Document:

Document

Exhibit 10.19

FORM OF INDEMNIFICATION AGREEMENT
THIS INDEMNIFICATION AGREEMENT (the “Agreement”) is made and entered into as of [●], 2021, between IsoPlexis Corporation, a Delaware corporation (the “Company”), and [●] (“Indemnitee”).
WITNESSETH THAT:
WHEREAS, highly competent persons have become more reluctant to serve corporations as directors or in other capacities unless they are provided with adequate protection through insurance and/or adequate indemnification against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of the corporation;
WHEREAS, the Board of Directors of the Company (the “Board”) has determined that, in order to attract and retain qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company and its subsidiaries from certain liabilities.  Although the furnishing of such insurance has been a customary and widespread practice among United States-based corporations and other business enterprises, the Company believes that, given current market conditions and trends, such insurance may be available to it in the future only at higher premiums and with more exclusions.  At the same time, directors, officers, and other persons in service to corporations or business enterprises are being increasingly subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise itself.  The Amended and Restated Certificate of Incorporation of the Company (the “Restated Certificate”) and the Amended and Restated By-laws of the Company the (“Restated By-laws”) require indemnification of the officers and directors of the Company.  Indemnitee may also be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware (“DGCL”).  The Restated Certificate, the Restated By-laws and the DGCL expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the Board, officers and other persons with respect to indemnification;
WHEREAS, the uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and retaining such persons;
WHEREAS, the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company’s stockholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future;
WHEREAS, the Board has determined that it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so indemnified; 

WHEREAS, this Agreement is a supplement to and in furtherance of the Restated Certificate, the Restated By-laws and any resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder; [and]
WHEREAS, Indemnitee does not regard the protection available under the Company’s Restated Certificate, Restated By-laws and insurance as adequate in the present circumstances, and may not be willing to serve as an officer or director without adequate protection, and the Company desires Indemnitee to serve in such capacity.  Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Company on the condition that he be so indemnified[; and
WHEREAS, Indemnitee has certain rights to indemnification and/or insurance provided by [●] which Indemnitee and [●] intend to be secondary to the primary obligation of the Company to indemnify Indemnitee as provided herein, with the Company’s acknowledgement and agreement to the foregoing being a material condition to Indemnitee’s willingness to serve on the Board]1.
NOW, THEREFORE, in consideration of Indemnitee’s services as a director or officer of the Company, the parties hereto agree as follows:
1.    Indemnity of Indemnitee.  The Company hereby agrees to hold harmless and indemnify Indemnitee to the fullest extent permitted by law, as such may be amended from time to time.  In furtherance of the foregoing indemnification, and without limiting the generality thereof.
(a)    Proceedings Other Than Proceedings by or in the Right of the Company.  Indemnitee shall be entitled to the rights of indemnification provided in this Section l(a) if, by reason of Indemnitee’s Corporate Status (as hereinafter defined), Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding (as hereinafter defined) other than a Proceeding by or in the right of the Company  (which is the subject of Section 1(b) hereof) or a Proceeding instituted by Indemnitee pursuant to Section 7 hereof to enforce Indemnitee’s rights under this Agreement (including Indemnitee’s right to be reimbursed in certain Expenses (as hereinafter defined) related thereto, which is the subject of Section 7(d) hereof).  Pursuant to this Section 1(a), Indemnitee shall be indemnified by the Company, to the fullest extent permitted by applicable law, against all Expenses, judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by Indemnitee, or on Indemnitee’s behalf, in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and with respect to any criminal Proceeding, had no reasonable cause to believe Indemnitee’s conduct was unlawful (provided that, to the extent that a change in applicable law permits the Company to provide greater indemnification than would be afforded currently under the Restated Certificate, Restated By-laws and this Section 1(a), Indemnitee shall enjoy by this Section 1(a) the greater benefits so afforded by such change).

1 Note to Draft: To be included if applicable for the relevant Indemnitee.
2

(b)    Proceedings by or in the Right of the Company.  Indemnitee shall be entitled to the rights of indemnification provided in this Section 1(b) if, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding brought by or in the right of the Company.  Pursuant to this Section 1(b), Indemnitee shall be indemnified by the Company, to the fullest extent permitted by applicable law, against all Expenses actually and reasonably incurred by Indemnitee, or on Indemnitee’s behalf, in connection with such Proceeding if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and, with respect to any criminal Proceeding, had no reasonable cause to believe that Indemnitee’s conduct was unlawful; provided, however, if applicable law so provides, no indemnification against such Expenses shall be made under this Section 1(b) in respect of any claim, issue or matter in such Proceeding as to which Indemnitee shall have been adjudged by a court of competent jurisdiction to be liable to the Company, unless and only to the extent that the Court of Chancery of the State of Delaware in which the Proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification for such Expenses as the Court of Chancery of the State of Delaware or such other court shall deem proper.  Notwithstanding the foregoing, to the extent that a change in applicable law permits the Company to provide greater indemnification than would be afforded currently under the Restated Certificate, Restated By-laws and this Section 1(b), Indemnitee shall enjoy by this Section 1(b) the greater benefits so afforded by such change.
(c)    Indemnification for Expenses of a Party Who is Wholly or Partly Successful.  Notwithstanding any other provision of this Agreement to the contrary, including in circumstances where indemnification is not available under Section 1(a) or 1(b) hereof, as the case may be, and to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding, Indemnitee shall be indemnified to the fullest extent permitted by applicable law, as such may be amended from time to time, against all Expenses actually and reasonably incurred by Indemnitee, or on Indemnitee’s behalf, in connection therewith.  If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee, or on Indemnitee’s behalf, in connection with each successfully resolved claim, issue or matter.  For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.
2.    Additional Indemnity.  In addition to, and without regard to any limitations on, the indemnification provided for in Section 1 of this Agreement, the Company shall and hereby does indemnify and hold harmless Indemnitee against all Expenses, judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf if, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding (including a Proceeding by or in the right of the Company), including, without limitation, all liability arising out of the negligence or active or passive wrongdoing of Indemnitee.  The only limitation that shall exist 
3

upon the Company’s obligations pursuant to this Agreement shall be that the Company shall not be obligated to make any payment to Indemnitee that is finally determined (under the procedures, and subject to the presumptions, set forth in Sections 6 and 7 hereof) to be unlawful.
3.    Contribution.
(a)    Whether or not the indemnification provided in Sections 1 and 2 hereof is available to Indemnitee, in respect of any threatened, pending or completed Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding), the Company shall pay, in the first instance, the entire amount of any judgment or settlement of such Proceeding without requiring Indemnitee to contribute to such payment and the Company hereby waives and relinquishes any right of contribution it may have against Indemnitee.  The Company shall not enter into any settlement of any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee.
(b)    Without diminishing or impairing the obligations of the Company set forth in the preceding subparagraph, if, for any reason, Indemnitee shall elect or be required to pay all or any portion of any judgment or settlement in any threatened, pending or completed Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding), the Company shall contribute to the amount of Expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred and paid or payable by Indemnitee in proportion to the relative benefits received by the Company and all officers, directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such Proceeding), on the one hand, and Indemnitee, on the other hand, from the transaction or events from which such Proceeding arose; provided, however, that the proportion determined on the basis of relative benefit may, to the extent necessary to conform to law, be further adjusted by reference to the relative fault of the Company and all officers, directors or employees of the Company other than Indemnitee who are jointly liable with Indemnitee (or would be if joined in such Proceeding), on the one hand, and Indemnitee, on the other hand, in connection with the transaction or events that resulted in such expenses, judgments, fines or settlement amounts, as well as any other equitable considerations which applicable law may require to be considered.  The relative fault of the Company and all officers, directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such Proceeding), on the one hand, and Indemnitee, on the other hand, shall be determined by reference to, among other things, the degree to which their actions were motivated by intent to gain personal profit or advantage, the degree to which their liability is primary or secondary and the degree to which their conduct is active or passive.
(c)    The Company hereby agrees to indemnify and hold Indemnitee harmless, to the fullest extent permitted by applicable law, from any claims of contribution which may be brought by officers, directors, or employees of the Company, other than Indemnitee, who may be jointly liable with Indemnitee.
(d)    To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason 
4

whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding and/or (ii) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s).
4.    Indemnification for Expenses of a Witness or in Response to a Subpoena.  Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a witness, is made (or asked) to respond to discovery requests, or receives a subpoena or similar order, in each case, in any Proceeding to which Indemnitee is not a party, Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith and in a manner set forth in this Agreement.
5.    Advancement of Expenses.  Notwithstanding any other provision of this Agreement, the Company shall advance all Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding by reason of Indemnitee’s Corporate Status within thirty (30) days after the receipt by the Company of a statement or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding, without regard to Indemnitee’s ultimate entitlement to indemnification, and such advancement of Expenses shall continue until such time (if any) as there is a final non-appealable judicial determination by a court of competent jurisdiction that Indemnitee is not entitled to indemnification against such Expenses.  Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by a written undertaking by or on behalf of Indemnitee to repay such Expenses, or the applicable portion thereof, advanced if it shall ultimately be determined by a court of competent jurisdiction pursuant to a final non-appealable judicial determination that Indemnitee is not entitled to be indemnified against such Expenses.  Any advances and undertakings to repay pursuant to this Section 5 shall be unsecured and interest free and made without regard to Indemnitee’s financial ability to repay such Expenses. 
6.    Procedures and Presumptions for Determination of Entitlement to Indemnification.  It is the intent of this Agreement to secure for Indemnitee rights of indemnity that are at least as favorable as may be permitted under the Restated Charter, the Restated By-laws, the DGCL and public policy of the State of Delaware, in each case as may hereafter be changed, to the extent such change permits the Company to provide greater indemnification than is afforded currently under this Agreement.  Accordingly, the parties agree that the following procedures and presumptions shall apply in the event of any question as to whether Indemnitee is entitled to indemnification under this Agreement:
(a)    To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and 
5

information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification.  The Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board in writing that Indemnitee has requested indemnification.  Notwithstanding the foregoing, any failure of Indemnitee to provide such a request to the Company, or to provide such a request in a timely fashion, shall not relieve the Company of any liability that it may have to Indemnitee unless, and to the extent that, such failure actually and materially prejudices the interests of the Company. 
(b)    Upon written request by Indemnitee for indemnification pursuant to the first sentence of Section 6(a) hereof, a determination with respect to Indemnitee’s entitlement thereto, if required by applicable law, shall be made in the specific case by one of the following methods: (i) if a Change in Control (as hereinafter defined) shall not have occurred, (A) by a majority vote of the Disinterested Directors (as hereinafter defined), even though less than a quorum, or by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum, (B) if there are no Disinterested Directors or if the Disinterested Directors so direct, by Independent Counsel (as hereinafter defined) in a written opinion to the Disinterested Directors, a copy of which shall be delivered to Indemnitee or (C) if so directed by the Board, by the stockholders of the Company or (ii) if a Change in Control shall have occurred, (A) by Independent Counsel in a written opinion to the Disinterested Directors, a copy of which shall be delivered to Indemnitee, or (B) if Indemnitee so directs and the Disinterested Directors so accept, by a majority vote of Disinterested Directors or by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum (the party making such determination, the “Determining Party”).  For purposes hereof, the “Disinterested Directors” are those members of the Board who are not parties to the Proceeding in respect of which indemnification is sought by Indemnitee.
(c)    If the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 6(b) hereof, Independent Counsel shall be selected as provided in this Section 6(c) and the selecting party shall promptly provide written notice of such selection to the other party hereto.  If a Change in Control shall not have occurred, Independent Counsel shall be selected by the Disinterested Directors.  If a Change in Control shall have occurred, Independent Counsel shall be selected by Indemnitee.  In either event, within ten (10) days after receipt of written notice from the applicable selecting party of the selection of Independent Counsel, the other party may deliver to the selecting party a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 13 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion.  Absent a proper and timely objection, the person so selected shall act as Independent Counsel.  If a written objection is made and substantiated, (i) the Independent Counsel selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court of competent jurisdiction has determined that such objection is without merit and (ii) the selecting party may select a new Independent Counsel and the other party shall have an additional ten (10) days after receipt of written notice of such selection to object.  If, 
6

within twenty (20) days after submission by Indemnitee of a written request for indemnification pursuant to Section 6(a) hereof, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition the Court of Chancery of the State of Delaware or other court of competent jurisdiction for resolution of any objection which shall have been made to the selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 6(b) hereof.  The Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with its acting pursuant to Section 6(b) hereof, and the Company shall pay all reasonable fees and expenses incident to the procedures of this Section 6(c), regardless of the manner in which such Independent Counsel was selected or appointed.
(d)    In making a determination with respect to entitlement to indemnification hereunder, the Determining Party shall presume that Indemnitee is entitled to indemnification under this Agreement.  Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence.  Neither the failure of the Company (including by its directors or independent legal counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including by its directors or independent legal counsel) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.
(e)    Indemnitee shall be deemed to have acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, or with respect to any criminal action or proceeding, to not have had a reasonable cause to believe such Indemnitee’s conduct was unlawful for purposes of indemnification under this Agreement if Indemnitee’s actions are based on the records or books of account of the Enterprise (as hereinafter defined), including financial statements, or on information supplied to Indemnitee by the directors, officers, agents or employees of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise or on information or records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Enterprise.  In addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.  Whether or not the foregoing provisions of this Section 6(e) are satisfied, it shall in any event be presumed that Indemnitee has at all times acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, or with respect to any criminal action or proceeding, Indemnitee did not have a reasonable cause to believe such Indemnitee’s conduct was unlawful.  Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence.
(f)    If the Determining Party shall not have made a determination within sixty (60) days after receipt by the Company of the request therefor, the requisite determination of 
7

entitlement to indemnification shall be deemed to have been made and Indemnitee shall be entitled to such indemnification absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law; provided, however, that such sixty (60) day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the Determining Party in good faith requires such additional time to obtain or evaluate documentation and/or information relating thereto; and provided further, that the foregoing provisions of this Section 6(f) shall not apply if the determination of entitlement to indemnification is to be made by the stockholders pursuant to Section 6(b) of this Agreement and if (A) within fifteen (15) days after receipt by the Company of the request for such determination, the Board or the Disinterested Directors, if appropriate, resolve to submit such determination to the stockholders for their consideration at an annual meeting thereof to be held within seventy five (75) days after such receipt and such determination is made thereat, or (B) a special meeting of stockholders is called within fifteen (15) days after such receipt for the purpose of making such determination, such meeting is held for such purpose within sixty (60) days after having been so called and such determination is made thereat.
(g)    Indemnitee shall cooperate with the Determining Party, including providing to the Determining Party upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination.  Any Independent Counsel, member of the Board or stockholder of the Company shall act reasonably and in good faith in making a determination regarding the Indemnitee’s entitlement to indemnification under this Agreement.  Any costs or expenses (including attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the Determining Party shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom.  
(h)    In addition, Indemnitee shall reasonably cooperate with the Company in connection with the applicable Proceeding, including providing the Company with such information as may be reasonably appropriate in connection therewith.
(i)    The Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a party to avoid expense, delay, distraction, disruption and uncertainty.  In the event that any Proceeding to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such action, claim or proceeding with or without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits or otherwise in such Proceeding.  Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence.
(j)    The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, 
8

shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful.
7.    Remedies of Indemnitee.
(a)    In the event that (i) a determination is made pursuant to Section 6 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 5 or Section 7(d) of this Agreement, (iii) no determination of entitlement to indemnification shall have been timely made pursuant to Section 6(b) of this Agreement, (iv) payment of indemnification is not made pursuant to this Agreement within ten (10) days after receipt by the Company of a written request therefor, or (v) payment of indemnification is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification or such determination is deemed to have been made pursuant to Section 6 of this Agreement, Indemnitee shall be entitled to an adjudication in the Court of Chancery of the State of Delaware of Indemnitee’s entitlement to such indemnification or advancement, as applicable.  Indemnitee shall commence such proceeding seeking an adjudication within one hundred eighty (180) days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 7(a).  The Company shall not oppose Indemnitee’s right to seek any such adjudication.
(b)    In the event that a determination shall have been made pursuant to Section 6(b) of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding commenced pursuant to this Section 7 shall be conducted in all respects as a de novo trial on the merits, and Indemnitee shall not be prejudiced by reason of the adverse determination under Section 6(b) of this Agreement.
(c)    If a determination shall have been made pursuant to Section 6(b) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding commenced pursuant to this Section 7, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law.
(d)    In the event that Indemnitee, pursuant to this Section 7, seeks a judicial adjudication of Indemnitee’s rights under, or to recover damages for breach of, this Agreement, or to recover under any directors’ and officers’ liability insurance policies maintained by the Company, the Company shall pay on Indemnitee’s behalf, in advance, any and all Expenses actually and reasonably incurred by Indemnitee in such judicial adjudication, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of expenses or insurance recovery.  The Company shall, within thirty (30) days after receipt by the Company of a written request therefor from Indemnitee, advance such Expenses to Indemnitee pursuant to comparable procedures as those set forth in Section 5 hereof with respect 
9

to advancement of Expenses therein.  In the event it is determined that Indemnitee is not entitled to payment of such Expenses then Indemnitee shall return such amounts advanced.
(e)    The Company shall be precluded from asserting in any judicial proceeding commenced pursuant to this Section 7 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Company is bound by all the provisions of this Agreement.  The Company shall indemnify Indemnitee against any and all Expenses and, if requested by Indemnitee, shall (within ten (10) days after receipt by the Company of a written request therefore) advance, to the extent not prohibited by law, such expenses to Indemnitee, which are incurred by Indemnitee in connection with any action brought by Indemnitee for indemnification or advancement of Expenses from the Company under this Agreement or under any directors’ and officers’ liability insurance policies maintained by the Company, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of Expenses or insurance recovery, as the case may be.  In the event it is determined that Indemnitee is not entitled to payment of such Expenses then Indemnitee shall return such amounts advanced.
(f)    Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement shall be required to be made prior to the final disposition of the Proceeding with respect to which indemnification is sought.
8.    Non-Exclusivity; Survival of Rights; Insurance; Primacy of Indemnification; Subrogation.
(a)    The rights of indemnification as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Restated Certificate, the Restated By-laws, any agreement, a vote of stockholders, a resolution of directors of the Company, or otherwise.  No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in Indemnitee’s Corporate Status prior to such amendment, alteration or repeal.  To the extent that a change in the applicable law, whether by statute or judicial decision, permits greater indemnification than would be afforded currently under the Restated Certificate, the Restated By-laws and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change.  No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.  The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.
(b)    To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, or agents or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which such person serves at the request of the Company, Indemnitee shall be 
10

covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any director, officer, employee, agent or fiduciary under such policy or policies.  If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has directors’ and officers’ liability insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures set forth in the respective policies.  The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies.
(c)    [The Company hereby acknowledges that Indemnitee has certain rights to indemnification, advancement of expenses and/or insurance provided by [●] and certain of its affiliates (collectively, the “Fund Indemnitors”).  The Company hereby agrees (i) that it is the indemnitor of first resort (i.e., its obligations to Indemnitee are primary and any obligation of the Fund Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by Indemnitee are secondary), and (ii) that it shall be required to advance the full amount of expenses incurred by Indemnitee and shall be liable for the full amount of all Expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms of this Agreement, the Restated Certificate or the Restated By-laws of the Company (or any other agreement between the Company and Indemnitee), without regard to any rights Indemnitee may have against the Fund Indemnitors, and (iii)  that it irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all claims against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof.  The Company further agrees that no advancement or payment by the Fund Indemnitors on behalf of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Company shall affect the foregoing and the Fund Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Company.  The Company and Indemnitee agree that the Fund Indemnitors are express third party beneficiaries of the terms of this Section 8(c).]2
(d)    [Except as provided in paragraph (c) above, in][In] the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee [(other than against the Fund Indemnitors)], who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.
(e)    [Except as provided in paragraph (c) above, the][The] Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.
(f)    [Except as provided in paragraph (c) above, the][The] Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at 

2 Note to Draft: To be included if applicable for the relevant Indemnitee. 
11

the request of the Company as a director, officer, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise shall be reduced by any amount Indemnitee has actually received as indemnification or advancement of expenses from such other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise.
9.    Exception to Right of Indemnification. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnity in connection with any claim made against Indemnitee:
(a)    for which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision[, provided, that the foregoing shall not affect the rights of Indemnitee or the Fund Indemnitors set forth in Section 8(c) above]; or
(b)    for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of state statutory law or common law; or
(c)    in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation, or (ii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law; or 
(d)    if prohibited by applicable law.
10.    Duration of Agreement.  All agreements and obligations of the Company contained herein shall continue during the period Indemnitee is an officer or director of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise) and shall continue thereafter so long as Indemnitee shall be subject to any Proceeding (or any proceeding commenced under Section 7 hereof) by reason of Indemnitee’s Corporate Status, whether or not Indemnitee is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement.  This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), assigns, spouses, heirs, executors and personal and legal representatives.
11.    Security.  To the extent requested by Indemnitee and approved by the Board, the Company may at any time and from time to time provide security to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded trust or 
12

other collateral.  Any such security, once provided to Indemnitee, may not be revoked or released without the prior written consent of the Indemnitee.
12.    Enforcement.
(a)    The Company expressly confirms and agrees that it has entered into this Agreement and assumes the obligations imposed on it hereby in order to induce Indemnitee to serve as an officer or director of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as an officer or director of the Company.
(b)    This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof.
(c)    The Company shall not seek from a court, or agree to, a “bar order” which would have the effect of prohibiting or limiting the Indemnitee’s rights to receive advancement of expenses under this Agreement.
13.    Definitions.  For purposes of this Agreement:
(a)    “Change in Control” shall be deemed to have occurred if (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (“Exchange Act”), other than a trustee or other fiduciary holding securities under an employee benefit plan of the Company or a corporation owned directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 20% or more of the total voting power represented by the Company’s then outstanding Voting Securities, (ii) during any period of two (2) consecutive years, (A) individuals who at the beginning of such period constitute the Board and (B) any new director whose appointment by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved (other than, in the case of this clause (B), individuals that are initially elected or nominated as a director of the Company as a result of an actual or threatened election contest with respect to directors or as a result of any other actual or threatened solicitation of proxies by or on behalf of any person other than the Board), cease for any reason to constitute a majority of the Board, or (iii) the stockholders of the Company approve a merger or consolidation of the Company with any other entity, other than a merger or consolidation which would result in the Voting Securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into Voting Securities of the surviving entity) at least 50% of the total voting power represented by the Voting Securities of the Company or such surviving entity outstanding immediately after such merger or consolidation, or the stockholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or 
13

disposition by the Company of (in one transaction or a series of transactions) all or substantially all of the Company’s assets.
(b)    “Corporate Status” describes the status of a person who is or was a director, officer, employee, agent or fiduciary of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving at the express written request of the Company.
(c)    “Disinterested Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee.
(d)    “Enterprise” means the Company and any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that Indemnitee is or was serving at the express written request of the Company as a director, officer, employee, agent or fiduciary.
(e)    “Expenses” includes all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, participating, or being or preparing to be a witness in a Proceeding, or responding to, or objecting to, a request to provide discovery in any Proceeding.  Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding and any federal, state, local or foreign taxes imposed on the Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, including without limitation the premium, security for, and other costs relating to any cost bond, supersede as bond, or other appeal bond or its equivalent.  Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.
(f)    “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five years has been, retained to represent (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder.  Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.  The Company agrees to pay the reasonable fees of the Independent Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.
(g)    “Proceeding” includes any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought by or in the right of the Company or otherwise and whether civil, criminal, administrative or investigative, in which 
14

Indemnitee was, is or will be involved as a party or otherwise, by reason of his or her Corporate Status, by reason of any action taken by him or of any inaction on his part while acting in his or her Corporate Status; in each case whether or not he is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement; including one pending on or before the date of this Agreement, but excluding one initiated by an Indemnitee pursuant to Section 7 of this Agreement to enforce his rights under this Agreement.
(h)    “Voting Securities” means any securities which vote generally in the election of directors.
14.    Severability.  The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision.  Further, the invalidity or unenforceability of any provision hereof as to either Indemnitee or Appointing Stockholder shall in no way affect the validity or enforceability of any provision hereof as to the other.  Without limiting the generality of the foregoing, this Agreement is intended to confer upon Indemnitee and Appointing Stockholder indemnification rights to the fullest extent permitted by applicable laws.  In the event any provision hereof conflicts with any applicable law, such provision shall be deemed modified, consistent with the aforementioned intent, to the extent necessary to resolve such conflict.   
15.    Modification and Waiver.  Except as provided by Section 1, Section 6 and Section 8(a) hereof with respect to changes in applicable law that broaden the rights of Indemnitee to be indemnified by the Company, no supplement, modification, termination or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto.  No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.
16.    Notice By Indemnitee.  
(a)    Indemnitee agrees promptly to notify the Company in writing upon being served with or otherwise receiving any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification covered hereunder.  The failure to so notify the Company shall not relieve the Company of any obligation which it may have to Indemnitee under this Agreement or otherwise unless and only to the extent that such failure or delay materially prejudices the Company.
(b)    Subject to the provisions of the last sentence of this Section 16(b), the Company shall have the right to defend Indemnitee in any Proceeding (other than a criminal Proceeding or any other Proceeding in which Indemnitee may be subject to non-monetary damages or punishments) which may give rise to the payment of Expenses hereunder; provided, however that the Company shall notify Indemnitee of any such decision to defend within fifteen calendar days of receipt of notice of any such Proceeding under Section 16(a). The Company shall not, without the prior written consent of Indemnitee, consent to the entry of any judgment 
15

against Indemnitee or enter into any settlement or compromise which (i) includes an admission of fault of Indemnitee or (ii) does not include, as an unconditional term thereof, the full release of Indemnitee from all liability in respect of such Proceeding, which release shall be in form and substance reasonably satisfactory to Indemnitee. This Section 16(b) shall not apply to a Proceeding brought by Indemnitee under Section 7(d).  The Company shall not be liable to indemnify Indemnitee for any settlement of any Proceeding (or any part thereof) without the prior written consent of the Company.
17.    Notices.  All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, and if not so confirmed, then on the next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt.  All communications shall be sent:  
(a)    To Indemnitee at the address set forth below Indemnitee’s signature hereto.
(b)    To the Company at:
IsoPlexis Corporation
35 NE Industrial Rd.
Branford, CT 06405
Attention: Sean Mackay, Chief Executive Officer

or to such other address as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be.
18.    Counterparts.  This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.  
19.    Headings.  The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.
20.    Governing Law and Consent to Jurisdiction.  This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. The Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Chancery Court of the 
16

State of Delaware (the “Delaware Court”), and not in any other state or federal court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) appoint irrevocably, to the extent such party is not otherwise subject to service of process in the State of Delaware, Corporation Service Company as its agent in the State of Delaware as such party’s agent for acceptance of legal process in connection with any such action or proceeding against such party with the same legal force and validity as if served upon such party personally within the State of Delaware, (iv) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court, and (v) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum.
SIGNATURE PAGE TO FOLLOW
17

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on and as of the day and year first above written.
									
		ISOPLEXIS CORPORATION
			
		By:	
		Name:	Sean Mackay
		Title:	Chief Executive Officer & President 
			
		INDEMNITEE
			
		
		Name:	
			
	Address:	
		
		
		

18Exhibit 10.7

 

EXECUTION VERSION

 

Dated 8 December 2020

 

FWD LIMITED

 

and

 

FWD GROUP LIMITED

 

and

 

BOLTTECH HOLDINGS LIMITED

 

 

 

 

 

BUSINESS COLLABORATION AGREEMENT

 

      

     

    

 

BUSINESS COLLABORATION AGREEMENT

 

DATE: 8
December 2020

 

PARTIES:

 

		(1)	FWD Limited, a company incorporated in the Cayman Islands whose registered office is at P.O. Box
31119, Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1-1205, Cayman Islands (“FL”); and

 

		(2)	FWD Group Limited, a company incorporated in the Cayman Islands whose registered office is at P.O. Box
31119, Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1-1205, Cayman Islands (“FGL”); and

 

		(3)	bolttech Holdings Limited (formerly Sky Noble Ventures Limited), a company incorporated in the
Cayman Islands whose registered office is at P.O. Box 31119, Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1-1205,
Cayman Islands (“Company”).

 

RECITALS:

 

		(A)	The Parties entered into the SPA for the GI Operator Sale.

 

		(B)	The Parties wish to enter into this Agreement to document the terms and conditions upon which (i) FWD
Group will distribute general insurance products of the Bolttech Group; and (ii) the Bolttech Group will distribute life insurance
products of FWD Group, in each case conditional upon and with effect from completion of the GI Operator Sale, and to document the manner
in which they will conduct themselves and the principles to be adopted in cooperating on the sale of insurance products through each Party’s
distribution channels thereafter.

 

    1 

     

    

 

TERMS AGREED:

 

		1.	Definitions and Interpretation

 

		1.1	In this Agreement where the context so admits the following words and expressions shall have the following meanings:

 

	 	“Affiliate(s)”	with respect to a person, any other person controlling, controlled by, or under common control with the first person;
	 	 	 
	 	“Applicable Laws”	any applicable laws, regulations or of any order, decree or judgment of any court or any governmental or regulatory authority in any relevant jurisdiction;
	 	 	 
	 	“Associated Contracts”	the SPA and the Call Option Deed;
	 	 	 
	 	“Bolttech Digital Solutions”	Bolttech Digital Solutions Capital Limited (previously known as Edirect Insure Capital Limited) and as defined in the SPA;
	 	 	 
	 	“Bolttech Competitor”	an entity that is licensed and regulated by its local regulatory authority to, and which primary or core business is to, manufacture or underwrite general insurance products, or an entity which primary or core business is to provide device protection products and/or digital brokerage services for general insurance products;
	 	 	 
	 	“Bolttech Distribution Channel(s)” 	distribution channels from time to time in all jurisdictions in which the Bolttech Group operates
    and which a member of the Bolttech Group acts as the ultimate distributor, including but not limited to all existing and future,
    online and offline channels, but excluding the Bolttech Partnership Channels;

 

    2 

     

    

 

	 	“Bolttech Group”	the Company and its controlled Affiliates licensed to carry on general insurance business activities;
	 	 	 
	 	“Bolttech Group Markets”	as defined in Clause 4.3.1;
	 	 	 
	 	“Bolttech Partnership Channels”	distribution channels available to the Bolttech Group through any bancassurance, alliance, partnership or affinity marketing arrangement where the Bolttech Group distributes general insurance products through its partners;
	 	 	 
	 	“Bolttech Product(s)”	any and all general insurance products being manufactured or underwritten by a member of the Bolttech Group (other than the Boundary Products) and which are distributable via the FWD Distribution Channels or the FWD Partnership Channels;
	 	 	 
	 	“Boundary Product(s)”	any and all insurance product segments permitted to be manufactured or underwritten under both: (a)a
    life insurance licence; and (b) a general or non-life insurance licence, including those products which include any component that
    can be manufactured or underwritten under both: (a)a life insurance licence; and (b)a general or non-life insurance licence;

 

    3 

     

    

 

	 	“Business Day(s)”	a day, other than a Saturday or a Sunday, on which commercial banks are open for business in Hong Kong;
	 	 	 
	 	“Call Option Deed”	the call option deed entered into by the Parties and Heritage Pioneer Limited on or around the date of this Agreement, pursuant to which Heritage Pioneer Limited and the Company shall grant to FL and FGL an option to purchase and/or subscribe for shares in the Company subject to and condition upon completion of the GI Operator Sale;
	 	 	 
	 	“Change of Control”	a Party ceasing to be controlled by Mr.Li, Tzar Kai Richard;
	 	 	 
	 	“Companies Ordinance”	the Companies Ordinance (Chapter 622 of the Laws of Hong Kong);
	 	 	 
	 	“Effective Date”	the date of completion of the GI Operator Sale;
	 	 	 
	 	“FGICL”	FWD General Insurance Company Limited, as defined in the SPA;
	 	 	 
	 	“FWD Competitor”	an entity that is licensed and regulated by its local regulatory authority to, and which primary or core business is to, manufacture or underwrite life insurance products, including for the avoidance of doubt an entity that has a composite licence and which primary or core business is to manufacture or underwrite life insurance products;

 

    4 

     

    

 

	 	“FWD Distribution Channels”	distribution channels from time to time in all jurisdictions in which the FWD Group operates and which the FWD Group acts as the ultimate distributor, including but not limited to all existing and future, online and offline channels, but excluding the FWD Partnership Channels;
	 	 	 
	 	“FWD Group”	FL, FGL and their respective controlled Affiliates licensed to carry on life insurance business activities;
	 	 	 
	 	“FWD Group Markets”	as defined in Clause 4.1.1;
	 	 	 
	 	“FWD Marks”	the FWD trademarks, trade names, logos, brands, business names, trade styles, service marks, service names or other source of business identifiers and general intangibles of like nature, whether registered or unregistered, together with all goodwill associated with any of the foregoing;
	 	 	 
	 	“FWD Partnership Channels”	distribution channels available to the FWD Group through any bancassurance, alliance, partnership or affinity marketing
    arrangement where the FWD Group distributes life insurance products through its partners;
	 	 	 
	 	“FWD Product(s)”	any and all life insurance products being manufactured or underwritten by a member of the FWD Group (other than the Boundary Products) and which are distributable via the Bolttech Distribution Channels or the Bolttech Partnership Channels;

 

    5 

     

    

 

	 	“GI Operator Sale”	the sale of FGICL, Bolttech Digital Solutions and iFWD TW under the SPA;
	 	 	 
	 	“HKIAC”	Hong Kong International Arbitration Centre;
	 	 	 
	 	“Hong Kong”	the Hong Kong Special Administrative Region of the People’s Republic of China;
	 	 	 
	 	“iFWD TW”	富 衛 保 險 經 紀
 股 份 有 限 公 司 , trading as iFWD Insurance Broker Co., Ltd, and as defined in the SPA;
	 	 	 
	 	“Matching Product”	with respect to a Specifications Sheet, a product with features and benefits substantially similar to that contained in such Specifications Sheet;
	 	 	 
	 	“Non-Compete Exclusions”	 (a)  the manufacture or underwriting of Boundary Products; (b)  group medical business; (c)  existing business or existing shareholding interest of the FWD Group or the Bolttech Group, as applicable, as at the Effective Date; or (d) ownership of securities or ownership interest of a person carrying one-commerce and/or fintech business activity (including any InsureTech business activity);

 

    6 

     

    

 

	 	“Non-Compete Period”	the period starting from the Effective Date and ending:

         

        (a)  in respect of the Non-Compete Period applicable to the Company, (i) upon a Change of Control of the Company or FL and FGL, or (ii) when the Bolttech Group ceases to use any FWD Marks, whichever is later; and

         

        (b) in respect of the Non-Compete Period applicable to FL and FGL, upon a Change of Control of FL and FGL or the Company,

         

        in each case provided that the Non-Compete Period shall be for a period of not less than five years  from  the  Effective  Date  even  if  the above events were to occur within five years from the Effective Date;

	 	 	 
	 	“Parties”	the named parties to this Agreement and their respective successors and assigns;
	 	 	 
	 	“Preferred Supplier”	(a)  with  respect  to  the  distribution of a Bolttech Product, the FWD Group shall, so far as is reasonably practicable and to the extent permitted  under Applicable Laws and the terms governing the relevant FWD Partnership Channels, provide preferential non-exclusive access to the Bolttech Group to the  FWD Partnership Channels for such Bolttech Product in priority to any similar product of a person other than the Bolttech Group; and (b) with respect to the distribution of a FWD Product, the Bolttech Group shall, so far as is reasonably practicable and to the extent permitted under Applicable Laws and the terms governing the relevant Bolttech Partnership Channels, provide preferential non-exclusive access to the FWD Group to the Bolttech Partnership Channels for such FWD Product in priority to any similar product of a person other than the FWD Group, in each case, it being agreed that the Parties shall discuss in good faith how to implement the operation of Preferred Supplier status;

 

    7 

     

    

 

	 	“Significant Interest”	10% or more of the issued share
capital/ownership interest or voting rights in a person;
	 	 	 
	 	“SPA”	the sale and purchase agreement entered into by the Parties on or around the date of this Agreement, pursuant to which FL and FGL shall sell to the Company the entire issued share capital of FGICL, Bolttech Digital Solutions and iFWD TW;
	 	 	 
	 	“Specifications Sheet”	a written notice describing in reasonable detail a
proposed product, substantially in the form of the Appendix;
	 	 	 
	 	“Steering Committee”	has the meaning prescribed in Clause 6; and
	 	 	 
	 	“Term”	the period commencing on the Effective Date and ending
on the date on which this Agreement terminates pursuant to Clause 8.

 

		1.2	Save where the context otherwise requires words and phrases the definitions of which are contained or
referred to in the Companies Ordinance shall be construed as having the meaning thereby attributed to them.

 

		1.3	Any references, express or implied, to statutes or statutory provisions shall be construed as references
to those statutes or provisions as respectively amended or re-enacted or as their application is modified from time to time by other provisions
(whether before or after the date hereof) and shall include any statutes or provisions of which they are re-enactments (whether with or
without modification) and any orders, regulations, instruments or other subordinate legislation under the relevant statute or statutory
provision.

 

    8 

     

    

 

		1.4	References in this Agreement to Clauses and Schedules are to clauses in and schedules to this Agreement
(unless the context otherwise requires). The Recitals and Schedules to this Agreement shall be deemed to form part of this Agreement.

 

		1.5	The expression “FGL”, “FL” and “Company” includes
their respective successors and assigns.

 

		1.6	References to “persons” shall include bodies corporate, unincorporated associations
and partnerships (whether or not having separate legal personality).

 

		1.7	References to “control” shall mean possession, directly or indirectly, of the power
to direct or cause the direction of the management or policies of a person, whether through the ownership of voting securities, by contract
or otherwise, and a person shall be deemed to have control of another person if it possesses (i) more than 50% ownership interest
in such other person; or (ii) the right to appoint or remove a majority of the members of the board of directors or similar management
body of a person, and “controlled” and “controlling” shall be construed accordingly.

 

		2.	Company Obligations

 

		2.1	Subject always to Clause 2.2 and the terms of any existing obligations which the Company or any member
of the Bolttech Group is subject on the date of this Agreement, to the extent permitted by Applicable Laws, the Company shall, and shall
procure Bolttech Group to, at all times during the Term:

 

		2.1.1	distribute FWD Products through the Bolttech Distribution Channels;

 

		2.1.2	distribute FWD Products on a Preferred Supplier basis through the Bolttech Partnership Channels;

 

    9 

     

    

 

		2.1.3	prior to distributing any new life insurance
product (other than FWD Products or Boundary Products) through the Bolttech Distribution Channels, provide each of FL and FGL with a Specifications
Sheet in respect of such proposed product. Within 15 days of receiving the Specifications Sheet, FL and FGL shall notify the Company in
writing of whether a member of FWD Group is able and committed to offer a Matching Product. If FL and FGL notifies the Company that a
member of FWD Group is able and committed to offer a Matching Product, FL and/or FGL shall procure the manufacture of the Matching Product
within 3 months (provided that such period may be extended to an aggregate of 6 months to the extent regulatory approvals are required
for the manufacture and sale of the Matching Product) from receipt of the relevant Specifications Sheet, which shall be treated as an
FWD Product in accordance with the terms of this Agreement. Only where FL and FGL are not able to offer or fail to notify the Company
of a Matching Product in accordance with this Clause  2.1.3, shall the Company be entitled to distribute through the Bolttech Distribution
Channels such life insurance product manufactured by any person;

 

		2.1.4	ensure compliance with requirements jointly provided by FL and FGL in respect of the sale of FWD Products,
including but not limited to training of sales staff, point of sale compliance, any other product sale directions, applicable laws and
regulations, rules of any stock exchange in which the securities of FL and FGL or a holding company are listed, and any requirements
imposed by insurance regulators of FL and FGL;

 

		2.1.5	provide FL and/or FGL, at their own cost and expense, reasonable access and assistance to the Bolttech
Group to enable FL and/or FGL to audit the Company’s performance under this Agreement or to comply with Applicable Laws; and

 

		2.1.6	subject to definitive agreement(s) on arms’ length terms, use commercially reasonable
                                                                                                        efforts to extend the collaborative relationship with FWD Group and encourage the distribution of FWD Products to the Bolttech
                                                                                                        Group’s business partners.

 

    10 

     

    

 

		2.2	As at the date of this Agreement and from time to time thereafter, the Company shall discuss with FL and
FGL the commercial terms (including commission and related payments) on which the Company and members of the Bolttech Group shall distribute
FWD Products. If the Company from time to time reasonably determines that the commission and related payments (including referral fees)
paid or payable to the Bolttech Group in relation to the distribution of FWD Products is below the level of commission payable in connection
with similar products distributed by other comparable insurance companies operating in the same territories in the same or similar distribution
channels, the Parties shall refer the matter to the Steering Committee for prompt discussion with a view to improving the commission level
to a level at least consistent with other comparable insurance companies operating in the same territories in the same or similar distribution
channels.

 

		3.	FL and FGL Obligations

 

		3.1	Subject always to Clause 3.2 and the terms of any existing obligations which FL, FGL or any member of
the FWD Group is subject on the date of this Agreement, to the extent permitted by Applicable Laws, each of FL and FGL shall, and shall
procure FWD Group to, at all times during the Term:

 

		3.1.1	distribute Bolttech Products through the FWD Distribution Channels;

 

		3.1.2	distribute Bolttech Products on a Preferred Supplier basis through the FWD Partnership Channels;

 

    11 

     

    

 

 

		3.1.3	prior
                                            to distributing any new general insurance product (other than Bolttech Products or Boundary
                                            Products) through the FWD Distribution Channels, provide the Company with a Specifications
                                            Sheet in respect of such proposed product. Within 15 days of receiving the Specifications
                                            Sheet, the Company shall notify FL and/or FGL (as applicable) in writing of whether a member
                                            of Bolttech Group is able and committed to offer a Matching Product. If the Company notifies
                                            FL and/or FGL that a member of Bolttech Group is able and committed to offer a Matching Product,
                                            the Company shall procure the manufacture of the Matching Product within 3 months (provided
                                            that such period may be extended to an aggregate of 6 months to the extent regulatory approvals
                                            are required for the manufacture and sale of the Matching Product) from receipt of the relevant
                                            Specifications Sheet, which shall be treated as a Bolttech Product in accordance with the
                                            terms of this Agreement. Only where the Company is not able to offer or fails to notify FL
                                            and/or FGL (as applicable) of a Matching Product in accordance with this Clause 3.1.3, shall
                                            FL and/or FGL (as applicable) be entitled to distribute through the FWD Distribution Channels
                                            such general insurance product manufactured by any person;

 

		3.1.4	ensure compliance with requirements provided by the Company in respect of the sale of Bolttech Products,
including but not limited to training of sales staff, point of sale compliance, any other product sale directions, applicable laws and
regulations, rules of any stock exchange in which the securities of the Company or a holding company are listed, and any requirements
imposed by insurance regulators of the Company;

 

		3.1.5	provide the Company, at its own cost and expense, reasonable access and assistance to the FWD Group to
enable the Company to audit FL and/or FGL’s performance under this Agreement or to comply with Applicable Laws; and

 

		3.1.6	subject to definitive agreement(s) on arms’ length terms, use commercially reasonable efforts
to extend the collaborative relationship with Bolttech Group and encourage the distribution of Bolttech Products to FWD Group’s
business partners.

 

    12 

     

    

 

		3.2	As at the date of this Agreement and from time to time thereafter, FL and FGL shall discuss with the Company
the commercial terms (including commission and related payments) on which FL, FGL and members of the FWD Group shall distribute Bolttech
Products. If FL and FGL reasonably determine that the commission and related payments (including referral fees) paid or payable to the
FWD Group in relation to the distribution of Bolttech Products is below the level of commission payable in connection with similar products
distributed by other comparable insurance companies operating in the same territories in the same or similar distribution channels, the
Parties shall refer the matter to the Steering Committee for prompt discussion with a view to improving the commission level to a level
at least consistent with other comparable insurance companies operating in the same territories in the same or similar distribution channels.

 

	4.	Non-Competition

 

		4.1	The Company undertakes that during the Non-Compete Period, it shall not, and shall procure that no member
of the Bolttech Group shall, without the prior written consent of FL and FGL:

 

		4.1.1	save for the Non-Compete Exclusions, carry on, or directly hold any ownership interests in an entity which
primary or core business is to carry on, the business of manufacturing or underwriting life insurance products in jurisdictions in which
the FWD Group has operations from time to time (the “FWD Group Markets”); or

 

		4.1.2	sell, transfer or otherwise dispose of a Significant Interest in the Company to any FWD Competitor. This
Clause 4.1.2 shall not prevent a shareholder of the Company from selling, transferring or otherwise disposing of its ownership interests
in the Company as it sees fit.

 

    13 

     

    

 

		4.2	The Company shall be deemed not to have breached
Clause  4.1:

 

		4.2.1	if an entity:

 

		(A)	in which the Bolttech Group holds a non-controlling interest; and

 

		(B)	which, at the time of the Bolttech Group’s acquisition of such non-controlling interest, primary
or core business was not the manufacture or underwriting of life insurance products, 

 

subsequently carries on the business
of manufacturing or underwriting life insurance products as its primary or core business in the FWD Group Markets; or

 

		4.2.2	to the extent the Company or a member of the Bolttech Group commences carrying on business, or acquires
any ownership interests in an entity, at a time when the FWD Group did not have operations in the relevant jurisdiction, in which case
the Company or the relevant member of the Bolttech Group shall not be required to terminate or dispose of the relevant business or ownership
interests notwithstanding the FWD Group subsequently developing operations in the relevant jurisdiction.

 

		4.3	Each of FL and FGL severally undertake that during the Non-Compete Period, it shall not, and shall procure
that no member of the FWD Group controlled by each of FL and FGL shall, without the prior written consent of the Company:

 

		4.3.1	save
                                            for the Non-Compete Exclusions and in respect of FWD Singapore Pte. Ltd. and its business
                                            (whether developed organically or inorganically by FWD Singapore Pte. Ltd.), carry on, or
                                            directly hold any ownership interests in any entity which primary or core business is to
                                            carry on, the business of: (A) manufacturing or underwriting of general insurance products;
                                            (B) the provision of device protection products; and/or (C) the provision of digital
                                            brokerage services for general insurance products in jurisdictions in which the Bolttech Group has operations from time to time (the “Bolttech
Group Markets”); or

 

    14 

     

    

 

		4.3.2	sell, transfer or otherwise dispose of a Significant Interest in FL or FGL to any Bolttech Competitor.
This Clause 4.3.2 shall not prevent a shareholder of FL or FGL from selling, transferring or otherwise disposing of its ownership interests
in FL or FGL as it sees fit.

 

		4.4	FL and FGL shall be deemed not to have breached
Clause  4.3:

 

		4.4.1	if an entity:

 

		(A)	in which the FWD Group holds a non-controlling interest; and

 

		(B)	which, at the time of the FWD Group’s acquisition of such non-controlling interest, primary or core
business was not the manufacture or underwriting of general insurance products, 

 

			subsequently carries on the business
of manufacturing or underwriting general insurance products as its primary or core business in the Bolttech Group Markets; or

 

		4.4.2	to the extent a member of the FWD Group commences carrying on business, or acquires any ownership interests
in an entity, at a time when the Bolttech Group did not have operations in the relevant jurisdiction, in which case the relevant member
of the FWD Group shall not be required to terminate or dispose of the relevant business or ownership interests notwithstanding the Bolttech
Group subsequently developing operations in the relevant jurisdiction.

 

		4.5	Notwithstanding anything to the contrary in this Agreement, no Party shall be restricted from distributing
Boundary Products manufactured by third-party manufacturers that are not an Affiliate of such Party.

 

    15 

     

    

 

		5.	IPO

 

If FL and FGL jointly determine in their
reasonable discretion that any provision of this Agreement has an adverse impact on the proposed initial public offering of FL and/or
FGL (including with respect to the valuation of FL and/or FGL for such purpose) or the ongoing compliance by the listed group of which
FL and FGL are members with applicable stock exchange rules regulations, the Parties shall discuss in good faith and use their respective
best endeavours to agree any amendment required to such provision to remove or mitigate as much as possible such adverse impact. If the
Parties are unable to reach agreement two months after the determination by FL and FGL and after such good faith discussions, the Parties
shall escalate the discussions to their respective ultimate shareholder. If, following such escalation the Parties are unable to reach
agreement following a period of not less than two months, any Party shall be entitled to terminate this Agreement.

 

		6.	Steering Committee

 

		6.1	Parties shall within 20 days from signing this Agreement, or such other time as mutually agreed, form
a Steering Committee (“Steering Committee”) comprising an equal number of representatives nominated jointly by FL and
FGL on the one hand, and nominated by the Company on the other hand. When the Steering Committee is first formed, it shall be led by David
Broom (nominated by FL and FGL) and Ryan Mascarenhas (nominated by the Company).

 

		6.2	The Steering Committee will supervise the distribution operations and performance of other obligations
under this Agreement, and provide strategic guidance and direction with respect to the development of the relationship, with the aim of
maximising the distribution of Bolttech Products and FWD Products to the extent permitted by Applicable Laws.

 

		7.	Group Medical and Group Life business

 

As provided for as a Non-Compete Exclusion,
the Parties agree that both the Bolttech Group and the FWD Group may write Group Medical business.

 

    16 

     

    

 

		8.	Term

 

This Agreement shall take effect from
the Effective Date and shall continue for a period fifteen (15) years.

 

		9.	Costs

 

Each Party to this Agreement shall pay
its own costs of and incidental to this Agreement.

 

		10.	General

 

		10.1	Each Party shall do and perform, or cause to be done and performed, all such further acts and things,
and shall execute and deliver all such other agreements, certificates, instruments and documents, as other Party(ies) may reasonably request
in order to carry out the intent and achieve the purposes of this Agreement and transactions contemplated hereunder.

 

		10.2	This Agreement shall be binding upon and enure to the benefit of the estates, personal representatives
or successors of the Parties.

 

		10.3	This Agreement (together with any documents referred to herein or executed contemporaneously by the Parties
in connection herewith) constitutes the whole agreement between the Parties and supersedes any previous agreements or arrangements between
them relating to the subject matter hereof; it is expressly declared that no variations hereof shall be effective unless made in writing
signed by duly authorised representatives of the Parties.

 

		10.4	If any provision or part of a provision of this Agreement shall be, or be found by any authority or court
of competent jurisdiction to be, invalid or unenforceable, such invalidity or unenforceability shall not affect the other provisions or
parts of such provisions of this Agreement, all of which shall remain in full force and effect.

 

    17 

     

    

 

		10.5	This Agreement may be executed in one or more counterparts, and by the Parties on separate counterparts,
but shall not be effective until each party has executed at least one counterpart and each such counterpart shall constitute an original
of this Agreement but all the counterparts shall together constitute one and the same instrument.

 

		10.6	A person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties)
Ordinance (Chapter 623 of the laws of Hong Kong) to enforce any term of, or enjoy any benefit under, this Agreement.

 

		11.	Notices

 

		11.1	Any notice required to be given by any Party hereto to any other shall be deemed validly served by hand
delivery; by prepaid registered letter sent through the post (airmail if to an overseas address); by facsimile transmission; or by email
to its address given herein or such other address as may from time to time be notified for this purpose. Any notice served by hand shall
be deemed to have been served on delivery; any notice served by facsimile transmission shall be deemed to have been served when sent;
any notice served by prepaid registered letter shall be deemed to have been served 48 hours (72 hours in the case of a letter sent by
airmail to an address in another country) after the time at which it was posted and in proving service it shall be sufficient (in the
case of service by hand and prepaid registered letter) to prove that the notice was properly addressed and delivered or posted, as the
case may be; and in the case of service by facsimile transmission to prove that the transmission was confirmed as sent by the originating
machine. Any notice served by email shall be deemed to have been served when the email is received, unless the time of receipt is after
5:30pm local time on a Business Day at the address of the recipient, in which case it is deemed received upon commencement of business
on the next Business Day.

 

		11.2	The notice details of each Party are as follows:

 

FL

 

		Address:	[***]

 

		Attention:	[***]

 

		Email:	[***]

 

    18 

     

    

 

FGL

 

		Address:	[***]

 

		Attention:	[***]

 

		Email:	[***]

 

Company

 

		Address:	[***]

 

		Attention:	[***]

 

		Email:	[***]

 

		With
                              copy	[***]

		(not to
                              be treated as 

                              valid notice) 

                              to:	

[***]

 

		12.	Assignment

 

Neither this Agreement nor any rights
or obligations hereunder may be assigned by any Party without the prior written consent of the other Parties.

 

		13.	Governing Law and Submission to Jurisdiction

 

		13.1	This Agreement shall be governed by and construed
                                            in accordance with the laws of Hong Kong. Any dispute, controversy or claim arising out of
                                            or relating to this Agreement, including the existence, validity, interpretation, performance,
                                            breach or termination thereof or any dispute regarding non-contractual obligations arising
                                            out of or relating to it shall be referred to and finally resolved by arbitration administered
                                            by the HKIAC under the HKIAC Administered Arbitration Rules in force when the notice
                                            of arbitration is submitted.

 

The seat of arbitration shall be Hong Kong.

 

    19 

     

    

 

		13.2	The number of arbitrators shall be one.

 

		13.3	The arbitration proceedings shall be conducted in English.

 

		13.4	Where disputes arise under this Agreement and under any of the Associated Contracts which, in the reasonable
opinion of the first arbitral tribunal to be appointed in any of the disputes, are so closely connected that it is expedient for them
to be resolved in the same proceedings, that arbitral tribunal shall have the power to order that the proceedings to resolve that dispute
shall be consolidated with those to resolve any of the other disputes (whether or not proceedings to resolve those other disputes have
yet been instituted), provided that no date for the final hearing of the first arbitration has been fixed. If that arbitral tribunal so
orders, the parties to each dispute which is a subject of its order shall be treated as having consented to that dispute being finally
decided:

 

		13.4.1	by the arbitral tribunal that ordered the consolidation unless the HKIAC decides that it would not be
suitable or impartial; and

 

		13.4.2	in accordance with the procedure, at the seat (or legal place), and in the language specified in the arbitration
agreement in the contract under which the arbitral tribunal that ordered the consolidation was appointed, save as otherwise agreed by
all parties to the consolidated proceedings or, in the absence of such agreement, ordered by the arbitral tribunal in the consolidated
proceedings.

 

This
Clause  13.4 shall apply even where powers to consolidate proceedings exist under any applicable arbitration rules (including
those of an arbitral institution) and, in such circumstances, the provisions of this Clause 13.4 shall apply in addition to those powers.

 

    20 

     

    

 

EXECUTED by the authorised representative of
each Party as of the date first written above.

 

	FL	 	 	 
	For
    and on behalf of	 	 	[***]
	FWD
    LIMITED	 	 	 
	 	 	 	Name:
    [***]
	 	 	 	Title:
    Director
	 	 	 	 
	 	 	 	 
	FGL	 	 	[***]
	For
    and on behalf of	)	 	
	FWD
    GROUP LIMITED	)	 	Name:
    [***]
	 	)	 	Title:
    Director

	 	 	 	 
	 	 	 	 
	Company	 	 	
	For
    and on behalf of	)	 	
	BOLTTECH
    HOLDINGS LIMITED	)	 	
	 	)	 	 
	 		 	Name:
	 		 	Title:

 

[Signature Page to Business Collaboration
Agreement]

 

    21 

     

    

 

EXECUTED by
the authorised representative of each Party as of the date first written above.

 

 

	FL 	 	 
	For and on behalf of 	)	 
	FWD LIMITED [***]	)	 
	 	)	Name:
	 	 	Title: 

   

 

	FGL 	 	 
	For and on behalf of 	)	 
	FWD GROUP LIMITED	)	 
	 	)	Name:
	 	 	Title: 

 

 

	Company	 	 
	For and on behalf of 	)	 
	BOLTTECH HOLDINGS LIMITED	)	[***]
	 	)	Name:
    [***] 
	 	 	Title:  Director

 

[Signature Page to Business Collaboration Agreement]

 

    22 

     

    

 

Appendix

 

Form of
Specifications Sheet1

 

 

	No.	 	Items	 	Descriptions

	1.		Business
Considerations

	1.1	 	Product Rationale	 	[To insert a brief description (1-2 paragraph(s)) as to why such proposed product is required.]
	1.2	 	Marketing Name	 	[To insert the relevant marketing name[s] of the proposed product[s], e.g. travel insurance, stroke insurance, heart attack insurance.]
	1.3	 	Target Customers	 	[To insert details of the targeted customers of the proposed product.]
	2.	 	Product Features	 	 
	2.1	 	Product Description	 	[To insert brief details of the proposed product.
	 	 	 	 	E.g. the coverage in respect of the time period before, during or post trip if this relates to travel insurance; or whether such life insurance is a non- participating term that pays out the full sum of the insured amount only upon meeting the definition of certain defined terms. To include language, as applicable, if any fixed death benefit (with the relevant amount) will be payable (for a life insurance product) if the insured death’s is due to any cause, together with any exclusions.]

	2.2	 	Product Structure	 	[To insert brief details of the structure. This includes the following (as applicable):
	 	 	 	 	•	if this applies to an individual / couple / family / group (and what the limit is for a family / group)
	 	 	 	 	•	Policy type
	 	 	 	 	•	Plan type
	 	 	 	 	•	geographical coverage (including any exclusions) any sum assured options (and if so, the amount(s), if there are different categories)
	 	 	 	 	•	whether such proposed product will have a base product and any (optional) rider
	 	 	 	 	•	if there are a few features under the same product, whether there be any combination
	 	 	 	 	•	to provide examples as necessary of the above]

	3.	 	Policy Benefits	 	 
	3.1	 	Basic Benefits	 	[To insert brief details of the basic benefits of the proposed product, e.g. death benefit, medical second opinion. If possible, please include the definition of each basic benefit.
	 	 	 	 	This can be based on (in) the plan type with the amount set according to each plan type for the respective benefits or (ii) listing out how much of the sum assured (in terms of percentage of monetary amount) will be payable, including if there are any carve-outs.]
	3.2 	 	Rider Benefits	 	[To insert brief details of the (optional) rider benefits of the proposed product (if applicable), e.g. early condition of heart & stroke, heart disorder, neurological disorder. If possible, please include the definition of each rider benefit.

 

 

1
Note: if the proposed new product is to be distributed by the Company and/or the Bolttech Group, the following (equivalent) sections under
the Product Approval Report for a FWD entity under the FWD Group should be considered and included appropriately in the Specifications
Sheet delivered pursuant to this Agreement (and such specific report will be shared with the relevant entity in each of the FWD Group
and the Bolttech Group): (i) customer insights / research for such proposed product; (ii) how the proposed product fits the
needs of customers and (iii) distributor compensation structure for such proposed product.

 

    23 

     

    

 

	No.	 	Items	 	Descriptions
	 	 	 	 	This can be based on (i) the plan type with the amount set according to each plan type for the respective rider or (ii) listing out how much of the sum assured or total premium (in terms of percentage of monetary amount) will be payable, including if there are any carve-outs.]
	3.2.1	 	Early condition	 	[To insert brief details if applicable.]
	3.3	 	Surrender Benefit	 	[To insert brief details if applicable, e.g. when will the surrender value not need to be paid; and when the policy will continue to be covered up until.]
	3.4	 	Maturity Benefit	 	[To insert brief details if applicable.]
	3.5	 	Policy Benefit	 	[To specify any benefits not mentioned above.]
	4.	 	Policy Limits	 	 
	4.1	 	Entry age	 	[To insert brief details on minimum age and maximum age (if applicable).]
	4.2	 	Coverage term	 	[To insert brief details, e.g. if the maximum length for travel insurance, or how often such coverage is renewed for any life insurance product.]
	4.3	 	Sum Assured	 	[To insert brief details, e.g. the minimum and/or maximum sum assured, as
	 	 	Limitations	 	applicable, and if there are any other limits.]
	4.4	 	Eligibility Rules	 	[To insert brief details in terms of residential and nationality requirements, and if foreigners (relative to the applicant’s residential country) are included.]
	4.5	 	Survival Period	 	[To insert brief details if applicable.]
	4.6	 	Waiting Period	 	[To insert brief details if applicable.]
	4.7	 	Other Policy Limits	 	[To specify any policy limits not mentioned above.]
	5.	 	Premium	 	 
	5.1	 	Premium Term	 	[To insert brief details, e.g. if this is a single/regular premium plan or otherwise.]
	5.2	 	Method & Frequency	 	[To insert brief details as to how payments can be paid (e.g. bank transfer /
	 	 	of Payment	 	credit card) and how often premiums are to be paid.]
	5.3	 	Premium Guarantee	 	[To insert brief details as to whether premium rates are guaranteed or applicable.]
	5.4	 	Policy Renewability	 	[To insert brief details as to whether any policy is renewable and if so, the limits.]
	6.	 	Policy Options	 	 
	6.1	 	Increase and decrease	 	[To insert brief details as to whether such action is allowed and if so, the limits
	 	 	sum insured	 	on such increased or decreased sum insured.]
	6.2	 	Add or remove riders	 	[To insert brief details as to whether such action is allowed and if so, any limits on such actions to be taken.]
	6.3	 	Changing policy term	 	[To insert brief details as to whether such action is applicable.]
	6.4	 	Policy reinstatement	 	[To insert brief details as to whether such action is allowed and if so, any limits on such actions to be taken.]
	6.5	 	Other Options	 	[Please specify any policy options not mentioned above.]
	7.	 	Underwriting	 	 
	7.1	 	Financial	 	[To insert brief details as to whether such underwriting is applicable.] Underwriting
	7.2	 	Medical Underwriting	 	[To insert brief details as to whether such underwriting is applicable, and if so, how will such be applicable, e.g. providing certain questions to determine.]
	8.	 	Reinsurance	 	 
	8.1	 	Reinsurance	 	[To insert brief details as to whether reinsurance is applicable, and if so, the type of reinsurance and the percentage of retention.]
	9.	 	Termination	 	 
	9.1	 	Termination	 	[To insert brief details on termination, including (i) what events will trigger the policy to terminate, (ii) whether such termination is automatic and (iii) in case of early termination of the policy, what refunds, if any, will be provided.]
	10.	 	Exclusions	 	 

 

    24 

     

    

  

	No.	 	Items	 	Descriptions
	10.1	 	Exclusions	 	[To insert brief details on exclusions (e.g. if there are any pre-existing conditions or to refer to the policy contract (and attach such policy contract if so).]
	11.	 	Free-look period	 	 
	11.1	 	Free-look period	 	[To insert brief details on free-look period if applicable, including the time period.]
	12.	 	Nomination of beneficiaries and Assignment of policy
	12.1	 	Nomination of beneficiaries and
    Assignment of policy	 	[To
insert brief details if such is applicable or allowed, including the details of beneficiaries and such beneficiaries and assignment
policy.] 
	13.	 	Currency	 	 
	13.1	 	Currency	 	[To insert details on the applicable currency.]

 

    25

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00333-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00333-of-00352.parquet"}]]