Document:

Digitalization Development Agreement

  Digitalization Development Agreement
  
  
 THIS Digitalization Development for Duesenberg Heritage EV - Boat Tail Agreement (“Agreement”) is made and effective from 16th Day of April, 2021 by and between HAMPSHIRE AUTOMOTIVE SDN BHD, a Company Incorporated under Malaysia Laws (“Contractor”) and DUESENBERG TECHNOLOGIES MALAYSIA SDN BHD a Company Incorporated under Malaysia Laws (“Client”).
  
 WHEREAS, Client desires to have the Duesenberg Heritage EV Boat Tail to be digitalised by Contractor; and 
  
 WHEREAS, Contractor represents that it has the expertise to digitalised Duesenberg Heritage EV Boat Tail via CAD and others digital equipment’s; and
  
 WHEREAS, Contractor is agreeable to providing such services to the Client on the terms and conditions set out in this Agreement to provide the stated stages and to receive the periodically stated payments hereinafter set forth;
  
 IN CONSIDERATION OF the matters described above and of the mutual benefits and obligations set forth in this Agreement, the receipt and sufficiency of which consideration is hereby acknowledged, the Client and the Contractor (individually the “Party” and collectively the “Parties” to this Agreement) agree as follows:
  
 SERVICES PROVIDED
  
 1.The Client hereby agrees to engage the Contractor to provide the Client with the following services (the “Services”): 
  
 oCAD designs, chassis engineering, bodywork engineering, sketches, existing plans with modifications indicated, pictures, dimensions, and any other helpful guidelines for the Duesenberg Heritage EV Boat Tail 
  
 ocreating, analyzing, modifying, optimizing and drafting product data, so as to achieve its design goal efficiently and effectively 
  
 oCAD layouts of Design and digitalization development timeline of Duesenberg Heritage EV - Boat Tail (please refer to page 10 of 11 and Page 11 of 11: APPENDIX 1) 
  
 2.Any other tasks which are not stated in this Agreement (Digitalization Development of the Duesenberg Heritage EV Boat Tail in APPENDIX 1) the Parties will have to mutually agree on, and will lead to an extension of this agreement. 
  
 THE DRAWINGS' SPECIFICATIONS
  
 The Client will supply the following:
  
 3.Input in the form of sketches, existing plans with modifications indicated, pictures, dimensions, and any other helpful guidelines. 
 
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4.A completed checklist (provided by the Contractor and completed by the Client) detailing information necessary for the preparation of the Drawings. 
  
 5.A review and revision of the first draft of the Drawings. 
  
 The Contractor will provide the following services:
  
 6.Sets of plans, each containing (if applicable) the car design structure plans, cross sections and preliminary layout structural. Detailed electrical plans and production drawings are not prepared as part of this service, but will be prepared in the event that the Client request for such a service. Types of materials usage, automotive parts (such as electrical motor/powertrain. Etc), electrical, and HVAC layouts are not provided as part of this service. Client is to provide such details for Contractor’s input and integration into the digitalization. 
  
 7.The Contractor will create a first draft set of Drawings (“First Draft”). After the Client reviews and revises the First Draft, the Contractor will incorporate the revisions into the “Second Draft”. Any revisions beyond the Second Draft are subject to additional charges as outlined in Clause 16. 
  
 8.The version of the CAD documentations provided to Client may not represent the final design and the Client have the sole responsibility to compare the CAD documentations provided with the documents and inputs provided by Client, if there are such, for accuracy.  In the event of a conflict between our CAD files/documents, if there are such, and the CAD documentations and inputs provided by Client drawings shall govern. It is the Client’s responsibility to determine if any conflicts exist. Client shall notify the Contractor of any errors or omissions in the CAD documentations that the Client discover so that the Contractor will have a reasonable amount of time within which to correct, in the Client’s sole and absolute discretion, any such errors or omissions.  
  
 The fee charged in Clause 16 is based on the assumption that structural and subsections digital design is per the Contractor’s standard design criteria.
  
 TERM OF AGREEMENT
  
 9.The term of this Agreement (the 'Term”) will begin on the date of this Agreement and will remain in full force and effect until December 31,2021, subject to earlier termination as provided in this Agreement. The Term may be extended with the written consent of the Parties. 
  
 10.In the event that either Party wishes to terminate this Agreement prior to December 31, 2021, that Party will be required to provide 30 days' written notice to the other Party. 
  
 PERFORMANCE
  
 11.The Parties agree to do everything necessary to ensure that the terms of this Agreement take effect. 
  
 CURRENCY
  
 12.Except as otherwise provided in this Agreement, all monetary amounts referred to in this Agreement are in Malaysian Ringgit (MYR/RM). 
  
 COMPENSATION
 
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13.The Contractor will charge the Client for the Services a total of $3,200,000.00 (the “Compensation”). 
  
 14.Invoices submitted by the Contractor to the Client are due within 5 working days of receipt. 
  
 15.The Client will be invoiced based on six (6) stages on service deliveries (Project timeline see: APPENDIX 2 Timeline Process): 
  
 	 Stage 1: Bodywork Digitalization
	  

	 (20% of total)
	  
	 $640,000.00

	 Stage 2: EV Platform Engineering Digitalization
	  

	 (10% of total)
	  
	 $320,000.00

	 Stage 3: Vehicle Technology Development
	  

	 (25% of total)
	  
	 $800,000.00

	 Stage 4: Propulsion System and Electrical Architecture
	  

	 (20% of total)
	  
	 $640,000.00

	 Stage 5: Vehicle Attribute Engineering & Optimization
	  

	 (20% of total)
	  
	 $640,000.00

	 Stage 6: Balance - 30 days after Handover
	  

	 (5% of total)
	  
	 $160,000.00

	 Total
	  
	 $3,200,000.00

  
 16.The fee for the Digitalization Development for Duesenberg Heritage EV - Boat Tail is MYR$3,200,000.00.  Any revisions beyond the Second Draft will be billed at MYR$250.00 per hour. 
  
 BANK ACCOUNT INFORMATION
  
 17.All payments hereof shall be made in MYR/RM (Malaysian Ringgit) and paid by bank transfer to the bank account indicated by the Contractor as follows: 
  
 	 Account Holder: 
	 Hampshire Automotive Sdn Bhd

	 Bank Name: 
	 UOB Berhad

	 Bank Account No:
	 17230 45792

  
 REIMBURSEMENT  OF EXPENSES
  
 18.The Contractor will be reimbursed within 30 days after reasonable and necessary expenses incurred by the Contractor in connection with providing the Services. 
  
 19.All expenses must be pre-approved by the Client. All expenses will be justified with receipts. 
  
 INTEREST ON LATE PAYMENTS
  
 20.Interest payable on any overdue amounts under this Agreement is charged at a rate of 4.00% per annum or at the maximum rate enforceable under applicable legislation, whichever is lower. 
  
 CONFIDENTIALITY
 
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21.Confidential information (the “Confidential Information”) refers to any data or information relating to the business of the Client which would reasonably be considered to be proprietary to the Client including, but not limited to, accounting records, business processes, and client records and that is not generally known in the industry of the Client and where the release of that Confidential Information could reasonably be expected to cause harm to the Client. 
  
 22.The Contractor agrees that they will not disclose, divulge, reveal, report or use, for any purpose, any Confidential Information which the Contractor has obtained, except as authorized by the Client or as required by law. The obligations of confidentiality will apply during the Term and will end on the termination of this Agreement except in the case of any Confidential Information which is a trade secret in which case those obligations will last indefinitely. 
  
 23.All written and oral information and material disclosed or provided by the Client to the Contractor under this Agreement is Confidential Information regardless of whether it was provided before or after the date of this Agreement or how it was provided to the Contractor. 
  
 OWNERSHIP OF INTELLECTUAL PROPERTY
  
 24.All intellectual property and related material, including any trade secrets, moral rights, goodwill, relevant registrations or applications for registration, and rights in any patent, copyright, trademark, trade dress, industrial design and trade name (the “Intellectual Property”) that is developed or produced under this Agreement, is a “work made for hire” and will be the sole property of the Client once all agreed payments are received by The Contractor. The use of the Intellectual Property by the Client will not be restricted in any manner once all agreed payments are received. 
  
 RETURN OF PROPERTY
  
 25.Upon the expiration or termination of this Agreement, the Contractor will return to the Client any property, documentation, records, or Confidential Information which is the property of the Client. 
  
 26.Within ten (10)days after the termination or expiration of this Agreement, each party shall return to the other all Proprietary or Confidential Information of the other party (and any copies thereof) in the party's possession or, with the approval of the party, destroy all such Proprietary or Confidential Information. “Proprietary or Confidential Information” shall include, but is not limited to, written or oral contracts, trade secrets, know-how, business methods, business policies, memoranda, reports, records, computer retained information, notes, or financial information. Proprietary or Confidential Information shall not include any information which: (i) is or becomes generally known to the public by any means other than a breach of the obligations of the receiving party; (ii) was previously known to the receiving party or rightly received by the receiving party from a third party; (iii) is independently developed by the receiving party; or (iv) is subject to disclosure under court order or other lawful process 
  
 RIGHT OF SUBSTITUTION
  
 27.Except as otherwise provided in this Agreement, the Contractor may, at the Contractor's absolute discretion, engage a third party sub-contractor to perform some or all of the obligations of the Contractor under this Agreement and the Client will not hire or engage any third parties to assist with the provision of the Services. 
  
 28.In the event that the Contractor hires a sub-contractor: 
 
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a.the Contractor will pay the sub-contractor for its services and the Compensation will remain payable by the Client to the Contractor. 
 b.for the purposes of the indemnification clause of this Agreement, the sub-contractor is an agent of the Contractor. 
  
 AUTONOMY
  
 29.Except as otherwise provided in this Agreement. the Contractor will have full control over working time, methods, and decision making in relation to provision of the Services in accordance with the Agreement. 
  
 30.The Contractor will work autonomously and not at the direction of the Client. However, the Contractor will be responsive to the reasonable needs and concerns of the Client. 
  
 EQUIPMENT
  
 31.Except as otherwise provided in this Agreement. the Contractor will provide at the Contractor's own expense, any and all tools, machinery, equipment, raw materials, supplies, workwear and any other items or parts necessary to deliver the Services in accordance with the Agreement. 
  
 NO EXCLUSIVITY
  
 32.The Parties acknowledge that this Agreement is non-exclusive and that either Party will be free, during and after the Term, to engage or contract with third parties for the provision of services similar to the Services. 
  
 NOTICES
  
 33.Any written notice or demand required by this Agreement shall be sent by registered or certified mail (return receipt requested), personal delivery, overnight commercial carrier, or other guaranteed delivery to the other party at the address set forth herein. The notice shall be effective (a) as of the date of delivery if the notice is sent by personal delivery, overnight commercial courier or other guaranteed delivery, and (b) as of five (5) days after the date of posting if the notice is transmitted by registered or certified mail. 
  
 TERM
  
 34.This Agreement shall be effective as of the Effective Date and shall continue in effect until complete payment of the Digitalization Development Price or until earlier terminated as provided in this Agreement or until the contracted services as outlined in Clause 15 have been completed. 
  
 TERMINATION FOR CAUSE
  
 35.This Agreement may be terminated by either party upon written notice to the other, if the other party breaches any material obligation provided hereunder and the breaching party fails to cure such breach within thirty (30) days of receipt of the notice. 
  
 EFFECT OF TERMINATION
 
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36.Client shall pay Contractor for all services rendered and work performed up to the effective date of termination for any reason subject to Client's rights to only pay fair value if Client terminates for cause. Contractor shall provide Client with an invoice for the foregoing fees within thirty (30) days of the effective date of the termination. Client shall pay the invoice within fourteen (14) days of receipt. 
  
 LIMITED WARRANTIES:
  
 37.SERVICES PROVIDED Contractor warrants that for a period of thirty (30) days from receiving of the Services Rendered, the Services will provided in accordance with all the material terms of the Services Specifications. All warranty claims not made in writing within such period shall be deemed waived. As the sole and exclusive remedy of Client for breach of the foregoing warranty, Contractor shall, at its option, either correct the nonconformity or refund to Client the amount attributable to the number of actual hours Contractor spent developing the defective portion of the Services Rendered. Contractor shall not be liable for failures caused by third party hardware or software (including Client's own systems), misuse of the Services provided, or the negligence or wilful misconduct of Client. 
  
 PERFORMANCE OF PROFESSIONAL SERVICES 
  
 38.Contractor warrants that the professional services will be performed in a workmanlike and professional manner by appropriately qualified personnel. Notwithstanding the above, Client's exclusive remedies for all damages, losses, and causes of actions whether in contract, tort including negligence or otherwise, shall not exceed the aggregate amount which Client paid during the term of this Agreement. 
  
 FORCE MAJEURE 
  
 39.Except with regard to payment obligations, either party shall be excused from delays in performing or from failing to perform its obligations under this Agreement to the extent the delays or failures result from causes beyond the reasonable control of the party, including, but not limited to: default of subcontractors or suppliers; failures or default of third party software, vendors, or products; acts of God or of the public enemy; or foreign governmental actions; strikes; communications, network/internet connection, or utility interruption or failure; fire; flood; epidemic; and freight embargoes. 
  
 INDEPENDENT CONTRACTOR STATUS
  
 40.The relationship of Contractor to Client will be that of an independent Contractor, and neither Contractor nor any employee of Contractor will be deemed to be an agent or employee of Client. It is expressly understood that this undertaking is not a joint venture. 
  
 THIRD PARTY DISCLAIMER
  
 41.Contractor makes no warranty of any kind, whether express or implied with regard to any third party products, third party content or any software, equipment or hardware obtained from any third parties. 
  
 THIRD PARTY SOFTWARE 
  
 42.Additionally, in the event Client elects to install or seek assistance from Contractor in connection with the installation of any third-party software, the following terms shall apply. Client represents  
 
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and warrants that Client has the right to use and install the third-party software, and have paid the applicable licensing fees for the third party software, and the third-party software does not and shall not infringe on the intellectual property rights of any other person or entity. Client agrees to defend, indemnify and hold harmless Contractor and its employees, officers and directors for, from and against any and all claims brought against Contractor and its employees, officers and directors by a third-party alleging the software infringes: (i) the third-party’s rights; or (ii) a U.S. patent, trademark, copyright or other intellectual property right. Client agree that in such an event Client shall pay all resulting costs, damages, expenses and reasonable attorneys’ fees that a court awards and settlements incurred by Contractor in connection with any such claims.
  
 LAW AFFECTING ELECTRONIC COMMERCE
  
 43.The client agrees that the client is solely responsible for complying with such laws, taxes, and tariffs, and will hold harmless, protect, and defend Contractor and its sub-Contractors from any claim, suit, penalty, tax, or tariff arising from the client’s use of Internet electronic commerce. Contractor warrants that it will secure, as needed on e-commerce sites, a valid SSL certificate on any site which will transmit, receive, process or have access to sensitive data of any sort. 
  
 DISPUTES
  
 44.Client and CONTRACTOR agree to make a good-faith effort to resolve any disagreement arising out of, or in connection with, this Agreement through negotiation. Should the parties fail to resolve any such disagreement within ten (10) days, any controversy or claim arising out of or relating to this Agreement, including, without limitation, the interpretation or breach thereof, shall be submitted by either party to arbitration in Jefferson County, Alabama and in accordance with the Commercial Arbitration Rules of the American Arbitration Association. The arbitration shall be conducted by one arbitrator, who shall be (a) selected in the sole discretion of the American Arbitration Association administrator and (b) a licensed attorney with at least ten (10) years experience in the practice of law and at least five (5) years experience in the negotiation of technology contracts or litigation of technology disputes. The arbitrator shall have the power to enter any award that could be entered by a judge of the state courts of Alabama sitting without a jury, and only such power, except that the arbitrator shall not have the power to award punitive damages, treble damages, or any other damages which are not compensatory, even if permitted under the laws of the State of Alabama or any other applicable law. The arbitrator must issue his or her resolution of any dispute within thirty (30) days of the date the dispute is submitted for arbitration. The written decision of the arbitrator shall be final and binding and enforceable in any court having jurisdiction over the parties and the subject matter of the arbitration. Notwithstanding the foregoing, this Section shall not preclude either party from seeking temporary, provisional, or injunctive relief from any court. 
  
 TRADEMARKS
  
 45.The Client unconditionally warrants and guarantees that any elements of text, graphics, photos, designs, trademarks, or other artwork furnished to Contractor, and/or its assigns for inclusion in the Services are owned by the Client, or that the Client has permission from the rightful owner to use each of these elements, and will hold harmless, protect, indemnify and defend Contractor, its assigns and its subcontractors’ from any liability (including attorney's fees and court costs),  
 
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including any claim or suit, threatened or actual, arising from the use of such elements furnished by the Client.
  
 SEVERABILITY
  
 46.In the event that a court finds any provision of this Agreement invalid and/or unenforceable, the parties agree that the remaining provisions shall remain valid and in force. 
  
 WAIVER
  
 47.Neither party shall be deemed by mere lapse of time (without giving notice or taking other action hereunder) to have waived any breach by the other party of any of the provisions of this Agreement. Further, the waiver by either party of a particular breach of this Agreement by the other party shall not be construed as, or constitute, a continuing waiver of such breach, or of other breaches of the same or other provisions of this Agreement. 
  
 ASSIGNMENT
  
 48.Neither party may not assign this Agreement or any of its rights or obligations or the license hereunder, without the prior written consent of the other. 
  
 REMEDIES NOT EXCLUSIVE
  
 49.The remedies available to the parties under this Agreement are cumulative and not exclusive to each other, and any such remedy will not be deemed or construed to affect any right which either of the parties is entitled to seek at law, in equity or by statute. 
  
 CHOICE OF LAW AND JUSRISDICTION
  
 50.This Agreement will be governed and interpreted by the laws of Malaysia, without regard to its conflicts of law provisions. The parties hereby irrevocably and unconditionally agree to the non-exclusive jurisdiction of the courts of the jurisdiction in Malaysia, and all courts competent to hear appeals there from. 
  
 ENTIRE AGREEMENT
  
 51.This Agreement and all exhibits, schedules, and Change Order(s) set forth the entire agreement between the parties with regard to the subject matter hereof. No other agreements, representations, or warranties have been made by either party to the other with respect to the subject matter of this Agreement, except as referenced herein. This Agreement may be amended only by a written agreement signed by both parties. 
  
  
  
  
  
 
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 IN WITNESS WHEREOF, Contractor and Client have executed this Agreement effective as of the date and year first written above.
  
  
 	 On behalf of 
	 On behalf of 

	 DUESENBERG TECHNOLOGIES MALAYSIA SDN BHD
	 HAMPSHIRE AUTOMOTIVE SDN BHD

	  
	  

	  
	  

	 /s/ Charles Liong
	 /s/ Tony Tan

	  
	  

	 Name: Charles Liong
	 Name: Tony Tan

	 Executive Director
	 Director

  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
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 APPENDIX 1
 PROCESS AND TIMELINE
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
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 APPENDIX 1
 PROCESS AND TIMELINE
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 Page 11 of 11Shares Reimbursement Agreement

   
 	 SHARES REIMBURSEMENT AGREEMENT

  
 This Shares Reimbursement Agreement (the “Agreement”) is effective on 6th August 2021,
  
 	 BETWEEN:
	 DUESENBERG TECHNOLOGIES INC.

	  
	 with the address at;

	  
	 No 21, Denai Endau 3,Seri Tanjung Pinang,

	  
	 10470 Tanjung Tokong,

	  
	 Penang, Malaysia

	  
	 (Hereinafter referred to as “DTI”) of the one part

	  
	  

	 AND:
	 LIM KAISHEN, Company No; 588773

	  
	 with the address at;

	  
	 No 28-8-6, Bayswater Resort Condominium,

	  
	 Lebuh Tunku Kudin 2, Gelugor,

	  
	 11700 Penang, Malaysia

	  
	 (Hereinafter referred to as “LK”) of the second part

  
 WHEREAS:
  
 1)DTI is listed in OTCQB and a corporation duly organized, existing and in good standing under the laws of the Province of British Columbia and has the corporate power to conduct the business which it conducts and proposes to conduct. 
  
 2)LK is an existing registered shareholder of DUSYF shares. 
  
 Definitions and Interpretation
  
 In this Agreement, the following terms shall have the following meanings:
  
 “Agreement”means this Reimbursement Share Agreement, and all schedules and amendments to in the Agreement 
  
 “DUSYF”Stock quote for Duesenberg Technologies Inc. Common Stock at the OTC Markets. 
  
 “The Company”Shall mean Duesenberg Technologies Inc. 
  
 “Exchange Act”means the United States Securities Exchange Act of 1934, as amended; 
  
 “MI 51-105”means Multilateral Instrument 51-105 - Issuers Quoted in the U.S. Over-the-Counter Markets, as amended; 
  
 “SEC”means the United States Securities and Exchange Commission; 
  
 “Securities Act”means the United States Securities Act of 1933, as amended; and 
  
 “Shares”means those common shares of the Company to be reimburse by DTI. 
  
 “Related companies”Includes companies that are directly and indirectly related with the companies either by shares, common directors or licensed agreement and/or also includes directly or indirectly a subsidiaries or associates companies. 
  
 “VCG”Shall mean Veritas Consulting Group Inc. 
 
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 I.Words applicable to natural persons include any body of persons, company, corporation, firm or partnership corporate or incorporate and vice versa.  It shall also include such person’s heirs, personal representatives, successor-in-title, and permitted assigns.  All references to a company shall include such company’s successor-in-title and permitted assigns.  Words importing the masculine gender shall include the feminine and neuter genders and vice versa.  Words importing the singular number shall include the plural number and vice versa. 
  
 II.Where two or more persons or parties are included or comprised in any expressions, agreements, covenants, terms, stipulations and undertakings expressed to be made by or on the part of such persons or parties be deemed to be made by and be binding upon such persons or parties jointly and severally. 
  
 NOW IT IS HEREBY AGREED AS FOLLOWS:-
  
 a)LK has signed an agreement (Appendix I) with VCG on LK’s share transfer for the general business development consultation services provided to DTI. 
  
 b)LK agrees and acknowledge that DTI shall only reimburse LK after the services have been rendered to DTI by VCG. 
  
 c)LK agreed with acknowledgment there are risk associated with the shares transfer to VCG and VCG has been informed of the shares transfers shall be restricted and comply with all regulators such as SEC and FINRA. 
  
 d)LK agreed and acknowledged, LK may not receive any reimbursement should VCG does not provide or perform the services to DTI as per agreement between LK and VCG (Agreement as per Appendix I). 
  
 e)LK agrees and acknowledged the reimbursement on new issues shares from DTI is subject to restrictions and will comply with all regulators’ such as SEC and FINRA before any shares can issue to LK. 
  
 f)DTI and LK agreed the reimbursement of new shares to LK shall be at the basis of one (1) to one (1) shares exchange only regardless of the share price at the time of issue. 
  
 g)LK agrees and acknowledged that there are no additional claims nor interest to DTI for LK’s shares transfer to VCG. DTI shall not bear nor responsible for any loss in value in any way, shape or form for the new shares reimbursed. 
  
 h)DTI agreed and will only commence reimbursement by way of DUSYF new shares issue and cause to transfer of DUSYF shares to LK for a total of Three Hundred Thousand (300,000) shares after the completion of services provided by VCG. 
  
 i)Upon completion and fulfillment of this Agreement, both parties shall have no further claims for shares due in to the other party in any way, shape or form. 
  
 j)The stamp and legal costs of this Agreement will be borne by both parties. 
  
 k)This Agreement is binding on the successors and assigns of the parties hereto. 
 
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 1.REIMBURSEMENT OF SHARES 
  
 1.1Upon the terms and subject to the conditions of this Agreement, the DTI hereby agrees to issue new shares to LK, and LK hereby agrees to the reimbursement of shares from the DTI, 300,000 (three hundred thousand) common shares (the “Company Shares”) of Duesenberg Technologies Inc., a British Columbia company (the “Company”), free and clear of all liens, charges, and encumbrances whatsoever. 
  
 2.COVENANTS, REPRESENTATIONS AND WARRANTIES OF LK 
  
 LK hereby covenants with and acknowledges, represents and warrants to DTI or as follows, and acknowledges that DTI is relying upon such covenants, acknowledgements, representations and warranties in connection with the reimbursement of the Company Shares to the LK:
  
 2.1LK is not a “U.S. Person” as that term is defined in Rule 902 the United States Securities Act of 1933, as amended (the “Securities Act”), and is not acquiring the Company Shares for the account or benefit of any U.S. Person. 
  
 2.2LK is a resident of that jurisdiction set forth in the LK’s address appearing on the first page of this Agreement and was not in the United States either at the time of the offer to reimburse with the Company Shares was received by LK or at the time of the LK’s decision to accept the Company Shares. 
  
 2.3LK acknowledges and agrees that DTI has to adhere to the term defined in Rule 144 of the Securities Act and as such the Company Shares are “restricted securities” as defined in Rule 144 of the Securities Act. LK further acknowledges and agrees that the reimbursement of the Company Shares by DTI has not been registered under the Securities Act or any applicable state securities laws, and that all certificates representing the Company Shares will be endorsed with a restrictive legend substantially similar to the following: 
  
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”), AND HAVE BEEN
  
 ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT PROVIDED BY REGULATION S PROMULGATED UNDER THE SECURITIES ACT. SUCH SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S, PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, AND IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS. HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.”
  
 2.4LK agrees to resell the Company Shares only in accordance with the provisions of Regulation S of the Securities Act, pursuant to an effective registration statement under the Securities Act or pursuant to an available exemption from the registration requirements of the Securities Act, and in each case in accordance with any applicable state securities laws. LK further agrees that the Company will refuse to register any transfer of the Company Shares not made in accordance with the provisions of Regulation S of the Securities Act, pursuant to an effective registration statement under the Securities Act or pursuant to an available exemption from the registration requirements of the Securities Act, and in each case in accordance with any applicable state securities laws. 
 
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 2.5LK agrees not to engage in hedging transactions with regards to the Company Shares unless such hedging transactions are made in compliance with the provisions of the Securities Act. 
  
 2.6LK is acquiring the Company Shares for investment purposes for LK’s own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that LK has no present intention of selling, granting any participation in, or otherwise distributing the same. LK does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with respect to any of the Company Shares. 
  
 2.7 LK possesses the financial and business experience to make an informed decision to acquire the Company Shares and has had access to all information relating to the Company and its business operations which would be necessary to make an informed decision to purchase the Company Shares.  LK has had full opportunity to review the Company’s periodic filings with the SEC pursuant to the United States Securities Exchange Act of 1934, as amended (the “Exchange Act”), including, but not limited to, the Company’s annual reports, quarterly reports, current reports and additional information regarding the business and financial condition of the Company.  LK has had full opportunity to ask questions and receive answers from the Company regarding this information, and to review and discuss this information with LK’s legal and financial advisors. LK believes he/she/it has received all the information he/she/it considers necessary or appropriate for deciding whether to accept the Shares and that LK has had full opportunity to discuss this information with LK’s legal and financial advisors prior to executing this Agreement. 
  
 2.8 LK acknowledges that an investment in the Company is highly speculative, and involves a high degree of risk as the Company is in the early stages of developing its business, and may require substantial funds in addition to the proceeds of this private placement, and that only persons who can afford the loss of their entire investment should consider investing in the Company. LK is an investor in securities of businesses in the development stage and acknowledges that LK is able to fend for himself/herself/itself, can bear the economic risk of LK’s investment, and has such knowledge and experience in financial or business matters such that LK is capable of evaluating the merits and risks of an investment in the Company’s securities as contemplated in this Agreement. 
  
 2.9LK has full power, capacity and authority to enter into this Agreement on the terms and conditions set forth herein, and this Agreement constitutes, and all other documents required to be executed and delivered by LK will, when executed constitute, a valid and legally binding obligation of LK, enforceable in accordance with their terms, except (i) as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the enforcement of creditors’ rights generally, and (ii) as may be limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies. 
  
 2.10LK has satisfied himself/herself/itself as to the full observance of the laws of LK’s jurisdiction in connection with accepting of the Company Shares, including (i) the legal requirements within LK’s jurisdiction for accepting of the Company Shares; (ii) any foreign exchange restrictions applicable to such purchase; (iii) any governmental or other consents that may need to be obtained; (iv) the income tax and other tax consequences, if any, that may be relevant to an investment in the Company Shares; and (v) any restrictions on transfer applicable to any disposition of the Company Shares imposed by the jurisdiction in which LK is resident 
 
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 3.COVENANTS, REPRESENTATIONS AND WARRANTIES OF DTI 
  
 DTI covenants with and acknowledges, represents and warrants to LK as follows, and acknowledges that LK is relying upon such covenants, acknowledgements, representations and warranties in connection with accepting by LK of the Company Shares:
  
 3.1DTI is the legal, beneficial and recorded owner of the Company Shares, with good and marketable title thereto, free and clear of all mortgages, liens, charges, security interests, adverse claims, pledges, encumbrances and demands whatsoever. 
  
 3.2No person, firm or corporation has any agreement or option or any right or privilege (whether by law, pre-emptive or contractual) capable of becoming an agreement or option for accepting of any of the Company Shares from DTI. 
  
 3.3The Company Shares are validly issued, fully paid and non-assessable common shares of the Company. 
  
 3.4Neither DTI, the Company, any of their respective affiliates, nor anyone acting on their behalf, has engaged in any in any directed selling efforts in the United States in connection with the offer or sale of the Company Shares. For purposes of this Agreement, “directed selling efforts” has the meaning set forth in Rule 902(c) of the Securities Act. 
  
 3.5DTI has full power, capacity and authority to enter into this Agreement on the terms and conditions set forth herein, and this Agreement constitutes, and all other documents required to be executed and delivered by DTI will, when executed constitute, a valid and legally binding obligation of DTI, enforceable in accordance with their terms, except (i) as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the enforcement of creditors’ rights generally, and (ii) as may be limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies. 
  
 4.CLOSING AND POST-CLOSING ARRANGEMENTS 
  
 4.1Closing of the reimbursement of the Company Shares shall take place on a date, at a time, and at a location mutually agreed upon by the parties hereto. 
  
 4.2Upon closing: 
  
 (a)DTI shall deliver to LK the certificates representing all of the Company Shares duly endorsed in blank for transfer or with a stock power of attorney (in either case with the signature guaranteed by an appropriate official), with any and all applicable security transfer taxes paid, and together with all other instruments, certificates or documents as may be required by the Company’s transfer agent to record the transfer of the Company Shares to LK or as may otherwise be required to transfer the Company Shares to LK free and clear of all liens, charges and encumbrances of any kind whatsoever; and 
 
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 5.GENERAL PROVISIONS 
  
 a.Time shall be of the essence of this Agreement. 
  
 b.This Agreement contains the whole agreement between the parties hereto in respect of the reimbursement of the Company Shares and there are no warranties, representations, terms, conditions or collateral agreements expressed, implied or statutory, other than as expressly set forth in this Agreement. 
  
 c.This Agreement shall enure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns. LK may not assign this Agreement without the consent of DTI, which consent may be withheld for any reason whatsoever. 
  
 d.Any notice to be given under this Agreement shall be duly and properly given if made in writing and delivered or telecopied to the addressee at the address as set out on page one of this Agreement. Any notice given as aforesaid shall be deemed to have been given or made on, if delivered, the date on which it was delivered or, if telecopied, on the next business day after it was telecopied. Any party hereto may change its address for notice from time to time by providing notice of such change to the other parties hereto in accordance with the foregoing; 
  
 e.This Agreement may be executed in one or more counterparts, each of which so executed shall constitute an original and all of which together shall constitute one and the same agreement. 
  
 f.This Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the laws of the Malaysia, and each of the parties hereto irrevocably attorns to the jurisdiction of the courts of Malaysia, 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
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 IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the date of this Agreement
  
 	 DUESENBERG TECHNOLOGIES INC.
	  
	  

	  
	  
	  

	 ______________________
	  
	 ______________________

	 Authorised Signature
	  
	 Authorised Signature

	  
	  
	  

	 LIONG FOOK WENG
	  
	 LIM KAISHEN

	  
	  
	  

	 ______________________
	  
	 ______________________

	 Print Name
	  
	 Print Name

  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
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 APPENDIX I
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
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