Document:

Exhibit 10.2

 

INDEMNIFICATION
DEED

 

This Indemnification
DEED (the “Deed”) is made and entered into as of ____________, 2022 between T20
Holdings Pte. Ltd. (Company Register No. 202207460E), a private company limited
by shares incorporated under the laws of Singapore and with its registered address at 3 Phillip Street, #19-01 Royal Group Building,
Singapore 048693 (the “Company”), and [NAME AND ADDRESS OF NED] (“Indemnitee”).

 

WITNESSETH THAT:

 

WHEREAS, highly competent
persons have become more reluctant to serve corporations as directors, officers or in other capacities unless they are provided with
adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising
out of their service to and activities on behalf of the corporation;

 

WHEREAS, the Board
of Directors of the Company (the “Board”) has determined that, in order to attract and retain qualified individuals,
the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company
and its subsidiaries from certain liabilities. Although the furnishing of such insurance has been a customary and widespread practice
among United States-based and international corporations and other business enterprises, the Company believes that, given current market
conditions and trends, such insurance may be available to it in the future only at higher premiums and with more exclusions. At the same
time, directors, officers, and other persons in service to corporations or business enterprises are being increasingly subjected to expensive
and time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against the Company
or business enterprise itself. The Memorandum and Articles of Association of the Company (the “Constitution”)
provides that the Company will indemnify the directors and officers of the Company. Separately, Section 172B of the Companies Act (Cap.
50) of Singapore (the “SCA”) provides that the Company may provide for the indemnification of directors and
officers of the Company in certain circumstances as permitted under the SCA;

 

WHEREAS, the uncertainties
relating to such insurance and to indemnification have increased the difficulty of attracting and retaining such persons;

 

WHEREAS, the Board
has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company’s
shareholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the
future;

 

WHEREAS, it is reasonable,
prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such persons
to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that
they will not be so indemnified;

 

WHEREAS, this Deed
is a supplement to and in furtherance of any indemnification provisions in the Constitution and any resolutions adopted pursuant thereto,
and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder; and

 

WHEREAS, Indemnitee
does not regard the protection available under the SCA, the Constitution and insurance as adequate in the present circumstances, and
may not be willing to serve as an officer or a director without adequate protection, and the Company desires Indemnitee to serve in such
capacity. Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Company on the
condition that he or she be so indemnified.

 

    	 	 	 

     

    

  

NOW, THEREFORE, in
consideration of Indemnitee’s agreement to serve as an officer and/or a director from and after the date of this Deed, and for
other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

 

1. Indemnity of Indemnitee.
Subject to Section 2A, the Company hereby agrees to hold harmless and indemnify Indemnitee to the fullest extent permitted by law, as
such may be amended from time to time. In furtherance of the foregoing indemnification, and without limiting the generality thereof.

 

(a) Proceedings Other Than
Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this Section
l(a) if, by reason of his or her Corporate Status (as hereinafter defined), Indemnitee was or is a party, or is threatened to be
made a party, to any Proceeding (as hereinafter defined) other than a Proceeding by or in the right of the Company. Pursuant to this
Section 1(a), the Company shall indemnify Indemnitee against all Expenses (as hereinafter defined), judgments, fines and amounts
paid in settlement actually and reasonably incurred by him or her, or on his or her behalf, in connection with such Proceeding or any
claim, issue or matter therein, if Indemnitee either (i) is not liable pursuant to the SCA or (ii) acted in good faith and in a manner
Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and with respect to any criminal Proceeding,
had no reasonable cause to believe Indemnitee’s conduct was unlawful.

 

(b) Proceedings by or in
the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this Section 1(b) if,
by reason of his or her Corporate Status, Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding brought
by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 1(b), the Company shall indemnify
Indemnitee against all Expenses and amounts paid in settlement actually and reasonably incurred by Indemnitee, or on Indemnitee’s
behalf, in connection with such Proceeding or any claim, issue or matters therein, if Indemnitee either (i) is not liable pursuant to
the SCA or (ii) acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the
Company; provided, however, if applicable law so provides, no indemnification against such Expenses or other amounts shall
be made in respect of any claim, issue or matter as to which Indemnitee shall have been adjudged by a court of competent jurisdiction,
after exhaustion of all appeals therefrom, to be liable to the Company or for amounts paid in settlement to the Company, unless and only
to the extent that the court in which the Proceeding was brought or other court of competent jurisdiction shall determine that in view
of all the circumstances in the case, Indemnitee is fairly and reasonably entitled to indemnity for such expenses as the court deems
proper.

 

(c) Termination of Proceeding.
The termination of any Proceeding by judgment, order, settlement, conviction or upon a plea of nolo contendere or its equivalent, shall
not, of itself, adversely affect the right of Indemnitee to indemnification or create an inference or presumption either that Indemnitee
is liable pursuant to the SCA, that Indemnitee did not act in good faith and in a manner which he or she reasonably believed to be in
or not opposed to the best interests of the corporation, or, with respect to any criminal action or proceeding, that Indemnitee had reasonable
cause to believe that the conduct was unlawful. The Company acknowledges that such a resolution, short of final judgment, may be successful
on the merits if it permits a party to avoid expense, delay, distraction, disruption and uncertainty. In the event that any Proceeding
to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation,
settlement of such Proceeding with or without payment of money or other consideration) it shall be presumed that Indemnitee has been
successful on the merits or otherwise in such Proceeding. Anyone seeking to overcome this presumption shall have the burden of proof
and the burden of persuasion by clear and convincing evidence.

 

(d) Indemnification for
Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of this Deed, to the extent that Indemnitee
is, by reason of his or her Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding, the Company
shall indemnify Indemnitee to the maximum extent permitted by law, as such may be amended from time to time, against all Expenses actually
and reasonably incurred by him or her on his or her behalf in connection with the defense of the Proceeding. If Indemnitee is not wholly
successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters
in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him or her, or on
his or her behalf, in connection with each successfully resolved claim, issue or matter. For purposes of this Section and without limitation,
the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful
result as to such claim, issue or matter.

 

    	 	 	 

     

    

  

2. Additional Indemnity.
Subject to Section 2A and in addition to, and without regard to any limitations on, the indemnification provided for in Section 1
of this Deed, the Company shall and hereby does indemnify and hold harmless Indemnitee, to the fullest extent permitted by law, as
may be amended from time to time, against all Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred
by him or her, or on his or her behalf, if, by reason of his or her Corporate Status, he or she was or is a party, or is threatened to
be made a party, to any Proceeding (including a Proceeding by or in the right of the Company), including, without limitation, all liability
arising out of the simple or gross negligence, recklessness, or active or passive wrongdoing of Indemnitee. The only limitation that
shall exist upon the Company’s obligations pursuant to this Deed shall be that the Company shall not be obligated to make any payment
to Indemnitee that is finally determined (under the procedures, and subject to the presumptions, set forth in Section 6 and Section
7 hereof) to be unlawful.

 

2A. Exclusions and Limitations.
The indemnity in Sections 1 and 2 shall not apply to:

 

(a) The extent prohibited by
the SCA or otherwise prohibited by law.

 

(b) Any liability incurred
by the Indemnitee in connection with any negligence, default, breach of duty or breach of trust in relation to the Company.

 

(c) Any liability of the Indemnitee
to pay a fine in criminal proceedings or a sum payable to a regulatory authority by way of a penalty in respect of non-compliance with
any requirement of a regulatory nature (however arising).

 

(d) Any liability incurred
by the Indemnitee: (i) in defending criminal proceedings in which he or she is convicted; (ii) in defending civil proceedings brought
by the Company or a related company in which judgment is given against him or her; or (iii) in connection with an Application for Relief
in which the court refuses to grant him or her relief.

 

3. Contribution.

 

(a) Whether or not the indemnification
provided in Section 1 and Section 2 hereof is available, in respect of any Proceeding in which the Company is jointly liable
with Indemnitee (or would be if joined in such Proceeding), the Company shall pay the entire amount of any judgment or settlement of
such Proceeding without requiring Indemnitee to contribute to such payment and the Company hereby waives and relinquishes any right of
contribution it may have against Indemnitee. The Company shall not enter into any settlement of any Proceeding in which the Company is
jointly liable with Indemnitee (or would be if joined in such Proceeding) unless such settlement provides for a full and final release
of all claims asserted against Indemnitee.

 

(b) Without diminishing or
impairing the obligations of the Company set forth in the preceding subparagraph, if, for any reason, Indemnitee shall elect or be required
to pay all or any portion of any judgment or settlement in any Proceeding in which the Company is jointly liable with Indemnitee (or
would be if joined in such Proceeding), the Company shall contribute to the amount of Expenses, judgments, fines and amounts paid in
settlement actually and reasonably incurred and paid or payable by Indemnitee in proportion to the relative benefits received by the
Company and all officers, directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would
be if joined in such Proceeding), on the one hand, and Indemnitee, on the other hand, from the transaction from which such Proceeding
arose; provided, however, that the proportion determined on the basis of relative benefit may, to the extent necessary
to conform to law, be further adjusted by reference to the relative fault of the Company and all officers, directors or employees of
the Company other than Indemnitee who are jointly liable with Indemnitee (or would be if joined in such Proceeding), on the one hand,
and Indemnitee, on the other hand, in connection with the events that resulted in such expenses, judgments, fines or settlement amounts,
as well as any other equitable considerations which applicable law may require to be considered. The relative fault of the Company and
all officers, directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined
in such Proceeding), on the one hand, and Indemnitee, on the other hand, shall be determined by reference to, among other things, the
degree to which their actions were motivated by intent to gain personal profit or advantage, the degree to which their liability is primary
or secondary and the degree to which their conduct is active or passive.

 

(c) The Company hereby agrees
to fully indemnify and hold Indemnitee harmless from any claims of contribution which may be brought by officers, directors, or employees
of the Company, other than Indemnitee, who may be jointly liable with Indemnitee.

 

    	 	 	 

     

    

  

(d) To the fullest extent permissible
under applicable law, if the indemnification provided for in this Deed is unavailable to Indemnitee for any reason whatsoever, the Company,
in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments, fines, amounts paid
or to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Deed, in
such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the
relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding
and/or (ii) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such
event(s) and/or transaction(s).

 

(e) The Company hereby acknowledges
that Indemnitee may have rights to indemnification for payment of the judgment or settlement amount provided by another entity (“Other
Indemnitor(s)”). The Company agrees with Indemnitee that the Company is the indemnitor of first resort of Indemnitee with
respect to matters for which indemnification is provided under this Deed and that the Company will be obligated to make all payments
due to or for the benefit of Indemnitee under this agreement without regard to any rights that Indemnitee may have against the Other
Indemnitor(s). The Company hereby waives any equitable rights to contribution or indemnification from the Other Indemnitor in respect
of any amounts paid to Indemnitee hereunder until such time as the Indemnitee has been fully and finally indemnified. The Company further
agrees that no payment of Expenses or losses by the Other Indemnitor(s) to or for the benefit of Indemnitee shall affect the obligations
of the Company hereunder.

 

4. Indemnification for
Expenses of a Witness. Notwithstanding any other provision of this Deed, to the extent that Indemnitee, by reason of his or her Corporate
Status, is a witness, or is made (or asked) to respond to discovery requests or otherwise asked to participate in any Proceeding to which
Indemnitee is not a party, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him or her,
or on his or her behalf, in connection therewith.

 

5. Advancement of Expenses.
Notwithstanding any other provision of this Deed, the Company shall advance all Expenses incurred by or on behalf of Indemnitee in connection
with defending any Proceeding within thirty (30) days after the receipt by the Company of a statement or statements from Indemnitee requesting
such advance or advances from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements
shall reasonably evidence the Expenses incurred by Indemnitee and Indemnitee shall also submit a written undertaking to repay any Expenses
advanced if it shall ultimately be determined by a court of competent jurisdiction that Indemnitee is not entitled to be indemnified
by the Company against such Expenses. Any advances and undertakings to repay pursuant to this Section 5 shall be unsecured and
interest free. In furtherance of the foregoing, Indemnitee hereby undertakes to repay such amounts advanced if, and to the extent that,
it shall ultimately be determined by a court of competent jurisdiction that Indemnitee is not entitled to be indemnified by the Company
pursuant to the terms of this Deed.

 

6. Procedures and Presumptions
for Determination of Entitlement to Indemnification. It is the intent of this Deed to secure for Indemnitee rights of indemnity that
are as favorable as may be permitted under the SCA and public policy of the Republic of Singapore. Accordingly, the parties agree that
the following procedures and presumptions shall apply in the event of any question as to whether Indemnitee is entitled to indemnification
under this Deed:

 

(a) To obtain indemnification
under this Deed, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and information
as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to
indemnification. The Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board in
writing that Indemnitee has requested indemnification. Notwithstanding the foregoing, any failure of Indemnitee to provide such a request
to the Company, or to provide such a request in a timely fashion, shall not relieve the Company of any liability that it may have to
Indemnitee unless, and to the extent that, the Company is actually and materially prejudiced as a result of such failure.

 

(b) Upon written request by
Indemnitee for indemnification pursuant to the first sentence of Section 6(a) hereof, a determination with respect to Indemnitee’s
entitlement thereto shall be made in the specific case by one of the following three methods, which shall be at the election of the Board
(i) by a majority vote of a quorum consisting of Disinterested Directors (as defined below), (ii) if a majority vote of a quorum consisting
of Disinterested Directors so orders, or if a quorum of Disinterested Directors cannot be obtained, by Independent Counsel (as defined
below) in a written opinion to the Board, a copy of which shall be delivered to Indemnitee, or (iii) by the shareholders of the Company.

 

    	 	 	 

     

    

  

(c) Notwithstanding anything
to the contrary set forth in this Deed, if a request for indemnification is made after a Change in Control, at the election of Indemnitee
made in writing to the Company, and if the Board by a majority vote of a quorum consisting of Disinterested Directors orders the determination
of Indemnitee’s entitlement to indemnification to be made by an Independent Counsel, or if a quorum of Disinterested Directors
cannot be obtained, any determination required to be made pursuant to Section 6(b) above as to whether Indemnitee is entitled
to indemnification shall be made by Independent Counsel selected as provided in this Section 6(c). The Independent Counsel shall
be selected by Indemnitee, unless Indemnitee shall request that such selection be made by the Board. The party making the selection shall
give written notice to the other party advising it of the identity of the Independent Counsel so selected. The party receiving such notice
may, within seven (7) days after such written notice of selection shall have been given, deliver to the other party a written objection
to such selection. Such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements
of “Independent Counsel” as defined in Section 13 hereof, and the objection shall set forth with particularity the factual
basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If a written
objection is made, the Independent Counsel so selected may not serve as Independent Counsel unless and until a court has determined that
such objection is without merit. If, within twenty (20) days after submission by Indemnitee of a written request for indemnification
pursuant to Section 6(a) hereof, no Independent Counsel shall have been selected (or, if selected, such selection shall have been
objected to) in accordance with this paragraph, then either the Company or Indemnitee may petition the courts of Singapore or other court
of competent jurisdiction for resolution of any objection which shall have been made by the Company or Indemnitee to the other’s
selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the court or by such other
person as the court shall designate, and the person with respect to whom an objection is favorably resolved or the person so appointed
shall act as Independent Counsel under Section 6(c) hereof. The Company shall pay any and all reasonable fees and expenses of
Independent Counsel incurred by such Independent Counsel in connection with acting pursuant to Section 6(b) hereof. The Company
shall pay any and all reasonable and necessary fees and expenses incident to the procedures of this Section 6(c), regardless of
the manner in which such Independent Counsel was selected or appointed.

 

(d) If the determination of
entitlement to indemnification is to be made by Independent Counsel pursuant to Section 6(b) hereof, the Independent Counsel shall
be selected as provided in this Section 6(d). The Independent Counsel shall be selected by the Board. Indemnitee may, within ten
(10) days after such written notice of selection shall have been given, deliver to the Company a written objection to such selection;
provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does
not meet the requirements of “Independent Counsel” as defined in Section 13 of this Deed, and the objection
shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected
shall act as Independent Counsel. If a written objection is made and substantiated, the Independent Counsel selected may not serve as
Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit. If,
within twenty (20) days after submission by Indemnitee of a written request for indemnification pursuant to Section 6(a) hereof,
no Independent Counsel shall have been selected (or, if selected, such selection shall have been objected to) in accordance with this
paragraph, then either the Company or Indemnitee may petition the appropriate courts of Singapore or other court of competent jurisdiction
for resolution of any objection which shall have been made by Indemnitee to the Company’s selection of Independent Counsel and/or
for the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall designate, and
the person with respect to whom an objection is favorably resolved or the person so appointed shall act as Independent Counsel under
Section 6(b) hereof. The Company shall pay any and all reasonable fees and expenses of Independent Counsel in connection with
acting pursuant to Section 6(b) hereof, and the Company shall pay any and all reasonable fees and expenses incident to the procedures
of this Section 6(d), regardless of the manner in which such Independent Counsel was selected or appointed.

 

(e) In making a determination
with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination shall presume that
Indemnitee is entitled to indemnification under this Deed. Anyone seeking to overcome this presumption shall have the burden of proof
and the burden of persuasion by clear and convincing evidence. Neither the failure of the Company (including by its directors or independent
legal counsel) to have made a determination prior to the commencement of any action pursuant to this Deed that indemnification is proper
in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including
by its directors or independent legal counsel) that Indemnitee has not met such applicable standard of conduct, shall be a defense to
the action or create a presumption that Indemnitee has not met the applicable standard of conduct.

 

    	 	 	 

     

    

  

(f) Indemnitee shall be deemed
to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Enterprise (as hereinafter
defined), including financial statements, or on information supplied to Indemnitee by the officers of the Enterprise in the course of
their duties, or on the advice of legal counsel for the Enterprise or on information or records given or reports made to the Enterprise
by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Enterprise. In
addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Enterprise shall not be
imputed to Indemnitee for purposes of determining the right to indemnification under this Deed. Whether or not the foregoing provisions
of this Section 6(f) are satisfied, it shall in any event be presumed that Indemnitee has at all times acted in good faith and
in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company. Anyone seeking to overcome this
presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence. The Company will promptly advise
Indemnitee in writing with respect to any determination that Indemnitee is or is not entitled to indemnification, including a description
of any reason or basis for which indemnification has been denied.

 

(g) Notwithstanding anything
to the contrary set forth in this Deed, if the person, persons or entity empowered or selected under Section 6 to determine whether
Indemnitee is entitled to indemnification shall not have been appointed or shall not have made a determination within sixty (60) days
after receipt by the Company of the request therefor, the requisite determination of entitlement to indemnification shall be deemed to
have been made and Indemnitee shall be entitled to such indemnification, unless the Company establishes by written opinion of Independent
Counsel (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement
not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable
law; provided, however, that such sixty (60) day period may be extended for a reasonable time, not to exceed an additional
thirty (30) days, if the person, persons or entity making such determination with respect to entitlement to indemnification in good faith
requires such additional time to obtain or evaluate documentation and/or information relating thereto; and provided, further,
that the foregoing provisions of this Section 6(g) shall not apply if the determination of entitlement to indemnification is to
be made by the shareholders pursuant to Section 6(b) of this Deed and if (A) within fifteen (15) days after receipt by the Company
of the request for such determination, the Disinterested Directors resolve as required by Section 6(b)(iii) of this Deed to submit
such determination to the shareholders for their consideration at an annual meeting thereof to be held within seventy five (75) days
after such receipt and such determination is made thereat, or (B) a special meeting of shareholders is called within fifteen (15) days
after such receipt for the purpose of making such determination, such meeting is held for such purpose within sixty (60) days after having
been so called and such determination is made thereat.

 

(h) Indemnitee shall cooperate
with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including
providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged
or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination.
Any Independent Counsel or member of the Board or shareholder of the Company shall act reasonably and in good faith in making a determination
regarding Indemnitee’s entitlement to indemnification under this Deed. Any costs or expenses (including attorneys’ fees and
disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by
the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies
and agrees to hold Indemnitee harmless therefrom.

 

    	 	 	 

     

    

  

7. Remedies of Indemnitee.

 

(a) In the event that (i) a
determination is made pursuant to Section 6 of this Deed that Indemnitee is not entitled to indemnification under this Deed, (ii)
advancement of Expenses is not timely made pursuant to Section 5 of this Deed, (iii) no determination of entitlement to indemnification
is made pursuant to Section 6(b) or Section 6(c) of this Deed within sixty (60) days after receipt by the Company of the
request for indemnification, or such longer period, not to exceed an additional thirty (30) days, to which the period may be extended
pursuant to Section 6(g), (iv) payment of indemnification is not made pursuant to this Deed within ten (10) days after receipt
by the Company of a written request therefor or (v) payment of indemnification is not made within ten (10) days after a determination
has been made that Indemnitee is entitled to indemnification or such determination is deemed to have been made pursuant to Section
6 of this Deed, Indemnitee shall be entitled to an adjudication of Indemnitee’s entitlement to such indemnification or advancement
of expenses either, at Indemnitee’s sole option, in (1) an appropriate court of Singapore, or any other court of competent jurisdiction
or (2) an arbitration to be conducted by a single arbitrator, selected by mutual agreement of the Company and Indemnitee, pursuant to
the rules of the Singapore International Arbitration Centre. The Company shall not oppose Indemnitee’s right to seek any such adjudication.

 

(b) In the event that a determination
shall have been made pursuant to Section 6(b) or Section 6(c) of this Deed that Indemnitee is not entitled to indemnification,
(i) any judicial proceeding or arbitration commenced pursuant to this Section 7 shall be conducted in all respects de novo on
the merits, and Indemnitee shall not be prejudiced by reason of any adverse determination under Section 6(b) or Section 6(c);
and (ii) in any such judicial proceeding or arbitration, the Company shall have the burden of proving that Indemnitee is not entitled
to indemnification under this Deed.

 

(c) If a determination shall
have been made pursuant to Section 6(b) or Section 6(c), or shall have been deemed to have been made pursuant to Section
6(g), of this Deed that Indemnitee is entitled to indemnification, the Company shall be obligated to pay the amounts constituting
such indemnification within five (5) days after such determination has been made or has been deemed to have been made and shall be conclusively
bound by such determination in any judicial proceeding commenced pursuant to this Section 7, unless the Company establishes by
written opinion of Independent Counsel (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary
to make Indemnitee’s misstatement not materially misleading in connection with the request for indemnification or (ii) a prohibition
of such indemnification under applicable law.

 

(d) In the event that Indemnitee,
pursuant to this Section 7, seeks a judicial adjudication of, or an award in arbitration to enforce, his or her rights under,
or to recover damages for breach of, this Deed, or to recover under any directors’ and officers’ liability insurance policies
maintained by the Company, the Company shall pay to him or her, or on his or her behalf, in advance, and shall indemnify him or her against,
any and all expenses (of the types described in the definition of Expenses in Section 13 of this Deed) actually and reasonably incurred
by him or her in such judicial adjudication or arbitration, regardless of whether Indemnitee ultimately is determined to be entitled
to such indemnification, advancement of expenses or insurance recovery.

 

(e) The Company shall be precluded
from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 7 that the procedures and presumptions
of this Deed are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company
is bound by all the provisions of this Deed. The Company shall indemnify Indemnitee against any and all Expenses and, if requested by
Indemnitee, shall (within ten (10) days after receipt by the Company of a written request therefore) advance, to the extent not prohibited
by law, such expenses to Indemnitee, which are incurred by Indemnitee in connection with any action brought by Indemnitee for indemnification
or advance of Expenses from the Company under this Deed or under any directors’ and officers’ liability insurance policies
maintained by the Company, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement
of Expenses or insurance recovery, as the case may be.

 

8. Non-Exclusivity; Survival
of Rights; Insurance; Subrogation.

 

(a) The rights of indemnification
and advancement of expenses as provided by this Deed shall not be deemed exclusive of, and shall be in addition to, any other rights
to which Indemnitee may at any time be entitled under applicable law, the Constitution, any agreement, a vote of shareholders, a resolution
of directors of the Company, or otherwise, and nothing in this Deed shall diminish or otherwise restrict Indemnitee’s rights to
indemnification or advancement of expenses under any of the foregoing. No amendment, alteration or repeal of this Deed or of any provision
hereof shall limit or restrict any right of Indemnitee under this Deed in respect of any action taken or omitted by such Indemnitee in
his or her Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in the SCA, whether by statute
or judicial decision, permits greater indemnification than would be afforded currently under the Constitution and this Deed, it is the
intent of the parties hereto that Indemnitee shall enjoy by this Deed the greater benefits so afforded by such change and Indemnitee
shall be deemed to have such greater benefits hereunder. No right or remedy herein conferred is intended to be exclusive of any other
right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder
or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise,
shall not prevent the concurrent assertion or employment of any other right or remedy. The Company shall not adopt any amendments to
its constitution, the effect of which would be to deny, diminish or encumber Indemnitee’s right to indemnification or advancement
of expenses under this Deed, any other agreement or otherwise, without the prior written consent of the Indemnitee.

 

    	 	 	 

     

    

  

(b) The Company shall use commercially
reasonable efforts to obtain and maintain in effect one or more policies of insurance with reputable insurance companies to provide the
officers/directors of the Company with coverage for losses from wrongful acts and omissions and to ensure the Company’s performance
of its indemnification obligations under this Deed. The Indemnitee shall be covered by such policy or policies in accordance with its
or their terms to the maximum extent of the coverage available for any such director or officer under such policy or policies. In all
such insurance policies, the Indemnitee shall be named as an insured in such a manner as to provide the Indemnitee with the same rights
and benefits as are accorded to the most favorably insured of the Company’s directors and officers.

 

(c) In the event of any payment
under this Deed, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall
execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary
to enable the Company to bring suit to enforce such rights (with all of Indemnitee’s reasonable expenses, including, without limitation,
attorneys’ fees and charges, related thereto to be reimbursed by or, at the option of Indemnitee, advanced by the Company).

 

(d) The Company shall not be
liable under this Deed to make any payment of amounts otherwise indemnifiable hereunder if and to the extent that Indemnitee has otherwise
actually received such payment under any insurance policy, contract, agreement or otherwise.

 

(e) The Company’s obligation
to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request of the Company as a director, officer,
employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise shall be reduced
by any amount Indemnitee has actually received as indemnification or advancement of expenses from such other corporation, partnership,
joint venture, trust, employee benefit plan or other enterprise.

 

9. Exception to Right
of Indemnification. Notwithstanding any provision in this Deed, the Company shall not be obligated under this Deed to make any indemnity
in connection with any claim made against Indemnitee:

 

(a) for which payment has actually
been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except with respect to any excess beyond
the amount paid under any insurance policy or other indemnity provision; or

 

(b) for an accounting of profits
made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b)
of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”), or similar provisions of
state statutory law or common law; or

 

(c) for any reimbursement of
the Company by Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized by Indemnitee
from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements that arise
from an accounting restatement of the Company pursuant to Section 304 of the U.S. Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley
Act”), or the payment to the Company of profits arising from the purchase and sale by Indemnitee of securities in violation
of Section 306 of the Sarbanes-Oxley Act); or

 

(d) for any reimbursement of
the Company by Indemnitee of any compensation pursuant to any compensation recoupment or clawback policy adopted by the Board or the
compensation committee of the Board, including but not limited to any such policy adopted to comply with stock exchange listing requirements
implementing Section 10D of the Exchange Act; or

 

    	 	 	 

     

    

  

(e) in connection with any
Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated
by Indemnitee against the Company (other than to enforce Indemnitee’s rights under this Deed) or its directors, officers, employees
or other indemnitees, unless (i) the Board of the Company authorized the Proceeding (or such part of the Proceeding) prior to its initiation,
or (ii) the Company indemnifies Indemnitee, in its sole discretion, independently of this Deed pursuant to the powers vested in the Company
under applicable law.

 

10. Retroactive Effect;
Duration of Deed; Successors and Binding Deed. All agreements and obligations of the Company contained herein shall be deemed to
have become effective upon the date Indemnitee first had Corporate Status; shall continue during the period Indemnitee has Corporate
Status; and shall continue thereafter so long as Indemnitee may be subject to any Proceeding (or any action commenced under Section
7 hereof) by reason of his or her Corporate Status, whether or not he or she is acting or serving in any such capacity at the time
any liability or expense is incurred for which indemnification can be provided under this Deed. This Deed shall be binding upon and inure
to the benefit of and be enforceable by the parties hereto and their respective successors (including any direct or indirect successor
by purchase, merger, consolidation, reorganization or otherwise to all or substantially all of the business or assets of the Company),
assigns, spouses, heirs, executors and personal and legal representatives. The Company shall require any such successor to all or substantially
all of the business or assets of the Company, by agreement in form and substance satisfactory to Indemnitee and his or her counsel, expressly
to assume and agree to perform this Deed in the same manner and to the same extent the Company would be required to perform if no such
succession had taken place. Except as otherwise set forth in this Section 10, this Deed shall not be assignable or delegable by
the Company.

 

11. Security. To the
extent requested by Indemnitee and approved by the Board of the Company, the Company may at any time and from time to time provide security
to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral.
Any such security, once provided to Indemnitee, may not be revoked or released without the prior written consent of Indemnitee.

 

12. Enforcement.

 

(a) The Company expressly confirms
and agrees that it has entered into this Deed and assumes the obligations imposed on it hereby in order to induce Indemnitee to serve,
or continue to serve, as an officer or a director of the Company, and the Company acknowledges that Indemnitee is relying upon this Deed
in serving or continuing to serve as an officer or a director of the Company.

 

(b) This Deed constitutes the
entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings,
oral, written and implied, between the parties hereto with respect to the subject matter hereof.

 

13. Definitions. For
purposes of this Deed:

 

(a) “Application
for Relief” means an application for relief made by the Indemnitee to the court under Section 76A(13) or Section 391
of the SCA.

 

(b) “Change in
Control” shall be deemed to occur upon the earliest to occur after the date of this Deed of any of the following events:

 

(i) Acquisition of Share
by Third Party. Any Person (as defined below) is or becomes the “beneficial owner” as defined in Rule 13d-3 under the
Exchange Act (a “Beneficial Owner”), directly or indirectly, of securities of the Company representing fifteen
percent (15%) or more of the combined voting power of the Company’s then outstanding securities entitled to vote generally in the
election of directors, unless (1) the change in the relative Beneficial Ownership of the Company’s securities by any Person results
solely from a reduction in the aggregate number of outstanding shares of securities entitled to vote generally in the election of directors,
or (2) such acquisition was approved in advance by the Continuing Directors (as defined below) and such acquisition would not constitute
a Change in Control under part (iii) of this definition;

 

    	 	 	 

     

    

  

(ii) Change in Board of
Directors. Individuals who, as of the date hereof, constitute the Board, and any new director whose election by the Board or nomination
for election by the Company’s shareholders was approved by a vote of at least two thirds of the directors then still in office
who were directors on the date hereof or whose election for nomination for election was previously so approved (collectively, the “Continuing
Directors”), cease for any reason to constitute at least a majority of the members of the Board;

 

(iii) Corporate Transactions.
The effective date of a merger, amalgamation, asset acquisition, share purchase, reorganization or similar business combination, involving
the Company and one or more businesses or assets (a “Business Combination”), in each case, unless, following
such Business Combination: (1) all or substantially all of the individuals and entities who were the Beneficial Owners of securities
entitled to vote generally in the election of directors immediately prior to such Business Combination beneficially own, directly or
indirectly, more than 51% of the combined voting power of the then outstanding securities of the Company entitled to vote generally in
the election of directors resulting from such Business Combination (including, without limitation, a corporation which as a result of
such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more Subsidiaries
(as defined below)) in substantially the same proportions as their ownership immediately prior to such Business Combination, of the securities
entitled to vote generally in the election of directors; (2) other than the Sponsor or an affiliate thereof, no Person (excluding any
corporation resulting from such Business Combination) is the Beneficial Owner, directly or indirectly, of fifteen percent (15%) or more
of the combined voting power of the then outstanding securities entitled to vote generally in the election of directors of the surviving
corporation except to the extent that such ownership existed prior to the Business Combination; and (3) at least a majority of the Board
of Directors of the corporation resulting from such Business Combination were Continuing Directors at the time of the execution of the
initial agreement, or of the action of the Board of Directors, providing for such Business Combination;

 

(iv) Liquidation.
The approval by the shareholder of the Company of a complete liquidation of the Company or an agreement or series of agreements for the
sale or disposition by the Company of all or substantially all of the Company’s assets, other than factoring the Company’s
current receivables or escrows due (or, if such shareholder approval is not required, the decision by the Board to proceed with such
a liquidation, sale, or disposition in one transaction or a series of related transactions); or

 

(v) Other Events.
There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation
14A (or any successor rule) (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act, whether
or not the Company is then subject to such reporting requirement.

 

(c) “Corporate
Status” means the fact that a person is or was a director, officer, employee, agent or fiduciary of the Company or is or
was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture,
trust or other enterprise.

 

(d) “Disinterested
Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification
is sought by Indemnitee.

 

(e) “Enterprise”
shall mean the Company, and any other corporation, constituent corporation (including any constituent of a constituent) absorbed in a
consolidation or merger to which the Company (or any of its wholly owned subsidiaries) is a party, partnership, joint venture, trust,
employee benefit plan or other enterprise that Indemnitee is or was serving at the express written request of the Company as a director,
officer, trustee, partner, manager, managing member, employee, agent or fiduciary. 

  

(f) “Expenses”
shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts and other professionals,
witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, ERISA
excise taxes and penalties, and all other disbursements or expenses of the types customarily incurred or actually incurred in connection
with prosecuting, defending, preparing to prosecute or defend, investigating, participating, or being or preparing to be a witness in
a Proceeding, or responding to, or objecting to, a request to provide discovery in a Proceeding. Expenses also shall include Expenses
incurred in connection with any appeal resulting from any Proceeding, including, without limitation, the premium, security for, and other
costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent. Should any payments by the Company to or for
the account of Indemnitee under this Deed be determined to be subject to any federal, state or local income or excise tax, Expenses shall
also include such amounts as are necessary to place Indemnitee in the same after-tax position (after giving effect to all applicable
taxes) Indemnitee would have been in had no such tax been determined to apply to those payments. The parties agree that for the purposes
of any advancement of Expenses for which Indemnitee has made written demand to the Company in accordance with this Deed, all Expenses
included in such demand that are certified by affidavit of Indemnitee’s counsel as being reasonable in the good faith judgment
of such counsel shall be presumed conclusively to be reasonable. Expenses, however, shall not include amounts paid in settlement by Indemnitee
or the amount of judgments or fines against Indemnitee.

 

    	 	 	 

     

    

 

(f) “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently
is, nor in the past five (5) years has been, retained to represent (i) the Company or Indemnitee in any matter material to either such
party (other than with respect to matters concerning Indemnitee under this Deed, or of other indemnitees under similar indemnification
agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing,
the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then
prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s
rights under this Deed. The Company agrees to pay the reasonable fees of the Independent Counsel referred to above and to fully indemnify
such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Deed or its engagement
pursuant hereto.

 

(g) “Person”
shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act as in effect on the date hereof; provided, however,
that “Person” shall exclude: (i) the Company; (ii) any Subsidiaries (as defined below) of the Company; (iii) any employment
benefit plan of the Company or of a Subsidiary (as defined below) of the Company or of any corporation owned, directly or indirectly,
by the shareholders of the Company in substantially the same proportions as their ownership of shares of the Company; and (iv) any trustee
or other fiduciary holding securities under an employee benefit plan of the Company or of a Subsidiary (as defined below) of the Company
or of a corporation owned directly or indirectly by the shareholders of the Company in substantially the same proportions as their ownership
of shares of the Company.

 

(h) “Proceeding”
includes any threatened, pending or completed action, suit, claim, counterclaim, cross claim, arbitration, mediation, alternate dispute
resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether
brought by or in the right of the Company or otherwise and whether civil, criminal, administrative, legislative or investigative (formal
or informal); in each case whether or not Indemnitee’s Corporate Status existed at the time any liability or expense is incurred
for which indemnification can be provided under this Deed; including one pending on or before the date of this Deed, but excluding one
initiated by an Indemnitee pursuant to Section 7 of this Deed to enforce his or her rights under this Deed.

 

(i) “Subsidiary,”
with respect to any Person, shall mean any corporation, limited liability company, partnership, joint venture, trust or other entity
of which a majority of the voting power of the voting equity securities or equity interest is owned, directly or indirectly, by that
Person.

 

14. Severability.
The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision.
Without limiting the generality of the foregoing, this Deed is intended to confer upon Indemnitee indemnification rights to the fullest
extent permitted by applicable laws. In the event any provision hereof conflicts with any applicable law, such provision shall be deemed
modified, consistent with the aforementioned intent, to the extent necessary to resolve such conflict.

 

15. Modification and Waiver.
No supplement, modification, termination or amendment of this Deed shall be binding unless executed in writing by both of the parties
hereto. No waiver of any of the provisions of this Deed shall be deemed or shall constitute a waiver of any other provisions hereof (whether
or not similar) nor shall such waiver constitute a continuing waiver.

 

16. Notice by Indemnitee.
Indemnitee agrees promptly to notify the Company in writing upon being served with or otherwise receiving any summons, citation, subpoena,
complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification covered
hereunder. The failure to so notify the Company shall not relieve the Company of any obligation which it may have to Indemnitee under
this Deed unless, and only to the extent that, the Company is actually and materially prejudiced as a result of such delay or failure.

 

    	 	 	 

     

    

  

17. Notices. All notices
and other communications given or made pursuant to this Deed shall be in writing and shall be deemed effectively given (a) upon personal
delivery to the party to be notified, (b) when sent by confirmed facsimile, or (c) upon delivery when sent by a nationally recognized
overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent:

 

(a) To Indemnitee at the address
set forth below Indemnitee’s signature hereto.

 

(b) To the Company at:

T20 Holdings Pte. Ltd.

3 Philip Street

#19-01 Royal Group Building

Singapore 048693

 

or to such other address as may have been furnished
to Indemnitee by the Company or to the Company by Indemnitee, as the case may be.

 

18. Counterparts.
This Deed may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic
signature complying with the Singapore Electronic Transactions Act, e.g., www.docusign.com) or other transmission method and any
counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

19. Headings. The
headings of the paragraphs of this Deed are inserted for convenience only and shall not be deemed to constitute part of this Deed or
to affect the construction thereof.

 

20. Successors and Assigns.
The terms of this Deed shall be binding upon the Company and its successors and assigns (including any direct or indirect successor by
purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company) and shall inure
to the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees, executors, administrators and other legal representatives.

 

21. Governing Law and
Consent to Jurisdiction. This Deed and the legal relations among the parties shall be governed by, and construed and enforced in
accordance with the laws of Singapore. The Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or
proceeding arising out of or in connection with this Agreement (other than an arbitration pursuant to Section 7 hereof) shall
be brought only in the Singapore courts, and not in any court in any other country, (ii) consent to submit to the exclusive jurisdiction
of the Singapore courts for purposes of such action or proceeding, (iii) waive any objection to the laying of venue of any such action
or proceeding in the Singapore courts, and (iv) waive, and agree not to plead or to make, any claim that any such action or proceeding
brought in the Singapore courts has been brought in an improper or inconvenient forum.

 

22. Waiver of Claims to
Trust Account. Notwithstanding anything contained herein to the contrary, Indemnitee hereby agrees that it does not have any right,
title, interest or claim of any kind (each, a “Claim”) in or to any monies in the trust account established
in connection with the Company’s initial public offering for the benefit of the Company and holders of shares issued in such offering,
and hereby waives any Claim it may have in the future as a result of, or arising out of, any services provided to the Company and will
not seek recourse against such trust account for any reason whatsoever.

 

23. Contract Rights of
Third Parties. A person who is not a party to this Deed has no rights under the Contracts (Rights of Third Parties) Act, Chapter
53B of Singapore, to enforce any term of this Deed.

 

[Remainder of page intentionally left blank]

 

    	 	 	 

     

    

  

IN WITNESS WHEREOF, the parties hereto have executed
this Deed on and as of the day and year first above written.

 

	Executed and delivered as a Deed

    by T20 Holdings Pte. Ltd.

    acting by	 	 
	 	 	 
	 	 	 
	Full Name (Director)

     in the presence of:	 	Signature of Director
	 	 	 
	 	 	 
	Full Name (Witness)	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	Address	 	Signature of Witness
	 	 	 
	Signed, sealed, and delivered as a Deed	 	 
	 	 	 
	by [NAME OF NED]	 	 
	 	 	 
	 in the presence of:	 	Signature 
	 	 	 
	 	 	 
	Full Name (Witness)	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	Address	 	Signature of WitnessExhibit 10.3 

 

ASSET TRANSFER DEED

 

BETWEEN

 

ASIA PACIFIC ENERGY VENTURES PTE. LTD.

 

AND

 

PACIFIC ENERGY CONSULTING LIMITED

 

AND

 

T20 HOLDINGS PTE. LTD.

 

    	 

     

    

 

ASSET TRANSFER DEED dated this 30th day
of June, 2022 by and between:

 

		1.	ASIA PACIFIC ENERGY VENTURES PTE. LTD., having its registered office at 10 Anson Road, #13-09 International
Plaza, Singapore 079903 (hereinafter referred to as “APEV”); and

 

		2.	PACIFIC ENERGY CONSULTING LIMITED, having its registered office at level 6, MRDC Haus, Corner of
Champion Parade & Musgrave Street, Port Moresby, National Capital District, 121, Papua New Guinea (hereinafter referred to as “PEC”);
and

 

		3.	T20 HOLDINGS PTE. LTD., having its registered office at 3 Phillip Street #19-01, Royal Group Building,
Singapore 048693 (hereinafter referred to as “T20”).

 

WHEREAS:

 

		A.	T20 intends to list on the NASDAQ stock exchange.

 

		B.	As at the date of this Deed, T20 and APEV have the same shareholders and are “associated entities”
as referenced within the Stamp Duties (Relief from Stamp Duty upon Transfer of Assets between Associated Permitted Entities) Rules
2014 (the “Rules”). The shareholders of APEV and T20 wish to restructure parts of APEV’s underlying assets and business
to allow T20 to list on the NASDAQ stock exchange.

 

		C.	Each of APEV and T20 are “Permitted Entities” that are associated as defined within
the Rules.

 

		D.	APEV wishes to transfer its entire legal and beneficial interests in the Specified Assets to T20 pursuant
to this Asset Transfer Deed (this “Deed”) to give effect to the purpose of this Deed.

 

		E.	PEC is a wholly owned subsidiary of APEV and wishes to transfer its entire legal and beneficial interests
in the Specified Assets to T20 pursuant to this Deed to give effect to the purpose of this Deed.

 

IN CONSIDERATION OF THE TERMS AND COVENANTS
HEREIN, THE PARTIES AGREE AS FOLLOWS:

 

		1.	PURPOSE OF THIS DEED

 

The purpose of this Deed is to consolidate the
Specific Assets within T20 so as to allow T20 to list on the NASDAQ stock exchange.

 

    	 

     

    

 

		2.	TRANSFER OF ASSETS

 

		2.1	Upon the terms, and subject to the conditions, of this Deed, APEV hereby transfers the entirety of APEV’s
legal and beneficial interests in the Specified Assets to T20 with effect from 1 April, 2022. Nothing in this Deed transfers, assigns
or otherwise modifies APEV’s ownership or rights in any property or other assets which are not contemplated and/or included within
the Specified Assets.

 

		2.2	Upon the terms, and subject to the conditions, of this Deed, PEC hereby transfers the entirety of PEC’s
legal and beneficial interests in the Specified Assets to T20 with effect from 1 April, 2022. Nothing in this Deed transfers, assigns
or otherwise modifies PEC’s ownership or rights in any property or other assets which are not contemplated within the Specified
Assets.

 

		3.	POWER OF ATTORNEY

 

Each of APEV and PEC grants T20 a Power of Attorney
in the form specified in Schedule 2 for the purposes of giving effect to the transfer of the Specified Assets in accordance with this
Deed and such Power of Attorney is expressly granted to allow T20 to use, operate or otherwise deal with any of the Specified Assets as
T20 deems fit and as if T20 were the owner of Specified Assets in circumstances where such Specified Assets are unable to be immediately
transferred or assigned in accordance with this Deed, such as but not limited any Specified Assets which require registration with a government
department in order for such transfer to be legally effective.

 

		4.	SPECIFIED ASSETS TRANSFERRED ON “AS-IS / WHERE-IS” BASIS

 

APEV and PEC, collectively and individually, make
no representations or warranties in respect of the value or validity of the Specified Assets. T20 expressly agrees and acknowledges that:

 

		a)	the Specified Assets are being transferred on an “as-is / where-is” basis in accordance with
T20’s own due diligence and research;

 

		b)	T20 has not relied on any representations or warranties from APEV or PEC in accepting the Specified Assets
or paying the Asset Sale Amount;

 

		c)	T20’s acceptance of the Specified Assets includes such claims, obligations and liabilities, if any,
attaching to the Specified Assets on or before the date of this Deed.

 

		5.	EMPLOYEES

 

T20 expressly acknowledges that the Specified
Assets may include existing and ongoing obligations, liabilities and responsibilities as relate to employment Deeds following the acquisition
of the Specified Assets. T20 agrees and acknowledges that it has not relied on any representations or warranties from APEV or PEC in respect
of, and that the acknowledgements made under clause 4 also apply to, the Specified Assets’ employment Deeds.

 

    	 

     

    

 

		6.	CONSENT OF THIRD PARTIES

 

APEV will use all reasonable commercial efforts
to obtain the consents, if any, of Third Parties which are required to transfer the entirety of APEV’s legal and beneficial interests
in the Specified Assets to T20 (the “Third Party Consents”) and T20 shall use all reasonable commercial efforts to support
APEV in obtaining the Third Party Consents.

 

		7.	STAMP DUTY

 

To the extent that any transaction contemplated
in this Deed is not entitled to relief from stamp duty pursuant to the Rules, T20 shall be obliged to pay any and all stamp duty assessed
on the transactions contemplated in this Deed.

 

		8.	CONSIDERATION

 

In consideration of the transfer of the Specified
Assets set out in clause 2 for a cumulative value of Eleven Million Three Hundred and Ninety Thousand Six Hundred and Twenty-Nine US Dollars
(US$11,390,629), T20 will issue, and each of APEV and PEC accept, in full and final satisfaction of all obligations of T20 under this
Deed, Nineteen Million Two Hundred and Fourteen Thousand Nine Hundred and Thirty-Four (19,214,934) new ordinary shares in T20 (the “Consideration
Shares” and each, a “Consideration Share”) at the issue price of US$0.59280083 per Consideration Share to the following
persons nominated by APEV and PEC in the following proportions:

 

	Snowfields Wealth Management Limited	 	 	9,064,419	 
	Seasons Cove Limited	 	 	4,209,346	 
	Tanuki Holdings Limited	 	 	3,058,621	 
	Fuato Limited	 	 	2,882,548	 

 

The total consideration for the transfer of the
Specified Assets shall be the Asset Sale Amount, and the Asset Sale Amount shall be allotted to the Specified Assets on the basis set
out in Schedule 1.

 

Upon the allotment of the Consideration Shares
as contemplated in this clause, APEV and PEC shall be deemed to have obtained a good quittance for the transfer of the Specified Assets.

 

		9.	GOVERNING LAW AND DISPUTE RESOLUTION

 

This Deed shall be governed by, and be construed
in accordance with, the laws of the Republic of Singapore. The Parties agree to use all reasonable endeavours to resolve any and all disputes
arising from this Deed on mutually satisfactory basis provided however that for any dispute that cannot be mutually resolved within fourteen
(14) days of the dispute arising, either party may refer that dispute to be finally resolved by arbitration administered by the Singapore
International Arbitration Centre (“SIAC”) in accordance with the arbitration rules of the SIAC for the time being in force
which rules are deemed to be incorporated by reference in this Clause. The seat of the arbitration shall be Singapore. The Tribunal shall
consist of one arbitrator. The language of the arbitration shall be English.

 

    	 

     

    

 

		10.	SEVERABILITY

 

In the event that one or more provisions of this
Deed shall, or shall be deemed to, be invalid or unenforceable, the validity and enforceability of the other provisions of this Deed shall
not be effected thereby. In such case, the Parties hereto agree to recognize and give effect to such valid and enforceable provision or
provisions which correspond as closely as possible with the commercial intent of the Parties. The same shall apply in the event that the
Deed contains any gaps.

 

		11.	DEFINITIONS

 

		11.1	“Asset Sale Amount” means the amount of Eleven Million Three Hundred and Ninety Thousand Six
Hundred and Twenty-Nine United States Dollars (US$11,390,629) denoting the agreed value of the Specified Assets.

 

		11.2	“Specified Assets” means those assets, shares, property or other items specified in Schedule
1.

 

		11.3	The “Rules” mean the Stamp Duties (Relief from Stamp Duty upon Transfer of Assets between
Associated Permitted Entities) Rules 2014.

 

EXECUTED AS AN DEED

 

	
    ASIA PACIFIC ENERGY VENTURES PTE. LTD.
	 	T20 HOLDINGS PTE. LTD.
	 	 	 
	/s/ S. NEWMAN POA.	 	 
	DIRECTOR	 	 
	 	 	 
	S. NEWMAN POA.	 	/s/ Geoffrey Allan Lawrence
	DIRECTOR / SECRETARY	 	Geoffrey Allan Lawrence (Director)

 

	PACIFIC ENERGY CONSULTING LIMITED	 	 
	 	 	 
	/s/ S. NEWMAN POA.	 	/s/ James Herbert Schnieders
	DIRECTOR	 	James Herbert Schnieders (Director)
	 	 	 
	S. NEWMAN POA.	 	 
	DIRECTOR / SECRETARY	 	 

 

    	 

     

    

 

Schedule 1 – SPECIFIED ASSETS

 

		(A)	APEV assets

 

The Specified Assets include all of APEV’s
rights, title and interests in the shares of the following entities:

 

 

	Name	 	Registration
    No.	 	Location	 	Description
    of Shares	 	Allocation
    of 
 Asset Sale 
 Amount	 
	Twenty20 Energy
    Systems Pte. Ltd.	 	201425478K	 	Singapore	 	100,000 ordinary
    shares with an issued and paid-up capital of S$100,000	 	US$	7,451,533	 
	Twenty20 Power Pte. Ltd.	 	201927378G	 	Singapore	 	3,000 ordinary shares
    with an issued and paid-up capital of S$3,000	 	US$	2,169	 
	Pacific Residential Holdings
    Limited	 	1-119405	 	Papua New Guinea	 	100 ordinary shares with
    an issued and paid-up capital of 100 kina	 	US$	1	 
	T20 Group Limited	 	1-125230	 	Papua New Guinea	 	100 ordinary shares with
    an issued and paid-up capital of 100 kina	 	US$	30	 
	T20 Generation Limited	 	1-127451	 	Papua New Guinea	 	100 ordinary shares with
    an issued and paid-up capital of 100 kina	 	US$	30	 

 

Notes:

 

		1.	Entities incorporated in Singapore have their registered office
address at 3 Phillip Street #19-01, Royal Group Building, Singapore 048693

 

		2.	Entities incorporated in Papua New Guinea have their registered
office address at Level 6, Mrdc Haus, Cnr Of Champion Parade & Musgrave Street, Port Moresby, National Capital District, 121, Papua
New Guinea

 

    	 

     

    

 

		(B)	PEC assets

 

The Specified Assets include all of PEC’s
rights, title and interests in the following:

 

		(a)	Vehicles - the following vehicles having a net asset value as at December 31st, 2021 of Five Hundred and Twenty-Three Thousand,
Nine Hundred and Eighty-Four Papua New Guinea Kina Sixty-Eight Toeas (523,984.68PGK):

 

	 
Registration
	 	Make	 	Allocation of Asset Sale

 Amount US$	 
	BFZ 338	 	Kia Seltos	 	 	13,850.58	 
	BFZ 339	 	Kia Seltos	 	 	13,803.87	 
	BFY 742	 	Nissan Navara	 	 	20,026.22	 
	BFY 743	 	Nissan navara	 	 	20,026.22	 
	BFX 491	 	Nissan Navara	 	 	19,491.33	 
	BFO 805	 	Nissan Patrol	 	 	12,437.06	 
	BFR 393	 	Nissan Patrol	 	 	13,501.03	 
	BEY 155	 	Nissan X Trail	 	 	10,349.53	 
	BFM 264	 	Toyota Prado	 	 	20,482.88	 
	BFR 604	 	Kia 2700	 	 	5,002.65	 

 

		(b)	Inventory having a total stock value as at December 31st, 2021 of Seven Hundred and Thirty-One Thousand, Four Hundred and
Seventy Papua New Guinea Kina Fourteen Toeas (731,470.14PGK). Allocation of Asset Sale Amount is US$207,960.

 

		(c)	Leases for land more specifically denoted as portions 3026, 3027, 3029 and 3030 (the “Land”) having a value as at December
31st, 2021 of Twelve Million Five Hundred Thousand Papua New Guinea Kina (12,500,000PGK). Allocation of Asset Sale Amount is
US$ 3,553,810.

 

		(d)	Improvements for the Land having a value as at December 31st, 2021 of Two Hundred and Eleven Thousand Twenty-Seven United
States Dollars (US$211,027). Allocation of Asset Sale Amount is US$211,027.

 

    	 

     

    

 

		(e)	IT Assets with the following serial numbers having a value as at December 31st, 2021 of Twelve Thousand One Hundred and
Fifty-Five United States Dollars Eighteen Cents (US$12,155.18):

 

	
    Dell Inc.
	Inspiron 3464 AIO	D00G872
	Dell Inc.	OptiPlex 3070	CZ1W053
	Dell Inc.	OptiPlex 3070	CYQT053
	Dell Inc.	Latitude 3400	4Y89QT2
	Dell Inc.	Latitude 3400	1SGDPW2
	Dell Inc.	Latitude 3400	86F0PW2
	LENOVO	10ST002TAU	PC0VXQEY
	Dell Inc.	Latitude 3400	B6F0PW2
	Dell Inc.	Latitude 3400	B5F0PW2
	LENOVO	10ST002TAU	PC0VXQG6
	Dell Inc.	Latitude 3400	95F0PW2
	Hewlett-Packard	Pavilion x360 Convertible 14-ba1xx	8CG7424CZK
	Dell Inc.	Dell Precision 7730	2DZ5533
	Dell Inc.	Latitude 3510	B8K40B3
	Dell Inc.	Latitude 3510	2X3K203
	Acer	Nitro AN515-52	NHQ3XSG00182709D433400
	Dell Inc.	Latitude 3400	7MBYNW2
	Micro-Star International Co.	 	9S716P612043ZI4000152
	Dell Inc.	Latitude 3400	G4F0PW2

 

Allocation of Asset Sale Amount to the IT Assets
is US$12,155.

 

		(f)	All IT infrastructure assets at the Dirio Power Plant having a value as at December 31st, 2021 of Thirteen Thousand Nine Hundred and
Sixty-Three United States Dollars Forty-Four Cents (US$13,963.44):

 

	
    Type
	 	Model	 	Quantity
	Firewall	 	FortiGate 30E-3G4G	 	1
	Switch	 	Fortigate Switch 24 port	 	2
	 	Fortigate Switch 8 port	 	1
	Access Point	 	FortiGate AP 	 	2
	Access Point 	 	Cambium Force E500	 	5
	Rack	 	iON 42RU	 	1
	UPS	 	ION UPS 3000VA	 	2
	Router	 	TP link Wireless N router	 	3
	CCTV	 	XRN-1610A NVR System	 	1
	PABX	 	3CX PABX 	 	1

 

Allocation of Asset Sale Amount to the IT infrastructure
assets is US$13,963.44.

 

    	 

     

    

 

		(g)	Power Station Onshore Operations and Maintenance Agreement signed with Dirio Gas and Power Company Limited for the Dirio Central Province
Power Station project, to be novated by PEC as directed by T20 in accordance with Deed of Novation set out in Schedule 3. Allocation of
Asset Sale Amount to the Operations and Maintenance Agreements is US$1.

 

		(h)	Construction Contract for Gas Fired Power Plant to be located in Hela Province, Papua New Guinea, to be novated by PEC as directed
by T20 in accordance with Deed of Novation set out in Schedule 3. Allocation of Asset Sale Amount to the Construction Contract is US$1.

 

		(i)	Onshore Operations and Maintenance Agreement signed with Laitebo Hela Power Company Limited for the Hela Province project, to be novated
by PEC as directed by T20 in accordance with Deed of Novation set out in Schedule 3. Allocation of Asset Sale Amount to the Operations
and Maintenance Agreement is US$1.

 

		(j)	Memorandum of Understanding signed with PT Satymitra Surya Perkasa (PT SSP) acknowledging mutual interest in sharing information and
that the Parties are desirous of engaging in a non-binding non-exclusive cooperative working relationship to study and develop (both jointly
and independently) energy project opportunities within Indonesia, to be novated by APEV as directed by T20 in accordance with Deed of
Novation set out in Schedule 3. Allocation of Asset Sale Amount to the MOU with PT SSP is US$1.

 

		(k)	Memorandum of Understanding with the Autonomous Government of Bougainville and the Bougainville Resources Corporation for strategic
collaboration to support development and operation of domestic power generation and electricity distribution infrastructure, to be novated
by PEC as directed by T20 in accordance with Deed of Novation set out in Schedule 3. Allocation of Asset Sale Amount to the MOU with the
Autonomous Government of Bougainville and the Bougainville Resources Corporation is US$1.

 

		(l)	The Specified Assets include all of PEC’s rights, title and interests in the shares of the following
entities:

 

	Name	 	Registration

    No.	 	Location	 	Description
    of Shares	 	Allocation
    of 

    Asset Sale

    Amount	 
	PAWA GENERATION
    PNG LIMITED	 	1-125231	 	Papua New
    Guinea	 	100 ordinary shares with an
    issued and paid-up capital of 100 kina	 	US$	30	 
	BOUGAINVILLE ENERGY LIMITED	 	1-127295	 	Papua New Guinea	 	100 ordinary shares with an issued and paid-up
    capital of 100 kina	 	US$	30	 

 

    	 

     

    

 

Schedule 2 – POWER OF ATTORNEY
- PROFORMA

 

		A.	APEV in SINGAPORE

 

    	 

     

    

 

 

This DEED OF POWER OF ATTORNEY is given
this ____ day of ____________ 2022 by ASIA PACIFIC ENERGY VENTURES PTE. LTD., having its registered office at 10 Anson Road, #13-09
International Plaza, Singapore 079903 (hereinafter called the (“Grantor”).

 

WHEREAS:

 

		A.	The Grantor is a company limited by shares incorporated in Singapore pursuant to the Companies Act (Chapter
50) of Singapore that has entered into an Asset Sale Deed with T20 Holdings Pte Ltd (“T20”).

 

		B.	In connection with, and in order to give effect to, the Grantor’s intention and obligations under
the Asset Sale Deed, the Grantor will transfer certain assets (the “Specified Assets”) to T20 and in the course of such transfer
authorises T20 to use, operate or otherwise deal with the Specified Assets as T20 deems fit and may require documents to be signed on
its behalf including but not limited to application forms, financial documents, letters of undertaking, letters of engagement, leases,
guarantees, indemnities, contracts and/or Deeds and may from time to time institute and defend civil or criminal suits, appeals, revisions
and other legal proceedings in various courts, tribunals or offices and before other authorities in Singapore and outside;

 

		C.	T20 has appointed IAIN JOHN DEAY (the “Attorney”), of 2 young close, Aylesbury,
Bucks, HP21 7FB, United Kingdom (United Kingdom passport number: 510697592) as Chief Financial Officer of T20. The Attorney is an employee
of Twenty20 Energy Systems Pte Ltd (the “Employer”), which will become a wholly owned subsidiary of T20 pursuant to
the Asset Sale Deed.

 

		D.	The Grantor hereby appoints the Attorney to act, and sign any and all documents, on the Grantor’s
behalf in all matters pursuant to and in accordance with this Deed of Power of Attorney.

 

NOW THIS DEED WITHNESSETH as follows:

 

		1.	The Grantor hereby appoints the Attorney to be the Grantor’s true and lawful attorney with full
power of substitution and delegation and with full power to act for the Grantor and on behalf of and for and in the name of the Grantor
or the Attorney or otherwise to do all or any of the following acts, things and deeds which the Grantor is legally capable of doing.

 

		2.	The Grantor hereby ratifies and confirms and agrees to ratify and confirm all and whatsoever the Attorney
and/or its attorney(s) shall do or cause to be done or purport to do in the exercise of all or any of the powers and authorities referred
to herein including all such deeds, instruments and documents lawfully executed by virtue of the powers and authorities hereby conferred.

 

    	 

     

    

 

		3.	The Grantor hereby further declares that the power and authorities hereby conferred are given for valuable
consideration.

 

		4.	The Grantor further agrees that neither T20 nor the Attorney shall not be liable or made to be liable
to any party in respect of matters which are done pursuant to, and in accordance with the powers and authorities granted under, this Power
of Attorney and in respect of parties to whom the Attorney shall deal with as part of its exercise of this Power of Attorney or in pursuance
of this Power of Attorney. The Grantor hereby irrevocably agrees to keep T20 and the Attorney and/or its attorney(s) indemnified against
all claims, demands, proceedings, damages, costs, expenses howsoever incurred or suffered and/or otherwise keep the Attorney and/or its
attorney(s) harmless in respect of all matters relating to or in connection with the proper and valid exercise of this Power of Attorney
and of matters done in pursuance of, and in accordance with, this Power of Attorney.

 

		5.	This Power of Attorney shall be governed by and construed in accordance with the laws of the Republic
of Singapore.

 

IN WITNESS WHEREOF the Grantor has caused
its Common Seal to be hereunto affixed the day and year first hereinbefore written.

 

	The Common Seal of	)	 
	 	 
	PACIFIC ENERGY 	)
	 	 
	CONSULTING LIMITED	)
	 	 
	was hereunto affixed in the	)
	 	 
	presence of:-	)

 

	DIRECTOR	/s/ S. NEWMAN POA	 
	 	 	 
	DIRECTOR/SECRETARY	S. NEWMAN POA	 

 

    	 

     

    

 

		B.	PEC in Papua New Guinea

 

    	 

     

    

 

This DEED OF POWER OF ATTORNEY is given
this ____ day of ____________ 2022 by PACIFIC ENERGY CONSULTING LIMITED, having its registered office at level 6, MRDC Haus, Corner
of Champion Parade & Musgrave Street, Port Moresby, National Capital District, 121, Papua New Guinea (hereinafter called the (“Grantor”).

 

WHEREAS:

 

		A.	The Grantor is a company limited by shares incorporated in Papua New Guinea pursuant to the Companies
Act 1997 of Papua New Guinea that has entered into an Asset Sale Deed with T20 Holdings Pte Ltd (“T20”).

 

		B.	In connection with, and in order to give effect to, the Grantor’s intention and obligations under
the Asset Sale Deed, the Grantor will transfer certain assets (the “Specified Assets”) to T20 and in the course of such transfer
authorises T20 to use, operate or otherwise deal with the Specified Assets as T20 deems fit and may require documents to be signed on
its behalf including but not limited to application forms, financial documents, letters of undertaking, letters of engagement, leases,
guarantees, indemnities, contracts and/or Deeds and may from time to time institute and defend civil or criminal suits, appeals, revisions
and other legal proceedings in various courts, tribunals or offices and before other authorities in Singapore and outside;

 

		C.	T20 has appointed IAIN JOHN DEAY (the “Attorney”), of 2 young close, Aylesbury,
Bucks, HP21 7FB, United Kingdom (United Kingdom passport number: 510697592) as Chief Financial Officer of T20. The Attorney is an employee
of Twenty20 Energy Systems Pte Ltd (the “Employer”), which will become a wholly owned subsidiary of T20 pursuant to
the Asset Sale Deed.

 

		D.	The Grantor hereby appoints the Attorney to act, and sign any and all documents, on the Grantor’s
behalf in all matters pursuant to and in accordance with this Deed of Power of Attorney.

 

NOW THIS DEED WITHNESSETH as follows:

 

		1.	The Grantor hereby appoints the Attorney to be the Grantor’s true and lawful attorney with full
power of substitution and delegation and with full power to act for the Grantor and on behalf of and for and in the name of the Grantor
or the Attorney or otherwise to do all or any of the following acts, things and deeds which the Grantor is legally capable of doing.

 

		2.	The Grantor hereby ratifies and confirms and agrees to ratify and confirm all and whatsoever the Attorney
and/or its attorney(s) shall do or cause to be done or purport to do in the exercise of all or any of the powers and authorities referred
to herein including all such deeds, instruments and documents lawfully executed by virtue of the powers and authorities hereby conferred.

 

    	 

     

    

 

		3.	The Grantor hereby further declares that the power and authorities hereby conferred are given for valuable
consideration.

 

		4.	The Grantor further agrees that neither T20 nor the Attorney shall not be liable or made to be liable
to any party in respect of matters which are done pursuant to, and in accordance with the powers and authorities granted under, this Power
of Attorney and in respect of parties to whom the Attorney shall deal with as part of its exercise of this Power of Attorney or in pursuance
of this Power of Attorney. The Grantor hereby irrevocably agrees to keep T20 and the Attorney and/or its attorney(s) indemnified against
all claims, demands, proceedings, damages, costs, expenses howsoever incurred or suffered and/or otherwise keep the Attorney and/or its
attorney(s) harmless in respect of all matters relating to or in connection with the proper and valid exercise of this Power of Attorney
and of matters done in pursuance of, and in accordance with, this Power of Attorney.

 

		5.	This Power of Attorney shall be governed by and construed in accordance with the laws of the Papua New
Guinea.

 

IN WITNESS WHEREOF the Grantor has caused
its Common Seal to be hereunto affixed the day and year first hereinbefore written.

 

	The Common Seal of	)	 
	 	 
	PACIFIC ENERGY 	)
	 	 
	CONSULTING LIMITED	)
	 	 
	was hereunto affixed in the	)
	 	 
	presence of:-	)

 

	DIRECTOR	/s/ S. NEWMAN POA	 
	 	 	 
	DIRECTOR/SECRETARY	S. NEWMAN POA	 

 

    	 

     

    

 

Schedule 3 – DEED OF NOVATION -
PROFORMA

 

    	 

     

    

 

DEED OF NOVATION

 

THIS DEED is made on the _____ day of ______________________ 2022

 

BETWEEN: [XXX] of ___________________________ ________________________________________________________________________
(hereinafter called the “Employer”) of the first part, and

 

[YYY] whose registered office is at ________________________________________________________________________
(hereinafter called the “Original Contractor”) of the second part and

 

[NAME OF NEW COMPANY] whose registered office is at ________________________________________________________________________
(hereinafter called as the “New Contractor”) of the third part.

 

WHEREAS:-

 

		A.	The Employer and Original Contractor have entered into a [_________] Agreement dated ______________ (hereinafter
called the “[_________] Agreement”) for the provision of certain [_________] Works and/or Services the execution of [_________]
works relating to the [_________] Project located in [_________] upon the terms, conditions and covenants therein specified.

 

		B.	The Original Contractor wishes to transfer and be released and discharged from the [_________] Agreement
and the Employer has agreed to release and discharge the Original Contractor upon the terms of the New Contractor’s agreement to
perform the [_________] Agreement and to be bound by the terms of the [_________] Agreement in place of the Original Contractor.

 

NOW IT IS HEREBY AGREED AS FOLLOWS:-

 

		1.	The Original Contractor hereby novates absolutely to the New Contractor
the [_________] Agreement and the full benefit thereof and all remedies for enforcing the same and the New Contractor undertakes to be
bound by and observe and perform the terms, conditions and covenants to be bound by and observe and perform the terms, conditions and
covenants of the [_________] Agreement on the part of the Original Contractor to be observed, performed and satisfied in every way as
if the New Contractor were named a party to the [_________] Agreement in substitution for the Original Contractor as at the date of the
[_________] Agreement and the New Contractor undertakes to assume all liabilities and to satisfy all claims and demands whatsoever arising
out of or in respect of the [_________] Agreement.

 

    	 

     

    

 

		2.	The Parties agree that the Original Contractor has been paid __________
under the [_________] Agreement and that following the execution of this Novation Agreement, Employer shall pay, in accordance with the
[_________] Agreement, the balance of __________ to the New Contractor.

 

		3.	The Employer hereby releases and discharges the Original Contractor
from the further performance of the [_________] Agreement and from all claims and demands whatsoever arising out of or in respect of
the [_________] Agreement in respect of any works or services provided by the New Contractor after the date that this Agreement is executed
and accepts the liability of the New Contractor to perform the [_________] Agreement in lieu of the liability of the Original Contractor
as and from the date of execution of this Agreement.

 

		4.	The New Contractor hereby covenants with the Employer to fulfil
and discharge the terms, conditions and covenants of the [_________] Agreement in every way as if the New Contractor were named a party
to the [_________] Agreement in substitution for the Original Contractor and the Employer hereby covenants with the New Contractor to
be bound to the New Contractor to observe and perform terms, conditions, and covenants of the Agreement on the part of the Employer to
be observed and performed and hereby acknowledges that the New Contractor is entitled to the full benefit of the [_________] Agreement.

 

IN WITNESS whereof this Deed has been executed on
the date first above written.

 

	
     

    SIGNED SEALED AND DELIVERED

for and on behalf of [ ] by

__________________________________________

    (Print Name of Person signing being its legal or authorized
representative) in the presence of :-
	
    )

    )

    )

    )

    )

    )
	
     

     

     

    _______________________

    (Signature and Seal)

 

	
    SIGNED SEALED AND DELIVERED

    for and on behalf of [ ] by

    ___________________________________________

    (Print Name of Person signing being its legal or authorized representative)
    in the presence of :
	
    )

    )

    )

    )

    )

    )

     
	
     

     

    

    _______________________

    (Signature and Seal)

	
    SIGNED SEALED AND DELIVERED

    for and on behalf of [__________]

    by

    _________________________________________

    (Print Name of Person signing being its legal or authorized representative)
    in the presence of :
	
    )

    )

    )

    )

    )

    )

    )
	
     

     

     

    _______________________

    (Signature and Seal)

 

    	 

     

    

 

TABLE OF CONTENTS

 

Contents

 

	1.   PURPOSE OF THIS DEED	2
	2.   TRANSFER OF ASSETS	3
	3.   POWER OF ATTORNEY	3
	4.   SPECIFIED ASSETS TRANSFERRED ON “AS-IS / WHERE-IS” BASIS	3
	5.   EMPLOYEES	3
	6.   CONSENT OF THIRD PARTIES	4
	7.   STAMP DUTY	4
	8.   CONSIDERATION	4
	9.   GOVERNING LAW AND DISPUTE RESOLUTION	4
	10.   SEVERABILITY	5
	11.   DEFINITIONS	5
	Schedule 1 – SPECIFIED ASSETS	6
	Schedule 2 – POWER OF ATTORNEY - PROFORMA	10
	Schedule 3 – DEED OF NOVATION - PROFORMA	16

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