Document:

Exhibit 4.3

Execution
Version

 

MEMORANDUM
OF UNDERSTANDING

 

 

 

BETWEEN

 

 

 

GUARDFORCE
SECURITY (THAILAND) CO. LTD.

 

 

 

 

AND

 

 

 

GUARDFORCE
CASH SOLUTIONS SECURITY (THAILAND) COMPANY LIMITED

 

     

     

    

 

MEMORANDUM
OF UNDERSTANDING

 

This
Memorandum of Understanding (“MOU”) is entered into this 2nd day of March, 2020 (the “Effective
Date”) by and between:

 

		(1)	GUARDFORCE
SECURITY (THAILAND) CO. LTD. (Business Registration No.0105539070266) having its registered office at 1780 Teo Hong Bangna
Building, Debaratna Road, South Bangna, Bangna, Bangkok 10260, Thailand. (“THAI SP”)

 

AND

 

		(2)	GUARDFORCE
CASH SOLUTIONS SECURITY (THAILAND) COMPANY LIMITED  (Business Registration No.0105525026731), having its registered office
No.96 Vibhavadi Rangsit Road, Talad Bang Khen Sub-District, Laksi District, Bangkok 10210, Thailand. (”THAI CS”).

 

Now,
the Parties confirm their intentions in good faith as follows:-

 

		1.	OBJECTIVES

 

		1.1	THAI
SP is the sole and exclusive owner of certain intellectual properties including but not limited to copyrights, design rights,
trademarks, business names and rights to sue for passing off (“Intellectual Properties”) in connection with
the name "Guardforce" and the conduct of its business from time to time.

 

		1.2	This
                                         MOU expresses the intention of the Parties to collaborate in developing the brand of
                                         Guardforce in the areas of security and artificial intelligence.

 

		2.	BINDING
NATURE

 

		2.1	The
Parties acknowledge that the provisions of this MOU not only represent their common intentions and commitment, but it is intended
to create legally binding contractual relationship between the Parties upon negotiation in good faith.

 

		2.2	Party
shall be liable to the other for any loss, damage, cost and/or expense arising in any way from or in connection with a breach
of this MOU.

 

		3.	ROLE
OF THAI CS

 

		3.1	Pursuant
to this MOU, THAI CS agrees to:-

 

		(a)	Engage
                                         in and only in cash-in-transit-related business only (“said Businesses”)
                                         and liaise with potential customers using the name “Guardforce” in and only
                                         in Thailand; and

 

		(b)	use
                                         the name and trademark(s) of Guardforce in promoting and selling of (and only of) any
                                         goods and services in the said Businesses in Thailand solely in the manner approved by
                                         THAI SP from time to time. Particulars of the trademarks of Guardforce (“Trade
                                         Marks”) are set out in the Schedule attached to this MOU.

 

		(c)	THAI
                                         CS will join THAI SP in making any application for registering the licence to use the
                                         Trade Marks in Thailand, if necessary.

 

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		4.	ROLE
OF THAI SP

 

		4.1	Pursuant
to this MOU, THAI SP agrees to:-

 

		(a)	grants
                                         to THAI CS a non-exclusive, non-transferrable licence to use the name of Guardforce and
                                         its Trade Marks in promoting and selling of (and only of) any goods and services in the
                                         said Businesses in and only in Thailand.

 

		(b)	support
                                         THAI CS’s event and activities as a supporting organization.

 

		5.	CONFIDENTIALITY,
NON-DISCLOSURE, ETC.

 

		5.1.	A
Party in receipt of Confidential Information from the other Party must not use or disclose the other Party’s Confidential
Information without that other Party’s prior written consent other than (a) for the purposes of carrying out this
MOU, provided any disclosure is only to such of the receiving party’s personnel who need to know and who are made subject
to the confidentiality requirements of this MOU or (b) as required by law.

 

		5.2.	Any
public announcement in relation to this MOU should be made only after obtaining the written consent of the other Party.

 

		5.3.	Confidential
Information means (a) the subject and terms of this MOU and (b) all information (in whatever form) disclosed by
one Party to the other, whether before or after the date of this MOU but excludes information which (i.) is or becomes
public knowledge other than through a breach of this MOU (ii.) the recipient can show to the discloser’s reasonable
satisfaction to have been in the recipient’s lawful possession prior to disclosure or (iii.) the recipient can show
to the discloser’s reasonable satisfaction to have been lawfully received from a third party not obliged to keep that information
confidential.

 

		6.	RIGHT
TO USE NAME/PUBLIC ANNOUNCEMENTS/AGENCY

 

		6.1	The
Parties shall jointly be responsible for the publicity matters relating to this MOU. Each Party shall inform the other Party
prior to any disclosure to the public of the contents of this MOU, the fact that discussions pertaining to the MOU are taking
(and in the event of their termination, have taken) place and the content of such discussions.

 

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		7.	TERM
AND TERMINATION

 

		7.1	This
MOU will commence on the Effective date and shall remain in force for a period of three (3) years thereafter. Both Parties
agree that this Agreement shall automatically renew for an additional 3 years period, unless, either party gives the written
notice to other party at least thirty (30) days in advance of the next upcoming renewal term.

 

		7.2	Both
Parties will commit to collaborate according to this MOU in good faith. However, either Party may terminate this MOU at any
time on six (6) months’ prior written notice to the other Party, with or without cause, and without liability of any
kind to the other Party. THAI SP may forthwith terminate this MOU by written notice if THAI CS is in breach of any obligation
of this MOU, provided that, in the case of a breach capable of remedy, it shall not have been remedied within 30 days of written
notice to THAI CS specifying the breach and requiring its remedy.

 

		7.3	Upon
the termination of this Agreement, for any reason, all rights granted to THAI CS hereunder shall automatically revert to THAI
SP for its use or disposition.

 

		8.	NO
PARTNERSHIP/JOINT VENTURE/AGENCY

 

		8.1	Nothing
in this MOU shall be deemed or implied to create a joint venture or partnership or any principal-agency relationship of any
kind between the Parties. Neither Party shall have the right to contract on behalf of or bind the other Party or make
any commitment, representation or warranty for or on behalf of the other Party.

 

		9.	NON-EXCLUSIVITY

 

		9.1	Subject
to clause 3 and 4 of this MOU, Parties are free to enter into agreements with other parties covering cooperation on technologies
and products in accordance with this MOU.

 

		10.	INTELLECTUAL
PROPERTIES RIGHTS

 

Without
prejudice to any subsequent written agreement between the Parties, Thai CS acknowledges that Thai SP is the sole and absolute
proprietor of the Intellectual Properties (including without limitation those Trade Marks as more particularly set out in the
Schedule) and all goodwill associated with or generated from the Intellectual Properties. Thai CS must not do anything in relation
to any of the Intellectual Properties which may bring any disrepute to the Intellectual Properties or Thai SP, or impair the rights
(including without limitation copyright and trade mark right where applicable) in or to the Intellectual Properties .

 

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		11.	GOVERNING
LAW

 

This
MOU shall be governed by and construed in accordance with the laws of Thailand. Without prejudice to any other binding agreement
between the Parties, any disputes arising out of this MOU shall be amicably resolved by negotiation between the Parties.

 

Now
the Parties confirm their understanding and intention by signing below.

 

	SIGNED for and on behalf of 	 	SIGNED for and on behalf of 
	GUARDFORCE SECURITY (THAILAND) COMPANY LIMITED	 	GUARDFORCE CASH SOLUTIONS SECURITY (THAILAND) COMPANY LIMITED
	 	 	 
	/s/ Chanat Suksuwannatorn	 	/s/ Chu Kwok Wing
	Name: Mr. Chanat Suksuwannatorn	 	Name: Mr. Chu Kwok Wing
	Title:   Managing Director	 	Title:  Managing Director
	 	 	 
	 	 	/s/ Chanpreeya Ekthammasut
	 	 	Name: Miss Chanpreeya Ekthammasut
	 	 	Title:   Head of Legal, Guardforce Thailand

 

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SCHEDULE

 

(“Trade
Marks”)

 

	Marks	App.
    Nos.	Reg.
    Nos.	Class	Goods
    and Services
		871674	SM69374	39	Class
                                         39:

        Service
        of provision of assistance for accidents; traffic management; baggage storage in airports; aviation security-secondary
        screening; providing, facilities in airports for travelers who were refused admission to enter Thailand boarders

         

		871675	SM67353	41	Class
                                         41 :

        Security
        Training

         

		871676	161106958	42	Class
                                         42 :

        Document
        verification

         

		871677	SM67226	45	Class
                                         45 :

        Security
        officers services; provision of security services to persons and assets; security consultancy; security/risk auditing

         

 

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	Marks	App. Nos.	Reg. Nos.	Class	Goods and Services
		190108164	N/A	
        Class 39- 

        Providing assistance for accidents, traffic management,
        baggage storage in airports, aviation screening

        Class 41-

        Security training, providing facilities in airports
        for travelers who were refused admission to enter Thailand boarders

        Class 42-

        Document Verification

        Class 45- 

        Security officer services, providing security services
        to persons and assets, security consultancy, security/risk auditing

		190108163	N/A
		190108165	N/A

 

 

6Exhibit 4.4

 

 

LEASE AGREEMENT

 

Between

 

Varin World Company Limited

 

And

 

Guardforce Cash Solutions Security (Thailand)

Company Limited

 

Date 27 May 2019

 

     

     

    

 

LEASE AGREEMENT

 

	 	27 MAY 2019
	 	Made at Guardforce Cash Solutions Security

 (Thailand) Company Limited

 

This Lease Agreement
is made between Varin World Company Limited, having its principal office located at No. 96 Vibhavidi-Rangsit Road, TaladBangkhen
Sub-District, Laksi District, Bangkok 10210, represented by Mr. Varin Pulsiriwong, managing director, (hereinafter referred to
as the “Lessor”) of the one part, and Guardforce Cash Solutions Security (Thailand) Company Limited, having
its principal office located at No. 96 Vibhavidi-Rangsit Road, TaladBangkhen Sub-District, Laksi District, Bangkok 10210, represented
by Mr. Chu Kwok Wing and Ms. Chanpreeya Ekthammasut, authorized directors (hereinafter referred to as the “Lessee”)
of the other part.

 

The Lessor and the
Lessee are hereinafter collectively referred to as the “Parties”, and individually as a “Party”).

 

The Parties hereto
agree to enter into this Lease Agreement with the terms and conditions as follows:

 

	1.	Definitions and Interpretation:

 

	1.1	“Agreement- means this lease agreement including addendums and attachments (and all the amendments, additions
or modifications made from time to time by the Parties in writing).

 

“Business” means the business being
operated by the Lessee.

 

“Lease Term” means
the term of the lease of the Leased Premises as provided in Clause 6 including an extended term which may be agreed from time to
time.

 

“Rental” means
the rental as per the rate provided in Clause 5, which is paid to the Lessor due to the use of the Leased Premises.

 

“Leased Premises”
means the land and building as indicated in Clause 2.

 

 

 

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“Decorations and Equipment” means
furniture, fixtures and equipment which are installed for use with electricity, air conditioning, telephone, fire alarm, water
supply and water drainage systems which are installed by the Lessor at the Leased Premises for the Lessee’s benefits and
facilitation in enjoying the lease as per its purpose referred to herein.

 

“Security Deposit”
means a security deposit in the amount of 5,100,000 baht (Five Million and One Hundred Thousand Baht) which has been placed
by the Lessee according to the previous lease agreement and will remain a security deposit under this Agreement.

 

	1.2	In this Agreement, unless the context otherwise requires:

 

	 	(a)	the headings are inserted for convenience only and shall not affect the interpretation and construction of this Agreement;

 

	 	(b)	references to clauses or appendices and attachments are to clauses or appendices and attachments to this Agreement;

 

	 	(c)	words denoting the singular number include the plural number and vice versa; words denoting the masculine gender include the feminine gender; and words denoting a person includes any individual, corporation, or other entity;

 

	 	(d)	references to either Party to this Agreement shall include such Party’s permitted successors and assigns;

 

	 	(e)	references to this Agreement or to any other agreement shall include such other agreement as may from time to time be, amended, supplemented or novated; and

 

		(f)	the schedules or attachments to this Agreement form part
of this Agreement.

 

	2.	The Lessor agrees to lease to the Lessee and the Lessee accepts to lease the Leased Premises together with the Decorations and
Equipment for a period of 3 (three) year commencing from 1 November 2019 to 31 October 2022 with the following details;

 

	2.1	The parcel of land designated by the land title deed (Chanote) as attached hereto.

 

 

 

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	2.2	The parcel of space area of 3 storeys of World Express Building located at No. 96 Vibhavidi-Rangsit Road, TaladBangkhen Sub-District,
Laksi District, Bangkok 10210, with a total area of 2,192 square meters.

 

	2.3	The parcel of space area of 2 storeys of Naew Na Building located at No. 96 Vibhavidi-Rangsit Road, TaladBangkhen Sub-District,
Laksi District, Bangkok 10210, with a total area of 1,202 square meters.

 

	2.4	The parcel of space area of 1 storey of Varin World Building (adjacent to Pathai School) located at No. 96 Vibhavidi-Rangsit Road,
TaladBangkhen Sub-District, Laksi District, Bangkok 10210, with a total area of 576 square meters.

 

	2.5	The parcel of space area of 2 storeys of Training Building (next to canteen) located at No. 96, Vibhavidi-Rangsit Road, TaladBangkhen Sub-District, Laksi District, Bangkok 10210, with a total area of 480 square meters.

 

	2.6	The parcel of space area of 2 storeys of canteen, lodge and garage building located at No. 96, Vibhavidi-Rangsit Road, TaladBangkhen Sub-District, Laksi District, Bangkok 10210, with a total area of 725 square meters.

 

	2.7	The parcel of car parking space located at No. 96 Vibhavidi-Rangsit Road, TaladBangkhen Sub-District, Laksi District, Bangkok
10210.

 

	3.	Lessor’s Responsibility

 

	3.1	The Lessor shall arrange and maintain clear in-out passages through the Leased Premise at all times for the benefit of the Lessee.

 

	3.2	The Lessor shall be responsible for income tax arising out of the lease.

 

	3.3	The Lessor shall permit the Lessee’s vehicles to pass in and out of the Leased Premises. In the event of repairs and/or
the development of the Leased Premises, the ingress and egress through Vibhavadi - Rangsit Road will be open.

 

 

 

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	4.	Lessee’s Obligations and Responsibilities

 

	4.1	The Lessee shall use the Leased Premises solely for the purpose of operating its business and shall not sublease or assign the
lease right to any third party nor shall it make guarantee to the third party of the lease right as security for the debt payment
without the prior written consent of the Lessor.

 

	4.2	The Lessee shall, at its expense and responsibility, proceed or arrange for the maintenance and repair of the main structure and all structures relating to or in connection with the Leased Premises including but not limited to painting, exterior architecture situated at the front of the Leased Premises, repair of the main structure which includes but not limited to construction work, maintenance and repair of power cables (including electrical wiring in the Leased Premises), wall cracks, leaking or corrosion of water pipes, or wastewater treatment system, etc. In addition, the Lessee shall arrange for all risk insurance covering the Leased Premises including fire insurance and flood insurance and be responsible for the payment of the insurance premiums and related expenses. The Lessor will be the beneficiary of such insurance policies. The Lessee shall also arrange for an insurance covering loss or damage of the Lessee’s property situated in the Leased Premises at its own cost and it will be the beneficiary of this insurance policy.

 

	4.3	The Lessee shall pay Rental or all monies which are due to be paid within the prescribed period and in accordance with the method
of payment as provided hereunder throughout the Lease Term.

 

	4.4	The Lessee shall not make any installation, addition, decoration, alteration or modification of the Leased Premises unless it
obtains the prior written consent of the Lessor, provided that such written consent shall not be unreasonably withheld by the
Lessor. Upon termination of this Agreement for whatever reason, the Lessor may exercise its right to demand the Lessee to surrender
the Leased Premises together with all fixture additions and modifications in good condition except for fair wear and tear and
the Lessor will be entitled to take possession of the Leased Premises immediately. The Lessee agrees that all fixture additions
and modifications shall become the property of the Lessor without any claim for compensation or any consideration. Alternatively,
the Lessor may exercise its right to demand the Lessee to surrender the Leased Premises and dismantle all such additions, modifications,
decorations, in whole or in part, and make repair of the Leased Premises in a good condition at its own cost.

 

 

 

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	4.5	The Lessee shall maintain and repair the Leased Premises and all fittings and fixtures including the leased decorations and equipment
in a good condition except for fair wear and tear at all times. If there is any breakdown, loss or damage occurring during the
Lease Term of this Agreement, the Lessee shall repair or replace it in a good working condition (normal wear and tear excepted)
at its own cost. If the Lessee receives an advance notice and fails to make such repair or maintenance within the reasonable period,
the Lessor shall be entitled to enter the Leased Premises to make the repair or improvement and the Lessee shall reimburse the
Lessor the payment of all actual and reasonable expenses incurred thereby within 15 days from the date of receipt of the Lessor’s
written notice.

 

	4.6	The Lessee shall not store or keep any objects or articles that weigh more than 200 kilograms per square meters within the Leased
Premises.

 

	4.7	The Lessee agrees to let the Lessor or its representative enter the Leased Premises at a reasonable period of time upon receipt
of an advance notice from the Lessor or its representative, to perform the following;

 

	 	(a)	To inspect the condition and repair of the Leased Premises, decorations and equipment;

 

	 	(b)	To perform the repair, addition, modification, alteration or any act which the Lessor may deem necessary or appropriate;

 

	 	(c)	To cease or restrain an act or demeanor which may cause annoyance or danger or noise and/or to cause an act of compliance with the Lessor’s instructions, rules and regulations in relation to the Leased Premises; and

 

	 	(d)	To present the third party who wishes to take the lease of the Leased Premises during the 3 month period prior to expiration of the term of the Agreement or the termination date.

 

	4.8	The Lessee shall not keep or store any articles of a combustible or inflammable, chemical substances and any articles of dangerous
nature including illegal goods or objects within the Leased Premises. In addition, the Lessee shall not use the Leased Premises
for any illegal or immoral business nor shall it do or permit to be done anything in the Leased Premises or the adjacent area
outside the Leased Premises that may cause vibration, light, sound, smell, smoke, or similar affect that are against the law,
peace or public order.

 

	4.9	The Lessee shall not use or permit any person to use the Leased Premises for the residential purpose either for a short or long
term unless it obtains the written consent of the Lessor.

 

	4.10	The Lessee shall pay the Lessor the actual cost of electricity and other utilities consumed by the Lessee at, in and about the
Leased Premises at rates to be specified by the provider of such electricity and utilities and according to units of consumption
recorded by the water and electric meters and other utility meters (if any) connected to the Leased Premises. In addition the
Lessee shall be responsible for the installation of any additional utility system, if needed, provided that, prior written consent
of the Lessor is given.

 

 

 

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	4.11	The Lessee shall keep and maintain the Leased Premises and the adjacent area outside the Leased Premises clean, neat and in a
sanitary condition.

 

	4.12	The Lessee shall be responsible for the payment of house and land tax, signage tax, stamp duties and all government fees and expenses
arising out of or incurred by the execution of this Agreement throughout the Lease Term. Nevertheless, the Lessee agrees that
in the event that the Lessor makes advance payment of taxes, stamp duties, all government fees or expenses as aforementioned,
the Lessee shall reimburse the Lessor the amount paid by the Lessee as appeared in such a receipt within 15 (Fifteen) days from
the day the Lessor notified the Lessee of such payment. . If the Lessee fails or delays in making the reimbursement or payment
within the prescribed period, the Lessee agrees to pay a penalty at the rate of 7.5% per annum of the sum payable by the Lessee
to the Lessor from the due date of such payment until the date the Lessee has made the payment in full. The Lessor reserves the
right to terminate this Agreement on the grounds of the Lessee’s default.

 

	4.13	The Lessee shall comply with the reasonable rules and regulations in connection with the use of the Leased Premises and Decorations
and Equipment currently prescribed or which may be prescribed in the future by the Lessor. The Lessee shall manage its employees,
representatives and subordinates to comply with all terms and conditions, covenants and representations given or provided under
this Agreement including any agreements which bind upon both the Lessee and the Lessor.

 

	4.14	The Lessee shall not install signage, advertising boards, symbols, antennas, satellite dishes or other communication devices in
the Leased Premises unless it is for the business purpose of the Lessee. Such installation shall not create interference to the
Lessor or other persons in the surrounding area or create unsatisfactory scenery. Plans of the Lessee’s installation of
the business advertising signage at any spot shall be proposed to the Lessor for approval and receive prior written consent of
the Lessor.

 

 

 

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	5.	Rental, Terms of Payment and Security Deposit

 

	5.1	In consideration of the lease of the Leased Premises, the Lessee agrees to pay the total 3-years’ rental in the sum of THB
94,500,000 (THB Ninety Four Million Five Hundred Thousand Only), provided that a year’s rent will be paid in full in advance
by cashier’s cheque payable to “Varin World Company Limited” according to the following payment schedule;

 

		5.1.1	The first year’s rent for the period of 1 November
2019 — 31 October 2020: The sum of THB 31,500,000 (THB Thirty One Million Five Hundred Thousand Only) shall be paid on or
before 30 July 2019, provided that such rent is separated into (i) the rental for the Leased Premises in a total amount of THB
18,950,400; and (ii) the rental for Decorations and Equipment to be installed in the Leased Premises in a total amount of THB
12,549,600 (Excluding VAT); and

 

		5.1.2	The second year’s rent for the period of 1 November
2020 — 31 October 2021: The sum of THB 31,500,000 (THB Thirty One Million Five Hundred Thousand Only) shall be paid on or
before 30 July 2020, provided that such rent is separated into (i) the rental for the Leased Premises in a total amount of THB
18,950,400; and (ii) the rental for Decorations and Equipment to be installed in the Leased Premises in a total amount of THB
12,549,600 (Excluding VAT); and

 

		5.1.3	The third year’s rent for the period of 1 November
2021 — 31 October 2022: The sum of THB 31,500,000 (THB Thirty One Million Five Hundred Thousand Only) shall be paid on or
before 30 July 2021, provided that such rent is separated into (i) the rental for the Leased Premises in a total amount of THB
18,950,400; and (ii) the rental for Decorations and Equipment to be installed in the Leased Premises in a total amount of THB
12,549,600 (Excluding VAT).

 

The Parties agreed and accepted
that if the due date for payment of the rent as mentioned above falls on a weekend or public holiday, the payment of such rent
shall be made on the business day following such weekend or public holiday.

 

If this Agreement is terminated
without fault on the part of the Lessee or the Lessee’s failure to comply with the substantial terms and conditions of the
Agreement prior to expiration of the Lease Term, the Lessee will receive a refund on a pro rata basis within 90 days after the
notification date of termination.

 

	5.2	As a guarantee of the Lessee’s faithful performance of this Agreement, the Lessee agrees to place a Security Deposit in
the amount of 5,100,000 baht (Five Million and One Hundred Thousand Baht), provided that the Lessor agreed and accepted that the
security deposit which has been placed by the Lessee according to the previous lease agreement will remain as a Security Deposit
under this Agreement. If the Lessee is in default or fails to perform any terms and conditions of the Agreement, the Lessor shall
have the right to retain the Security Deposit in full without prejudice to the Lessor’s right to demand other compensation
from the Lessee. In no event shall the security deposit herein be considered or regarded as advance payment of the Rental or other
fees.

 

 

 

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If the Lessee has fully
fulfilled its obligation under the terms and conditions specified herein, the Said security Deposit shall be refunded to the Lessor
without interest and deduction within 30 (thirty) days from the date on which the Lessee completely surrenders the Leased Premises
together with Decorations and Equipment in good condition and has fully made payment of all outstanding monies (if any) to the
Lessor.

 

	6.	Lease Term

 

This Agreement is in full
force and effect for a period of 3 (three) years from 1 November 2019 until 31 October 2022. If the Lessee wishes to renew the
Lease Term, the Lessee shall be entitled to renew the lease for another 3 (Three) years. Provided, however, that the Lessee is
required to notify its intention to renew the lease to the Lessor in writing 6 months in advance prior to expiration of the Agreement.

 

In the event that the Lessee
exercises its right to renew the lease, the Parties agree that all terms and conditions of this Agreement (as applicable), except
for the rent shall apply to the renewal period mutatis mutandis. The Parties shall mutually agree on the rental rate for
the renewal period which will take into consideration the economic situation at that time as well as the average appraised value
of the Land, excluding any assets and construction on it.

 

	7.	Representation and Warranty of the Lessor

 

	7.1	The Lessor has the rights, without any restriction, to lease the Leased Premises and Decorations and Equipment to the Lessee according
to the terms and conditions of this Agreement.

 

	7.2	The Lessor does not let or permit any person to take on lease of any part of the Leased Premises or Decorations and Equipment.

 

	7.3	The Lessee has the sole right to possess the Leased Premises and Decorations and Equipment and may install or construct or cause,
perform or permit the installation or construction of a building or connecting part of the building at any time after the date
of this Agreement. Such work on the additions to the structure of the building or building construction or new construction must
receive prior written consent of the Lessor.

 

 

 

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	7.4	The Lessor has fully and completely received the entire consent, permission and acceptance which should be obtained for performing
its obligations under this Agreement.

 

	7.5	The Lessor shall not sell, transfer or distribute nor shall it consent to the sale, transfer or distribution of any part of the
Leased Premises to any person or entity for the term of this Agreement. If the Lessor wishes to sell, transfer, allocate and/or
make a new allotment (hereinafter collectively referred to as “Transfer”) the Leased Premises to any third
party, the Lessor may transfer the Leased Premises in whole or in part, provided that, the Lessor notifies the Lessee of such
Transfer in advance and said Transfer shall be in accordance with the terms and conditions of this Agreement. In the event of
the Transfer, the Lessor shall be responsible for managing the transferee to admit and bind upon the terms and conditions of this
Agreement.

 

	7.6	The Lessor shall permit the Lessee to have quiet possession and enjoyment of the Leased Premises and buildings situated in the
area of the Leased Premises during the term of this Agreement.

 

	7.7	The Lessor shall allow the Lessee to use the address according to the household registration of the Leased Premises for the purpose
of business operation of the Lessee and shall assist, facilitate and cooperate with the Lessee in liaison, registering, including
granting its consents and/or signing any documents required by the Lessee in order to achieve the objective of the lease under
this Agreement. In addition, the Lessor agrees to provide the Lessee as such with full support and assistance and perform all
necessary acts and things without delay and without unreasonably withholding cooperation and at no additional cost or consideration
to the Lessee in order to achieve the objective of the lease under this Agreement.

 

	7.8	In case the Lessor wishes to sell the Leased Premise, the Lessor shall immediately notify the Lessee of the proposed selling price
and shall grant the Lessee, or its designated person or legal entity, a right of first refusal to purchase the Land for at least
60 (Sixty) days on such terms as to price and timing as the Lessor shall reasonably decide. If the Lessee or its designated person
or legal entity waives its right or fails to exercise its right to buy the Land, the Lessor must ensure the sale is transacted
to a third party on terms not more favourable to that third party than the terms offered to the Lessee or the person or legal
entity designated by the Lessee. In such event the Lessor must ensure that the prospective buyer of the Leased Premise enters
into this Agreement and agrees to be bound by the terms and conditions of this Agreement, including the provisions regarding the
renewal rights under clause 6 of this Agreement, without claiming any payments, other than the payment of the Rental under this
Agreement.

 

 

 

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	8.	Representation and Warranty of the Lessee

 

	8.1	The Lessee shall make payment of the Rental in accordance with the terms of Clause 5 hereof.

 

	8.2	The Lessee shall comply with the applicable laws, rules, ordinances and legal advice which are in force or which may be prescribed
from time to time by the relevant authorities or the Lessor in relation to the use and possession of the Leased Premises.

 

	9.	Either Party Represents and Warrants to the Other Party that:

 

	9.1	Each Party is a company legally established and retains its legal status of a juristic entity, being capable of holding proprietary
rights to conduct its business as it is currently being operated. Each Party has the authority to execute, operate, deliver and
perform any necessary act to acquire the right to operate and deliver this Agreement including performing any act in accordance
with the provisions of this Agreement.

 

	9.2	The obligations expressly prescribed for each Party in this Agreement are legally binding and enforceable and not in conflict with any applicable law or rule or with the corporation establishment documents.

 

	9.3	All information given by either Party to the other Party is correct, complete and true in essence in all respects upon the date
of giving the information and will not cause confusion to the other Party in whatsoever manner.

 

	9.4	There is no litigation, arbitral proceedings, investigation, administrative proceeding of or against the courts, arbitrators or
authorities which (if consideration will be adversely affected) may be anticipated that it will affect or cause server damage
in performing in compliance with the terms and conditions of this Agreement by each Party.

 

	9.5	There is no action being taken against the Company by law or by initiation of a reminder of the initiation of any act or proceeding
in relation to (1) winding up, dissolution, insolvency, bankruptcy (2) acquisition, compromise, transfer, arrangement with the
creditors (3) appointment of a liquidator, receiver, executor in relation to the company or assets, or any similar proceeding
or procedure taken for any other purpose than for insolvency rehabilitation or merger and acquisition.

 

 

 

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	9.6	The Lessor shall indemnify and hold harmless the Lessee, its assignee or successors from and against all claims, orders, operations, losses, damages, expenses, service fees, expenditures and actions which may lead to or effect or cause damage to the Lessee or affect the right of the Lessor in the Leased Premises if any one of the Lessor’s representations or warranties is falsified, incorrect or untrue or if the peaceful possession or use of the Leased Premises is interfered for whatever reason.

 

	9.7	The Lessee shall use the Leased Premises to
    conduct the business of the Lessee and its associated, subsidiary and affiliated companies and for any or all other related
    acts. The use of the Leased Premises for the operation as an office shall not be restricted or interfered and the Leased
    Premises shall always be ready night and day for the Lessee, its employees, staff members, representatives, customers,
    visitors and guests.

 

	10.	Termination

 

	10.1	In the event of the occurrence of any of the following events or circumstances, it shall constitute a justified cause for the termination of this Agreement to be notified by the Lessee to the Lessor.

 

	 	(a)	the liquidation, bankruptcy, dissolution or cessation of business of the Lessor or the taking of legal proceedings for the winding up, restructuring or dissolution of the Lessor, or on the appointment of a liquidator in respect of the Lessor;

 

	 	(b)	failure of the Lessor to comply with the terms and conditions of this Agreement, provided that such provision will be subject to Clause 10.3; or

 

	 	(c)	the Lessor’s act of performing under this Agreement, which is against the law.

 

In this regard, the Lessor
shall be liable to return all unused rent, including a full amount of security deposit according to Clause 5.2 to the Lessee, together
with all proven damages of the Lessee within 15 days after the Lessee terminates this Agreement.

 

	10.2	In the event of the occurrence of any of the following events or circumstances, it shall constitute justified cause of termination to be notified by the Lessor to the Lessee.

 

		(a)	the liquidation, bankruptcy, dissolution or cessation of
business of the Lessee or the taking of legal proceedings for the winding up, restructuring or dissolution of the Lessor, or on
the appointment of a liquidator in respect of the Lessee;

 

 

 

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	 	(b)	failure of the Lessee to comply with the terms and conditions of this Agreement, provided that such provision will be subject to Clause 10.3; or

 

	 	(c)	the Lessee’s act of performing under this Agreement, which is against the law.

 

In this regard, the Lessee
agrees that the security deposit according, to Clause 5.2 shall be forfeited as compensation.

 

	10.3	In the event of a material breach of the terms and conditions of this Agreement by either Party, the non-defaulting Party may
give notice of the breach to the defaulting Party. If such breach is not cured by the defaulting Party within the said 30 day
period from the date of receipt of notice, it shall be deemed that the last day of the 30 day period is the date of termination
of the Agreement with immediate effect. Except for the breach or default in paying the Rental within the prescribed period, the
Lessor is entitled to terminate the Agreement forthwith.

 

	10.4	Unless specifically provided for herein, both Parties agree that this Agreement shall also terminate in the following circumstances:

 

	 	(a)	Upon the expiration of the Lease Term under this Agreement or the renewal period;

 

	 	(b)	If any or all substantial parts of the Leased Premise would become in unusable condition for the purpose of this Agreement because of any circumstances or any events beyond the Parties’ control, the Lessee shall have the option either to terminate this Agreement extra-judicially or to continue with the same. In such event all Parties declare to be willing to re-negotiate rental conditions and payment of the rent depending on the actual situation. If the Lessee elects to terminate this Agreement, the Lessee shall remove all its belongings and vacate the Leased Premise, provided that the Lessee only be responsible for rent accruing through to the date of handover of the Leased Premise, but if the Lessee selects to continue this Agreement, the Lessee, at its own cost, shall commence reconstruction or repair of the Leased Premise within the reasonable period.

 

	10.5	Unless otherwise agreed by the Parties, if either Party desires to terminate this Agreement prior to the expiration of the Agreement,
such Party shall be required to notify its intention to other Party in writing 12 months in advance prior to the effective of
such termination, provided that all unused rent, including a full amount of security deposit according to Clause 5.2 shall be
returned to the Lessee.

 

 

 

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	11.	Disputes

 

In the event of any dispute
or difference arising out of this Agreement, such dispute or difference shall be referred to the arbitrator to be proposed and
agreed between the Parties and determined in accordance with the provision of the Civil and Commercial Code.

 

	12.	Severability

 

If any of the provisions
of this Agreement are held to be invalid or unenforceable in any respect, such invalidity or unenforceability shall not affect
or impair the remainder or any other provisions hereof. The Parties will use their reasonable endeavor in superseding the invalid
or unenforceable provisions with valid provisions which affect the enforceability in a maximum similar manner.

 

	13.	Notices

 

	13.1	Any notice or communication to be served under this Agreement shall be made in writing signed by or in the name of the Party sending
the same and shall be hand delivered or sent by facsimile transmission or by registered post to the addressee at the address of
the addressee given in Clause 13.2 or at such other address as such addressee may have notified to such Party in writing. Such
notice sent by hand delivery, facsimile transmission or registered post shall be deemed to be duly sent;

 

	 	(a)	if delivered by hand, at the time of signing for the receipt. If there is no signing, on the date of delivery;

 

	 	(b)	if sent by facsimile transmission, on the next business day the transmission is sent and at the place of sending if there is an electronic confirmation report on the sending;

 

	 	(c)	if sent by registered post, at the time of signing for the receipt
of the post.

 

 

 

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	13.2	The Parties’ addresses for the purposes provided under Clause 13.1 are as follows:

 

	 	Lessee:	Guardforce Cash Solutions
    Security (Thailand) Company Limited
	 	Address:	No. 96 Vibhavidi-Rangsit
    Road, TaladBangkhen Sub-District, Laksi District, Bangkok
	 	Attention:	Khun Chu Kwok Wing
	 	Tel.:	0-2973-6010-12
	 	Lessor:	Varin World Company
    Limited
	 	Address:	No. 96 Vibhavidi-Rangsit
    Road, TaladBangkhen Sub-District, Laksi District, Bangkok
	 	Attention:	Khun VarinPulsiriwong,
    Khun ParondejPulsisiwong
	 	Fax:	0-2552-3783
	 	Tel.:	0-2521-4946

 

	13.3	Either Party may change its address or facsimile number or any details of the sending of notices as provided under Clause 13.
Such notice or communication to be served or beproceeded by either Party according to or in connection with this Agreement shall
be made in English and Thai languages.

 

	14.	Additional Representation

 

The Lessor will provide assistance
as necessary according to the Lessee’s reasonable request made from time to time at the cost of the Lessee in order for
the Lessee to be able to utilize the terms and conditions of this Agreement and to considerably operate its business in the Leased
Premises.

 

	15.	Expenses and Expenditure

 

Unless agreed otherwise in this Agreement, each
Party shall be responsible for its own expenses incurred by the negotiation, preparation and execution of this Agreement.

 

	16.	No Partnership

 

Nothing in this Agreement
shall be deemed to be the establishment of a partnership between the Parties, constitute either Party the agent of the other Party
for whatever reason.

 

 

 

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	17.	lndulgence

 

	17.1	The Parties’ delay or error in exercising their rights or remedy under this Agreement shall not be deemed a waiver of the rights or remedy or the indulgence in exercising the rights or remedy of another matter by the Parties and a waiver by a Party of any requirement under this Agreement in one instance does not constitute a continuing waiver of such requirement.

 

	17.2	The right and remedy hereunder are specific rights and are not restricted only under the provisions of law.

 

	18.	Entire Agreement

 

This Agreement constitutes
and contains all of the agreed upon terms and conditions and understandings between the Parties concerning the lease of the Leased
Premises and buildings constructed on the Leased Premises including Decorations and Equipment which supersedes all previous agreements,
understandings, proceedings and/or contracts between the Parties either by verbal or in writing in relation to the lease of the
Leased Premises which may be agreed upon between the Parties prior to the date of this Agreement.

 

	19.	Applicable Law

 

This Agreement shall be
enforced, interpreted and construed in accordance with the laws of the Kingdom of Thailand.

 

	20.	Duplicate

 

This Agreement is made in writing
and in duplicate with identical contents. Each Party retains one copy. Each copy is signed and deemed to be the agreement which
is effective and enforceable as both having signed on the same copy.

 

[Remainder of page intentionally
left blank; signatures page to follow.]

 

 

 

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