the basis of determination to be mutually agreed between the Parties in writing, and shall instruct such valuer to report in writing to both Parties by the date
falling not later than ten (10) days after the date of the valuer’s appointment. The average of the two (2) prevailing market rent as determined by the two (2) valuers shall be deemed to be the Prevailing Market Rent for the
Renewal Term. 
 The Parties agree that in determining the Prevailing Market Rent, each valuer acts as an expert and not as an arbitrator.
Each Party shall bear the costs and expenses of and in connection with the appointment of its own valuer. 
  

	5.	 RENT 

  

	5.1	 Rent-Free Period 

In consideration of the Lessee appointing the Lessor for the Project, the Lessor agrees to grant the Lessee six (6) months of Rent free
period (“Rent-Free Period”) commencing on the Lease Commencement Date, free of Rent. The Lessee may, with the prior written consent of the Lessor, commence business during the Rent-Free Period. 

 

	5.2	 Commencement of Proper Rent Payments 

 

	 	(a)	 The rent (the “Rent”) payable by the Lessee during the Term shall be calculated at the
initial rate (“Initial Rate”) of S$2.11 per square foot per month on the GFA of the Building for the first year of the Term. 

  

	 	(b)	 The Rent shall be revised annually on each anniversary date of the Lease Commencement Date during the Term at
an increase rate of 2.5% per annum on the immediately preceding Rent. 

  

	5.3	 Payment of Rent 

The Rent shall be paid by the Lessee monthly in advance, without any demand, withholding, deduction or set off at law or in equity in
accordance with the Lease Agreement. On or before the signing of this Agreement, the Lessee shall pay to the Lessor a sum of S$960,935.06, being the amount equivalent to one month’s rent in advance at the Initial Rate and
calculated based on the Estimated GFA, in accordance with Clause 2.1.3(ii) of the Lease Agreement. 
  

	6.	 FLOOR AREA 

  

	6.1	 Estimated floor area 

Pending survey of the GFA pursuant to Clause 6.2, the estimated gross floor area of the Building is 42,309.5 square metres or 455,419.46 square
feet (calculated based on 1 sq m = 10.764 sq ft) (the “Estimated GFA”).  
  

	6.2	 Surveyed floor area 

 

	 	(a)	 As soon as practicable after the TOP Date, the Lessor shall, at the Lessor’s cost and expense, engage a
registered surveyor to carry out a survey of the GFA. The Lessor will notify the Lessee in writing within fourteen (14) days after the Lessor’s receipt of the registered surveyor’s determination of the GFA (such GFA as determined by
the registered surveyor shall be called the “Surveyed GFA”).  

  

	 	(b)	 The Parties agree that the Surveyed GF A shall not be less than 97% of the Estimated GFA or more than 103% of
the Estimated GFA. 

  
 11 

	6.3	 Adjustments 

  

	 	(a)	 Upon the determination of the Surveyed GFA by the registered surveyor, there shall be an adjustment in the Rent
and the Security Deposit, such adjustment to be determined by reference to the Surveyed GF A and such adjustment shall take effect from the Lease Commencement Date. 

 

	 	(b)	 Any underpayment in the Rent and the Security Deposit by the Lessee under this Agreement and the Lease
Agreement determined by reference to the Surveyed GF A shall be paid by the Lessee to the Lessor, free of interest, within twenty-eight (28) days of the Lessee’s receipt of the Lessor’s written demand. 

 

	 	(c)	 Any overpayment in the Rent and the Security Deposit by the Lessee under this Agreement and the Lease Agreement
determined by reference to the Surveyed GF A shall be paid by the Lessor to the Lessee, free of interest, by way of an offset against the Rent commencing from the first applicable Payment Date (for which Rent is payable in accordance with the Lease
Agreement). 

  

	7.	 LESSEE SECURITY DEPOSIT 

 

	7.1	 The Lessee shall furnish to the Lessor a sum equivalent to six (6) months’ average monthly
rent for the Tenn at the rate of S$2.30 per square foot per month computed based on the GFA, as the security deposit (“Security Deposit”) in cash in the following manner: 

 

	 	(a)	 one (1) month’s rent payable upon or before signing of this Agreement; 

 

	 	(b)	 two (2) months’ rent payable upon or before commencement of the construction works for the Building
(“Construction Commencement Date”) to be notified by the Lessor’s written notice to the Lessee and not less than twenty-eight (28) days prior to such Construction Commencement Date unless otherwise agreed between the
Parties; and 

  

	 	(c)	 remaining three (3) months’ rent payable within three (3) months from the date of commencement
of the Construction Commencement Date unless otherwise agreed between the Parties. 

  

	7.2	 Security 

The Security Deposit shall be held by the Lessor for the due performance and observance by the Lessee of all the covenants and provisions
contained in this Agreement and the Lease Agreement. 
  

	7.3	 Application of Security Deposit 

 

	 	(a)	 If the Lessee shall commit a breach of any of the provisions of this Agreement, the Lessor shall be entitled
but not obliged to apply the Security Deposit or any part thereof in or towards payment of moneys outstanding or making good any breach by the Lessee or to deduct from the Security Deposit the loss or expense to the Lessor occasioned by such breach
but without prejudice to any other rights or remedies which the Lessor may be entitled. 

  

	 	(b)	 If any part of the Security Deposit shall be applied by the Lessor in accordance herewith, the Lessee shall
within twenty-eight (28) days’ of the Lessee’s receipt of the Lessor’s written demand deposit with the Lessor in cash the amount set-off by the Lessor from the Security Deposit as
replacement of the part or whole of the Security Deposit so applied by the Lessor. 

  
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	7.4	 Security Deposit under the Lease Agreement: 

The Lessee authorises the Lessor to apply and hold the Security Deposit as the security deposit required under Clause 3.7 of the Lease
Agreement (the “Lease Deposit”). Any shortfall in the Lease Deposit after such application by the Lessor shall be furnished by the Lessee to the Lessor within twenty-eight (28) days of the Lessee’s receipt of the
Lessor’s written demand. 
  

	8.	 BASE SPECIFICATIONS OF THE BUILDING 

 

	8.1	 Building specifications and plans 

The Parties acknowledge that the Base Plans and Specifications incorporate the requirements of the Lessee, as agreed with the Lessee, in
respect of its general requirements for the design and specifications of the Building. 
  

	9.	 PROJECT 

  

	9.1	 Design, Development and Construction of Building 

 

	 	(a)	 The Lessor shall, at its risk, cost and expense: 

 

	 	(i)	 design, develop and prepare the Detailed Plans and Specifications; 

 

	 	(ii)	 engage or appoint a Main Contractor to develop, construct and complete the Project in accordance with the Base
Plans and Specifications, the Detailed Plans and Specifications and all applicable Laws and in accordance with the milestone schedule for completion to be agreed between the Parties subject to the consent of the relevant authorities and JTC;

  

	 	(iii)	 obtain all necessary permits, approvals, licences and clearances from all relevant Authorities for all matters
connected with the design, development, construction and completion of the Building; and 

  

	 	(iv)	 at all times throughout the duration of the Project, take out and keep in force, or ensure that the Main
Contractor shall at the Main Contractor’s cost and expense, take out and keep in force, such insurance policies which are required by Law to be taken out or which are typically taken out in line with prevailing industry practice in Singapore
for projects of a similar size and nature as the Project (including contractors’ all risks insurance, comprehensive public liability insurance and work injury compensation insurance). 

 

	 	(b)	 The Lessor shall, during the design review meetings referred to in Clause 9 .2(c) below or at any other time,
submit for the Lessee’s review and approval, designs, drawings, plans and specifications prior to their submission of the same to the Authorities and/or the Main Contractor for commencement of construction. The Lessee shall provide its approval
and/or comments to the same within such reasonable time as may be mutually agreed between the Parties, and if the Lessee has commented on the same, the Lessor shall consider and take into account such comments and
re-submit the designs, drawings, plans and/or specifications to the Lessee for approval after revision, provided always that if the Lessee fails to revert within the said agreed time period, such submissions
are deemed accepted by the Lessee and the Lessor may, after giving 14 days’ written notice to the Lessee (or such other reasonable time as may be mutually agreed between the Parties), proceed with the works or design. 

  
 13 

	9.2	 Participation by Lessee 

During the construction period of the Project, the Lessor shall: 
  

	 	(a)	 supply progress reports to the Lessee (in such form acceptable to the Lessee) on a monthly basis. Should it
appear to the Lessee at any time that the actual progress of the works does not conform with the milestone schedule, the Lessee shall be entitled to require the Lessor to produce a revised programme showing such modifications as may be necessary to
ensure completion of the works to achieve the milestones set out in Clauses 9.3 and 9.4 below; 

  

	 	(b)	 make arrangements to facilitate reasonable requests by the Lessee for the inspection of the work site (together
with a representative of the Lessor) or measurement of the works at reasonable times after prior notice being given by the Lessee or the Lessee’s consultants to the Lessor for such inspection. During such site visits, the Lessee shall comply
and procure the persons entering the work site to comply with all rules, regulations and directions of or imposed by the Lessor and/or the Main Contractor as notified to the Lessee; 

 

	 	(c)	 schedule design review meetings during the construction period (i) for the purpose of reviewing and
carrying out detailed design development for the Project and (ii) to provide the Lessee with updates as to the extent by which the Lessor’s proposals are in compliance with the Base Plans and Specifications. The frequency, duration, number
and venue of the reviews shall be as deemed necessary by the Lessor and accepted by the Lessee, provided that such review meetings shall be held at least once every two (2) weeks unless the Lessor determines that a meeting is not necessary
provided that the Lessor gives the Lessee Notice in writing (by way of email or otherwise) setting out the reason why such meeting is not necessary. The Lessor shall provide the Lessee with reasonable prior notice of each design review meeting, such
notice to be accompanied by all necessary documents and information in order to give the Lessee sufficient time to review such documents and information prior to each design review meeting; and 

 

	 	(d)	 if, as a result of an inspection, review, measurement or testing jointly undertaken by the Parties, the works
or any part thereof are found to be defective or otherwise not in accordance with the Base Plans and Specifications and/or the Detailed Plans and Specifications, the Lessee may reject such works or part thereof by giving notice in writing to the
Lessor setting out details of the Lessee’s grounds of objection to such works or part thereof. The Lessor shall then (except in the case of an emergency situation) within fourteen (14) days or such other period as may be mutually agreed
between the Parties, make good the defect and ensure that the rejected item(s) complies with the Base Plans and Specifications and/or the Detailed Plans and Specifications. 

 

	9.3	 Estimated Construction Milestones 

 

	 	(a)	 The commencement of construction of the Building is expected to be in February 2019. 

 

	 	(b)	 TOP is expected to be obtained by 30 September 2020 subject to any extensions pursuant to this Agreement.

  

	 	(c)	 The Lessor shall obtain the CSC in respect of the Building within three (3) years from the date of
issuance of the TOP. 

  
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	9.4	 TOP and Practical Completion 

 

	 	(a)	 The Lessor shall achieve Practical Completion for the Property, obtain the TOP and thereafter serve the notice
in writing to the Lessee to take possession of the Property (the “Notice to Take Possession”) by not later than 7 October 2020 (the “NTP Deadline”) or, where applicable, by the Extended NTP
Deadline. 

  

	 	(b)	 The Lessor shall be deemed to have delivered possession of the Property (i) on the date on which the
Lessee actually takes possession of the Property or (ii) the date falling seven (7) days after the date of the Notice to Take Possession, whichever date is the earlier (such earlier date, the “Possession Date”). 

  

	9.5	 Extended NTP Deadline: Notwithstanding the NTP Deadline in Clause 9.4(a), in the event the Lessor is
unable to serve the Notice to Take Possession by the NTP Deadline, the Lessor shall be entitled, by giving written notice to the Lessee (the “NTP Extension Notice”) within seven (7) days after the Lessor has actual
knowledge of the need to extend the NTP Deadline and by a date no less than one (1) month prior to the NTP Deadline, to extend the NTP Deadline to a later date (such date, the “Extended NTP Deadline”) in accordance with the
provisions of Clause 9.6. 

  

	9.6	 NTP Extension Notice: The NTP Extension Notice shall be accompanied by the relevant certification(s)
from the Certifying Party and shall set out (i) the reason for the extension of the NTP Deadline and (ii) the period of extension of the NTP Deadline or the Extended NTP Deadline (as the case may be), as follows: 

 

							
	 	  	 Reasons for the Extension of the NTP Deadline
	  	    	  	
Period of extension of the NTP Deadline or the 
Extended NTP Deadline
(as the case may be)

	(i)	  	an extension of time has been granted to the Main Contractor under the Main Contract due to the occurrence of a Force Majeure Event as certified by the Certifying Party.	  		  	Equivalent to the period of extension set forth in the certification by the Certifying Party.
				
	(ii)	  	the implementation of any Authorities Variations which the Certifying Party has certified under Clause 12.2 will cause a delay in the issuance of the Notice to Take Possession beyond the NTP Deadline or the Extended NTP Deadline (as
the case may be).	  		  	Equivalent to the period of delay in the issuance of the Notice to Take Possession beyond the NTP Deadline, or the Extended NTP Deadline (as the case may be), caused by the implementation of the Authorities Variations, as certified
by the Certifying Party under Clause 12.2(b).
				
	(iii)	  	the implementation of any Lessor Variations (which had been approved by the Lessee), which the Certifying Party has certified under Clause 12.7(b) will cause a delay in the issuance of the Notice to Take Possession beyond the NTP
Deadline or the Extended NTP Deadline (as the case may be).	  		  	Equivalent to the period of delay in the issuance of the Notice to Take Possession beyond the NTP Deadline, or the Extended NTP Deadline (as the case may be), caused by the implementation of any Lessor Variations, as certified by
the Certifying Party under Clause 12.7.

  
 15 

							
	 	  	 Reasons for the Extension of the NTP Deadline
	  	    	  	
Period of extension of the NTP Deadline or the 
Extended NTP Deadline
(as the case may be)

	(iv)	  	the implementation of any Lessee Variations (which had been approved by the Lessor) which the Certifying Party has certified will cause a delay in the issuance of the Notice to Take Possession beyond the NTP Deadline or the Extended
NTP Deadline (as the case may be).	  		  	Equivalent to the period of delay in the issuance of the Notice to Take Possession beyond the NTP Deadline, or the Extended NTP Deadline (as the case may be) caused by the implementation of the Lessee Variations, as certified by the
Certifying Party.
				
	(v)	  	any other reason for the extension of the NTP Deadline or Extended NTP Deadline (as the case may be) which the Lessor has demonstrated will cause a delay in the issuance of the Notice to Take Possession beyond the NTP Deadline or
Extended NTP Deadline (as the case may be).	  		  	Equivalent to the extension of time as requested by the Lessor in writing and agreed to by the Lessee in writing.

  

	9.7	 Extended NTP Deadline: For the avoidance of doubt, (i) where any extension periods (or any part(s)
thereof) hereinbefore mentioned occur concurrently, such periods (or any part(s) thereof) which occur concurrently shall not be aggregated, and (ii) the Extended NTP Deadline may be further extended under Clause 9.6 due to any of the events
prescribed in Clause 9.6 (such further extended deadline also to be called the “Extended NTP Deadline”). 

  

	9.8	 Certifying Party: The Certifying Party shall act impartially and independently and where the Certifying
Party is an architect registered under the Architects Act (Chapter 12), shall comply with the Architects Act (Chapter 12) and the Architects (Professional Conduct and Ethics) Rules and the Lessor and/or the Lessee shall not in any way seek to
influence or interfere with the Certifying Party’s exercise of its duties under this Clause 9. 

  

	9.9	 Agreed Liquidated Damages: If the Lessor does not hand over possession of the Property to the Lessee by
the NTP Deadline or, where applicable, the Extended NTP Deadline, the Lessee shall be entitled to liquidated damages in the form of a rent-free period for the delay equivalent to one (1) day’s rent for each day of the period of delay to
commence immediately following the expiry of the Fitting Out Period. The Lessee’s entitlement to such liquidated damages shall not relieve the Lessor from its obligation to complete the Project, or from any other of his duties, obligations and
responsibilities under this Agreement. The Lessor waives any and all rights to claim or contend that the liquidated damages imposed under this Clause 9.9 are invalid and/or excessive or otherwise unenforceable as a penalty. 

 

	9.10	 Partial Occupation: If before completion of the whole of the Property, any part thereof has been
determined by the Certifying Party as completed, TOP in respect of such part has been obtained and the Lessee, in its absolute discretion, agrees to early occupation or use of such part of the Property, the agreed liquidated damages for delay in
Clause 9 .9 shall, for any period of delay after such hand over, be reduced in the proportion of which the GFA of the part of the Building so handed over bears to the GFA of the whole of the Building. 

  
 16 

	10.	 EARLY ACCESS AND FITOUT 

 

	10.1	 Pre-TOP Access 

 

	 	10.1.1	 Prior to the date of issuance of the TOP, the Lessee may, by giving notice in writing to the Lessor at
least one (1) month prior to the Pre-TOP Access Date, request for access to the Property or any part thereof for the purpose of carrying out the Lessee’s Fitout Works. The Lessor shall permit
the Lessee to have such access to the Property prior to the date of issuance of the TOP on a non-exclusive basis on a date to be notified by the Lessor to the Lessee in writing, such access to be granted no
later than six (6) months prior to the NTP Deadline or the Extended NTP Deadline (as the case may be), subject to: 

  

	 	(i)	 (where the nature and extent of the Fitout Works require the approval of the Main Contractor and/or consultants
engaged by the Lessor for the Project) the Lessee submitting the plans and layouts for the Fitout Works for approval by the Main Contractor and/or such consultants by a date to be agreed between the Parties; 

 

	 	(ii)	 if the building plans for the Fitout Works are required to be approved by the relevant Authorities, submitting
the same to the relevant Authorities for approval by a date to be agreed between the Parties; and 

  

	 	(iii)	 the consent of the Main Contractor being obtained for such pre-TOP
access and such reasonable terms and conditions which the Main Contractor may impose in granting its consent. In this regard, the Lessor agrees to assist the Lessee and use best endeavours to procure the consent of the Main Contractor.

  

	 	10.1.2	 The Lessee shall sign and return the acceptance attached to the notice of access issued by Lessor
(“Access Notice”) within seven (7) days after the date of the Access Notice. The Lessee shall be deemed to have accepted the licence to access the Property on a non-exclusive basis on:

  

	 	(i)	 the date on which the Lessor receives such acceptance duly signed by the Lessee; or 

 

	 	(ii)	 the date falling seven (7) days after the date of the Access Notice, whichever date is the earlier (such
date to be herein called the “Pre-TOP Access Date”).  

  

	10.2	 The Lessee’s licence to access the Property on a
non-exclusive basis on the pre-TOP Access Date shall be subject to the following terms and conditions: 

 

	 	10.2.1	 the Lessee, its servants, agents, contractors, licensees and invitees enter the Property and perform the Fitout
Works at its/their own risk, and the Lessor is not responsible to the Lessee or to the Lessee’s servants, agents, contractors, licensees and invitees for any death, injury, loss or damage sustained at or originating from the Property, directly
or indirectly caused by, resulting from or in connection with such entry into the Property and/or the performance of the Fitout Works unless such death, injury, loss or damage was caused by or attributable to any act, omission, negligence,
misconduct or wilful default of the Lessor and/or the Main Contractor or any of their agents, employees, sub-contractors or invitees; 

  
 17 

	 	10.2.2	 the Lessee must first agree with the Main Contractor on the use of access routes through the Land and the
Building and the Lessor shall provide reasonable assistance in facilitating the Lessee’s arrangements with the Main Contractor, if required; 

  

	 	10.2.3	 the Lessee must make the necessary arrangements with the Main Contractor for the use of the electricity, water
and other utilities on site, subject to the payment by the Lessee to the Main Contractor of the actual cost incurred by the Main Contractor in respect of such use. The Lessor shall provide reasonable assistance in facilitating the Lessee’s
arrangements with the Main Contractor, if required; 

  

	 	10.2.4	 the Lessee, its servants, agents, contractors, licensees and invitees must
co-ordinate their respective activities with those of the Main Contractor, and comply with all reasonable instructions of the Main Contractor and the Lessor’s consultants so as not to delay the completion
of the main building works or the obtaining of the TOP or the CSC. In this respect, the completion of the main building works and the obtaining of the TOP and the CSC shall have priority over the Fitout Works; 

 

	 	10.2.5	 each Party acknowledges that on and from the Pre-TOP Access Date, the
other Party and its contractors, licensees or invitees will concurrently be undertaking construction works within the Property. Each Party shall (and shall ensure that their respective contractors, licensees or invitees shall) in good faith, take
reasonable measures to coordinate their works and cooperate with the other parties on site and shall not damage works carried out by or on behalf of the other Party; 

 

	 	10.2.6	 (i) the Lessor and other persons authorised by the Lessor, and (ii) the Main Contractor and other persons
authorised by the Main Contractor, may enter the Property to effect or carry out and complete all works which are required by the relevant Authorities or which are considered necessary by the Lessor and/or the Main Contractor for the issuance of the
TOP and the CSC; 

  

	 	10.2.7	 the Lessee shall not carry out or permit to be carried out any works or activities which may delay or affect
the issuance of the TOP. In the event that the issuance of the TOP is rejected or otherwise withheld or delayed as a result of any Fitout Works carried out or caused to be carried out by the Lessee, the Lessor may by notice in writing require the
Lessee to rectify the same within a reasonable period. If the Lessee fails to rectify the same within such reasonable period, the Lessor, its workmen and/or agents shall be entitled to enter upon the Property and carry out such works as may be
necessary to comply with the requirements of the relevant Authorities in order to obtain the issuance of the TOP. The reasonable cost and expense incurred by the Lessor in respect of such works shall be recoverable from the Lessee as if such cost
and expense were rent in arrears provided that the Lessor furnishes to the Lessee documents evidencing such costs and expenses; and 

  

	 	10.2.8	 the Lessee must, during the Pre-TOP Access Period:

  

	 	(i)	 permit (a) the Lessor and other persons authorised by the Lessor, and (b) the Main Contractor and its
contractors, workmen and other persons authorised by the Main Contractor, full access to enter the Property; and 

  

	 	(ii)	 permit the relevant Authorities full access to enter the Property, 

to carry out and complete pre-TOP inspections, TOP inspections,
pre-CSC inspections and/or CSC inspections and shall not carry out any Fitout Works on such inspection dates. 

  
 18 

	10.3	 Fitout Work Plans 

Subject to Clause 10.1 and after issuance of TOP, the Lessee shall submit for the Lessor’s approval all plans, layouts, designs, drawings
and specifications related to the Fitout Works (“Plans”) at least two (2) weeks (or such other time as may be mutually agreed between the Parties having regard to the nature and extent of the Fitout Works required) before
commencement of the Fitting Out Period. The Lessee shall reimburse the Lessor for such reasonable costs incurred by the Lessor for granting of such approval provided that such costs do not include any fees charged by the Lessor and the Lessor has
provided to the Lessee documents evidencing such costs and expenses. The Lessee acknowledges that the Lessor’s approval of the Plans may be subject to the Lessor requiring modifications to be made to comply with Authority requirements. If
within fourteen (14) days after the Lessor’s receipt of the Plans, or such longer period reasonably required by the Lessor and mutually agreed between the Parties in writing, the Lessor does not notify the Lessee in writing that any
modification to the Plans is necessary, the Lessor shall be deemed to have given approval to the Lessee for the Plans and shall have waived any right to object or require modification to the same. 

 

	10.4	 After the date of this Agreement, the Lessee shall use the Lessor’s nominated consultants,
contractors and subcontractors, provided that the Lessor makes available details (including but not limited to the identity, proposed fees and scope of works and/or services to be supplied) and involves the Lessee in negotiations and discussions of
the terms of engagement prior to the engagement of such consultant, contractor and/or subcontractor in respect of: 

  

	 	(i)	 structural works; 

  

	 	(ii)	 works involving waterproofing; 

 

	 	(iii)	 works for the Mechanical and Electrical Equipment and air-conditioning
systems; and 

  

	 	(iv)	 fire safety systems, 

to the extent that the Fitout Works affect any building or equipment warranties in respect of the Property and Mechanical and Electrical
Equipment granted to the Lessor, or relate to connectivity and interfacing with the Lessor’s base building systems and infrastructure. The Lessor shall not be liable to the Lessee for each such consultant, contractor and subcontractor’s
performance of such works forming part of the Fitout Works. 
  

	11.	 DEFECTS 

  

	11.1	 Notification of Defects: The Lessee shall give the Lessor written notice of any defect in the Property
which appears or becomes apparent during the Defects Liability Period (each a “Specified Defect”), the first of such defects list to be furnished after the Possession Date. 

 

	11.2	 Investigation of Defects: 

 

	 	(a)	 After the Lessor’s receipt of each defects list, the Lessor shall, together with the Lessee, act together
in good faith to investigate the Specified Defects listed therein. 

  

	 	(b)	 Without prejudice to the Lessee’s obligations under the Lease Agreement in respect of repair, maintenance
and upkeep of the Property and the Mechanical and Electrical Equipment, the Lessor shall or shall procure that the Main Contractor shall carry out and complete all rectification works in respect of the following, at its own cost and expense:

  

	 	(i)	 any Specified Defect; and 

  
 19 

	 	(ii)	 any unauthorised deviation of the development of the Building from the Base Plans and Specifications and/or the
Detailed Plans and Specifications, 

 within such reasonable and practicable period as may be agreed between the Parties
(having regard to the nature and extent of the defects and the rectification works required), save and except that the Lessor shall not be required to make good any Specified Defect which is caused solely by any negligence, misconduct or wilful
default of the Lessee, its employees, agents, workmen, contractor or invitees and such costs for making good any such defects shall be borne solely by the Lessee. 
  

	11.3	 Access: 

The Lessee shall, where the Lessee has exclusive possession of the Property, grant to the Lessor, its employees, consultants, agents, workmen
and/or contractors all necessary access to the Property to enable the Lessor to perform its obligations under this Clause 11 provided that any access by the Lessor, its employees, consultants, agents, workmen and/or contractors shall comply with the
Lessee’s reasonable requirements and the exercise of these rights by the Lessor, its employees, consultants, agents, workmen and/or contractors shall not affect the operations of the business of the Lessee, its subtenants and/or its occupiers
and/or affect the use of the Property by the Lessee, its subtenants and/or its occupiers or cause disturbance to the Property. 
  

	12.	 VARIATIONS TO BASE PLANS AND SPECIFICATIONS 

 

	12.1	 Variations and Omissions: 

 

	 	(a)	 The Lessor shall not make any amendment or modification to the Base Plans and Specifications, save for such
amendment or modification as may be made as a result of: 

  

	 	(i)	 any requirement of the relevant Authorities in accordance with Clause 12.2 below; or 

 

	 	(ii)	 a proposal or request by the Lessee which is acceded to by the Lessor in writing in accordance with Clause 12.3
below; or 

  

	 	(iii)	 a proposal or request by the Lessor which is acceded to by the Lessee in writing in accordance with Clause 12.7
below. 

  

	12.2	 Authorities Variations: 

 

	 	(a)	 The Lessor shall, before implementing any omission, additions or modifications to the Base Plans and
Specifications which may be required by any of the relevant Authorities (such variations and omissions, the “Authorities Variations”, and each an “Authorities Variation”) notify the Lessee in writing
of such Authorities Variations, such written notification from the Lessor shall set out in reasonable detail the nature of the proposed Authorities Variations and implications of the Authorities Variations on (i) the Base Plans and
Specifications (ii) the Property and (iii) the NTP Deadline or the Extended NTP Deadline (as the case may be). 

  

	 	(b)	 The Lessor’s notification shall also be accompanied by a certification from the Certifying Party of the
period of delay that the implementation of the Authorities Variations will cause to the issuance of the Notice to Take Possession beyond the NTP Deadline or the Extended NTP Deadline (as the case may be). 

  
 20 

	 	(c)	 The costs of the implementation of the Authorities Variations (including all modifications thereof) shall be
borne by the Lessor unless such Authorities Variations (including all modifications thereof) arise directly from any Lessee Variations in which case the Lessee shall be liable for costs of such Authorities Variations in accordance with the
provisions of Clause 12.4. Any savings arising from the Authorities Variations (including all modifications thereof) shall accrue to the Lessor unless such Authorities Variations (including modifications thereof) arise directly from any Lessee
Variations in which case any savings shall accrue to the Lessee in accordance with the provisions of Clause 12.4. 

  

	12.3	 Lessee Variations: 

 

	 	(a)	 The Lessee shall seek the written approval of the Lessor (which approval shall not be unreasonably withheld or
delayed) to any omission, additions or modifications to the Base Plans and Specifications which may be required by the Lessee (such variations and omissions, the “Lessee Variations”, and each a “Lessee
Variation”). Any request by the Lessee for the Lessor’s approval to any Lessee Variations shall set out the nature of the proposed Lessee Variations in reasonable detail. 

 

	 	(b)	 After the Lessor’s receipt of the Lessee’s notice for any Lessee Variations, the Lessor shall
consider, and have discussions with the Lessee on, (without limitation) the additional costs, fees or charges to be incurred by the Lessor or the savings of the Lessor in relation to, or arising from, the implementation of such Lessee Variations,
the implications of the Lessee Variations on (i) the Base Plans and Specifications (ii) the Property and (iii) the period of delay that the implementation of such Lessee Variations will cause to the issuance of the Notice to Take
Possession beyond the NTP Deadline or the Extended NTP Deadline (as the case may be). 

  

	 	(c)	 All costs arising from the Lessee Variations shall be borne by the Lessee and any savings arising from the
Lessee Variations shall accrue to the Lessee and shall be dealt with in accordance with the provisions of Clause 12.4. 

  

	 	(d)	 The additional costs, fees or charges referred to in Clause 12.2 and this Clause 12.3 in respect of any
Authorities Variations or Lessee Variations payable by the Lessee shall be called the “Variation Costs” and the savings from any Authorities Variations or Lessee Variations payable to the Lessee shall be called the
“Variation Savings”.  

  

	12.4	 Payment of Variation Costs: 

 

	 	12.4.1	 On the date falling six (6) months prior to the NTP Deadline or the Extended NTP Deadline (as the case may
be) (the “VO Stage 1 Finalisation Date”), the Parties shall determine the net financial position (the “NFP”) between the Lessor and the Lessee after taking into account all Variation Costs and the
Variation Savings (both as certified by the Quantity Surveyor) up to the VO Stage 1 Finalisation Date. 

  

	 	12.4.2	 Where: 

  

	 	(a)	 the NFP is a positive amount (i.e. there is an amount payable by the Lessee to the Lessor), such amount (the
“Lessee Payment”) shall be dealt with, or paid to, the Lessor by the Lessee in accordance with the provisions of Clauses 12.4.3 to 12.4.5; and 

 

	 	(b)	 the NFP is a negative amount (i.e. there is an amount payable by the Lessor to the Lessee), such amount (the
“Lessor Payment”) shall be dealt with in accordance with the provisions of Clause 12.4.6. 

  
 21 

	 	12.4.3	 The Lessee may elect to pay the Lessee Payment either by way of additional monthly rent or as a lump sum. The
Lessee’s election of the mode of payment of the Lessee Payment must be made and notice thereof given to the Lessor no later than twenty-eight (28) days prior to the NTP Deadline or the Extended NTP Deadline (as the case may be).

  

	 	12.4.4	 If the Lessee elects to pay for the Lessee Payment by way of additional monthly rent, with effect from the
first applicable Payment Date (for which Rent is payable in accordance with the Lease Agreement), such additional monthly rent shall be paid by way of an increase in the Initial Rate by a rate per square foot per month computed based on the rate of
S$0.00000002568 per square foot of the GFA per month for every S$1 of the total amount of Lessee Payment. The Lessee shall pay any additional stamp duty payable as a result of any such increase in the Rent. 

A working example of such increase in the Initial Rate is set out below: 

 

							
	 Amount of Lessee Payment
 (a)

(S$)
	  	1,000,000	  	2,000,000	  	3,000,000
				
	 Rentalisation rate
 (b)
	  	 S$0.00000002568

per square foot
	  	 S$0.00000002568

per square foot
	  	 S$0.00000002568

per square foot

				
	 Amount per square foot
 (psf) to adjust (a x b =
c)
	  	0.02568	  	0.05136	  	0.07704
				
	 Initial Rate of Rent (psf)
 (d)
	  	2.11	  	2.11	  	2.11
				
	 Adjusted rate of Rent
 (psf)
(d + c)
	  	2.13568	  	2.16136	  	2.18704

  

	 	12.4.5	 If the Lessee elects to pay the Lessee Payment by way of a lump sum payment to the Lessor, the Lessee must pay
the Lessee Payment within twenty-eight (28) days after the date of issuance of the Notice to Take Possession provided that the Lessee is given no less than twenty-eight (28) days’ notice for the payment of such Lessee Payment.

  

	 	12.4.6	 The Lessor Payment shall be dealt with by way of decrease in the monthly rent with effect from the first
applicable Payment Date (for which Rent is payable in accordance with the Lease Agreement), such decrease in the monthly rent by way of a decrease in the Initial Rate by a rate per square foot per month computed based on S$0.0000000116 per square
foot of the GFA per month for every S$1 of the total amount of Lessor Payment. 

  
 22 

 A working example of such decrease in the Initial Rate is set out below: 

 

							
	 Amount of Lessor Payment
 (a)

(S$)
	  	1,000,000	  	2,000,000	  	3,000,000
				
	 Rentalisation rate
 (b)
	  	 S$0.0000000116

per square foot
	  	 S$0.0000000116

per square foot
	  	 S$0.0000000116

per square foot

				
	 Amount per square foot
 (psf) to adjust (a x b =
c)
	  	0.0116	  	0.0232	  	0.0348
				
	 Initial Rate of Rent (psf)
 (d)
	  	2.11	  	2.11	  	2.11
				
	 Adjusted rate of Rent
 (psf)
(d - c)
	  	2.0984	  	2.0868	  	2.0752

  

	12.5	 Reconciliation: 

 

	12.5.1	 After all Variation Costs and/or Variation Savings (which may, for the avoidance of doubt, include any
subsequent adjustments to the Variation Costs and/or Variation Savings after the VO Stage 1 Finalisation Date), as certified by the Quantity Surveyor, are finalised and the actual NFP is determined by the Parties (“Final NFP”),
there shall be a reconciliation of the NFP between the Lessor and the Lessee after taking into account the finalised amount of all Variation Costs and all Variation Savings. 

 

	12.5.2	 If the Final NFP is different from the NFP originally determined under Clause 12.4.1 (“Initial
NFP”), the following provisions shall apply: 

  

	 	(a)	 where the Final NFP is a positive amount and where the Lessee had elected to make payment of the Lessee Payment
by way of: (i) a lump sum payment pursuant to Clause 12.4.5), such additional amount shall be paid by the Lessee to the Lessor within twenty-eight (28) days after the date of the Lessor’s demand for payment, or (ii) additional
monthly rent pursuant to Clause 12.4.4, such additional amount shall be paid by way of an increase in the applicable rate of Rent by a rate per square foot per month computed based on the rate of S$0.00000002568 per square foot of the GF A per month
for every S$1 of such additional amount payable by the Lessee to the Lessor with effect from the first applicable Payment Date (for which Rent is payable in accordance with the Lease Agreement). The Lessee shall pay any additional stamp duty payable
as a result of any such increase in the Rent; and 

  

	 	(b)	 where the Final NFP is a negative amount, the amount to be paid by the Lessor to the Lessee shall be dealt with
by way of a decrease in the monthly rent payable by way of a decrease in the applicable rate of Rent by a rate per square foot per month computed based on S$0.0000000116 per square foot of the GFA per month for every S$1 of such amount to be paid by
the Lessor to the Lessee with effect from the first applicable Payment Date (for which Rent is payable in accordance with the Lease Agreement). 

  
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	12.5.3 (a)	 In the event that the Final NFP is an amount in excess of the Initial NFP such that the amount of Rent
calculated on the Initial NFP (based on the applicable rate of Rent as determined in accordance with Clause 12.4) is less than the amount of Rent calculated on the Final NFP (based on the applicable rate of Rent as determined in accordance with
Clause 12.5.2), resulting in a shortfall of Rent payable to the Lessor during the period prior to the reconciliation (“Reconciliation Period”), the Lessee shall pay to the Lessor an amount equivalent to the said shortfall of
Rent by way of a lump sum within twenty-eight (28) days after the date of the Lessor’s demand for payment. 

  

	 	(b)	 In the event that the Final NFP is an amount less than the Initial NFP such that the amount of Rent calculated
on the Initial NFP (based on the applicable rate of Rent as determined in accordance with Clause 12.4) is greater than the amount of Rent calculated on the Final NFP (based on the applicable rate of Rent as determined in accordance with Clause
12.5.2), resulting in overpayment of Rent paid to the Lessor during the Reconciliation Period, the Lessor shall repay to the Lessee an amount equivalent to the said excess amount of Rent paid by way of set-off
of such amount from the Rent commencing from the first Payment Date (for which Rent is payable in accordance with the Lease Agreement) immediately after the reconciliation, and if such Payment Date is less than twenty-eight (28) days after the
reconciliation, the set-off shall commence from the next Payment Date (for which Rent is payable in accordance with the Lease Agreement). 

 

	12.6	 Payments: Notwithstanding the aforesaid, the Parties hereby agree that: 

 

	 	12.6.1	 where the NFP is a positive amount, the aggregate of all payments to be paid by the Lessee to the Lessor (by
way of additional monthly rent or as a lump sum) shall not in any event exceed S$3,000,000; 

  

	 	12.6.2	 where the NFP is a negative amount, the aggregate of all payments to be paid by the Lessor to the Lessee (by
way of reduction in the monthly rent) shall not in any event exceed S$3,000,000; and 

  

	 	12.6.3	 in the event the Lessor Payment or Lessee Payment is more than S$3,000,000, such amount in excess of
S$3,000,000 shall be dealt with in the manner as may be mutually agreed between the Parties. 

  

	12.7	 Lessor Variations: 

 

	 	(a)	 The Lessor shall seek the written approval of the Lessee (which approval shall not be unreasonably withheld or
delayed) to any omission, additions or modifications to the Base Plans and Specifications which may be required by the Lessor (such variations and omissions, the “Lessor Variations”, and each a “Lessor Variation”).

  

	 	(b)	 Any request by the Lessor for the Lessee’s approval to any Lessor Variations shall set out in reasonable
detail the nature of the proposed Lessor Variations and implications of the Lessor Variations on (i) the Base Plans and Specifications (ii) the Property and (iii) the NTP Deadline and the Extended NTP Deadline (as the case may be).
Such request for approval shall also be accompanied by a certification from the Certifying Party of the period of delay that the implementation of the Lessor Variations will cause to the issuance of the Notice to Take Possession beyond the NTP
Deadline and the Extended NTP Deadline (whichever is applicable). 

  

	 	(c)	 The Lessee shall notify the Lessor in writing of its approval and/or comments to all or some of the Lessor
Variations within thirty (30) days ( or such other longer period as may be mutually agreed between the Parties having regard to the extent and nature of the requested Lessor Variations) after the Lessee’s receipt of the Lessor’s
written request for approval. 

  
 24 

	 	(d)	 All costs arising from the Lessor Variations shall be borne by the Lessor and any savings arising from the
Lessor Variations shall accrue to the Lessor. 

  

	13.	 SIGNAGE RIGHTS 

 

	13.1	 Lessee’s signage rights 

 

	 	(a)	 The Lessee shall have the right to install three (3) signage at the Building, at location(s) to be
mutually agreed by the Parties in good faith where the installation of signage at such location(s) is technically feasible. The Lessee’s right to install the signage is subject to the Lessee’s compliance with all applicable laws and
regulations, including but not limited to obtaining the required approvals from JTC and (if applicable) other relevant Authorities. The Lessee shall furnish to the Lessor copies of all the necessary required approvals in respect of the Lessee
Signage. 

  

	 	(b)	 The Lessor shall bear all reasonable costs and expenses related to the installation of each of the
Lessee’s signage where such signage is to be installed before the Possession Date. The Lessee shall be responsible for the production of the Lessee’s signage and maintenance and the taking up of the necessary insurance in respect of the
Lessee’s signage at the Lessee’s cost and expense. 

  

	13.2	 The Lessor shall have the right to install one (1) signage of the relevant entity within the
Ascendas Singbridge Group including Ascendas Real Estate Investment Trust (“A-REIT”) at each of Tower 1 and Tower 2, the size and locations of which are to be mutually agreed between the
Parties in writing. 

  

	14.	 WARRANTIES 

  

	14.1	 The Lessor shall ensure that all warranties in respect of the Building and the Mechanical and Electrical
Equipment (“Warranties” and “Warranty”) issued by the Main Contractor are to the benefit of the Lessor and the Lessee jointly and severally, such Warranties to include without limitation the warranties set out in
the list of warranties annexed in Appendix B. 

  

	14.2	 If any of the Warranties is not issued in name of the Lessee, the Lessor shall, at the Lessee’s request
(acting reasonably), enforce the Warranties against the relevant contractor, manufacturer or supplier and require them to carry out the relevant maintenance, repair, servicing or replacement works covered under such Warranty. 

 

	15.	 HEAD LEASE DOCUMENTS 

 

	15.1	 Grant of JTC Lease 

 

	15.1.1	 The Lessee acknowledges that the grant of the JTC Lease is subject to fulfilment of the fixed investment
criteria on the Land and the Building by both Parties of the following amounts: 

  

	 	(a)	 the Lessor developing the Land to a minimum plot ratio of not less than 3.7 but not more than 3.7 and in
accordance with the Urban Design Guidelines and Estate Owner’s Terms and Conditions (referred to in the JTC Letter of Offer); and 

  

	 	(b)	 the Lessee fulfilling the declared investment on plant and machinery in the Property of at least S$450,503,000
(“Declared Investment”) by 7 April 2022 (“Stipulated Date”). The Lessee agrees that it shall solely be responsible in satisfying the Declared Investment by the Stipulated Date. 

  
 25 

	15.1.2	 The Lessee shall submit evidence (satisfactory to JTC) at the Lessee’s cost to the Lessor and JTC,
an independent auditor’s report, by 7 October 2022 showing that it has fulfilled and complied with the Declared Investment. 

  

	15.1.3	 Subject to Clause 15.1.4, in the event that the Lessee fails to satisfy the Declared Investment by the
Stipulated Date for any reason whatsoever resulting in JTC either reducing the lease term offered or granted to the Lessor under the JTC Lease Documents or the Lessor re-entering and taking possession of the Land, then the Lessee shall be liable to
the Lessor for damages incurred for reduction of the lease term of the JTC Lease or damages incurred in the event of re-entry and possession by JTC, as the case may be to the extent caused by the Lessee’s
failure to satisfy the Declared Investment. 

  

	15.1.4	 Each Party shall indemnify the other Party and hold the Other Party harmless from and against any and
all losses, damages, claims, demands, proceedings, actions, costs, expenses interest and penalties suffered or incurred by such other Party arising from any failure or delay on the part of the first Party in complying with its respective obligations
under this Clause 15 provided that each Party’s indemnity shall not render such Party liable to indemnify the other Party in respect of an special or indirect losses suffered or incurred by such other Party. 

 

	16.	 EXECUTION AND TERMS OF LEASE AGREEMENT 

 

	16.1	 Execution of Lease Agreement: The Lessee shall execute the Lease Agreement (in duplicate) concurrently
with the Lessee’s execution of this Agreement. The Lease Agreement (in duplicate) shall be executed by the Lessee in escrow and held by the Lessor’s solicitors pending the issuance of the TOP for the Property until the date of perfection
of the Lease Agreement. 

  

	16.2	 Grant of Lease: Upon the issuance of the TOP for the Property and achieving Practical Completion, the
Lessor shall grant to the Lessee and the Lessee hereby agrees to take a lease of the Property on the terms and subject to the conditions set out in the Lease Agreement. The Lease Agreement shall be dated such date as may be mutually agreed between
Parties in writing. The Lessor shall furnish the Lessee’s copy of the Lease Agreement to the Lessee immediately after the date of the Lease Agreement. 

Amendments to Lease Agreement: The Lessee agrees that the Lessor may, prior to the perfection of the Lease Agreement, amend the Lease
Agreement to: 
  

	 	(a)	 make such variations to the Lease Agreement only as may be required by changes in Law and JTC’s policies
and requirements provided that such variations have been mutually agreed between Parties in writing and to the extent that the variations accurately reflect the changes in Law and JTC’s policies and requirements; 

 

	 	(b)	 make such additions or modifications to the Lease Agreement or the plans to be annexed to the Lease Agreement
as may be reasonably required to properly describe the Property as eventually designed and constructed if such final design or constructed form is binding on the Lessee under the terms of this Agreement or has been accepted by the Lessee in writing
or as the Property may eventually be named or numbered; 

  

	 	(c)	 make such variations as may be required to incorporate the Surveyed GFA (which has been determined by the
registered surveyor engaged by the Lessor pursuant to Clause 6.2) as the Lease Area in the Lease Agreement which is to be used to calculate the Rent and the Security Deposit under the Lease Agreement; and 

  
 26 

	 	(d)	 make such additions to the Lease Agreement in order to complete the dates and other particulars in the Lease
Agreement (including, without limitation, the Rent and the Security Deposit which has been calculated based on the Estimated GF A). 

The Lessee shall be notified in writing of all changes made by the Lessor in accordance with this Clause 16 and a copy of such revisions shall
be furnished to the Lessee for the Lessee’s consent as soon as practicable. The Lessee shall not be bound by any modified and/or additional terms to the Lease Agreement made in accordance with this Clause 16.2 unless the Lessor has notified the
Lessee in writing of such modifications and/or additional tenns and in respect of any modified and/or additional terms which falls within the scope of Clause I 6.2(a), obtained the Lessee’s written approval for such modifications and/or
additional terms. 
  

	17.	 RIGHTS AND OBLIGATIONS OF THE PARTIES: 

 

	 	(a)	 Subject to Parties compliance with the terms set out in Clause 16, from the Lease Commencement Date until the
date of perfection of the Lease Agreement: 

  

	 	(i)	 the terms of the Lease Agreement will apply and be binding on the Parties as though they had been incorporated
in this Agreement; 

  

	 	(ii)	 the Parties must comply with their respective obligations m the Lease Agreement; 

 

	 	(iii)	 the Lessor may use any available remedy under the Lease Agreement for a breach of obligation by the Lessee as
if the Lease had been granted; 

  

	 	(iv)	 the Lessee may use any available remedy under the Lease Agreement for a breach of obligation by the Lessor as
if the Lease had been granted; and 

  

	 	(v)	 the Lessee must make all payments in the same manner and at the same times as if the Lease had been granted.

  

	 	(b)	 For the purposes of this Clause 17, the “date of perfection” of the Lease Agreement means:

  

	 	(i)	 the date on which the Lease Agreement has been executed by both Parties; or 

 

	 	(ii)	 the date of the Lease Agreement, 

 

	 	whichever	 date is the later. 

  

	18.	 COSTS 

  

	18.1	 The Lessee shall be responsible for the stamp duty for this Agreement and (if applicable) Lease
Agreement (including adjudication fees). 

  

	18.2	 Each Party is responsible for its own legal, accountancy and other costs, charges and expenses incurred
connected with the negotiation, preparation and implementation of this Agreement. 

  

	18.3	 All applicable goods and services tax on payments payable by the Lessee under this Agreement and Lease
Agreement shall be borne by the Lessee. 

  

	18.4	 The Lessee shall pay or indemnify the Lessor (on a full indemnity basis) against all reasonable legal
costs and fees incurred by the Lessor in consulting solicitors in connection with the enforcement of any provision of this Agreement. 

  
 27 

	19.	 ASSIGNMENT BY LESSOR 

 

	19.1	 No Assignment by Lessor: 

Prior to the date of issuance of CSC for the Building, the Lessor shall not sell, transfer, assign, novate or dispose of the whole or any part
of the Property and/or the Lessor’s interest under this Agreement and the Lease Agreement without the prior written consent of the Lessee (such consent not to be unreasonably withheld or delayed). 

 

	19.2	 At any time after the date of issuance of CSC for the Building, the Lessor may sell, transfer, assign,
novate or dispose of the whole of the Property and/or the Lessor’s interest under this Agreement and the Lease Agreement to other third parties provided that the Lessor has given written notification to the Lessee of such sale, transfer,
assigmnent, novation or disposal. 

  

	19.3	 In the event that the Lessor sells, transfers, assigns, novates or disposes of the whole of the Property
and/or the Lessor’s interest under this Agreement to a third party (the “Transferee”) in accordance with this Clause 19, the Lessor shall procure that the Transferee assumes all the obligations of the Lessor under this
Agreement and the Lease Agreement (whether by way of a novation or otherwise). The terms of the novation agreement or other agreement (whichever is applicable) in respect of the Transferee’s assumption of the Lessor’s obligations under
this Agreement and the Lease Agreement shall provide for continuity in the undertaking, performance and completion of the Lessor’s obligations by the Transferee. 

 

	19.4	 In addition to the aforesaid, any such sale, transfer, assigmnent, novation or disposal by the Lessor
shall be subject to the prior written approval of JTC and (if applicable) other relevant Authorities as well as the Lessor’s compliance with tenns and conditions as may be imposed by JTC and such other relevant Authorities.

  

	20.	 ASSIGNMENT BY LESSEE 

The Lessee shall not assign its interests, rights and benefits under this Agreement and/or the Lease Agreement or transfer its liabilities
under this Agreement and/or the Lease Agreement except with the prior written consent of the Lessor (which consent shall not be unreasonably withheld, conditioned or delayed) provided that the Lessee shall be entitled to, without the Lessor’s
Consent, assign its interests, rights and benefits under this Agreement and/or the Lease Agreement or transfer its liabilities under this Agreement and/or the Lease Agreement to (i) its related and affiliated corporations of at least the same
financial standing as the Lessee, (ii) any corporation or other entity into which the Lessee is merged or consolidated or any purchaser to whom the Lessee’s shares or assets are transferred to of a financial standing acceptable to the
Lessor (acting reasonably) or of at least the same financial standing as the Lessee, or (iii) its financiers in connection with any facilities to be obtained by the Lessee for the Project provided that any assigmnent by the Lessee shall be
subject to the prior written approval of JTC and (if applicable) other relevant Authorities as well as the Lessee’s compliance with terms and conditions as may be imposed by JTC and such other relevant Authorities and the Lessee shall give
written notification to the Lessor of such assigmnent. Where required by the Lessee, the Lessor shall enter into and execute a novation agreement with the Lessee and its assignee / transferee on such terms and conditions acceptable to the Lessor
(acting reasonably). 
  

	21.	 TERMINATION BY EITHER PARTY 

 

	21.1	 Either Party may terminate this Agreement by giving notice in writing to the other Party if an event of
insolvency occurs in respect of the other Party. 

  

	21.2	 The termination of this Agreement under this Clause 21 shall not affect: 

 

	 	(a)	 the terminating Party’s rights and remedies against the other Party for any Joss, damages, cost or
expenses arising from or in connection with such termination; and 

  
 28 

	 	(b)	 the terminating Party’s rights against the other Party for antecedent breaches of this Agreement.

  

	21.3	 The phrase “an event of insolvency” as used in this Agreement, includes:

  

	 	(a)	 inability of a Party to pay its debts as and when they fall due; 

 

	 	(b)	 any distress or execution being levied on a Party’s property and such Party has not commenced proceedings
for the withdrawal or setting aside of such distress or execution proceedings within thirty (30) days of such action; 

  

	 	(c)	 presentation of an application (except for the purpose of amalgamation or reconstruction when solvent) for the
winding up of a Party; 

  

	 	(d)	 issuance of a notice of meeting of members or shareholders for the passing of a resolution for winding up
(except for the purpose of amalgamation or reconstruction when solvent) of a Party; 

  

	 	(e)	 presentation of an application for the judicial management of a Party; 

 

	 	(f)	 making of a proposal by a Party to its creditors for a composition in satisfaction of its debts or a scheme of
arrangement of its affairs; and 

  

	 	(g)	 the appointment of a receiver, receiver and manager, or provisional liquidator in respect of a Party or any of
its property or assets. 

  

	21.4	 In the event that this Agreement is terminated due to an event of insolvency in respect of the Lessor,
the Lessor shall return all Security Deposit paid by the Lessee (subject to such deductions allowed under this Agreement) within fourteen (14) Business Days of the date of the Lessee’s written notice of termination to the Lessor.

  

	22.	 CONFIDENTIALITY 

 

	22.1	 Each Party undertakes to keep the Confidential Information of the other Party confidential and that it
will not, and will procure that its officers, employees, agents, contractors, subcontractors and advisors will not, at any time, disclose, or permit to be disclosed, to any third party, the terms of this Agreement, all communications, negotiations,
discussions, and correspondence between the Parties, or any matter or information, relating to this Agreement or the subject matter thereof until the expiry of one (1) year from the date of expiry or earlier determination of the Term.

  

	22.2	 Clause 22.1 shall not apply to disclosure of any matter or information: 

 

	 	(a)	 which the disclosing Party can reasonably demonstrate is in the public domain through no fault of its own;

  

	 	(b)	 required by law, pursuant to a court order or by any recognised stock exchange or governmental or other
regulatory body, in respect of which the disclosing Party shall, if legally permitted and practicable, supply in advance a copy of the required disclosure to the other Party and incorporate any additions or amendments reasonably requested by the
other Party; 

  

	 	(c)	 disclosed by either of the Parties to its respective directors, officers, trustees, bankers, financial
advisors, consultants, licensed valuers, partners and/or employees and to any legal or other professional adviser to any Party for the purposes of obtaining advice or assistance in connection with rights or obligations under this Agreement;

  
 29 

	 	(d)	 which is required to be disclosed pursuant to any legal process issued by any court or tribunal in Singapore;

  

	 	(e)	 to any assignee or transferee or mortgagee of either Party and their respective trustees, officers, employees,
bankers, financial advisors, consultants, licensed valuers and legal or other advisors; 

  

	 	(f)	 which is required to be disclosed to the holding company of either Party and/or either Party’s branches or
related corporations (as defined under the Companies Act (Chapter 50 of Singapore)); or 

  

	 	(g)	 to which the other Party has consented in writing. 

 

	23.	 GOODS AND SERVICES TAX 

 

	23.1	 Any sums payable by either Party (“Paying Party”) under this Agreement shall, as
between the Parties, be exclusive of any applicable GST which may from time to time be imposed or charged (including any subsequent revisions thereto) by the tax Authorities on or calculated by reference to the amount of such sums payable by the
Paying Party (or any part thereof) and the Paying Party shall pay all such GST or reimburse the other Party (“Receiving Party”) for the payment of such GST, as the case may be, in such manner and within such period as to comply or
enable the Receiving Party to comply with any applicable orders or directives of such Authorities and the Law provided that the Receiving Party had furnished the relevant tax invoice to the Paying Party for such GST payable. 

 

	23.2	 The rights of the Lessor under this Clause 23 shall be in addition and without prejudice to any other
rights or powers of the Lessor under any applicable order or directive of the Authorities or any Law, to recover from the Lessee the amount of such GST which may be or is to be paid or borne by the Lessor. The Lessee shall indemnify and hold
harmless the Lessor from any losses, damages, claims, demands, proceedings, actions, costs, expenses, interests and penalties suffered or incurred by the Lessor resulting from any failure or delay on the part of the Lessee in the payment and
discharge of any such GST, provided that the Lessor has furnished to the Lessee the relevant tax invoice for such GST payable as soon as practicable and the Lessee is given no less than twenty-eight (28) days for payment of such GST.

  

	23.3	 The rights of the Lessee under this Clause 23 shall be in addition and without prejudice to the rights
or powers of the Lessee under any applicable order or directive of the Authorities or any Law, to recover from the Lessor the amount of such GST which may be or is to be paid or borne by the Lessee. The Lessor shall indemnify and hold harmless the
Lessee from any losses, damages, claims, demands, proceedings, actions, costs, expenses, interests and penalties suffered or incurred by the Lessee resulting from any failure or delay on the part of the Lessor in the payment and discharge of any
such GST, provided that the Lessee has furnished to the Lessor the relevant tax invoice for such GST payable as soon as practicable and the Lessor is given no less than twenty-eight (28) days for payment of such GST. 

 

	24.	 NOTICES 

  

	24.1	 Any notice, demand or other communication (“Notice”) to be given by a Party under, or
in connection with, this Agreement, shall be in writing and be signed by or on behalf of the Party giving it. 

  

	24.2	 Notices shall be served by email (except in the event of service of legal proceedings), registered mail,
or delivering it by hand to the address set out in Clause 24.3 and in each case marked for the attention of the relevant Party set out in Clause 24.3 (or as otherwise notified from time to time in accordance with the provisions of Clause
24.4). 

  
 30 

	24.3	 Notice details for the purpose of this Clause 24 are as follows: 

 

	 	(a)	 Lessor  

Address: 21 Collyer Quay #03-01 HSBC Building Singapore 049320 

Email address: reits.cs@hsbc.com.sg 

For the attention of: SVP, REITS 

with a copy to the Manager of Ascendas Real Estate Investment Trust: 

Address: I Fusionopolis Place, #10-10, Galaxis, Singapore 138522 

Email Address: yaowei.lin@ascendas-singbridge.com / 

lawden.tan(m,ascendas-singbridge.com 

For the attention of: Lin Yaowei / Lawden Tan 
  

	 	(b)	 Lessee  

Address: 6 Shenton Way #38-01 OUE Downtown Singapore 068809 

Email address: Edmund.tan@grab.com / benjamin.lam@grab.com / 

facilities.sg@grab.com 

For the attention of: Edmnnd Tan/ Benjamin Lam/ Facilities Department 
  

	24.4	 A Party may notify the other Party of a change to the relevant addressee, address or email address for
the purposes of this Clause 24, provided that such notice shall only be effective on: 

  

	 	(a)	 the date specified in the notice as the date on which the change is to take place; or 

 

	 	(b)	 if no date is specified or the date specified is less than five (5) Business Days after the date on which
notice is given, the date following five (5) Business Days after notice of any change has been given. 

  

	24.5	 Any notice will be treated as served: 

 

	 	(a)	 for notice given by hand, immediately on the day which it is hand-delivered; 

 

	 	(b)	 for notice by registered post, forty-eight (48) hours after posting and proving it, and it will be adequate to
show evidence that the notice has been sent by registered post; and 

  

	 	(c)	 for notice sent by email, immediately at the time of transmission if it can be proved that the email was
properly addressed and sent. 

  

	25.	 DISPUTE RESOLUTION 

 

	25.1	 If any dispute arises out of or in connection with this Agreement (including any question regarding its
existence, validity or termination) (the “Dispute”), the Parties must co-operate with each other in good faith to promptly resolve the Dispute in a professional manner, without malice. The
Parties will assist each other and take all reasonable steps necessary to efficiently conclude or resolve the Dispute so that each Party can derive the full benefit of this Agreement. 

 

	25.2	 Any Dispute which cannot be resolved in accordance with Clause 25.1 shall be referred to and finally
resolved by arbitration administered by the SIAC in accordance with the SIAC Rules for the time being in force, which rules are deemed to be incorporated by reference in this Clause. The seat of the arbitration shall be Singapore. The tribunal shall
consist of one arbitrator. The language of the arbitration shall be English. 

  

	25.3	 Nothing in this Agreement prevents a Party from resorting to judicial proceedings for the limited
purpose of seeking urgent interlocutory relief. Irrespective of any such judicial proceedings, the Parties shall continue to participate in resolution of Disputes in accordance with the above. 

  
 31 

	25.4	 Dispute resolution pursuant to this Agreement will be confidential under the terms of this Agreement.

  

	26.	 GOVERNING LAW AND SUBMISSION TO JURISDICTION 

 

	26.1	 This Agreement, including its construction, validity and performance and all non-contractual obligations arising from or connected with this Agreement shall be governed by the laws of Singapore. 

  

	27.	 MISCELLANEOUS 

 

	27.1	 Contracts (Rights of Third Parties) Act (Chapter 53B) 

A person who is not a Party to this Agreement has no right under The Contracts (Rights of Third Parties) Act (Chapter 53B) to enforce or enjoy
the benefit of any term of this Agreement. 
  

	27.2	 Variation and Waiver 

 

	 	(a)	 No variation or waiver of any provision or condition of this Agreement is effective unless it is written and
signed by or on behalf of each Party (or, in the case of a waiver, by or on behalf of the Party issuing the waiver). 

  

	 	(b)	 Unless expressly agreed, no variation or waiver of any provision or condition of this Agreement constitutes a
general variation or waiver of any provision or condition of this Agreement, nor does it affect any right, obligation or liability under or pursuant to this Agreement which has accrued up to the date of the variation or waiver, and the rights and
obligations of the Parties under or pursuant to this Agreement shall remain in full force and effect, except for to the extent that they are varied or waived. 

 

	27.3	 Entire Agreement 

This Agreement represents the whole and only agreement between the Parties in relation to the subject matter hereof and supersedes any previous
agreement between the Parties in relation to the subject matter hereof, save that nothing in this Agreement exclude any liability for, or remedy in respect of, fraud, fraudulent misrepresentation, or other illegal or vitiating conduct. To the extent
of any inconsistency between the terms in this Agreement and the MOU, the terms in this Agreement take precedence unless otherwise expressly stated. 
  

	27.4	 Non-Merger 

The provisions of this Agreement shall remain in full force and effect after the grant of the Lease Agreement, in so far as they are still
required to be observed and performed. 
  

	27.5	 Independent Contractors (No Principal-Agency or Employee Relationship) 

 

	 	(a)	 This Agreement does not create a partnership or joint venture between the Parties. Each Party is an independent
contractor, has no authority to bind the other Party, and is solely responsible for its respective officers, employees, contractors, subcontractors and agents. 

 

	 	(b)	 There is no employer-employee relationship between the Parties, nor between a Party and the officers or
employees of the other Party. The Lessor must comply with its obligations to its employees and contractors in accordance with applicable Laws, rules and regulations. The Lessee is no way responsible and shall not be liable for non-compliance by the Lessor with requirements under applicable Laws, rules and regulations and the Lessor holds the Lessee free and harmless from any responsibility whatsoever arising from a non-compliance. 

  
 32 

	27.6	 Severability 

If any provision of this Agreement is held by a court of competent jurisdiction or arbitration tribunal to be illegal, invalid or unenforceable
in any respect under the laws of Singapore, then such provision shall (so far as it is invalid or unenforceable) be given no effect and shall be deemed not to be included in this Agreement but without invalidating any of the remaining provisions of
this Agreement. Any provision of this Agreement held invalid or unenforceable only in part or degree will remain in full force and effect to the extent not held invalid or unenforceable. The Parties shall then use best endeavours to replace the
invalid or unenforceable provision(s) by a valid and enforceable substitute provision the effect of which is as close as possible to the intended effect of the invalid or unenforceable provision. 

 

	27.7	 Further assurance 

The Parties agree to perform (or procure the performance of) all further acts and things, and execute and deliver (or procure the execution and
delivery of) such further documents, as may be required by the Laws or as a Party may reasonably require to implement and/or give effect to this Agreement and the transactions contemplated by this Agreement and for the purpose of vesting in a Party
the full benefit of the assets, rights and benefits to be granted to or vested in that Party under or pursuant to this Agreement. 
  

	27.8	 Counterparts 

This Agreement may be entered into in any number of counterparts, all of which taken together shall constitute one and the same instrument. Any
Party may enter into this Agreement by signing any such counterpart. 
  

	28.	 LESSOR’S LIABILITY 

 

	 	(a)	 Notwithstanding any provision to the contrary in this Agreement, the Parties agree and acknowledge that HSBC
Institutional Trust Services (Singapore) Limited (“HSBCITS”) has entered into this Agreement only in its capacity as the trustee of the AREIT and not in its personal capacity and all references to the “Lessor” in this
Agreement shall be construed accordingly. Accordingly, notwithstanding any provision to the contrary in this Agreement, HSBCITS has assumed all obligations under this Agreement only in its capacity as the trustee of the AREIT and not in its personal
capacity and any liability of or warranty, representation, covenant, undertaking or indemnity given by the Lessor under this Agreement is given by HSBCITS in its capacity as trustee of the AREIT and not in its personal capacity and any power and/or
right conferred on any receiver, attorney, agent and/or delegate under this Agreement is limited to the assets of or held on trust for the AREIT over which HSBCITS in its capacity as trustee of the AREIT has recourse and shall not extend to any
personal or other assets of HSBCITS or any assets held by HSBCITS as the trustee of any trust (other than for the AREIT). Any obligation, matter, act, action or thing required to be done, performed, or undertaken or any covenant, representation,
warranty or undertaking given by the Lessor under this Agreement shall only be in connection with the matters relating to AREIT and shall not extend to the obligations of HSBCITS in respect of any other trust or real estate investment trust of which
it is trustee. 

  

	 	(b)	 Notwithstanding any provision to the contrary in this Agreement, it is hereby acknowledged and agreed that the
obligations of the Lessor under this Agreement will be solely the corporate obligations of HSBCITS and that none of the Parties shall have any recourse against the shareholders, directors, officers or employees of HSBCITS for any claims, losses,
damages, liabilities or other obligations whatsoever in connection with any of the transactions contemplated by the provisions of this Agreement. 

  
 33 

	 	(c)	 For the avoidance of doubt, any legal action or proceedings commenced against the Lessor whether in Singapore
or elsewhere pursuant to this Agreement shall be brought against HSBCITS in its capacity as trustee of the AREIT and not in its personal capacity. 

  

	 	(d)	 This Clause 28 shall survive the termination or rescission of this Agreement. 

 

	 	(e)	 The provisions of this Clause 28 shall apply, mutatis mutandis, to any notices, certificates or other
documents which the Lessor issues under or pursuant to this Agreement as if expressly set out in such notice, certificate or document. 

  
 34 

 SCHEDULE A 

Plan & Description of Land 

  
 35 

 

 

 SCHEDULE B 

Base Plan and Specifications 

  
 36 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 DESIGN BRIEF BUSINESS PARK DEVELOPMENT 

TM1-3 ONE NORTH 
  

							
	1)	 	Site Info	 		 	
				
	a	 	Location	 	:	 	TM1-3, One North, MK 03 Lot 05418KPT
				
	b	 	Land Area	 	:	 	11,435 sqm, subject to site survey
				
	c	 	Allowable Plot Ratio	 		 	3.7
				
	d	 	Allowable GFA	 		 	42,309.5 sqm
				
	2)	 	 Building
	 		 	
				
	2.1	 	Architectural Planning data:	 		 	
				
	a.	 	Proposed Plot Ratio	 	:	 	3.7
				
	b	 	Proposed Gross Floor Area (GFA)	 	:	 	42,309.5 sqm
				
	c.	 	Occupancy Load	 	:	 	 i. Office (10 m2 /person)

 
 ii. Sky terraces/ Canteen/ Multi-purpose hall (1.5 m2 /person)

				
		 		 		 	Any other areas to comply with authorities’ requirements
				
	2.2	 	Vehicle Parking Provision	 		 	
				
	a	 	Carpark lots	 	:	 	178 + 3 Handicap lots, as per JTC’s car-lite policy
				
	b.	 	Rigid frame vehicle lots (Loading/unloading Space)	 	:	 	5
				
	c.	 	Motorcycle lots	 	:	 	9
				
	d.	 	Bicycle lots	 	:	 	94
				
	2.3	 	Storey and Clear Ceiling Height	 		 	
				
		 	Basement 1	 	:	 	 6.0 m (Storey to Storey)
  

Clear Ceiling Height: To comply with authorities’ requirement

				
		 	Basement 2	 	:	 	 3.5 m (Storey to Storey)
  

Clear Ceiling Height: To comply with authorities’ requirement

				
		 	1st Storey	 	:	 	7.0 m (Storey to Storey)
				
		 	 •   Main Lobby
	 		 	Clear Ceiling Height: 4.5m or to Architect’s design
				
		 	 •   Tenanted Space
	 		 	Clear Ceiling Height: 3.0m
				
		 	 •   Common Corridor
	 		 	Clear Ceiling Height: 3.0m

 DESIGN BRIEF BUSINESS PARK DEVELOPMENT 

TM1-3 ONE NORTH 
  

							
		 	Typical Storey (2nd to 9th Storey)	 	:	 	4.5 m ( Storey to Storey)
				
		 	 •   Lobby
	 		 	Clear Ceiling Height: 2.8m
				
		 	 •   Tenanted Space (with raised floor)
	 		 	(min)
				
		 	 •   Comdmon Corridor
	 		 	Clear Ceiling Height: 2.8m
				
		 		 		 	(min)
				
		 		 		 	Clear Ceiling Height: 2.8m
				
		 		 		 	(min)
	2.4	 	Civil and Structural	 		 	
				
		 	Column Grids	 	:	 	12.0m x 18.0m
				
		 		 	:	 	12.0m x 15.0m
				
		 		 	:	 	12.0m x 10.0m
				
		 	Floor Loading (Live Load)	 		 	
				
		 	 1.  Basement 2
	 		 	
				
		 	 a.   Carpark / Driveway /Ramp
	 	:	 	5.0 kN/m2 
				
		 	 2.  Basement 1
	 		 	
				
		 	 a.   Carpark / Driveway/ Ramp
	 	:	 	5.0 kN/m2 
				
		 	 b.  M&E Plant Rooms
	 	:	 	7.5 kN/m2 
				
		 	 3.  1st Storey
	 		 	
				
		 	 a.   Lobby/ Office
	 	:	 	5.0 kN/m2 
				
		 	 b.  Driveway / Ramp
	 	:	 	5.0 kN/m2 
				
		 	 c.   M&E Plant Rooms
	 	:	 	7.5 kN/m2 
				
		 	 d.  Fire Engine Access
	 	:	 	15 kN/m2 
				
		 	 e.   Electrical substation
	 	:	 	16 kN/m2 
				
		 	 4.  2nd Storey
	 		 	
				
		 	 a.   Driver Centre
	 	:	 	5.0 kN/m2 
				
		 	 b.  Multi- Purpose Hall
	 	:	 	5.0 kN/m2 
				
		 	 c.   Lobby / Office
	 	:	 	5.0 kN/m2 
				
		 	 d.  M&E Plant Rooms
	 	:	 	7.5 kN/m2 
				
		 	 5.  3rd Storey
	 		 	
				
		 	 a.   Lobby / Office
	 	:	 	5.0 kN/m2 
				
		 	 b.  Sky Garden
	 	:	 	5.0 kN/m2 
				
		 	 c.   Link Bridge
	 	:	 	5.0 kN/m2 
				
		 	 d.  M&E Plant Rooms
	 	:	 	7.5 kN/m2 
				
		 	 6.  4th Storey
	 		 	
				
		 	 a.   Kitchen / Canteen
	 	:	 	5.0 kN/m2 
				
		 	 b.  Lobby/ Office
	 	:	 	5.0 kN/m2 
				
		 	 c.   Sky Garden
	 	:	 	5.0 kN/m2 
				
		 	 d.  M&E Plant Rooms
	 	:	 	7.5 kN/m2 

 DESIGN BRIEF BUSINESS PARK DEVELOPMENT 

TM1-3 ONE NORTH 
  

							
		 	 7.  5th Storey
	 		 	
				
		 	 a.   Lobby / Office
	 	:	 	5.0 kN/m2 
				
		 	 b.  M&E Plant Rooms
	 	:	 	7.5 kN/m2 
				
		 	 8.  Typical Floor (6-9th Storey)
	 		 	
				
		 	 a.   Lobby / Office
	 	:	 	5.0 kN/m2 
				
		 	 b.  M&E Plant Rooms
	 	:	 	7.5 kN/m2 
				
		 	 9.  Roof
	 		 	
				
		 	 a.   Roof
	 	:	 	7.5 kN/m2 

  

	3)	 M&E Services 

3.1 Electrical System 
  

			
	Design Requirement	  	 •   Electrical Load Provision of 25W/sqm (Lighting : 9W/sqm, Power :
16W/sqm) for all tenanted space.

		
	Power Intake capacity	  	 •   Direct 22kV supply from the PowerGrid’s sub-station shall be fed to one (1) no. Consumer HT Main Switchboard located at Basement 1 with master/sub-metering arrangement. The Consumer HT Main Switchboard shall be
designed to receive two (2) nos. Incoming feeders from PowerGrid’s substation.

		
		  	 •   Three (3) nos. of Dry-Type
transformers (3.25 MVA each; i.e. 2N+1 with overall MD at 6.5MVA) are provided; both taking 22KV supply from the Consumer HT Main Switchboard and stepping it down to 415 volts before feeding them to the LT Main Switchboard.

		
	LV Power Supply	  	 •   The LT Main Switchboard receives 415 volts supply from both
transformers and distributes power throughout the building. Landlord and tenant supplies are provided via separate risers. Located adjacent to the LT Main Switchboard is the Emergency Main Switchboard which takes normal supply from the Main
Switchboard and emergency supply from the generator. The Emergency Main Switchboard distributes power to all systems in the building that are required by code to operate during a power failure.

		
		  	 •   To supply and install the necessary
sub-main cable from the riser to office units. Fully insulated copper busducts complete with integral earth and separate dedicated earthing for the complete full length of each set of busducts; for the
distribution of tenant sub-mains from the risers; and etc shown in Specifications / Schematic Design Intent Specifications. The rest of the sub-mains to mechanical
equipment and owner’s general lighting and power shall utilize cables in the risers complete with tap off units.

		
		  	 •   Meter Panels, Tenants’
Sub-Meter Panels, DBs shall be provided.

 DESIGN BRIEF BUSINESS PARK DEVELOPMENT 

TM1-3 ONE NORTH 
  

			
		  	 •   Wiring for light fittings at common corridors and basement car park,
shall be connected to alternate BMS time schedule circuits to conserve electricity, lighting at toilets to be linked to motion detectors for the same purpose. At least one (1) light circuitry for each toilet to be controlled by BMS time
schedule to ensure that there is always some light in the toilet at all times.

		
	Generator	  	 •   One (1) set of automatic mains failure diesel generator with
capacity of 1000KVA be installed to cater for the operational requirements of emergency/essential services for the entire building in compliance with local Fire Safety and Shelter Bureau’s requirements.

		
		  	 •   Provision of emergency generator for
E-Source for Server room.

		
	Lighting System	  	 •   Emergency lighting comprising LED type luminaries with battery pack and
exit signs shall be provided to comply with SS CP 563:2010 and Fire Safety and Shelter Bureau requirements.

		
		  	 •   Lighting level specification (to comply with SS531:2006)

		
		  	 •   Office space – 500 lux average

		
		  	 •   Entrance Hall/Lobby/Circulation – 100 lux average

		
		  	 •   Toilets – 150 lux average

 
 •   Pedestrian Passageway
– 30 lux average
  

•   Car park – 75 lux average

		
		  	 •   Loading/unloading bay – 150 lux average

		
		  	 •   Landscape lights – 20 lux average

		
		  	 •   Bollard/pole lights – 30 lux average

		
		  	 •   External areas (including terraces and external driveway) other than
above items – 30 lux average

		
		  	 •   Building Façade Lighting with conceal weatherproof LED strip
lighting complete with BMS timer control (colour rendering / temperature to Employer / Architect’s acceptance).

		
		  	 •   Power supplies complete with BMS timer control to Building Corporate
Illuminated Signages.

		
	Public Address System	  	 •   Public Address and Emergency Voice Communication system will be
provided to comply with Fire Safety & Shelter Bureau requirements (spare channels to be catered for, on every floor).

		
	Telecommunication	  	 •   Infra-structure for Telephone/CATV distribution system shall be
designed in accordance to IMDA COPIF:2018 Code of Practice for Info-Communications Facilities in Buildings. Telephone distribution system shall comprise a MDF room at Basement 1 with lead-in pipes and MCT,
cable ladders and trays from MDF room to respective Telecom risers.

		
		  	 •   Data/Telecommunications cablings to Tenant’s premises to be
provided by respective Tenants appointed Services Providers. Cable Containment from respective riser ducts to respective tenant’s premises shall be provided in accordance to IMDA COPIF: 2018.

 DESIGN BRIEF BUSINESS PARK DEVELOPMENT 

TM1-3 ONE NORTH 
  

			
		  	 •   Two (2) rows 8 nos of 110mm diameter HD UPVC pipes at two separate
intake locations at each tower block (total 32 nos x 2 blocks) complete with draw-wire, and all associated accessories for Tenant complete with associated cable containment as per IMDA COPIF 2018.

		
	Digital TV	  	 •   Digital TV System to be provided to IMDA requirements, one (1) no.
tap point per floor at the respective Telecom Riser Ducts.

		
	Security System	  	 •   For CCTV in IP system, storage capacity must be adequate for thirty
(30) days recording. As a general guide, the locations of these CCTVs will be as follows :

		
		  	 •   All service and passenger lift lobbies

		
		  	 •   All corridors

		
		  	 •   Loading/ Unloading area

		
		  	 •   Perimeter of building

		
		  	 •   All lift cars

		
		  	 •   Exits / Entrances to Roof Garden, Sky Gardens / Terraces, MEP Roof
Plant spaces / Services Maintenance spaces

		
		  	 •   Card Access System to:-

		
		  	 •   All secure doors

		
		  	 •   All doors to basements

		
		  	 •   All doors facing building external, including EOT
facility

		
		  	 •   Exits / Entrances to Roof Garden, Sky Gardens / Terraces, MEP Roof
Plant spaces / Services Maintenance spaces

		
		  	 •   All lift cars

		
		  	 •   All turnstiles systems

		
		  	 •   Door contacts to:-

		
		  	 •   All staircases,

		
		  	 •   All MEP plantrooms

		
	Carparking System	  	 •   One (1) set of carpark barriers (entry & exit) with
reader interface module and card readers – Full EPS.

		
		  	 •   Remote lifting of barrier-arms at FCC and reception/ security
counter.

		
		  	 •   Intercom at FCC and reception/ security counter.

		
	Car Charging	  	 •   10 charging points for electric vehicles at Basement
Carparks.

		
	Lightning Protection	  	 •   Lightning protection system and earthing system shall be provided to
comply with local authorities requirements.

		
		  	 •   Lightning protection system to be provided to comply with SS 555:2018
requirements.

		
		  	 •   Earthing system shall be provided to comply with SS
551:2009.

		
	Building Management System	  	 •   Appropriate BMS system to be provided.

 DESIGN BRIEF BUSINESS PARK DEVELOPMENT 

TM1-3 ONE NORTH 
  

			
	3.2 Fire Protection System	  	 •   Fire sprinkler system designed to SS CP 52. The offices and basement
carparks are designed to Ordinary Hazard Group II.

		
		  	 •   Fire hosereel system designed to SS CP 575:2012 (floor drains to be
provided at hosereel risers)

		
		  	 •   External hydrant & dry risers designed to SS CP
575:2012

		
		  	 •   Automatic fire alarm system designed to SS CP 10: 2005 as per
requirements of fire code

		
	3.3 Sanitary System	  	 •   The Sanitary Plumbing & Drainage System shall be designed to
comply with the code of Practice on Sewerage & Sanitary Work & PUB’s/NEA’s requirements. Sanitary system shall include drainage pipes, IC, connection to existing MH, pipe & fittings for toilets, sanitary wares
and accessories including WC with water closets, urinal, wash basins and taps, etc.

		
		  	 •   Grease Trap – one (1) no. per Tower Block (due to NO BUILD
zone between the two blocks)

		
	3.4 Water Supply System	  	 •   The cold water supply system shall be designed to comply with PUB Water
Department’s regulations & SS CP: 636:2018.

		
		  	 •   Wastewater collection scheme shall be in accordance to CBPU
requirement. No trade waste effluent discharge and treatment system.

		
		  	 •   Provide four (4) nos. of
tap-off complete with private sub-meters and BMS monitoring per floor within riser for future wet pantry connection per floor.

		
		  	 •   Provide four (4) nos. of floor traps per floor for future wet
pantry connection.

		
		  	 •   All floor waste pipes receiving condensate water; are to be
insulated.

		
		  	 •   One (1) no. of tap point and floor traps in each AHU
rooms

		
	3.5 ACMV System	  	 •   ACMV installation shall be designed in accordance to SS 553:2016 and
Code of Practice for Fire Precautions in Buildings. The design shall base on indoor condition, temperature 24 ± 1°C DB/humidity 65 ± 5% RH, Outdoor ambient 32°C DB.

		
		  	 •   AC design assumption at 110W/sqm in general and in compliance to Green
Mark requirements.

		
		  	 •   Interconnecting stairs on 3rd to 9th storey and stairs will be air-conditioned if it is accommodated within an air-conditioned
space.

		
		  	 •   MV shall be provided for basement carparks, toilets and M&E plant
rooms.

		
		  	 •   VSD to be provided for chilled water pump.

		
		  	 •   9-storey Tower Block : Two
(2) nos. of AHUs shall be provided in each floor to serve the AC for the entire floor.

		
		  	 •   4-storey Tower Block : One
(1) no. of AHUs shall be provided in each floor to serve the AC for the entire floor.

 DESIGN BRIEF BUSINESS PARK DEVELOPMENT 

TM1-3 ONE NORTH 
  

			
		  	 •   One (1) no. of chilled water
tap-off point complete with flow meters and BTU meters including BMS monitoring per AHU Room per floor for chilled water to be provided.

		
	3.6 Lift Installation	  	 •   The Lift System shall be designed to comply with SS CP: 550:2009 Code
of Practice for Installation, Operation and Maintenance of Electric Passenger & Goods Lifts

		
		  	 •   Target 5 min Handling Capacity of 10 to 12% and waiting time for lift
service should be less than 30 to 35 sec.

		
		  	 •   9-storey Tower
Block

		
		  	 Four (4) nos. of 1,630kg (24 pax) Passenger lifts

		
		  	 Two (2) nos. of 1,630kg (24 pax) Service lifts

		
		  	 Two (2) nos. of 885kg (13 pax) Car Park lifts

		
		  	 •   4-storey Tower
Block

		
		  	 Two (2) nos. of 1,360kg (20 pax) Passenger lifts

		
		  	 •   Car Park lifts is free access to public.

		
		  	 •   To exclude brands originating from China.

		
	3.7 Escalator Installation	  	 •   Escalator at 30deg angle of incline with step width of 1000mm to SS CP:
626:2017.

		
	3.8. Town Gas Supply	  	 •   CityGas supply up to designated kitchen at both Tower Blocks in
accordance to SS CP608:2015; complete with CityGas Bulk Meters and Sub-Meters; including BMS monitoring.

		
	3.9 One-North Estate Requirements	  	 •   All requirements as stated to comply.

 DESIGN BRIEF BUSINESS PARK DEVELOPMENT 

TM1-3 ONE NORTH 
  

	4.0)	 Architectural Works 

SCHEDULE OF FINISHES 
  

							
	 LOCATION
	  	 FLOOR
	  	 WALL
	  	 CEILING

	Toilets & Handicapped Toilets	  	 Non-slip Homogenous Tile
  

(PC supply rate $30 psm)
	  	 Homogenous wall tile up to soffit of ceiling
  

(PC supply rate $30 psm)
	  	Calcium silicate board ceiling suspended (moisture resistant)
				
	FCC Room and Maintenance Office	  	 Homogenous Tile
  

(PC supply rate $30 psm)
	  	Cement and sand plaster and three coats of emulsion paint	  	1200 x 600 exposed grids mineral board suspended ceiling
				
	Storeroom and Cleaner Store	  	C&S Screed with Floor Hardener	  	Cement and sand plaster and three coats of emulsion paint	  	Skim coating with paint finish
				
	Compactor Room	  	Power Float finish	  	 Glazed wall tile up to 1.8m height
  

(PC supply rate $20 psm)
	  	Skim coating with paint finish
				
	Loading / Unloading deck	  	 Trowelled smooth concrete surface with anti slip groove lines and liquid applied floor hardener

 
 Concrete wheel stopper
	  	 Cement and sand plaster and three coats of emulsion paint
  

Rubber column guards (to be installed at all exposed corners and columns)
	  	Skim coating with paint finish
				
	M&E plant rooms & riser ducts	  	Power trowel finish	  	Cement and sand plaster and three coats of emulsion paint	  	Skim coating with paint finish.
				
	1st Storey Entrance Lobby / Lift Lobby	  	 Stone
  

(PC supply rate $120 psm)
	  	 Stone
  

(PC supply rate $120 psm)
	  	Fibrous plastered ceiling to Architect’s design
				
	Typical passenger Lift Lobbies	  	 Stone
  

(PC supply rate $120 psm)
	  	 Stone
  

(PC supply rate $120 psm)
	  	Fibrous Plastered board to Architect’s design
				
	Service/Cargo Lift Lobbies	  	 Homogenous Tiles
  

(PC supply rate $30 psm)
	  	Cement and sand plaster and three coats of emulsion paint	  	Fibrous Plastered board to Architect’s design
				
	Typical Corridor / Circulation Area	  	 Homogeneous Tile
  

(PC supply rate $30 psm)
	  	Cement and sand plaster and three coats of emulsion paint	  	Fibrous Plastered board to Architect’s design
				
	BP/Office Space	  	 Bare concrete finish with raised floor (to receive carpet finishes)

 
 (PC supply rate $50 psm)

 
 Provision for SOB boxes under raised floor
	  	Skim coat and painted drywall partition with insulation to soffit of slabs to corridor only with three coats of emulsion paint	  	 1200 x 600 exposed grids mineral board suspended ceiling
  

Ceiling boards: “Armstrong” or equivalent.

 DESIGN BRIEF BUSINESS PARK DEVELOPMENT 

TM1-3 ONE NORTH 
  

							
	 LOCATION
	  	 FLOOR
	  	 WALL
	  	 CEILING

	Staircases	  	 C&S screed with nosing tiles
  

Detectable warning surfaces
	  	 Cement and sand plaster and three coats of emulsion paint
  

Hot dip galvanised mild steel railing with enamel paint
	  	Skim coating with paint finish.
				
	Carparks and Ramps	  	Trowelled smooth concrete with liquid applied hardener with anti-slip groove lines	  	 C&S Plaster and emulsion paint
  

Metal/rubber column guards to be installed at all exposed corners and columns
	  	Skim coating with paint finish.
				
	Sky Terrace	  	 Non-slip Homogenous Tiles
  

(PC supply rate $30 psm)
	  	Cement and sand plaster and three coats of emulsion paint	  	Skim coating with paint finish.
				
	Passenger Lifts	  	 Homogenous tiles (to match lift lobby stone tiles)
  

(PC supply rate $30 psm)
	  	 Non-directional hairline finish/ polished stainless steel finish; timber laminate wall or homogenous
tiles wall
  
 Stainless steel panels in hairline finish handrail to architect’s
design)
  
 Notice boards on 2 sides

 
 Lift Door: Non-directional stainless steel
hairline finish
	  	 Light Trough: Stainless steel panel in polished finish.
  

Ceiling: Non-directional stainless steel panel in hairline finish

				
	Service /Firemen Lift	  	Aluminium “checkerboard” finish	  	 Non-directional stainless steel in hairline finish; rubber protector (angle bar)

 
 Aluminium “checkerboard” finish

 
 Interior Doors to be Stainless Steel hairline finish.
	  	Ceiling: Non-directional Stainless steel panel in hairline finish
				
	 •   Driver Centre

 
 •   Multi-purpose hall

 
 •   Canteen
	  	Bare concrete finish with raised floor (to receive floor finishes)	  	Painted drywall partition with insulation to soffit of slabs to corridor only with three coats of emulsion paint	  	1200 x 600 exposed grids mineral board suspended ceiling
				
	Server Room	  	Anti-static vinyl flooring with thermal insulation and vapour barrier sheet	  	Painted drywall partition with thermal insulation and vapour barrier sheet to soffit of slabs with three coats of emulsion paint	  	1 hour fire rated ceiling with thermal insulation and vapour barrier sheet

 DESIGN BRIEF BUSINESS PARK DEVELOPMENT 

TM1-3 ONE NORTH 
  

					
	External Walls	  	:	  	 •   Curtain wall/ Spandrel Glass/ Aluminum Cladding/ precast wall with
plaster and paint finish with windows.

			
		  		  	 •   To comply with the authorities’ specified ETTV or any other
relevant parameters.

			
	Internal Walls	  	:	  	 •   100mm thick walls are to be provided only for toilets, staircases,
M&E rooms (second layer with fiberglass insulation to be provided at all AHU rooms for thermal and acoustic insulation) and wall for fire compartmentation. Generally finished with cement and sand plaster and painted with emulsion
paint.

			
		  		  	 •   100mm Gypsum board partition as separation walls between tenanted units
and corridors/circulations.

			
	Waterproofing	  	:	  	 •   Waterproofing to be provided for all wet areas, 1st storey deck exposed to weather, flat roof and roof gardens.

			
		  		  	 •   Waterproofing system to flat roof to comprise of waterproof membrane,
50mm thk insulation board, separation layer and 50mm thk cement and sand panels

			
	Sanitary Wares	  		  	 •   “Rigel” or equivalent.

			
	Doors & Roller Shutters	  	:	  	 •   Timber doors with metal frame to all other areas unless otherwise
specified - door leafs to be finished in laminate for doors to lobbies and toilets, doors to M&E rooms and risers may be painted

			
		  		  	 •   Aluminum doors for all external doors exposed to weather

			
		  		  	 •   Ironmongery of “Dorma” or equivalent

			
		  		  	 •   “Gliderol” or equivalent, both rated & non-rated roller shutters to bin centre

			
		  		  	 •   Auto-sliding door to
1st storey office entrance lobby

			
	Aluminum/ Glazing Works	  		  	 •   Powder-coated/fluorocarbon aluminum windows/doors to architect’s
design

			
		  		  	 •   Tinted glass for windows subject to compliance to ETTV and other
relevant authorities requirements

			
		  		  	 •   Aluminum louvred windows and roof screening for M&E
services

			
	Letterbox	  		  	 •   Stainless steel non-directional
hairline finish

			
	External Driveway	  		  	 •   Interlocking stone paver blocks on suspended or non- suspended r.c.
slabs

			
		  		  	 •   Fire engine access way grass cells

			
	Entrance Porch, Alfresco & Pedestrian Walkway	  		  	 •   Granite look non-slip
homogeneous floor tiles (PC supply rate $30 psm)

		  		  	 •   Metal grid or strip ceiling

			
	Building Maintenance System	  		  	 •   Gondola support including safety hooks and steel bracket

 DESIGN BRIEF BUSINESS PARK DEVELOPMENT 

TM1-3 ONE NORTH 
  

					
	Building Signage and façade lightings	  	    	  	 •   To provide necessary support structure on façade and install for
up to three (3) nos. of corporate signage for GRAB, including power source and maintenance accessibility for the signage

			
		  		  	 •   Façade coloured lighting integrated with façade
cladding/fins/featureş

 DESIGN BRIEF BUSINESS PARK DEVELOPMENT 

TM1-3 ONE NORTH 
  

 EXCLUSIONS 

 

			
	(A)	  	List of C&S and Architectural:
		
	1	  	Interior fitting-out works and furnishing
		
	2	  	Advertising boxes and showcases
		
	3	  	Dock Levellers
		
	(B)	  	List of M&E:
		
	1	  	ACMV lnstallation:-
		
	a)	  	Computer air-conditioning system
		
	b)	  	Kitchen Equipment and Ventilation Fans system
		
	c)	  	Backup AHUs
		
	d)	  	After-office hour air-condition requirement
		
	e)	  	Kitchen & Canteen - Pre-cool air system
		
	2	  	Electrical lnstallation:-
		
	a)	  	IT requirements (e.g. equipment, cabling, tray, etc.)
		
	b)	  	SCV system
		
	c)	  	Digital telephone sets and PABX system
		
	d)	  	UPS and Power Conditioning System for Main System
		
	e)	  	Fibre optic cables from Telephone Riser Duct to Tenant units (by Tenant’s appointed Service Provider)
		
	f)	  	Wiring of light fittings to lighting switches
		
	g)	  	Utility Accounts and Sub-meters (by Tenant)
		
	h)	  	Essential Load Requirement, Standby Power Supplies (to Tenant)
		
	i)	  	Underground fuel tank
		
	3	  	Fire Protection lnstallation:-
		
	a)	  	Pre-action sprinkler or clear agent fire extinguisher
		
	b)	  	Kitchen Fire Suppression System
		
	4	  	Piped Services lnstallation:-
		
	a)	  	Hot water supply (Provision of hot water only for shower facility)
		
	b)	  	NewWater
		
	c)	  	Effluent discharge and treatment system plant
		
	d)	  	Food Digestor System
		
	e)	  	Utility Accounts and Sub-meters (by Tenant)

 APPENDIX A 

Form of Lease Agreement 

  
 37 

 Dated
                     
 HSBC
INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED 
 (IN ITS CAPACITY AS TRUSTEE OF ASCENDAS REAL ESTATE INVESTMENT TRUST) 

(THE “LESSOR”) 

AND 
 GRABTAXI HOLDINGS
PTE. LTD. 
 (THE “LESSEE”) 
  

 
 LEASE

 IN RESPECT OF 

LAND LOT PROVISIONALLY KNOWN AS PID 8201808006, 

FORMING PART OF GOVERNMENT SURVEY LOT NOS. 5418K- 

PT AND 4398W-PT OF MUKIM 3 AT ONE-NORTH, SINGAPORE 

 
  

 
 

 
 Baker & McKenzie.Wong & Leow 

(Reg. No. 200010145R) 
 8
Marina Boulevard 
 #05-01 Marina Bay Financial Centre Tower 1 

Singapore 018981 

www.bakermckenzie.com 

 CONTENTS 
  

					
	 Clause
  
	 	 	  	 Page

 

							
	 1.
	 	Definitions and Interpretation	  	 	1	 
			
	 2.
	 	Letting	  	 	8	 
			
	 3.
	 	Lessee’s Obligations	  	 	12	 
			
	 4.
	 	Lessor’s Obligations	  	 	33	 
			
	 5.
	 	Lessor Not Liable / Lessor’s Liability	  	 	34	 
			
	 6.
	 	Other Terms	  	 	36	 
		
	 Schedule 1 List of Mechanical & Electrical Equipment
	  	 	44	 
		
	 Schedule 2 Reinstatement Schedule
	  	 	45	 
		
	 Annexure A Plan of the Land
	  	 	46	 
		
	 Annexure B Applicable Load Threshold
	  	 	47	 
		
	 Annexure C List of Warranties
	  	 	48	 

  
 i 

 This Lease is made on
                                         
        between: 
 Between 
  

	(1)	 HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED (IN ITS CAPACITY AS TRUSTEE OF ASCENDAS REAL
ESTATE INVESTMENT TRUST) (Registration number 194900022R) (the “Lessor”), a company incorporated in Singapore with its registered office at 21 Collyer Quay# 13-02 HSBC Building Singapore
049320; and 

  

	(2)	 GRABTAXI HOLDINGS PTE. LTD. (Registration number 201316157E) (the “Lessee”), a company
incorporated in Singapore with its registered office at 6 Shenton Way #38-01 OUE Downtown Singapore 068809. 

It is agreed as follows: 
  

	1.	 Definitions and Interpretation 

 

	1.1	 Definitions: 

In this Lease and the Schedules, terms that are not expressly defined herein shall have the meanings ascribed to them in the Agreement to Build
and Lease. 
 In this Lease and the Schedules, unless there is something in the subject or context inconsistent therewith: 

“Acquisition Notice” shall have the meaning ascribed to it in Clause 6.2.2. 

“Additional Rent Free Period” means the rent-free period granted to the Lessee pursuant to Clause 9.9 of the Agreement to
Build and Lease which shall commence immediately after the expiry of the Rent Free Period. 
 “Advance Rent” shall have the
meaning ascribed to it in Clause 2.1.3(ii). 
 “Advance Rent Utilisation Date” shall have the meaning ascribed to it in
Clause 2.1.3(iii). 
 “Agreement to Build and Lease” means the agreement dated
                                         
        made between the Lessor and the Lessee in respect of the lease of the Premises, and includes any documents expressed to be supplemental thereto. 

“An event of insolvency” shall have the meaning ascribed to it in Clause 6.1.5. 

“Approvals” means any and/or all relevant permissions, consents, approvals, licences, certificates and permits issued by any
of the Authorities. 
 “Approved Subtenant” shall have the meaning ascribed to it in Clause 3.20.4. 

“Ascendas-Singbridge Group Company” means any entity, company or corporation (whether incorporated, established or registered
in Singapore or elsewhere) which is a related corporation of Ascendas Private Limited or Singbridge Private Limited. 

“Authorities” means any and/or all relevant governmental, quasi-governmental, statutory or regulatory authorities (including
JTC), and “Authority” means any one of them. 
 “Average Monthly Rent” means the rate of S$2.30 per square
foot per month. 
 “Base Plans and Specifications” shall have the same meaning as in the Agreement to Build and Lease. 

  
 1 

 “Building” means Tower 1 and Tower 2 collectively as described in the
annexure at Schedule B to the Agreement to Build and Lease, which are to be designed, developed and constructed on the Land by the Lessor pursuant to the terms of the Agreement to Build and Lease. 

“Business Day” means a day (other than a Saturday, Sunday or any gazetted public holiday in Singapore) on which commercial
banks are open for business in Singapore. 
 “Canteen Sublessees” shall have the meaning ascribed to it in Clause
3.20.2(iv). 
 “Conducting Media” means drains, sewers, conduits, flues, risers, gutters, gullies, channels, ducts, shafts,
watercourses, pipes, cables, wires and mains. 
 “Confidential Information” means the terms of the MOU, the Agreement to
Build and Lease and/or this Lease and all information relating to the Project including without limitation the location of the Land, the Permitted Use, the proposed timing for the construction, all technical information, drawings and designs but
does not include information which the Party receiving the Confidential Information can show: 
  

	 	(a)	 became available to the public other than due to a Party’s unauthorised disclosure; 

 

	 	(b)	 that at the time of receipt, was already in that Party’s possession or became lawfully available to that
Party on a non-confidential basis from a third party entitled to make that disclosure; or 

  

	 	(c)	 was independently developed by that Party without the benefit of the other Party’s Confidential
Information. 

 “CSC” means the certificate of statutory completion issued by the Building &
Construction Authority under the Building Control Act (Chapter 29). 
 “Declared Investment” shall have the same
meaning as in the Agreement to Build and Lease. 
 “Destruction Event” shall have the meaning ascribed to it in Clause
2.4.1. 
 “Detailed Plans and Specifications” shall have the same meaning as in the Agreement to Build and Lease. 

“Determined Rebuilding Period” shall have the meaning ascribed to it in Clause 2.4.4. 

“Dispute” shall have the meaning ascribed to it in Clause 6.15.2. 

“Estimated Rebuilding Period” shall have the meaning ascribed to it in Clause 2.4.3. 

“Fire Safety Regulations” shall have the meaning ascribed to it in Clause 3.23.2. 

“Fitout Works” means the works necessary to complete the Lessee’s fitting out and decoration of the Premises to suit the
Lessee’s occupation and use. 
 “Force Majeure Event” means an event which is beyond the reasonable control of the
Lessor or the Lessee (as the case may be) which directly or indirectly prevents or impedes the due performance of this Lease, including but without limitation to an act of God, flooding, natural disasters, national emergency, war, hostilities,
insurgency, terrorism, civil commotion, riots, or embargoes, trade or other sanctions. 
 “GFA” means aggregate gross floor
area of the Building which is
                                         
            square feet/metres as measured to include half the thickness of the walls/partitions/glass (as the case may be) which form the external boundary of the space being measured, and
half the thickness of the internal walls/partitions/glass, as well as the areas occupied by all pillars, columns, mullions, internal partitions and projections within the space being measured. 

  
 2 

 “GST” means goods and services tax as provided for in the Goods and
Services Tax Act (Chapter 117A). 
 “Head Lessor” means JTC. 

“Head Lessor Termination Notice” shall have the meaning ascribed to it in Clause 6.3.l(i). 

“HSBCITS” shall mean HSBC Institutional Trust Services (Singapore) Limited. 

“Infectious Disease” means: 
  

	 	(a)	 any of the diseases specified in the First Schedule of the Infectious Diseases Act (Chapter 137); and

  

	 	(b)	 includes any other disease: 

 

	 	(i)	 that is caused or suspected to be caused by a micro-organism or any agent of disease; 

 

	 	(ii)	 that is capable or is suspected to be capable of transmission by any means to human beings; and

  

	 	(iii)	 that, the Director (as defined in the Infectious Diseases Act (Chapter 137)) has reason to believe, if left
uninvestigated or unchecked, is likely to result in an epidemic of the disease. 

 “Interest” means
interest at the rate of 9% per annum, calculated on a daily basis and on the basis of the actual number of days in the year (both before and after judgement). 

“IRAS” means the Inland Revenue Authority of Singapore. 

“JTC” means JTC Corporation, a body corporate incorporated under the Jurong Town Corporation Act (Chapter 150). 

“JTC Letter of Offer” means the letter of offer dated 28 January 2019 incorporating the Schedule of Building Terms,
Special Terms and Conditions and Standard Terms and Conditions together with the form of lease in respect of the JTC Lease in respect of the Land issued by JTC to the Lessor, and duly accepted by the Lessor, as varied by the Side Letter dated
28 January 2019 issued by JTC to the Lessor. 
 “JTC Lease” means the lease in respect of the Land (substantially in
the form attached to the JTC Letter of Offer) to be granted by JTC to the Lessor pursuant to the JTC Letter of Offer. 
 “JTC Lease
Documents” means the JTC Letter of Offer, JTC Lease and includes all documents made between JTC and the Lessor on terms and conditions agreed to by the Lessor and the Lessee which are expressed to be supplemental or variation to any of the
JTC Lease Documents. 
 “Land” means the whole of the land lot provisionally known as PID 8201808006, forming part of
Government Survey Lot Nos. 5418K-PT and 4398W-PT of Mukim 3, with an approximate site area of 11,435 square metres, as described in Annexure A to this Lease. 

“Land Rent” means all land rent and land service charges payable (if any) to JTC or other competent authority under the JTC
Lease Documents. 

  
 3 

 “Laws” means any and/or all present and future laws, legislation,
subsidiary legislation, statutes and ordinances (including applicable anti-bribery and corruption, competition / antitrust laws and applicable rules of any relevant stock exchange), and any orders, directions, by-laws, codes, regulations,
guidelines, notices and, requirements of or issued by any Authority or common law. 
 “Lease” means this Lease and includes
any documents supplemental to it. 
 “Lease Commencement Date” means
                                         
       . 
 “Lessee” means and includes the Lessee, its successors in title and
permitted assigns.  
 “Lessee Related Corporation” shall have the meaning ascribed to it in Clause 3.20.2(i). 

 “Lessee Signage” shall have the meaning ascribed to it in Clause 3.16.3. 

“Lessee’s Policy” shall have the meaning ascribed to it in Clause 3.8.1. 

“Lessee’s Works” means the Fitout Works and such other renovation, alterations, additions or other works as the Lessee
may require to carry out including but not limited to interior layout, interior design, internal fittings, wiring, plumbing and renovation works which the Lessee may require in connection with the use and enjoyment of the Premises. 

“Lessor” means and includes the Lessor, its successors, assigns and all persons entitled to the reversion immediately
expectant upon the determination of this Lease and where not repugnant to the context, its employees or agents. 
 “Main
Contractor” means HPC Builders Pte. Ltd. or such other substitute main contractor under the Main Contract appointed by the Lessor which shall be at least of similar repute and/or qualification as HPC Builders Pte Ltd. 

“Mechanical and Electrical Equipment” means the plant, mechanical and electrical equipment, fixtures and fittings installed by
the Lessor at the Premises in accordance with the Base Plans and Specifications as set out in Schedule 1. 
 “MOU” means the
binding Memorandum of Understanding signed between Ascendas Funds Management (S) Limited in its capacity as manager of Ascendas Real Estate Investment Trust and the Lessee relating to the Project, the Building, the Agreement to Build and Lease,
and this Lease and includes any variation or supplementary document entered into between the Parties. 
 “Notice” shall have
the meaning ascribed to it in Clause 6.5.1. 
 “Original Condition” means the state and condition of the Premises as
described in the Reinstatement Schedule. 
 “Outgoings” means, in respect of the Premises, rates and taxes (other than the
Lessor’s income tax, any other corporate taxes payable by the Lessor and the Land Rent) and includes, but is not limited to, all charges, assessments, duties and fees levied, assessed or charged by the Authorities in relation to the Premises.

 “Parties” means the Lessor and the Lessee, and “Party” means either of them. 

“Payment Date” means the 1st day of each month of the Term. 

“permitted occupier” means any person on the Premises for any period expressly or by implication with the Lessee’s
authority. 

  
 4 

 “Permitted Use” means for use for purposes of software development and
fintech only, with supporting activities including but not limited to the following activities, subject to prevailing Development Control Guidelines: 
  

	 	(a)	 (i)         research and development; 

 

	 	(ii)	 the carrying out of software maintenance and use as call centre; 

 

	 	(iii)	 use as fleet support centre for training purposes, carrying out of customer/driver sign-up and customer/driver support activities and other activities relating to support of the fleet support centre (including without limitation customer/driver activation, issues resolution and operation of
training team); and 

  

	 	(iv)	 use as an industrial canteen in accordance with the terms of the JTC Letter of Offer; and

  

	 	(b)	 all other allowable uses that are approved by JTC and other relevant Authorities. 

“person” includes any individual, company, corporation, firm, partnership, joint venture, association, organisation, trust,
state or agency of a state (in each case, whether or not having separate legal personality). 
 “Plans” shall have the
meaning ascribed to it in Clause 3.10.3(ii). 
 “Premises” means the whole of the Land together with the Building erected
thereon. 
 “Prevailing Market Rent” shall have the meaning ascribed to it in Clause 2.5.3. 

“Prevailing one-north Rent” shall have the meaning ascribed to it in Clause
3.20.4(iii). 
 “Project” means the project for the development comprising the construction and completion of the Building
at the Land and installation of the Mechanical and Electrical Equipment in accordance with the Base Plans and Specifications and Detailed Plans and Specifications. 

“Project Consultants” means the architect, mechanical and electrical engineer, structural engineer and other professional
consultants engaged for the Building. 
 “Reinstatement Schedule” shall mean the schedule annexed to Schedule 2. 

“REIT” shall mean the real estate investment trust known as “Ascendas Real Estate Investment Trust”.  

“Relevant Certificates” shall have the meaning ascribed to it in Clause 3.18.3. 

“Relevant Consents” means those permissions, consents, approvals, licences, certificates and permits in legally effectual form
as may be necessary lawfully to commence, carry out and complete the Lessee’s Works. 
 “Relevant Payment Month” shall
have the meaning ascribed to it in Clause 2.l.3(iv). 
 “Renewal Lease” shall have the meaning ascribed to it in Clause
2.5.2(iii). 
 “Renewal Term” shall have the meaning ascribed to it in Clause 2.5.1.  

“Renovation Deposit” shall have the meaning ascribed to it in Clause 3.10.4.  

“Rent” shall have the meaning ascribed to it in Clause 2.1.l(i). 

“Rent Determination Date” shall have the meaning ascribed to it in Clause 2.5.5. 

  
 5 

 “Rent Free Period” shall have the meaning ascribed to it in Clause 2.1.4.

 “Repair Notice” shall have the meaning ascribed to it in Clause 4.5.2.  

“Repair Works” shall have the meaning ascribed to it in Clause 4.5.2.  

“Replacement Amount” shall have the meaning ascribed to it in Clause 3.7.3.  

“Revocation Notice” shall have the meaning ascribed to it in Clause 6.3.l(ii). 

“Security Deposit Amount” shall have the meaning ascribed to it in Clause 3.7.1. 

“SIAC” means the Singapore International Arbitration Centre. 

“SIAC Rules” means the Arbitration Rules of the SIAC for the time being in force. 

“State Lease” means
                                         
       . 
 “Sublet Premises” shall have the meaning ascribed to it in Clause 3.20.2.

 “Structural Parts” means the foundation, structural framework and load bearing roof of the Building, and all load bearing
staircases, load bearing ceiling, load bearing columns, load bearing pillars, load bearing floor slabs, load bearing structural walls (including load bearing party walls (if any)), load bearing external walls and load bearing beams of the Building.

 “Term” means a term of eleven (II) years commencing on (and including) the Lease Commencement Date. 

“Termination Date” shall have the meaning ascribed to it in Clause 6.2.3. 

“Termination Notice” shall have the meaning ascribed to it in Clause 6.2.1. 

“TOP” means the temporary occupation permit issued by the Building & Construction Authority under the Building
Control Act (Chapter 29). 
 “Tower 1” refers to the bigger of the two buildings as described in the annexure at Schedule
B to the Agreement to Build and Lease, which are to be designed, developed and constructed on the Land by the Lessor pursuant to the Agreement to Build and Lease. 

“Tower 2” refers to the smaller of the two buildings as described in the annexure at Schedule B to the Agreement to
Build and Lease, which are to be designed, developed and constructed on the Land by the Lessor pursuant to the Agreement to Build and Lease. 

“Transferee” shall have the meaning ascribed to it in Clause 6.11.3. 

“Utilities” means electricity, water, sewerage, gas and telecommunications. 

“Warranties” means all warranties issued by the Main Contractor and all other contractors, manufacturers or suppliers in
respect of the Building and the Mechanical and Electrical Equipment, and each individually “Warranty”.  
 “14
Days’ Period” shall have the meaning ascribed to it in Clause 2.5.3. 
  

	1.2	 General 

Headings are for convenience only and do not affect interpretation. The following rules of interpretation apply unless the context requires
otherwise: 
  

	 	1.2.1	 The singular includes the plural and conversely. 

 

	 	1.2.2	 A gender includes all genders. 

  
 6 

	 	1.2.3	 A person includes an individual and a corporation. 

 

	 	1.2.4	 A reference to the Lessor includes its successors and assigns and all persons entitled to possession of
the Premises at the end of this Lease. A reference to the Lessee includes its successors and permitted assigns. 

  

	 	1.2.5	 A reference to a right or obligation of any two or more persons confers that right or imposes that
obligation, on each of them individually and both (or all) of them together. 

  

	 	1.2.6	 Each schedule of and annexure to this Lease forms part of it. 

 

	 	1.2.7	 Unless stated otherwise, one word or provision does not limit the effect of another.

  

	 	1.2.8	 Reference to the whole includes part. 

 

	 	1.2.9	 Every obligation by the Lessee is taken to include an obligation by the Lessee to ensure that each of
its employees, agents, independent contractors, permitted occupiers and others under its control comply with that obligation. 

  

	 	1.2.10	 Every obligation by the Lessor is taken to include an obligation by the Lessor to ensure that each of
its employees, agents, independent contractors, permitted occupiers and others under its control comply with that obligation. 

  

	 	1.2.11	 If under this Lease, the Lessee requires the consent or approval of the Lessor for any action, the
Lessee must obtain it in writing before starting to take that action unless otherwise expressly specified in this Lease or agreed by the Lessor in writing. If under this Lease, the Lessor requires the consent or approval of the Lessee for any
action, the Lessor must obtain it in writing before starting to take action unless otherwise expressly specified in this Lease or agreed by the Lessee in writing. 

 

	 	1.2.12	 If under this Lease, the consent or approval of a Party is required, the consent and approval of such
Party shall not be unreasonably withheld, conditioned, or delayed. 

  

	 	1.2.13	 A reference to the consent or approval of the Lessor is taken to include, where applicable, the consent
or approval of JTC. 

  

	 	1.2.14	 A right given to the Lessor to have access to the Premises extends to JTC and any persons authorised by
the Lessor and JTC, and includes the right to bring workmen and appliances onto the Premises, subject however to compliance by the Lessor and such persons of the relevant provisions of this Lease. 

 

	 	1.2.15	 A reference to an Act of Parliament refers to that Act as it applies at the date of this Lease and any
later amendment or re-enactment of it. 

  

	 	1.2.16	 A reference to an Authority or body existing as at the date of this Lease shall, where applicable,
include the equivalent Authority or body (by whatever name called) of such existing Authority or body. 

  

	 	1.2.17	 This Lease shall be construed without regard to any presumption or rule requiring construction or
interpretation against the party drafting or causing any instrument to be drafted. 

  
 7 

	2.	 Letting 

  

	2.1	 Rent 

  

	 	2.1.1	 Rent: The Lessor lets to the Lessee the Premises together with the Mechanical and Electrical Equipment
for the Term in consideration of the Lessee agreeing to pay to the Lessor: 

  

	 	(i)	 the rent (the “Rent”) calculated at the initial rate of S$2.11 per square foot per
month on the Premises computed based on the GFA of the Building; and 

  

	 	(ii)	 any other payments expressed to be payable by the Lessee under this Lease. 

 

	 	2.1.2	 Revision of Rent: The Rent shall be revised annually on each anniversary date of the Lease Commencement
Date during the Term at an increase of 2.5% per annum on the immediately preceding Rent. 

  

	 	2.1.3	 Payment of Rent: 

 

	 	(i)	 After the Relevant Payment Month, the Rent shall be paid by the Lessee monthly in advance, without any demand,
withholding, deduction or set off at law or in equity on each Payment Date. 

  

	 	(ii)	 On or before the date of the Lessee’s execution of the Agreement to Build and Lease, the Lessee has paid
to the Lessor a sum of S$960,935.06, being the amount equivalent to one month’s rent in advance at the initial rent of S$2.11 per square foot per month (the “Advance Rent”).  

 

	 	(iii)	 The Advance Rent shall be applied by the Lessor towards the Rent payable by the Lessee for the period of one
(1) month commencing from the date immediately after the expiry of the Rent Free Period or the Additional Rent Free Period (as the case may be). The last day on which the Advance Rent has been fully utilised towards the payment of the Rent shall
herein be called the “Advance Rent Utilisation Date”. 

  

	 	(iv)	 On or before the Advance Rent Utilisation Date, the Lessee shall pay to the Lessor the Rent (or the pro-rated Rent) calculated for the period commencing on the date immediately after the Advance Rent Utilisation Date up to and including the last day of the month in which the Advance Rent Utilisation Date falls
(the “Relevant Payment Month”).  

  

	 	(v)	 The Lessee shall pay to the Lessor each subsequent monthly payment of the Rent after the Relevant Payment Month
by equal monthly payments in advance on each Payment Date, the first of such payments to be made on the first Payment Date after the Relevant Payment Month. 

  

	 	2.1.4	 In consideration of the Lessee appointing the Lessor for the Project, the Lessor agrees to grant to the
Lessee a Rent-free period (“Rent Free Period”) for a period of six ( 6) months commencing on the Lease Commencement Date for the carrying out of the Lessee’s Works, free of Rent. The Lessee may, with the prior written consent
of the Lessor, commence business during the Rent Free Period at the Premises or any part thereof. 

  

	2.2	 GIRO Form 

The Lessee must, for the purpose of payment of the Rent, complete and furnish to the Lessor on or before the date of this Lease the GIRO
application form provided by the Lessor in a form acceptable to the Lessee and must not at any time revoke the authorisation given to the Lessee’s bank in connection with the automatic electronic funds transfer for payment of Rent without the
written consent of the Lessor. 

  
 8 

	2.3	 Exceptions 

  

	 	2.3.l	 This Lease is subject to the following rights of the Lessor: 

 

	 	(i)	 to enter the Premises, in accordance with Clause 3 below; and 

 

	 	(ii)	 to build upon, alter, rebuild, develop or use the land adjoining the Premises provided that this does not
affect the operations of the business of the Lessee, its permitted occupiers and/or its sublessees and/or the use of the Premises by the Lessee, its permitted occupiers and/or its sublessees and the Lessor uses best efforts to ensure that such works
do not affect the light and air coming to the Premises or cause nuisance, damage, annoyance or inconvenience to the Lessee, its sublessees and/or permitted occupiers of the Premises. 

 

	 	2.3.2	 The rights mentioned in Clause 2.3.1 may also be exercised by any persons authorised by the Lessor or by
the Lessor’s mortgagees, chargees, liquidator, judicial manager or receivers but such exercise must be in accordance with the provisions of this Lease or as permitted by Law. 

 

	2.4	 Damage to the Building Not Caused by the Lessee 

 

	 	2.4.1	 In the event that the Premises is destroyed or damaged by fire or otherwise, and such damage is not
caused by the Lessee (“Destruction Event”), the Rent, property tax and all other sums payable by the Lessee shall be reduced in proportion to the percentage of the GFA which cannot be used or is rendered inaccessible for the entire
period from the day of the Destruction Event to the date the rebuilding works are completed and the Premises is ready for use by the Lessee. 

  

	 	2.4.2	 If a Destruction Event occurs such that: 

 

	 	(i)	 more than 50% of the GFA cannot be used; 

 

	 	(ii)	 more than 50% of the GFA is rendered inaccessible for a period of at least one (1) month; or

  

	 	(iii)	 more than 30% of the GFA cannot be used for a period of more than eighteen (18) months,

 the Lessee is entitled to terminate this Lease by giving written notice to the Lessor, provided always that such
destruction or damages of the Premises had not been caused by the Lessee. 
  

	 	2.4.3	 If a Destruction Event occurs, the Lessor shall, within three (3) months of the Destruction Event
inform the Lessee in writing of the estimated time required to complete the rebuilding works (“Estimated Rebuilding Period”). At any time prior to the service of such written notice by the Lessee, the Parties shall discuss in good
faith and agree on how to proceed with the rebuilding works. 

  

	 	2.4.4	 In the event that the Lessee (acting reasonably) disagrees with the Estimated Rebuilding Period notified
by the Lessor, the Lessee shall give written notification to the Lessor within seven (7) days from the date of the Lessor’s written notice that the Lessee is not agreeable to the Estimated Rebuilding Period set out in the Lessor’s
notice and the Parties shall jointly appoint an independent consultant within thirty (30) days from the date of the aforementioned Lessee’s notice to determine the time required to complete the rebuilding works (“Determined
Rebuilding Period”). The independent consultant so appointed shall notify the Parties of the Determined Rebuilding Period within a reasonable period to be mutually agreed between the Parties and the Determined Rebuilding Period shall be
accepted by the Parties as final and binding. In this regard, the time taken by the Parties to appoint the independent consultant and determine the Determined Rebuilding Period shall be added to the rebuilding period of eighteen (18) months under
Clause 2.4.2(iii). The cost and expense of engaging such consultant shall be borne by the Parties equally. 

  
 9 

	 	2.4.5	 In the event a Destruction Event occurs and this Lease is not terminated pursuant to Clause 2.4.2, the
Lessor shall: 

  

	 	(i)	 at its own cost and expense, complete the rebuilding works within the Estimated Rebuilding Period or the
Determined Rebuilding Period (as the case may be); 

  

	 	(ii)	 ensure that all rebuilding works are carried out in a workmanlike manner to reinstate the Premises and all
Mechanical and Electrical Equipment to the state and condition before the occurrence of the Destruction event; 

  

	 	(iii)	 take all steps necessary to ensure that there is as little interference as possible caused to the operation of
the rest of the Premises; 

  

	 	(iv)	 on completion of the rebuilding works, provide the Lessee with the
as-built plans, the TOP and CSC (if any) in relation to such rebuilding works; and 

  

	 	(v)	 indemnify the Lessee against all damages, losses, costs, expenses and liabilities suffered or incurred by the
Lessee in respect of any claims, demands, actions or proceedings instituted against the Lessee by reason of any occurrence at the Premises arising from or in connection with the carrying out or completion of the rebuilding works and caused by any
act, wilful default or gross negligence on the part of the Lessor or the Lessor’s servants, agents, employees or contractors. 

  

	 	2.4.6	 Upon the expiry of the notice of termination of this Lease issued by the Lessee in accordance with
Clause 2.4.2, this Lease will terminate without affecting the rights of either Party against the other for any default by the other Party of its obligations arising out of in connection with this Lease which occurred before the termination of this
Lease and the Lessor shall return the Security Deposit Amount to the Lessee within fourteen (14) Business Days from the date of such termination. 

  

	2.5	 Option to Renew 

 

	 	2.5.1	 The Lessee will have the option (to be exercised by written notice from the Lessee to the Lessor given
no less than twelve (12) months before expiry of the Term) to renew the lease for a renewal term as set out in Clause 2.5.2 (“Renewal Term”) and the renewal shall be subject to the approval of JTC and (if applicable) any other
relevant Authorities. 

  

	 	2.5.2	 The Renewal Term will: 

 

	 	(i)	 commence on the date falling immediately after the expiry of the Term; 

 

	 	(ii)	 be for five (5) years; 

 

	 	(iii)	 be on the same terms and conditions as this Lease except for this option to renew (“Renewal
Lease”); and 

  
 10 

	 	(iv)	 be for a rent amount determined as follows: 

 

	 	(a)	 for the first year of the Renewal Term: 

 

	 	(A)	 if the Prevailing Market Rent as at the commencement of the Renewal Term is 170% or more of the rent payable
for the last year of the Term, the rent for the first year of the Renewal Term shall be at the rate being 80% of such Prevailing Market Rent; 

  

	 	(B)	 if the Prevailing Market Rent as at the commencement of the Renewal Term is less than 170% of the rent payable
for the last year of the Term, the rent for the first year of the Renewal Term shall be at such Prevailing Market Rent; and 

  

	 	(b)	 the rent shall be revised annually on each anniversary date of the lease commencement date during the Renewal
Term at an increase of 2.5% per annum on the immediately preceding rent. 

  

	 	2.5.3	 The Parties will endeavour to agree on the prevailing market rent on a per square foot and gross rent
basis as at the commencement date of the Renewal Lease (“Prevailing Market Rent”) in respect of the Premises. In the absence of agreement between the Parties of the Prevailing Market Rent by the date falling fourteen (14) days
after the Lessor’s receipt of the Lessee’s notice of intention to renew (“14 Days’ Period”), each Party shall appoint a reputable independent licenced valuer within fourteen (14) days after the 14 Days’
Period to determine the Prevailing Market Rent, the basis of determination to be mutually agreed between the Parties in writing, and shall instruct such valuer to report in writing to both Parties by the date falling not later than ten
(10) days after the date of the valuer’s appointment. The average of the two (2) prevailing market rent as determined by the two (2) valuers shall be deemed to be the Prevailing Market Rent for the Renewal Term.

  

	 	2.5.4	 The Parties agree that in determining the Prevailing Market Rent, each valuer acts as an expert and not
as an arbitrator. Each party shall bear the costs and expenses of and in connection with the appointment of its own valuer. 

  

	 	2.5.5	 Subject to there being no existing breach of any of the Lessee’s obligations on its part contained
in this Lease (which has not been remedied by the Lessee within any applicable period prescribed herein), as at the date the Prevailing Market Rent has been agreed by the Parties or, as at the date of the valuer’s determination of the
Prevailing Market Rent in accordance with Clause 2.5.3 and Clause 2.5.4 above (“Rent Determination Date”), the Lessor shall, not later than twenty-one (21) days after the Rent
Determination Date offer to the Lessee a further lease of the Premises for the Renewal Term, commencing on the day after the expiry of the Term, and the Lessee shall have a further seven (7) days to accept the same. 

 

	 	2.5.6	 The Parties agree that the Security Deposit Amount held by the Lessor under this Lease (subject to such
deductions by the Lessor in accordance with the provisions of this Lease) shall be applied towards the security deposit payable by the Lessee under the Renewal Lease and the Lessee shall pay any shortfall of such security deposit to the Lessor at
least one (1) month before the commencement of the Renewal Term. 

  

	 	2.5.7	 If after the new lease document for the Renewal Term has been signed but the Lessee is in default of the
provisions of this Lease before the commencement of such Renewal Term and such default has not been remedied by the Lessee within any applicable period prescribed in this Lease, the Lessor is entitled to terminate the lease for such Renewal Term by
giving written notice to the Lessee. Upon receipt of such notice by the Lessee, the lease for the Renewal Term will be terminated without affecting the rights of the Lessor against the Lessee in respect of the default arising out of or in connection
with this Lease or the lease for the Renewal Term. 

  
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	3.	 LESSEE’S OBLIGATIONS 

The Lessee agrees with the Lessor that: 
  

	3.1	 Rent 

The Lessee must pay the Rent at the times and in the manner specified in Clause 2.1. 

 

	3.2	 Interest 

  

	 	3.2.1	 If the Lessee does not pay the Rent or any other sums owing to the Lessor under this Lease within seven
(7) days after the due date (whether or not formally demanded), which failure is not cured within twenty-eight (28) days after the due date, the Lessee must pay the Interest on that sum as from the due date until the sum is paid to the
Lessor. Such Interest will be recoverable from the Lessee as if it is rent in arrears. 

  

	 	3.2.2	 Nothing in Clause 3.2.1 above entitles the Lessee to withhold or delay any payment or affects the rights
of the Lessor in relation to non-payment. 

  

	3.3	 GST 

  

	 	3.3.1	 In addition to the Rent and other sums payable under this Lease, the Lessee must pay the Lessor the GST
payable by the Lessor in respect of: 

  

	 	(i)	 the rent on the Payment Date; 

 

	 	(ii)	 any other sum payable by the Lessee under this Lease; and/or 

 

	 	(iii)	 the occupation and lease of the Premises by the Lessee, 

Provided Always that the Lessor has furnished to the Lessee invoices in respect of such GST. 

 

	 	3.3.2	 The Lessee shall indemnify the Lessor and hold the Lessor harmless from and against any interest and
penalties suffered or incurred by the Lessor resulting from any failure or delay on the part of the Lessee in the payment or discharge of such GST referred to in Clause 3.3.1, provided that the Lessor has furnished the relevant tax invoice for
such GST payable to the Lessee as soon as practicable and that the Lessee is given no less than twenty-eight (28) days for payment of such GST. 

  

	 	3.3.3	 The liability of the Lessee to pay the GST will not be affected by the expiry or earlier termination of
this Lease provided that the Lessor gives to the Lessee twenty-eight (28) days’ prior written notice of payment of such GST together with the relevant tax invoice for such GST. Further, the repayment by the Lessor to the Lessee of the
Security Deposit Amount shall not prejudice the Lessor’s right to recover such GST from the Lessee. 

  

	3.4	 Property Tax 

  

	 	3.4.1	 The Lessee must pay all property tax imposed by IRAS on the Premises payable in respect of the Term
provided that the Lessor has given to the Lessee no less than fourteen (14) Business Days’ prior written notice of such property tax payable by the Lessee together with copies of the relevant property tax bills and notices from IRAS or
other relevant Authority. 

  
 12 

	 	3.4.2	 Any rebates, concession, grant, subsidy or refunds made or given by IRAS or any Authority in relation to
property tax for the Premises in respect of any period during the Term and actually received by the Lessor shall be refunded or paid over by the Lessor to the Lessee within thirty (30) days of the Lessor’s receipt of the same
notwithstanding that such rebates, concession, grant, subsidy or refund is granted to or received by the Lessor after the end of the Term. 

  

	 	3.4.3	 At the request of the Lessee, the Lessor shall file with IRAS or other relevant Authority, the relevant
objection to any assessment of annual value or imposition of property tax including any increase in property tax on the Premises, such objection to be made in consultation with the Lessee. All fees and expenses in respect of the filing of the notice
of objection shall be borne by the Lessee. Copies of all such filing and the responses from IRAS or other relevant Authority shall be furnished by the Lessor to the Lessee as soon as practicable and in any event within seven (7) Business Days
of the receipt of the same by the Lessor. 

  

	 	3.4.4	 The Lessee shall indemnify the Lessor and hold the Lessor harmless from and against any interest and
penalties suffered or incurred by the Lessor resulting from any failure or delay on the part of the Lessee in the payment or discharge of such property tax referred to in Clause 3.4.1, provided that the Lessor has furnished copies of such relevant
bills and notices from IRAS or other relevant Authority in relation to such property tax payable to the Lessee as soon as practicable and that the Lessee is given no less than fourteen (14) Business Days for payment of such property tax.

  

	 	3.4.5	 The liability of the Lessee to pay property tax in respect of the Term will not be affected by the
expiry or earlier termination of this Lease provided that the Lessor gives to the Lessee fourteen (14) Business Days’ prior written notice of payment of such property tax together with the relevant property tax bills and notices for such
property tax. Further, the repayment by the Lessor to the Lessee of the Security Deposit Amount shall not prejudice the Lessor’s right to recover such property tax from the Lessee. 

 

	3.5	 Utilities and Other Costs 

The Lessee must pay the cost of Utilities provided to the Premises and used by the Lessee or any permitted occupier of the Premises for the
period from the Lease Commencement Date until the expiry or earlier determination of the Term. 
  

	3.6	 Outgoings 

In addition and without prejudice to the other provisions of this Lease, the Lessee is responsible for and must pay all Outgoings resulting
from the use of the Premises by the Lessee, for the period from the Lease Commencement Date until the expiry or earlier determination of the Term, whether the Outgoings are charged or levied during or after the said period. 

 

	3.7	 Security Deposit 

 

	 	3.7.1	 The Lessee must pay to and maintain with the Lessor a security deposit equivalent to six (6) months
of the Average Monthly Rent (the “Security Deposit Amount”):  

  

	 	(i)	 as security for compliance by the Lessee of all the provisions in this Lease; and 

  
 13 

	 	(ii)	 to secure or indemnify the Lessor against: 

 

	 	(a)	 any loss or damage resulting from any default by the Lessee under this Lease; and 

 

	 	(b)	 any claim by the Lessor at any time against the Lessee in relation to any matter arising out of or in
connection with the Premises, 

 whether or not this Lease is existing. 

 

	 	3.7.2	 If any default by the Lessee under this Lease occurs, and if such default is capable of remedy, the
Lessor is entitled (but not obliged) to apply the whole or part of the Security Deposit Amount then held by the Lessor in or towards making good any loss or damage sustained by the Lessor as a result of that default and any expense incurred by the
Lessor in making good such loss and damage but without prejudice to any other rights or remedies which the Lessor may be entitled to, provided that the Lessor has given written notice to the Lessee of the default and the Lessee has failed to remedy
such default within a reasonable timeframe. 

  

	 	3.7.3	 The Lessee must pay to the Lessor an amount equal to the amount (the “Replacement Amount”)
applied by the Lessor under Clause 3.7.2 as replacement of the part or whole of the Security Deposit Amount applied, within twenty-eight (28) days of the Lessee’s receipt of the Lessor’s written demand. 

 

	 	3.7.4	 The Security Deposit Amount and/or any Replacement Amount required under Clause 3.7.3 must be furnished
by the Lessee (in cash). 

  

	 	3.7.5	 Unless this Lease is renewed, the Lessor must repay to the Lessee, the Security Deposit Amount without
interest and after proper deductions by the Lessor, within the later of thirty (30) days after: 

  

	 	(i)	 the expiry or sooner termination of this Lease in accordance with the terms herein; or 

 

	 	(ii)	 the date that the Lessee vacates the Premises and complies with its obligations under Clause 3.13.

  

	3.8	 Insurance 

  

	 	3.8.1	 At all times during the Term and during any period of holding over, the Lessee shall at its cost and
expense take out and keep in force the following insurance policies with an insurance company or companies in Singapore approved by the Lessor (collectively, the “Lessee’s Policies” and each, a “Lessee’s
Policy”):  

  

	 	(i)	 an industrial all risks policy in the name of the Lessee for the Premises, all plant, equipment (including the
Mechanical and Electrical Equipment) and installations permanently affixed to the Premises, the furniture, plate and tempered glass, fixtures and fittings in the Premises to their full replacement value which includes a provision for waiver of
subrogation against the Lessor; 

  

	 	(ii)	 a comprehensive public liability insurance policy in the joint names of the Lessor and the Lessee against
claims for personal injury, death or property damage or loss, arising out of all operations of the Lessee and its permitted occupiers in the Premises, which shall be extended to include any of the insured parties’ legal liability for loss of or
damage to the Premises (including all fixtures and fittings therein) and all the Lessor’s property and a provision for waiver of subrogation against the Lessor, in an amount not less than S$ three (3) million in respect of any one
occurrence; and 

  
 14 

	 	(iii)	 such other insurances as are required by law or the Head Lessor in respect of the Lessee’s use of the
Premises. 

  

	 	3.8.2	 The Lessee must give the Lessor cover note(s) of the Lessee’s Policies and written confirmation
from the relevant insurer that all relevant premium in respect of such Lessee’s Policies had been paid within thirty (30) days of the Lessee’s receipt of the Lessor’s written demand Provided Always that nothing herein shall
render the Lessor liable for the correctness or adequacy of such Lessee’s Policies or for ensuring that they comply with all relevant legislation pertaining to insurance. 

 

	 	3.8.3	 If the Lessee fails to effect or maintain any of the Lessee’s Policies and the Lessor has given
written notice to the Lessee to effect such Lessee’s Policies which the Lessee has failed to do so within a reasonable period, the Lessor may effect such Lessee’s Policy which the Lessee has failed to effect or maintain, and the premium
for any such Lessee’s Policy will be a debt due and payable by the Lessee to the Lessor within twenty-eight (28) days of the Lessee’s receipt of the Lessor’s written demand provided that the Lessor has furnished to the Lessee
documentary evidence of such premium incurred. 

  

	 	3.8.4	 In the event of any damage to or destruction of the Premises by fire, act of God or any other cause
whatsoever due to the Lessee’s fault, the Lessee shall as soon as practicable make a claim under the relevant Lessee’s Policies taken out by the Lessee in respect of the Premises and apply the insurance proceeds arising from such insurance
and/or utilise its own funds for the purpose of making good any such damage or destruction without unreasonable delay and for the purpose of reinstating the Premises to at least the standard thereof before such event of damage or destruction.

  

	3.9	 Maintenance and Repair 

 

	 	3.9.1	 Subject to the provisions in Clause 4.5 of this Lease and Clause 11 (Defects) of the Agreement to Build
and Lease, the Lessee shall be responsible, at the Lessee’s cost and expense, for maintaining the Premises and everything within the Premises. For avoidance of doubt, the Lessee’s maintenance obligations shall include, without limitation,
the following: 

  

	 	(i)	 keep the Premises clean and tidy; 

 

	 	(ii)	 keep the Premises and all fixtures, fittings and installations in it and the Conducting Media in and serving
the Premises, in good and substantial repair and condition (except for fair wear and tear); 

  

	 	(iii)	 make good as soon as practicable, to the satisfaction of the Lessor (acting reasonably), any damage caused to
the Premises (including the Lessor’s fixtures, fittings and installations in it) or any part of the Premises by the Lessee, its employees, agents, independent contractors or any permitted occupier; 

 

	 	(iv)	 repair and/or replace as soon as practicable, to the satisfaction of the Lessor (acting reasonably), any damage
caused to any of the Mechanical and Electrical Equipment or any part(s) thereof, by the Lessee, its employees, agents, independent contractors or any permitted occupier; 

 

	 	(v)	 maintain the Mechanical and Electrical Equipment to a minimum standard to the satisfaction of the Lessor
(acting reasonably), which shall include the appointment of the original manufacturers or their authorised agents for the periodic maintenance and servicing of the Mechanical and Electrical Equipment, and the maintenance of the Mechanical and
Electrical Equipment in accordance with the relevant manufacturers’ guidelines and recommendations relating to the Mechanical and Electrical Equipment and to be responsible for all overhauls thereof; 

  
 15 

	 	(vi)	 maintain the security system (including, but not limited to, the alarms, cameras and electronic locking
systems) installed at the Premises in good working order and condition; 

  

	 	(vii)	 be responsible for capital expenditure items and replacements, in particular, fixtures and fittings that
are exclusive to the Lessee; 

  

	 	(viii)	 maintain the lobby at the Premises and all toilets and facilities at the Premises; and 

 

	 	(ix)	 be responsible for the landscaping within the Premises (if applicable). 

 

	 	3.9.2	 In addition to and without prejudice to the other provisions of this Lease, the Lessee shall at all
times, at the Lessee’s cost and expense, be responsible for the management of the Premises. 

  

	 	3.9.3	 The Lessor shall ensure that all Warranties issued by the Main Contractor are to the benefit of the
Lessor and the Lessee jointly and severally, such Warranties to include without limitation the warranties set out in the list of warranties annexed in Annexure C. 

 

	 	3.9.4	 If any of the Warranties is not issued in the name of the Lessee, the Lessor shall, at the Lessee’s
request (acting reasonably), enforce the Warranties against the relevant contractor, manufacturer or supplier and require them to carry out the relevant maintenance, repair, servicing or replacement works covered under such Warranty.

  

	3.10	 Lessee’s Works 

 

	 	3.10.1	 The Lessee must not carry out: 

 

	 	(i)	 any works involving or affecting the structure or exterior of the Premises; or 

 

	 	(ii)	 any works involving the hacking of the floors or the structural columns and beams of the Premises.

  

	 	3.10.2	 The Lessee must not carry out the Lessee’s Works without the prior written consent of the Lessor
(such consent not to be unreasonably withheld conditioned or delayed), and (where necessary) JTC and other relevant Authorities. 

  

	 	3.10.3	 Prior to the commencement of the Lessee’s Works, the Lessee shall, at the Lessee’s own cost
and expense: 

  

	 	(i)	 in respect of all Lessee’s Works which are to be carried out prior to the issuance of CSC for the
Building, engage the Project Consultants to consider and approve the layout and specifications for such Lessee’s Works and to assist the Lessee in the endorsement and submission of plans to the relevant Authorities and the supervision of all
such approved Lessee’s Works. The fees and expenses of the Project Consultants in respect of the Lessee’s Works shall be borne by the Lessee and paid by the Lessee to the Project Consultants when they fall due. The Project Consultants
shall not be deemed to be agents or employees of the Lessor and the Lessee shall not have any claim whatsoever against the Lessor in respect of any act, omission, default, misconduct or negligence of the Project Consultants; 

  
 16 

	 	(ii)	 submit to the Lessor for approval (such approval not to be unreasonably withheld conditioned or delayed (save
for such conditions imposed by JTC and all relevant Authorities)) all plans, layouts, designs, drawings and specifications (“Plans”) for the Lessee’s Works before the Lessee submits the Plans to JTC or any relevant Authority
for approval. The Lessor may in its reasonable discretion approve the Plans and/or recommend modifications to the Plans. If within fourteen (14) days after the Lessor’s receipt of the Plans, or such longer period reasonably required by the
Lessor and mutually agreed between the Parties in writing, the Lessor does not notify the Lessee in writing that any modifications to such Plans is necessary, the Lessor shall be deemed to have given its approval to the Lessee for the Plans and
waived any right to object or require modifications to the same, save in the case that JTC’s approval is required to be obtained. In the event that JTC’s approval is required to be obtained, the Parties shall mutually agree to an extension
of time for the Lessor to grant its consent. 

 The Lessor shall be entitled to engage any of the Project Consultants for
the purpose of considering the Plans relating to the Lessee’s Works carried out at any time during the Term and for the purpose of supervising the carrying out of such Lessee’s Works. Subject to (i) the Lessor obtaining the
Lessee’s written approval to quotations of such Project Consultant prior to their engagement and (ii) the Lessor furnishing to the Lessee documents evidencing the fees and expenses of such Project Consultant incurred in connection
therewith, such fees and expenses shall be borne by the Lessee and paid by the Lessee to the Lessor within twenty-eight (28) days of the Lessee’s receipt of the Lessor’s written demand. If the Lessee fails to make payment within the
aforesaid twenty-eight (28) days’ period, the Lessor may effect payment of the same and all fees and expenses so incurred by the Lessor together with Interest from the date of expenditure until the date they are paid by the Lessee to the
Lessor shall be recoverable from the Lessee as if they were rent in arrears; 
  

	 	(iii)	 if required by the Lessor, effect and maintain (or procure the Lessee’s contractor to effect and maintain)
comprehensive all risks insurance policies and comprehensive public liability policies, covering the period from the date of commencement of the Lessee’s Works to the date of completion of the Lessee’s Works, of an amount not less than S$
three (3) million in respect of any one occurrence, with an insurance company in Singapore approved by the Lessor, naming the Lessor, the Main Contractor, the Lessee’s fitting out contractor, and the Lessor’s mortgagee(s) (if any) as
the co-insured parties for their respective rights and interests. Copies of such policies shall be furnished to the Lessor by the Lessee without demand, prior to the commencement of the Lessee’s Works.
Provided Al ways that nothing herein shall render the Lessor liable for the correctness or adequacy of such policies or for ensuring that they comply with all relevant legislation pertaining to insurance; and 

  
 17 

	 	(iv)	 use the Lessor’s nominated consultants, contractors and subcontractors, provided that the Lessor makes
available details (including but not limited to the identity, proposed fees and scope of works and/or services to be supplied) and involves the Lessee in negotiations and discussions of the terms of engagement prior to the engagement of such
consultant, contractor and/or subcontractor in respect of: 

  

	 	(a)	 structural works; 

  

	 	(b)	 works involving waterproofing; 

 

	 	(c)	 works for the Mechanical and Electrical Equipment and air-conditioning
systems; and 

  

	 	(d)	 fire safety systems, 

to the extent that the Lessee’s Works affect any building or equipment warranties in respect of the Premises and Mechanical and
Electrical Equipment granted to the Lessor, or relate to connectivity and interfacing with the Lessor’s base building systems and infrastructure. The Lessor shall not be liable to the Lessee for each such consultant, contractor and
subcontractor’s performance of such works forming part of the Lessee’s Works. 
 For the avoidance of doubt, the Lessee may
appoint other contractors or consultants of its choice to carry out the rest of the Lessee’s Works, save for all electrical installations, for which the Lessee must obtain an endorsement from the Lessor’s licensed electrical contractor for
such utility application. 
  

	 	3.10.4	 The Lessee shall furnish to the Lessor a renovation deposit of such reasonable amount as the Parties may
mutually agree upon (having regard to the nature and extent of the Lessee’s Works) (the “Renovation Deposit”) in accordance with the following timelines: 

 

	 	(i)	 where the proposed Lessee’s Works comprise Fitout Works, before the Lessee takes possession of the
Premises; and/or 

  

	 	(ii)	 where the proposed Lessee’s Works do not comprise Fitout Works, prior to the commencement of the
Lessee’s Works, 

 as security for: 
  

	 	(a)	 the proper completion of the Lessee’s Works; 

 

	 	(b)	 the Lessee making good to the satisfaction of the Lessor all damage to the Premises resulting from the
Lessee’s Works; and 

  

	 	(c)	 the Lessee’s due compliance of the provisions of this Clause 3.10 and the terms and conditions of the
Relevant Consents. 

  

	 	3.10.5	 If the Lessee fails to complete, make good or comply as set out in Clause 3.10.4, the Lessor may effect
the necessary works, and apply the Renovation Deposit to meet the costs and expenses incurred by the Lessor in effecting such works. 

  

	 	3.10.6	 The Renovation Deposit, subject to any deductions made by the Lessor as above, shall be repaid to the
Lessee within fourteen (14) days from the date on which all of the following have been satisfied: 

  

	 	(i)	 proper completion of the Lessee’s Works (in compliance with the provisions of this Clause 3. I 0) to the
Lessor’s reasonable satisfaction; 

  
 18 

	 	(ii)	 the removal of all waste materials and debris resulting from the Lessee’s Works in a manner reasonably
satisfactory to the Lessor; and 

  

	 	(iii)	 the making good damage (if any) to the Premises. 

 

	 	3.10.7	 The Lessee covenants that: 

 

	 	(i)	 in carrying out the Lessee’s Works, the Lessee shall use reasonable endeavours to procure that no damage,
obstruction or interference is caused by the Lessee, its employees, agents or contractors to the Premises (including all installations and equipment provided by the Lessor in the Premises) or the main building works. The Lessee must, at its own cost
and expense, make good to the reasonable satisfaction of the Lessor all such damage or remove such obstruction or interference; and 

  

	 	(ii)	 the Lessor and other persons authorised by the Lessor and the Main Contractor and other persons authorised by
the Main Contractor, may after giving two (2) Business Days prior written notice enter into and inspect and view the Premises to ascertain if the Lessee’s Works are or have been carried out in accordance with the provisions of this Clause
3.10 (except in the event of an emergency, in which case the Lessor shall only be required to give to the Lessee prior notice) provided that any access by the Lessor and other persons authorised by the Lessor and the Main Contractor and other
persons authorised by the Main Contractor shall comply with the Lessee’s reasonable requirements and the exercise of these rights by such persons shall not affect the operations of the business of the Lessee, its sublessees and/or its occupiers
and/or affect the use of the Premises by the Lessee, its sublessees and/or its occupiers or cause disturbance to the Premises; and 

  

	 	(iii)	 if any breach of the provisions of this Clause 3.10 shall be found upon such inspection, the Lessee shall upon
notice by the Lessor take all necessary steps for the rectification of such breach. 

  

	 	3.10.8	 Following the approval of the Lessor and the obtaining of the Relevant Consents at the Lessee’s
costs and expense, the Lessee shall proceed to carry out and complete the Lessee’s Works at its own cost and expense including the payment of utilities charges required for the Fitout Works: 

 

	 	(i)	 in accordance with the Plans approved by the Lessor (if applicable); 

 

	 	(ii)	 with good and suitable materials; 

 

	 	(iii)	 in a good and workmanlike manner by the contractors employed by the Lessee in accordance with good building
practice; 

  

	 	(iv)	 in accordance with the Relevant Consents; and 

 

	 	(v)	 in compliance with all applicable rules and regulations affecting the Lessee’s Works and/or the Premises,
including (if applicable) rules and regulations of JTC and any other relevant Authority. 

  

	 	3.10.9	 The Lessee shall indemnify and keep the Lessor indemnified against the breach, non-observance or non-performance of any Relevant Consents in relation to the Lessee’s Works and any claims, demands or proceedings brought by any person arising out of
or incidental to the execution of the Lessee’s Works, to the extent that such breach, claims, demands or proceedings are not caused by any act, omission, negligence, default or misconduct of the Lessor or the Project Consultants engaged by the
Lessor under Clause 3.10.3(ii). 

  
 19 

	 	3.10.10	 The Lessee shall not carry out or permit to be carried out any works or activities which may delay or
affect the issuance of the CSC for the Building. In the event that the issuance of the CSC for the Building is rejected or otherwise withheld or delayed as a result of any works (including Lessee’s Works), modification, alteration or addition
or any installation carried out or caused to be carried out by the Lessee without the prior written consent of the Lessor, the Lessor may by notice in writing require the Lessee to rectify the same within a reasonable period. If the Lessee fails to
rectify the same within such reasonable period, the Lessor, its workmen and/or agents shall be entitled to enter upon the Premises and carry out such works as may be necessary to comply with the requirements of the relevant Authorities in order to
obtain the issuance of the CSC for the Building, provided that any access by the Lessor, its workmen and/or agents shall comply with the Lessee’s reasonable requirements and the exercise of these rights by such persons shall not affect the
operations of the business of the Lessee, its sublessees and/or its occupiers and/or affect the use of the Premises by the Lessee, its sublessees and/or its occupiers or cause disturbance to the Premises. The actual costs and expenses so reasonably
incurred by the Lessor in respect of such works shall be a debt due from the Lessee provided that the Lessor furnishes to the Lessee documents evidencing such costs and expenses. 

 

	 	3.10.11	 Promptly after completion of the Lessee’s Works, the Lessee shall submit to the Lessor the as-built drawings relating to the Lessee’s Works to enable the Lessor to apply for CSC for the Building. If the Lessee fails to do so within two months after written notice from the Lessor, the Lessor shall be
entitled to take all action necessary (including engaging consultants to prepare the relevant as-built drawings and making payments to the Lessee’s consultants) for submission of such as-built drawings to the relevant Authorities. A statement from the Lessor as to the costs and expenses incurred by the Lessor for submission of such as-built drawings to the
relevant Authorities shall be furnished to the Lessee. All expenses so incurred by the Lessor together with Interest from and including the date of the Lessee’s receipt of the statement until the date they are paid by the Lessee to the Lessor,
shall be paid by the Lessee to the Lessor and if unpaid, shall be recoverable from the Lessee as if they were rent in arrears, provided that the Lessor has furnished to the Lessee documents evidencing such expenses. 

 

	 	3.10.12	 In the event that the Lessor fails to obtain the CSC for the Building within three (3) years from
the date of issuance of the TOP for the Building, the Lessee shall be entitled to make the relevant applications for purpose of obtaining such CSC. The Lessor shall, at the Lessee’s written request, facilitate the Lessee’s relevant
applications by providing authorisations and reasonable assistance to the Lessee to enable the Lessee to obtain the CSC for the Building including without limitation providing all necessary plans and approvals to the Lessee, signing all necessary
applications and/or documents and submitting the necessary applications and/or documents as may be required by the relevant Authorities. The Lessor shall, within 28 days of written demand of the Lessee, pay to the Lessee all costs and expenses so
incurred by the Lessee in connection with the obtaining of such CSC. 

  

	3.11	 Lessor’s Right of lnspection and Repair 

 

	 	3.11.1	 The Lessee must allow the Lessor to enter the Premises at all reasonable times upon giving prior notice
of no less than two (2) Business Days (except in the event of an emergency, in which case the Lessor shall only be required to give to the Lessee prior notice) to: 

 

	 	(i)	 establish if the provisions of this Lease have been observed; 

  
 20 

	 	(ii)	 inspect the condition of the Premises; and 

 

	 	(iii)	 take a schedule of the Mechanical and Electrical Equipment. 

 

	 	3.11.2	 If the Lessee has failed to do anything which is the liability of the Lessee, the Lessee must carry out
the necessary works with all due diligence within the time period specified in the Lessor’s written notice, to the satisfaction of the Lessor (acting reasonably). 

 

	 	3.11.3	 If the Lessee does not complete the necessary works within the time period specified in the
Lessor’s notice referred to in Clause 3.11.2, the Lessor may enter the Premises to do the necessary works and the Lessee must reimburse the Lessor the reasonable and actual costs and expenses incurred by the Lessor within twenty-eight
(28) days of the Lessee’s receipt of the Lessor’s written demand provided that the Lessor furnishes to the Lessee documents evidencing such costs and expenses. 

 

	 	3.11.4	 In exercising the Lessor’s rights under Clauses 3.11.1 and 3.11.3, the Lessor shall comply with the
Lessee’s reasonable requirements and the exercise of such right by the Lessor shall not affect the operations of the business of the Lessee, its sub lessees and/or its occupiers and/or affect the use of the Premises by the Lessee, its
sublessees and/or its occupiers or cause disturbance to the Premises. 

  

	3.12	 Lessor’s Right of Entry for Repairs 

 

	 	3.12.1	 The Lessee must allow the Lessor to enter the Premises at all reasonable times provided that the Lessor
has given prior notice of no less than seven (7) days to the Lessee (except in the event of an emergency, in which case the Lessor shall only be required to give to the Lessee prior notice): 

 

	 	(i)	 to carry out any works relating to the Conducting Media and to install additional Conducting Media;

  

	 	(ii)	 to carry out any works which the Lessor or JTC considers necessary to any part of the Premises (including the
services and facilities in it); 

  

	 	(iii)	 to exercise any right granted to the Lessor by this Lease; 

 

	 	(iv)	 to repair and maintain the Premises; and 

 

	 	(v)	 to develop any neighbouring land or premises, including the right to build onto any boundary wall of the
Premises, 

 Provided that any access and the carrying out of any such works by the Lessor shall comply with the
Lessee’s reasonable requirements and the exercise of this right by such persons shall not affect the operations of the business of the Lessee, its sublessees and/or its occupiers and/or affect the use of the Premises by the Lessee, its
sublessees and/or its occupiers or cause disturbance to the Premises, and the Lessor shall complete all such works within a reasonable period of time. 
  

	 	3.12.2	 The Lessor need not pay any compensation for any nuisance, annoyance or inconvenience caused to the
Lessee. 

  
 21 

	3.13	 Yielding Up 

  

	 	3.13.1	 Joint Inspection 

The Parties acknowledge that on or before the Lease Commencement Date, the Parties have made a joint inspection of the Premises for the
purpose of recording substantially the original state of the Premises, as at the date the Lessee took possession of the Premises, as described in the Lessor’s as-built drawings but excluding all
Lessee’s Works and all other works made to the Premises by the Lessee, its sublessees or permitted occupiers and set out in the Reinstatement Schedule attached as Schedule 2.  

 

	 	3.13.2	 At the expiry or sooner determination of this Lease, the Lessee must at its cost and expense:

  

	 	(i)	 remove all the Lessee’s (and any sublessees’ and permitted occupiers’) fixtures, fittings,
furniture and belongings (including the Lessee Signage and all other signs erected by or on behalf of the Lessee or any sublessee or permitted occupier) from the Premises, whether installed before or after the date of this Lease, unless the Lessor
at its discretion and at the request of the Lessee, permits any fixtures or fittings to be retained in the Premises; 

  

	 	(ii)	 reinstate the Premises to the Original Condition (except for fair wear and tear), repair and clean the Premises
(including the Lessor’s installations in it) in accordance with the Lessee’s obligations under this Lease and repaint the internal walls (and if required by JTC, the external walls) of the Building to the satisfaction of the Lessor (acting
reasonably); 

  

	 	(iii)	 make good to the satisfaction of the Lessor (acting reasonably) all damage to the Premises due to the removal
of the Lessee’s (and any sublessees’ and permitted occupiers’) belongings and reinstatement; and 

  

	 	(iv)	 yield up the Premises to the Lessor together with all keys, access cards and transponders of the Premises.

  

	 	3.13.3	 If the Lessee fails to comply with Clause 3.13.2, the Lessor may carry out the necessary works at the
Lessee’s cost and expense. 

  

	 	3.13.4	 If the Lessor carries out the necessary works referred to in Clause 3.13.2: 

 

	 	(i)	 the Lessor must complete the works within a reasonable period; 

 

	 	(ii)	 the Lessee must pay to the Lessor within twenty-eight (28) days of the Lessee’s receipt of the
Lessor’s written demand: 

  

	 	(a)	 all actual and reasonable costs and expenses incurred by the Lessor, provided that the Lessor furnishes to the
Lessee documents evidencing such costs and expenses incurred; and 

  

	 	(b)	 a sum equivalent to the Rent calculated based on the period taken by the Lessor to complete the works.

  

	 	3.13.5	 The provisions of this Clause 3.13 shall continue to apply notwithstanding the expiry or earlier
termination of this Lease. 

  
 22 

	3.14	 Permitted Use 

 

	 	3.14.1	 The Lessee will not use or permit the Premises to be used for any purpose except for the following
authorised uses: 

  

	 	(i)	 the Permitted Use; and 

 

	 	(ii)	 all other allowable uses that are approved by the Lessor subject to the prior written approval of the relevant
Authorities. 

  

	 	3.14.2	 The Lessee shall: 

 

	 	(i)	 at its own cost and expense, apply for all requisite Approvals for the Fitout Works; 

 

	 	(ii)	 pay for all costs incurred in connection with the necessary application(s) by the Lessee for any change of use
of the Premises from the Permitted Use, including without limitation, any differential premium, development charges and additional property tax (if any) resulting from such change of use of the Premises from the Permitted Use; 

 

	 	(iii)	 at the request of the Lessor, provide copies of the approvals referred to in this Clause 3.14.2 to the Lessor
(if the Lessor is not already in receipt of the same); and 

  

	 	(iv)	 comply with all terms and conditions imposed by JTC and the relevant Authorities in connection with the
Approvals referred to in this Clause 3.14.2 to the extent applicable to the Lessee. 

  

	 	3.14.3	 The Lessor shall, at the request of the Lessee, render all necessary assistance to the Lessee in making
applications for change of use of the Premises from the Permitted Use, such assistance to include without limitation, execution of the relevant letters of authority/consent to facilitate the Lessee’s submission of such applications.

  

	 	3.14.4	 The Lessee is responsible for (i) obtaining and keeping in force all necessary Approvals required
by the Law and the Authorities for the operation of its business at its own cost and expense, and ensuring each of its permitted occupier(s) obtains and keeps in force all necessary Approvals required by the Law and Authorities for the operation of
such permitted occupier’s business; and (ii) ensuring, or in the case of the business of any permitted occupier, requiring such permitted occupier to ensure, that the terms and conditions of such Approvals are strictly complied with.

  

	3.15	 Obligations relating to the use of the Premises and the Building 

In addition and without prejudice to the other provisions of this Lease, the Lessee agrees with the Lessor: 

 

	 	3.15.1	 Combustible Substance 

Not to store any petrol or other specially inflammable, explosive, toxic, hazardous or combustible substance or any unlawful goods in the
Premises. 
  

	 	3.15.2	 Nuisance 

Not to do anything in the Premises which is or may become or cause a nuisance, annoyance, disturbance, inconvenience or damage to the owners,
lessees and occupiers of adjoining and neighbouring properties. 

  
 23 

	 	3.15.3	 Illegal Purpose 

Not to use the Premises for any dangerous, noisy or offensive trade or business nor for any illegal or immoral act or purpose. 

 

	 	3.15.4	 Floor Loading 

 

	 	(i)	 Not to load any part of the floors of the Building to a weight greater than the applicable load threshold
specified in Annexure B, without the prior approval of the Lessor (such approval not to be withheld or unreasonably delayed) and obtaining all relevant Approvals. 

 

	 	(ii)	 If the Lessor approves, to comply with the advice of the Lessor or its consultant on the routing, installation,
distribution and location of the load and pay the reasonable fees charged by the Lessor’s consultant for that advice within twenty-eight (28) days of the Lessee’s receipt of the Lessor’s written demand provided that (i) the
Lessor has obtained the Lessee’s written approval to quotations of such consultant prior to his engagement and (ii) the Lessor furnishes to the Lessee documents evidencing the fees and expenses of such consultant incurred in connection
therewith. 

  

	 	(iii)	 To make good any damage to the Premises caused by the bringing in of such load. 

 

	 	(iv)	 The decision of the Lessor’s consultant is final and binding on the Lessee. 

 

	 	3.15.5	 Not to Overload Installations 

 

	 	(i)	 Not to overload the lifts, electrical installation or Conducting Media in the Building. 

 

	 	(ii)	 Not to interfere with or impose additional loading on any ventilation,
air-conditioning or other plant serving the Building. 

  

	 	3.15.6	 Curtain Wall 

Not to: 
  

	 	(i)	 paint; or 

  

	 	(ii)	 make any additions or alterations to; or 

 

	 	(iii)	 exert any force or load or place any structures or articles or materials on, 

the curtain wall (if any), its frame structure and all its related parts, which would make the Warranty granted in favour of the Lessor for
such wall and structure invalid. 
  

	 	3.15.7	 Not to Void Insurance 

 

	 	(i)	 Not to do anything which may: 

 

	 	(a)	 make any policy of insurance taken out by the Lessor invalid or capable of cancellation; or

  

	 	(b)	 increase the premium on such insurance, 

  
 24 

 provided than the Lessor has furnished to the Lessee copies of all such relevant policies.

  

	 	(ii)	 If the Lessee is in default of Clause 3.15.7(i), to make good any damage suffered by the Lessor and to pay the
increased premium and all reasonable costs and expenses incurred by the Lessor with respect to the renewal of such policy, without affecting any other rights of the Lessor, provided that the Lessor has furnished to the Lessee documents evidencing
such increase in premium or costs and expenses. 

  

	 	3.15.8	 To Give Notice 

To give to the Lessor as soon as practicable: 
  

	 	(i)	 a copy of any notice or order from any Authority which relates to the Premises and which may give rise to a
liability or duty on the Lessor; and 

  

	 	(ii)	 notice of any defect in the Premises which may give rise to a liability or duty on the Lessor.

  

	 	3.15.9	 Security 

The Lessee shall, at the Lessee’s cost and expense, be responsible for the safety and security of the Premises at all times during the
Term (including, but not limited to, taking all steps to ensure that access to the Premises is secured when the Premises is not occupied). 
  

	 	3.15.10	 Electrical or Mechanical Interference 

The Lessee must ensure that any electrical installations, machines or equipment at the Premises do not cause heavy power surge, high frequency
voltage and current, air-borne noise, vibration or any electrical or mechanical interference or disturbance whatsoever which prevents in any way the service or use of any communication system or affects the
operation of other equipment, installations, machinery or plants of the neighbouring premises. 
  

	 	3.15.11	 Prevention of Infectious Diseases 

To take all steps and measures, at the Lessee’s cost and expense, to prevent any outbreak, spread or any transmission whatsoever of any
Infectious Disease (including, but not limited to, thoroughly fumigating and disinfecting the Premises to the satisfaction of the relevant Authorities) and to this end, without affecting Clause 3.18.1, to promptly comply, at the Lessee’s cost
and expense, with the Law and all guidelines, rules and requirements of the relevant Authorities from time to time relating to the prevention of any outbreak and/or spread of such Infectious Diseases. 

 

	 	3.15.12	 Notice of Any Infectious Disease 

As soon as practicable to give notice to the Lessor and the relevant Authorities if the Lessee is aware or suspects that any person who has
visited or been present in the Premises is suffering or has died from or is a carrier or a contact of, or is at risk of infection from, an Infectious Disease and to provide such other information or particulars as may be required by the Lessor
and/or the relevant Authorities. 

  
 25 

	 	3.15.13	 Landscaping 

At the Lessee’s cost and expense, to be responsible for all landscaping and other environmental improvements for the Premises (if any).

  

	3.16	 Advertisements and Signs 

 

	 	3.16.1	 The Lessee shall not place or display any name, sign, notice or advertisement inside the Premises which
can be seen from outside the Premises nor any name, sign, notice or advertisement outside the Premises, except with the prior consent of the Lessor (such consent not to be unreasonably withheld conditioned or delayed) and where required, the prior
consent of JTC and the relevant Authorities, and in a style and manner and at a location previously approved by the Lessor. The Lessee must comply with all applicable Laws and requirements of JTC and any other relevant Authorities for display of any
name, sign, notice or advertisement inside the Premises (but which can be seen from outside the Premises) or outside the Premises. 

  

	 	3.16.2	 If the Lessee displays any name, sign, notice or advertisement in default of Clause 3.16.1 and fails to
remove the same within a reasonable time upon the Lessor’s notice to do so, the Lessee must allow the Lessor to enter the Premises to remove them and the Lessee shall pay to the Lessor within twenty-eight (28) days of the Lessee’s
receipt of the Lessor’s written demand the Lessor’s costs and expenses reasonably incurred from so doing provided that the Lessor has furnished to the Lessee the relevant documents evidencing such costs and expenses. 

 

	 	3.16.3	 Notwithstanding Clauses 3.16.1 and 3.16.2, the Lessee shall have the right to install three
(3) signage at the Building (“Lessee Signage”), at location(s) of the Lessee’s choice. The Lessee’s right to install the signage is subject to the Lessee’s compliance with all applicable laws and regulations,
including but not limited to obtaining the required approvals from JTC and (if applicable) other relevant Authorities. The Lessee shall furnish to the Lessor copies of all the necessary required approvals in respect of the Lessee Signage. The Lessor
shall bear all reasonable costs and expenses related to the installation of each of the Lessee Signage where such signage is to be installed before the Lease Commencement Date. 

 

	 	3.16.4	 In respect of the Lessee Signage, the Lessee shall bear: 

 

	 	(i)	 all costs for the production of the Lessee Signage and all costs for the applications to the Authorities for
the relevant Approvals for the Lessee Signage; 

  

	 	(ii)	 all costs for the maintenance, repair, replacement, and if required by the relevant Authorities, the taking up
of the necessary insurance in respect of the Lessee Signage; and 

  

	 	(iii)	 all licence fees payable to the Authorities (if applicable) and the cost of any electricity in respect of the
Lessee Signage. 

  

	 	3.16.5	 The Lessor shall have the right to install one (1) signage of the relevant entity within the
Ascendas Singbridge Group including Ascendas Real Estate Investment Trust at each of Tower 1 and Tower 2, the size and locations of which are to be mutually agreed between the Parties in writing. 

  
 26 

	3.17	 Proposed Sale 

At any time during the Term, the Lessee shall allow all persons authorised by the Lessor or its agents to view the Premises, save for any area
within the Premises which the Lessee in its reasonable discretion deems is of high security and/or contains confidential information, at all reasonable times during business hours after such persons make prior appointment with the Lessee in
connection with any proposed sale or mortgage of the Premises. The Lessor and/or its agents shall comply with the Lessee’s reasonable requirements when exercising the rights under this Clause 3.17. 

 

	3.18	 Compliance with the Law 

 

	 	3.18.1	 The Lessee must promptly comply, at its cost and expense, with the Law and all requirements of the
relevant Authority in force at the moment relating to: 

  

	 	(i)	 the Premises; 

  

	 	(ii)	 the use or occupation of the Premises; 

 

	 	(iii)	 anything done in the Premises by the Lessee or any permitted occupier; and 

 

	 	(iv)	 anything in the Premises. 

 

	 	3.18.2	 Without affecting Clause 3.18.1, not to allow the Premises to be used as a place in which any person is
employed in contravention of any Law in force at the moment. 

  

	 	3.18.3	 Where the relevant licences, permits or certificates are required under Law to be issued by the relevant
Authority for the operation of the Premises and the relevant Mechanical and Electrical Equipment located therein (the “Relevant Certificates”) (including, but not limited to lift certification from the Building and Construction
Authority and fire certificate from the Fire Safety and Shelter Department): 

  

	 	(i)	 the Lessor shall be responsible for obtaining and keeping of such Relevant Certificates as may be necessary to
obtain TOP in respect of the Building at its own cost and expense. Any penalties payable to the relevant Authority which have arisen due to any delay on the part of the Lessor in complying with its obligations hereunder shall be borne by the Lessor;
and 

  

	 	(ii)	 the Lessee shall be responsible for obtaining and keeping the subsequent renewals of all Relevant Certificates
in force at the Lessee’s own cost and expense, provided that the Lessee is entitled to apply for the renewal of such Relevant Certificates. The Lessor shall, at the request of the Lessee, render all necessary assistance to the Lessee in making
applications for the Renewal Certificates, such assistance to include without limitation, execution of the relevant letters of authority/ consent to facilitate the Lessee’s submission of such applications. Any penalties payable to the relevant
Authority which have arisen due to any delay on the part of the Lessee in complying with its obligations hereunder shall be borne by the Lessee. 

  

	 	3.18.4	 In the event that any of the Relevant Certificates are required by the relevant Authority to be issued
in favour of the Lessor, the Lessee shall assist the Lessor in obtaining the renewal or issuance of such Relevant Certificates in the name of the Lessor and in this respect, the Lessee shall take such steps as are necessary to apply for the renewal
or issuance of such Relevant Certificates by the relevant Authority for and on behalf of the Lessor, prior to the expiry of the respective Relevant Certificate. The costs and expenses for the renewal or issuance of the Relevant Certificates in the
name of the Lessor shall be borne by the Lessee. 

  
 27 

	3.19	 Indemnity by Lessee 

The Lessee shall indemnify the Lessor from and against (i) all claims, demands, actions, proceedings, judgements, damages, losses, costs
and expenses of any nature (excluding any indirect and special losses) which the Lessor may suffer or incur for death, injury, loss and/or damage caused by, and (ii) all penalties or fines imposed by any relevant Authority resulting from: 

 

	 	3.19.1	 any occurrences in the Premises or the use or occupation of the Premises by the Lessee or by any of the
Lessee’s employees, independent contractors, agents or any permitted occupier (including those caused directly by the use or misuse, waste or abuse of the Utilities or faulty fittings or fixtures); or 

 

	 	3.19.2	 any default by the Lessee in complying with the provisions of this Lease, 

provided that such claims, demands, actions, proceedings, judgements, damages, losses, costs, expenses, deaths, injury, penalties or fines are
not caused by any act, omission, gross negligence, wilful default or misconduct of the Lessor or the Lessor’s employees, independent contractors, agents, consultants, subcontractors or invitees. 

 

	3.20	 Assignment and Subletting 

 

	 	3.20.1	 Save as permitted under Clause 3.20.2 and subject to JTC’s approval (if required), the Lessee shall
not without the prior consent of the Lessor (such consent not to be unreasonably withheld conditioned or delayed): 

  

	 	(i)	 assign, mortgage or charge this Lease or the Premises or otherwise dispose of its interest under this Lease; or

  

	 	(ii)	 sublet, underlet, share occupation of, or grant licences in respect of the Premises or any part thereof; or

  

	 	(iii)	 licence, part with or share possession or occupation of the Premises or grant third parties any rights over the
Premises. 

  

	 	3.20.2	 Notwithstanding Clause 3.20.1 but subject to JTC’s approval (if required), the Lessee may during
the Term: 

  

	 	(i)	 without the Lessor’s consent, assign its interests, rights and benefits under this Lease or transfer its
liabilities under this Lease to (i) its related and affiliated corporations (each, a “Lessee Related Corporation”) of at least the same financial standing as the Lessee, (ii) any corporation or other entity into which the
Lessee is merged or consolidated or any purchaser to whom the Lessee’s shares or assets are transferred to of a financial standing acceptable to the Lessor (acting reasonably) or of at least the same financial standing as the Lessee,
(iii) its financiers in connection with any facilities to be obtained by the Lessee for the Project provided that any assignment by the Lessee shall be subject to the prior written approval of JTC and (if applicable) other relevant Authorities
as well as the Lessee’s compliance with terms and conditions as may be imposed by JTC and the other relevant Authorities and the Lessee shall give written notification to the Lessor of such assignment. Where required by the Lessee, the Lessor
shall enter into and execute a novation agreement with the Lessee and its assignee/ transferee on such terms and conditions acceptable to the Lessor (acting reasonably); 

  
 28 

	 	(ii)	 without the Lessor’s consent, share possession of the Premises (in whole or in part) with any Lessee
Related Corporation, subject to the prior written consent of JTC, and in this regard the Lessee shall be responsible for any act or omission of any Lessee Related Corporation sharing possession of the Premises (in whole or in part) and procure that
such Lessee Related Corporation abide by the terms of this Lease insofar as they are applicable to such Lessee Related Corporation and its use of the Premises; 

 

	 	(iii)	 sublet or licence the whole or part of the Premises to any Lessee Related Corporation after giving thirty
(30) days’ prior written notice to the Lessor of the proposed subletting or creation of licence, such notice to be accompanied by evidence satisfactory to the Lessor showing its relationship with the Lessee Related Corporation to the
Lessee; and 

  

	 	(iv)	 with the prior written consent of the Lessor (such consent not to be unreasonably withheld conditioned or
delayed), sublet the part of the Premises which has been designated and approved for use as an industrial canteen to other third parties (“Canteen Sublessee”),  

(such whole or part of the premises to be sublet by the Lessee shall herein be called the “Sublet Premises”). Any subletting
by the Lessee shall be subject to the prior written approval of JTC and (if applicable) any other relevant Authorities as well as the Lessee’s compliance with terms and conditions imposed by JTC and such other relevant Authorities. 

 

	 	3.20.3	 The Lessee or any person or body at the Lessee’s instigation must not advertise anywhere in the
media the availability of the Sublet Premises. 

  

	 	3.20.4	 In the event of a proposed subletting by the Lessee to a sublessee who is not a Lessee Related
Corporation or Canteen Sublessee (“Approved Subtenant”), the following provisions shall apply: 

  

	 	(i)	 such subletting must be approved by JTC; 

 

	 	(ii)	 the Approved Subtenant must not be (at the time of the proposed sublease) (a) an existing tenant or
occupier of any building in Singapore owned by the Lessor or an Ascendas-Singbridge Group Company, or (b) a prospective tenant or occupier who is in contact or discussions with the Lessor or an Ascendas-Singbridge Group Company, for the purpose
of leasing or occupying any building in Singapore owned by the Lessor or an Ascendas-Singbridge Group Company. The Lessor shall, at the Lessee’s request, inform the Lessee in writing as soon as practicable as to whether a proposed sublessee
falls within the scope of this Clause 3.20.4(ii)(a) or (b); 

  

	 	(iii)	 the rent and service charge payable by the Approved Subtenant to the Lessee for the Sublet Premises shall not
be less than the prevailing market rent and service charge payable for comparable premises among properties owned by the Lessor located at one-north estate (“Prevailing
one-north Rent”). In the event that the Parties are unable to agree on the Prevailing one-north Rent, the Lessee may appoint an independent valuer to determine
the Prevailing one-north Rent, whose identity must be approved by the Lessor. If the Parties are unable to agree on the identity of the valuer, the valuer shall be appointed, on the application of either
Party, by the President for the time being of the Singapore Institute of Surveyors and Valuers or the head of any body for the time being performing the functions of the Institute, his respective duly appointed deputy or any person duly authorised
to make appointments on his behalf. The licensed valuer (as agreed between the Parties or as appointed by the President or his equivalent) shall be instructed to determine the Prevailing one-north Rent within
seven (7) days after his appointment and such determination of the Prevailing one-north Rent shall be final, conclusive and binding on both Parties. The costs and expenses of the licensed valuer (as
agreed between the Parties or as appointed by the President or his equivalent) shall be borne by the Lessee; and 

  
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	 	(iv)	 the Lessee shall, upon the Lessor’s request, give to the Lessor a copy of the sublease at no charge.

  

	 	3.20.5	 In the event of a proposed subletting by the Lessee to any sublessee, the following provisions shall
apply: 

  

	 	(i)	 the term of the sublease must end at least one day before the date of expiry of the Term;

  

	 	(ii)	 the sublease must prohibit the sublessee from assigning, underletting, mortgaging, charging, granting any
security interest over, or sharing or parting with possession or occupation of, the Sublet Premises or any part thereof; 

  

	 	(iii)	 the Lessee shall procure the sublessee (a) not to breach the terms of this Lease and (b) to comply
with JTC’s terms contained in its approval of such subletting, and the Lessee shall remain responsible and liable to the Lessor for the sublessee’s compliance with the relevant provisions of this Lease; 

 

	 	(iv)	 the Lessee shall remain responsible and liable to the Lessor for the due observance and performance of this
Lease and the Lessee shall indemnify the Lessor against all loss, damage, costs and expenses incurred by the Lessor in respect of any breaches of this Lease by the Approved Subtenant; 

 

	 	(v)	 the Lessee shall or shall procure its sublessee to bear costs and expenses (including lease commissions, fit-out costs, survey fees, legal fees and/or subletting or administrative fees (if any) levied by JTC or any of the Authorities (including any subletting fees or administrative fees levied or imposed
retrospectively)) relating to the subletting of the Sublet Premises to the sublessee and bear and/or reimburse the Lessor for, or procure that the sublessee bears and/or reimburses the Lessor for, all out-of-pocket costs and expenses that may be incurred by the Lessor in connection with such proposed subletting, including without limitation, JTC’s or any of the Authorities’ fees and charges;

  

	 	(vi)	 all legal costs and stamp duty in respect of the subletting must be paid by the Lessee and/or the sublessee;

  

	 	(vii)	 the proposed use of the Sublet Premises by the sublessee shall be in compliance with the Permitted Use and/or
the uses referred to in Clause 3.14.1; 

  

	 	(viii)	 if the Lessor becomes entitled to and re-enters the Premises or any
part thereof, the subleases to the sublessees shall upon the re-entry absolutely determine without the Lessor being liable for any inconvenience, loss, damages, compensation, costs or expenses; and

  

	 	(ix)	 for the avoidance of doubt, where the Lessor becomes entitled to
re-enter the Premises or any part thereof and/or at the expiration and/or earlier termination of the Tenn pursuant to the provisions of this Lease, if any sublessee is still in occupation of any part of the
Premises under the terms of the sublease, the Lessee undertakes to (at the Lessee’s own costs and expense) procure such sublessee to yield up the Sublet Premises and return vacant possession of such Sublet Premises to the Lessor. The Lessor
shall not be liable to the Lessee and/or such sublessee for any loss, damages, compensation, costs or expenses in respect of the Lessor’s exercise of its right of re-entry under this Clause 3.20.S(ix).

  
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	 	3.20.6	 The rights granted by this Clause 3 .20 are personal to, and may only be exercised by (i) the
Lessee and (ii) any assignee/transferee of the Lessee who is a Lessee Related Corporation. 

  

	3.21	 No Registration of Lease and Subdivision 

 

	 	3.21.1	 The Lessee shall not lodge a caveat in respect of this Lease nor register this Lease at the Singapore
Land Authority, whether before or during the Term. The Lessee undertakes to immediately withdraw any caveats lodged in default of this Clause 3.21.1 at its own cost and expense. 

 

	 	3.21.2	 The Lessee must not require the Lessor to subdivide the Land and/or the Building (or any part thereof)
or do any act which could result in the Lessor being required to subdivide or deemed to have subdivided the Land and/or the Building (or any part thereof). 

  

	 	3.21.3	 The Lessor and the Lessee hereby agree and acknowledge that this Lease does not operate as a lease
capable of registration under the provisions of the Land Titles Act (Chapter 157) or any other Law. 

  

	3.22	 Obligations under the JTC Lease Documents 

 

	 	3.22.1	 The Lessee shall: 

 

	 	(i)	 to the extent applicable, comply with, perform, observe and be bound by such obligations contained or referred
to in the JTC Lease Documents and in particular on the satisfaction of the Declared Investment (save and except for the payment of rent to JTC and other levies or premiums imposed by JTC on the Lessor as lessee), which are directly applicable to, or
otherwise attributable to the Lessee, by virtue of this Lease; 

  

	 	(ii)	 comply with, observe and be bound by the obligations contained or referred to in the JTC Lease under which the
Lessor holds the Premises, insofar as the obligations are applicable to the Lessee or relates to the Premises or the use and occupation of the Premises; and 

  

	 	(iii)	 not do or omit to do anything which will cause the Lessor to be in breach of its obligations contained or
referred to in the JTC Lease and not do or permit to be done anything which may result in the Lessor being in breach of the Lessor’s obligations under the JTC Lease, 

Provided that copies of the JTC Lease Documents have been furnished to the Lessee and the Lessor has obtained the Lessee’s prior written
approval in respect of any amendments to be made to the JTC Lease Documents which may affect the Lessee’s rights, obligations, liabilities or use in respect of the Premises under this Lease. In the event that JTC requires any amendments to be
made to the JTC Lease Documents which may affect the Lessee’s rights, obligations, liabilities or use in respect of the Premises under this Lease, the Lessor shall notify the Lessee of such amendments as soon as practicable, and if the Lessee
is not agreeable to such amendments, the Parties shall jointly approach JTC to discuss such amendments. 

  
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	 	3.22.2	 The Lessee shall comply with, perform, observe and be bound by the conditions (if any) imposed by JTC or
any other relevant Authority in granting its consent to the lease of the Premises by the Lessor to the Lessee, which are directly applicable to, or otherwise attributable to the Lessee by virtue of this Lease, provided that the Lessor has given the
Lessee written notification of such conditions. 

  

	 	3.22.3	 The Lessee agrees that JTC’s rights and qualifications under the JTC Lease Documents in relation to
the Premises and in relation to JTC’s obligations thereunder are hereby expressly reserved, and this Lease is granted subject to such rights of JTC. 

  

	 	3.22.4	 The Lessee must indemnify the Lessor from and against all costs, losses, damages and expenses suffered
by the Lessor as a result of the Lessee’s breach of this Clause 3.22. 

  

	3.23	 Fire Safety 

  

	 	3.23.1	 In addition and without prejudice to the other provisions of this Lease, the Lessee shall take, at the
Lessee’s cost and expense, all steps to keep the Premises including the fixtures, fittings, installations and appliances therein in a safe condition by adopting all necessary measures to prevent an outbreak of fire in the Premises, and to this
end, the Lessee shall, at the Lessee’s cost and expense: 

  

	 	(i)	 install adequate fire extinguishers or fire-fighting or protection equipment in the Premises (save for those
which the Lessor is required to install under the Base Plans and Specifications and Detailed Plans and Specifications); 

  

	 	(ii)	 ensure that the fire alarm and protection systems of the Premises (including, but not limited to, sprinkler
installations, hydrants, smoke detectors, fire-fighting equipment, fire extinguishers) and the fire-fighting equipment are in good working order and condition and in compliance with the requirements of the Fire Safety and Shelter Department and
other relevant Authorities; 

  

	 	(iii)	 be responsible for checking and servicing the fire alarm and protection systems of the Premises; and

  

	 	(iv)	 strictly adhere to and promptly comply with all fire safety requirements of the Lessor from time to time and
the Fire Safety Regulations made from time to time by the Fire Safety and Shelter Department, JTC and/or other Authority, 

  

	 	3.23.2	 For the purposes of this Clause 3.23, “Fire Safety Regulations” shall mean and refer to
all or any statutes, by-laws, orders, rules, regulations, requirements, notices and/or other instruments having legislative effect relating to fire safety, including the provisions of the Fire Safety Act
(Chapter 109A) and legislation thereunder. 

  

	 	3.23.3	 Without prejudice to any other indemnity given by the Lessee under this Lease, the Lessee shall also
indemnify and keep indemnified the Lessor from and against all damages, losses, costs, expenses, actions, demands, proceedings, claims and liabilities made against or suffered or incurred by the Lessor under any written Law and the Fire Safety
Regulations arising out of or in connection with the Lessee’s breach, non-observance or non-performance of this Clause 3.23 and/or any other provisions of this
Lease and/or any applicable Law. 

  
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	4.	 Lessor’s Obligations 

The Lessor agrees with the Lessee as follows: 
  

	4.1	 No Interruption 

If the Lessee pays the Rent and complies with the Lessee’s obligations in this Lease, the Lessee, its sublessees and permitted occupier(s)
may occupy and use the Premises throughout the Term without any interruption by the Lessor, except as provided in this Lease. 
  

	4.2	 Compliance with the State Lease and JTC Lease Documents 

The Lessor shall comply with, at the Lessor’s cost, all the terms and conditions of the State Lease and the JTC Lease Documents to the
extent applicable. 
  

	4.3	 Land Rent 

The Lessor shall pay the Land Rent (if applicable) in a timely manner. 

 

	4.4	 Structural Safety 

The Lessee shall be liable for the cost of any structural surveys of the Building and for all periodic inspections thereof which are required
by the relevant Authorities. 
  

	4.5	 Lessor’s Obligation of Maintenance 

 

	 	4.5.1	 The Lessor shall, at its own cost and expense, be responsible for the: 

 

	 	(i)	 repair, maintenance and replacement of the Structural Parts of the Building if such need for repair and
replacement is not caused by the Lessee’s delay in notifying the Lessor of the relevant damage after the Lessee becomes aware of such damage; and 

  

	 	(ii)	 carrying out its obligations under Clause 11 (Defects) of the Agreement to Build and Lease.

  

	 	4.5.2	 If the Lessor fails to carry out any repair and/or replacement works to the Structural Parts of the
Building for which it is responsible, the Lessee shall notify the Lessor in writing (“Repair Notice”), specifying the relevant repair and/or replacement works required to be carried out and completed by the Lessor (“Repair
Works”) within such reasonable period as may be mutually agreed between the Parties (acting reasonably). 

  

	 	4.5.3	 If the Lessor does not comply and complete the Repair Works within the notice period specified in the
Repair Notice, then the Lessee shall have the right (but shall not be obliged) at its sole discretion to carry out the Repair Works at the Lessor’s cost and expense provided that the Lessee’s carrying out of such Repair Works do not void
any of the Warranties. The Lessor shall pay to the Lessee all actual and reasonable costs and expenses incurred by the Lessee within twenty-eight (28) days of the Lessee’s written demand. For the avoidance of doubt, nothing in this Clause
4.5.3 shall impose any obligation upon the Lessee to carry out and complete any Repair Works. 

  

	 	4.5.4	 All costs, fees and expenses incurred by the Lessee in relation to the application and obtaining of any
Approval required for the carrying out of such Repair Works shall be borne by the Lessor and paid to the Lessee within fourteen (14) days of the Lessee’s written demand. If the Lessor fails to make payment of such sums within fourteen
(14) days of the Lessee’s written demand, the Lessee may effect payment of such sums and all costs, fees and expenses so incurred by the Lessee shall be recoverable from the Lessor as a debt, and the Lessor shall pay to the Lessee Interest
on the amount of such costs, fees and expenses incurred by the Lessee from the date of expenditure until such amount is paid to the Lessee. The Lessee shall have the right to set off all such costs, fees and expenses so incurred against the Rent.

  
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	 	4.5.5	 In carrying out the Repair Works, the Lessor shall and shall procure its contractors and workmen to
comply with the Lessee’s requirements and shall not disrupt the operations of the Lessee, its sublessees and/or its occupiers or affect the use of the Premises by the Lessee, its sublessees and/or its occupiers. 

 

	4.6	 Lessor’s Insurance 

At all times during the Term the Lessor shall, at its own cost and expense, take out and keep in force with a reputable insurance company or
companies in Singapore: 
  

	 	(i)	 an industrial all risks policy to the full replacement value for the Building; and 

 

	 	(ii)	 a comprehensive public liability insurance policy, 

each in such account in accordance with prevailing industry norms and including a waiver of subrogation in favour of the Lessee. 

 

	5.	 Lessor Not Liable/ Lessor’s Liability 

 

	5.1	 Lessor Not Liable 

Notwithstanding anything contained in this Lease, the Lessor is not liable to the Lessee or to its employees, independent contractors, agents
or permitted occupiers nor to any other persons and the Lessee must not claim against the Lessor for any death, injury, loss or damage (including indirect, consequential and special losses) which the Lessee or its employees, independent contractors,
agents or permitted occupiers or any other persons may suffer sustained at or originating from the Premises or the Building, directly or indirectly caused by, resulting from or in connection with any of the following (unless directly caused by the
gross negligence or wilful misconduct of the Lessor or the Lessor’s employees, agents or independent contractors): 
  

	 	5.1.1	 any failure or inability of or delay by the Lessor in fulfilling any of its obligations under this Lease
due to any circumstances beyond the Lessor’s control; or 

  

	 	5.1.2	 any act, omission, negligence or misconduct of any contractor nominated or approved by the Lessor under
this Lease and appointed by the Lessee, and such contractor appointed by the Lessee will not be treated as an employee or agent of the Lessor; or 

  

	 	5.1.3	 without prejudice to the Lessor’s rights and obligations under the Agreement to Build and Lease,
leakage or defect in the piping, wiring and sprinkler system or defect in the structure of the Premises; or 

  

	 	5.1.4	 injury, loss or damage caused by other persons in the Premises; or 

 

	 	5.1.5	 failure or delay by the Lessor in the taking or implementing of steps and measures, or the insufficiency
or inadequacy of any such steps or measures taken by the Lessor, to prevent any outbreak, spread or any transmission whatsoever of any Infectious Disease in the Premises; or 

 

	 	5.1.6	 any steps or measures or action taken by the Lessor or its employees, agents or independent contractors
which is deemed appropriate or necessary by the Lessor to comply with any direction, order or other requirement under or in connection with the Infectious Diseases Act (Chapter 137), under any other Law or any guideline, rule or requirement of the
relevant Authorities from time to time for the purpose of the taking of any protective measure, treatment, prevention or other dealings in relation to an Infectious Disease; or 

  
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	 	5.1.7	 any terrorist act (as defined or described under any Law) and any action taken by the Lessor in
controlling, preventing or suppressing any terrorist act; or 

  

	 	5.1.8	 any Force Majeure Event. 

 

	5.2	 Lessor’s Liability 

 

	 	5.2.1	 Notwithstanding any provision to the contrary in this Lease, the Parties agree and acknowledge that
HSBCITS has entered into this Lease only in its capacity as the trustee of the REIT and not in its personal capacity and all references to the “Lessor” in this Lease shall be construed accordingly. Accordingly, notwithstanding any
provision to the contrary in this Lease, HSBCITS has assumed all obligations under this Lease only in its capacity as the trustee of the REIT and not in its personal capacity and any liability of or warranty, representation, covenant, undertaking or
indemnity given by the Lessor under this Lease is given by HSBCITS in its capacity as trustee of the REIT and not in its personal capacity and any power and/or right conferred on any receiver, attorney, agent and/or delegate under this Lease is
limited to the assets of or held on trust for the REIT over which HSBCITS in its capacity as trustee of the REIT has recourse and shall not extend to any personal or other assets of HSBCITS or any assets held by HSBCITS as the trustee of any trust
(other than for the REIT). Any obligation, matter, act, action or thing required to be done, performed, or undertaken or any covenant, representation, warranty or undertaking given by the Lessor under this Lease shall only be in connection with the
matters relating to the REIT and shall not extend to the obligations of HSBCITS in respect of any other trust or real estate investment trust of which it is trustee. 

 

	 	5.2.2	 Notwithstanding any provision to the contrary in this Lease, it is hereby acknowledged and agreed that
the obligations of the Lessor under this Lease will be solely the corporate obligations of HSBCITS and that none of the Parties shall have any recourse against the shareholders, directors, officers or employees of HSBCITS for any claims, losses,
damages, liabilities or other obligations whatsoever in connection with any of the transactions contemplated by the provisions of this Lease. 

  

	 	5.2.3	 For the avoidance of doubt, any legal action or proceedings commenced against the Lessor whether in
Singapore or elsewhere pursuant to this Lease shall be brought against HSBCITS in its capacity as trustee of the REIT and not in its personal capacity. 

  

	 	5.2.4	 This Clause 5 .2 shall survive the termination or rescission of this Lease. 

 

	 	5.2.5	 The provisions of this Clause 5.2 shall apply, mutatis mutandis, to any notices, certificates or
other documents which the Lessor issues under or pursuant to this Lease as if expressly set out in such notice, certificate or document. 

  
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	5A	 Force Majeure Event 

 

	5A.1	 If a Force Majeure Event shall occur which results in either Party not being able to fulfil any of its
obligations under this Lease within any stipulated time period, that Party shall: 

  

	 	(a)	 as soon as practicable, serve on the other Patty written notice thereof specifying the particulars of the Force
Majeure Event, the extent to which such Patty is unable to discharge or perform its obligations, the reasons for the inability of such Party to perform or discharge its obligations and the estimated time period during which such Party is unable to
perform or discharge its obligations; and 

  

	 	(b)	 where applicable, promptly take and continue to take all action within its powers to minimise the duration and
effect of the Force Majeure Event on such Party. 

  

	5A.2	 If the Lessor is unable to fulfil any of its obligations in this Lease within any stipulated time period
in accordance with this Lease due to an event which is beyond the reasonable control of the Main Contractor which directly or indirectly prevents or impedes the due performance by the Lessor of any obligation under this Lease, including but without
limitation to an act of God, flooding, natural disasters, national emergency, war, hostilities, insurgency, terrorism, civil commotion, riots, or embargoes, trade or other sanctions, the Lessor shall: 

 

	 	(a)	 as soon as practicable, serve on the Lessee written notice thereof specifying the particulars of such event,
the extent to which the Main Contractor and the Lessor are unable to discharge or perform each of its obligations, the reasons for the inability of each of the Main Contractor and the Lessor to perform or discharge its obligations and the estimated
time period during which each of the Main Contractor and the Lessor is unable to perform or discharge its obligations; and 

  

	 	(a)	 where applicable, promptly take and continue to take all action within its powers to minimise the duration and
effect of such event(s) on the Lessee. 

  

	5A.3	 If Clause 5A.1 or 5A.2 applies, the Patties (acting reasonably) shall discuss and mutually agree on such
extension of the relevant timeline as is appropriate, bearing in mind the obligation(s) affected and the nature and extent of such event(s). 

  

	6.	 Other Terms 

  

	6.1	 Re-entry 

 

	 	6.1.1	 The Lessee will be in default under this Lease if, during the Term: 

 

	 	(i)	 the Lessee fails to pay the Rent or any other sum payable under this Lease within twenty-eight (28) days
after the due date (whether or not formally demanded), the Lessor has given written notice to the Lessee of such failure and after which the Lessee still fails to pay the Rent or such other sum within fourteen (14) days after the aforesaid
twenty-eight (28) days period; or 

  

	 	(ii)	 the Lessee fails to comply with its other obligations under this Lease (other than the obligations to pay Rent
or other sums due to the Lessor under Clause 6.1.1 (i)) and (where the breach is capable of remedy) fails to make good the default within twenty-eight (28) days (or such other reasonable period having regard to the nature and extent of the
breach) after the Lessor has given to the Lessee written notice to do so; or 

  

	 	(iii)	 an event of insolvency occur(s) in relation to the Lessee. 

 

	 	6.1.2	 In any of the above events, the Lessor may re-enter and take
possession of the Premises (or any part of it) at any time (even if any previous right of re-entry has been waived) and immediately on such re-entry, the Term shall end
and this Lease shall terminate. 

  
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	 	6.1.3	 The exercise by the Lessor of its right of re-entry will not
affect any other rights of the Lessor against the Lessee (including the rights in respect of the default under which the re-entry is made). 

 

	 	6.1.4	 The Lessee must indemnify the Lessor from and against all costs, losses, damages and expenses (including
loss of Rent which would have been payable by the Lessee if the Term had been completed and all costs and expenses incurred for reletting or attempted reletting of the Premises), suffered by the Lessor as a result of the Lessor exercising its right
of re-entry, subject to the Lessor using reasonable endeavours to mitigate the loss of Rent suffered by the Lessor as a result of the termination of this Lease pursuant to this Clause 6.1. This indemnity will
not affect the other rights of the Lessor against the Lessee. 

  

	 	6.1.5	 The phrase “an event of insolvency” in relation to the Lessee includes:

  

	 	(i)	 inability of the Lessee to pay its debts as and when they fall due; 

 

	 	(ii)	 any distress or execution being levied on the Lessee’s property and the Lessee has not commenced
proceedings for the withdrawal or setting aside of such distress or execution proceedings within sixty ( 60) days of such action; 

  

	 	(iii)	 presentation of an application (except for the purpose of amalgamation or reconstruction when solvent) for the
winding up of the Lessee; 

  

	 	(iv)	 issuance of a notice of meeting of members or shareholders for the passing of a resolution for winding up
(except for the purpose of amalgamation or reconstruction when solvent) of the Lessee; 

  

	 	(v)	 presentation of an application for the judicial management of the Lessee; 

 

	 	(vi)	 making of a proposal by the Lessee to its creditors for a composition in satisfaction of its debts or a scheme
of arrangement of its affairs; and 

  

	 	(vii)	 the appointment of a receiver, receiver and manager, or provisional liquidator in respect of the Lessee or any
of its property or assets. 

  

	6.2	 Government Acquisition 

 

	 	6.2.1	 If: 

  

	 	(i)	 the Premises is acquired by any relevant Authority; or 

 

	 	(ii)	 a notice, order or gazette notification is issued, made or published in respect of the intended or actual
acquisition of the Premises by any relevant Authority, 

 subject to this Clause 6.2, either Party may terminate this
Lease by giving written notice to the other Party (“Termination Notice”).  
  

	 	6.2.2	 The Lessor shall furnish to the Lessee copies of any notice, order or gazette notification in respect of
the actual acquisition of the Premises by the relevant Authority (“Acquisition Notice”) within seven (7) days of the Lessor’s receipt of the Acquisition Notice. Either Party may issue the Termination Notice to the other
Party after the Lessor has so furnished to the Lessee copies of the Acquisition Notice. 

  
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	 	6.2.3	 After receipt of the Termination Notice by the relevant Party, the Parties shall discuss in good faith
and agree on a reasonable date of termination of this Lease and the date the Lessee is to deliver vacant possession of the Premises (“Termination Date”) in order to ensure that the Lessor is able to comply with such handover
conditions as may be imposed by the relevant Authority. In determining the Termination Date, the Parties shall take into account the time required for the Lessee to find alternative premises for its relocation, the removal of the Lessee’s plant
and equipment from the Premises and installation thereof at the new premises and any extension of time permitted by such relevant Authority for surrender of the Premises by the Lessor to the relevant Authority. The Term shall end and this Lease
shall terminate upon the Termination Date without affecting the rights of either Party against the other Party for any previous default by the relevant Party arising out of in connection with this Lease, and without the Lessor being liable for any
inconvenience, loss, damage, cost, expense or compensation in connection with the termination of this Lease pursuant to this Clause 6.2 and the Lessee shall be relieved from its obligations under Clause 3.13 to reinstate the Premises. The Lessor
shall return the Security Deposit Amount to the Lessee within fourteen (14) days of the Termination Date subject to the terms of this Lease. 

  

	6.3	 Termination of JTC Lease by Head Lessor 

 

	 	6.3.1	 If the Head Lessor, at any time before the expiry of the JTC Lease: 

 

	 	(i)	 terminates the JTC Lease, and in connection therewith, gives notice in writing thereof to the Lessor (the
“Head Lessor Termination Notice”);  

  

	 	(ii)	 notifies the Lessor of the revocation of its consent to the lease of the Premises by the Lessor to the Lessee
(the “Revocation Notice”); or 

  

	 	(iii)	 becomes entitled to and re-enters the Premises or any part thereof in
the name of the whole, or notifies of its intention to do so, 

 the Lessor shall, as soon as practicable, upon the
Lessor’s receipt of the Head Lessor Termination Notice or the Revocation Notice, give written notice thereof to the Lessee. On (i) the expiry date of the Head Lessor Termination Notice or (ii) the expiry date of the Revocation Notice
or (iii) the date of the Head Lessor’s re-entry into the Premises, whichever date is the earliest, the Term shall end and this Lease shall terminate without affecting the rights of either Party
against the other Party for any previous default by the relevant Party arising out of or in connection with this Lease and the Lessee shall be relieved of its obligations under Clause 3.13 to reinstate the Premises. The Lessor shall, subject to the
terms of this Lease, return the Security Deposit Amount to the Lessee within fourteen (14) days from the date of termination of this Lease. 
  

	 	6.3.2	 The Lessor shall not be liable for any inconvenience, loss, damage, cost, expense or compensation in
connection with the termination of this Lease pursuant to Clause 6.3.1, save and except in the case where such termination is due to the Lessor’s default or non-compliance with the terms of the JTC Lease
(to the extent not caused by the Lessee) or any act, omission, negligence, default or misconduct of the Lessor or the Lessor’s employees, agents, contractors or other consultants. 

 

	6.4	 Removal of property after the end of the Term 

 

	 	6.4.1	 If after the Lessee has vacated the Premises after the end of the Term any property of the Lessee
remains on the Premises, the Lessor may, as agent of the Lessee, deal with and dispose of the property in any manner which the Lessor thinks is appropriate at the Lessee’s cost and expense. 

  
 38 

	 	6.4.2	 The Lessee must indemnify the Lessor against any liability incurred by the Lessor to any third party
whose property is dealt with or disposed of by the Lessor in the mistaken belief (which will be presumed unless the contrary is proved) that such property belonged to the Lessee. 

 

	6.5	 Notices 

  

	 	6.5.1	 Any notice, demand or other communication (“Notice”) to be given by a Party under, or
in connection with this Lease, shall be in writing and be signed by or on behalf of the Party giving it. 

  

	 	6.5.2	 Notices shall be served by email ( except in the event of service of legal proceedings), registered
mail, or delivering it by hand to the address set out in Clause 6.5.3 and in each case marked for the attention of the relevant person set out in Clause 6.5.3 (or as otherwise notified from time to time in accordance with the provisions of Clause
6.5.4). 

  

	 	6.5.3	 Notice details for the purpose of this Clause 6.5 are as follows: 

 

	 	(i)	 Lessor 

Address: 21 Collyer Quay, #03-01 HSBC Building, Singapore 049320 

Email address: reits.cs@hsbc.com.sg 

For the attention of: SVP, REITS 

with a copy to the Manager of Ascendas Real Estate Investment Trust 

Address: 1 Fusionopolis Place, #10-10, Galaxis, Singapore 138522 

Email address: yaowei.lin@ascendas-singbridge.com / 

lawden.tan@ascendas-singbridge.com 

For the attention of: Lin Yaowei / Lawden Tan 
  

	 	(ii)	 Lessee 

Address: 6 Shenton Way #38-01 OUE Downtown Singapore 068809 

Email address: Edmund.tan@grab.com / benjamin.lam@grab.com I  

facilities.sg@grab.com 

For the attention of: Edmund Tan / Benjamin Lam / Facilities Department 

 

	 	6.5.4	 A Party may notify the other Party of a change to its name, relevant addressee, or address or email
address for the purposes of this Clause 6.5, provided that such notice shall only be effective on: 

  

	 	(i)	 the date specified in the notice as the date on which the change is to take place; or 

 

	 	(ii)	 if no date is specified or the date specified is less than five (5) Business Days after the date on which
notice is given, the date following five (5) Business Days after notice of any change has been given. 

  

	 	6.5.5	 Any notice will be treated as serviced: 

 

	 	(i)	 for notice given by hand, immediately on the day which it is hand-delivered; 

 

	 	(ii)	 for notice by registered post, forty-eight (48) hours after posting and proving it, and it will be adequate to
show evidence that the notice has been sent by registered post; and 

  

	 	(iii)	 for notice sent by email, immediately at the time of transmission if it can be proved that the email was
properly addressed and sent. 

  
 39 

	6.6	 Payments 

The Lessee must pay to the Lessor promptly as and when due, without deduction, set off, or counterclaim, all sums due and payable by the Lessee
to the Lessor under this Lease. The Lessee must not exercise any right or claim to withhold the Rent or any right or claim to legal or equitable set off. 
  

	6.7	 Costs and expenses 

 

	 	6.7.1	 The Lessee shall be responsible for the stamp duty in respect of this Lease (if applicable) and any
adjudication fee payable to IRAS in relation thereto. 

  

	 	6.7.2	 The Lessee shall pay or indemnify the Lessor (on a full indemnity basis) against all reasonable legal
costs and fees incurred by the Lessor in consulting solicitors in connection with the enforcement of any provision of this Lease. 

  

	 	6.7.3	 Each Party shall bear its own legal costs, fees and disbursements incurred by it in connection with the
negotiation, preparation and completion of this Lease and any other document relating to this Lease. 

  

	6.8	 No Waiver 

  

	 	6.8.1	 The Lessor’s consent or waiver to any default by the Lessee of its obligations in this Lease is
only effective if it is in writing. Mere knowledge or consent by conduct (expressed or implied) of the Lessor of such default by the Lessee will not be implied or treated as a waiver. 

 

	 	6.8.2	 Such written consent or waiver by the Lessor must not be taken as a consent or waiver to:

  

	 	(i)	 another default by the Lessee of the same obligation; or 

 

	 	(ii)	 a default by the Lessee of another obligation in this Lease. 

 

	 	6.8.3	 The Lessor will not be treated as waiving its right to proceed against the Lessee in respect of any
default by the Lessee of its obligations in this Lease, if the Lessor accepts the Rent or any other sum payable by the Lessee in this Lease. 

  

	6.9	 Representations 

 

	 	6.9.1	 The Lessor is not bound by any representations or promises with respect to the Premises if they are not
stated in this Lease, whether written or oral, express or implied by common law, statute or custom. 

  

	 	6.9.2	 The Lessee confirms that it has not agreed to or executed this Lease relying on any representation made
by the Lessor or on its behalf which is not stated in this Lease. 

  

	 	6.9.3	 The Lessor represents and warrants to the Lessee that it will obtain its mortgagee’s consent for
this Lease, if applicable, and no further action is required under such loan documents in relation to the granting of this Lease. 

  

	6.10	 Holding Over 

  

	 	6.10.1	 If: 

  

	 	(i)	 the Lessee continues to occupy the Premises or fails to deliver vacant possession of the Premises after the end
of this Lease; 

  

	 	(ii)	 the Lessor consents to such holding over; and 

  
 40 

	 	(iii)	 there is no express agreement between the Lessor and the Lessee, 

 

	 	the	 occupation by the Lessee will be by way of a monthly tenancy. 

 

	 	6.10.2	 During such period of holding over: 

 

	 	(i)	 the Lessee must pay the Lessor double the amount of the last prevailing Rent payable during the subsistence of
the Term; 

  

	 	(ii)	 the other provisions of this Lease will continue to apply; and 

 

	 	(iii)	 either Party may terminate the tenancy by giving one months’ notice to the other Party.

  

	 	6.10.3	 Such holding over will not be treated as a renewal of this Lease whether by operation of Law or pursuant
to the provisions of this Lease. 

  

	6.11	 Lessor May Assign 

 

	 	6.11.1	 Prior to the date of issuance of CSC for the Building, the Lessor shall not sell, transfer, assign,
novate or dispose of the whole or any part of the Premises and/or the Lessor’s interest under this Lease without the prior written consent of the Lessee (such consent not to be unreasonably withheld, conditioned or delayed).

  

	 	6.11.2	 At any time after the date of issuance of CSC for the Building, the Lessor may, sell, transfer, assign,
novate or dispose of the whole of the Premises and/or the Lessor’s interest under this Lease to other third parties provided that the Lessor has given written notification to the Lessee of such sale, transfer, assignment, novation or disposal.

  

	 	6.11.3	 In the event that the Lessor sells, transfers, assigns, novates or disposes of the whole of the Premises
and/or the Lessor’s interest under this Lease to a third party (the “Transferee”) in accordance with this Clause 6.11, the Lessor shall procure that the Transferee assumes all the obligations of the Lessor under this Lease
(whether by way of a novation or otherwise). The terms of the novation agreement or other agreement (whichever is applicable) in respect of the Transferee’s assumption of the Lessor’s obligations under this Lease shall provide for
continuity in the undertaking, performance and completion of the Lessor’s obligations by the Transferee. 

  

	 	6.11.4	 In addition to the aforesaid, any such sale, transfer, assignment, novation or disposal by the Lessor
shall be subject to the prior written approval of JTC and (if applicable) other relevant Authorities as well as the Lessor’s compliance with terms and conditions as may be imposed by JTC and such other relevant Authorities.

  

	6.12	 Confidentiality Provisions 

 

	 	6.12.1	 Each Party undertakes to keep the Confidential Information of the other Party confidential and that it
will not, and will procure that its officers, employees, agents, contractors, subcontractors and advisors will not, at any time, disclose, or permit to be disclosed, to any third party, the terms of this Lease, all communications, negotiations,
discussions, and correspondence between the Parties, or any matter or information, relating to this Lease or the subject matter thereof until the expiry of one (I) year from the date of expiry or earlier determination of the Term.

  

	 	6.12.2	 Clause 6.12.1 shall not apply to disclosure of any matter or information: 

 

	 	(i)	 which the disclosing Party can reasonably demonstrate is in the public domain through no fault of its own;

  
 41 

	 	(ii)	 required by law, pursuant to a court order or by any recognised stock exchange or governmental or other
regulatory body, in respect of which the disclosing Party shall, if legally permitted and practicable, supply in advance a copy of the required disclosure to the other Party and incorporate any additions or amendments reasonably requested by the
other Party; 

  

	 	(iii)	 disclosed by either of the Parties to its respective directors, officers, trustees, bankers, financial
advisors, consultants, licensed valuers, partners and/or employees and to any legal or other professional adviser to any Party for the purposes of obtaining advice or assistance in connection with rights or obligations under this Lease;

  

	 	(iv)	 which is required to be disclosed pursuant to any legal process issued by any court or tribunal in Singapore;

  

	 	(v)	 to any assignee or transferee or mortgagee of either Party and their respective trustees, officers, employees,
bankers, financial advisors, consultants, licensed valuers and legal or other advisors; 

  

	 	(vi)	 which is required to be disclosed to the holding company of either Party and/or either Party’s branches or
related corporations (as defined under the Companies Act (Chapter 50)); or 

  

	 	(vii)	 to which the other Party has consented in writing. 

 

	6.13	 Right to Distrain 

For the purpose of the Distress Act (Chapter 84) and of these presents, all moneys payable under this Lease (including GST) and the Interest
payable on late payments shall be deemed to be rent recoverable in the manner provided in the Distress Act (Chapter 84) and all such monies shall be deemed to be rent in arrears if not paid in advance or at the times and in the manner as provided in
this Lease. All costs and expenses (including legal fees on an indemnity basis) of and incidental to any distraint shall be payable by the Lessee and in so far as such sums are not recovered under such distraint, they shall be recoverable as a debt
from the Lessee to the Lessor. 
  

	6.14	 Unenforceability and Severance 

The illegality, invalidity or unenforceability of any provision in this Lease under the Laws of any jurisdiction will not affect: 

 

	 	6.14.1	 the legality, validity or enforceability of that provision under the Laws of any other jurisdiction; or

  

	 	6.14.2	 the legality, validity or enforceability of any of the other provisions in this Lease.

  

	6.15	 Governing Law and Dispute Resolution 

 

	 	6.15.1	 This Lease is governed by Singapore law. 

 

	 	6.15.2	 If any dispute arises out of or in connection with this Lease (including any question regarding its
existence, validity or termination) (the “Dispute”), the Parties must co-operate with each other in good faith to promptly resolve the Dispute in a professional manner, without malice. The Parties will assist each other and take all
reasonable steps necessary to efficiently conclude or resolve the Dispute so that each Party can derive the full benefit of this Lease. 

  
 42 

	 	6.15.3	 Any Dispute which cannot be resolved in accordance with Clause 6.15.2 shall be referred to and finally
resolved by arbitration administered by the SIAC in accordance with the SIAC Rules for the time being in force, which rules are deemed to be incorporated by reference in this Clause. The seat of the arbitration shall be Singapore. The tribunal shall
consist of one arbitrator. The language of the arbitration shall be English. 

  

	 	6.15.4	 Nothing in this Lease prevents a Party from resorting to judicial proceedings for the limited purpose of
seeking urgent interlocutory relief. Irrespective of any such judicial proceedings, the Parties shall continue to participate in resolution of Disputes in accordance with the above. 

 

	 	6.15.5	 Dispute resolution pursuant to this Lease will be confidential under the terms of this Lease.

  

	6.16	 Contracts (Rights of Third Parties) Act (Chapter 53B) 

A person who is neither the Lessor nor the Lessee has no right under the Contracts (Rights of Third Parties) Act (Chapter 53B) to enforce or
enjoy the benefit of any term of this Lease. 
  

	6.17	 Counterparts 

This Lease may be entered into in any number of counterparts, all of which taken together shall constitute one and the same instrument.
Signatures may be exchanged by email, with original signatures to follow. Either Party may enter into this Lease by signing any such counterpart. 

  
 43 

 Schedule 1 

List of Mechanical & Electrical Equipment 

  
 44 

 Schedule 2 

Reinstatement Schedule 

[To be inserted on handover of the Premises] 

  
 45 

 Annexure A 

Plan of the Land 

[Please note that the attached plans are preliminary and are attached for reference only and may be subject to future change and
finalization.] 

  
 46 

 

 
  

 Annexure B 

Applicable Load Threshold 

  
 47 

 

 
  

 

 
  

 

 
  

 

 
  

 

 

 

 

 

 

 

 

 

 

 Annexure C 

List of Warranties 
  

					
	 S/n    
	  	 Description of Warranty
	  	Duration
	1.	  	Waterproofing Works for Flat Roofs / Roof Decks	  	10 years + 1 year
	2.	  	Waterproofing Works for Wet Areas	  	10 years
	3.	  	External Aluminium Works and Glazing Works	  	10 years + 1 year
	4.	  	Floor Hardener	  	5 years
	5.	  	External Painting System / External Spray Coating System	  	5 years
	6.	  	Waterproofing Additives	  	10 years
	7.	  	External Building Envelope / Facade Work	  	10 years + 1 year

  
 48 

 In witness whereof this Lease has been executed by the Parties as a deed on the date stated at the
beginning. 
 Lessor 
 On behalf of the company in
accordance with section 41B(l)(c) of the Companies Act 
 Executed and delivered as a deed by 

on behalf of HSBC Institutional Trust Services (Singapore) Limited 

(in its capacity as trustee of Ascendas Real Estate Investment Trust) 
  

	
	
	   

	 Director
 in the presence of:

  

	
	  

	 Witness

	 Name:

	 Title:

 NRIC/Passport number: 

Address: 21 Collyer Quay #13-02 HSBC Building Singapore 049320 

  
 49 

 Lessee 

On behalf of the company in accordance with section 41B(l)(c) of the Companies Act 

Executed and delivered as a deed by 
 on behalf of 

Grabtaxi Holdings Pte. Ltd 
  

	
	  

	 Director

in the presence of:

  

	
	  

	 Witness

	 Name:

	 Title:

	 NRIC/Passport number:

	 Address:

  
 50 

 APPENDIX B 

List of Warranties 
  

					
	 S/n    
	  	 Description of Warranty
	  	 Duration

	1.	  	Waterproofing Works for Flat Roofs / Roof Decks	  	10 years + 1 year
	2.	  	Waterproofing Works for Wet Areas	  	10 years
	3.	  	External Aluminium Works and Glazing Works	  	10 years + 1 year
	4.	  	Floor Hardener	  	5 years
	5.	  	External Painting System / External Spray Coating System	  	5 years
	6.	  	Waterproofing Additives	  	10 years
	7.	  	External Building Envelope / Facade Work	  	10 years + 1 year

  
 38 

 EXECUTED by the Parties: 

LESSOR 
 For and on behalf of 

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED 

(in its capacity as trustee of Ascendas Real Estate Investment Trust) 
  

	
	 /s/ Lee Wei Lin, Jolyn

	Authorised Signatory
	Name: LEE Wei Lin, Jolyn
	Designation: Authorised Signatory

  

	
	 /s/ Chwee Shook Mun Valenie

	Authorised Signatory
	Name: CHWEE Shook Mun Valenie
	Designation: Authorised Signatory

 Date: 30 JAN 2019 

  
 39 

 LESSEE 
  

			
		
	SIGNED by	 	 /s/ Lim Kell Jay

		 	Name: LIM KELL JAY

 duly authorised for and on behalf 

of GRABTAXI HOLDINGS PTE. LTD. 
 Date: 

  
 40 

 Supplemental Agreement to 

Agreement to Build and Lease 
 28
August 2020 
 HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED 

in its capacity as trustee of AREIT 

(as Lessor) 
 and 

GRABTAXI HOLDINGS PTE. LTD. 

(as Lessee) 
  

 
 SUPPLEMENTAL
AGREEMENT TO 
 THE AGREEMENT TO BUILD AND LEASE DATED 

30 JANUARY 2019 
 in respect
of 
 Land Lot provisionally known as PID  

8201808006, forming part of Government 

Survey Lot Nos. 5418K-PT and 4398W-PT of 

Mukim 3 at One-North, Singapore 

 
  

  
 1 

 This Agreement (“Supplemental Agreement”) is entered into on the
     day of August 2020 by and between: 
 PARTIES: 
  

	(1)	 HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED, a company incorporated under the laws of
Singapore with UEN No. 194900022R, and having its registered address at 10 Marina Boulevard Marina Bay Financial Centre, Tower 2, #48- 01, Singapore 018983 (in its capacity as Trustee of Ascendas Real Estate
Investment Trust) (the “Lessor”); and 

  

	(2)	 GRABTAXI HOLDINGS PTE. LTD., a company incorporated in Singapore with UEN No. 201316157E and having its
registered address at 6 Shenton Way #38-01 OUE (the “Lessee”), 

(collectively, the “Parties”, and each, a “Party”).  

RECITALS: 
  

	(A)	 The Lessee and the Lessor entered into an Agreement to Build and Lease dated 30 January 2019 (the
“Original Agreement”) pursuant to which they agreed to develop the Building upon the Land on the terms and conditions as set out in the Original Agreement, and the Lessor agreed to grant, and the Lessee agreed to take, a lease of
the Property, subject to the terms set out in the Original Agreement and the terms in the Lease Agreement. 

  

	(B)	 Pursuant to Clause 27.2 of the Original Agreement, the Parties wish to set out in this Supplemental Agreement
their agreement to vary the Original Agreement in the manner set out herein. 

 IT IS HEREBY AGREED as follows: 

 

	1.	 DEFINITIONS AND INTERPRETATION 

 

	1.1	 The Original Agreement, together with this Supplemental Agreement, shall with effect from the date of this
Supplemental Agreement, be construed as one document and references in the Original Agreement to “this Agreement” shall from the date of this Supplemental Agreement (but not for any purposes prior to the date of this Supplemental
Agreement) incorporate references to this Supplemental Agreement. 

  

	1.2	 In this Supplemental Agreement, unless the context requires otherwise, capitalized terms defined in the
Original Agreement and not otherwise defined herein, shall have the same meaning ascribed to them in the Original Agreement. The principles of interpretation in Clauses 1.2 to 1.6 (inclusive) of the Original Agreement shall apply to this
Supplemental Agreement. 

  
 2 

	1.3	 The provisions of Clauses 25, 26, 27 and 28 (inclusive) of the Original Agreement shall apply mutatis mutandis
to this Supplemental Agreement as though expressly incorporated herein. 

  

	2.	 VARIATIONS TO THE ORIGINAL AGREEMENT 

 

	2.1	 Date of TOP issuance and Extended NTP Deadline 

 

	2.1.1	 As at the date of this Supplemental Agreement, the Lessor has indicated to the Lessee that in view of
(i) Lessee Variations that have been submitted; and (ii) the impact of COVID-19 restrictions and related matters up to the date of this Supplemental Agreement, the expected TOP Date is no longer
30 September 2020 and would instead be 17 April 2021 (“Revised TOP Date”) and accordingly, the NTP Deadline would be extended to not later than 24 April 2021. The Parties hereby mutually agree that the NTP Deadline
referred to in Clause 9.4 (a) of the Original Agreement shall be extended to 24 April 2021 (“Extended NTP Deadline”), which shall be considered an extension of the original NTP Deadline. 

 

	2.2	 Approval of Lessee Variations 

 

	2.2.1	 As at the date of this Supplemental Agreement, the Lessee has submitted certain Lessee Variations to the Lessor
as follows: 

  

	 	(1)	 Lessee Variations as set out in Annexure A (Part I), amounting in total to S$3,553,456.89 (“Requested
VOs”); and 

  

	 	(2)	 Additional Lessee Variations as set out in Annexure A (Part II), amounting as at the date of this Supplemental
Agreement to S$1,839,927.59 (“Additional Requested VOs”). 

 The Lessor has agreed to carry
out the Requested VOs and the Additional Requested VOs as set out in items (1) and (2) above. Any other additional Lessee Variations shall be subject to the mutual agreement in writing between the Lessor and the Lessee, with one of the key
considerations being the determination by the Lessor as to whether such Lessee Variations will impact the Revised TOP Date. 
  

	2.2.2	 It is intended by the Lessee and the Lessor that the Building will achieve Gold Plus Green Mark Certification.
The Lessee confirms that it will comply with sustainability practices and procedures as required by the Lessor. Accordingly, the Lessee will, inter alia, ensure that in fitting out and operating the Building, the Lessee will comply with all relevant
sustainability practices and procedures in order to maintain the Gold Plus Green Mark Certification for the Building. 

  
 3 

	2.3	 Pre-TOP Access 

 

	2.3.1	 The Parties agree and acknowledge that access by the Lessee (together with its servants, agents, contractors,
licensees and invitees) to the Property during the Pre-TOP Access Period shall be free of charge (but without prejudice to the Lessee’s obligation to pay for use of electricity, water and other utilities
in accordance with Clause 10.2.3 of the Original Agreement), save that where the Lessee or its relevant sub-contractor(s) accesses the Property and carries out the Designated Works (as defined below) during
the Pre-TOP Access Period, the Parties agree and acknowledge that with regard to such Designated Works, the Lessee shall bear attendance fees only as stated herein (“Attendance Fees”) payable
to the Main Contractor, HPC Builders Pte Ltd (“HPC”), subject to commencement of the relevant Designated Works, as follows: 

  

					
	TABLE A : DESIGNATED WORKS
			
	 	  	 Designated Works by Lessee’s Direct Contractors
	  	 Attendance Fees

	  a	  	Security System	  	3 % of Relevant Contract Sum
			
	  b	  	Furniture	  	N.A
			
	  c	  	Finishes and Carpentry Works	  	3 % of Relevant Contract Sum
			
	  d	  	IT Cabling	  	3 % of Relevant Contract Sum
			
	  e	  	Carpet	  	3% of Relevant Installation Cost

 “Relevant Contract Sum” means the Contract Sum or such portion thereof corresponding to the
itemized scope of the Designated Work commenced by the Lessee’s direct contractor(s) during the Pre-TOP Access Period. 

“Relevant Installation Cost” means the Installation Cost or such portion thereof corresponding to the itemized scope of the
Designated Work commenced by the Lessee’s direct contractor(s) during the Pre-TOP Access Period. 

“Contract Sum” means the total amount payable by the Lessee to the Lessee’s direct contractor under the relevant contract
for the specified Designated Works. 
 “Installation Cost” means the total cost payable by the Lessee to the Lessee’s
direct contractor under the contract for the carpet installation works. 
 Payment of the Attendance Fees for the Designated Works may be
made by the Lessee progressively in the course of the relevant Designated Works being carried out. The Lessor shall notify HPC that invoices issued by the Main Contractor for such Attendance Fees shall be submitted directly to the Lessee after the
end of each calendar month and shall show a detailed breakdown of Attendance Fees claimed. The Lessee shall make payment of the Main Contractor’s invoice within thirty (30) days of receipt of the invoice. In addition to the Attendance Fees
for such Designated Works, the Lessee (or its sub-contractor) shall also be obliged to pay for use of electricity, water and other utilities in accordance with Clause 10.2.3 of the Original Agreement and where
hoisting works are to be carried out by HPC, the costs for such hoisting works shall be at the rate of $80 per hour. 
 For the purposes of
this clause, “Designated Works” means the works set out in Table A in respect of Levels 3 to 7 (only) of Tower 1, carried out or to be carried by the Lessee and/or its sub-contractor(s) during the Pre-TOP Access Period. For avoidance of doubt Attendance Fees shall not be payable to HPC in respect of such part of the Designated Works that is carried out by HPC as the Lessee’s direct contractor. 

  
 4 

	2.3.2	 The Lessee shall ensure that the Designated Works carried out during the
Pre-TOP Access Period do not result in a delay to the Revised TOP Date of 17 April 2021. The Lessor shall not be responsible for any delays arising from the Designated Works carried out during the Pre-TOP Access Period. 

  

	2.4	 Amendment to Clause 10.3 

 

	2.4.1	 The Parties agree to amend Clause 10.3 of the Original Agreement by replacing the words “the Fitting Out
Period” at line 5 with the words “such Fitout Works” so that the first sentence reads as follows: 

“Subject to Clause 10.1 and after issuance of TOP, the Lessee shall submit for the Lessor’s approval all plans, layouts, designs,
drawings and specifications related to the Fitout Works (“Plans”) at least two (2) weeks (or such other time as may be mutually agreed between the Parties having regard to the nature and extent of the Fitout Works required) before
commencement of such Fitout Works.” 
  

	3.	 PAYMENT FOR REQUESTED VOs AND ADDITIONAL REQUESTED VOs 

 

	3.1	 As at the date of this Supplemental Agreement, Lessee Variations issued by the Lessee based on the Requested
VOs and the Additional Requested VOs have exceeded in total the threshold of S$3 million stipulated in Clause 12.6.1 of the Original Agreement. It is hereby agreed by the Parties that payment for all Requested VOs and Additional Requested VOs
shall be made by the Lessee to the Lessor as follows: 

  

	 	(i)	 Payment for Requested VOs (in the amount of up to S$3million), shall be in accordance with Clause 12.4.3 of the
Original Agreement i.e. the Lessee may elect to pay the Lessor either by way of additional monthly rent or as a lump sum. The Lessee’s election of the mode of payment must be made and notice thereof given to the Lessor no later than
twenty-eight (28) days prior to the Extended NTP Deadline, in accordance with the Original Agreement. 

  

	 	(ii)	 Payment for the remaining Requested VOs in excess of S$3million, shall be by way of a lump sum payment, upon
the Revised TOP Date. 

  

	 	(iii)	 Payment for the Additional Requested VOs shall be by way of a lump sum payment, upon the Revised TOP Date.

  

	 	(iv)	 Requested VOs referred to in Clause 3.1 (ii) above and Additional Requested VOs referred to in Clause 3.1 (iii)
above shall collectively amount to not more than S$3 million. 

  

	3.2	 The Parties agree that any Lessee Variations that are not set out in Annexure A (Part I) or Annexure A (Part
II) shall be subject to mutual agreement in writing between the Parties in accordance with Clause 12.3 of the Original Agreement. 

  

	3.3	 For the avoidance of doubt, payments for the Requested VOs and Additional Requested VOs shall be included in
the computation of the Initial NFP and Final NFP. 

  
 5 

	4.	 EFFECT OF THE SUPPLEMENTAL AGREEMENT 

 

	4.1	 Except to the extent amended and supplemented by this Supplemental Agreement, all terms and conditions of the
Original Agreement shall remain unchanged and in full force and effect. This Supplemental Agreement shall be read and construed as an integral part of the Original Agreement. 

 

	5.	 COUNTERPARTS 

  

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

  
 6 

 EXECUTED by the Parties: 

LESSOR 
 For and on behalf of 

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED 

(in its capacity as trustee of Ascendas Real Estate Investment Trust) 
  

	
	
                    
                 

	Authorised Signatories
	
	Name:
	
	Designation:

  

	
	LESSEE
	
	For and on behalf of
	
	GRABTAXI HOLDINGS PTE. LTD.
	
	 /s/ Lim Kell Jay

	Authorised Signatory
	
	Name: Lim Kell Jay
	
	Designation: Director

 ATBL-Grab – Supplemental Agreement 

 EXECUTED by the Parties: 

LESSOR 
 For and on behalf of 

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED 

(in its capacity as trustee of Ascendas Real Estate Investment Trust) 
  

							
	 /s/ Png Pei Ling
	  	 /s/ Tan Ling Cher
	  	
	Authorised Signatories	  		  	
				
	Name &	  	PNG Pei Ling	  	TAN Ling Cher	  	
	Designation:	  	Authorised Signatory	  	Authorised Signatory	  	

  

	
	LESSEE
	
	For and on behalf of
	
	GRABTAXI HOLDINGS PTE. LTD.
	
	
                    
                         

	Authorised Signatory
	
	Name &
	Designation

 ATBL-Grab – Supplemental Agreement 

 Annexure A 

Proposed Erection of A 9-Storey Business Park Building, A 4-Storey Business
Park Building and 2 Basement Carparks on Lot 05418K PT MK03 at One North Avenue, (Queenstown Planning Area), Singapore 
 Lessee Variations /
Additional Lessee Variations works requested by Grab 
 Part I 
  

							
	 Item
	  	 RFC

No.
	  	 Description
	  	 Consolidated Est.
RFC amount

($)

	A	  	1	  	Layout Changes for F&B	  	refer to Part II below
				
	B	  	2	  	To Omit Block 1 Staircases at Level 1 and 4 and to Slab Over the Void Areas	  	(16,966.46)
				
		  		  	To Enlarge the Driveway Area and to Add More Motocycle & Loading/Unloading Lots.	  	
				
	C	  	3	  	Relocation of Interconnection Staircase Steel Staircase with 4 sides roller shutters	  	361,967.87
				
	D	  	4	  	Changes to Toilet Design	  	102,621.68
				
	E	  	5	  	Changes of Wall Finishes at Lift Lobby for Block 1 & Block 2	  	(16,127.00)
				
	F	  	6	  	Omission of Electrical Vehicle Charging Unit	  	(68,668.25)
				
	G	  	7	  	Change of Power Requirement for EVC	  	1,700.00
				
	H	  	8	  	Omission of Server Room	  	(139,253.90)
				
	I	  	9	  	Addition of Server Room Based on ID Layout	  	390,435.75
				
	J	  	10A	  	Omission of Board Ceiling from Base Built Contract for Block 1 Level 1 to Level 8 Office Area & Block 2 Level 3 Office Area	  	(848,080.70)
				
	    K    	  	    10B    	  	Omission of Second Layer Sprinkler for Block 1 Level 1 to Level 8;	  	(935,971.00)
		  		  	Omission of Lighting Fixtures and Points for Block 1 Level 3 to Level 7; and	  	
		  		  	Change of Lighting Fixtures for Block 1 Level 1, Level 2 & Level 8 and Block 2 Level 1 & Level 3	  	
		  		  	Tenancy Area from Base Built Provision to Achieve Minimum Light Requirement For TOP	  	
				
	L	  	10C	  	 Additional M&E Provision for Block 1 Level 3 to Level 7

PM & QS Fees
	  	4,072,128.00
				
	M	  	11	  	Additional Architectural and M&E Consultancy Fees for Amendment Plan Submission	  	540,000.00
				
	N	  	12	  	Time Lapse Video	  	5,000.00
				
	O	  	13	  	Change Air Diffuser from Square type to Linear type at all lift lobbies	  	22,500.00
				
	Q	  	15	  	Changes to Block 1 Level 1 Ceiling and Floor Finishes	  	82,170.90
		  		  		  	  

	Part I	  		  	Sub-Total (RFC 1 to 15) :	  	3,553,456.89
		  		  		  	  

  
 Page 1 of 2 

 Part II 
  

							
	 Item
	  	 RFC

No.
	  	 Description
	  	 Consolidated Est.

RFC amount

($)

		  		  	RFCs pending Grab’s approval	  	
				
	a	  	1	  	Layout Changes for F&B	  	433,903.58
				
	b	  	16	  	PAHU Upsize	  	217,754.90
				
	c	  	17	  	Pantry Changes	  	47,959.00
				
	d	  	9a	  	ACMV to Server Room (and other items eg. Cee-form, vapour barrier)	  	995,747.49
				
	    e    	  	    10d    	  	ACMV system changes to office area	  	144,562.62
		  		  		  	  

	Part II	  		  	Sub-Total (New Items) :	  	1,839,927.59
		  		  		  	  

		  		  	Total (Part I + II) :	  	5,393,384.48
		  		  		  	  

  
 Page 2 of 2 

  

Dated 25 March 2021 
 HSBC
INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED 
 in its capacity as trustee of Ascendas Real Estate Investment Trust 

(as Lessor) 
 and 

GRABT AXI HOLDINGS PTE. LTD. 

(as Lessee) 
  

 
 SECOND
SUPPLEMENTAL AGREEMENT TO 
 THE AGREEMENT TO BUILD AND LEASE DATED 

30 JANUARY 2019 
 in
respect of 
 Land Lot provisionally known as PID 

8201808006, forming part of Government 

Survey Lot Nos. 5418K-PT and 4398W-PT of 

Mukim 3 at One-North, Singapore 

  
  

1 

 THIS SECOND SUPPLEMENTAL AGREEMENT is entered into on the 25th day of March 2021 by and between: 

PARTIES: 
  

	(1)	 HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED, a company incorporated under the laws of
Singapore with UEN No. 194900022R, and having its registered address at 10 Marina Boulevard Marina Bay Financial Centre, Tower 2, #48-01, Singapore 018983 (in its capacity as Trustee of Ascendas Real Estate
Investment Trust) (the “Lessor”); and 

  

	(2)	 GRABTAXI HOLDINGS PTE. LTD., a company incorporated in Singapore with UEN No. 201316157E and having its
registered address at 6 Battery Road #38-04 Singapore 049909 (the “Lessee”), 

(collectively, the “Parties”, and each, a “Party”). 

RECITALS: 
  

	(A)	 The Parties entered into an Agreement to Build and Lease dated 30 January 2019 (the “Original
Agreement”) pursuant to which they agreed to develop the Building upon the Land on the terms and conditions as set out in the Original Agreement, and the Lessor agreed to grant, and the Lessee agreed to take, a lease of the Property,
subject to the terms set out in the Original Agreement and the terms in the Lease Agreement. 

  

	(B)	 Under the Original Agreement, among other things, the Lessor was required to achieve Practical Completion for
the Property, obtain the Temporary Occupation Permit (“TOP”) and thereafter serve the Notice to Take Possession to the Lessee by no later than 7 October 2020 (“NTP Deadline”), or where applicable, by the Extended
NTP Deadline (as determined in accordance with the Original Agreement). 

  

	(C)	 The Parties subsequently entered into a Supplemental Agreement dated 28 August 2020 (the “First
Supplemental Agreement”) pursuant to which parties agreed to extend the NTP Deadline under the Original Agreement to 24 April 2021 (the “Extended NTP Deadline”). 

 

	(D)	 The Main Contractor, HPC Builders Pte Ltd (“HPC”), has since applied for an extension of the
Date of Completion under the Main Contract until 23 July 2021 on account of various COVID-19 related events. 

  

	(E)	 Pursuant to Clause 27.2 of the Original Agreement, the Parties agree to a further extension of the Extended NTP
Deadline to 31 July 2021 as a variation to the Original Agreement and the First Supplemental Agreement subject to and in accordance with the terms and conditions herein. 

IT IS HEREBY AGREED as follows: 
  

	1.	 DEFINITIONS AND INTERPRETATION 

 

	1.1	 The Original Agreement as supplemented by the First Supplemental Agreement, together with this Second
Supplemental Agreement, shall with effect from the date of this Second Supplemental Agreement, be construed as one document and references in the Original Agreement and First Supplemental Agreement to “this Agreement” shall from the date
of this Second Supplemental Agreement (but not for any purposes prior to the date of this Second Supplemental Agreement) incorporate references to this Second Supplemental Agreement. 

  
  

2 

	1.2	 Unless defined otherwise in this Second Supplemental Agreement or the context otherwise requires, all
capitalised terms used in this Second Supplemental Agreement shall have the same meanings ascribed to them in the Original Agreement and the First Supplemental Agreement. The principles of interpretation in Clauses 1.2 to 1.6 (inclusive) of the
Original Agreement shall apply to this Second Supplemental Agreement. 

  

	1.3	 The provisions of Clauses 25, 26, 27 and 28 (inclusive) of the Original Agreement shall apply mutatis
mutandis to this Second Supplemental Agreement as though expressly incorporated herein. 

  

	2.	 VARIATIONS TO THE ORIGINAL AGREEMENT AND THE FIRST SUPPLEMENTAL AGREEMENT 

 

	2.1	 Date of Extended NTP Deadline 

 

	2.2	 Parties acknowledge that HPC has applied for an extension of the Date of Completion under the Main Contract
until 23 July 2021 on account of the following COVID-19 related events (the “Relevant Events”): 

  

	 	2.2.1	 loss of productivity arising from HPC’s compliance with the Safe Management Measures (“SMM”)
implemented by the Building and Construction Authority (“BCA”), including the segregation of workers among different trades, twice-daily temperature checks, inspections from BCA and the Ministry of Manpower to ensure compliance
with SMM, and restriction of transfer of workers across construction sites; 

  

	 	2.2.2	 loss of productivity arising from a series of Safety Time-Outs (“STO”) and Quarantine Orders
(“QO”) being issued by the authorities: 

  

	 	(i)	 STO was issued in respect of the period from 14 September 2020 to 17 September 2020 after three workers tested
positive for COVID-19. Subsequently, QOs of three to four weeks were issued to 110 workers, which constituted approximately 45% of active workers. 

 

	 	(ii)	 STO was issued in respect of the period from 4 October 2020 to 6 October 2020 after one worker tested positive
for COVID-19. Subsequently, QOs of three to four weeks were issued to 107 workers, which constituted approximately 35% of active workers. 

 

	 	2.2.3	 loss of productivity due to a labour shortage across the construction industry. 

 

	2.2.4	 Parties acknowledge and agree that the impact of the Relevant Events up to the date of this Second Supplemental
Agreement will cause a delay in: 

  

	 	(i)	 the expected date of issuance of the Temporary Occupation Permit beyond the Revised TOP Date of 17 April 2021
(which was agreed pursuant to the First Supplemental Agreement); and 

  
  

3 

	 	(ii)	 the issuance of the Notice to Take Possession beyond the Extended NTP Deadline of 24 April 2021 (which was
agreed pursuant to the First Supplemental Agreement). 

  

	2.2.5	 Parties agree to a further extension to the said Extended NTP Deadline until 31 July 2021 on account of the
foregoing Clause 2.2.4, and that Parties will not have any claims against one another in relation to this further extension. 

  

	3.	 EFFECT OF THE SUPPLEMENTAL AGREEMENT 

 

	3.1	 Except to the extent amended and supplemented by this Second Supplemental Agreement, all terms and
conditions of the Original Agreement and the First Supplemental Agreement shall remain unchanged and in full force and effect. This Second Supplemental Agreement shall be read and construed as an integral part of the Original Agreement (as amended
by the First Supplemental Agreement). 

  

	4.	 COUNTERPARTS 

  

	4.1	 This Second Supplemental Agreement may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument 

  

	4.2	 This Second Supplemental Agreement contains the entire agreement between the Parties relating to the
subject matter of this Second Supplemental Agreement at the date hereof to the exclusion of any terms implied by law which may be excluded by contract and supersedes any previous written or oral agreement between the Parties in relation to the
matters dealt with in this Second Supplemental Agreement. 

  
  

4 

 EXECUTED by the Parties: 

LESSOR 
 For and on behalf of 

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED 

(in its capacity as trustee of Ascendas Real Estate Investment Trust) 
  

	
	  

	Authorised Signatories
	
	Name & Designation:

 LESSEE 
 For and on
behalf of 
 GRABTAXI HOLDINGS PTE. LTD. 
  

	
	 /s/ Lim Kell Jay

	Authorised Signatories
	
	Name & Designation: Lim Kell Jay (Director)

  
  

5 

 EXECUTED by the Parties: 

LESSOR 
 For and on behalf of 

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED 

(in its capacity as trustee of Ascendas Real Estate Investment Trust) 
  

					
	 /s/ Erena Ho
	 	 /s/ Chwee Shook Mun Valenie
	 	
	Authorised Signatories	 		 	
	 Name & Designation: Erena Ho

                          
          Authorised Signatory
	 	 CHWEE Shook Mun Valenie
 Authorised
Signatory
	 	

 LESSEE 
 For and on
behalf of 
 GRABTAXI HOLDINGS PTE. LTD. 
  

	
	  

	Authorised Signatories
	
	Name & Designation:

  
  

6 

  
  

 
 Dated 28 July 2021 

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED 

in its capacity as trustee of Ascendas Real Estate Investment Trust 

(as Lessor) 
 and 

GRABTAXI HOLDINGS PTE. LTD. 

(as Lessee) 
  

 
 THIRD
SUPPLEMENTAL AGREEMENT TO 
 THE AGREEMENT TO BUILD AND LEASE DATED 

30 JANUARY 2019 
 in
respect of 
 Land Lot provisionally known as PID 

8201808006, forming part of Government 

Survey Lot Nos. 5418K-PT and 4398W-PT of 

Mukim 3 at One-North, Singapore 

 
  
  

 THIS THIRD SUPPLEMENTAL AGREEMENT is entered into on the 28 day of July 2021 by and between:

 PARTIES: 
  

	(1)	 HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED, a company incorporated under the laws of
Singapore with UEN No. 194900022R, and having its registered address at 10 Marina Boulevard Marina Bay Financial Centre, Tower 2, #48-01, Singapore 018983 (in its capacity as Trustee of Ascendas Real Estate
Investment Trust) (the “Lessor”); and 

  

	(2)	 GRABTAXI HOLDINGS PTE. LTD., a company incorporated in Singapore with UEN No. 201316157E and having its
registered address at 6 Battery Road #38-04, Singapore 049909 (the “Lessee”), 

(collectively, the “Parties”, and each, a “Party”). 

RECITALS: 
  

	(A)	 The Parties entered into an Agreement to Build and Lease dated 30 January 2019 (the “Original
Agreement”) pursuant to which they agreed to develop the Building upon the Land on the terms and conditions as set out in the Original Agreement, and the Lessor agreed to grant, and the Lessee agreed to take, a lease of the Property,
subject to the terms set out in the Original Agreement and the terms in the Lease Agreement. 

  

	(B)	 Under the Original Agreement, among other things, the Lessor was required to achieve Practical Completion for
the Property, obtain the Temporary Occupation Permit (“TOP”) and thereafter serve the Notice to Take Possession to the Lessee by no later than 7 October 2020 (“NTP Deadline”), or where applicable, by the
Extended NTP Deadline (as determined in accordance with the Original Agreement). 

  

	(C)	 The Parties subsequently entered into a Supplemental Agreement dated 28 August 2020 (the “First
Supplemental Agreement”) pursuant to which Parties agreed to extend the NTP Deadline under the Original Agreement to 24 April 2021 (the “Extended NTP Deadline”). 

 

	(D)	 The Main Contractor, HPC Builders Pte Ltd (“HPC”), applied for an extension of the Date of
Completion under the Main Contract until 23 July 2021 on account of various COVID-19 related events. 

  

	(E)	 The Parties subsequently entered into a Second Supplemental Agreement (“Second Supplemental
Agreement”) pursuant to which the Parties agreed to a further extension of the Extended NTP Deadline to 31 July 2021 as a variation to the Original Agreement and the First Supplemental Agreement subject to and in accordance with the
terms and conditions therein. 

  

	(F)	 Notwithstanding clauses 12.4, 12.5 and 12.6 of the Original Agreement (as amended and supplemented by the First
Supplemental Agreement and the Second Supplemental Agreement), the Parties agree to deal with the net financial position between the Parties after taking into account the finalized amount of all Variation Costs and all Variation Savings (both as
certified by the Quantity Surveyor) (“Final NFP”) in the manner set out herein. 

  
  

2 

 IT IS HEREBY AGREED as follows: 

 

	1.	 DEFINITIONS AND INTERPRETATION 

 

	1.1	 The Original Agreement as supplemented by the First Supplemental Agreement and the Second Supplemental
Agreement, together with this Third Supplemental Agreement, shall with effect from the date of this Third Supplemental Agreement, be construed as one document and references in the Original Agreement, First Supplemental Agreement and the Second
Supplemental Agreement to “this Agreement” shall from the date of this Third Supplemental Agreement (but not for any purposes prior to the date of this Third Supplemental Agreement) incorporate references to this Third Supplemental
Agreement. 

  

	1.2	 Unless defined otherwise in this Third Supplemental Agreement or the context otherwise requires, all
capitalised terms used in this Third Supplemental Agreement shall have the same meanings ascribed to them in the Original Agreement, the First Supplemental Agreement and the Second Supplemental Agreement. The principles of interpretation in clauses
1.2 to 1.6 (inclusive) of the Original Agreement shall apply to this Third Supplemental Agreement. 

  

	1.3	 The provisions of clauses 25, 26, 27 and 28 (inclusive) of the Original Agreement shall apply mutatis mutandis
to this Third Supplemental Agreement as though expressly incorporated herein. 

  

	2.	 VARIATION TO THE ORIGINAL AGREEMENT (AS AMENDED AND SUPPLEMENTED BY THE FIRST SUPPLEMENTAL AGREEMENT AND THE
SECOND SUPPLEMENTAL AGREEMENT) 

  

	2.1	 Net Financial Position 

With effect from (and including) 23 July 2021, notwithstanding clauses 12.4, 12.5 and 12.6 of the Original Agreement (as amended and
supplemented by the First Supplemental Agreement and the Second Supplemental Agreement), the Parties agree as follows: 
  

	 	2.1.1	 where the Final NFP is a positive amount (i.e., there is an amount payable by the Lessee to the Lessor), such
amount (“Lessee Payment”) shall, whether it exceeds [***] or not, be paid by the Lessee to the Lessor on a lump sum basis within [***] date of issuance of the Notice to Take Possession or such other later date as the Lessor may
specify provided that the Lessee is given no less than [***] for the payment of such Lessee Payment, and the Lessee shall pay any additional stamp duty payable as a result of or arising from the Lessee Payment; and 

 

	 	2.1.2	 for the avoidance of doubt, there shall not be any determination of the Initial NFP nor any reconciliation of
the Final NFP between the Parties following the determination of the Final NFP. 

  

	3.	 EFFECT OF THE THIRD SUPPLEMENTAL AGREEMENT 

 

	3.1	 Except to the extent amended and supplemented by this Third Supplemental Agreement, all terms and conditions of
the Original Agreement, the First Supplemental Agreement and the Second Supplemental Agreement shall remain unchanged and in full force and effect. This Third Supplemental Agreement shall be read and construed as an integral part of the Original
Agreement (as amended and supplemented by the First Supplemental Agreement and the Second Supplemental Agreement). 

  
  

3 

	4.	 COUNTERPARTS 

  

	4.1	 This Third Supplemental Agreement may be executed in two or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. 

  

	4.2	 This Third Supplemental Agreement contains the entire agreement between the Parties relating to the subject
matter of this Third Supplemental Agreement at the date hereof to the exclusion of any terms implied by law which may be excluded by contract and supersedes any previous written or oral agreement between the Parties in relation to the matters dealt
with in this Third Supplemental Agreement. 

  
  

4 

 EXECUTED by the Parties: 

LESSOR 
 For and on behalf of 

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED 

(in its capacity as trustee of Ascendas Real Estate Investment Trust) 
  

			
	
/s/ Png Pei Ling           
     
	 	 /s/ Tan Ling Cher

	Authorised Signatories	 	
		
	Name & Designation:	 	TAN Ling Cher
	PNG Pei Ling	 	Authorised Signatory
	Authorised Signatory	 	

  
  

5 

 LESSEE 

For and on behalf of 
 GRABTAXI HOLDINGS PTE. LTD. 

 

	
	/s/ Lim Kell Jay
	Authorised Signatories
	
	Name & Designation: Lim Kell Jay
	                                    
Director

  
  

6Exhibit 4.4

 

WARRANT AGREEMENT

 

TETRAGON ACQUISITION CORPORATION I

and

CONTINENTAL STOCK TRANSFER & TRUST COMPANY

 

Dated [●], 2021

 

THIS WARRANT AGREEMENT (this “Agreement”),
dated [●], 2021, is by and between Tetragon Acquisition Corporation I, a Delaware corporation (the “Company”),
and Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent (in such capacity, the “Warrant
Agent”).

 

WHEREAS, it is proposed that the Company enter
into that certain Private Placement Warrants Purchase Agreement with TFG Asset Management Sponsor LLC, a Delaware limited liability company
(the “Sponsor”), pursuant to which the Sponsor will purchase an aggregate of 8,333,333 warrants (or up to 9,333,333
warrants depending on the extent to which the underwriters in the Offering (defined below) exercise their Over-allotment Option (as defined
below)) simultaneously with the closing of the Offering (and the closing of the Over-allotment Option, if applicable), bearing the legend
set forth in Exhibit B hereto (the “Private Placement Warrants”) at a purchase price of $1.50 per Private
Placement Warrant. Each Private Placement Warrant entitles the holder thereof to purchase one share of Common Stock (as defined below)
at a price of $11.50 per share, subject to adjustment as described herein; and

 

WHEREAS, the Company has entered into that certain
forward purchase agreement (the “Forward Purchase Agreement”) with an affiliate of the Sponsor (the “Forward
Purchase Investor”) pursuant to which the Forward Purchase Investor will be issued 2,500,000 warrants (the “Forward
Purchase Warrants”) included as part of forward purchase units to be sold to the Forward Purchase Investor in a private
placement transaction to occur at or prior to the time of the Company’s initial Business Combination (as defined below), each bearing
the legend set forth in Exhibit B hereto;

 

WHEREAS, in order to finance the Company’s
transaction costs in connection with an intended initial merger, capital stock exchange, asset acquisition, stock purchase, reorganization
or similar business combination, involving the Company and one or more businesses (a “Business Combination”),
the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, loan
the Company funds as the Company may require, of which up to $1,500,000 of such loans may be convertible into up to an additional 1,000,000
Private Placement Warrants at a price of $1.50 per Private Placement Warrant; and

 

     

     

    

 

WHEREAS, the Company is engaged in an initial public
offering (the “Offering”) of units of the Company’s equity securities, each such unit comprised of one
share of Common Stock and one-third of one Public Warrant (as defined below) (the “Units”) and, in connection
therewith, has determined to issue and deliver up to 19,166,667 redeemable warrants (including up to 2,500,000 redeemable warrants subject
to the Over-allotment Option) to public investors in the Offering (the “Public Warrants” and, together with
the Private Placement Warrants and the Forward Purchase Warrants, the “Warrants”). Each whole Warrant entitles
the holder thereof to purchase one share of Class A common stock of the Company, par value $0.0001 per share (“Common Stock”),
for $11.50 per share, subject to adjustment as described herein. Only whole Warrants are exercisable. A holder of the Public Warrants
will not be able to exercise any fraction of a Warrant; and

 

WHEREAS, the Company has filed with the Securities
and Exchange Commission (the “Commission”) a registration statement on Form S-1, File No. 333-[●], and
a prospectus (the “Prospectus”), for the registration, under the Securities Act of 1933, as amended (the “Securities
Act”), of the Units, the Public Warrants and the Common Stock included in the Units; and

 

WHEREAS, the Company desires the Warrant Agent
to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration, transfer,
exchange, redemption and exercise of the Warrants; and

 

WHEREAS, the Company desires to provide for the
form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights, limitation of
rights, and immunities of the Company, the Warrant Agent and the holders of the Warrants; and

 

WHEREAS, all acts and things have been done and
performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned by or on behalf of the Warrant
Agent (if a physical certificate is issued), as provided herein, the valid, binding and legal obligations of the Company, and to authorize
the execution and delivery of this Agreement.

 

NOW, THEREFORE, in consideration of the mutual agreements herein contained,
the parties hereto agree as follows:

 

1. Appointment
of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the Warrant
Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement.

 

2. Warrants.

 

2.1 Form of Warrant. Each Warrant shall initially
be issued in registered form only.

 

2.2 Effect of Countersignature. If a physical
certificate is issued, unless and until countersigned by the Warrant Agent pursuant to this Agreement, a certificated Warrant shall be
invalid and of no effect and may not be exercised by the holder thereof.

 

    2

     

    

 

2.3 Registration.

 

2.3.1 Warrant Register. The Warrant Agent
shall maintain books (the “Warrant Register”), for the registration of original issuance and the registration
of transfer of the Warrants. Upon the initial issuance of the Warrants in book-entry form, the Warrant Agent shall issue and register
the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions delivered
to the Warrant Agent by the Company. Ownership of beneficial interests in the Public Warrants shall be shown on, and the transfer of such
ownership shall be effected through, records maintained by institutions that have accounts with The Depository Trust Company (the “Depositary”)
(such institution, with respect to a Warrant in its account, a “Participant”).

 

If the Depositary subsequently ceases to make its
book-entry settlement system available for the Public Warrants, the Company may instruct the Warrant Agent regarding making other arrangements
for book-entry settlement. In the event that the Public Warrants are not eligible for, or it is no longer necessary to have the Public
Warrants available in, book-entry form, the Warrant Agent shall provide written instructions to the Depositary to deliver to the Warrant
Agent for cancellation each book-entry Public Warrant, and the Company shall instruct the Warrant Agent to deliver to the Depositary definitive
certificates in physical form evidencing such Warrants (“Definitive Warrant Certificates”) which shall be in
the form annexed hereto as Exhibit A.

 

Physical certificates, if issued, shall be signed
by, or bear the facsimile signature of, the Chief Executive Officer, Chief Financial Officer or other principal officer of the Company.
In the event the person whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in which
such person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to
be such at the date of issuance.

 

2.3.2 Registered Holder. Prior to due presentment
for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and treat the person in whose name such Warrant
is registered in the Warrant Register (the “Registered Holder”) as the absolute owner of such Warrant and of
each Warrant represented thereby, for the purpose of any exercise thereof, and for all other purposes, and neither the Company nor the
Warrant Agent shall be affected by any notice to the contrary.

 

2.4 Detachability of Warrants. The shares
of Common Stock and Public Warrants comprising the Units shall begin separate trading on the 52nd day following the date of the Prospectus
or, if such 52nd day is not on a day, other than a Saturday, Sunday or federal holiday, on which banks in New York City are generally
open for normal business (a “Business Day”), then on the immediately succeeding Business Day following such
date, or earlier (the “Detachment Date”) with the consent of BofA Securities, Inc. and J.P. Morgan Securities
LLC, but in no event shall the shares of Common Stock and the Public Warrants comprising the Units be separately traded until (A) the
Company has filed a Current Report on Form 8-K with the Commission containing an audited balance sheet reflecting the receipt by the Company
of the gross proceeds of the Offering, including the proceeds then received by the Company from the exercise by the underwriters of their
right to purchase additional Units in the Offering (the “Over-allotment Option”), if the Over-allotment Option
is exercised prior to the filing of the Current Report on Form 8-K, and (B) if the Detachment Date is earlier than the 52nd day following
the date of the Prospectus, the Company issues a press release announcing when such separate trading shall begin.

 

    3

     

    

 

2.5 Fractional Warrants. The Company shall
not issue fractional Warrants other than as part of the Units, each of which is comprised of one share of Common Stock and one-third of
one whole Public Warrant. If, upon the detachment of Public Warrants from the Units or otherwise, a holder of Warrants would be entitled
to receive a fractional Warrant, the Company shall round down to the nearest whole number the number of Warrants to be issued to such
holder.

 

2.6 Private
Placement Warrants and Forward Purchase Warrants. The Private Placement Warrants and the Forward Purchase Warrants shall be identical
to the Public Warrants, except that (i) the Private Placement Warrants and the Forward Purchase Warrants may be exercised for cash
or on a “cashless basis,” pursuant to subsection 3.3.1(c) hereof, (ii) the Private Placement Warrants, the Forward
Purchase Warrants and the shares of Common Stock issuable upon exercise of such Warrants may be subject to certain transfer restrictions
contained in the letter agreement, among the Company, the Sponsor and any other parties thereto, as amended from time to time, (iii) the
Private Placement Warrants and the Forward Purchase Warrants shall not be redeemable by the Company pursuant to Section 6.1 hereof
and (iv) the Private Placement Warrants and the Forward Purchase Warrants shall only be redeemable by the Company pursuant to Section
6.2 if the Reference Value (as defined below) is less than $18.00 per share (subject to adjustment in compliance with Section 4 hereof).

 

3. Terms
and Exercise of Warrants.

 

3.1 Warrant
Price. Each whole Warrant shall entitle the Registered Holder thereof, subject to the provisions of such Warrant and of this Agreement,
to purchase from the Company the number of shares of Common Stock stated therein, at the price of $11.50 per share, subject to the adjustments
provided in Section 4 hereof and in the last sentence of this Section 3.1. The term “Warrant Price”
as used in this Agreement shall mean the price per share (including in cash or by payment of Warrants pursuant to a “cashless exercise,”
to the extent permitted hereunder) described in the prior sentence at which shares of Common Stock may be purchased at the time a Warrant
is exercised. The Company in its sole discretion may lower the Warrant Price at any time prior to the Expiration Date (as defined below)
for a period of not less than twenty (20) Business Days (unless otherwise required by the Commission, any national securities exchange
on which the Warrants are listed or applicable law); provided that the Company shall provide at least twenty (20) days prior written
notice of such reduction to Registered Holders of the Warrants and, provided further that any such reduction shall be identical among
all of the Warrants.

 

3.2 Duration of
Warrants. A Warrant may be exercised only during the period (the “Exercise Period”)
(A) commencing on the later of (i) the date that is thirty (30) days after the first date on which the Company completes a
Business Combination and (ii) the date that is twelve (12) months from the date of the closing of the Offering, and
(B) terminating at the earliest to occur of (x) 5:00 p.m., New York City time on the date that is five (5) years after the
date on which the Company completes its initial Business Combination, (y) the liquidation of the Company in accordance with the
Company’s amended and restated certificate of incorporation, as amended from time to time, if the Company fails to complete a
Business Combination, and (z) other than with respect to the Private Placement Warrants and the Forward Purchase Warrants with
respect to a redemption pursuant to Section 6.1 hereof or, if the Reference Value equals or exceeds $18.00 per share (subject
to adjustment in compliance with Section 4 hereof), Section 6.2 hereof (each, an “Inapplicable
Redemption”), 5:00 p.m., New York City time on the Redemption Date (as defined below) as provided in Section
6.4 hereof (the “Expiration Date”); provided, however, that the exercise of any Warrant
shall be subject to the satisfaction of any applicable conditions, as set forth in subsection 3.3.2 below, with respect to an
effective registration statement or a valid exemption therefrom being available. Except with respect to the right to receive the Redemption Price (as
defined below) (other than with respect to an Inapplicable Redemption) in the event of a redemption (as set forth in Section
6 hereof), each Warrant (other than a Private Placement Warrant or a Forward Purchase Warrant with respect to an Inapplicable
Redemption) not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect
thereof under this Agreement shall cease at 5:00 p.m. New York City time on the Expiration Date. The Company in its sole discretion
may extend the duration of the Warrants by delaying the Expiration Date; provided that the Company shall provide at least
thirty (30) days prior written notice of any such extension to Registered Holders of the Warrants and, provided further that any
such extension shall be identical in duration among all the Warrants.

 

    4

     

    

 

3.3 Exercise of Warrants.

 

3.3.1 Payment. Subject to the provisions
of the Warrant and this Agreement, a Warrant may be exercised by the Registered Holder thereof by delivering to the Warrant Agent at its
corporate trust department (i) the Definitive Warrant Certificate evidencing the Warrants to be exercised, or, in the case of a Warrant
represented by a book-entry, the Warrants to be exercised (the “Book-Entry Warrants”) on the records
of the Depositary to an account of the Warrant Agent at the Depositary designated for such purposes in writing by the Warrant Agent to
the Depositary from time to time, (ii) an election to purchase (“Election to Purchase”) any shares of Common
Stock pursuant to the exercise of a Warrant, properly completed and executed by the Registered Holder on the reverse of the Definitive
Warrant Certificate or, in the case of a Book-Entry Warrant, properly delivered by the Participant in accordance with the Depositary’s
procedures, and (iii) the payment in full of the Warrant Price for each share of Common Stock as to which the Warrant is exercised and
any and all applicable taxes due in connection with the exercise of the Warrant, the exchange of the Warrant for the shares of Common
Stock and the issuance of such shares of Common Stock, as follows:

 

(a) in lawful money of the United States, in good
certified check or wire payable to the Warrant Agent;

 

(b) [Reserved];

 

(c) with respect to any
Private Placement Warrant or Forward Purchase Warrant, by surrendering the Warrants for that number of shares of Common Stock equal
to (i) if in connection with a redemption of Private Placement Warrants or Forward Purchase Warrants pursuant to Section
6.2 hereof, as provided in Section 6.2 hereof with respect to a Make-Whole Exercise (as defined below) and (ii) in
all other scenarios the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying the
Warrants, multiplied by the excess of the “Sponsor Exercise Fair Market Value” (as defined in this subsection
3.3.1(c)) less the Warrant Price by (y) the Sponsor Exercise Fair Market Value. Solely for purposes of this subsection
3.3.1(c), the “Sponsor Exercise Fair Market Value” shall mean the volume-weighted average price of the shares
of Common Stock for the ten (10) trading days ending on the third (3rd) trading day prior to the date on which notice of
exercise of the Private Placement Warrant or Forward Purchase Warrant is sent to the Warrant Agent;

 

(d) as provided in Section 6.2 hereof with
respect to a Make-Whole Exercise; or

 

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(e) as provided in Section 7.4 hereof.

 

3.3.2 Issuance of Shares of Common Stock on
Exercise. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment of the Warrant Price
(if payment is pursuant to subsection 3.3.1(a)), the Company shall issue to the Registered Holder of such Warrant a book-entry
position or certificate, as applicable, for the number of shares of Common Stock to which he, she or it is entitled, registered in such
name or names as may be directed by him, her or it on the register of members of the Company, and if such Warrant shall not have been
exercised in full, a new book-entry position or countersigned Warrant, as applicable, for the number of shares as to which such Warrant
shall not have been exercised. Notwithstanding the foregoing, the Company shall not be obligated to deliver any shares of Common Stock
pursuant to the exercise of a Warrant and shall have no obligation to settle such Warrant exercise unless a registration statement under
the Securities Act with respect to the shares of Common Stock underlying the Public Warrants is then effective and a prospectus relating
thereto is current, subject to the Company’s satisfying its obligations under Section 7.4 or a valid exemption from registration
is available. No Warrant shall be exercisable and the Company shall not be obligated to issue shares of Common Stock upon exercise of
a Warrant unless the shares of Common Stock issuable upon such Warrant exercise have been registered, qualified or deemed to be exempt
from registration or qualification under the securities laws of the state of residence of the Registered Holder of the Warrants. Subject
to Section 4.6 of this Agreement, a Registered Holder of Warrants may exercise its Warrants only for a whole number of shares of
Common Stock. The Company may require holders of Public Warrants to settle the Warrant on a “cashless basis” pursuant to Section
7.4. If, by reason of any exercise of Warrants on a “cashless basis”, the holder of any Warrant would be entitled, upon
the exercise of such Warrant, to receive a fractional interest in a share of Common Stock, the Company shall round down to the nearest
whole number, the number of shares of Common Stock to be issued to such holder.

 

3.3.3 Valid Issuance. All shares of Common
Stock issued upon the proper exercise of a Warrant in conformity with this Agreement and the Company’s amended and restated certificate
of incorporation shall be validly issued, fully paid and nonassessable.

 

3.3.4 Date of Issuance. Each person in whose
name any book-entry position or certificate, as applicable, for shares of Common Stock is issued shall for all purposes be deemed to have
become the holder of record of such shares of Common Stock on the date on which the Warrant, or book-entry position representing such
Warrant, was surrendered and payment of the Warrant Price was made, irrespective of the date of delivery of such certificate in the case
of a certificated Warrant, except that, if the date of such surrender and payment is a date when the share transfer books of the Company
or book-entry system of the Warrant Agent are closed, such person shall be deemed to have become the holder of such shares of Common Stock
at the close of business on the next succeeding date on which the share transfer books or book-entry system are open.

 

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3.3.5 Maximum Percentage. A holder of a
Warrant may notify the Company in writing in the event it elects to be subject to the provisions contained in this subsection 3.3.5;
however, no holder of a Warrant shall be subject to this subsection 3.3.5 unless he, she or it makes such election. If the
election is made by a holder, the Warrant Agent shall not effect the exercise of the holder’s Warrant, and such holder shall not
have the right to exercise such Warrant, to the extent that after giving effect to such exercise, such person (together with such person’s
affiliates), to the Warrant Agent’s actual knowledge, would beneficially own in excess of 9.8% or such other amount as a holder
may specify (the “Maximum Percentage”) of the shares of Common Stock outstanding immediately after giving effect
to such exercise. For purposes of the foregoing sentence, the aggregate number of shares of Common Stock beneficially owned by such person
and its affiliates shall include the number of shares of Common Stock issuable upon exercise of the Warrant with respect to which the
determination of such sentence is being made, but shall exclude shares of Common Stock that would be issuable upon (x) exercise of the
remaining, unexercised portion of the Warrant beneficially owned by such person and its affiliates and (y) exercise or conversion of the
unexercised or unconverted portion of any other securities of the Company beneficially owned by such person and its affiliates (including,
without limitation, any convertible notes or convertible preferred stock or warrants) subject to a limitation on conversion or exercise
analogous to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial
ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”). For purposes of the Warrant, in determining the number of outstanding shares of Common Stock, the holder may rely
on the number of outstanding shares of Common Stock as reflected in (1) the Company’s most recent Annual Report on Form 10-K, Quarterly
Report on Form 10-Q, Current Report on Form 8-K or other public filing with the Commission as the case may be, (2) a more recent public
announcement by the Company or (3) any other notice by the Company or Continental Stock Transfer & Trust Company, as transfer agent
(in such capacity, the “Transfer Agent”), setting forth the number of shares of Common Stock outstanding. For
any reason at any time, upon the written request of the holder of the Warrant, the Company shall, within two (2) Business Days, confirm
orally and in writing to such holder the number of shares of Common Stock then outstanding. In any case, the number of issued and outstanding
shares of Common Stock shall be determined after giving effect to the conversion or exercise of equity securities of the Company by the
holder and its affiliates since the date as of which such number of issued and outstanding shares of Common Stock was reported. By written
notice to the Company, the holder of a Warrant may from time to time increase or decrease the Maximum Percentage applicable to such holder
to any other percentage specified in such notice; provided, however, that any such increase shall not be effective until
the sixty-first (61st) day after such notice is delivered to the Company.

 

4. Adjustments.

 

4.1 Stock Dividends.

 

4.1.1 Split-Ups.
If after the date hereof, and subject to the provisions of Section 4.6 below, the number of issued and outstanding shares of Common
Stock is increased by a stock dividend of shares of Common Stock, or by a split-up of shares of Common Stock or other similar event, then,
on the effective date of such stock dividend, split-up or similar event, the number of shares of Common Stock issuable on exercise of
each Warrant shall be increased in proportion to such increase in the issued and outstanding shares of Common Stock. A rights offering
made to all or substantially all holders of shares of Common Stock entitling holders to purchase shares of Common Stock at a price less
than the “Historical Fair Market Value” (as defined below) shall be deemed a stock dividend of a number of shares of Common
Stock equal to the product of (i) the number of shares of Common Stock actually sold in such rights offering (or issuable under any other
equity securities sold in such rights offering that are convertible into or exercisable for the shares of Common Stock) multiplied by
(ii) one (1) minus the quotient of (x) the price per share of Common Stock paid in such rights offering divided by (y) the Historical
Fair Market Value. For purposes of this subsection 4.1.1, (i) if the rights offering is for securities convertible into or exercisable
for shares of Common Stock, in determining the price payable for shares of Common Stock, there shall be taken into account any consideration
received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) “Historical Fair Market
Value” means the volume-weighted average price of the shares of Common Stock during the ten (10) trading day period ending on
the trading day prior to the first date on which the shares of Common Stock trade on the applicable exchange or in the applicable market,
regular way, without the right to receive such rights. No shares of Common Stock shall be issued at less than their par value.

 

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4.1.2 Extraordinary Dividends. If the Company,
at any time while the Warrants are outstanding and unexpired, pays to all or substantially all of the holders of Common Stock a dividend
or makes a distribution in cash, securities or other assets on account of such shares of Common Stock (or other shares into which the
Warrants are convertible), other than (a) as described in subsection 4.1.1 above, (b) Ordinary Cash Dividends (as defined below),
(c) to satisfy the redemption rights of the holders of Common Stock in connection with a proposed initial Business Combination, (d) to
satisfy the redemption rights of the holders of Common Stock in connection with a stockholder vote to amend the Company’s amended
and restated certificate of incorporation (i) to modify the substance or timing of the Company’s obligation to allow redemption
in connection with the Company’s initial Business Combination or to redeem 100% of the Company’s public shares if it does
not complete its initial Business Combination within the time period required by the Company’s amended and restated certificate
of incorporation, as amended from time to time, or (ii) with respect to any other provision relating to stockholders’ rights or
pre-initial Business Combination activity or (e) in connection with the redemption of public shares upon the failure of the Company to
complete its initial Business Combination and any subsequent distribution of its assets upon its liquidation (any such non-excluded event
being referred to herein as an “Extraordinary Dividend”), then the Warrant Price shall be decreased, effective
immediately after the effective date of such Extraordinary Dividend, by the amount of cash and/or the fair market value (as determined
by the Company’s board of directors (the “Board”), in good faith) of any securities or other assets paid
on each share of Common Stock in respect of such Extraordinary Dividend. For purposes of this subsection 4.1.2, “Ordinary
Cash Dividends” means any cash dividend or cash distribution which, when combined on a per share basis, with the per share
amounts of all other cash dividends and cash distributions paid on the shares of Common Stock during the 365-day period ending on the
date of declaration of such dividend or distribution to the extent it does not exceed $0.50 (which amount shall be adjusted to appropriately
reflect any of the events referred to in other subsections of this Section 4 and excluding cash dividends or cash distributions
that resulted in an adjustment to the Warrant Price or to the number of shares of Common Stock issuable on exercise of each Warrant).

 

4.2 Aggregation of Shares. If after the date
hereof, and subject to the provisions of Section 4.6 hereof, the number of issued and outstanding shares of Common Stock is decreased
by a consolidation, combination, reverse stock split, reclassification of shares of Common Stock or other similar event, then, on the
effective date of such consolidation, combination, reverse stock split, reclassification or similar event, the number of shares of Common
Stock issuable on exercise of each Warrant shall be decreased in proportion to such decrease in issued and outstanding shares of Common
Stock.

 

4.3 Adjustments in Exercise Price. Whenever
the number of shares of Common Stock purchasable upon the exercise of the Warrants is adjusted, as provided in subsection 4.1.1
or Section 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior
to such adjustment by a fraction (x) the numerator of which shall be the number of shares of Common Stock purchasable upon the exercise
of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of shares of Common Stock so
purchasable immediately thereafter.

 

4.4 Raising of the Capital in Connection with
the Initial Business Combination. If (x) the Company issues additional shares of Common Stock or equity-linked securities for capital
raising purposes in connection with the closing of its initial Business Combination (excluding any issuance of securities under the Forward
Purchase Agreement) at an issue price or effective issue price of less than $9.20 per share of Common Stock (with such issue price or
effective issue price to be determined in good faith by the Board and, in the case of any such issuance to the Sponsor or its affiliates,
without taking into account any shares of Class B common stock, par value $0.0001 per share, of the Company held by the Sponsor or such
affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds
from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the Company’s
initial Business Combination on the date of the completion of the Company’s initial Business Combination (net of redemptions), and
(z) the volume-weighted average trading price of the Common Stock during the twenty (20) trading day period starting on the trading day
prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”)
is below $9.20 per share, the Warrant Price shall be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value
and the Newly Issued Price, the $18.00 per share redemption trigger price described in Section 6.1 and Section 6.2 shall
be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price and the $10.00 per
share redemption trigger price described in Section 6.2 shall be adjusted (to the nearest cent) to be equal to the higher of the
Market Value and the Newly Issued Price.

 

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4.5 Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the issued and outstanding shares of
Common Stock (other than a change under Section 4.1 or Section 4.2 hereof or that solely affects the par value of such shares
of Common Stock), or in the case of any merger or consolidation of the Company with or into another corporation (other than a merger or
consolidation in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of
the issued and outstanding shares of Common Stock), or in the case of any sale or conveyance to another corporation or entity of the assets
or other property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the
holders of the Warrants shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified
in the Warrants and in lieu of the shares of Common Stock of the Company immediately theretofore purchasable and receivable upon the exercise
of the rights represented thereby, the kind and amount of shares, stock or other equity securities or property (including cash) receivable
upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the
holder of the Warrants would have received if such holder had exercised his, her or its Warrant(s) immediately prior to such event (the
“Alternative Issuance”); provided, however, that (i) if the holders of Common Stock were entitled
to exercise a right of election as to the kind or amount of securities, cash or other assets receivable upon such merger or consolidation,
then the kind and amount of securities, cash or other assets constituting the Alternative Issuance for which each Warrant shall become
exercisable shall be deemed to be the weighted average of the kind and amount received per share by the holders of the Common Stock in
such merger or consolidation that affirmatively make such election, and (ii) if a tender, exchange or redemption offer shall have been
made to and accepted by the holders of Common Stock (other than a tender, exchange or redemption offer made by the Company in connection
with redemption rights held by stockholders of the Company as provided for in the Company’s amended and restated certificate of
incorporation or as a result of the repurchase of shares of Common Stock by the Company if a proposed initial Business Combination is
presented to the stockholders of the Company for approval) under circumstances in which, upon completion of such tender or exchange offer,
the maker thereof, together with members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) of which such maker
is a part, and together with any affiliate or associate of such maker (within the meaning of Rule 12b-2 under the Exchange Act) and any
members of any such group of which any such affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3 under
the Exchange Act) securities representing more than 50% of the aggregate voting power represented by the issued and outstanding shares
of Common Stock, the holder of a Warrant shall be entitled to receive as the Alternative Issuance, the highest amount of cash, securities
or other property to which such holder would actually have been entitled as a stockholder if such Warrant holder had exercised the Warrant
prior to the expiration of such tender or exchange offer, accepted such offer and all of the shares of Common Stock held by such holder
had been purchased pursuant to such tender or exchange offer, subject to adjustments (from and after the consummation of such tender or
exchange offer) as nearly equivalent as possible to the adjustments provided for in this Section 4; provided further that
if less than 70% of the consideration receivable by the holders of Common Stock in the applicable event is payable in the form of common
stock in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter
market, or is to be so listed for trading or quoted immediately following such event, and if the Registered Holder properly exercises
the Warrant within thirty (30) days following the public disclosure of the consummation of such applicable event by the Company pursuant
to a Current Report on Form 8-K filed with the Commission, the Warrant Price shall be reduced by an amount (in dollars) equal to the difference
of (i) the Warrant Price in effect prior to such reduction minus (ii) (A) the Per Share Consideration (as defined below) (but in no event
less than zero) minus (B) the Black-Scholes Warrant Value (as defined below). The “Black-Scholes Warrant Value”
for any Warrant means the value of a Public Warrant immediately prior to the consummation of the applicable event based on the Black-Scholes
Warrant Model for a Capped American Call on Bloomberg Financial Markets (assuming zero dividends) (“Bloomberg”).
For purposes of calculating such amount, (i) Section 6 of this Agreement shall be taken into account, (ii) the price of each share
of Common Stock shall be the volume weighted average price of the Common Stock during the ten (10) trading day period ending on the trading
day prior to the effective date of the applicable event, (iii) the assumed volatility shall be the 90 day volatility obtained from the
HVT function on Bloomberg determined as of the trading day immediately prior to the day of the announcement of the applicable event and
(iv) the assumed risk-free interest rate shall correspond to the U.S. Treasury rate for a period equal to the remaining term of the Warrant.
“Per Share Consideration” means (i) if the consideration paid to holders of Common Stock consists exclusively
of cash, the amount of such cash per share of Common Stock, and (ii) in all other cases, the volume weighted average price of the Common
Stock during the ten (10) trading day period ending on the trading day prior to the effective date of the applicable event. If any reclassification
or reorganization also results in a change in shares of Common Stock covered by subsection 4.1.1, then such adjustment shall be
made pursuant to subsection 4.1.1 or Sections 4.2, 4.3 and this Section 4.5. The provisions of this Section
4.5 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. In
no event shall the Warrant Price be reduced to less than the par value per share issuable upon exercise of such Warrant.

 

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4.6 Notices of Changes in Warrant. Upon every
adjustment of the Warrant Price or the number of shares issuable upon exercise of a Warrant, the Company shall give written notice thereof
to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and the increase or decrease, if any,
in the number of shares purchasable at such price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation
and the facts upon which such calculation is based. Upon the occurrence of any event specified in Sections 4.1, 4.2, 4.3,
4.4, 4.5 or 4.9, the Company shall give written notice of the occurrence of such event to each holder of a Warrant,
at the last address set forth for such holder in the Warrant Register, of the record date or the effective date of the event. Failure
to give such notice, or any defect therein, shall not affect the legality or validity of such event.

 

4.7 No Fractional Shares. Notwithstanding
any provision contained in this Agreement to the contrary, the Company shall not issue fractional shares upon the exercise of Warrants.
If, by reason of any adjustment made pursuant to this Section 4, the holder of any Warrant would be entitled, upon the exercise
of such Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise, round down to the nearest whole number
the number of shares of Common Stock to be issued to such holder.

 

4.8 Form of Warrant. The form of Warrant need
not be changed because of any adjustment pursuant to this Section 4, and Warrants issued after such adjustment may state the same
Warrant Price and the same number of shares as is stated in the Warrants initially issued pursuant to this Agreement; provided,
however, that the Company may at any time in its sole discretion make any change in the form of Warrant that the Company may deem
appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned, whether in exchange or
substitution for an outstanding Warrant or otherwise, may be in the form as so changed.

 

4.9 Other Events. In case any event shall
occur affecting the Company as to which none of the provisions of the preceding subsections of this Section 4 are strictly applicable,
but which would require an adjustment to the terms of the Warrants in order to (i) avoid an adverse impact on the Warrants and (ii) effectuate
the intent and purpose of this Section 4, then, in each such case, the Company shall appoint a firm of independent registered public
accountants, investment banking or other appraisal firm of recognized national standing, which shall give its opinion as to whether or
not any adjustment to the rights represented by the Warrants is necessary to effectuate the intent and purpose of this Section 4
and, if they determine that an adjustment is necessary, the terms of such adjustment; provided, however, that under no circumstances
shall the Warrants be adjusted pursuant to this Section 4.9 as a result of any issuance of securities in connection with a Business
Combination. The Company shall adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended in such
opinion.

 

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5. Transfer
and Exchange of Warrants.

 

5.1 Registration of Transfer. The Warrant
Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant Register, upon surrender of such Warrant
for transfer, properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions for transfer. Upon any
such transfer, a new Warrant representing an equal aggregate number of Warrants shall be issued and the old Warrant shall be cancelled
by the Warrant Agent. In the case of certificated Warrants, the Warrants so cancelled shall be delivered by the Warrant Agent to the Company
from time to time upon request.

 

5.2 Procedure
for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request for exchange or transfer,
and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the Registered Holder of the
Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however, that except as otherwise
provided herein or with respect to any Book-Entry Warrant, each Book-Entry Warrant may be transferred only in whole and only to the Depositary,
to another nominee of the Depositary, to a successor depository, or to a nominee of a successor depository; provided further, however,
that in the event that a Warrant surrendered for transfer bears a restrictive legend (as in the case, initially, of the Private Placement
Warrants and the Forward Purchase Warrants), the Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange thereof
until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether
the new Warrants must also bear a restrictive legend.

 

5.3 Fractional Warrants. The Warrant Agent
shall not be required to effect any registration of transfer or exchange which shall result in the issuance of a warrant certificate or
book-entry position for a fraction of a warrant, except as part of the Units.

 

5.4 Service Charges. No service charge shall
be made for any exchange or registration of transfer of Warrants.

 

5.5 Warrant Execution and Countersignature.
The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the terms of this Agreement, the Warrants required
to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by the Warrant Agent, shall supply
the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose.

 

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5.6 Transfer of Warrants. Prior to the Detachment
Date, the Public Warrants may be transferred or exchanged only together with the Unit in which such Warrant is included, and only for
the purpose of effecting, or in conjunction with, a transfer or exchange of such Unit. Furthermore, each transfer of a Unit on the register
relating to such Units shall operate also to transfer the Warrants included in such Unit. Notwithstanding the foregoing, the provisions
of this Section 5.6 shall have no effect on any transfer of Warrants on and after the Detachment Date.

 

6. Redemption.

 

6.1 Redemption of Public
Warrants for Cash. Not less than all of the outstanding Public Warrants may be redeemed, at the option of the Company, at any time
during the Exercise Period, at the office of the Warrant Agent, upon notice to the Registered Holders of the Public Warrants, as described
in Section 6.4 below, at a Redemption Price of $0.01 per Warrant, provided that
(a) the Reference Value equals or exceeds $18.00 per share (subject to adjustment in compliance with Section 4 hereof) and (b) there
is an effective registration statement covering the issuance of the shares of Common Stock issuable upon exercise of the Public Warrants,
and a current prospectus relating thereto, available throughout the 30-day Redemption Period (as defined in Section 6.4 below).

 

6.2 Redemption of Warrants
for shares of Common Stock. Subject to Section 6.6 hereof, not less than all of the outstanding Warrants may be redeemed,
at the option of the Company, at any time during the Exercise Period, at the office of the Warrant Agent, upon notice to the Registered
Holders of the Warrants, as described in Section 6.4 below, at a Redemption Price of
$0.10 per Warrant, provided that (i) the Reference Value equals or exceeds $10.00 per share (subject to adjustment in compliance
with Section 4 hereof) and (ii) if the Reference Value is less than $18.00 per share (subject to adjustment in compliance with
Section 4 hereof), the Private Placement Warrants are also concurrently called for redemption on the same terms as the outstanding
Public Warrants. During the 30-day Redemption Period in connection with a redemption pursuant to this Section 6.2, Registered
Holders of the Warrants may elect to exercise their Warrants on a “cashless basis” pursuant to subsection 3.3.1 and
receive a number of shares of Common Stock determined by reference to the table below, based on the Redemption Date (calculated for purposes
of the table as the period to expiration of the Warrants) and the “Redemption Fair Market Value” (as such term is defined
in this Section 6.2) (a “Make-Whole Exercise”). Solely for purposes of this Section 6.2, the
“Redemption Fair Market Value” shall mean the volume-weighted average price of the Common Stock during the
ten (10) trading days immediately following the date on which notice of redemption pursuant to this Section 6.2 is sent to the
Registered Holders. In connection with any redemption pursuant to this Section 6.2, the Company shall provide the Registered Holders
with the Redemption Fair Market Value no later than one (1) Business Day after the ten (10) trading day period described above ends.

 

    12

     

    

 

	Redemption Date	 	Redemption Fair Market Value of shares of Common Stock	 
	(period to expiration of warrants)	 	≤10.00	 	 	11.00	 	 	12.00	 	 	13.00	 	 	14.00	 	 	15.00	 	 	16.00	 	 	17.00	 	 	≥18.00	 
	60 months	 	 	0.261	 	 	 	0.281	 	 	 	0.297	 	 	 	0.311	 	 	 	0.324	 	 	 	0.337	 	 	 	0.348	 	 	 	0.358	 	 	 	0.361	 
	57 months	 	 	0.257	 	 	 	0.277	 	 	 	0.294	 	 	 	0.310	 	 	 	0.324	 	 	 	0.337	 	 	 	0.348	 	 	 	0.358	 	 	 	0.361	 
	54 months	 	 	0.252	 	 	 	0.272	 	 	 	0.291	 	 	 	0.307	 	 	 	0.322	 	 	 	0.335	 	 	 	0.347	 	 	 	0.357	 	 	 	0.361	 
	51 months	 	 	0.246	 	 	 	0.268	 	 	 	0.287	 	 	 	0.304	 	 	 	0.320	 	 	 	0.333	 	 	 	0.346	 	 	 	0.357	 	 	 	0.361	 
	48 months	 	 	0.241	 	 	 	0.263	 	 	 	0.283	 	 	 	0.301	 	 	 	0.317	 	 	 	0.332	 	 	 	0.344	 	 	 	0.356	 	 	 	0.361	 
	45 months	 	 	0.235	 	 	 	0.258	 	 	 	0.279	 	 	 	0.298	 	 	 	0.315	 	 	 	0.330	 	 	 	0.343	 	 	 	0.356	 	 	 	0.361	 
	42 months	 	 	0.228	 	 	 	0.252	 	 	 	0.274	 	 	 	0.294	 	 	 	0.312	 	 	 	0.328	 	 	 	0.342	 	 	 	0.355	 	 	 	0.361	 
	39 months	 	 	0.221	 	 	 	0.246	 	 	 	0.269	 	 	 	0.290	 	 	 	0.309	 	 	 	0.325	 	 	 	0.340	 	 	 	0.354	 	 	 	0.361	 
	36 months	 	 	0.213	 	 	 	0.239	 	 	 	0.263	 	 	 	0.285	 	 	 	0.305	 	 	 	0.323	 	 	 	0.339	 	 	 	0.353	 	 	 	0.361	 
	33 months	 	 	0.205	 	 	 	0.232	 	 	 	0.257	 	 	 	0.280	 	 	 	0.301	 	 	 	0.320	 	 	 	0.337	 	 	 	0.352	 	 	 	0.361	 
	30 months	 	 	0.196	 	 	 	0.224	 	 	 	0.250	 	 	 	0.274	 	 	 	0.297	 	 	 	0.316	 	 	 	0.335	 	 	 	0.351	 	 	 	0.361	 
	27 months	 	 	0.185	 	 	 	0.214	 	 	 	0.242	 	 	 	0.268	 	 	 	0.291	 	 	 	0.313	 	 	 	0.332	 	 	 	0.350	 	 	 	0.361	 
	24 months	 	 	0.173	 	 	 	0.204	 	 	 	0.233	 	 	 	0.260	 	 	 	0.285	 	 	 	0.308	 	 	 	0.329	 	 	 	0.348	 	 	 	0.361	 
	21 months	 	 	0.161	 	 	 	0.193	 	 	 	0.223	 	 	 	0.252	 	 	 	0.279	 	 	 	0.304	 	 	 	0.326	 	 	 	0.347	 	 	 	0.361	 
	18 months	 	 	0.146	 	 	 	0.179	 	 	 	0.211	 	 	 	0.242	 	 	 	0.271	 	 	 	0.298	 	 	 	0.322	 	 	 	0.345	 	 	 	0.361	 
	15 months	 	 	0.130	 	 	 	0.164	 	 	 	0.197	 	 	 	0.230	 	 	 	0.262	 	 	 	0.291	 	 	 	0.317	 	 	 	0.342	 	 	 	0.361	 
	12 months	 	 	0.111	 	 	 	0.146	 	 	 	0.181	 	 	 	0.216	 	 	 	0.250	 	 	 	0.282	 	 	 	0.312	 	 	 	0.339	 	 	 	0.361	 
	9 months	 	 	0.090	 	 	 	0.125	 	 	 	0.162	 	 	 	0.199	 	 	 	0.237	 	 	 	0.272	 	 	 	0.305	 	 	 	0.336	 	 	 	0.361	 
	6 months	 	 	0.065	 	 	 	0.099	 	 	 	0.137	 	 	 	0.178	 	 	 	0.219	 	 	 	0.259	 	 	 	0.296	 	 	 	0.331	 	 	 	0.361	 
	3 months	 	 	0.034	 	 	 	0.065	 	 	 	0.104	 	 	 	0.150	 	 	 	0.197	 	 	 	0.243	 	 	 	0.286	 	 	 	0.326	 	 	 	0.361	 
	0 months	 	 	—	 	 	 	—	 	 	 	0.042	 	 	 	0.115	 	 	 	0.179	 	 	 	0.233	 	 	 	0.281	 	 	 	0.323	 	 	 	0.361	 

 

The exact Redemption Fair Market Value and Redemption
Date may not be set forth in the table above, in which case, if the Redemption Fair Market Value is between two values in the table or
the Redemption Date is between two redemption dates in the table, the number of shares of Common Stock to be issued for each Warrant exercised
in a Make-Whole Exercise shall be determined by a straight-line interpolation between the number of shares set forth for the higher and
lower Redemption Fair Market Values and the earlier and later redemption dates, as applicable, based on a 365- or 366-day year, as applicable.

 

6.3 The stock prices set forth in the column headings
of the table above shall be adjusted as of any date on which the number of shares issuable upon exercise of a Warrant or the Exercise
Price is adjusted pursuant to Section 4 hereof. If the number of shares issuable upon exercise of a Warrant is adjusted pursuant
to Section 4 hereof, the adjusted stock prices in the column headings shall equal the stock prices immediately prior to such adjustment,
multiplied by a fraction, the numerator of which is the number of shares deliverable upon exercise of a Warrant immediately prior to such
adjustment and the denominator of which is the number of shares deliverable upon exercise of a Warrant as so adjusted. The number of shares
in the table above shall be adjusted in the same manner and at the same time as the number of shares issuable upon exercise of a Warrant.
If the Exercise Price is adjusted, (a) in the case of an adjustment pursuant to Section 4.4 hereof, the adjusted stock prices in
the column headings shall equal the stock prices immediately prior to such adjustment multiplied by a fraction, the numerator of which
is the higher of the Market Value and the Newly Issued Price and the denominator of which is $10.00 and (b) in the case of an adjustment
pursuant to Section 4.1.2 hereof, the adjusted stock prices in the column headings shall equal the stock prices immediately prior
to such adjustment less the decrease in the Exercise Price pursuant to such Exercise Price adjustment. In no event shall the Warrants
be exercisable in connection with a Make-Whole Exercise for more than 0.361 shares of Common Stock per Warrant (subject to adjustment).

 

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6.4 Date Fixed for, and Notice
of, Redemption; Redemption Price; Reference Value. In the event that the Company elects to redeem the Warrants pursuant to Sections
6.1 or 6.2, the Company shall fix a date for the redemption (the “Redemption Date”). Notice of redemption
shall be mailed by first class mail, postage prepaid, by the Company not less than thirty (30) days prior to the Redemption Date (the
period lasting from such time until the Redemption Date, the “30-day Redemption Period”) to the Registered
Holders of the Warrants to be redeemed at their last addresses as they shall appear on the registration books. Any notice mailed in the
manner herein provided shall be conclusively presumed to have been duly given whether or not the Registered Holder received such notice.
As used in this Agreement, (a) “Redemption Price” shall mean the price per Warrant at which any Warrants are
redeemed pursuant to Sections 6.1 or 6.2 and (b) “Reference Value” shall mean the last reported
sales price of the shares of Common Stock for any twenty (20) trading days within the thirty (30) trading-day period ending on the third
(3rd) trading day prior to the date on which notice of the redemption is given.

 

6.5 Exercise
After Notice of Redemption. The Warrants may be exercised, for cash (or on a “cashless basis” in accordance with Section
6.2 of this Agreement) at any time after notice of redemption shall have been given by the Company pursuant to Section 6.4
hereof and prior to the Redemption Date. On and after the Redemption Date, the record holder of the Warrants shall have no further rights, except to receive, upon surrender of the Warrants, the Redemption Price.

 

6.6 Exclusion
of Private Placement Warrants and Forward Purchase Warrants. The Company agrees that (a) the redemption rights provided in Section
6.1 hereof shall not apply to the Private Placement Warrants and Forward Purchase Warrants and (b) if the Reference Value equals or
exceeds $18.00 per share (subject to adjustment in compliance with Section 4 hereof), the redemption rights provided in Section
6.2 hereof shall not apply to the Private Placement Warrants and the Forward Purchase Warrants.

 

7. Other
Provisions Relating to Rights of Holders of Warrants.

 

7.1 No Rights as Stockholder. A Warrant does
not entitle the Registered Holder thereof to any of the rights of a stockholder of the Company, including, without limitation, the right
to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as stockholders
in respect of the meetings of stockholders or the election of directors of the Company or any other matter.

 

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7.2 Lost, Stolen, Mutilated, or Destroyed Warrants.
If any Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant Agent may on such terms as to indemnity or otherwise
as they may in their discretion impose (which shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant
of like denomination, tenor, and date as the Warrant so lost, stolen, mutilated, or destroyed. Any such new Warrant shall constitute a
substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated, or destroyed Warrant shall be
at any time enforceable by anyone.

 

7.3 Reservation of Shares of Common Stock.
The Company shall at all times reserve and keep available a number of its authorized but unissued shares of Common Stock that shall be
sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement.

 

7.4 Registration of Shares of Common Stock; Cashless
Exercise at Company’s Option.

 

7.4.1 Registration of the shares of Common Stock.
The Company agrees that as soon as practicable, but in no event later than fifteen (15) Business Days after the closing of its initial
Business Combination, it shall use its commercially reasonable efforts to file with the Commission a registration statement for the registration,
under the Securities Act, of the shares of Common Stock issuable upon exercise of the Warrants. The Company shall use its commercially
reasonable efforts to cause the same to become effective within sixty (60) Business Days following the closing of its initial Business
Combination and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration
or redemption of the Warrants in accordance with the provisions of this Agreement. If any such registration statement has not been declared
effective by the sixtieth (60th) Business Day following the closing of the Business Combination, holders of the Warrants shall
have the right, during the period beginning on the sixty-first (61st) Business Day after the closing of the Business Combination
and ending upon such registration statement being declared effective by the Commission, and during any other period when the Company shall
fail to have maintained an effective registration statement covering the issuance of the shares of Common Stock issuable upon exercise
of the Warrants, to exercise such Warrants on a “cashless basis,” by exchanging the Warrants (in accordance with Section 3(a)(9)
of the Securities Act or another exemption) for that number of shares of Common Stock equal to the lesser of (A) the quotient obtained
by dividing (x) the product of the number of shares of Common Stock underlying the Warrants, multiplied by the excess of the “Fair
Market Value” (as defined below) less the Warrant Price by (y) the Fair Market Value and (B) 0.361. Solely for purposes of
this subsection 7.4.1, “Fair Market Value” shall mean the volume-weighted average price of the shares
of Common Stock as reported during the ten (10) trading day period ending on the trading day prior to the date that notice of exercise
is received by the Warrant Agent from the holder of such Warrants or its securities broker or intermediary. The date that notice of “cashless
exercise” is received by the Warrant Agent shall be conclusively determined by the Warrant Agent. In connection with the “cashless
exercise” of a Public Warrant, the Company shall, upon request, provide the Warrant Agent with an opinion of counsel for the Company
(which shall be an outside law firm with securities law experience) stating that (i) the exercise of the Warrants on a “cashless
basis” in accordance with this subsection 7.4.1 is not required to be registered under the Securities Act and (ii) the shares
of Common Stock issued upon such exercise shall be freely tradable under United States federal securities laws by anyone who is not an
affiliate (as such term is defined in Rule 144 under the Securities Act) of the Company and, accordingly, shall not be required to bear
a restrictive legend. Except as provided in subsection 7.4.2, for the avoidance of doubt, unless and until all of the Warrants
have been exercised or have expired, the Company shall continue to be obligated to comply with its registration obligations under the
first three sentences of this subsection 7.4.1.

 

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7.4.2 Cashless Exercise at Company’s Option.
If the shares of Common Stock are at the time of any exercise of a Public Warrant not listed on a national securities exchange such that
they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its
option, (i) require holders of Public Warrants who exercise Public Warrants to exercise such Public Warrants on a “cashless basis”
in accordance with Section 3(a)(9) of the Securities Act as described in subsection 7.4.1 and (ii) in the event the Company so
elects, the Company shall (x) not be required to file or maintain in effect a registration statement for the registration, under the Securities
Act, of the shares of Common Stock issuable upon exercise of the Warrants, notwithstanding anything in this Agreement to the contrary,
and (y) use its commercially reasonable efforts to register or qualify for sale the shares of Common Stock issuable upon exercise of the
Public Warrant under applicable blue sky laws to the extent an exemption is not available.

 

8. Concerning
the Warrant Agent and Other Matters.

 

8.1 Payment of Taxes. The Company shall from
time to time promptly pay all taxes and charges that may be imposed upon the Company or the Warrant Agent in respect of the issuance or
delivery of shares of Common Stock upon the exercise of the Warrants, but the Company shall not be obligated to pay any transfer taxes
in respect of the Warrants or such shares.

 

8.2 Resignation, Consolidation, or Merger of Warrant
Agent.

 

8.2.1 Appointment of Successor Warrant Agent.
The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged from all further duties and liabilities
hereunder after giving sixty (60) days’ notice in writing to the Company. If the office of the Warrant Agent becomes vacant by resignation
or incapacity to act or otherwise, the Company shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the
Company shall fail to make such appointment within a period of thirty (30) days after it has been notified in writing of such resignation
or incapacity by the Warrant Agent or by the holder of a Warrant (who shall, with such notice, submit his, her or its Warrant for inspection
by the Company), then the holder of any Warrant may apply to the Supreme Court of the State of New York for the County of New York for
the appointment of a successor Warrant Agent at the Company’s cost. Any successor Warrant Agent, whether appointed by the Company
or by such court, shall be a corporation or other entity organized and existing under the laws of the State of New York, in good standing
and having its principal office in the United States of America, and authorized under such laws to exercise corporate trust powers and
subject to supervision or examination by federal or state authority. After appointment, any successor Warrant Agent shall be vested with
all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally
named as Warrant Agent hereunder, without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor
Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all
the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company
shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in and confirming
to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations.

 

    16

     

    

 

8.2.2 Notice of Successor Warrant Agent.
In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the predecessor Warrant Agent and
the Transfer Agent for the shares of Common Stock not later than the effective date of any such appointment.

 

8.2.3 Merger or Consolidation of Warrant Agent.
Any entity into which the Warrant Agent may be merged or with which it may be consolidated or any entity resulting from any merger or
consolidation to which the Warrant Agent shall be a party shall be the successor Warrant Agent under this Agreement without any further
act.

 

8.3 Fees and Expenses of Warrant Agent.

 

8.3.1 Remuneration. The Company agrees to
pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder and shall, pursuant to its obligations
under this Agreement, reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the
execution of its duties hereunder.

 

8.3.2 Further Assurances. The Company agrees
to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged, and delivered all such further and other
acts, instruments, and assurances as may reasonably be required by the Warrant Agent for the carrying out or performing of the provisions
of this Agreement.

 

8.4 Liability of Warrant Agent.

 

8.4.1 Reliance on Company Statement. Whenever
in the performance of its duties under this Agreement, the Warrant Agent shall deem it necessary or desirable that any fact or matter
be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence
in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a statement signed by
the Chief Executive Officer or the Chief Financial Officer of the Company and delivered to the Warrant Agent. The Warrant Agent may rely
upon such statement for any action taken or suffered in good faith by it pursuant to the provisions of this Agreement.

 

8.4.2 Indemnity. The Warrant Agent shall
be liable hereunder only for its own gross negligence, willful misconduct, fraud or bad faith. The Company agrees to indemnify the Warrant
Agent and save it harmless against any and all liabilities, including judgments, out-of-pocket costs and reasonable outside counsel fees,
for anything done or omitted by the Warrant Agent in the execution of this Agreement, except as a result of the Warrant Agent’s
gross negligence, willful misconduct, fraud or bad faith.

 

    17

     

    

 

8.4.3 Exclusions. The Warrant Agent shall
have no responsibility with respect to the validity of this Agreement or with respect to the validity or execution of any Warrant (except
its countersignature thereof). The Warrant Agent shall not be responsible for any breach by the Company of any covenant or condition contained
in this Agreement or in any Warrant. The Warrant Agent shall not be responsible to make any adjustments required under the provisions
of Section 4 hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining of the existence
of facts that would require any such adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as
to the authorization or reservation of any shares of Common Stock to be issued pursuant to this Agreement or any Warrant or as to whether
any shares of Common Stock shall, when issued, be valid and fully paid and nonassessable.

 

8.5 Acceptance of Agency. The Warrant Agent
hereby accepts the agency established by this Agreement and agrees to perform the same upon the terms and conditions herein set forth
and among other things, shall account promptly to the Company with respect to Warrants exercised and concurrently account for, and pay
to the Company, all monies received by the Warrant Agent for the purchase of shares of Common Stock through the exercise of the Warrants.

 

8.6 Waiver. The Warrant Agent has no right
of set-off or any other right, title, interest or claim of any kind (“Claim”) in, or to any distribution of,
the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the date hereof, by and between the Company
and Continental Stock Transfer & Trust Company as trustee thereunder) and hereby agrees not to seek recourse, reimbursement, payment
or satisfaction for any Claim against the Trust Account for any reason whatsoever. The Warrant Agent hereby waives any and all Claims
against the Trust Account and any and all rights to seek access to the Trust Account.

 

9. Miscellaneous
Provisions.

 

9.1 Successors. All the covenants and provisions
of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the benefit of their respective successors
and assigns.

 

9.2 Notices. Any notice, statement or demand
authorized by this Agreement to be given or made by the Warrant Agent or by the holder of any Warrant to or on the Company shall be sufficiently
given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five (5) days
after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Company with the Warrant Agent),
as follows:

 

Tetragon Acquisition Corporation I

399 Park Avenue, 22nd Floor

New York, NY 10022

Attention: Chief Financial Officer

 

with a copy to:

 

Skadden, Arps, Slate, Meagher & Flom LLP

One Manhattan West

New York, New York 10001

Attn: David J. Goldschmidt

Email: david.goldschmidt@skadden.com

 

    18

     

    

 

Any notice, statement or demand authorized by this Agreement to be
given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be sufficiently given when so delivered
if by hand or overnight delivery or if sent by certified mail or private courier service within five (5) days after deposit of such notice,
postage prepaid, addressed (until another address is filed in writing by the Warrant Agent with the Company), as follows:

 

Continental Stock Transfer & Trust Company

One State Street, 30th Floor

New York, NY 10004

Attention: Compliance Department

Email: compliance@contintentalstock.com

 

9.3 Applicable Law and Exclusive Forum. The
validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects by the laws of the State
of New York. Subject to applicable law, the Company hereby agrees that any action, proceeding or claim against it arising out of or relating
in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court
for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be the exclusive forum for
any such action, proceeding or claim. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent
an inconvenient forum. Notwithstanding the foregoing, the provisions of this paragraph will not apply to suits brought to enforce any
liability or duty created by the Exchange Act or any other claim for which the federal district courts of the United States of America
are the sole and exclusive forum.

 

Any person or entity purchasing or otherwise acquiring
any interest in the Warrants shall be deemed to have notice of and to have consented to the forum provisions in this Section 9.3. If any
action, the subject matter of which is within the scope of the forum provisions above, is filed in a court other than a court located
within the State of New York or the United States District Court for the Southern District of New York (a “foreign action”)
in the name of any warrant holder, such warrant holder shall be deemed to have consented to: (x) the personal jurisdiction of the state
and federal courts located within the State of New York or the United States District Court for the Southern District of New York in connection
with any action brought in any such court to enforce the forum provisions (an “enforcement action”), and (y) having service
of process made upon such warrant holder in any such enforcement action by service upon such warrant holder’s counsel in the foreign
action as agent for such warrant holder.

 

9.4 Persons Having Rights under this Agreement.
Nothing in this Agreement shall be construed to confer upon, or give to, any person, corporation or other entity other than the parties
hereto and the Registered Holders of the Warrants any right, remedy, or claim under or by reason of this Agreement or of any covenant,
condition, stipulation, promise, or agreement hereof. All covenants, conditions, stipulations, promises, and agreements contained in this
Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors and assigns and of the Registered Holders
of the Warrants.

 

    19

     

    

 

9.5 Examination of the Warrant Agreement.
A copy of this Agreement shall be available at all reasonable times at the office of the Warrant Agent in the United States of America,
for inspection by the Registered Holder of any Warrant. The Warrant Agent may require any such holder to submit such holder’s Warrant
for inspection by the Warrant Agent.

 

9.6 Counterparts. This Agreement may be executed
in any number of original or facsimile counterparts and each of such counterparts shall for all purposes be deemed to be an original,
and all such counterparts shall together constitute but one and the same instrument.

 

9.7 Effect of Headings. The section headings
herein are for convenience only and are not part of this Agreement and shall not affect the interpretation thereof.

 

9.8 Amendments. This Agreement
may be amended by the parties hereto without the consent of any Registered Holder for the purpose of (i) curing any ambiguity or correcting
any mistake, including conforming the provisions hereof to the description of the terms of the Warrants and this Agreement set forth
in the Prospectus, or defective provision contained herein, (ii) removing or reducing the Company’s ability to redeem the Public
Warrants, or (iii) adding or changing any provisions with respect to matters or questions arising under this Agreement as the parties
may deem necessary or desirable and that the parties deem shall not adversely affect the interests of the Registered Holders under this
Agreement in any material respect. All other modifications or amendments, including any modification or amendment to increase the Warrant
Price or shorten the Exercise Period, (a) with respect to the terms of the Public Warrants or any provision of this Agreement with respect
to the Public Warrants, shall require the vote or written consent of the Registered Holders of at least 50% of the then-outstanding Public
Warrants and (b) with respect to the terms of the Private Placement Warrants or the Forward Purchase Warrants or any provision of this
Agreement with respect to the Private Placement Warrants or Forward Purchase Warrants shall require the vote or written consent of at
least 50% of the then outstanding Private Placement Warrants or Forward Purchase Warrants. Notwithstanding the foregoing, the Company
may lower the Warrant Price or extend the duration of the Exercise Period pursuant to and in accordance with Sections 3.1 and
3.2, respectively, without the consent of the Registered Holders.

 

9.9 Severability. This Agreement shall be
deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability
of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision,
the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to such invalid or unenforceable
provision as may be possible and be valid and enforceable.

 

Exhibit A Form of Warrant Certificate

Exhibit B Legend — Private Placement Warrants and Forward Purchase
Warrants

 

    20

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be duly executed as of the date first above written.

 

	 	TETRAGON ACQUISITION CORPORATION I
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	                
	 	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Warrant Agent
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

[Signature Page to Warrant Agreement]

 

     

     

    

 

EXHIBIT A

 

[FACE]

 

Number

 

Warrants

 

THIS WARRANT SHALL BE VOID IF NOT EXERCISED
PRIOR TO

THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR

IN THE WARRANT AGREEMENT DESCRIBED BELOW

 

Tetragon Acquisition Corporation I

Incorporated Under the Laws of the State of
Delaware

 

CUSIP

 

Warrant Certificate

 

This Warrant Certificate certifies that
                  , or registered assigns, is
the registered holder of                   warrant(s)
(the “Warrants” and each, a “Warrant”) to purchase shares of Class A common stock,
$0.0001 par value (“Common Stock”), of Tetragon Acquisition Corporation I, a Delaware corporation (the “Company”).
Each Warrant entitles the holder, upon exercise during the period set forth in the Warrant Agreement referred to below, to receive from
the Company that number of fully paid and nonassessable shares of Common Stock as set forth below, at the exercise price (the “Exercise
Price”) as determined pursuant to the Warrant Agreement, payable in lawful money (or through “cashless exercise”
as provided for in the Warrant Agreement) of the United States of America upon surrender of this Warrant Certificate and payment of the
Exercise Price at the office or agency of the Warrant Agent referred to below, subject to the conditions set forth herein and in the Warrant
Agreement. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant
Agreement.

 

Each whole Warrant is initially exercisable for
one fully paid and non-assessable share of Common Stock. Fractional shares shall not be issued upon exercise of any Warrant. If, upon
the exercise of Warrants, a holder would be entitled to receive a fractional interest in a share of Common Stock, the Company shall, upon
exercise, round down to the nearest whole number the number of shares of Common Stock to be issued to the Warrant holder. The number of
shares of Common Stock issuable upon exercise of the Warrants is subject to adjustment upon the occurrence of certain events as set forth
in the Warrant Agreement.

 

The initial Exercise Price per one share of Common
Stock for any Warrant is equal to $11.50 per share. The Exercise Price is subject to adjustment upon the occurrence of certain events
as set forth in the Warrant Agreement.

 

Subject to the conditions set forth in the Warrant
Agreement, the Warrants may be exercised only during the Exercise Period and to the extent not exercised by the end of such Exercise Period,
such Warrants shall become void. The Warrants may be redeemed, subject to certain conditions, as set forth in the Warrant Agreement.

 

Reference is hereby made to the further provisions
of this Warrant Certificate set forth on the reverse hereof and such further provisions shall for all purposes have the same effect as
though fully set forth at this place.

 

This Warrant Certificate shall not be valid unless
countersigned by the Warrant Agent, as such term is used in the Warrant Agreement.

 

This Warrant Certificate shall be governed by and
construed in accordance with the internal laws of the State of New York.

 

	 	TETRAGON ACQUISITION CORPORATION I
	 	 	 	 
	 	By:	 	                     
	 	 	Name:	 
	 	 	Title:	

	 	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, AS WARRANT AGENT
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

     

     

    

 

[Form of Warrant Certificate]

 

[Reverse]

 

The Warrants evidenced by this Warrant Certificate
are part of a duly authorized issue of Warrants entitling the holder on exercise to receive                      
shares of Common Stock and are issued or to be issued pursuant to a Warrant Agreement dated as of , 2021 (the “Warrant Agreement”),
duly executed and delivered by the Company to Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent
(the “Warrant Agent”), which Warrant Agreement is hereby incorporated by reference in and made a part of this
instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder
of the Warrant Agent, the Company and the holders (the words “holders” or “holder”
meaning the Registered Holders or Registered Holder, respectively) of the Warrants. A copy of the Warrant Agreement may be obtained by
the holder hereof upon written request to the Company. Defined terms used in this Warrant Certificate but not defined herein shall have
the meanings given to them in the Warrant Agreement.

 

Warrants may be exercised at any time during the
Exercise Period set forth in the Warrant Agreement. The holder of Warrants evidenced by this Warrant Certificate may exercise them by
surrendering this Warrant Certificate, with the form of Election to Purchase set forth hereon properly completed and executed, together
with payment of the Exercise Price as specified in the Warrant Agreement (or through “cashless exercise” as
provided for in the Warrant Agreement) at the principal corporate trust office of the Warrant Agent. In the event that upon any exercise
of Warrants evidenced hereby, the number of Warrants exercised shall be less than the total number of Warrants evidenced hereby, there
shall be issued to the holder hereof or his, her or its assignee, a new Warrant Certificate evidencing the number of Warrants not exercised.

 

Notwithstanding anything else in this Warrant Certificate
or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise (i) a registration statement covering the issuance
of the shares of Common Stock to be issued upon exercise is effective under the Securities Act and (ii) a prospectus thereunder relating
to the shares of Common Stock is current, except through “cashless exercise” as provided for in the Warrant
Agreement.

 

The Warrant Agreement provides that upon the occurrence
of certain events the number of shares of Common Stock issuable upon exercise of the Warrants set forth on the face hereof may, subject
to certain conditions, be adjusted. If, upon exercise of a Warrant, the holder thereof would be entitled to receive a fractional interest
in a share of Common Stock, the Company shall, upon exercise, round down to the nearest whole number of shares of Common Stock to be issued
to the holder of the Warrant.

 

Warrant Certificates, when surrendered at the principal
corporate trust office of the Warrant Agent by the Registered Holder thereof in person or by legal representative or attorney duly authorized
in writing, may be exchanged, in the manner and subject to the limitations provided in the Warrant Agreement, but without payment of any
service charge, for another Warrant Certificate or Warrant Certificates of like tenor evidencing in the aggregate a like number of Warrants.

 

Upon due presentation for registration of transfer
of this Warrant Certificate at the office of the Warrant Agent a new Warrant Certificate or Warrant Certificates of like tenor and evidencing
in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for this Warrant Certificate, subject to the
limitations provided in the Warrant Agreement, without charge except for any tax or other governmental charge imposed in connection therewith.

 

The Company and the Warrant Agent may deem and
treat the Registered Holder(s) hereof as the absolute owner(s) of this Warrant Certificate (notwithstanding any notation of ownership
or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the holder(s) hereof, and for
all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. Neither the Warrants
nor this Warrant Certificate entitles any holder hereof to any rights of a stockholder of the Company.

 

     

     

    

 

Election to Purchase

 

(To Be Executed Upon Exercise of Warrant)

 

The undersigned hereby irrevocably elects to exercise
the right, represented by this Warrant Certificate, to receive            shares of
Common Stock and herewith tenders payment for such shares of Common Stock to the order of Tetragon Acquisition Corporation I (the “Company”)
in the amount of $           in accordance with the terms hereof. The undersigned requests
that a certificate for such shares of Common Stock be registered in the name of                           ,
whose address is            and that such shares of Common Stock be delivered to           
      whose address is                .
If said number of shares of Common Stock is less than all of the shares of Common Stock purchasable hereunder, the undersigned requests
that a new Warrant Certificate representing the remaining balance of such shares of Common Stock be registered in the name of                ,
whose address is                   and that such Warrant Certificate
be delivered to                , whose address is                .

 

In the event that the Warrant has been called for
redemption by the Company pursuant to Section 6.2 of the Warrant Agreement and a holder thereof elects to exercise its Warrant
pursuant to a Make-Whole Exercise, the number of shares of Common Stock that this Warrant is exercisable for shall be determined in accordance
with subsection 3.3.1(c) or Section 6.2 of the Warrant Agreement, as applicable.

 

In the event that the Warrant is a Private Placement
Warrant that is to be exercised on a “cashless” basis pursuant to subsection 3.3.1(c) of the Warrant Agreement, the
number of shares of Common Stock that this Warrant is exercisable for shall be determined in accordance with subsection 3.3.1(c)
of the Warrant Agreement.

 

In the event that the Warrant is to be exercised
on a “cashless” basis pursuant to Section 7.4 of the Warrant Agreement, the number of shares of Common Stock that this
Warrant is exercisable for shall be determined in accordance with Section 7.4 of the Warrant Agreement.

 

In the event that the Warrant may be exercised,
to the extent allowed by the Warrant Agreement, through cashless exercise (i) the number of shares of Common Stock that this Warrant is
exercisable for would be determined in accordance with the relevant section of the Warrant Agreement which allows for such cashless exercise
and (ii) the holder hereof shall complete the following: The undersigned hereby irrevocably elects to exercise the right, represented
by this Warrant Certificate, through the cashless exercise provisions of the Warrant Agreement, to receive shares of Common Stock. If
said number of shares of Common Stock is less than all of the shares of Common Stock purchasable hereunder (after giving effect to the
cashless exercise), the undersigned requests that a new Warrant Certificate representing the remaining balance of such shares of Common
Stock be registered in the name of                , whose address
is                   and that such Warrant Certificate be delivered
to                , whose address is                .

 

[Signature Page Follows]

 

     

     

    

 

	Date:       , 20	 
	 	(Signature)
	 	 
	 	(Address)
	 	 
	 	 
	 	(Tax Identification Number)
	 	 
	Signature Guaranteed:	 
	 	 
	 	 

 

THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE
GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE
MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED).

 

     

     

    

 

EXHIBIT B

 

LEGEND

 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED OR OTHERWISE
DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM
REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT TO ANY ADDITIONAL LIMITATIONS ON TRANSFER DESCRIBED IN THE LETTER AGREEMENT (THE "LETTER
AGREEMENT") BY AND AMONG TETRAGON ACQUISITION CORPORATION I (THE “COMPANY”), TFG ASSET MANAGEMENT SPONSOR LLC AND
THE OTHER PARTIES THERETO, THE SECURITIES REPRESENTED HEREBY MAY NOT BE SOLD OR TRANSFERRED PRIOR TO THE DATE THAT IS THIRTY (30) DAYS
AFTER THE DATE UPON WHICH THE COMPANY COMPLETES ITS INITIAL BUSINESS COMBINATION (AS DEFINED IN THE RECITALS OF THE WARRANT AGREEMENT
REFERRED TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE (AS DESCRIBED IN SECTION 7(c) OF THE LETTER AGREEMENT) WHO AGREES IN WRITING WITH
THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS.

 

SECURITIES EVIDENCED HEREBY AND SHARES OF CLASS
A COMMON STOCK OF THE COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION RIGHTS
AGREEMENT TO BE EXECUTED BY THE COMPANY.

 

NO. WARRANT

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