Document:

Exhibit 10.1

 

 

	 	 

 

 

 

 

 

 

 

 

Dated Effective 10 JAN 2019

Between

SPECIALIZED TECHNOLOGY RESOURCES
(M) SDN. BHD. (Company No. 807636-H)

and

JB COCOA SDN BHD (Company
No. 514587-A)

 

 

 

Agreement
For Sale Of Sub-Lease

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

    
 

    

 

Contents

 

 

 

	Recitals	 
	 	1.	Definitions and interpretation	3
	 	 	1.1	Definitions in this Agreement	3
	 	 	1.2	Interpretation	7
	 	 	 	 	 	 
	 	2.	Sale of Properties	8
	 	 	2.1	Sale and Purchase	8
	 	 	2.2	Conditions of Sale	9
	 	 	 	 	 	 
	 	3.	Consideration	9
	 	 	3.1	Purchase Consideration	9
	 	 	3.2	Satisfaction or settlement of Purchase Consideration	9
	 	 	3.3	Release of Balance Purchase Price Consideration	11
	 	 	 	 	 	 
	 	4.	Conditions Precedent	11
	 	 	1.1	Conditions	11
	 	 	1.2	Rescission when Conditions Precedent not Satisfied	13
	 	 	1.3	Notification	13
	 	 	1.4	Acceptance or Rejection of Conditions	13
	 	 	1.5	Deemed Acceptance of Conditions	13
	 	 	1.6	Waiver	 	13
	 	 	1.7	Good faith	14
	 	 	1.8	Effect of Rescissions	14
	 	 	 	 	 	 
	 	5.	Mechanics for Transfer	14
	 	 	5.1	Deposited Documents	14
	 	 	5.2	Mechanics	15
	 	 	 	 	 	 
	 	6.	Covenants and Obligations of the Parties	16
	 	 	6.1	Vendor’s Obligations and Covenants	16
	 	 	6.2	Purchasers Obligations and Covenants	16
	 	 	 	 	 	 
	 	71	Completion	18
	 	 	7.1	Completion	18
	 	 	7.2	Vendor’s obligations on Completion	18
	 	 	 	 	 	 
	 	8.	Transfer of Properties	18
	 	 	8.1	Presentation of Documents	18
	 	 	8.2	Mitigation or risk of Non-Registration of Transfer	19
	 	 	 	 	 	 
	 	9.	Warranties, Covenants and Indemnities	19
	 	 	9.1	Warranties	19
	 	 	 	9.1.1 	Warranties separate and independent	19
	 	 	 	9.1.2 	Indemnity	19
	 	 	 	9.1.3 	Compensation	20
	 	 	9.2	Subsistence of Warranties	20

 

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	 	 	9.3	Survival of Indemnities	20
	 	 	9.4	Notification to the other Party	20
	 	 	 	 	 	 
	 	10.	Event of Default and Termination	20
	 	 	10.1	Event of Default	20
	 	 	10.2	Consequences of Default	21
	 	 	10.3	Non Registration of Transfer	22
	 	 	 	 	 	 
	 	11.	Compulsory Acquisition	23
	 	 	11.1	Notice of intended acquisition to Purchaser	23
	 	 	11.2	Purchaser’s option prior to the Presentation of the Transfer	23
	 	 	11.3	Purchaser Option after the Presentation of Transfer	24
	 	 	 	 	 	 
	 	12.	Taxes	 	 	24
	 	 	12.1	Real Property Gains Tax	24
	 	 	12.2	Other Taxes	25
	 	 	 	 	 	 
	 	13.	Legal Possession	25
	 	 	 	 	 	 
	 	14.	Apportionment of rates and outgoings	26
	 	 	14.1	Apportionment on Completion Date	26
	 	 	14.2	Indemnity by Vendor	26
	 	 	14.3	Increased Outgoings	27
	 	 	 	 	 	 
	 	15.	Conditions and State of Plot A and Plot B	27
	 	 	15.1	State and condition	27
	 	 	15.2	Correct description	27
	 	 	 	 	 	 
	 	16.	Prohibition on Entry of Private Caveat	27
	 	 	16.1	Lodgement of Private Caveat	27
	 	 	 	 	 	 
	 	17.	Introduction of New Laws and Enactment	27
	 	 	 	 	 	 
	 	18.	Force Majeure and Vendor’s risk	28
	 	 	18.1	Effects	28
	 	 	18.2	Vendor’s risk	28
	 	 	 	 	 	 
	 	19.	General	29
	 	 	19.1	Notices	29
	 	 	19.2	Governing Law	29
	 	 	19.3	Enforceability	30
	 	 	19.4	Waivers	30
	 	 	19.5	Variation	30
	 	 	19.6	Time	30
	 	 	19.7	Cost and Expenses	30
	 	 	19.8	Assignment and Transfer	31
	 	 	19.9	Further Assurances	31
	 	 	20	Entire Agreement	31

 

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	 	 	20.1	Disclosure or Announcements	32
	 	 	20.2	Counterparts	32
	 	 	20.3	Effective date	32
	 	 	20.4	Annexures, Schedules and Appendices	32
	 	 	20.5	Confidentiality	32
	 	 	20.6	Modification	32
	 	 	20.7	Relationship of the Parties	33
	 	 	20.8	Successors	33
	 	 	 	 	 	 
	 	 	Appendix (Warranties)	34
	 	 	 	 	 	 
	 	 	Execution	37
	 	 	 	 	 	 
	 	 	First Schedule	38
	 	 	 	 	 	 
	 	 	Second Schedule	40
	 	 	 	 	 	 
	 	 	Third Schedule	41
	 	 	 	 	 	 
	 	 	ANNEXURE A (Location Plan)	42
	 	 	 	 	 	 
	 	 	ANNEXURE B (Lease Annexures)	43
	 	 	 	 	 	 
	 	 	ANNEXURE C (Approved Building Plans)	44

 

 

 

 

 

 

 

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This Agreement is made on      10 JAN 2019           
between:

 

 

		(1)	SPECIALIZED TECHNOLOGY RESOURCES (M) SDN. BHD. (Company No. 807636-H), a company incorporated
under Companies Act 1965 in Malaysia with a registered address at Unit No. 50-8-1, 85th Floor, Wisma UOA Damansara, 50, Jalan Dungun,
Damansara Heights, 50490 Kuala Lumpur and its place of business at Plot D20 & D20A, Jalan Tanjung A/3, Port of Tanjung Pelepas
81560 Gelang Patah, Johor (the “Vendor”);

 

		And	

 

		(2)	The Party more particularly described in Item 1 of the First Schedule hereto (hereinafter
referred to as “the Purchaser”).

 

Recitals

 

		1.	Johor Port Authority (“JPA”) is the registered proprietor of all that piece
of 99 year leasehold land (leasehold expiring on 22 May 2099) held under H S (D) 303868 PTD 2423, in the Mukim of Tanjung Kupang,
District of Johor Bahru, State of Johor (“Parent Land”).

 

		2.	By a privatization agreement dated 24 March 1995 entered into between the Government of Malaysia,
JPA and Pelabuhan Tanjung Pelepas Sdn Bhd (Co No 328719-K) (“PTP”), (“the Privatisation Agreement”),
the Government of Malaysia has granted PTP the right to plan, design and construct a new port known as Port of Tanjung Pelepas
(“the Port”) on the Parent Land and thereafter to manage, operate and maintain the Port.

 

		3.	Pursuant to the Privatisation Agreement and to facilitate the development of the Port, JPA vide
an agreement for lease dated 24 March 1995 (“JPA Agreement For Lease”) granted PTP a lease over the entire Parent
Land for a period of 60 years which commenced on 24 March 1995 and expires on 23 March 2055 (“JPA Lease”). The
JPA Lease is subject to the terms and conditions contained in the JPA Agreement For Lease and has been registered at the Land Registry,
Johor.

 

		4.	In accordance with the Free Zones (Declared Area) Notification 1999, PTP has been appointed by
the Government of Malaysia as a Free Zone Authority with the power to administer, maintain and operate the free zone(s) within
the Port which is known as Pelepas Free Zone.

 

		5.	Vide a lease annexure dated 19 January 2009 PTP has granted a sub-lease over all that land delineated
in red on the location plan annexed hereto and marked as Annexure A measuring approximately 187,787.16 square feet and more particularly
described in Item 2A of the First Schedule (“Plot A”) to the Vendor which sub-lease is for a period of 17 years
and 21 days and commenced on 3 March 2008 and will expire on 23 March 2025 (“First Sub-Lease”). This First Sub-Lease
has been registered at the Land Registry, Johor vide Presentation Number 34310/2009.

 

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		6.	Subsequently by a lease annexure dated 19 February 2010 PTP granted the Vendor an extension of
the First Sub-Lease for a period of 30 years which extension will commence on 24 March 2025 and will expire on 23 March 2055 (“Extension
of the First Sub-Lease”). This Extension of the First Sub-Lease which is more particularly described in Item 2A of the
First Schedule, has been registered at the Land Registry, Johor vide Presentation Number 19396/2010.

 

		7.	Thereafter by a lease annexure dated 13 July 2011 PTP has granted a sub-lease over all that land
delineated in blue on the location plan annexed hereto and marked as Annexure A measuring approximately 38,333 square feet and
more particularly described in Item 2B of the First Schedule (“Plot B”) to the Vendor which sub-lease is for
a period of 15 years and 15 days and commenced on 9 March 2010 and will expire on 23 March 2025 (“Second Sub-Lease”).
This Second Sub-Lease has been registered at the Land Registry, Johor vide Presentation Number 60456/2011.

 

		8.	Further to the registration of the Second Sub-Lease, by a lease annexure dated 12 September 2011,
PTP granted the Vendor an extension of the Second Sub-Lease for a period of 30 years which extension will commence on 24 March
2025 and will expire on 23 March 2055 (“Extension of the Second Sub-Lease”). This Extension of the Second Sub-Lease
which is more particularly described in Item 2B of the First Schedule, has been registered at the Land Registry, Johor vide Presentation
Number 94090/2011.

 

		9.	The Vendor has constructed the building on Plot A and Plot B which is more particularly described
in Item 2C of the First Schedule, the approved building plans of which are annexed hereto and marked as Annexure C.

 

		10.	The Vendor has agreed to sell and the Purchaser has agreed to acquire the First Sub- Lease, the
Extension of the First Sub-Lease, the Second Sub-Lease and the Extension of the Second Sub-Lease and the building and renovations/improvements
to the same as well as all fittings attached to the building (collectively referred to as “the Properties”)
on an “as is where is” basis free from all encumbrances and with vacant possession and subject to the terms and conditions
of the lease annexures in respect of the Properties and the terms and conditions as hereinafter provided. A copy of each of the
lease annexures in respect of the Properties (collectively referred to as “the Lease Annexures”) is attached
hereto as Annexure B.

 

		11.	The Properties are presently unencumbered and not charged by the Vendor to any bank or other financial
institution.

 

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It is agreed as follows:

 

1.       Definitions
and Interpretations

 

1.1       Definitions
in this Agreement

 

Unless the context otherwise
requires, in this Agreement the following words or expressions have the following meanings:

 

	 	Affected Party	has the meaning specified in clause 4.4(b);
	 	 	 	 
	 	Agreement	means this written agreement and all the attachments, annexures and schedules hereto;
	 	 	 	 
	 	Approvals	means :
	 	 	a) 	approvals in writing from JPA and PTP for the sale and transfer of the Properties to the Purchaser;
	 	 	b)	approval in writing from the Johor State Authority to the sale and transfer of the Properties to the Purchaser; and
	 	 	c) 	approval in writing from the Economic Planning Unit (if applicable) and approval in writing pursuant to Section 433B of the National Land Code 1965 from the Johor State Authority;
	 	 	 	 
	 	Balance Purchase Consideration	means the sum stated in Item 3 of the Second Schedule;
	 	 	 	 
	 	Business Day	means a day in which Banks are open for Business in Johor and excludes Saturday, Sunday and public holidays;
	 	 	 	 
	 	Completion	means  the fulfilment of the Conditions Precedent in  clause 4.1 and the payment of the Purchase Consideration for the Properties in accordance with this Agreement;
	 	 	 	 

 

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	 	Completion Date	means the date the Vendor receives the Purchase Consideration in full from the Purchaser;
	 	 	 	 
	 	Completion Documents	has the meaning specified in clause 7.2;
	 	 	 	 
	 	 	 	 
	 	Completion Period	means the period of one (1) month from the Unconditional Date;
	 	 	 
	 	Conditional Period	means the period of three (3) months from the date of this Agreement;
	 	 	 
	 	Conditions Precedent	means those conditions specified in clause 4.1;
	 	 	 
	 	Deposit	means a sum equivalent to  ten per centum (10%) of the Purchase Consideration;
	 	 	 
	 	Encumbrances	means any form of legal, equitable or security interests, including but not limited to any mortgage, assignment of receivables, debenture, lien, charge, pledge, title retention, right to acquire, security interest, hypothecation, options, rights of first refusal, any preference arrangement (including title transfers and retention arrangements or otherwise), caveats and any other encumbrance or condition whatsoever or any other arrangement having similar effect;
	 	 	 	 
	 	Extended Completion Period	means (1) month commencing from the day immediately following the last day of the Completion Period;
	 	 	 	 
	 	Extended Conditional Period	means (3) months commencing from the day immediately following the last day of the Conditional Period;
	 	 	 	 
	 	Insolvency Event	means, with respect to a Party:
	 	 	(a) an order is made or an effective resolution is passed for winding up or dissolution without winding up (otherwise than for the purposes of solvent reconstruction or amalgamation) of such Party and the order or resolution remains in effect for a continuous period of forty-five (45) days; 

 

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	 	 	(b) a receiver, receiver and manager, official manager, controller, administrator (whether voluntary or otherwise), provisional liquidator, liquidator, or like official is appointed over the whole or a substantial part of the undertaking and property of such Party and the appointment remains in effect for a continuous period of forty-five (45) days;
	 	 	(c) a holder of an encumbrance takes possession of the whole or any substantial part of the undertaking or property of such Party, or such Party enters or proposes to enter into any scheme of arrangement or any composition for the benefit of its creditors other than as part of a solvent reconstruction or amalgamation; or
	 	 	(d) such Party seeks or is granted protection from its creditors under any Law; 
	 	 	 	 
	 	Law	means any statute, decree, constitution, regulation, decision, finding, ruling order, code, writ, injunction, mandate, ordinance, judgment or directive of any Public Authorities and includes any legislative, judicial or administrative interpretation or application of any of the foregoing and which has the force of law upon the relevant Party and is in reference to any of the foregoing as amended, substituted, reissued or re-enacted;
	 	 	 	 
	 	Lease Annexures	means collectively the lease annexures dated 19 January 2009, 19 February 2010, 13 July 2011 and 12 September 2011 in respect of the Properties. Copies of the respective Lease Annexures are attached and marked as Annexure B. The lease annexures are referred to separately as “Lease Annexure”.
	 	 	 
	 	Properties	means the First Sub-Lease, the Extension of the First Sub-Lease, the Second Sub-Lease and the Extension of the Second Sub-Lease together with the building and renovations/improvements to the same as well as all fittings attached to the building;
	 	 	 

 

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	 	Public Authorities	includes:
	 	 	a)	any government in any jurisdiction, whether federal, state, provisional, territorial or local;
	 	 	b)	any minister, department, officer, commission, delegate, instrumentality, agency, board, authority or organisation of any government or in which any government is interested;
	 	 	c)	any non-government regulatory authority; and
	 	 	d)	any provider of public utility services, whether or not government owned or controlled,
	 	 	and “Public Authority” means any one of them;
	 	 	 	 
	 	Purchase Consideration	has the meaning specified in clause 3.1 and as set out in Item 3 of the First Schedule and the particulars of which are as stated in the Second Schedule hereto;
	 	 	 	 
	 	Purchaser’s Solicitors	means M/s Roger Tan & Partners of 28th Floor, Public Bank Tower, No. 19, Jalan Wong Ah Fook, 80000 Johor Bahru, Johor Darul T’zim;
	 	 	 
	 	Ringgit Malaysia or RM	means the lawful currency of Malaysia;
	 	 	 
	 	State Authority 	refers to the Johore State Authority having jurisdiction over relevant matters affecting the  land;
	 	 	 	 
	 	Stop Date	means the last day of the Conditional Period or the Extended Conditional Period, if applicable or such extended date as may be mutually agreed between the parties in writing;
	 	 	 	 
	 	Transfer	means the statutory form for the transfer (Form 14A) prescribed under the National Land Code 1965 to effect the transfer of the Properties from the Vendor to the Purchaser. For the avoidance of any doubt there will be a separate transfer for each of the Properties being the First Sub-Lease, the Extension of the First Sub-Lease, the Second Sub-Lease and the Extension of the Second Sub-Lease; 
	 	 	 	 

 

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	 	Unconditional Date	means the date the last of the Conditions Precedent referred to in clause 4.1 have been fulfilled or have been deemed to have been fulfilled, being the date of the receipt of the relevant Approval by the relevant Party or the date the relevant Approval is deemed to have been obtained pursuant to clause 4.5 or in the case of any appeal in accordance with clause 4.4, the date of receipt by the Affected Party of the relevant Approval with conditions acceptable to the Party;
	 	 	 	 
	 	Vendor’s Solicitors	means M/s Zaid Ibrahim & Co of Suite 31-01, Level 31 JB City Square, 106-108 Jalan Wong Ah Fook, 80000 Johor Bahru; and
	 	 	 	 
	 	Warranties	means all statements of fact relating to the Properties in this Agreement and the representations and warranties set out in the Appendix hereto. 

 

1.2       Interpretation

 

In this Agreement,
unless the context otherwise requires:

 

		a)	recitals, headings and underlining are for convenience only and do not affect the interpretation
of this Agreement;

 

	 	b)	words importing the singular include the plural and vice versa;

 

	 	c)	words importing a gender include any gender;

 

		d)	words and phrases which are defined in the National Land Code 1965 will be construed as having
the meaning thereby attributed to them in the National Land Code 1965, but excluding any statutory modification thereof not in
force at the date of this Agreement;

 

		e)	an expression importing a natural person includes any corporation or other body corporate, partnership,
association, Public Authority, two or more person having a joint or common interest, or any other legal or commercial entity or
undertaking;

 

		f)	a reference to a Party to a document includes that Party’s successors and permitted assigns;

 

		g)	any part of speech or grammatical form of a word or phrase defined in this Agreement has a corresponding
meaning;

 

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		h)	a warranty, representation, covenant or agreement on the part of two or more persons binds them
jointly and severally;

 

		i)	reference to any statute or statutory provision includes a reference to that statute or statutory
provision as from time to time amended, extended or re-enacted and includes all by-laws, instruments, orders rules and regulations
made thereunder;

 

		j)	all schedules, attachments and annexure hereto form part of this Agreement;

 

	 	k)	any reference to a date or time is a reference to that date or time in Malaysia;

 

		l)	where the day on or by which anything is to be done is a Saturday, Sunday or a public holiday in
the place in which that thing is to be done, then that thing will be done on the immediately next business day;

 

		m)	unless otherwise expressly stated, a period of days from the occurrence of an event or performance
of any act or things shall be deemed to exclude the day on which the event happens or the act or thing is done or to be done and
shall be calculated from the day immediately following such event or act or thing, and if the last day of the period is not a business
day or a business day, as the case may be, then the period shall include the next succeeding day which is a business or market
day.

 

		n)	any reference to “writing” or cognate expressions includes a reference to electronic
communication, telex, cable, facsimile transmission or comparable means of communications;

 

		o)	any agreement, notice, consent, approval, disclosure or communication under or pursuant to this
Agreement must be in writing;

 

		p)	words denoting an obligation on a Party to do an act, matter or thing includes an obligation to
procure that it be done or words placing a Party under a restriction include an obligation not to permit or authorise an infringement
of the restriction;

 

		q)	the words “herein”, “hereinafter”, “hereinbefore”, “hereof”,
“hereunder” and other words of similar import refers to this Agreement as a whole and not to any particular provision;
and

 

		r)	reference to a document includes references to any sort of document whether paper or paperless
and expressed or described on any substance either with alphabets, figures, symbols and/or marks.

 

2.       Sale
of the Properties

 

2.1       Sale
and Purchase

 

Subject to the terms and conditions
of this Agreement:

 

		a)	the Vendor agrees to sell and transfer the Properties to the Purchaser;

 

		b)	the Purchaser agrees to purchase and accept the transfer of the Properties and to be bound by the
terms and conditions as stated in the Lease Annexures and as may be amended or varied by PTP in accordance with the terms therein;
and

 

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		c)	the Vendor and the Purchaser agree and declare that the transfer of the Properties shall be subject
to the terms and conditions as set out herein and in the Lease Annexures and as may be determined by the Government of Malaysia,
JPA and/or PTP which terms shall continue to bind the Purchaser for the duration of the First Sub-Lease, the Extension of the First
Sub-Lease, the Second Sub-Lease and the Extension of the Second Sub-Lease.

 

2.2       Conditions
of sale

 

The sale, purchase and transfer
of the Properties is subject to the following conditions:

 

		a)	the transfer of the Properties is subject to any express conditions of title and restrictions in
interest endorsed on the register and issue document of title to the Parent Land;

 

		b)	there is no change to the existing category of land use affecting the Parent Land;

 

		c)	there is no substantial change to the state and condition of that part of the Parent Land delineated
in red and blue in Annexure A as at the date of this Agreement, fair wear and tear excepted; and

 

		d)	the parties agree that the sale and transfer of the Properties is considered to be an en bloc transaction
(“En Bloc Sale”). In the event the sale and transfer of any one or more of the Properties is not completed by
the Purchaser or cannot be effected for any reason not attributable to the Vendor’s default, notwithstanding clause 10.1.1(e)
and clause 10.1.2(d), the Vendor shall have the sole discretion to decide whether to abort the whole transaction or to allow a
completion of the sale of one or more of the Properties first and complete the sale of the remainder of the Properties thereafter
or to exclude the property affected and proceed with the sale of the remaining Properties.

 

3       Consideration

 

3.1       Purchase
Consideration

 

The consideration payable for
the sale, purchase and transfer of the Properties (the “Purchase Consideration”) is the sum stated in Item
3 of the First Schedule and for the purposes of adjudication of the purchase price for each of the Properties is listed
in the Third Schedule attached hereto.

 

 

		3.2	Satisfaction or settlement of Purchase Consideration

 

		3.2.1	The Purchase Consideration shall be paid by the Purchaser to the Vendor in the mode and the manner
and at the times as set out in the Second Schedule hereto;

 

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		3.2.2	The full payment of the Purchase Consideration and compliance with all other terms and conditions
of the Sale and Purchase Agreement shall be within one (1) month (“Completion Period”) from the Unconditional Date.

 

		3.2.3	If the Purchaser is unable to complete the purchase before the expiry of the Completion Period,
the Purchaser shall be automatically entitled to a one (1) month extension (“Extended Completion Period”) subject to
the payment of interest on the Balance Purchase Consideration calculated at the rate of eight per centum (8%) per annum calculated
on a daily basis which sum is to be paid to the Vendor together with the Balance Purchase Consideration and calculated up to the
date the Balance Purchase Consideration is received by the Vendor’s Solicitors.

 

		3.2.4	For the avoidance of any doubt, in the event the Purchaser fails to pay the Purchase Consideration
and all interest accruing before the expiry of the Completion Period or the Extended Completion Period, the Purchaser will be in
default and the Vendor shall be entitled to the rights specified clause 10.2.1 herein below.

 

		3.2.5	If the Purchaser is desirous of obtaining a financing facility to finance all or part of the payment
of the Purchase Consideration (hereinafter called the “Financing Facility”), the Purchaser shall within fourteen
(14) days upon approval of the Financing Facility from a bank, finance company, building society or a financial institution (hereinafter
called the “Financier”) inform the Vendor of such approval.

 

		3.2.6	Notwithstanding that the application for the Financing Facility is under consideration this shall
not be a ground for any delay in the payment or for any non-payment of the Purchase Consideration or any part thereof in the manner
as set out in the Second Schedule. If the Purchaser fails to obtain the Financing Facility or defaults in complying with
the necessary requirements for the application for the Financing Facility or the Financing Facility is withdrawn by the Financier
for whatsoever reason, the Purchaser shall nevertheless be liable to pay to the Vendor the whole of the Purchase Consideration
or such part thereof as shall then remain outstanding and is due and payable and such failure to obtain the Financing Facility
shall not be a ground for the delay in the payment or for any non-payment of the Purchase Consideration or any part thereof.

 

		3.2.7	Without prejudice to the Vendor’s rights hereof, the Purchaser shall be liable for late payment
interest at the rate of Eight per centum (8%) per annum of any monies due and payable by the Purchaser to the Vendor under this
Agreement calculated on a daily basis from the due date of such payment until the actual date of payment.

 

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		3.3	Release of Balance Purchase Consideration to the Vendor

 

The Balance
Purchase Consideration shall be paid to the Vendor’s Solicitors (as stakeholders) within the Completion Period or the Extended
Completion Period, as the case may be AND the same is to be only released to the Vendor upon confirmation of the presentation of
the transfer of the Properties in favour of the Purchaser at the relevant land registry or upon the expiry of fourteen (14) days
from the date the last of all the relevant documents for the registration of the Transfer including the documents referred to in
clause 5.2(b) and (d) hereof have been forwarded to the Purchaser’s Solicitors, whichever is the earlier date. For avoidance
of doubt in the event the Purchaser’s Solicitors fail to submit the Transfer for adjudication within three (3) Business Days
from receipt of the Transfer duly executed from the Vendor’s Solicitors, the Vendor’s Solicitors are at liberty to
release the Balance Purchase Consideration within fourteen (14) days from the date the last of all the relevant documents for the
registration of the Transfer including the documents referred to in clause 5.2(b) and (d) hereof have been forwarded to the Purchaser’s
Solicitors notwithstanding the Transfer has not been adjudicated.

 

4.       Conditions Precedent

 

4.1       Conditions

 

		4.1.1	The sale, purchase and transfer of the Properties are to only take effect upon the fulfilment of
the following conditions precedent (“Conditions Precedent”):

 

		(a)	the Vendor obtaining the approvals in writing from JPA and PTP for the sale and transfer of the
Properties to the Purchaser;

 

		(b)	the Vendor obtaining the approval in writing from the Johor State Authority to the sale and transfer
of the Properties to the Purchaser, as there is a restriction in interest on the title to the Parent Land that requires State Authority
approval; and

 

		(c)	the Purchaser obtaining the approval in writing from the Economic Planning Approval (if applicable)
and approval in writing pursuant to Section 433B of the National Land Code 1965 from the Johor State Authority (if applicable)
for the transfer of the Properties to the Purchaser.

 

The approvals referred to in
clause 4.1.1(a), (b) and (c) are hereinafter collectively referred to as “Approvals” and separately as “Approval”.

 

		4.1.2	For the avoidance of any doubt:

 

		i)	the Vendor shall submit the applications to procure the fulfilment of the conditions set out in
clauses 4.1.1(a) and (b) within fourteen (14) Business Days from the date of this Agreement at the Vendor’s costs and expenses
provided always that the Purchaser shall use its best endeavours to assist and furnish all such information and documents relating
to the Purchaser as may be required by the Public Authorities; and

 

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		ii)	the Purchaser shall submit the applications to procure the fulfilment of the conditions set out
in clauses 4.1.1(c) within fourteen (14) Business Days from the date of this Agreement at the Purchaser’s costs and expenses
provided always that the Vendor shall use its best endeavours to assist and furnish all such information and documents relating
to the Vendor as may be required by the Public Authorities.

 

Save for events of Force Majeure,
in the event either Party shall fail to submit the applications referred to in (i) and (ii) above within the time frames stated
herein for reasons not attributable to the other Party, the other Party shall be entitled to give the defaulting Party seven (7)
Business Days’ notice in writing to remedy the breach, failing which the remedies as provided in clause 10.1.1 and 10.1.2
shall apply as is applicable.

 

		4.1.3	The Conditions Precedent are to be fulfilled within three (3) months from the date of this Agreement
(“Conditional Period”) subject to an automatic extension of three (3) months (“Extended Conditional
Period”) in the event the Conditions Precedent cannot be fulfilled within the Conditional Period. Any further extensions
shall be with mutual consent of both parties and subject to terms to be agreed upon which extension is to be confirmed in writing
no later than fourteen (14) days prior to the expiry of the Extended Conditional Period.

 

		4.1.4	In the event the Conditions Precedent are not fulfilled prior to the expiry of the Conditional
Period or the Extended Conditional Period, as applicable for reasons attributable to the Purchaser or delay on the part of the
Purchaser and no further extension of time is mutually agreed, the Deposit paid to the Vendor’s Solicitors shall forthwith
be forfeited and the Vendor’s Solicitors are hereby irrevocably authorised to forthwith release the same to the Vendor together
with all interest accruing. If the Conditions Precedent are not fulfilled within the Conditional Period or Extended Conditional
Period for reasons not attributable to the Purchaser and no further extension of time is mutually agreed, the Deposit shall be
refunded to the Purchaser free of interest. For the avoidance of any doubt, in the event that any of the Approvals is granted by
the relevant Public Authority with terms and conditions that are not in accordance with the general and usual conditions currently
imposed in similar transactions and the same are not acceptable to the Vendor or the Purchaser, the Affected Party shall be given
the opportunity to appeal to the relevant authority in accordance with clause 4.4 failing which clause 4.5 shall be applicable.
In the event of this occurrence this shall not constitute a non-fulfilment of the Conditions Precedent for reasons attributable
to either the Purchaser or the Vendor.

 

		4.1.5	Subject to clause 4.1.4 above, the Purchaser and the Vendor shall comply with all terms and conditions
attached to the Approvals referred to in clause 4.1.1 above and to the terms and conditions of the Lease Annexures.

 

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4.2       Rescission
when Conditions Precedent not satisfied

 

Subject to clause 4.4, if any
of the Conditions Precedent set out in clause 4.1 is not fulfilled by the Stop Date, for reasons not attributable to either Party,
any Party may rescind this Agreement forthwith by written notice to the other Party and clause 4.8 will apply.

 

4.3       Notification

 

Upon receipt by the Party obtaining
the Approval, such Party shall notify the other Party immediately in writing by forwarding a copy thereof to the other Party. If
any Party becomes aware that any of the Conditions Precedent is not satisfied or is incapable of being satisfied, it will within
seven (7) Business Days of receipt of confirmation of the same notify the other Party in writing.

 

4.4       Acceptance
or Rejection of Conditions

 

If:

 

		a)	any condition or term is imposed in respect of any of the Approvals and the condition or term is
not in accordance with the general and usual conditions currently imposed in similar transactions; and

 

		b)	the condition or term affects a Party (the “Affected Party”) and any condition
or term imposed is not acceptable to the Affected Party,

 

the Affected
Party may, within a period of seven (7) Business Days from the date the Affected Party receives notice of the condition or term
of the Approval, as the case may be, either:-

 

		i)	appeal to the relevant Public Authority against such unacceptable conditions or terms; or

 

		ii)	reject, by written notice to the other Party, such unacceptable conditions or terms after which
the Affected Party may rescind this Agreement by written notice to the other Party and the provisions of clause 4.8 will apply.

 

In the event
the decision of the Affected Party’s appeal is not received by the Stop Date, the Affected Party is entitled to rescind this
Agreement whereupon the provisions of clause 4.8 are to apply. In the event the Affected Party’s appeal is rejected by the
relevant Public Authority on or before the Stop Date, the Parties shall meet to discuss in good faith and use their best endeavours
to find a solution.

 

4.5       Deemed
Acceptance of Conditions

 

If the Affected Party does not
exercise its right of rejection or submit an appeal against such conditions, variations or revisions within the period as stipulated
in clause 4.4; the Affected Party is deemed to have accepted the conditions and/or terms attached to the Approval and the relevant
Approval is deemed to have been obtained.

 

4.6       Waiver

 

To the extent permitted by law,
the parties reserve the right to waive any of the Conditions Precedent in clause 4.1 by notification to the other Party and thereafter
the parties will proceed to Completion in accordance with clause 7 subject to any remaining Conditions Precedent being satisfied
or fulfilled.

 

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4.7        Good
faith

 

The Vendor and the Purchaser
hereby covenant and undertake with each other to promptly provide all information and render all assistance that shall be required
in connection with the fulfilment of the Conditions Precedent and both Parties agree to diligently, mutually and in good faith
pursue reasonable and valid resolutions to problems or issues arising such as from the lack of cooperation or timely approval by
third-parties.

 

4.8       Effect
of Rescission

 

Upon the
rescission of this Agreement in accordance with the provisions of sub-clause 4.2 or clause 4.4, this Agreement ceases to have any
effect and becomes null and void and the Vendor’s Solicitors shall refund the Deposit held by them as stakeholders to the
Purchaser free of the interest accruing and thereafter neither of the parties shall have any claims against the other save and
except for any antecedent breach. Each Party will bear its own costs and expenses (including their respective solicitors’
fees) in respect of the matters incidental to this Agreement.

 

5.       Mechanics
for Transfer

 

5.1       Deposited
Documents

 

For the purpose of effecting
the sale, purchase and transfer of the Properties under this Agreement, the Vendor shall execute and deliver to the Vendor’s
Solicitors a valid and registrable Transfer for (each of) the Properties within five (5) Business Days from the date of this Agreement
and the Vendor shall within five (5) Business Days from the Unconditional Date deliver or cause to be delivered to the Vendor’s
Solicitors the following:

 

		a)	a certified true copy of the quit rent and assessment receipt in respect of Plot A and Plot B for
the current half year if the same is available or the Vendor shall obtain the copy of the quit rent and assessment for the Parent
Land if required by the Land Registry, Johor for purposes of presentation of the Transfer;

 

		b)	ten (10) certified true copies of the Certificate of Incorporation and the Memorandum and Articles
of Association of the Vendor;

 

		c)	ten (10) certified true copies of the latest Form 24, Form 44 and Form 49 of the Vendor;

 

		d)	ten (10) certified true copies of the resolution of the board of directors of the Vendor approving
among others:

 

		i)	the sale and transfer of the Properties to the Purchaser upon the terms and conditions of this
Agreement, respectively; and

 

    	 	Page | 14

    
 

    

 

		ii)	the execution of all relevant documents under seal in accordance with its Memorandum and Articles
of Association and by such persons authorised by the Vendor;

 

		e)	the duplicate sub-leases in respect of the Properties; and

 

		f)	any other document or information reasonably requested by the Purchaser to ensure registration
of the transfer of the Properties in favour of the Purchaser;

 

(collectively, “Deposited
Documents”).

 

5.2       Mechanics

 

		a)	The Vendor’s Solicitors are to hold the Deposited Documents as stakeholders and are authorised
to deal with the Deposited Documents in accordance with this clause 5.2.

 

		b)	The Vendor hereby authorises the Vendor’s Solicitors to release the Deposited Documents as
set out in clause 5.1(a) to (f) to the Purchaser’s Solicitors within five (5) Business Days from the date of receipt of the
same from the Vendor and upon payment of the full Purchase Consideration in accordance with clause 7.1 hereof;

 

		c)	The Vendor’s Solicitors shall release the Transfer in respect of each of the Properties to
the Purchaser’s Solicitors within five (5) Business Days from the Unconditional Date and the Purchaser’s Solicitors
are authorised by the Vendor and the Purchaser to submit the Transfer in respect of the Properties to the Collector of Stamp Duties
for the purpose of adjudication after the Unconditional Date and any delay in submitting the same for adjudication shall not in
any way delay the payment of the full Purchase Consideration.

 

		d)	Within seven (7) Business Days from the date of payment of the full Purchase Consideration in accordance
with clause 7.1 hereof, the Vendor shall cause either the original title to the Parent Land and the duplicate lease in respect
of the JPA Lease (“Duplicate JPA Lease”) or a certified true copy of a letter acceptable to the land registry evidencing
that the original title to the Parent Land and the Duplicate JPA Lease have been deposited with the land registry, to be forwarded
to the Purchaser’s Solicitors.

 

		e)	Subject to the Purchaser’s Solicitors’ receipt of all the Deposited Documents, the
original title, the Duplicate JPA Lease or the letter referred to in clause 5.2(d) above and the Purchaser having satisfied the
Purchase Consideration, the Purchaser’s Solicitors are authorised to present the Transfer at the Land Registry not later
than seven (7) Business Days from their receipt of the Vendor’s Solicitors’ written confirmation that the Purchase
Consideration have been deposited with them or the receipt of the notice of stamp duty payable from the Inland Revenue Board, whichever
shall be the later provided the Purchaser’s Solicitors have submitted the Transfer for adjudication within three (3) Business
Days from receipt of the same from the Vendor’s Solicitors failing which the Vendor shall be entitled to rely on clause 3.3.

 

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		(f)	Any period of delay caused by the Vendor or the Vendor’s Solicitors in delivering the Deposited
Documents or the original title, Duplicate JPA Lease or the letter referred to in clause 5.2 hereof to the Purchaser’s Solicitors
shall be excluded in computing the Completion Period or the Extended Completion Period, as the case may be, and the Completion
Period or the Extended Completion Period as the case may be shall automatically be extended for such period of delay free of the
late payment interest and the Purchaser shall not be liable to pay the Vendor the late payment interest for such extension herein
mentioned.

 

6.       Covenants
and Obligations of the Parties

 

6.1       Vendor’s
Obligations and Covenants

 

Except where any prior written
direction or consent of the Purchaser to the contrary has been given to the Vendor, the Vendor undertakes to the Purchaser to ensure
that as from the date of this Agreement and pending Completion, the Vendor will:

 

		a)	not cause any permit, licence, consent, approval, registration or authorisation relating to the
Properties to be varied, revoked, withdrawn or suspended;

 

		b)	at its own cost and expense, do all necessary things and take all necessary steps to preserve and
maintain its rights, title and interests in and to the Properties to enable the same to be disposed or transferred to the Purchaser
free from all Encumbrances;

 

		c)	at its own cost and expense, discharge or remove before the Completion any and all Encumbrances
over the Properties; and

 

		d)	not after the execution of this Agreement, enter into any agreement, transaction or arrangement
whatsoever (whether conditional or otherwise) to sell, dispose of, transfer, assign, convey or encumber the Properties or any part
thereof to any other Party whomsoever unless otherwise provided in this Agreement.

 

		6.2	Purchaser’s Obligations and Covenants

 

The Purchaser
covenants that as from the Completion Date or date the Transfer of the Properties in favour of the Purchaser is duly registered,
whichever is the earlier date, the Purchaser shall:

 

		a)	duly observe and perform all actions to satisfy conditions to which the Properties are subject;

 

		b)	pay all rent due, or falling due, to the State Authority;

 

		c)	pay all rates, taxes, assessment, and other outgoings falling due in respect of the Properties
(including any increased amounts thereof and any amount that may be payable to any regulatory authorities);

 

    	 	Page | 16

    
 

    

 

		d)	keep Plot A and Plot B and all structures erected thereon (including all boundary marks thereon)
in good condition;

 

		(e)	permit JPA and/or PTP or its agent, at all convenient times and after reasonable notice, to enter
upon Plot A and/or Plot B (with or without workmen or others) and examine its condition;

 

		f)	accept and take possession of Plot A and Plot B and the buildings and structures erected thereon
in the state and condition in which they are as at the date of execution of this Agreement;

 

		g)	pay all charges and outgoings for utilities and services which will be consumed or supplied on
to or payable in respect of Plot A and Plot B and the services provided by PTP in respect thereof;

 

		h)	observe and comply with the all Acts, Ordinances, by-laws, rules, requirements and regulations
and any other requirements or regulations of any relevant authority which may for the time being be in force affecting Plot A and
Plot B or the occupation and use thereof by the Purchaser or its agents, employees or licensees and in particular to observe and
comply with all rules and regulations applicable to the Pelepas Free Zone and the administration, operation and maintenance of
the same;

 

		i)	insure and keep insured the Plot A and Plot B and any buildings including, without limitation,
personal accidents, fire consequential loss, fire material damages, public liability and all risks;

 

		j)	indemnify the Vendor, JPA and/or PTP against any loss or penalty which may be imposed by the relevant
Public Authorities in respect of any late or non-payment of any amounts in relation to quit rent, assessments and any other outgoings
payable in respect of Plot A and Plot B and the Purchaser’s use of the same;

 

		k)	pay a contribution towards the costs of any common services serving Plot A and Plot B and used
in common with occupiers of any adjoining or nearby land;

 

		(l)	abide by the terms and conditions of the Approvals granted for the transfer of the Properties to
the Purchaser and shall indemnify and keep the Vendor indemnified against any loss or claims or penalties incurred by the breach
of the same by the Purchaser;

 

		m)	not allow its transferee, sub-lessee and/or tenant who are end users and their respective financiers
or agents for the time being to lodge any caveat or cause any caveat to be lodged on the Parent Land or any part of the Parent
Land at any time whatsoever. In the event a caveat or caveats are lodged by any end users or their financiers or agents on the
Parent Land or any part of the Parent Land, the Purchaser shall remove or caused to be removed such caveats within seven (7) Business
Days upon notification from JPA and/or PTP, failing which JPA shall be entitled to take the appropriate action to have the same
cancelled or removed and the Purchaser shall be liable for all damages caused by such lodgement and shall bear all the costs and
expenses (including but not limited to legal costs on a solicitor and client basis) incurred by JPA in respect thereof; and

 

    	 	Page | 17

    
 

    

 

		n)	be bound by and abide by all terms, obligations and conditions in the terms and conditions as set
out herein and in the Lease Annexures and as may be determined by the Government of Malaysia, JPA and/or PTP which terms shall
continue to bind the Purchaser for the duration of the First Sub-Lease, the Extension of the First Sub-Lease, the Second Sub-Lease
and the Extension of the Second Sub-Lease and the Purchaser undertakes to indemnify and keep Vendor indemnified against any damage,
claim, loss or penalties suffered or incurred by the Vendor arising out of a breach by the Purchaser of this covenant.

 

7       Completion

 

7.1       Completion

 

Subject to the fulfilment or
satisfaction of the Conditions Precedent stated in clause 4.1, the Purchaser shall pay the Purchase Consideration to the Vendor
in the manner as set out in the Second Schedule.

 

7.2       Vendor’s
obligations on Completion

 

Upon fulfilment
or satisfaction by the Purchaser of its obligations in accordance with clause 7.1, the Vendor will deliver or cause to be delivered
to the Purchaser or where applicable to the Purchaser’s Solicitors, the following documents (“Completion Documents”)
:-

 

		i)	the originals of all approved building plans, permits, licences, consents approvals, registrations
and authorisations relating to the Properties;

 

		ii)	copies of all other agreements and evidence of arrangements relating to the Properties including
any documentation as to the operation, maintenance and administration of the Properties as part of the Pelepas Free Zone and the
services charges and outgoings in relation to the same; and

 

		iii)	any other document or information reasonably requested by the Purchaser which is in the custody
of the Vendor or to which the Vendor has access.

 

8       Transfer
of Properties

 

8.1       Presentation
of Documents

 

Subject to the Purchaser’s
Solicitors’ receipt of all the Deposited Documents, the original title, the duplicate lease or the letter referred to in
clause 5.2 hereof and the Purchaser having satisfied the Purchase Consideration, the Purchaser’s Solicitors are authorised
to present the Transfer and all other relevant documents for registration at the Land Registry not later than seven (7) Business
Days from their receipt of the Vendor’s Solicitors’ written confirmation that the Purchase Consideration have been
paid in the manner as set out in clause 7.1 above or the receipt of the notice of stamp duty payable from the Inland Revenue Board,
whichever shall be the later Provided the Purchaser’s Solicitors have submitted the Transfer for adjudication within three
(3) Business Days from receipt of the same from the Vendor’s Solicitors failing which the Vendor shall be entitled to rely
on clause 3.3.

 

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8.2       Mitigation
of risk of Non-Registration of Transfer

 

As at the
Completion Date and thereafter:

 

		a)	the Vendor acknowledges that the Purchaser is the rightful beneficial owner of the Properties for
valuable consideration and that it has no further rights, title and benefit in and to the Properties; and

 

		b)	the Vendor further acknowledges that it holds the Properties as bare trustee for and on behalf
of the Purchaser until the registration of the Transfer is endorsed on the title to the Parent Land.

 

9       Warranties,
Covenants and Indemnities

 

9.1       
Warranties

 

The Vendor
and Purchaser respectively give the Warranties as set out in this Agreement and in the Appendix attached hereto as from
the date of this Agreement and up to and including the Completion Date. Each of the parties hereto respectively warrants to the
other Party that the information and statements set out in the Warranties are true, accurate and correct in all respects at the
date of this Agreement and will continue to be so up to and including the Completion Date. To this effect, the Warranties will
be deemed to be repeated during this period as if they had been entered into afresh during the said period in relation to the facts
and circumstances then existing.

 

9.1.1       Warranties
separate and independent

 

Each of the Warranties is separate
and is to be construed independently of the others and is not limited by reference to any of the others.

 

9.1.2       Indemnity

 

The Vendor and Purchaser agree
to indemnify and keep the other Party indemnified against all losses, damages, costs, expenses and outgoings which the other Party
may incur or be liable for in respect of any claim, demand, liability, action, proceedings or suits arising out of or in connection
with:

 

a)       a
breach of any of the Warranties;

 

b)       any
Warranty not being true and correct in all respects; or

 

c)       any
Warranty being misleading in any respect.

 

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9.1.3       Compensation

 

If at any time after the Completion
Date it should transpire that any of the Warranties is untrue or incorrect then without prejudice to any other remedy available
to the non-defaulting Party, the defaulting Party shall compensate the other Party against all direct loss suffered by it as a
consequence of such breach due to the inaccuracies or incorrectness of the Warranties.

 

9.2Subsistence of Warranties

 

Notwithstanding Completion, the
Warranties, and the Purchaser’s covenants and the undertakings and indemnities given by the Vendor and Purchaser shall continue
to subsist for so long as may be necessary for the purpose of giving effect to each and every one of those provisions in accordance
with their respective terms.

 

9.3       Survival
of Indemnities

 

Notwithstanding any other provisions
in this Agreement, the indemnities contained in this Agreement survive Completion.

 

9.4       Notification
to the other Party

 

If either Party becomes aware,
or reasonably ought to be aware, of any event which occurs or matter which arises which results may result in any of the warranties
or covenants being unfulfilled, untrue, misleading or incorrect, the other Party shall be immediately notified in writing.

 

 

10       Events
Of Default And Termination

 

		10.1	Events of Default 

 

		10.1.1	The Purchaser will be in default under this Agreement if:

 

		(a)	(Non-Payment of the Purchase Consideration or any part thereof) The Purchaser does not pay
the Purchase Consideration or any part thereof by the due date for payment as set out in the payment schedule provided in the Second
Schedule;

 

		(b)	(Material Breach) the Purchaser has committed a material breach of this Agreement;

 

		(c)	(Repudiation) prior to the payment in full of the Purchase Consideration, the Purchaser
repudiates any of its material obligations under this Agreement;

 

		(d)	(Insolvency Event) prior to the payment in full of the Purchase Consideration, an Insolvency
Event occurs in respect of the Purchaser; or

 

		(e)	(Non-Completion of Part of the En Bloc Sale) the Purchaser fails or refuses to complete
the purchase of the Properties as one transaction

 

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and if the event of default is
capable of remedy by the Purchaser but is not remedied within fourteen (14) days after the date of service of a notice from the
Vendor requiring the Purchaser to remedy that default or such further period as may be reasonably agreed by the Vendor.

 

		10.1.2	The Vendor will be in default under this Agreement if:

 

		(a)	(Material Breach) the Vendor has committed a material breach of this Agreement;

 

		(b)	(Repudiation) prior to the registration of the Transfer of the Properties in favour of the
Purchaser, the Vendor repudiates any of its material obligations under this Agreement;

 

		(c)	(Insolvency Event) prior to the registration of the Transfer of the Properties in favour
of the Purchaser, an Insolvency Event occurs in respect of the Vendor; or

 

		(d)	(Non-Completion of Part of the En Bloc Sale) the Vendor fails or refuses to complete the
sale of the Properties as one transaction

 

and if
the event of default is capable of remedy by the Vendor but is not remedied within fourteen (14) days after the date of service
of a notice from the Purchaser requiring the Vendor to remedy that default or such further period as may be reasonably agreed by
the Purchaser.

 

 

		10.2	Consequences of Default

 

		10.2.1	Default by the Purchaser

In the
event of default by the Purchaser as provided for in clause 10.1.1 above after the Unconditional Date but prior to the payment
in full of the Purchase Consideration, the Vendor shall be entitled to terminate this Agreement and to retain or seek to recover
the sum equivalent to ten per cent (10%) of the Purchase Consideration as agreed liquidated damages. The Vendor shall refund to
the Purchaser all other monies paid by the Purchaser towards the Purchase Consideration free of interest in exchange for withdrawal
of caveat forms to remove or cause to be removed all private caveats that may have been lodged by or on behalf of the Purchaser
and the Purchaser redelivering vacant possession of Plot A and Plot B in its original state and condition to the Vendor, if vacant
possession has been handed to the Purchaser.

 

Thereafter, this Agreement
shall be terminated and become null and void and be of no further effect and neither Party shall have any further claims, action
or proceedings against the other in respect of or arising out of this Agreement save and except the right of either Party to claim
against the other for any other losses and damages, expenses and costs incurred or suffered by that Party as a result of other
antecedent breaches by the other Party.

 

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The Purchaser acknowledges
and agrees that money damages may not be a sufficient remedy for any default under this Agreement, and therefore the Vendor shall
be entitled to seek injunctive or other equitable relief as a remedy for any such default. Such remedy shall not be deemed to be
the exclusive remedy for a default under this Agreement, but shall be in addition to all other remedies available at law or equity
to the Vendor.

 

		10.2.2	Default by the Vendor

 

In the event of default by
the Vendor as provided for in clause 10.1.2 above after the Unconditional Date but prior to the registration of the Transfer in
favour of the Purchaser, the Purchaser shall be entitled to terminate this Agreement and to retain or seek to recover the sum equivalent
to ten per cent (10%) of the Purchase Consideration as agreed liquidated damages. The Vendor shall refund to the Purchaser all
other monies paid by the Purchaser towards the Purchase Consideration together with interest accruing thereon in exchange for withdrawal
of caveat forms to remove or cause to be removed all private caveats that may have been lodged by or on behalf of the Purchaser,
the Purchaser redelivering vacant possession of Plot A and Plot B in its original state and condition to the Vendor if vacant possession
has been handed to the Purchaser.

 

Thereafter, this Agreement
shall be terminated and become null and void and be of no further effect and neither Party shall have any further claims, action
or proceedings against the other in respect of or arising out of this Agreement save and except the right of either Party to claim
against the other for any other losses and damages, expenses and costs incurred or suffered by that Party as a result of other
antecedent breaches by the other Party.

 

The Vendor acknowledges and
agrees that money damages may not be a sufficient remedy for any default under this Agreement, therefore the Purchaser shall be
entitled to seek injunctive or other equitable relief as a remedy for any such default. Such remedy shall not be deemed to be the
exclusive remedy for a default under this Agreement, but shall be in addition to all other remedies available at law or equity
to the Purchaser.

 

		10.3	Non–Registration of Transfer

 

If the Transfer
cannot be registered in the name of the Purchaser after presentation for registration of the Transfer then:

 

		(a)	where such registration cannot be achieved for any reason or defect attributable to the Purchaser,
the Purchaser shall within six (6) months from the date the Purchaser is notified of the same or such other period as the Parties
may mutually agree upon and at the Purchaser’s cost and expense, rectify or use its best efforts to procure that such reason
or defect is rectified and the Purchaser will forthwith proceed to effect the registration of the respective Transfer; or

 

    	 	Page | 22

    
 

    

 

		(b)	where such registration cannot be achieved for any reason or defect attributable to the Vendor,
the Vendor shall within six (6) months from the date the Vendor is notified of the same or such other period as the Parties may
mutually agree upon and at the Vendor’s cost and expense, rectify or use its best efforts to procure that such reason or
defect is rectified and the Vendor will forthwith proceed to effect the registration of the respective Transfer; or

 

		(c)	where such registration cannot be achieved for any other reason not attributable to either Party,
then the Vendor shall engage PTP to assist to resolve the matter preventing such registration within six (6) months from the date
the Vendor is notified of the same or such other period as the Parties may mutually agree upon and the Vendor will thereafter proceed
to effect the registration of the Transfer.

 

In the event registration still
cannot be achieved after all efforts have been exhausted, the Parties shall meet to discuss in good faith and use their best endeavours
to find a solution.

 

 

11       Compulsory
Acquisition

 

11.1       Notice
of intended acquisition to Purchaser

 

In the event
of the exercise of any rights or the taking of any steps under the Land Acquisition Act 1960, by the government or other authority
having power in that behalf, to acquire Plot A and/or Plot B or any part thereof, the Vendor shall give notice thereof to the Purchaser
within fourteen (14) Business Days of the receipt thereof.

 

11.2       Purchaser’s
Option prior to the Presentation of the Transfer

 

On receiving
a notice under clause 11.1 prior to the presentation of the Transfer to the relevant authority for registration, the Purchaser
will within fourteen (14) Business Days of receipt of such written notice from the Vendor, give notice to the Vendor and elect
either to:

 

		a)	terminate this Agreement and upon such termination and subject to the Purchaser removing or withdrawing
any private caveat or encumbrance lodged, the Vendor shall refund the Purchase Consideration to the Purchaser within seven (7)
Business Days together with any interest accruing whereupon this Agreement shall be null and void and be of no further effect and
neither Party shall have any further claims, action or proceeding against the other Party in respect of or arising out of this
Agreement, save for any antecedent breach; or

 

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		b)	continue with this Agreement, then such acquisition or intended acquisition shall not nullify or
invalidate the sale and purchase herein nor shall it be a ground for any adjustment of the Purchase Consideration and subject to
the Purchaser satisfying the Purchase Consideration:

 

		i)	the Vendor shall notify the government, or such other acquiring authority, of the interest of the
Purchaser in Plot A and/or Plot B and the terms of this Agreement;

 

		ii)	the Vendor shall in all matters concerning such acquisition do all acts and thing as may be reasonably
requested by the Purchaser for acquiring the best compensation payable;

 

		iii)	the Purchaser shall be entitled to receive all compensation moneys and to appear and to attend
at such enquiry or hearings either in the name of the Vendor or in the name of the Purchaser; and

 

		iv)	any compensation payable under such acquisition and received by the Vendor shall be held on trust
for the Purchaser and shall be forwarded to the Purchaser within seven (7) Business Days of the Vendor’s receipt of the compensation.

 

11.3       Purchaser’s
Option after the Presentation of the Transfer

 

On receiving
a notice under clause 11.1 at any time after the presentation of the Transfer to the relevant authority for registration, the provisions
of clause 11.2(b) shall apply mutatis mutandis.

 

12       Taxes

 

 12.1      Real Property Gains Tax

 

		12.1.1	The Parties shall submit their respective forms required by the Director General of Inland Revenue
(“DGIR”) in respect of the sale and purchase herein in accordance with the provisions of the Real Property Gains
Tax Act 1976 (“RPGT Act”).

 

 

		12.1.2	The Parties agree that upon the Conditions Precedent being fulfilled the Vendor’s Solicitors
will release the RPGT Retention Sum to the Purchaser’s Solicitors and the Purchaser’s Solicitors are hereby
authorized to pay/or deal with the RPGT Retention Sum or any part thereof in such manner as may be directed by the DGIR and in
accordance with the RPGT Act. In the event a certificate of assessment/clearance from the DGIR is obtained by the Vendor and forwarded
to the Purchaser’s Solicitors prior to payment of the RPGT Retention Sum to the DGIR, the Purchaser’s Solicitors shall
after making payment (if any is required to be made) that is due to the DGIR pursuant to the certificate of assessment release
the RPGT Retention Sum or any part thereof as the case maybe to the Vendor.

 

    	 	Page | 24

    
 

    

 

12.1.3
  The Purchaser shall indemnify the Vendor for any penalty incurred as a result of any delay in making the payments or contravention
of the RPGT Act by acts or omissions on the part of the Purchaser or the Purchaser’s Solicitors or which is attributable
to the Purchaser.

 

		12.2	Other Taxes

 

		12.2.1	In the event prior to the Completion Date, this Agreement shall be rendered subject to any goods,
services, sales, value added and such other taxes of similar nature by reason of the introduction/imposition of new legislation/enactment
or enforcement relating particularly to a sales or service tax or such tax of similar nature by the Federal, State, local government
and/or other relevant authorities:

 

		(a)	the Purchaser hereby expressly agrees, covenants and undertakes to be absolutely responsible to
bear and pay in full within thirty (30) Business Days from date of notification by the Vendor to this effect any and all such goods,
services, sales, value added and similar taxes (if applicable at the material time) relating to the payment of the Purchase Consideration
or any part thereof as may be chargeable under any applicable law(s) then prevailing in Malaysia; and

 

		(b)	any default in payment thereof by the Purchaser shall be deemed to be a default by the Purchaser
as referred to in clause 10.1.1 of this Agreement.

 

13       Legal
Possession

 

		13.1	Upon the Purchaser paying the full Purchase Consideration in accordance with the terms of payment
provided for in the Second Schedule and all other outstanding sums as may be due and owing pursuant to this Agreement, the Vendor
shall notify JPA and PTP that the ownership of the Properties have been transferred to the Purchaser and the Vendor shall co-ordinate
the delivery of legal and vacant possession of Plot A and Plot B to the Purchaser and the Vendor and the Purchaser will execute
the documents required by JPA and/or PTP for the handing over of legal and vacant possession, rights, benefits and obligations
to the Purchaser. Thereafter whether or not the Purchaser has actually entered into possession or occupation of Plot A and Plot
B, the Purchaser shall be deemed to have taken delivery of Plot A and Plot B.

 

		13.2	Upon handing over of legal possession, rights, benefits and obligations, the Purchaser shall thereafter
liaise directly with JPA and PTP with regard to the Purchaser’s rights and obligations in respect of the Properties and the
administration, maintenance and operation of the Pelepas Free Zone and its facilities.

 

		13.3	The Purchaser shall at all times indemnify the Vendor against all and any action, proceedings,
cost, expense, claims and demands in respect of any act matter or thing done or omitted to be done by the Purchaser after taking
possession of Plot A and Plot B and thereby resulting in the Vendor suffering damages:-

 

    	 	Page | 25

    
 

    

 

		(a)	in contravention of any provisions of any Act, Ordinance, Enactment, Order, Rule, Regulation or
Bye-Law now or hereafter affecting the Properties and the facilities and services offered in the Pelepas Free Zone;

 

		(b)	in breach of any of the terms, conditions, covenants and restrictions herein, or as set out in
the Lease Annexures and/or the terms and conditions attached to the Approvals; or

 

		(c)	failure to adhere to any instruction, approval and/or any orders from the Public Authorities.

 

		13.4	The Vendor does not warrant the soil condition or other aspect of Plot A and/or Plot B, and shall
not be liable to the Purchaser in any manner whatsoever for any slips, landslide, erosion or sinking of or other matter affecting
Plot A and/or Plot B and the Purchaser shall at all times after delivery of vacant possession take all steps necessary to maintain
Plot A and/or Plot B or any part thereof against any land slips or any sliding or erosion due to the Purchaser’s activities
on the same or part thereof and shall be liable for any loss, damage or inconvenience incurred or suffered by the owners of the
adjoining land, the Vendor or their respective workmen, agents and employees as a result of the Purchaser’s failure to maintain
Plot A and/or Plot B.

 

 

14       Apportionment
of rates and outgoings

 

14.1Apportionment on Completion
Date

 

The payment of the following
is to be borne and fully made by the Vendor as and when they become due and payable up to and including the date immediately preceding
the Completion Date and is to be apportioned as between the Parties at the Completion Date:

 

		a)	quit rent and assessment and imposed by the Public Authorities and apportioned in respect of Plot
A and Plot B;

 

		b)	all such other outgoings payable in respect of Plot A and Plot B and the facilities and services
provided in respect of use of the same in the Pelepas Free Zone not specifically mentioned above.

 

14.2Indemnity by Vendor

 

The Vendor agrees to indemnify
the Purchaser against any loss or penalty which may be imposed by the relevant Public Authorities in respect of any late or non-
payment of any quit rent, assessments and any other outgoings payable in respect of the Vendor’s use and occupation of Plot
A and Plot B prior to the Completion Date.

 

    	 	Page | 26

    
 

    

 

14.3   Increased
Outgoings

 

The liability of the Vendor under
clause 14.2 includes all quit rent, assessments, and any other outgoings payable in respect of Plot A and Plot B levied prior to
the Completion Date.

 

15       Conditions
and State of Plot A and Plot B

 

15.1   State and condition of Plot
A and Plot B

 

The Purchaser confirms and declares
that Plot A and Plot B and the buildings constructed thereon have been made available for the inspection by the Purchaser. The
Purchaser has inspected the same prior to the execution of this Agreement. The Vendor covenants with the Purchaser that as at the
date of delivery of legal possession, Plot A and Plot B shall be in substantially the same condition and state as at the date of
such inspection.

 

15.2       Correct
description

 

Plot A and Plot B are believed
and are taken to be correctly described as to quantity and otherwise and the Properties are sold subject to all quit rent and other
rents and outgoings and to all incidents of tenure, right of way and other rights and easements (if any) effecting the same. The
Purchaser confirms and declares that the Purchaser has conducted its due diligence in respect of Plot A and Plot B and if any error,
misstatement, or omission is discovered, this will not annul the sale and purchase under this Agreement.

 

 

16       Prohibition
on Entry of Private Caveat

 

16.1       No Lodgement of Private Caveat

 

The Purchaser is aware that both
JPA and PTP do not allow for the registration or lodgement of private caveats on the Parent Land and that the Purchaser will be
liable for damages in the event the Purchaser proceeds to lodge a private caveat or cause the same to be lodged in respect of Plot
A and/or Plot B. The Purchaser hereby indemnifies and agrees to keep the Vendor indemnified against any breach by the Purchaser
of this condition.

 

 

17       Introduction
of New Laws and Enactments

 

17.1       Sale
not permitted by law

 

It is hereby
agreed between the Parties hereto that prior to Completion:

 

		a)	where the sale of the Properties is subject to new conditions or restrictions as a result of any
law or governmental policy affecting the rights of the Vendor in relation to the Properties, the Parties shall meet to discuss
in good faith and use their best endeavours to find a solution; and

 

		b)	where the sale of the Properties to the Purchaser is so prohibited or so not permitted by any law
or governmental policy, the Vendor shall be entitled to, by written notice to the Purchaser, treat this Agreement as rescinded
and upon such rescission, the provisions of clause 4.8 will apply.

 

    	 	Page | 27

    
 

    

 

18       Force
Majeure and Vendor’s risk

 

18.1       Effect

 

In the event that any Party is
prevented by force majeure, namely war, Act of God, impediment by Government regulations or riots, strike, natural disasters, windstorm,
flood, fire, earthquake, terrorism affecting Malaysia, epidemic or pandemic (“Force Majeure”) from performing
any of its obligations hereunder prior to the Completion, the Party delayed or prevented from performance of its obligation shall
notify the other Party in writing immediately. The Parties may mutually agree upon an extension of time period for performance
of obligation by the affected Party hereunder. In such an event, the Parties shall be deemed not to be in breach of the provisions
of this Agreement or otherwise be liable for any loss suffered or incurred by the other Parties as a result of such delay in performance
or non-performance of any of its obligation to the extent that the delay or non-performance is due to the factors stated above.
In the event force majeure shall continue for a period of six (6) months, any Party is entitled to terminate this Agreement whereupon
the Transfer and the relevant Deposited Documents must be returned to the Vendor and the Vendor shall refund the Purchase Consideration
together with any interest accruing to the Purchaser within seven (7) Business Days whereupon this Agreement become null and void.
Thereafter, neither Party shall have any other claim for costs damages compensation whatsoever against the other Party arising
from this Agreement save and except for any antecedent breach.

 

18.2       Vendor’s risk

 

If Plot A and
Plot B or any part thereof is materially or substantially damaged or destroyed by any causes howsoever arising prior to the Completion
Date and such damage is not rectified by the Vendor within six (6) months from the date of damage or destruction, the Purchaser
may by notice in writing to the Vendor terminate this Agreement whereupon the Vendor shall refund the Purchase Consideration to
the Purchaser together with any interest accruing within seven (7) Business Days and upon such termination and such refund and
the Transfer and the relevant Deposited Documents returned to the Vendor, this Agreement shall become null and void and be of no
further effect and neither Party shall have any claims, action or proceedings against the other in respect of or arising out of
this Agreement.

 

 

    	 	Page | 28

    
 

    

 

19       General

 

19.1       Notices

 

A notice or
other communication including, but not limited to, a request, demand, consent or approval to or by a Party to this Agreement:

 

	 	a)	must be in legible writing and in English addressed as shown below:
	 	 	 
	 	 	i)	if to the Vendor:
	 	 	 	 
	 	 	 	Address:	Plot D20 & D20A, Jalan Tanjung A/3, Port of Tanjung Pelepas 81560 Gelang Patah, Johor Darul Takzim
	 	 	 	Email:	TanJuan.Hon@strsolar.com
	 	 	 	Attention:	Mr. Tan Juan Hon
	 	 	 	 	 
	 	 	ii)	if to the Purchaser:
	 	 	 	 
	 	 	 	Address:	Lot CP1, Jalan Tanjung A/6, Pelabuhan Tanjung Pelepas, 81560 Gelang Patah, Johor Darul Takzim
	 	 	 	Fax No:	07-507 1388
	 	 	 	Attention:	Mr. Edward Wong
	 	 	 	 	 
	 	b)	is deemed to be given by the sender and received by the addressee:
	 	 	 
	 	 	1)	if by delivery in person, when delivered to the addressee;
	 	 	 	 
	 	 	2)	if by post, three (3) Business Days from and including the date of postage; 
	 	 	 	 
	 	 	3)	if by facsimile transmission, with the receipt of a transmission confirmation slip indicating that the notice has been transmitted in its entirety to the receiver’s facsimile number; or
	 	 	 	 
	 	 	4)	if by e-mail, after the time sent as recorded on the device from which the sender sent the email;
	 	 	 	 
	 	 	but if the delivery or receipt is on a day which is not a market day or is after 4.00 p.m. (addressee’s time) it is deemed to be given at 9.00 am on the next Business Day; and
	 	 	 
	 	c)	can be relied on by the recipient and the recipient will not be liable to any other person for any consequences of that reliance if the recipient believes it to be genuine, correct and duly authorised by the sender.

 

19.2       Governing
Law

 

This Agreement is governed by
the laws of Malaysia and the Parties irrevocably submit to the exclusive jurisdiction of the courts of Malaysia.

 

    	 	Page | 29

    
 

    

 

19.3       Enforceability

 

		a)	If one or more of the provisions of this Agreement is invalid, illegal or unenforceable in any
respect under any applicable law or decision, the validity, legality or enforceability of the remaining provisions contained in
this Agreement will not be affected or impaired in any way.

 

		b)	Each Party will, in any such event and where legally possible, execute such additional documents
as the other Party may reasonably request in order to give valid, legal and enforceable effect to any provision which is determined
to be invalid, illegal or unenforceable provided that such new provisions fulfil the intentions of the Parties as expressed by
the provision determined to be invalid, illegal and unenforceable and which new provisions have the closest economic effect to
such provisions determined to be invalid, illegal and unenforceable.

 

		c)	If any provision is void, illegal or unenforceable but would be valid and enforceable if read down,
then that provision will be read down to the extent necessary to render the provision valid and enforceable.

 

19.4       Waivers

 

		a)	Waiver of any breach of this Agreement or of any right, power, authority, discretion or remedy
arising upon a breach of or default under this Agreement, must be in writing and signed by or on behalf of the Party granting the
waiver.

 

		b)	A breach of or default under this Agreement is not waived by any failure or delay by the other
Party in exercising or partial exercise of any right, power, authority, discretion or remedy under this Agreement.

 

		c)	A right, power, authority, discretion or remedy created or arising upon a breach of or default
under this Agreement is not waived by any failure or delay in the exercise, or a partial exercise, of that or any other right,
power, authority, discretion or remedy.

 

19.5       Variation

 

A variation of any term of this
Agreement must be in writing and signed by all Parties.

 

19.6       Time

 

Time whenever mentioned
in this Agreement is of the essence.

 

19.7       Cost
and Expenses

 

		a)	The Purchaser will bear all the costs and stamp duty payable in respect of this Agreement and the
stamp duty and registration fees payable in respect of the Transfer.

 

		b)	Each Party will bear its own costs and expenses (including their respective solicitors’ fees)
in respect of the preparation and execution of this Agreement and matters incidental thereto.

 

    	 	Page | 30

    
 

    

 

19.8       Assignment
and Transfer

 

The rights and obligations of
each Party under this Agreement are personal. Unless specifically provided in this Agreement, they cannot be assigned, charged
or otherwise dealt with, and no Party will attempt or purport to do so, without the prior written consent of the other Party. The
Purchaser acknowledges and is aware and agrees that any subsequent transfer of the Properties will be subject to the following
terms:-

 

19.8.1 all
the terms and conditions in the Lease Annexures;

 

19.8.2
any prohibition or limitation imposed by the NLC or any other written law for the time being in force;

 

19.8.3
any restriction in interest to which the Parent Land is for the time being subject;

 

19.8.4 the
written consent of JPA, PTP and the State Authority;

 

19.8.5
payment of the relevant fees (including but not limited to administrative fees, application fees and approval fees) as may
be reasonably determined by JPA , PTP and/or the State Authority;

 

19.8.6the
interests of the Vendor in the Properties shall pass to the Purchaser upon registration of the transfer whereupon the Vendor
shall have no continuing obligations to JPA or to PTP in respect of Plot A and Plot B and the Lease Annexures and the terms
and conditions therein;

 

19.8.7
the Purchaser shall so long as the interest in Plot A and/or Plot B vests in the Purchaser, perform and observe the provisions
of the Lease Annexures and all rules and regulations with regard to the use, occupancy and operation of the Purchaser’s
business in the Pelepas Free Zone and will indemnify and keep the Vendor indemnified against all claims arising in respect
of the Purchaser’s use of and occupancy of Plot A and Plot B; and

 

19.8.8any
subsequent transfer, sub-lease, or tenancy of Plot A and/or Plot B shall be made subject to such registration process and the
payment of such applicable fees (based on the prevailing rates applicable for similar registration process under Malaysian
law) that may be prescribed by JPA or PTP for the Pelepas Free Zone from time to time.

 

19.9       Further
Assurances

 

Each Party must do all things
necessary (including, but not limited to, executing all documents) to give effect to this Agreement.

 

19.10       Entire
Agreement

 

This Agreement
is the entire agreement between the Parties in respect of its subject matter and supersedes all previous agreements with respect
to its subject matter. Each Party acknowledges that in entering into this Agreement, it has not relied on any representation or
warranty save as expressly set out or expressly referred to herein.

 

    	 	Page | 31

    
 

    

 

19.11       Disclosures
or Announcements

 

		a)	Except for disclosures required by law or any court of competent jurisdiction or pursuant to any
enquiry or investigation by any governmental agency or authority of Malaysia which is lawfully entitled to require any such disclosure
or to the Parties’ professional advisers, the Parties agree that the contents of this Agreement and all information and documents
provided by one Party to the other Party in connection with this Agreement will be held in strict confidence by each Party and
its respective officers, employees, agents and servants other than such information which is or becomes available to the public
by publication or otherwise through no fault of the recipient Party.

 

		b)	In the event that a disclosure or announcement is required as provided in clause 19.11(a), the
Party required to make the disclosure or announcement will give prompt notice of the requirement of disclosure or announcement
to the other Party hereto and will, so far as it is lawful and practical to do so prior to such disclosure or announcement, consult
with the other Party as to such requirement with a view to agreeing the timing and content of such disclosure or announcement,
such agreement not to be unreasonably withheld or delayed.

 

19.12       Counterparts

 

This Agreement may be executed
in any number of counterparts and all such counterparts when taken together constitute one and the same instrument.

 

19.13       Effective
date

 

This
Agreement shall take effect from the date first herein above entered, irrespective of the diverse dates upon which the respective
Parties may have executed this Agreement.

 

		19.14	Annexures, Schedules and Appendices

 

All annexures,
schedules and appendices attached to this Agreement will form part of this Agreement.

 

		19.15	Confidentiality

 

This Agreement and all matters
pertaining hereto will be considered a confidential matter and will not be disclosed to any third party without prior mutual agreement
of the Parties unless the said disclosure is necessary to comply with law or with the requirements of the government of Malaysia,
or any other country or any other governmental agency or authority or any stock exchange which has the authority to require disclosure
by either or both Parties and in which event the Party making a disclosure under this clause shall, as soon as practicable thereafter,
provide a copy of such disclosure to the other Party;

 

19.16       Modification

 

No modification,
variation or amendment of this Agreement or the Appendices hereof will have any legal effect and force unless such modification,
variation or amendment is in writing and executed by the Parties.

 

    	 	Page | 32

    
 

    

 

19.17       Relationship
of the Parties

 

Nothing in
this Agreement will constitute or be deemed to constitute a partnership between any of the Parties and none of them will have any
authority to bind the others in any way nor will this Agreement be construed to make any Party the agent of the other Party.

 

19.18       Successors

 

This Agreement will be binding
on the permitted assigns and successors in title of the parties.

 

 

 

 

[The remainder of this
page is intentionally left blank.]

 

 

 

 

 

 

 

 

 

 

    	 	Page | 33

    
 

    

 

Appendix

 

WARRANTIES

 

Vendor’s
Warranties

 

 

The Vendor represents and warrants to the
Purchaser as follows:

 

		(1)	the Vendor is a company duly incorporated and existing under the (laws of Malaysia);

 

		(2)	the Vendor is the legal and beneficial owner of the Properties, free from all Encumbrances;

 

		(3)	the Vendor has full power and authority to execute, deliver and perform the terms of this Agreement
and has taken and will before the Completion Date, take all necessary corporate and other actions to authorise the sale of the
Properties and the execution delivery and performance of the terms of this Agreement;

 

		(4)	as of the date of this Agreement and to the best of the Vendor’s knowledge after due and
careful enquiry, Plot A and Plot B are not subject to any compulsory acquisition by the relevant authorities;

 

		(5)	all quit rent, rates and assessments, and other similar lawful outgoings due to the relevant authorities
in respect of Plot A and/or Plot B up to the date of this Agreement have been or will be duly paid by the Vendor. The Vendor will
not at any time after the date of this Agreement do or suffer to be done or omitted any act matter or thing in or in respect of
the Properties which may render the Properties or any part thereof liable to forfeiture or attachment;

 

		(6)	all expenses payable up to the date immediately preceding the Completion Date, accrued in relation
to Plot A and Plot B which are payable by the Vendor have been fully paid or will be fully paid;

 

		(7)	save as disclosed herein, the Vendor has not entered into any other agreement, contract, transaction,
arrangement or understanding for the sale, lease, assignment or other disposition in whole or in part of the Properties that may
affect the sale of the Properties to the Purchaser;

 

		(8)	the Vendor is not in default under the Lease Annexures or any agreement to which it is a Party
or by which it may be bound and no litigation, arbitration, administration or winding-up proceedings are presently current or pending
or threatened which default, litigation, arbitration or administrative proceedings, as the case may be, might affect the Properties
or the solvency of the Vendor or might impair the Vendor’s ability to perform its obligations under this Agreement;

 

		(9)	all the permits, licenses, consents, approvals, registrations and authorisations relating to Plot
A and Plot B and equipment and/or facilities installed and/or used on the same are valid and current and continue to be valid on
the Completion Date and that apart from those disclosed to the Purchaser, there are no other permits, licences, consents, approvals,
registrations or authorisations relating to Plot A and Plot B;

 

    	 	Page | 34

    
 

    

 

		(10)	the Vendor has not received any notices from any Public Authorities which remain outstanding and
which will or may prejudice, or adversely affect the present or continued use and enjoyment by the Vendor or its permitted assigns
and successors in title or which will or may subject the Vendors or its permitted assigns and successors in title to any onerous
charge or liability, and that the Vendor shall immediately give notice to the Purchaser of any such notices, orders or requirements
he receives from any Public Authorities at any time after the date of this Agreement;

 

		(11)	the Vendor will not do any act or thing or by omission which may change or detrimentally affect
the state nature and condition of the Plot A and Plot B existing as at the date of this Agreement; and

 

		(12)	the statements contained in the Recitals to this Agreement are true and accurate in all respects.

 

 

 

[The remainder of this
page is intentionally left blank ]

 

 

 

 

 

    	 	Page | 35

    
 

    

 

Purchaser’s
Warranties

 

 

The Purchaser represents and warrants to
the Vendor as follows:

 

		(1)	the Purchaser is a company duly incorporated and existing under the laws of Malaysia;

 

		(2)	the Purchaser has full power and authority to execute, deliver and perform the terms of this Agreement
and has taken and will before the Completion Date, take all necessary corporate and other actions to authorise the purchase of
the Properties and the execution delivery and performance of the terms of this Agreement;

 

		(3)	the Purchaser has not done anything or failed to do anything or will not do anything or fail to
do anything which would or will prevent the issuance to the Purchaser of all permits, licences, consents, approvals, registrations
and authorisations that are required by the relevant authorities; and

 

		(4)	the Purchaser warrants that it will be a continuing obligation on the Purchaser to ensure the terms
and conditions of the Lease Annexures and all rules and regulations with regard to the use, occupancy and operation of the Purchaser’s
business on Plot A and Plot B in the Pelepas Free Zone are not breached due to the acts or omissions of the Purchaser and the failure
of the Purchaser to comply with the same or the requirements of the Public Authorities.

 

 

 

[The remainder of this
page is intentionally left blank ]

 

 

 

 

 

    	 	Page | 36

    
 

    

 

Execution

 

 

Executed as an Agreement.

 

Vendor

 

	SIGNED by	}	ROBERT SHAWN YORGENSEN	 
	 	Designation: Director	 
	/s/ ROBERT S. YORGENSEN	Passport No.: xxxxxxxxx	 
	For and on behalf of SPECIALIZED TECHNOLOGY RESOURCES (M) SDN. BHD. (Company No. 807636-H)   in the presence of:	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	/s/TAN JUAN HON	 	/s/THOMAS D. VITRO	 
	Witness (signature)	 	Signatory (signature)	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	Name: TAN JUAN HON	 	Designation: Director	 
	NRIC No: xxxxxx-xx-xxxx  	 	NRIC No: xxxxxxxxx 	 
	 	 	 	 
	Purchaser	 	 	 
	 	 	 	 
	SIGNED by	}	 	 
	 	 	 
	/s/ TEY HOW KEONG	 	 
	For and on behalf of JB COCOA SDN BHD (Company No. 514587-A) in the presence of:	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	/s/ LON CHIN	 	/s/ TEY HOW KEONG	 
	Witness (signature)	 	Signatory (signature)	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	Name: LON CHIN	 	Designation: Director	 
	NRIC No: xxxxxx-xx-xxxx  	 	NRIC No: xxxxxx-xx-xxxx  	 

 

    	 	Page | 37

    
 

    

 

FIRST SCHEDULE

 

(which is to be taken, read and construed
as an essential part of this Agreement)

 

 

	Item 1	JB COCOA SDN. BHD. (Company No. 514587-A)
	 	Registered Address
	 	No. 7 (1st Floor), Jalan Pesta 1/1
	 	Taman Tun Dr. Ismail 1
	 	Jalan Bakri
	 	84000 Muar
	 	Johor Darul Takzim
	 	 	 
	 	Business Address
	 	Lot CP 1, Jalan Tanjung A/6
	 	Pelabuhan Tanjung Pelepas
	 	81560 Gelang Patah
	 	Johor Darul Takzim
	 	 	 
	 	 	 
	Item 2	(2A)	Description of Plot A, the First Sub-Lease and the Extension of the First Sub-Lease 
	 	 	A sub-lease over Plot A being all that land delineated in red on the location plan annexed hereto and marked as Annexure A measuring approximately 187,787.16 square feet which the First Sub-Lease is for a period of 17 years and 21 days and commenced on 3 March 2008 and will expire on 23 March 2025 which has been registered at the Land Registry, Johor vide Presentation Number 34310/2009 on 15 May 2009. The Extension of the First Sub-Lease is for a period of 30 years which will commence on 24 March 2025 and will expire on 23 March 2055 which has been registered at the Land Registry, Johor vide Presentation Number 19396/2010 on 15 March 2010.  
	 	 	 
	 	(2B)	Description of Plot B, the Second Sub-Lease and the Extension of the Second Sub-Lease 
	 	 	A sub-lease over Plot B being all that land delineated in blue on the location plan annexed hereto and marked as Annexure A measuring approximately 38,333 square feet which the Second  Sub-Lease is for a period of 15 years and 15 days and commenced on 9 March 2010 and will expire on 23 March 2025 which has been registered at the Land Registry, Johor vide Presentation Number 60456/2011 on 29 July 2011. The Extension of the Second Sub-Lease is for a period of 30 years which will commence on 23 March 2025 and will expire on 23 March 2055 which has been registered at the Land Registry, Johor vide Presentation Number 94090/2011 on 10 November 2011.  
	 	 	 

 

    	 	Page | 38

    
 

    

 

	 	(2C)	Description of the building on Plot A and Plot B
	 	 	An industrial plot built upon with a single storey detached factory with a 2-storey office annex, a canteen, a TNB sub-station, an air-conditioners compressor and end user chiller room; a MSM room, transformer room, air-conditioners equipment room; a guard house, a pump house and a waste storage centre (bin centre), together with site improvements measuring approximately 118,051 square feet bearing postal address Plot D20 and D20A, Jalan Tanjung A/3, Pelabuhan Tanjung Pelepas, 81560 Gelang Patah, Johor.
	 	 	 
	Item 3	 	Ringgit Malaysia Twenty Two Million and Five Hundred Thousand (RM22,500,000.00) only

 

 

 

 

 

 

 

 

 

 

    	 	Page | 39

    
 

    

 

SECOND SCHEDULE

(which is to be taken, read and construed
as an essential part of this Agreement)

 

 

Schedule of Payment of Purchase Consideration

 

	Item	 	Payment Schedule	Percentage	Amount (RM)
	1.	Earnest Deposit paid on 22 November 2018	2%	450,000.00
	2.	Upon execution of this Agreement	8%	 
	 	 	 	 	 
	a)	 	a sum equivalent to three per centum (3%) of the Purchase Consideration being Ringgit Malaysia Six Hundred and Seventy Five Thousand (RM675,000.00) only to the Vendor’s Solicitors as stakeholders (“RPGT Retention Sum”); and	 	675,000.00
	 	 	 	 	 
	b)	 	a sum equivalent to five per centum (5%) of the Purchase Consideration being Ringgit Malaysia One Million One Hundred and Twenty Five Thousand (RM1,125,000.00) only to the Vendor’s Solicitors as stakeholders.	 	1,125,000.00
	 	 	 	 	 
	 	 	 	 	 
	3.	Balance Purchase Consideration to be paid to the Vendor’s Solicitors as stakeholders within the Completion Period or the Extended Completion Period, as the case may be.	90%	20,250,000.00
	 	TOTAL	100%	22,500,000.00

 

 

    	 	Page | 40

    
 

    

 

THIRD SCHEDULE

 

 

 

	PROPERTIES	PURCHASE PRICE (RM)
	 	 
	1.	FIRST SUB-LEASE (PLOT A) (together
with building and renovations/improvements to the same as well as all fittings attached to the building)	3,221,670.14
	 	 
	 	 
	2.	EXTENSION OF THE FIRST SUB-LEASE
(PLOT A)	15,464,016.66
	 	 
	 	 
	3.	SECOND SUB-LEASE (PLOT B) (together
with building and renovations/improvements to the same as well as all fittings attached to the building)	657,640.21
	 	 
	 	 
	4.	EXTENSION OF THE SECOND SUB-LEASE
(PLOT B)	3,156,672.99
	 	 
	TOTAL	22,500,000-00

 

 

 

 

 

 

 

 

 

 

 

	 	Page | 41EX-10.1

 Exhibit 10.1 

Voting Agreement and Irrevocable Proxy 

This Voting Agreement and Irrevocable Proxy, dated as of January 16, 2019 (this “Agreement”), is made by and among
Glacier Bancorp, Inc. (“GBCI”), Glacier Bank, a wholly owned subsidiary of GBCI (“Glacier Bank”), FNB Bancorp (“FNB”), The First National Bank of Layton, a wholly owned subsidiary of FNB
(“First National Bank”), and the undersigned, each of whom is a shareholder of FNB (each, a “Shareholder”). This Agreement is effective upon the signing of the Merger Agreement (as defined below). 

Recital 
 As an inducement
for GBCI, Glacier Bank, FNB, and First National Bank to enter into the Plan and Agreement of Merger, dated January 16, 2019 (the “Merger Agreement”), under which, among other things, FNB will merge with and into GBCI (the
“Merger”), and First National Bank will merge with and into Glacier Bank, each Shareholder agrees as follows: 

Agreement 
  

	1.	 Voting of Shares. Each Shareholder irrevocably and unconditionally agrees to vote or cause to be voted
(including by proxy or written consent, if applicable) at any shareholder meeting of FNB, or any adjournment or postponement thereof, including any meeting called for the purpose of approving the Merger Agreement (a “FNB Meeting”),
all shares of FNB common stock that such Shareholder owns of record or beneficially, or acquires after the date hereof but prior to the record date, in either case with power to vote or direct the voting of such shares (collectively, the
“Owned Shares”), (a) in favor of (i) approval of the Merger Agreement and the transactions contemplated therein, including the Merger, and (ii) any proposal to adjourn or postpone such meeting to a later date if there are
not sufficient votes to approve the Merger Agreement, and (b) against any action, proposal, transaction, or agreement that would reasonably be likely to (i) result in a breach of any covenant, representation, or warranty or any other
obligation or agreement of FNB contained in the Merger Agreement, or of the Shareholder contained in this Agreement, or (ii) materially prevent, impede, interfere with, delay, or frustrate the purposes of or materially and adversely affect the
completion of the transactions contemplated by the Merger Agreement, including the Merger. For the avoidance of doubt, the foregoing commitments apply to any Owned Shares held by any trust, limited partnership, limited liability company,
corporation, or other entity holding shares of FNB common stock for which the Shareholder serves in any partner, member, shareholder, or trustee capacity. To the extent the Shareholder does not control, by himself or herself, the determinations of
such shareholder entity, the Shareholder agrees to exercise all voting or other determination rights the Shareholder has in such shareholder entity to carry out the intent and purposes of the Shareholder’s voting obligations under this
Section 1 and as otherwise set forth in this Agreement. 

  

	2.	 No Solicitation. Solely in his or her capacity as a record or beneficial owner of the Owned Shares, each
Shareholder hereby agrees that during the term of this Agreement, Shareholder shall not knowingly, and shall direct his or her advisors and representatives 

  
 -1- 

	 	
not to, directly or indirectly, (a) take any of the actions specified in Section 4.1.10 of the Merger Agreement, or (b) participate in, directly or indirectly, a solicitation of
proxies or powers of attorney or similar rights to vote, or seek to advise or influence any person with respect to the voting of, any shares of FNB common stock in connection with any vote or other action on any matter of a type described in
Section 1 hereof, other than to recommend that shareholders of FNB vote in favor of the adoption and approval of the Merger Agreement, the Merger and the transactions contemplated by the Merger Agreement, and as otherwise expressly permitted by
this Agreement. Shareholder agrees immediately to cease and cause to be terminated any activities, discussions, or negotiations conducted before the date of this Agreement with any persons other than GBCI and Glacier Bank with respect to any
possible Acquisition Proposal (as defined in the Merger Agreement) and will take all necessary steps to inform any investment banker, financial advisor, attorney, accountant, or other representative retained by Shareholder of the obligations
undertaken by Shareholder pursuant to this Section 2. 

  

	3.	 Ownership. On the date of this Agreement, each Shareholder represents and warrants, severally but not
jointly, that the Owned Shares set forth on such Shareholder’s signature page (a) are owned of record or beneficially by the Shareholder in the manner reflected thereon, (b) include all of the shares of FNB common stock owned of
record or beneficially by the Shareholder as of the date hereof, and (c) are free and clear of any proxy or voting restriction, claims, liens, encumbrances, and security interests, except (if applicable) as set forth on the Shareholder’s
signature page, which encumbrances or other items do not affect the ability of the Shareholder to perform his or her obligations under this Agreement. As of the date of this Agreement, each Shareholder has, and at any FNB Meeting each Shareholder
will have (except as otherwise permitted by this Agreement), sole voting power and sole dispositive power with respect to all of the Shareholder’s Owned Shares, except as otherwise reflected on the Shareholder’s signature page.

  

	4.	 Proxy. 

  

	 	a.	 Appointment of Proxy. In order to better effect the provisions set forth in Section 1, each
Shareholder revokes any previously executed proxies and constitutes and appoints Kevin S. Garn, with full power of substitution, such Shareholder’s true and lawful proxy and
attorney-in-fact (the “Proxy Holder”) to vote at any FNB Meeting all of such Shareholder’s Owned Shares as provided in Section 1, with such
modifications to the Merger Agreement as the parties to the Merger Agreement may make; provided, however, that this proxy will not apply with respect to any vote on the Merger Agreement if the Merger Agreement is amended so as to
reduce the amount or form of consideration to be received by the shareholders of FNB or change the tax consequences of the receipt thereof under the Merger Agreement in its present form. This irrevocable proxy shall automatically terminate upon
termination of this Agreement. 

  

	 	b.	 Substitute. If for any reason the Proxy Holder becomes unable to perform his duties as Proxy Holder
under this Agreement, Shareholder appoints K. John Jones (“Substitute”) as substitute proxy to act as the Proxy Holder and vote all of such 

  
 -2- 

	 	
Shareholder’s Owned Shares at any FNB Meeting as provided in Section 1, with such modifications to the Merger Agreement as the parties to the Merger Agreement may make; provided,
however, that this proxy will not apply with respect to any vote on the Merger Agreement if the Merger Agreement is amended so as to reduce the amount or form of consideration to be received by the shareholders of FNB or change the tax
consequences of the receipt thereof under the Merger Agreement in its present form. Notwithstanding the above, the Proxy Holder may from time to time, in his discretion, appoint any other substitute proxy to act as the Proxy Holder upon prior
written notice to GBCI and FNB. 

  

	5.	 Acknowledgments. Each Shareholder acknowledges that GBCI and FNB are relying on this Agreement in
incurring expenses in connection with the transactions contemplated by the Merger Agreement and that the proxy granted under this Agreement is coupled with an interest and is irrevocable to the fullest extent permitted by applicable law. The vote of
the Proxy Holder (and upon substitution, the Substitute under Section 4(b)) will control in any conflict between such vote of the Owned Shares and a vote by any substitute proxy holder or the Shareholder, and FNB agrees to recognize the vote of
the Proxy Holder or upon substitution, the Substitute. 

  

	6.	 No Transfer. Until the termination of this Agreement pursuant to Section 7(i), no Shareholder will
sell, transfer, permit a lien or other encumbrance to be created with respect to, or grant any proxy in respect of (except for proxies solicited by the board of directors of FNB in connection with the FNB Meeting at which the Merger Agreement is
presented for shareholder approval) any of the Owned Shares, unless all other parties to any such sale or other transaction enter into an agreement in form and substance satisfactory to GBCI embodying the benefits and rights contained in this
Agreement. 

  

	7.	 Miscellaneous. 

 

	 	a.	 Individual Obligations. The obligations of each of the signatories to this Agreement are independent of
one another and are not intended to be joint obligations of the undersigned. This Agreement is intended to be enforceable by GBCI or Glacier Bank against each Shareholder individually. 

 

	 	b.	 Binding Effect. This Agreement will inure to the benefit of, and will be binding upon, each
Shareholder’s heirs or legal representatives. 

  

	 	c.	 Severability. If any provision of this Agreement or the application of such provision to any person or
circumstances will be held invalid or unenforceable by a court of competent jurisdiction, such provision or application will be unenforceable only to the extent of such invalidity or unenforceability, and the remainder of the provision held invalid
or unenforceable and the application of such provision to persons or circumstances, other than the party as to which it is held invalid, and the remainder of this Agreement, will not be affected. 

  
 -3- 

	 	d.	 Reformation. If any court determines that the obligations and restrictions set forth in this Agreement
are unenforceable, then the parties request such court to reform any unenforceable provisions to the maximum obligations or restrictions, term, and scope, as applicable, that such court finds enforceable. 

 

	 	e.	 Expenses. Except as otherwise may be agreed in writing, all costs, fees, and expenses incurred in
connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such costs, fees, and expenses. 

  

	 	f.	 Amendments; Waivers. Any provision of this Agreement may be amended or waived if, and only if, such
amendment or waiver is in writing and signed (i) in the case of an amendment, by GBCI and the Shareholder to be bound by such amendment and (ii) in the case of a waiver, by the party against whom the waiver is to be effective. No failure
or delay by any party in exercising any right, power, or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other
right, power, or privilege. 

  

	 	g.	 Governing Law; Venue. This Agreement will be governed by and construed in accordance with the laws of
the State of Montana, except to the extent that federal law may govern certain matters. The parties must bring any legal proceeding arising out of this Agreement in the state courts situated in Kalispell, Montana or the federal district
courts of the Missoula Division for the State of Montana. Each party consents to and submits to the jurisdiction of any such court. 

  

	 	h.	 Remedies. Any breach of this Agreement entitles GBCI to injunctive relief and/or specific performance,
as well as to any other legal or equitable remedies it may be entitled to, it being agreed that money damages alone would be an inadequate remedy for such breach. The rights and remedies of the parties to this Agreement are cumulative and not
alternative. 

  

	 	i.	 Termination of Agreement. This Agreement shall be effective from the date hereof and shall terminate and
be of no further force and effect upon the earlier to occur of (i) the Effective Time (as defined in the Merger Agreement), (ii) such date and time as termination of the Merger Agreement in accordance with its terms, or (iii) upon mutual
written agreement of the parties hereto to terminate this Agreement. Upon termination of this Agreement, no party shall have any further obligations or liabilities under this Agreement. 

 

	 	j.	 Counterparts. This Agreement may be executed in one or more counterparts, including facsimile and/or
scanned counterparts, each of which will be deemed an original, but all of which taken together will constitute one and the same document. 

[Signatures appear on the following pages] 

  
 -4- 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the
day and year first above written. 
  

									
	GLACIER BANCORP, INC.	 		 	FNB BANCORP
			
	 	 		 	 
	By:	 	Randall M. Chesler	 		 	By:	 	K. John Jones
	Its:	 	President and CEO	 		 	Its:	 	President and CEO
			
	GLACIER BANK	 		 	THE FIRST NATIONAL BANK OF LAYTON
			
	 	 		 	 
	By:	 	Randall M. Chesler	 		 	By:	 	K. John Jones
	Its:	 	President and CEO	 		 	Its:	 	President and CEO

 [Shareholder signatures appear on the following pages] 

  
 [Signature Page to Voting
Agreement and Irrevocable Proxy] 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the
day and year first above written. 
  

	
	SHAREHOLDER:
	
	   

  

					
	 Record Name of Shareholder
	  	 Nature of Ownership
	  	 Number of Owned Shares

		  		  	
		  		  	
		  		  	

  
 [Shareholder Signature
Page to Voting Agreement and Irrevocable Proxy]

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