Document:

Exhibit
10.3

 

 

	Our
    Ref: MLM-CMA-0029766	Date
    : 21 December 2021 

Allocation
Number : A5006535

 

FILTEC
PRIVATE LIMITED

35
DEFU LANE 9

SINGAPORE
539275

 

Dear
Sirs

 

OFFER
FOR TENANCY AT BLK 8 JTC DEFU INDUSTRIAL CITY #03-27 SINGAPORE 533758

 

	1	GENERAL

 

	1.1	This
    letter, together with the attached Special Terms and Standard Terms, comprises our offer to rent the Premises to you (“Offer”).
    You are advised to review these documents before accepting the Offer.
	 	 
	1.2	On
    your acceptance as stated in paragraph 3 below, your signed Letter of Acceptance will constitute a binding tenancy contract
    between us (“Tenancy”).

 

	2	OFFER

 

	.1	Premises

 

We
offer to rent the following Premises to you on an “as is” basis.

 

	(a)	Private
    Lot No.:	 	Unit
    No:	 	Estimated
                                            Area (“Area”)

    (square
    metres):
	 	1Maximum

    Floor
    Loading (kiloNewtons per square metre):
	 	2Maximum

    Electrical
    Loading

    (amp):

	 	 	 	 	 	 	 	 	 	 
	 	[Note
                                            to Customer: This will be made known

    later.]
	 	#03-27	 	1,630.99	 	20
    kN/sqm	 	250
    amp
	(b)	Address
    and Postal Code:	 	Blk
    8 Defu South Street 1 JTC Defu Industrial City Singapore 533758
	(c)	Plan
    of Premises:	 	Please
    see attached plans

 

 

 

1
Note to Customer: You must not exceed the Maximum Floor Loading and must ensure that the permitted load is evenly distributed.

2
Note to Customer: You must not exceed the Maximum Electrical Loading.

 

Address:
The JTC Summit, 8 Jurong Town Hall Road, Singapore 609434 | Tel: 1800 568 7000 | Web: www.jtc.gov.sg

 

    	 

     

    

 

	2.2	Authorised
                                            Use

 

The
Authorised Use is set out below.

 

	Private
    Lot No.:	 	Unit
    No.:	 	Authorised
    Use
	[Note
                                            to

                                                                                Customer:
	 	#03-27	 	MANUFACTURE
    AND REPAIR OF SEPARATION/MIXING EQUIPMENT (FILTERS, SEPARATORS AND MIXERS)
	This
    will be made	 	 	 	
	known
    later.]	 	 	 	

 

	2.3	Approvals

 

You
must obtain all necessary approvals required for your business operations at the Premises and keep them in force throughout the Tenancy.

 

	2.4	Tenancy
                                            Period, Possession and related conditions

 

The
key particulars of the Tenancy are set out below. You must commence business by the Commencement Date.

 

	Tenancy
                                            Term

                                                         (“Term”):
	 	3
    years
	 	 	 
	Commencement
    Date (start date of the Term):	 	Within
                                            6 months after TOP (as defined in paragraph 2.7 below) has been obtained.

     

    The
    exact Commencement Date will be determined by us and will be final and binding on you. We will notify you of the exact Commencement
    Date in due course.

	 	 	 
	Possession
    Date (Date the Premises will be handed to you):	 	Any
    time within 2 months before the Commencement Date.
	 	 	 
	Rent-Free
    Period:	 	From
    Possession Date to Commencement Date
	 	 	 
	Option
    to Renew:	 	You
    have an Option to Renew in accordance with the relevant provisions in the Special Terms.

 

	2.5	Rent

 

The
Rent and Service Charge payable by you is set out below.

 

	Private
    Lot No.:	 	Unit
    No.:	 	$37,186.57
    at $22.80 per square metre per month of the Area, or such other lower rate as we may notify you in writing after TOP has been obtained
	[Note
    to Customer: This will be made known later.]	 	#03-27	 

 

The
Rent and Service Charge must be paid in advance without demand or deduction on the first day of each month of the Term.

 

    	2

     

    

 

	2.6	Service
                                            Charge

 

The
Service Charge payable is set out below.

 

	Private
    Lot No.:	 	Unit
    No.:	 	The
    amount has been included in the above Rent.
	[Note
    to Customer: This will be made known later.]	 	#03-27	 	 

 

You
must pay the Service Charge in advance without demand or deduction on the first day of each month of the Term. We are entitled, at any
time and from time to time, to adjust the Service Charge.

 

Notwithstanding
such adjustment, the 1st Year Monthly Rent and Service Charge, 2nd Year Monthly Rent and Service Charge and 3rd
Year Monthly Rent and Service Charge will remain unchanged3.

 

	2.7	Changes
                                            to configuration, floor plan, size, access etc

 

As
the Building is currently under construction and the Temporary Occupation Permit for the Building (“TOP”) has
not been issued, we reserve our rights to change the configuration of the Premises in terms of its floor plan, size of the Premises,
access to the Premises, etc. You irrevocably agree to these changes and fully acknowledge that the Unit is currently being built.

 

	2.8	Adjustment
                                            Based on “As-Built” Drawings

 

	 	(a)	If
    the Area is adjusted on completion of the “As-Built” drawings (prepared by our consultants and approved by us), the Rent
    and Service Charge paid or payable by you shall accordingly be adjusted and be paid and payable, or refunded as the case may be,
    in respect of the full difference between the Area and the “As-Built” drawings area, with retrospective effect from the
    Commencement Date.
	 	 	 
	 	(b)	All
    sums payable or refundable under the above sub-paragraph (a) shall be paid, or refunded, as the case may be, without interest EXCEPT
    THAT if you fail to make payment by the date stated in our written notice to you, then you shall also pay the interest referred to
    in Clause 4.5 of the Standard Terms from (and including) the date of such written notice until payment in full is received.

 

	2.9	4Security
                                            Deposit

 

		(a)	It
                                            is a condition of acceptance for our tenants to be on the GIRO payment scheme. Under the
                                            scheme, the Security Deposit payable by you (which must be maintained throughout the Term)

 

 

 

3
Note to Customer: As illustration only, if the total monthly Rent and Service Charge payable is $A, and the Service Charge
is adjusted from $X to $Y, the total monthly Rent and Service Charge payable remains at $A.

 

4
Note to Customer: The Security Deposit must be in non-cash mode (e.g. cheque, cashier’s order) or Banker’s Guarantee
in the format attached. Banker’s Guarantee must be effective from the Commencement Date until the date falling 3 months
after the expiry of the Term.

 

    	3

     

    

 

is
set out below.

 

	Private
    Lot No.:	 	Unit
    No(s):	 	Security
    Deposit:
	[Note
    to Customer:	 	#03-27	 	An
    amount equivalent to 1 month’s Rent and Service Charge
	This
    will be	 	 	 	 
	made
    known	 	 	 	 
	later.]	 	 	 	 

 

		(b)	Please
                                            note that if your GIRO arrangement is not effected or is discontinued for any reason, the
                                            Security Deposit will be increased as set out in the Standard Terms.
		(c)	Before
                                            taking possession of the Premises, you must pay to us the Security Deposit.

 

	2.10	Reinstatement
    Deposit

 

You
must seek our consent if you wish to carry out any addition or alteration works at the Premises. A reinstatement deposit will be required
for our consent which will be on such terms and conditions as we may impose.

 

	2.11	Mode
    of Payment

 

Your
first payment must be by electronic payment through JTC’s Customer Service Portal (CSP) available at http://www.jtc.gov.sg
or Bank Transfer to JTC OCBC Bank Account: 501-104970-001. Subsequent monthly payments of Rent, Service Charge, Usage Charge (if any)
and GST must be paid by interbank GIRO to our designated bank account. The Rent, Service Charge and Usage Charge (if any) exclude GST.
GST is payable by you.

 

	2.12	Fitting
    Out

 

You
may, as a licensee (on the same terms and conditions in the Tenancy), commence fitting out works (“Fitting Out Works”)
after the Possession Date. You must obtain our, and the Authorities’, prior written consent before commencing any Fitting Out Works,
and carry out and complete the Fitting Out Works in accordance with our requirements. The Commencement Date remains unchanged even if
the Fitting Out Works are completed after the Commencement Date.

 

	2.13	Early
    Termination by Written Notice

 

	 	(a)	If
    you wish to terminate the Tenancy after the Commencement Date and before expiry of the Term, please submit a written request for
    our consent indicating the reasons and proposed date of termination (which must be at least 3 months after the date of such request
    or paying us 3 months’ rent-in-lieu) for our consideration. When providing our consent, we may impose certain terms and conditions.
	 	 	 
	 	(b)	We
    may also terminate the Tenancy by giving you not less than 3 months’ prior written notice or paying you 3 months’ rent-in-lieu.
    The termination of the Tenancy preserves our rights and remedies against you for any prior breach.

 

    	4

     

    

 

	2.14	Failure
    to proceed with Tenancy before Possession Date

 

Without
affecting Clause 4.5(c) of the Standard Terms and in addition thereto, if –

 

	 	(a)	before
    the Possession Date –

 

	 	(a1)	you
    fail to proceed with the Tenancy for whatever reason; or
	 	 	 
	 	(a2)	(for
    an individual) you pass away, or a bankruptcy order has been made (or in the process of being made) against you; or
	 	 	 
	 	(a3)	(for
    a partnership) your partnership business is deregistered, or no longer exists, for whatever reason;
	 	 	 
	 	(a4)	you
    are wound up (or in the process of being wound up) in any manner whatsoever, whether voluntarily or otherwise; or

 

	 	(b)	you
    fail to pay the balance of the first month’s Rent and Service Charge by the time stated in paragraph 2.5 above; or
	 	 	 
	 	(c)	you
    fail to pay the first month’s Service Charge by the time stated in paragraph 2.6 above; or
	 	 	 
	 	(d)	you
    fail to pay the Security Deposit by the time stated in paragraph 2.9(c) above; or
	 	 	 
	 	(e)	you
    fail to take possession of the Premises for whatever reason, then, without affecting any of our rights and remedies under the Tenancy
    or at Law, upon giving written notice to you –
	 	 	 
	 	(f)	the
    application deposit, and all other monies paid to us, will be forfeited and belong to us absolutely. For clarity, there will be no
    refund of any stamp fee paid;
	 	 	 
	 	(g)	the
    Tenancy is terminated on the date as specified in such notice; and
	 	 	 
	 	(h)	we
    will be entitled to rent the Premises (or any part of it) to another person or deal with the Premises in any other manner as we require.

 

	2.14
A	Ineligible

 

	 	(a)	Notwithstanding
    anything in the Tenancy, the Tenancy will terminate automatically if any of the following occurs after your acceptance of
    this Offer and before the Possession Date:

 

	 	(a1)	your
    existing tenancy / lease with us relating to the use and occupation of the Criteria Unit (defined in sub-paragraph (b) below)
    is terminated, or you are no longer our tenant / lessee of the Criteria Unit, for whatever reason; or
	 	 	 
	 	(a2)	you
    effect any change in shareholding, constitution or membership of your company, sole-proprietorship or partnership; or
	 	 	 
	 	(a3)	you
    effect any form of reconstruction howsoever brought about including any form of amalgamation or merger with or take-over by another
    person.

 

In
such event –

 

	 	(i)	the
    application deposit, and all other monies paid to us, will be forfeited and belong to us absolutely. For clarity, there will be no
    refund of any stamp fee paid; and
	 	(ii)	we
    will be entitled to rent the Premises (or any part of it) to another person or deal with the Premises in any other manner as we required.

 

	 	(b)	The
    phrase “Criteria Unit” referred to in sub-paragraph (a) above refers to the following unit at Defu Industrial
    Estate:

 

	 	 

     35
  DEFU LANE 9 SINGAPORE 539275

       
	 

 

    	5

     

    

 

	2.15	Green
    Building Obligations

 

The
Premises are located within a building which has been issued with the “BCA Green Mark Award (Platinum)” Certification by
the Building and Construction Authority. In this regard, please refer to the relevant clauses in the Special Terms which you must comply
with.

 

	2.16	No
    Representations

 

No
terms or representations or otherwise, whether express or implied, shall form part of the Tenancy other than what is contained in our
Offer.

 

	2.17	Guidelines

 

The
guidelines that are applicable to you are attached. These guidelines are subject to change from time to time.

 

	3	TO
    ACCEPT

 

	3.1	To
    accept this Offer, please let us have all the following items by 28 December 2021 (“Offer Expiry Date”):

 

	 	(a)	duly
    signed original Letter of Acceptance (format attached); and
	 	 	 
	 	(b)	payment
    of all the sums set out in the attached Payment Table (if any) unless otherwise permitted by us;
	 	 	 
	 	(c)	duly
    completed GIRO authorisation form (form attached), if you do not have an existing GIRO account with us; and
	 	 	 
	 	(d)	a
    written confirmation that all payments under the Tenancy are to be paid by GIRO from your existing GIRO account with us.

 

	3.2	There
    will be no Tenancy between us if we do not receive all the above items by the Offer Expiry Date. In such event, all payments (except
    for the application deposit which will be retained by us) will be refunded to you (without interest).
	 	 
	3.3	Closer
    to the date of issuance of the TOP, we will notify you in writing on relevant matters, including your payment of the balance sums
    as indicated in the attached Payment Table.

 

Yours
sincerely

 

 

NG
CHUN TIAN

ASSISTANT
DIRECTOR

ESTATE
REDEVELOPMENT DEPARTMENT

ENTERPRISE
CLUSTER GROUP

 

	DID	6883
    3295

E-MAIL
:  Ng_Chun_Tian@jtc.gov.sg

Encl

 

    	6

     

    

 

ATTACHMENTS

 

The
following enclosures marked ☐ are attached with this letter:

 

	☒	Payment
    Table
	 	 
	☒	Format
    of Letter of Acceptance
	 	 
	☒	Format
    of Banker’s Guarantee for Security Deposit
	 	 
	☒	Special
    Terms and Conditions for -

 

	 	☒	JTC
    Defu Industrial City
	 	 	 
	 	 	☒ Annex
    A (Green Building Obligations)
	 	 	 
	 	 	☒ Annex
    B (Option to Renew) [For Eligible Tenants]

 

	☒	Standard
    Terms and Conditions
	 	 
	☒	Plan
    of the Premises

 

	 	Other
    Materials and Resources	☐	GIRO
                                            Application Form

    

	 	 	☐	E-Statement
                                            for all new JTC contracts

    

	 	 	☐	Schedule
                                            of Statutory Controls for Flatted, Ramp-up and Stack-up Factory Customers

    

	 	 	☐	JTC
                                            Defu Industrial City Tenant’s Guide Book (to be issued nearer TOP)

    

 

    	7

     

    

 

PAYMENT
TABLE

 

OFFER
FOR TENANCY OF JTC SPACE KNOWN AS:

 

	Private
    Lot No.:	 	Unit
    No:
	[Note
    to Customer: This will be made known later.]	 	#03-27
                                            (Type: D2)

                                                         at
                                            Blk 8 Defu South Street 1 JTC Defu Industrial City Singapore 533758

(the
“Premises”)

 

	Payable
    upon acceptance of this Offer

 

	Unit
    No.:	 	 	 	Amount	 	 	GST
    at prevailing rate	 
	#03-27	 	First
    month’s Rent & Service Charge	 	$	37,186.57	 	 	 		 
	 	 	Stamp
    fee payable on Letter of Acceptance (which we will stamp on your behalf)	 	$	5,354	 	 	 	 	 
	 	 	Less
    : Application Deposit collected	 	$	37,186.57	 	 	 	 	 
	Total
    Payable (excl GST)	 	$	5,354	 	 	 	 	 

 

Payable
before taking possession of Premises

 

	Unit
    No.:	 	 	 	Amount	 	 	 	 
	#03-27	 	GST
    for the First month’s Rent & Service Charge	 	$	2,603.06	 	 	 		
	 	 	Security
    Deposit	 	$	37,186.57	 	 	 	 	 
	Total
    Payable (excl GST)	 	$	39,789.63	 	 	 	 	 

 

    	8

     

    

 

(Format
of Letter of Acceptance)

 

Letter
of Acceptance

[On
Tenant’s Letterhead]

 

Date
: <To be dated on the day this letter is forwarded to JTC>

 

Jurong
Town Corporation

The
JTC Summit

8
Jurong Town Hall Road

Singapore
609434

 

Dear
Sirs,

 

ACCEPTANCE
OF OFFER FOR TENANCY OF JTC DEFU INDUSTRIAL CITY

 

	Private
    Lot No.:	 	Unit
    No:
	[Note
    to Customer: This will be made known later.]	 	#03-27
	at
    Blk 8 Defu South Street 1 JTC Defu Industrial City Singapore 533758 (the “Premises”)

 

	1.	We
    refer to your letter of offer dated 21 December 2021, the Special Terms and Standard Terms referred to therein, (collectively, the
    “Offer”) for the tenancy of the Premises and hereby confirm our acceptance of all the terms and conditions
    of the Offer.
	 	 
	2.	We
    forward the following as confirmation of our acceptance:

 

	 	(a)	*
    a cheque/cashier’s order for S$             issued to JTC
    CORPORATION, being the total amount as indicated in the Payment Table.
	 	 	*
    delete whichever is not applicable
	 	(b)	@
    duly completed GIRO authorisation form (form attached), if you do not have an existing GIRO account with us;
    or
	 	 	 
	 	 	@
    We confirm that all payments under the Tenancy are to be paid by GIRO (from our existing GIRO bank account) under 5our
    existing account no. ____________with you.
	 	 	@
                                            delete whichever is not applicable

 

	3.	We
    understand and agree that we will only be able to access, print and download our Statement of Accounts (SA) through JTC’s Customer
    Service Portal (CSP). We will refer to your Customer Service Portal guidelines available at http://www.jtc.gov.sg for more
    information.
	 	 
	4.	This
    acceptance, together with the Offer, constitutes a binding Tenancy Agreement between us.

 

 

 

5
Note to Customer: Your existing account no. with us, can be found in our Statement of Account issued to you.

 

    	9

     

    

 

 

(EXECUTION
PORTION FOR SOLE PROPRIETORS AND PARTNERSHIPS)

 

	Yours
    faithfully,	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	Signature:
    	 	@Signature:
    	 	@Signature:
    
	Name:
    	 	@Name:	 	@Name:
	NRIC
    no:	 	@NRIC
    no:	 	@NRIC
    no:
	 	 	 	 	 
	in
    the presence of:	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	Name
    of witness: 	 	 	 	 
	NRIC
    No:	 	 	 	 

 

 

 

 

(EXECUTION
PORTION FOR PRIVATE/ PUBLIC LIMITED COMPANIES)

 

Yours
faithfully,

For
and on behalf of                                                                                [insert
Company’s Name]

 

	_______________________________________	 
	Signature
    of authorised signatory	 
	Name
    of authorized signatory:______________________	 
	Designation:______________________________	 

 

	in
    the presence of :	 	 
	 	 	 
	 	 	 
	Name
    of witness:	 	 
	NRIC
    No.:	 	 

 

 

    	10

     

    

 

(Format
of Banker’s Guarantee)

 

	To:	Jurong
  Town Corporation
		(the
  “Landlord” which expression shall include its successors and assigns)

 

Dear Sirs

 

BANKER’S
GUARANTEE NO: ________________FOR S$ _________________________

 

	1.	IN
    CONSIDERATION of the Landlord –

 

	 	(a)	agreeing
    to grant a tenancy (the “Tenancy”) to ______________ of _________________ (the “Tenant”) the
    following premises:

 

	Private
    Lot No.:	 	Unit
    No.:
	[Note
    to Customer: This will be made known later.]	 	#03-27
	At
    Blk 8 Defu South Street 1 JTC Defu Industrial City Singapore 533758

 

(the
“Premises”) for a term (the “Term”) of ___________ years _________ months __________ days from _______
and expiring on ____________ (the “Tenancy Expiry Date”); and

 

	 	(b)	allowing
    the Tenant to furnish a banker’s guarantee for the whole of the Security Deposit referred to in the Tenancy,

 

We,
__________________________ (Note to Tenant: Insert Bank’s name) (the “Guarantor”), irrevocably
and unconditionally, agree, as a primary obligation (the “guaranteed obligation”) and principal debtor, to pay to
the Landlord on demand in writing by the Landlord, any sum or sums demanded not exceeding in aggregate the sum (the “Guaranteed
Sum”) of Singapore Dollars (S$___________).

 

	2.	Payment
    of the Guaranteed Sum will be made by the Guarantor to the Landlord:

 

	 	(a)	upon
    the Guarantor receiving a written demand from the Landlord;
	 	 	 
	 	(b)	whether
    or not the Guarantor gives prior notice of the payment to the Tenant;
	 	 	 
	 	(c)	despite
    any notice given to the Guarantor by the Tenant not to pay to the Landlord any sums payable under this Guarantee; and
	 	 	 
	 	(d)	irrespective
    of the performance or non-performance by the Tenant or the Landlord of the Tenancy or any obligation under or in connection with
    the Tenancy in any respect.

 

	3.	The
    Guarantor’s liability under this Guarantee is not affected or discharged in any way by:

 

	 	(a)	any
    variation of the Tenancy; or
	 	 	 
	 	(b)	any
    extension of time or other forbearance given by the Landlord to the Tenant; or
	 	 	 
	 	(c)	the
    insolvency, bankruptcy, winding up or judicial management (as the case may be) of the Tenant; or
	 	 	 
	 	(d)	any
    other circumstance, act or omission which (except for this provision) may operate to exonerate the Guarantor from that liability
    or affect that liability at law or in equity.

 

    	11

     

    

 

	4.	It
    is expressly acknowledged and declared that partial and multiple drawings on this Guarantee are permitted.

 

	5.	This
    Guarantee is a continuing security and remains in force until the earliest of the following events:

 

	 	(a)	this
    Guarantee is returned to the Guarantor;
	 	(b)	notification
    in writing has been received by the Guarantor from the Landlord that this Guarantee is no longer required;
	 	(c)	payment
    is made under paragraph 2 above to the Landlord by the Guarantor of the whole of the Guaranteed Sum; or
	 	(d)	the
    expiry of this Guarantee on _________________ (Note to Tenant: Insert date falling 3 months after the Tenancy Expiry Date)6
    (the “Guarantee Expiry Date”).

 

	6.	The
    Guarantor will not inquire into the reasons, circumstances or authenticity of the grounds for the Landlord’s demand.
	 	 
	7.	This
    Guarantee is governed by and will be interpreted in accordance with the laws of Singapore.
	 	 
	8.	Any
    claim under this Guarantee must be made in writing before the Guarantee Expiry Date and must be delivered personally or sent by prepaid
    registered post to the Guarantor’s Singapore address at
	 	______________________________________
    (Note to Tenant: Insert Bank’s Singapore address for service of written claim by the Landlord).
	 	 
	9.	The
    Landlord may assign its rights and benefits hereunder to any person to whom it may assign its rights and benefits under the Tenancy.
    The Landlord shall give to the Guarantor a notice of such assignment.
	 	 
	10.	A
    person who is not the Guarantor or the Landlord has no right under the Contracts (Rights of Third Parties) Act (Chapter 53B) to enforce
    any term of this Guarantee. The word “person” includes a body corporate.

 

	Yours
    faithfully	 	 
	For
    (Bank issuing the Banker’s Guarantee)	 	 
	 	 	 
	 	 	 
	Date	 	Name
    of Authorised Signator(ies):

 

 

 

6
Note to Customer: For example, if the Tenancy Expiry Date is 10 Jan 2018, the Guarantee Expiry Date is 9 April 2018 i.e.
3 months later.

 

    	12Exhibit
10.4

 

Dated
as of 1st DAY OF JANUARY 2020

 

BETWEEN

 

E
U GROUP PTE LTD

 

(“EUGPL”)

 

AND

 

SPARE-PARTS
ZONE PTE LTD

 

(“SPZ”)

 

 

 

LOGISTICS
SERVICES AGREEMENT

 

 

 

    	 

    	 

    

 

TABLE
OF CONTENTS

 

	1.	DEFINITIONS
    AND INTERPRETATION	3
	2.	SERVICES	4
	3.	OBLIGATIONS
    OF EUGPL AND SPZ	5
	4.	SERVICE
    FEES	5
	5.	TERM
    AND TERMINATION	5
	6.	INDEMNITY	6
	7.	REPRESENTATIONS
    AND WARRANTIES	7
	8.	CONFIDENTIALITY	7
	9.	FORCE
    MAJEURE	8
	10.	ASSIGNMENT	8
	11.	COSTS	8
	12.	ILLEGALITY	8
	13.	NOTICES	8
	14.	FURTHER
    ASSURANCE	9
	15.	ENTIRE
    AGREEMENT	9
	16.	RELATIONSHIP
    BETWEEN PARTIES	9
	17.	VARIATIONS	9
	18.	REMEDIES
    AND WAIVERS	10
	19.	COUNTERPARTS	10
	20.	GOVERNING
    LAW	10

 

    	 	2	 

    	 

    

 

THIS
SERVICE AGREEMENT (the “Agreement”) is made on 1st day of January 2020.

 

BETWEEN

 

	(1)	E
    U GROUP PTE LTD (Company Registration No. 200909877Z), a Company incorporated in Singapore with its registered address at 14
    Ang Mo Kio Street 63, Singapore 569116 (“EUGPL”);

 

AND

 

	(2)	SPARE-PARTS
    ZONE PTE LTD (Company Registration No. 199500026M), a Company incorporated in Singapore with its registered address at 25 Roberts
    Lane, Singapore 218304 (“SPZ”)

 

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

 

NOW,
IT IS HEREBY AGREED AS FOLLOWS:

 

	1.	DEFINITIONS
    AND INTERPRETATION
	 	 
	1.1	In
    this Agreement, unless the context otherwise requires, the following words or expressions shall have the following meanings respectively:

 

“Affected
Party” shall have the meaning ascribed to it in Clause 9;

 

“Business
Day” means a day (other than Saturday, Sunday or a public holiday) on which commercial banks are open for business in Singapore;

 

“Confidential
Information” shall have the meaning ascribed to it in Clause 8.1;

 

“control”
means direct or indirect ownership of more than 50% of the outstanding capital stock or other equity interests having ordinary voting
power of such person or the direct or indirect possession of the power, whether through the ownership of equity interest or otherwise,
to direct or cause the direction of the management and policies of such person;

 

“Defaulting
Party” shall have the meaning ascribed to it in Clause 5.2(a);

 

“EUGPL
Services” shall have the meaning ascribed to it in Clause 2;

 

“Force
Majeure” means any event the occurrence of which is beyond the reasonable control of the Party relying on the provisions of
Clause 9, including but not limited to any of the following:

 

	 	(a)	war,
    invasion, rebellion, revolution, insurrection or civil war;
	 	 	 
	 	(b)	any
    outbreak of any communicable disease (such as, but not limited to, SARS, H1N1);
	 	 	 
	 	(c)	restraint
    of any governmental authority in its sovereign capacity or by any Person or agency representing such authority;
	 	 	 
	 	(d)	explosions,
    fires, floods, earthquakes, storms, lightning and other forces of nature;
	 	 	 
	 	(e)	strikes,
    lockouts, industrial disturbances, boycotts or labour disputes;
	 	 	 
	 	(f)	terrorism,
    escalation of conflict, sabotage or arson; and
	 	 	 
	 	(g)	any
    other cause similar to the kind herein enumerated;

 

    	 	3	 

    	 

    

 

“Force
Majeure Notice” shall have the meaning ascribed to it in Clause 9;

 

“Indemnified
Parties” shall have the meaning ascribed to it in Clause 6;

 

“Insolvency
Event” shall have the meaning ascribed to it in Clause 5.2(b);

 

“Payments”
shall have the meaning ascribed to it in Clause 4.3;

 

“Service
Fee” shall have the meaning ascribed to it in Clause 4.1;

 

“Term”
shall have the meaning ascribed to it in Clause 5.1; and

 

	1.2	Unless
    the context otherwise requires, words importing the singular shall include the plural and vice versa, and words importing a specific
    gender shall include the other genders (male, female or neuter).
	 	 
	1.3	The
    headings in this Agreement are inserted for convenience only and shall not affect the construction of this Agreement.
	 	 
	1.4	Anything
    or obligation to be done under this Agreement which requires or falls to be done on a stipulated day, shall be done on the next succeeding
    Business Day, if the day upon which that thing or obligation to be done falls on a day which is not a Business Day.
	 	 
	1.5	References
    to:

 

	 	(a)	a
    statutory provision shall include that provision and any regulations made in pursuance thereof from time to time modified or re-enacted,
    whether before or after the date of this Agreement and shall include also any past statutory provision or regulation (as from time
    to time modified or re-enacted) which such provision or regulation has directly or indirectly replaced;
	 	 	 
	 	(b)	“this
    Agreement” includes all amendments, additions and variations thereto agreed between the Parties;
	 	 	 
	 	(c)	“person”
    shall include an individual, corporation, company, partnership, firm, trustee, trust, executor, administrator or other legal representative,
    unincorporated association, joint venture, syndicate, or other business enterprise, any governmental, administrative or regulatory
    authority or agency (notwithstanding that “person” may be sometimes used herein in conjunction with some of such words)
    and their respective successors, legal personal representatives and assigns, as the case may be, and pronouns shall have a similarly
    extended meaning;
	 	 	 
	 	(d)	“written”
    and “in writing” include any means of visible reproduction;
	 	 	 
	 	(e)	“hereof”,
    “herein”, “hereon”, and “hereunder”, and words of similar import, shall
    refer to this Agreement as a whole and not to any particular provision of this Agreement;
	 	 	 
	 	(f)	money
    is in Singapore dollars, unless otherwise stated; and
	 	 	 
	 	(g)	“Clause”
    and “Schedule” shall refer to a clause of, or a schedule to, this Agreement.

 

	2.	SERVICES
	 	 
	2.1	EUGPL
    have agreed to provide certain services (as described in this Clause 2.2) to SPZ at 14 Ang Mo Kio Street 63 Singapore 569116.

 

    	 	4	 

    	 

    

 

	2.2	EUGPL
    shall provide the following services to SPZ:

 

	 	(a)	Logistics
    support:

 

	 	(i)	EUGPL
    will assist SPZ in arranging any storage, transportation or other general logistics supports for the supply of the Products to SPZ’s
    warehouse and office support function, at SPZ’s cost.

 

(collectively,
the “EUGPL Services”).

 

	3.	OBLIGATIONS
    OF EUGPL AND SPZ
	 	 
	3.1	During
    the Term, EUGPL shall:

 

	 	(a)	exercise
    all reasonable care and skill to perform its respective EUGPL Services in accordance with the terms of this Agreement; and
	 	 	 
	 	(b)	make
    reasonably available all facilities, expertise, employees and personnel which are required to effectively and properly perform the
    EUGPL Services in accordance with this Agreement;

 

	3.2	During
    the Term, SPZ:

 

	 	(a)	shall
    cooperate with EUGPL, where necessary or reasonably requested by EUGPL, to enable and assist EUGPL to carry out their obligations
    under this Agreement; and
	 	 	 
	 	(b)	where
    SPZ’s consent, approval or acceptance is required in any matter, shall not unreasonably withhold or delay such consent, approval
    or acceptance.

 

	3.3	The
    Parties agree and acknowledge that any Party to this Agreement shall have the right to enforce any obligation contained in this Agreement
    against a Party who is in breach of its obligation hereinunder.
	 	 
	4.	SERVICE
    FEES
	 	 
	4.1	In
    respect of the EUGPL Services rendered to SPZ, EUGPL, at their sole discretion, may charge a service fee (the “Service Fee”)
    by issuing an invoice to SPZ at fee of logistics fee of $30,000 per month for provision of EUGPL Services incurred by EUGPL, excluding
    applicable goods and services tax.
	 	 
	4.2	All
    invoices issued by EUGPL to SPZ shall be settled within 30 days from the date of such invoice.
	 	 
	4.3	SPZ
    shall make all payments to EUGPL in respect of any invoices (the “Payments”) in accordance with the payment methods
    and details as may be set out in the respective invoice, or as may be notified to SPZ by EUGPL from time to time.
	 	 
	4.4	All
    the Payments shall be made free and clear of and without any deduction or withholding for or on account of any tax unless SPZ is
    required by law to make such deduction or withholding.
	 	 
	5.	TERM
    AND TERMINATION
	 	 
	5.1	The
    term of this Agreement (“Term”) shall commence on the Commencement Date for a period of two (2) years with auto
    renewal for 1 year and end upon the earlier of:

 

	 	(a)	the
    commencement of proceedings for the winding-up of SPZ; or
	 	 	 
	 	(b)	three
    (3) month notice in writing either parties to terminate this Agreement.

 

    	 	5	 

    	 

    

 

	5.2	In
    the event that the following events occur, a non-defaulting Party may terminate this Agreement by giving written notice to the Defaulting
    Party (as defined below):

 

	 	(a)	if
    any Party breaches this Agreement in any material respect (“Defaulting Party”) and, if such breach is capable
    of being remedied, the Defaulting Party fails to remedy such breach within thirty (30) days (or any other length of period which
    the Parties may mutually agree) after written notice thereof from a non-Defaulting Party specifying in reasonable detail the nature
    of the alleged breach, or in the event that the breach is not capable of being remedied, as soon as reasonably practical;
	 	 	 
	 	(b)	if
    any Insolvency Event occurs in respect of a Party. For the purpose of this Clause, an “Insolvency Event” shall
    mean the occurrence of any one of the following events, but this sub-clause (b) shall not apply to any winding-up petition or any
    application which is vexatious and is discharged, stayed or dismissed within twenty-one (21) days of its commencement:

 

	 	(i)	a
    petition is presented or a meeting is convened for the purpose of considering a resolution or other steps are taken by any person
    with the view to winding up of the Party or, placing the Party under judicial management;
	 	 	 
	 	(ii)	the
    Party resolving to wind itself up or otherwise dissolve itself;
	 	 	 
	 	(iii)	the
    appointment of a liquidator or provisional liquidator in respect of the Party;
	 	 	 
	 	(iv)	a
    judicial manager being appointed in respect of the Party or any of the Party’s assets;
	 	 	 
	 	(v)	the
    Party entering into a scheme of arrangement or composition with or assignment for the benefit of all or any class of its creditors;
	 	 	 
	 	(vi)	the
    appointment of a receiver or receiver and manager over the Party or any of its assets; or
	 	 	 
	 	(vii)	anything
    analogous or having a substantially similar effect to any of the events specified above happening under the law of any applicable
    jurisdiction;

 

	 	(c)	it
    is or will become unlawful for a Party to perform or comply with any one or more of its material obligations under this Agreement;
    or
	 	 	 
	 	(d)	any
    material provision of this Agreement is or becomes for any reason, illegal, invalid and/or unenforceable.

 

	5.3	The
    Surviving Provisions shall continue in force in accordance with their terms after termination of this Agreement and termination of
    this Agreement shall be without prejudice to any liability or obligations in respect of any matters, undertakings or conditions which
    shall not have been observed or performed by the relevant Party prior to such termination.
	 	 
	6.	INDEMNITY
	 	 
	 	SPZ
    shall indemnify and hold harmless EUGPL, their officers, directors, shareholders, employees and agents (the “Indemnified
    Parties”) from and against any and all damages, losses, liability (whether criminal or civil), costs, claims, charges,
    expenses (including legal expenses on a full indemnity basis), actions, judgements or demands whatsoever which the Indemnified Parties
    may suffer, sustain or incur or which may be made against it or any one or more of them attributable to the performance of their
    obligations and duties under this Agreement, save where the same has been occasioned or has occurred directly or indirectly through
    the fraud, wilful default or gross negligence of such Indemnified Party.

 

    	 	6	 

    	 

    

 

	7.	REPRESENTATIONS
    AND WARRANTIES
	 	 
	7.1	EUGPL
    and SPZ represents and warrants to each other that:

 

	 	(a)	it
    is a corporation duly incorporated and validly existing under the laws of the jurisdiction of its incorporation, with full power
    and authority to own its assets and properties, and to conduct its business, either directly or through its subsidiaries or associates,
    as currently conducted;
	 	 	 
	 	(b)	it
    has full power and authority to execute and deliver this Agreement, and this Agreement constitutes its valid and legally binding
    obligation, enforceable against it in accordance with its terms;
	 	 	 
	 	(c)	it
    has obtained all necessary corporate approvals (if required) and other actions to authorise execution, delivery and performance of
    this Agreement and all such other documents and instruments as are specified or referred to in this Agreement (if any); and
	 	 	 
	 	(d)	its
    execution of this Agreement and its performance of its obligations hereunder shall not:

 

	 	(i)	result
    in a breach of its memorandum and articles of association or equivalent constitutional documents (if applicable);
	 	 	 
	 	(ii)	result
    in an infringement, or constitute a default under, any directive, instrument, contract, document or agreement to which it is a party
    or by which it is bound; and
	 	 	 
	 	(iii)	result
    in a breach of any law, rule, regulation, ordinance, order, judgment or decree of or undertaking to any court, government body, statutory
    authority or regulatory, administrative or supervisory body.

 

	8.	CONFIDENTIALITY
	 	 
	8.1	SPZ
    acknowledges that it may have access to and possession of confidential or proprietary information relating to the business affairs,
    property, methods of operation, processing systems or other confidential or proprietary information belonging to the Service Providers
    (“Confidential Information”).
	 	 
	8.2	SPZ
    agrees to maintain, or cause to be maintained, the confidentiality of such Confidential Information, and undertakes that it shall:

 

	 	(a)	use
    and apply the Confidential Information solely for the purpose of facilitating EUGPL to perform the EUGPL Services;
	 	 	 
	 	(b)	keep
    the Confidential Information confidential and shall not disclose the Confidential Information to any person, except where:

 

	 	(i)	required
    by the applicable laws or the rules or regulations of any governmental or regulatory body in Singapore or elsewhere;
	 	 	 
	 	(ii)	such
    disclosure is made to the professional advisers of SPZ in connection with this Agreement;
	 	 	 
	 	(iii)	such
    information is independently obtained by SPZ from a third party who is not under a duty of confidentiality to EUGPL;
	 	 	 
	 	(iv)	such
    information was already known to SPZ prior to disclosure by EUGPL; or
	 	 	 
	 	(v)	such
    information is already in the public domain; and

 

	 	(c)	not
    use the Confidential Information in any way that may be detrimental either or both of EUGPL.

 

    	 	7	 

    	 

    

 

	8.3	Upon
    the termination of this Agreement, SPZ shall return to EUGPL, or at the option of EUGPL, destroy, all documents, notes, memoranda
    and analysis and any copies thereof containing or in relation to any such Confidential Information in its possession, custody or
    control, and shall delete all computer records which are derived from or contain Confidential Information within five (5) Business
    Days of the termination of this Agreement, and shall confirm so in writing.
	 	 
	8.4	SPZ
    agrees that EUGPL shall be entitled to apply for immediate equitable relief, including injunction or restraining orders, in event
    of any breach of this Clause as damages would not be an equitable remedy, and SPZ shall not oppose the application for such relief.
    SPZ also agrees that the enforcement by EUGPL of their respective rights under this Clause shall be in addition to any other remedy
    it may have for any breach of confidence by SPZ.
	 	 
	8.5	SPZ
    undertakes to EUGPL that it will not, in the provision of the EUGPL Services, knowingly infringe any patents, copyrights or any other
    intellectual or industrial property rights of any third party in any part of the world and that SPZ will indemnify and keep EUGPL
    indemnified in respect of all liabilities, costs, claims, demands and expenses (including legal fees and expenses) which EUGPL may
    incur or sustain to any third party as a result of the breach by SPZ of this undertaking.
	 	 
	8.6	This
    Clause shall survive the termination of this Agreement.
	 	 
	9.	FORCE
    MAJEURE
	 	 
	 	If
    a Party is by reason of Force Majeure unable wholly or in part to perform its obligations under this Agreement (the “Affected
    Party”), then upon the Affected Party giving notice in writing stating details of such Force Majeure to the other Party
    (the “Force Majeure Notice”), the Affected Party shall be excused from performance of its obligations to the extent
    to which such obligations are affected by the circumstances of the Force Majeure and for the period during which those circumstances
    exist, provided that nothing in this Clause shall relieve either Party of its obligations which have accrued at the date of the Force
    Majeure Notice.
	 	 
	10.	ASSIGNMENT
	 	 
	 	Each
    Party may not assign, transfer, charge or otherwise deal with any of its rights or obligations under this Agreement except by operation
    of law, without the prior written consent of the other Party.
	 	 
	11.	COSTS
	 	 
	 	Each
    Party shall bear its own legal and other costs and expenses of and incidental to the negotiation, preparation, execution and performance
    by it of this Agreement and all ancillary documents and the subscription hereby agreed to be made.
	 	 
	12.	ILLEGALITY
	 	 
	 	The
    illegality, invalidity or unenforceability of any provision of this Agreement under the law of any jurisdiction shall not affect
    its legality, validity or enforceability under the law of any other jurisdiction nor the legality, validity or enforceability of
    any other provision.
	 	 
	13.	NOTICES
	 	 
	 	Each
    and every demand, notice or other communication under this Agreement shall be made in writing. Each communication or document to
    be delivered to any Party shall be sent to that Party by fax or by delivery by hand or courier to the facsimile number or to the
    address and marked for the attention of the person (if any), from time to time designated by that Party for the purpose of this Agreement.
    The initial addresses and facsimile numbers of the Parties are:

 

    	 	8	 

    	 

    

 

	EUGPL
	 	 	 
	Fax
    Number	:	+65
    62887882
	 	 	 
	Address	:	14
    Ang Mo Kio Street 63

    Singapore
    569116

	 	 	 
	Attention	:	MR.
    NG ENG GUAN
	 	 	

	SPZ
	 	 	 
	Fax
    Number	:	+65
    62887882
	 	 	 
	Address	:	25
    Roberts Lane

    Singapore
    218304

	 	 	 
	Attention	:	MR.
    NEO CHIN AIK
	 	 	 

 

A
demand, notice or other communication made or given by one Party to another Party in accordance with this Clause shall be effected and
deemed to be duly served:

 

	 	(a)	at
    the time of delivery, if delivered by hand or courier; or
	 	 	 
	 	(b)	at
    the time of transmission in legible form, if delivered by fax.

 

	14.	FURTHER
    ASSURANCE
	 	 
	 	Each
    Party shall do and execute or procure to be done and executed all such further acts, deeds, things and documents as may be necessary
    to give effect to the terms of this Agreement, and (so far as it is able) to provide such assistance as the other Parties may reasonably
    request to give effect to the spirit and intent of this Agreement.
	 	 
	15.	ENTIRE
    AGREEMENT
	 	 
	 	This
    Agreement, and the documents referred to in it, constitutes the entire agreement and understanding between the Parties relating to
    the subject matter of this Agreement and no Party has entered into this Agreement in reliance upon any representation, warranty or
    undertaking of the other Parties which is not set out or referred to in this Agreement. Nothing in this Clause shall however operate
    to limit or exclude liability for fraud.
	 	 
	16.	RELATIONSHIP
    BETWEEN PARTIES
	 	 
	 	Each
    Party, in executing this Agreement and performing its obligations under this Agreement, shall be deemed as an independent contractor.
    Nothing in this Agreement shall create, give effect to, constitute or imply, or shall be deemed to create, give effect to, constitute
    or imply, a partnership, joint venture, agency relationship, or render any Party liable for any of the debts or obligations of any
    Party.
	 	 
	17.	VARIATIONS
	 	 
	17.1	No variation of this Agreement
    (or of any of the documents referred to in this Agreement) shall be valid unless it is in writing and signed by or on behalf of each
    Party. The expression “variation” shall include any amendment, supplement, deletion or replacement however effected.
	 	 
	17.2	Unless expressly agreed, no
    variation shall constitute a general waiver of any provisions of this Agreement, nor shall it affect any rights, obligations or liabilities
    under or pursuant to this Agreement which have already accrued up to the date of variation, and the rights and obligations of the
    Parties under or pursuant to this Agreement shall remain in full force and effect, except and only to the extent that they are so
    varied.

 

    	 	9	 

    	 

    

 

	18.	REMEDIES
    AND WAIVERS
	 	 
	18.1	No
    failure on the part of any Party to exercise, and no delay on its part in exercising, any right or remedy under this Agreement will
    operate as a waiver thereof, nor will any single or partial exercise of any right or remedy preclude any other or further exercise
    thereof or the exercise of any other right or remedy. The rights provided in this Agreement are cumulative and not exclusive of any
    rights or remedies provided by law.
	 	 
	18.2	Any
    Party may release or compromise the liability hereunder of any other Party or grant to any such Party time or other indulgence without
    affecting the liability of any other Party hereunder.
	 	 
	19.	COUNTERPARTS
	 	 
	 	This
    Agreement may be signed in any number of counterparts, all of which taken together shall constitute one and the same instrument.
    Any Party may enter into this Agreement by signing any such counterpart and each counterpart shall be as valid and effectual as if
    executed as an original.
	 	 
	20.	GOVERNING
    LAW
	 	 
	 	This
    Agreement shall be governed by the laws of Singapore and each of the parties hereto submits to the exclusive jurisdiction of the
    courts of Singapore.

 

    	 	10	 

    	 

    

 

IN
WITNESS WHEREOF, this Agreement has been signed by the Parties or the duly authorised representatives of the Parties on the date
and year above written.

 

	SIGNED
    by	 
	 	 
		 
	For and on
    behalf of 	 
	E U GROUP
    PTE LTD	 
	(Co. Registration
    No. 200909877Z)	 
	In the presence
    of:	 
	 	 
		 
	Name of Witness:	 
	NRIC/Passport
    No.:	 
	 	 
	EXECUTED
by )	
	 	 
		 
	For and on
    behalf of 	 
	SPARE-PARTS
    ZONE PTE LTD	 
	(Co. Registration
    No. 199500026M)	 
	In the presence
    of:	 
	 	 
		 
	Name of Witness:	 
	NRIC/Passport
    No.:	 

 

    	 	11

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