Document:

Exhibit 4.1

 

BC
NO: 1553620

 

 

 

British
Virgin Islands

 

The
BVI Business Companies Act, 2004

 

(No.
16 of 2004)

 

Memorandum
of Association

and

Articles
of Association

of

 

Luokung
Technology Corp.

 

Incorporated
the 24th day of October, 2009

 

Amended
and Restated the 11th Day of December 2009

 

Amended
and Restated the 17th Day of December 2009

 

Amended
and Restated the 25th Day of March 2010

 

Amended
and Restated the 21st day of May 2018

 

Amended
and restated the 17 August 2018

Amended and restated the 20 August 2018

 

Amended
and restated the 26 November 2019

 

Amended
and restated the 27 December 2019

 

Conyers
Trust Company (BVI) Limited

Commerce
House, Wickhams Cay 1

P.O.
Box 3140

Road
Town

Tortola

British
Virgin Islands

 

    

     

    

 

TERRITORY
OF THE BRITISH VIRGIN ISLANDS

 

THE
BVI BUSINESS COMPANIES ACT, 2004

 

(No.
16 of 2004)

 

MEMORANDUM
OF ASSOCIATION

OF

 

Luokung
Technology Corp.

 

NAME

 

	1.	The
    name of the Company is Luokung Technology Corp.

 

TYPE
OF COMPANY

 

	2.	The
    Company is a company limited by shares.

 

REGISTERED
OFFICE

 

	3.	The
        first Registered Office of the Company is the offices of Portcullis TrustNet (BVI) Limited, Portcullis TrustNet Chambers,
        P.O. Box 3444, Road Town, Tortola, British Virgin Islands, the office of the registered agent.

         

        As
        at the date of adoption of this memorandum, the Registered Office of the Company had changed to Commerce House, Wickhams
        Cay 1, P. O. Box 3140, Road Town, Tortola, British Virgin Islands VG1110, the office of the registered agent of the
        Company.

 

REGISTERED
AGENT

 

	4.	The
        first Registered Agent of the Company is Portcullis TrustNet (BVI) Limited of Portcullis TrustNet Chambers,
        P.O. Box 3444, Road Town, Tortola, British Virgin Islands.

         

        As
        at the date of adoption of this memorandum, the Registered Agent of the Company had changed to Conyers Trust Company
        (BVI) Limited of Commerce House, Wickhams Cay 1, P. O. Box 3140, Road Town, Tortola, British Virgin Islands VG1110.

 

AUTHORISED
NUMBER OF SHARES

 

	5.	The
    Company is authorised to issue a maximum of 522,794,872 shares of par value US$0.01 each.

 

CLASSES,
NUMBER AND PAR VALUE OF SHARES

 

	6.	As
    at the date of adoption of this memorandum, the Company is authorised to issue (a) 500,000,000 ordinary shares of par value
    US$0.01 each (“Ordinary Shares”); (b) 1,000,000 preferred shares of par value US$0.01 each (“Preferred
    Shares”); and (c) 21,794,872 series A preferred shares of par value US$0.01 each (“Series A Preferred Shares”).

 

FRACTIONAL
SHARES

 

	7.	The
    Company may issue fractions of a share and a fractional share shall have the same corresponding fractional liabilities, limitations,
    preferences, privileges, qualifications, restrictions, rights and other attributes of a whole share of the same class or series
    of shares.

 

    2

     

    

 

RIGHTS,
PRIVILEGES, RESTRICTIONS AND CONDITIONS ATTACHING TO SHARES

 

	8.	(1)	Subject
    to the memorandum and articles of association (and, for greater clarity, without prejudice to any special rights conferred
    thereby on the holders of any other shares), an Ordinary Share of the Company confers on the holder;

 

	 	(a)	the
    right to one vote at a meeting of the members of the Company or on any Resolution of Members;

 

	 	(b)	the
    right to an equal share in any Distribution paid by the Company; and

 

	 	(c)	the
    right to an equal share in the distribution of the surplus assets of the Company on a winding up.

 

	 	(2)	Subject
    to the memorandum and articles of association (and, for greater clarity, without prejudice to any special rights conferred
    thereby on the holders of any other shares), a Preferred Share of the Company confers on the holder;

 

	 	(a)	the
    right to 399 votes at a meeting of the members of the Company or on any Resolution of Members;

 

	 	(b)	the
    right to an equal share in any Distribution paid by the Company;

 

	 	(c)	the
    right to an equal share in the distribution of the surplus assets of the Company on its liquidation.

 

		(d)	be
                                         freely transferable, in whole or in part, by Mr. Xuesong Song to any third party through
                                         one or more Private Transactions, subject to Applicable Law; and

 

		(e)	be
                                         freely transferable, in whole or in part, by Mr. Xuesong Song to any third party through
                                         one or more Public Transactions, subject to Applicable Law and Automatic Conversion of
                                         such Preferred Share(s) into Ordinary Share(s).

 

	 	(3)	Subject
    to the memorandum and articles of association (and, for greater clarity, without prejudice to any special rights conferred
    thereby on the holders of any other shares), a Series A Preferred Share of the Company confers on the holder;

 

		(a)	no
                                         right to vote at a meeting of the members of the Company or on any Resolution of Members;

 

	 	(b)	the
    right to an equal share in any Distribution paid by the Company;

 

	 	(c)	the
    right to an equal share in the distribution of the surplus assets of the Company on its liquidation.

 

		(d)	the
                                         right, at such holder’s sole discretion, to convert all or any portion of the holder’s
                                         Series A Preferred Shares into Ordinary Shares at any time commencing after the date
                                         of issue of such Series A Preferred Shares. The conversion rate for the Series A Preferred
                                         Shares shall be one (1) Ordinary Share for every one (1) Series A Preferred Share. Before
                                         any holder of Series A Preferred Shares shall be entitled to convert the same into Ordinary
                                         Shares and to receive certificate(s) for such Ordinary Shares, he shall surrender the
                                         certificate(s) for his Series A Preferred Shares at the office of the Company and shall
                                         give written notice to the Company at such office that he elects to convert the same.
                                         The Company shall, as soon as practicable thereafter, issue and deliver at such office
                                         to such holder of Series A Preferred Shares a certificate(s) for the number of Ordinary
                                         Shares to which he shall be entitled. Such conversion shall be deemed to have been made
                                         immediately prior to the close of business on the date of such surrender of the certificate(s)
                                         for the Series A Preferred Shares to be converted, and the person or persons entitled
                                         to receive the Ordinary Shares issuable upon such conversion shall be treated for all
                                         purposes as the record holder(s) of such Ordinary Shares on such date. The directors
                                         may effect conversion in any matter permitted by law including, without prejudice to
                                         the generality of the foregoing, repurchasing or redeeming the relevant Series A Preferred
                                         Shares and applying the proceeds towards the issue of the relevant number of new Ordinary
                                         Shares. The provisions of clause 8(3)(e) shall not apply to the Ordinary Shares so converted;
                                         and

 

    3

     

    

 

		(e)	the
                                         right, at such holder’s sole discretion, to require the redemption or repurchase
                                         by the Company of all or any portion of the holder’s Series A Preferred Shares
                                         in cash at a Repurchase Price defined below upon the following events: (1) six (6) months
                                         after the closing date as defined in the Share Subscription Agreement; (2) the proposed
                                         acquisition of eMapgo Technologies (Beijing) Co., Ltd. (the “Proposed Acquisition”)
                                         by the Company is terminated; (3) the Company breaches the Share Subscription Agreement;
                                         or (4) within six (6) months from the closing date as defined in the Share Subscription
                                         Agreement provided that the Company has sufficient funds after completing the Proposed
                                         Acquisition by the Company. The repurchase price for each Series A Preferred Shares shall
                                         be the higher of (i) US$1.95 per share; or (ii) the US dollars equivalent to RMB13.7648
                                         per share (the “Repurchase Price”), where the exchange rate shall
                                         be the central parity rate between RMB and USD published by the People’s Bank of
                                         China the day before Geely issues the repurchase notice, plus an eight percent (8%) annual
                                         simple interest rate basis calculated from the date such Purchase Price was fully paid
                                         until the date of full payment of the Repurchase Price, which shall be made in a lump
                                         sum on the date of the payment of the Repurchase Price, plus all declared but unpaid
                                         dividends with respect to the Series A Preferred Shares. Before any holder of Series
                                         A Preferred Shares shall be entitled to require the redemption or repurchase by the Company
                                         of all or any portion of the holder’s Series A Preferred Shares, he shall surrender
                                         the certificate(s) for his Series A Preferred Shares at the office of the Company and
                                         shall give written notice to the Company (the “Redemption Notice”)
                                         at such office that he elects to require the redemption or repurchase by the Company
                                         of the same. The Company shall pay the corresponding Repurchase Price within sixty (60)
                                         days following twelve (12) months after the Purchased Shares are issued.

 

	 	(4)	The
    directors may at their discretion by resolution of directors redeem, purchase or otherwise acquire all or any of the shares
    in the Company subject to the Articles.

 

VARIATION
OF CLASS RIGHTS

 

	9.	If at
    any time the issued shares are divided into different classes or series of shares, the rights attached to any class or series
    (unless otherwise provided by the terms of issue of the shares of that class or series) may, whether or not the Company is
    being wound up, be varied with the consent in writing of the holders of not less than three-fourths of the issued shares of
    that class or series and of the holders of not less than three-fourths of the issued shares of any other class or series of
    shares which may be affected by such variation.

 

RIGHTS
NOT VARIED BY THE ISSUE OF SHARES PARI PASSU

 

	10.	The
    rights conferred upon the holders of the shares of any class issued with preferred or other rights shall not, unless otherwise
    expressly provided by the terms of issue of the shares of that class, be deemed to be varied by the creation or issue of further
    shares ranking pari passu therewith.

 

CAPACITY
AND POWERS

 

	11.	Subject
    to the Act, any other British Virgin Islands legislation and paragraph 12 below the Company has, irrespective of corporate
    benefit:

 

	 	(a)	full
    capacity to carry on or undertake any business or activity, do any act or enter into any transaction;

 

	 	(b)	for
    the purposes of paragraph (a), full rights, powers and privileges; and

 

	 	(c)	full
    powers to issue shares with pre-emptive rights, subject to the Articles.

 

LIMITATIONS
ON THE COMPANY’S BUSINESS

 

	12.	For
    the purposes of section 9(4) of the Act the Company may not;

 

	 	(a)	carry
    on banking or trust business, unless it is licensed to do so under the Banks and Trust Companies Act, 1990;

 

	 	(b)	carry
    on business as an insurance or reinsurance company, insurance agent or insurance broker, unless it is licensed under the Insurance
    Act 1994;

 

	 	(c)	carry
    on business of company management, unless it is licensed under the Company Management Act, 1990;

 

	 	(d)	carry
    on the business of providing the registered office or the registered agent for companies incorporated in the British Virgin
    Islands;

 

	 	(e)	carry
    on the business as a mutual fund, manager of mutual funds or administrator of mutual funds unless it is recognized or licenced
    as the case may be under the Mutual Funds Act 1996; or

 

	 	(f)	carry
    on any other business that gives rise to a licencing requirement under any law for the time being in force in the British
    Virgin Islands unless it is licenced, regulated, recognised or otherwise approved pursuant to such law.

 

    4

     

    

 

REGISTERED
SHARES AND PROHIBITION ON ISSUE OF BEARER SHARES

 

	13.	Shares
    in the Company may only be issued as registered shares. The issue of shares to bearer is prohibited.

 

PROHIBITION
ON EXCHANGE AND CONVERSION OF REGISTERED SHARES TO BEARER SHARES

 

	14.	The
    exchange or conversion of registered shares to bearer shares is prohibited.

 

TRANSFER
OF REGISTERED SHARES

 

	15.	Subject
    to the provisions of the Articles the Company may upon receipt of an instrument of transfer enter the name of the transferee
    in the register of members subject to the prior or simultaneous approval of the Company as evidenced by a resolution of directors
    or by a resolution of members. Subject to any resolution of the members to the contrary, the directors may resolve by resolution
    of directors to refuse or delay the registration of the transfer for reasons that shall be specified in the resolution of
    directors.

 

AMENDMENT
OF MEMORANDUM AND ARTICLES OF ASSOCIATION

 

	16.1	The
    Company may amend its Memorandum or Articles by a resolution of members or by a resolution of directors provided that the
    directors shall not have the power to amend the Memorandum or Articles;

 

	 	(a)	to restrict
    the rights or powers of the members to amend the Memorandum or Articles;

 

	 	(b)	to change
    the percentage of members required to pass a resolution to amend the Memorandum or Articles;

 

	 	(c)	in circumstances
    where the Memorandum or Articles cannot be amended by the members; or

 

	 	(d)	to Clauses
    8, 9, 10 or this Clause 16.

 

	16.2	No
    amendment may be made to Regulation 76 of the Articles unless approved by an affirmative vote of the holders of 66 2⁄3 percent
    or more of the outstanding votes of the shares entitled to vote thereon.

 

DEFINITIONS

 

	17.	The
    meanings of words in this Memorandum are as defined in the Articles.

 

    5

     

    

 

We,
Portcullis TrustNet (BVI) Limited of Portcullis TrustNet Chambers, P.O. Box 3444, Road Town, Tortola, British Virgin Islands for
the purpose of incorporating a BVI Business Company under the laws of the British Virgin Islands hereby sign this Memorandum of
Association the 27th day of October, 2009.

 

Incorporator 

 

	 	/s/
    Nicole Wheatley	 
	 	Portcullis TrustNet
    (BVI) Limited	 
	 	Portcullis TrustNet
    Chambers	 
	 	P.O. Box 3444	 
	 	Road Town, Tortola	 
	 	British Virgin Islands	 
	 	(Sgd. Nicole Wheatley)	 

 

    6

     

    

 

TERRITORY
OF THE BRITISH VIRGIN ISLANDS

 

THE
BVI BUSINESS COMPANIES ACT, 2004

 

(No.
16 of 2004)

 

ARTICLES
OF ASSOCIATION

OF

 

Luokung
Technology Corp.

 

PRELIMINARY

 

	1.	In these
    Articles, if not inconsistent with the subject or context, the words and expressions standing in the first column of the following
    table shall bear the meanings set opposite them respectively in the second column thereof.

 

	Words	Meaning
	 	 
	Applicable
                                         Law
	all
                                         Laws, including those of a jurisdiction in or outside of the United States, applicable
                                         to the Private or Public Transactions.

        

	 	 
	Act	the
    BVI Business Companies Act, 2004 (No 16 of 2004.) including any modification, extension, re-enactment or renewal thereof and
    any regulations made thereunder.
	 	 
	Articles 

        
	these
                                         Articles of Association as originally framed or as from time to time amended.

        

	 	 
	Automatic
    Conversion	each
    Preferred Share shall be automatically converted at any time after issue and without the payment of any additional sum into
    an equal number of fully paid Ordinary Shares upon the conclusion of any transfer by Mr. Xuesong Song to any third party through
    one or more Public Transactions.
	 	 
	Designated
    Stock Exchange	either
    the Nasdaq National Stock Market, Inc. or such other exchange or quotation bureau on which, the Company’s Securities
    are listed or traded; provided that until the Securities are listed on any such “Exchange” the rules of any such
    Designated Stock Exchange shall be inapplicable to these Articles.
	 	 
	director	a
    director of the Company.
	 	 
	distribution	in
    relation to a distribution by a company to a member, means

 

	 	(i)	the
    direct or indirect transfer of an asset, other than the Company’s own shares, to or for the benefit of the member or

 

	 	(ii)	the
    incurring of a debt to or for the benefit of a member,

 

	 	in relation
    to shares held by a member, and whether by means of a purchase of an asset, the purchase, redemption or other acquisition
    of shares, a transfer of indebtedness or otherwise, and includes a dividend.
	 	 
	Independent
    Director	a person who meets
    the then current requirements for “independence” of the applicable rules and regulations of the U.S. Securities
    and Exchange Commission and the Designated Stock Exchange.

 

    7

     

    

 

	member
    or shareholder	in
    relation to the Company, means a person whose name is entered in the register of members as the holder of one or more shares,
    or fractional shares, in the Company.
	 	 
	Memorandum

         

         

        Mr.
        Xuesong Song

         

        Ordinary
        Shares
	the
                                         Memorandum of Association of the Company as originally framed or as from time to time
                                         amended.

         

        the
        founder, a director and Chairman of LK Technology Ltd.

         

        issued
        or unissued ordinary shares of par value of US$0.01 each of the Company having the rights, preferences and privileges
        set out in the Memorandum

	 	 
	Person
	An
                                         individual, a corporation, a trust, trustee, the estate of a deceased individual, a partnership
                                         or an unincorporated association of persons. 

        

	 	 
	Preferred
    Shares	issued
    or unissued preferred shares of par value US$0.01 each of the Company having the rights, preferences and privileges set out
    in the Memorandum.
	 	 
	Private
    Transactions	transactions
    that are not considered as a Public Transaction.
	 	 
	Public
    Transactions	transactions
    through any national securities exchanges and/or through the automated quotation system including but not limited to NASDAQ,
    NYSE (including NYSE American) or OTC Markets, or any transaction executed by the broker or with a market maker.
	 	 
	Related
    Party	(a)
    any director, officer and employee of the Company; (b) any family member of such director, officer and employee; and (c) any
    entity (e.g. a corporation, partnership, or trust) controlled by or set up for the benefit of a director, officer or employee,
    or a family member of such director, officer or employee.
	 	 
	Relevant
    System	A
    facility for the electronic transfer of uncertificated securities administered by The Depository Trust Company or such other
    Person regulated by the SEC.

 

	resolution
of directors
	(a)	A resolution
    approved at a duly convened and constituted meeting of directors of the Company or of a committee of directors of the Company
    by the affirmative vote of a simple majority of the directors present at the meeting who voted and did not abstain; or
	 	 	 
	 	(b)	a
        resolution consented to in writing by a simple majority of the directors or of all members of the committee, as the case
        may be;

         

        except
        that where a director is given more than one vote, he shall be counted by the number of votes he casts for the purpose
        of establishing a majority.

 

    8

     

    

 

	resolution
of members
	Subject
    to the provisions of the Memorandum and Articles means:
	 	 	 	 
	 	(a)	A resolution
    approved at a duly convened and constituted meeting of the members of the Company by the affirmative vote of
	 	 	 	 
	 	 	(i)	a majority of in
    excess of 50% of the votes of the shares entitled to vote and voting on the resolution, or
	 	 	 	 
	 	 	(ii)	a majority of in
    excess of 50% of the votes of each class or series of shares entitled to vote as a class or series and voting on the resolution
    and a majority of in excess of 50% of the votes of the remaining shares entitled to vote and voting on the resolution; or

 

	 	(b)	a resolution
    consented to in writing by
	 	 	 	 
	 	 	(i)	an absolute majority
    of the votes of shares entitled to vote thereon, or
	 	 	 	 
	 	 	(ii)	an absolute majority
    of the votes of each class or series of shares entitled to vote thereon as a class or series and of an absolute majority of
    the votes of the remaining shares entitled to vote thereon.
	 	 
	Seal	Any
    Seal which has been duly adopted as the common seal of the Company.
	 	 	 	 
	SEC	The
    United States Securities and Exchange Commission.
	 	 	 	 
	Securities	shares
        and debt obligations of every kind, and options, warrants and rights to acquire shares, or debt obligations.

         

	Series
    A Preferred Shares	issued
or unissued series A preferred shares of par value US$0.01 each of the Company having the rights, preferences and privileges set
out in the Memorandum.

	 	 	 	 
	shares	Ordinary
        Shares and/or Preferred Shares, as the case may be.

         

	Share
    Subscription Agreement	the
    share subscription agreement entered into between the Company and Geely Technology Group Co., Ltd. dated 13 November 2019
	 	 	 	 
	solvency
    test	a company
    satisfies the solvency test if;
	 	 	 	 
	 	 	(i)	the value of the
    company’s assets exceeds its liabilities, and
	 	 	 	 
	 	 	(ii)	the company is able
    to pay its debts as they fall due.
	 	 	 	 
	treasury
    shares	shares
    in the Company that were previously issued but were repurchased, redeemed or otherwise acquired by the Company and not cancelled.

 

	 	2.	"Written"
    or any term of like import includes words typewritten, printed, painted, engraved, lithographed, photographed or represented
    or reproduced by any mode of reproducing words in a visible form, including telex, facsimile, telegram, cable or other form
    of writing produced by electronic communication.

 

	 	3.	Save
    as aforesaid any words or expressions defined in the Act shall bear the same meaning in these Articles.

 

	 	4.	Whenever
    the singular or plural number, or the masculine, feminine or neuter gender is used in these Articles, it shall equally, where
    the context admits, include the others.

 

	 	5.	A reference
    in these Articles to voting in relation to shares shall be construed as a reference to voting by members holding the shares
    except that it is the votes allocated to the shares that shall be counted and not the number of members who actually voted
    and a reference to shares being present at a meeting shall be given a corresponding construction.

 

	 	6.	A reference
    to money in these Articles is, unless otherwise stated, a reference to the currency in which shares in the Company shall be
    issued according to the provisions of the Memorandum.

 

    9

     

    

 

REGISTERED
SHARES

 

	 	7.	Every
    member holding registered shares in the Company shall be entitled to a certificate signed by a director or officer of the
    Company or such other person who may be authorised from time to time by resolution of directors or under the Seal, with or
    without the signature of any director of the Company, specifying the share or shares held by him and the signature of the
    director or officer or person so authorised and the Seal may be facsimiles.

 

	 	8.	Any
    member receiving a share certificate for registered shares shall indemnify and hold the Company and its directors and officers
    harmless from any loss or liability which it or they may incur by reason of any wrongful or fraudulent use or representation
    made by any person by virtue of the possession thereof. If a share certificate for registered shares is worn out or lost it
    may be renewed on production of the worn out certificate or on satisfactory proof of its loss together with such indemnity
    as may be required by a resolution of directors.

 

	 	9.	If several
    persons are registered as joint holders of any shares, any one of such persons may give an effectual receipt for any distribution
    payable in respect of such shares.

 

	 	10.	Nothing
    in these Articles shall require title to any shares or other Securities to be evidenced by a certificate if the Act and the
    rules of the Designated Stock Exchange permit otherwise.

 

SHARES
AND ISSUED SHARES

 

	 	11.	Subject
    to the provisions of these Articles and, if applicable, the rules of the Designated Stock Exchange, and any resolution of
    members, the directors of the Company may, without limiting or affecting any rights previously conferred on the holders of
    any existing shares or class or series of shares, offer, allot, grant options over or otherwise dispose of shares to such
    persons, at such times and upon such terms and conditions as the Company may by resolution of directors determine. The directors
    shall not issue more shares than the maximum number provided for in the Memorandum.

 

	 	12.	The
    Company may issue fully paid, partly paid or nil paid shares as well as bonus shares. A partly paid or nil paid share or a
    share issued for a promissory note or other written obligation for payment of a debt may be issued subject to forfeiture in
    the manner prescribed in these Articles.

 

	 	13.	Shares
    in the Company may be issued for consideration in any form, including money, a promissory note or other obligation to contribute
    money or property, real property, personal property (including goodwill and know-how) services rendered or a contract for
    future services and the amount of such consideration shall be determined by resolution of directors, except that in the case
    of shares with par value, the amount shall not be less than the par value, and in the absence of fraud the decision of the
    directors as to the value of the consideration received by the Company in respect of the issue is conclusive unless a question
    of law is involved.

 

	 	14.	Before
    issuing shares for a consideration other than money, the directors shall pass a resolution stating;

 

	 	(a)	the
    amount to be credited for the issue of the shares;

 

	 	(b)	their
    determination of the reasonable present cash value of the non-money consideration for the issue; and

 

	 	(c)	that,
    in their opinion, the present cash value of the non-money consideration for the issue is not less than the amount to be credited
    for the issue of the shares.

 

	 	15.	A share
    issued by the Company upon conversion of, or in exchange for, another share or a debt obligation or other security in the
    Company, shall be treated for all purposes as having been issued for money equal to the consideration received or deemed to
    have been received by the Company in respect of the other share, debt obligation or security.

 

	 	16.	Treasury
    shares may be disposed of by the Company on such terms and conditions (not otherwise inconsistent with these Articles) as
    the Company may by resolution of directors determine.

 

    10

     

    

 

	 	17.	Subject
    to these Articles, the Company may purchase, redeem or otherwise acquire and hold its own shares save that the Company may
    not purchase, redeem or otherwise acquire its own shares without the consent of the member whose shares are to be purchased,
    redeemed or otherwise acquired unless the Company is permitted by the Act or any other provision in the Memorandum or Articles
    to purchase, redeem or otherwise acquire the shares without their consent.

 

	 	18.	No purchase,
    redemption or other acquisition of shares shall be made unless the directors determine by resolution of the directors that
    immediately after the purchase, redemption or other acquisition the value of the Company’s assets will exceed its liabilities
    and the Company will be able to pay its debts as they fall due.

 

	 	19.	Sections
    60 (Process for acquisition of own shares), 61 (Offer to one or more shareholders) and 62 (Shares redeemed
    otherwise than at the option of company) of the Act shall not apply to the Company.

 

	 	20.	A determination
    by the directors under Article 18 is not required;

 

	 	(a)	the
    Company redeems a share or shares pursuant to a right of a member to have his shares redeemed or to have his shares exchanged
    for money or other property of the Company; or

 

	 	(b)	by virtue
    of the provisions of Section 179 of the Act.

 

	 	21.	Shares
    that the Company purchases, redeems or otherwise acquires pursuant to Article 17 may be cancelled or held as treasury shares
    except to the extent that such shares are in excess of 80 percent of the issued shares of the Company in which case they shall
    be cancelled but they shall be available for reissue.

 

	 	22.	Shares
    in the Company shall only be held as treasury shares where the directors of the Company resolve as such and the number of
    shares acquired, when aggregated with shares of the same class already held by the Company as treasury shares, does not exceed
    50% of the shares of that class previously issued by the Company, excluding shares that have been cancelled. All rights and
    obligations attaching to a treasury share are suspended and shall not be exercised by or against the Company while it holds
    the share as a treasury share. Treasury shares may be reissued by the Company as new shares.

 

	 	23.	The
    Company shall keep a register of members containing;

 

	 	(a)	the
    names and addresses of the persons who hold registered shares in the Company;

 

	 	(b)	the
    number of each class and series of registered shares held by each member;

 

	 	(c)	the
    date on which the name of each member was entered in the register of members;

 

	 	(d)	the
    date on which any person ceased to be a member; and

 

	 	(e)	such
    other information as may be prescribed pursuant to the Act.

 

	 	24.	The
    register of members may be in any such form as the directors may approve but if it is in magnetic, electronic or other data
    storage form, the company must be able to produce legible evidence of its contents.

 

	 	25.	The
    original or a copy of the register of members shall be kept at the registered office of the Company or at the office of the
    registered agent of the Company.

 

	 	26.	A share
    is deemed to be issued when the name of the member is entered in the register of members.

 

	 	27.	Subject
    to the Act and the rules of the Designated Stock Exchange, the board of directors without further consultation with the holders
    of any shares or Securities may resolve that any class or series of shares or other Securities from time to time in issue
    or to be issued (including shares in issue at the date of the adoption of these Articles) may be issued, held, registered
    and converted to uncertificated form.

 

	 	28.	Conversion
    of shares held in certificated form into shares held in uncertificated form, and vice versa, may be made in such manner as
    the board of directors, in its absolute discretion, may think fit. The Company or any duly authorised transfer agent (a “Transfer
    Agent”) shall enter on the register of members how many shares are held by each member in uncertificated form and
    in certificated form and shall maintain the register of members. Notwithstanding any provision of these Articles, a class
    or series of shares shall not be treated as two classes by virtue only of that class or series comprising both certificated
    shares and uncertificated Shares or as a result of any provision of these Articles which apply only in respect of certificated
    or uncertificated shares.

 

    11

     

    

 

MORTGAGES
AND CHARGES OF REGISTERED SHARES

 

	 	29.	Members
    may mortgage or charge their registered shares in the Company with such mortgage or charge being evidenced in writing and
    signed by, or with the authority of the registered holder of a registered share to which the mortgage or charge relates. The
    Company shall give effect to the terms of any valid mortgage or charge except insofar as it may conflict with any requirements
    herein contained for consent to the transfer of shares.

 

	 	30.	In the
    case of the mortgage or charge of registered shares there may be entered in the share register of the Company at the request
    of the registered holder of such shares

 

	 	(a)	a statement
    that the shares are mortgaged or charged;

 

	 	(b)	the
    name of the mortgagee or chargee; and

 

	 	(c)	the
    date on which the aforesaid particulars are entered in the share register.

 

	 	31.	Where
    particulars of a mortgage or charge are entered in the register of members, such particulars shall be cancelled

 

	 	(a)	with
    the written consent of the named mortgagee or chargee or anyone authorized to act on his behalf; or

 

	 	(b)	upon
    evidence satisfactory to the directors of the discharge of the liability secured by the mortgage or charge and the issue of
    such indemnities as the directors shall consider necessary or desirable.

 

	 	32.	Whilst
    particulars of a mortgage or charge over registered shares are entered in the register of members pursuant to the preceding
    articles no transfer of any share comprised therein shall be effected without the written consent of the named mortgagee or
    chargee or anyone authorized to act on his behalf.

 

FORFEITURE

 

	 	33.	When
    shares not fully paid on issue or issued for a promissory note or other written obligation for payment of a debt have been
    issued subject to forfeiture, the following provisions shall apply.

 

	 	34.	Written
    notice specifying a date for payment to be made and the shares in respect of which payment is to be made shall be served on
    the member who defaults in making payment pursuant to a promissory note or other written obligations to pay a debt.

 

	 	35.	The
    written notice specifying a date for payment shall

 

	 	(a)	name
    a further date not earlier than the expiration of 14 days from the date of service of the notice on or before which payment
    required by the notice is to be made; and

 

	 	(b)	contain
    a statement that in the event of non-payment at or before the time named in the notice the shares, or any of them, in respect
    of which payment is not made will be liable to be forfeited.

 

	 	36.	Where
    a written notice has been issued and the requirements of the notice have not been complied with within the prescribed time,
    the directors may at any time before tender of payment forfeit and cancel the shares to which the notice relates.

 

	 	37.	The
    Company is under no obligation to refund any moneys to the member whose shares have been forfeited and cancelled pursuant
    to these provisions. Upon forfeiture and cancellation of the shares the member is discharged from any further obligation to
    the Company with respect to the shares forfeited and cancelled.

 

    12

     

    

 

LIEN

 

	 	38.	The
    Company shall have a first and paramount lien on every share issued for a promissory note or for any other binding obligation
    to contribute money or property or any combination thereof to the Company, and the Company shall also have a first and paramount
    lien on every share standing registered in the name of a member, whether singly or jointly with any other person or persons,
    for all the debts and liabilities of such member or his estate to the Company, whether the same shall have been incurred before
    or after notice to the Company of any interest of any person other than such member, and whether the time for the payment
    or discharge of the same shall have actually arrived or not, and notwithstanding that the same are joint debts or liabilities
    of such member or his estate and any other person, whether a member of the Company or not. The Company's lien on a share shall
    extend to all distributions payable thereon. The directors may at any time either generally, or in any particular case, waive
    any lien that has arisen or declare any share to be wholly or in part exempt from the provisions of this Article.

 

	 	39.	In the
    absence of express provisions regarding sale in the promissory note or other binding obligation to contribute money or property,
    the Company may sell, in such manner as the directors may by resolution of directors determine, any share on which the Company
    has a lien, but no sale shall be made unless some sum in respect of which the lien exists is presently payable nor until the
    expiration of twenty-one days after a notice in writing, stating and demanding payment of the sum presently payable and giving
    notice of the intention to sell in default of such payment, has been served on the holder for the time being of the share.

 

	 	40.	The
    net proceeds of the sale by the Company of any shares on which it has a lien shall be applied in or towards payment of discharge
    of the promissory note or other binding obligation to contribute money or property or any combination thereof in respect of
    which the lien exists so far as the same is presently payable and any residue shall (subject to a like lien for debts or liabilities
    not presently payable as existed upon the share prior to the sale) be paid to the holder of the share immediately before such
    sale. For giving effect to any such sale the directors may authorize some person to transfer the share sold to the purchaser
    thereof. The purchaser shall be registered as the holder of the share and he shall not be bound to see to the application
    of the purchase money, nor shall his title to the share be affected by any irregularity or invalidity in the proceedings in
    reference to the sale.

 

TRANSFER
OF SHARES

 

	 	41.	Registered
    shares in the Company are transferred by a written instrument of transfer signed by the transferor and containing the name
    and address of the transferee. The instrument of transfer shall be signed by the transferee if registration as a holder of
    the share shall impose a liability to the Company on the transferee. The instrument of transfer of a registered share shall
    be sent to the Company for registration.

 

	 	42.	The
    board of directors may resolve that interests in shares in the form of depositary receipts may be transferred or otherwise
    dealt with in accordance with the regulations and practices instituted by the operator of the Relevant System and any holder
    of interests in shares shall be entitled to transfer such interests by means of such Relevant System and the operator of the
    Relevant System shall act as agent of the holders of such interests for the purposes of the transfer of those interests.

 

	 	43.	The
    register of members may be closed at such times and for such periods as the board of directors may from time to time determine,
    upon notice being given by advertisement in such newspapers as may be required by the Act and the practice of the Designated
    Stock Exchange.

 

	 	44.	The
    transfer of a registered share is effective when the name of the transferee is entered on the register of members.

 

	 	45.	If the
    directors of the Company are satisfied that an instrument of transfer relating to shares has been signed but that the instrument
    has been lost or destroyed, they may resolve;

 

	 	(a)	to accept
    such evidence of the transfer of the shares as they consider appropriate; and

 

	 	(b)	that
    the transferee’s name should be entered in the register of members notwithstanding the absence of the instrument of
    transfer.

 

	 	46.	The
    Company must on the receipt of an instrument of transfer from the transferor or transferee of a registered share in the Company
    enter the name of the transferee of the share in the register or members unless the directors, if permitted by the Memorandum
    or these Articles, resolve by resolution of directors to refuse or delay the registration of the transfer for reasons that
    shall be specified in the resolution of directors.

 

    13

     

    

 

TRANSMISSION
OF SHARES

 

	 	47.	The
    personal representative of a deceased member may transfer a share even though the personal representative is not a member
    at the time of the transfer.

 

	 	48.	The
    personal representative, executor or administrator of a deceased member, the guardian of an incompetent member or the trustee
    of a bankrupt member shall be the only person recognized by the Company as having any title to his share but they shall not
    be entitled to exercise any rights as a member of the Company until they have proceeded as set forth in the next following
    three Articles.

 

	 	49.	The
    production to the Company of any document which is evidence of probate of the will, or letters of administration of the estate,
    or confirmation as executor, of a deceased member or of the appointment of a guardian of an incompetent member or the trustee
    of a bankrupt member shall be accepted by the Company even if the deceased, incompetent or bankrupt member is domiciled outside
    the British Virgin Islands if the document evidencing the grant of probate or letters of administration, confirmation as executor,
    appointment as guardian or trustee in bankruptcy is issued by a foreign court which had competent jurisdiction in the matter.
    For the purpose of establishing whether or not a foreign court had competent jurisdiction in such a matter the directors may
    obtain appropriate legal advice. The directors may also require an indemnity to be given by the executor, administrator, guardian
    or trustee in bankruptcy.

 

	 	50.	The
    Company may enter in the register of members the name of any person becoming entitled by operation of law or otherwise to
    a share or shares in consequence of the death, incompetence or bankruptcy upon such evidence being produced as may reasonably
    be required by the directors.

 

	 	51.	Any
    person who has become entitled to a share or shares in consequence of the death, incompetence or bankruptcy of any member
    may, instead of being registered himself, request in writing that some person to be named by him be registered as the transferee
    of such share or shares and such request shall likewise be treated as if it were a transfer.

 

	 	52.	What
    amounts to incompetence on the part of a person is a matter to be determined by the court having regard to all the relevant
    evidence and the circumstances of the case.

 

REDUCTION
OR INCREASE IN AUTHORISED AND UNISSUED SHARES

 

	 	48.	The
    Company may amend the Memorandum to increase or reduce the maximum number of shares the Company is authorised to issue and
    may in respect of any unissued shares increase or reduce the number of such shares, or effect any combination of the foregoing.

 

	 	49.	The
    Company may

 

	 	(1)	(a) divide
its shares, including issued shares, into a larger number of shares; or

 

			(b) combine
                                                                               its shares, including issued shares, into a smaller number of shares.

 

	 	(2)	A division
    or combination of shares, including issued shares, of a class or series shall be for a larger or smaller number, as the case
    may be, of shares in the same class or series.

 

	 	(3)	A company
    shall not divide its shares under subsection (1)(a) or (2) if it would cause the maximum number of shares that the Company
    is authorised to issue by its memorandum to be exceeded.

 

	 	(4)	Where
    shares are divided or combined under this article, the aggregate par value of the new shares must be equal to the aggregate
    par value of the original shares.

 

    14

     

    

 

MEETINGS
AND CONSENTS OF MEMBERS

 

	 	50.	The
    directors of the Company may convene meetings of the members of the Company at such times and in such manner and places within
    or outside the British Virgin Islands as the directors consider necessary or desirable. The Company may hold an annual general
    meeting, but shall not (unless required by the applicable rules of the Designated Stock Exchange for so long as the Company’s
    Securities are listed or traded on the Designated Stock Exchange) be obliged to hold an annual general meeting.

 

	 	51.	Upon
    the written request of members holding 30 percent or more of the outstanding voting shares in the Company the directors shall
    convene a meeting of members.

 

	 	52.	The
    directors shall give not less than 7 days notice of meetings of members to those persons whose names on the date the notice
    is given appear as members in the share register of the Company and are entitled to vote at the meeting.

 

	 	53.	The
    directors may fix the date notice is given of a meeting of members as the record date for determining those shares that are
    entitled to vote at the meeting.

 

	 	54.	A meeting
    of members may be called on short notice:

 

	 	(a)	if members
    holding not less than 90 percent of the total number of shares entitled to vote on all matters to be considered at the meeting,
    or 90 percent of the votes of each class or series of shares where members are entitled to vote thereon as a class or series
    together with not less than a 90 percent majority of the remaining votes, have agreed to short notice of the meeting, or

 

	 	(b)	if all
    members holding shares entitled to vote on all or any matters to be considered at the meeting have waived notice of the meeting
    and for this purpose presence at the meeting shall be deemed to constitute waiver.

 

	 	55.	The
    inadvertent failure of the directors to give notice of a meeting to a member, or the fact that a member has not received notice,
    does not invalidate the meeting.

 

	 	56.	A member
    may be represented at a meeting of members by a proxy who may speak and vote on behalf of the member.

 

	 	57.	The
    instrument appointing a proxy shall be produced at the place appointed for the meeting before the time for holding the meeting
    at which the person named in such instrument proposes to vote.

 

	 	58.	An instrument
    appointing a proxy shall be in substantially the following form or such other form as the Chairman of the meeting shall accept
    as properly evidencing the wishes of the member appointing the proxy.

 

(Name
of Company)

 

	I/We	being
    a member of the above
	Company
    with	shares HEREBY APPOINT
	of	or failing him
	of	to be my/our proxy
    to vote for me/us at the meeting of members to be held on the day
	of	and at any adjournment thereof.

 

	 	(Any
    restrictions on voting to be inserted here.)
	 	 	 
	 	Signed this day
    of	 
	 	 	 
	 	Member	 

 

	 	59.	The
    following shall apply in respect of joint ownership of shares:

 

	 	a.	if two
    or more persons hold shares jointly each of them may be present in person or by proxy at a meeting of members and may speak
    as a member;

 

	 	b.	if only
    one of the joint owners is present in person or by proxy he may vote on behalf of all joint owners, and

 

	 	c.	if two
    or more of the joint owners are present in person or by proxy they must vote as one.

 

    15

     

    

 

	 	60.	A member
    shall be deemed to be present at a meeting of members if he participates by telephone or other electronic means and all members
    participating in the meeting are able to hear each other.

 

	 	61.	A meeting
    of members is duly constituted if, at the commencement of the meeting, there are present in person or by proxy not less than
    50 percent of the votes of the shares or class or series of shares entitled to vote on resolutions of members to be considered
    at the meeting. If a quorum be present, notwithstanding the fact that such quorum may be represented by only one person then
    such person may resolve any matter and a certificate signed by such person accompanied where such person be a proxy by a copy
    of the proxy form shall constitute a valid resolution of members.

 

	 	62.	If within
    two hours from the time appointed for the meeting a quorum is not present, the meeting, if convened upon the requisition of
    members, shall be dissolved; in any other case it shall stand adjourned to the next business day at the same time and place
    or to such other time and place as the directors may determine, and if at the adjourned meeting there are present within one
    hour from the time appointed for the meeting in person or by proxy not less than one third of the votes of the shares or each
    class or series of shares entitled to vote on the resolutions to be considered by the meeting, those present shall constitute
    a quorum but otherwise the meeting shall be dissolved.

 

	 	63.	At every
    meeting of members, the Chairman of the Board of Directors shall preside as chairman of the meeting. If there is no Chairman
    of the Board of Directors or if the Chairman of the Board of Directors is not present at the meeting, the members present
    shall choose some one of their number to be the chairman. If the members are unable to choose a chairman for any reason, then
    the person representing the greatest number of voting shares present in person or by prescribed form of proxy at the meeting
    shall preside as chairman failing which the oldest individual member or representative of a member present shall take the
    chair.

 

	 	64.	The
    chairman may, with the consent of the meeting, adjourn any meeting from time to time, and from place to place, but no business
    shall be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment
    took place.

 

	 	65.	At any
    meeting of the members the chairman shall be responsible for deciding in such manner as he shall consider appropriate whether
    any resolution has been carried or not and the result of his decision shall be announced to the meeting and recorded in the
    minutes thereof. If the chairman shall have any doubt as to the outcome of any resolution put to the vote, he shall cause
    a poll to be taken of all votes cast upon such resolution, but if the chairman shall fail to take a poll then any member present
    in person or by proxy who disputes the announcement by the chairman of the result of any vote may immediately following such
    announcement demand that a poll be taken and the chairman shall thereupon cause a poll to be taken. If a poll is taken at
    any meeting, the result thereof shall be duly recorded in the minutes of that meeting by the chairman.

 

	 	66.	Any
    person other than an individual shall be regarded as one member and subject to the specific provisions hereinafter contained
    for the appointment of representatives of such persons the right of any individual to speak for or represent such member shall
    be determined by the law of the jurisdiction where, and by the documents by which, the person is constituted or derives its
    existence. In case of doubt, the directors may in good faith seek legal advice from any qualified person and unless and until
    a court of competent jurisdiction shall otherwise rule, the directors may rely and act upon such advice without incurring
    any liability to any member.

 

	 	67.	Any
    person other than an individual which is a member of the Company may by resolution of its directors or other governing body
    authorize such person as it thinks fit to act as its representative at any meeting of the Company or of any class of members
    of the Company, and the person so authorized shall be entitled to exercise the same powers on behalf of the person which he
    represents as that person could exercise if it were an individual member of the Company.

 

	 	68.	The
    chairman of any meeting at which a vote is cast by proxy or on behalf of any person other than an individual may call for
    a notarially certified copy of such proxy or authority which shall be produced within 7 days of being so requested or the
    votes cast by such proxy or on behalf of such person shall be disregarded.

 

	 	69.	Directors
    of the Company may attend and speak at any meeting of members of the Company and at any separate meeting of the holders of
    any class or series of shares in the Company.

 

	 	70.	An action
    that may be taken by the members at a meeting may also be taken by a resolution of members consented to in writing or by telex,
    telegram, cable, facsimile or other written electronic communication, without the need for any notice, but if any resolution
    of members is adopted otherwise than by the unanimous written consent of all members, a copy of such resolution shall forthwith
    be sent to all members not consenting to such resolution. The consent may be in the form of counterparts, each counterpart
    being signed by one or more members.

 

    16

     

    

 

DIRECTORS

 

	 	71.	The
    first directors of the Company shall be appointed by the first registered agent of the Company and thereafter the directors
    shall be appointed by resolution of members, subject to Article 78, for such term as the members determine. A person shall
    not be appointed as a director unless he has consented in writing to be a director.

 

	 	72.	The
    minimum number of directors shall be one and the maximum number shall be 20. Unless otherwise determined by the Company in
    a meeting of shareholders and subject to the requirements of the Memorandum, the directors may by a Resolution of Directors,
    amend this Regulation 72 to change the number of directors. For as long as Securities of the Company are listed or traded
    on the Designated Stock Exchange, the directors shall include such number of Independent Directors as applicable law, rules
    or regulations of the Designated Stock Exchange may require for a foreign private issuer as long as the Company is a foreign
    private issuer.

 

	 	73.	Each
    director shall hold office for the term, if any, fixed by resolution of members or until his earlier death, resignation or
    removal.

 

	 	74.	Where
    the Company has only one member who is an individual and that member is also the sole director of the Company, that sole member/director
    may, by instrument in writing, nominate a person who is not disqualified from being a director of the Company under section
    111(1) of the Act as a reserve director of the Company to act in the place of the sole director in the event of his death.

 

	 	75.	The
    nomination of a person as a reserve director of the Company ceases to have effect if;

 

	 	a.	before
    the death of the sole member/director who nominated him;

 

	 	(i)	he resigns as reserve director,
    or

 

	 	(ii)	the sole member/director
    revokes the nomination in writing; or

 

	 	b.	the
    sole member/director who nominated him ceases to be the sole member/director of the Company for any reason other than his
    death.

 

	 	76.	A director
    may be removed from office, with or without cause, by a resolution of directors or a resolution of members. For the purposes
    of this Regulation 76, “cause” means the willful and continuous failure by a director to substantially perform
    his duties to the Company (other than any such failure resulting from incapacity due to physical or mental illness) or the
    willful engaging by the director in gross misconduct materially and demonstrably injurious to the Company. If a director is
    removed from office without cause by a resolution of the members, for the purposes of this Regulation, the resolution of members
    will require the affirmative vote of the holders of 66 2/3 percent or more of the outstanding votes
    of the shares entitled to vote thereon.

 

	 	77.	A director
    may resign his office by giving written notice of his resignation to the Company and the resignation shall have effect from
    the date the notice is received by the Company or from such later date as may be specified in the notice. A director of the
    Company shall resign forthwith if he is, or becomes, disqualified to act as a director under the Act.

 

	 	78.	The
    directors may at any time by resolution of directors appoint any person to be a director to fill a vacancy. There is a vacancy
    if a director dies or otherwise ceases to hold office as a director prior to the expiration of his term of office, where his
    term of office was fixed upon his appointment. The directors may not appoint a director to fill a vacancy for a term exceeding
    the term that remained when the person who has ceased to be a director left or otherwise ceased to hold office.

 

    17

     

    

 

	 	79.	The
    Company shall keep a register of directors containing:

 

	 	a.	the
    names and addresses of the persons who are directors of the Company or who have been nominated as reserve directors of the
    Company;

 

	 	b.	the
    date on which each person whose name is entered in the register was appointed as a director of the Company or nominated as
    a reserve director of the Company;

 

	 	c.	the
    date on which each person named as a director ceased to be a director of the Company;

 

	 	d.	the
    date on which the nomination of any person nominated as a reserve director ceased to have effect; and

 

	 	e.	such
    other information as may be prescribed pursuant to the Act.

 

	 	80.	The
    original or a copy of any register of directors shall be kept at the office of the registered agent of the Company.

 

	 	81.	The
    register of directors may be in any such form as the directors may approve but if it is in magnetic, electronic or other data
    storage form, the company must be able to produce legible evidence of its contents.

 

	 	82.	With
    the prior or subsequent approval by a resolution of members, the directors may, by a resolution of directors, fix the emoluments
    of directors with respect to services to be rendered in any capacity to the Company.

 

	 	83.	A director
    shall not require a share qualification and may be an individual or a company.

  

POWERS
OF DIRECTORS

 

	 	84.	The
    business and affairs of the Company shall be managed by the directors who may pay all expenses incurred preliminary to and
    in connection with the formation and registration of the Company and may exercise all such powers of the Company as are not
    by the Act or by the Memorandum or these Articles required to be exercised by the members of the Company, subject to any delegation
    of such powers as may be authorized by these Articles and to such requirements as may be prescribed by a resolution of members;
    but no requirement made by a resolution of members shall prevail if it be inconsistent with these Articles nor shall such
    requirement invalidate any prior act of the directors which would have been valid if such requirement had not been made. Notwithstanding
    anything in Section 175 of the Act the directors shall have the power to sell, transfer, lease, exchange or otherwise dispose
    of more than fifty percent of the assets of the Company without submitting a proposal to or obtaining the consent of the members
    of the Company.

 

	 	85.	If the
    Company is a wholly-owned subsidiary of a holding company a director may when exercising powers or performing duties as a
    director act in a manner which he believes is in the best interests of the holding company even though it may not be in the
    best interests of the Company.

 

	 	86.	The
    directors may, by a resolution of directors, appoint any person, including a person who is a director, to be an officer or
    agent of the Company. The resolution of directors appointing an agent may authorize the agent to appoint one or more substitutes
    or delegates to exercise some or all of the powers conferred on the agent by the Company.

 

	 	87.	Every
    officer or agent of the Company has such powers and authority of the directors, including the power and authority to affix
    the Seal, as are set forth in these Articles or in the resolution of directors appointing the officer or agent, except that
    no agent has any power or authority with respect to the following;

 

	 	a.	to amend
    the memorandum or articles;

 

	 	b.	to change
    the registered office or agent;

 

	 	c.	to designate
    committees of directors;

 

	 	d.	to delegate
    powers to a committee of directors;

 

	 	e.	to appoint
    or remove directors;

 

	 	f.	to appoint
    or remove an agent;

 

	 	g.	to fix
    emoluments of directors;

 

    18

     

    

 

	 	h.	to approve
    a plan of merger, consolidation or arrangement;

 

	 	i.	to make
    a declaration of solvency for the purposes of section 198(1)(a) of the Act or to approve a liquidation plan;

 

	 	j.	to make
    a determination under section 57(1) of the Act that the company will, immediately after a proposed distribution, satisfy the
    solvency test; or

 

	 	k.	to authorise
    the Company to continue as a company incorporated under the laws of a jurisdiction outside the British Virgin Islands.

 

	 	88.	Any
    director which is a body corporate may appoint any person its duly authorized representative for the purpose of representing
    it at meetings of the Board of Directors or with respect to unanimous written consents.

 

	 	89.	The
    continuing directors may act notwithstanding any vacancy in their body, save that if their number is reduced to their knowledge
    below the number fixed by or pursuant to these Articles as the necessary quorum for a meeting of directors, the continuing
    directors or director may act only for the purpose of appointing directors to fill any vacancy that has arisen or for summoning
    a meeting of members.

 

	 	90.	The
    directors may by resolution of directors exercise all the powers of the Company to borrow money and to mortgage or charge
    its undertakings and property or any part thereof, to issue debentures, debenture stock and other securities whenever money
    is borrowed or as security for any debt, liability or obligation of the Company or of any third party.

 

	 	91.	All
    cheques, promissory notes, drafts, bills of exchange and other negotiable instruments and all receipts for moneys paid to
    the Company, shall be signed, drawn, accepted, endorsed or otherwise executed, as the case may be, in such manner as shall
    from time to time be determined by resolution of directors.

 

	 	92.	The
    Company shall keep a register of all relevant charges created by the Company showing:

 

	 	a.	if the
    charge is a charge created by the Company, the date of its creation or if the charge is existing on property acquired by the
    Company, the date on which the property was acquired;

 

	 	b.	a short
    description of the liability secured by the charge;

 

	 	c.	a short
    description of the property charged;

 

	 	d.	the
    name and address of the trustee for the security, or if there is no such trustee the name and address of the chargee;

 

	 	e.	unless
    the charge is a security to bearer, the name and address of the holder of the charge;

 

	 	f.	details
    of any prohibition or restriction , if any, contained in the instrument creating the charge on the power of the company to
    create any future charge ranking in priority to or equally with the charge; and

 

	 	g.	such
    other information as may be prescribed pursuant to the Act.

 

	 	93.	The
    original or a copy of the register of charges shall be kept at the registered office of the Company or at the office of the
    registered agent of the Company.

 

PROCEEDINGS
OF DIRECTORS

 

	 	94.	The
    directors of the Company or any committee thereof may meet at such times and in such manner and places within or outside the
    British Virgin Islands as the directors may determine to be necessary or desirable. Any one or more directors may convene
    a meeting of directors.

 

	 	95.	A director
    shall be deemed to be present at a meeting of directors if he participates by telephone or other electronic means and all
    directors participating in the meeting are able to hear each other.

 

    19

     

    

 

	 	96.	A director
    shall be given not less than 3 days notice of meetings of directors, but a meeting of directors held without 3 days notice
    having been given to all directors shall be valid if all the directors entitled to vote at the meeting who do not attend,
    waive notice of the meeting and for this purpose, the presence of a director at a meeting shall constitute waiver on his part.
    The inadvertent failure to give notice of a meeting to a director, or the fact that a director has not received the notice,
    does not invalidate the meeting.

 

	 	97.	A director
    may by a written instrument appoint an alternate who need not be a director and an alternate is entitled to attend meetings
    in the absence of the director who appointed him and to vote or consent in place of the director.

 

	 	98.	A meeting
    of directors is duly constituted for all purposes if at the commencement of the meeting there are present in person or by
    alternate not less than one half of the total number of directors, unless there are only 2 directors in which case the quorum
    shall be 2.

 

	 	99.	If the
    Company shall have only one director the provisions herein contained for meetings of the directors shall not apply but such
    sole director shall have full power to represent and act for the Company in all matters as are not by the Act or the Memorandum
    or these Articles required to be exercised by the members of the Company and in lieu of minutes of a meeting shall record
    in writing and sign a note or memorandum of all matters requiring a resolution of directors. Such a note or memorandum shall
    constitute sufficient evidence of such resolution for all purposes.

 

	 	100.	At every
    meeting of the directors the Chairman of the Board of Directors shall preside as chairman of the meeting. If there is no Chairman
    of the Board of Directors or if the Chairman of the Board of Directors is not present at the meeting the Vice Chairman of
    the Board of Directors shall preside. If there is no Vice Chairman of the Board of Directors or if the Vice Chairman of the
    Board of Directors is not present at the meeting the directors present shall choose some one of their number to be chairman
    of the meeting.

 

	 	101.	An action
    that may be taken by the directors or a committee of directors at a meeting may also be taken by a resolution of directors
    or a committee of directors consented to in writing or by telex, telegram, cable, facsimile or other written electronic communication
    by all directors or all members of the committee as the case may be, without the need for any notice. The consent may be in
    the form of counterparts, each counterpart being signed by one or more directors.

 

	 	102.	The
    directors shall cause the following records to be kept:

 

	 	a.	minutes
    of all meetings of directors, members, committees of directors and committees of members; and

 

	 	b.	copies
    of all resolutions consented to by directors, members, committees of directors and committees of members.

 

	 	103.	The
    resolutions, records and minutes referred to in the preceding Article shall be kept at the registered office of the Company,
    its principal place of business or at such other place as the directors determine.

 

	 	104.	The
    directors may, by resolution of directors, designate one or more committees, each consisting of one or more directors.

 

	 	105.	Subject
    to the following Article, each committee of directors has such powers and authorities of the directors, including the power
    and authority to affix the Seal, as are set forth in the resolution of directors establishing the committee.

 

	 	106.	The
    directors have no power to delegate the following powers to a committee of directors;

 

	 	a.	to amend
    the memorandum or articles;

 

	 	b.	to change
    the registered office or agent;

 

	 	c.	to designate
    committees of directors;

 

	 	d.	to delegate
    powers to a committee of directors;

 

    20

     

    

 

	 	e.	to appoint
    or remove directors;

 

	 	f.	to appoint
    or remove an agent;

 

	 	g.	to fix
    emoluments of directors;

 

	 	h.	to approve
    a plan of merger, consolidation or arrangement;

 

	 	i.	to make
    a declaration of solvency for the purposes of section 198(1)(a) or to approve a liquidation plan;

 

	 	j.	to make
    a determination under section 57(1) that the company will, immediately after a proposed distribution, satisfy the solvency
    test; or

 

	 	k.	to authorise
    the company to continue as a company incorporated under the laws of a jurisdiction outside the British Virgin Islands.

 

Paragraphs
(c) and (d) do not prevent a committee of directors, where authorised by the directors, from appointing a sub-committee and delegating
powers exercisable by the committee to the sub-committee.

 

	 	107.	The
    meetings and proceedings of each committee of directors consisting of 2 or more directors shall be governed mutatis mutandis
    by the provisions of these Articles regulating the proceedings of directors so far as the same are not superseded by any provisions
    in the resolution establishing the committee.

 

	 	108.	Without
    prejudice to the freedom of the directors to establish any other committee, if the shares (or depositary receipts therefore)
    are listed or quoted on the Designated Stock Exchange, and if required by the Designated Stock Exchange, the directors shall
    establish and maintain an audit committee as a committee of the board of directors, the composition and responsibilities of
    which shall comply with the rules and regulations of the SEC and the Designated Stock Exchange. The audit committee shall
    meet at least once every financial quarter, or more frequently as circumstances dictate.

 

	 	109.	The
    Company shall adopt a formal written audit committee charter and review and assess the adequacy of the formal written charter
    on an annual basis. The charter shall specify the responsibilities of the Audit Committee which shall include responsibility
    for, among other things, ensuring its receipt from the outside auditors of the Company of a formal written statement delineating
    all relationships between the auditor and the Company, and the Audit Committee’s responsibility for actively engaging
    in a dialogue with the auditor with respect to any disclosed relationships or services that may impact the objectivity and
    independence of the auditor take appropriate action to oversee the independence of the outside auditor. In addition, the Audit
    Committee is responsible for reviewing potential conflict of interest situations and approving all Related Party Transactions.

 

	 	110.	Without
    prejudice to the freedom of the directors to establish any other committees, the Board may establish a Stock Option Committee
    to administer the Company’s stock option plans, including authority to make and modify awards under such plans. For
    so long as the Securities of the Company are listed or traded on the Designated Stock Exchange, the Stock Option Committee
    shall have at least two Independent Directors. The Stock Option Committee will administer the Company’s stock option
    plans, including the authority to make and modify awards under such plans.

 

	 	111.	Without
    prejudice to the freedom of the directors to establish any other committees, the Board may establish a Nominating Committee
    to assist the Board in identifying qualified individuals to become members of the Board.

 

    21

     

    

 

OFFICERS

 

	 	112.	The
    Company may by resolution of directors appoint officers of the Company at such times as shall be considered necessary or expedient.
    Such officers may consist of a Chairman of the Board of Directors, a Vice Chairman of the Board of Directors, a President
    and one or more Vice Presidents, Secretaries and Treasurers and such other officers as may from time to time be deemed desirable.
    Any number of offices may be held by the same person.

 

	 	113.	The
    officers shall perform such duties as shall be prescribed at the time of their appointment subject to any modification in
    such duties as may be prescribed thereafter by resolution of directors or resolution of members, but in the absence of any
    specific allocation of duties it shall be the responsibility of the Chairman of the Board of Directors to preside at meetings
    of directors and members, the Vice Chairman to act in the absence of the Chairman, the President to manage the day to day
    affairs of the Company, the Vice Presidents to act in order of seniority in the absence of the President but otherwise to
    perform such duties as may be delegated to them by the President, the Secretaries to maintain the share register, minute books
    and records (other than financial records) of the Company and to ensure compliance with all procedural requirements imposed
    on the Company by applicable law, and the Treasurer to be responsible for the financial affairs of the Company.

 

	 	114.	Subject
    to the rules of the Designated Stock Exchange, the emoluments of all officers shall be fixed by resolution of directors.

 

	 	115.	The
    officers of the Company shall hold office until their successors are duly elected and qualified, but any officer elected or
    appointed by the directors may be removed at any time, with or without cause, by resolution of directors. Any vacancy occurring
    in any office of the Company may be filled by resolution of directors.

 

CONFLICT
OF INTERESTS

 

	 	116.	A director
    of the Company shall, forthwith after becoming aware of the fact that he is interested in a transaction entered into or to
    be entered into by the Company, disclose the interest to all other directors of the Company.

 

	 	117.	A director
    of the Company is not required to comply with Article 112 if;

 

	 	a.	the
    transaction or proposed transaction is between the director and the Company; and

 

	 	b.	the
    transaction or proposed transaction is or is to be entered into in the ordinary course of the company's business and on usual
    terms and conditions.

 

	 	118.	For
    the purposes of Article 112 a disclosure to all other directors to the effect that a director is a member, director or officer
    of another named entity or has a fiduciary relationship with respect to the entity or a named individual and is to be regarded
    as interested in any transaction which may, after the date of the entry or disclosure, be entered into with that entity or
    individual, is a sufficient disclosure of interest in relation to that transaction.

 

	 	119.A. 	A director
    of the Company who is interested in a transaction entered into or to be entered into by the Company may:

 

		(i)	vote on
a matter relating to the transaction;

 

	 	(ii)	attend
    a meeting of directors at which a matter relating to the transaction arises and be included among the directors present at
    the meeting for the purposes of a quorum; and

 

	 	(iii)	sign
    a document on behalf of the Company, or do any other thing in his capacity as a director, that relates to the transaction,

 

and,
subject to compliance with the Act shall not, by reason of his office be accountable to the Company for any benefit which he derives
from such transaction and no such transaction shall be liable to be avoided on the grounds of any such interest or benefit.

 

	 	119.B. 	For
    so long the Securities of the Company are listed or traded on the Designated Stock Exchange, the Company shall conduct an
    appropriate review of all material Related Party Transactions on an ongoing basis and shall utilize the Audit Committee for
    the review and approval of potential conflicts of interest situations.

 

    22

     

    

 

INDEMNIFICATION

 

	 	120.	Subject
    to the limitations hereinafter provided the Company may indemnify against all expenses, including legal fees, and against
    all judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative or investigative
    proceedings any person who;

 

	 	a.	is or
    was a party or is threatened to be made a party to any threatened, pending or completed proceedings, whether civil, criminal,
    administrative or investigative, by reason of the fact that the person is or was a director, an officer or a liquidator of
    the Company; or

 

	 	b.	is or
    was, at the request of the Company, serving as a director of, or in any other capacity is or was acting for, another body
    corporate or a partnership, joint venture, trust or other enterprise.

 

	 	121.	The
    Company may only indemnify a person if the person acted honestly and in good faith in what he believed to be in the best interests
    of the Company and, in the case of criminal proceedings, the person had no reasonable cause to believe that his conduct was
    unlawful.

 

	 	122.	For
    the purposes of the preceding Article, a director acts in the best interests of the Company if he acts in the best interests
    of;

 

	 	a.	the
    Company's holding company; or

 

	 	b.	a shareholder
    or shareholders of the Company;

 

in
either case, in the circumstances specified in Article 85.

 

	 	123.	The
    decision of the directors as to whether the person acted honestly and in good faith and with a view to the best interests
    of the Company and as to whether the person had no reasonable cause to believe that his conduct was unlawful is, in the absence
    of fraud, sufficient for the purposes of these Articles, unless a question of law is involved.

 

	 	124.	The
    termination of any proceedings by any judgment, order, settlement, conviction or the entering of a nolle prosequi does not,
    by itself, create a presumption that the person did not act honestly and in good faith and with a view to the best interests
    of the Company or that the person had reasonable cause to believe that his conduct was unlawful.

 

	 	125.	Expenses,
    including legal fees, incurred by a director in defending any legal, administrative or investigative proceedings may be paid
    by the Company in advance of the final disposition of such proceedings upon receipt of an undertaking by or on behalf of the
    director to repay the amount if it shall ultimately be determined that the director is not entitled to be indemnified by the
    Company in accordance with these Articles.

 

	 	126.	Expenses,
    including legal fees, incurred by a former director in defending any legal, administrative or investigative proceedings may
    be paid by the Company in advance of the final disposition of such proceedings upon receipt of an undertaking by or on behalf
    of the former director to repay the amount if it shall ultimately be determined that the director is not entitled to be indemnified
    by the Company in accordance with these Articles.

 

	 	127.	The
    indemnification and advancement of expenses provided by, or granted pursuant to, these Articles is not exclusive of any other
    rights to which the person seeking indemnification of advancement of expenses may be entitled under any agreement, resolution
    of members, resolution of disinterested directors or otherwise, both as to acting in the person's official capacity and as
    to acting in another capacity while serving as a director of the Company.

 

	 	128.	If a
    person to be indemnified has been successful in defence of any proceedings referred to above the person is entitled to be
    indemnified against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and
    reasonably incurred by the person in connection with the proceedings.

 

	 	129.	The
    Company may purchase and maintain insurance in relation to any person who is or was a director, an officer or a liquidator
    of the Company, or who at the request of the Company is or was serving as a director, an officer or a liquidator of, or in
    any other capacity is or was acting for, another body corporate or a partnership, joint venture, trust or other enterprise,
    against any liability asserted against the person and incurred by the person in that capacity, whether or not the Company
    has or would have had the power to indemnify the person against the liability as provided in these Articles.

 

    23

     

    

 

SEAL

 

	 	130.	The
    Company shall have a Seal and may have more than one Seal. References herein to the Seal shall be references to every Seal
    which shall have been duly adopted by resolution of directors. The directors shall provide for the safe custody of the Seal
    and for an imprint thereof to be kept at the office of the registered agent of the Company. Except as otherwise expressly
    provided herein, the Seal when affixed to any written instrument, shall be witnessed and attested to by the signature of a
    director or any other person so authorized from time to time by resolution of directors. Such authorization may be before
    or after the Seal is affixed, may be general or specific and may refer to any number of sealings. The Directors may provide
    for a facsimile of the Seal and of the signature of any director or authorized person which may be reproduced by printing
    or other means on any instrument and it shall have the same force and validity as if the Seal had been affixed to such instrument
    and the same had been signed as hereinbefore described.

 

DISTRIBUTIONS

 

	 	131.	The
    directors of the Company may by resolution authorise a distribution by the Company at any time and of any amount and to any
    members they think fit if they are satisfied on reasonable grounds that immediately after the distribution;

 

	 	a.	the
    value of the Company’s assets will exceed its liabilities, and

 

	 	b.	the
    Company will be able to pay its debts as they fall due.

 

	 	132.	A resolution
    of the directors passed under the preceding Article shall contain a statement that, in the opinion of the directors, immediately
    after the distribution the value of the Company’s assets will exceed its liabilities, and the Company will be able to
    pay its debts as they fall due.

 

	 	133.	If,
    after a distribution is authorised and before it is made, the directors cease to be satisfied on reasonable grounds that the
    Company will, immediately after the distribution satisfy the solvency test, any distribution made by the Company is deemed
    not to have been authorised.

 

	 	134.	If,
    by virtue of the preceding Article, a distribution is deemed not to have been authorised, a director who;

 

	 	a.	ceased,
    after authorisation but before the making of the distribution, to be satisfied on reasonable grounds for believing that the
    company would satisfy the solvency test immediately after the distribution is made; and

 

	 	b.	failed
    to take reasonable steps to prevent the distribution being made;

 

is
personally liable to the company to repay to the company so much of the distribution as is not able to be recovered from members.

 

	 	135.	A distribution
    made to a member at a time when the company did not, immediately after the distribution, satisfy the solvency test may be
    recovered by the company from the member unless;

 

	 	a.	the
    member received the distribution in good faith and without knowledge of the company's failure to satisfy the solvency test;

 

	 	b.	the
    member has altered his position in reliance on the validity of the distribution; and

 

	 	c.	it would
    be unfair to require repayment in full or at all.

 

DISTRIBUTIONS
BY WAY OF DIVIDEND

 

	 	136.	The
    Company may by a resolution of directors declare a distribution by way of dividend and pay such distribution in money, shares
    or other property. In the event that distributions by way of dividend are paid in specie the directors shall have responsibility
    for establishing and recording in the resolution of directors authorizing the distribution by way of dividend, a fair and
    proper value for the assets to be so distributed.

 

	 	137.	The
    directors may from time to time pay to the members such interim distributions by way of dividend as appear to the directors
    to be justified by the profits of the Company.

 

	 	138.	The
    directors may, before declaring any distribution by way of dividend, set aside out of the profits of the Company such sum
    as they think proper as a reserve fund, and may invest the sum so set aside as a reserve fund upon such securities as they
    may select.

 

    24

     

    

 

	 	139.	Notice
    of any distribution by way of dividend that may have been declared shall be given to each member in the manner hereinafter
    mentioned and all distributions by way of dividend unclaimed for 3 years after having been declared may be forfeited by resolution
    of directors for the benefit of the Company.

 

	 	140.	No distribution
    by way of dividend shall bear interest as against the Company and no distribution by way of dividend shall be paid on treasury
    shares or shares held by another company of which the Company holds, directly or indirectly, shares having more than 50 percent
    of the vote in electing directors.

 

	 	141.	A share
    issued as a distribution by way of dividend by the Company shall be treated for all purposes as having been issued for money
    equal to the value determined by resolution of the directors. In the absence of fraud the decision of the directors as to
    the value of the share is conclusive unless a question of law is involved.

 

	 	142.	A division
    of the issued and outstanding shares of a class or series of shares into a larger number of shares of the same class or series
    having a proportionately smaller par value does not constitute a distribution by way of dividend of shares.

 

ACCOUNTS
AND AUDIT

 

	 	143.	The
    Company may by resolution of members call for the directors to prepare periodically a profit and loss account and a balance
    sheet. The profit and loss account and balance sheet shall be drawn up so as to give respectively a true and fair view of
    the profit and loss of the Company for the financial period and a true and fair view of the state of affairs of the Company
    as at the end of the financial period.

 

	 	144.	The
    Company may by resolution of members call for the accounts to be examined by auditors.

 

	 	145.	Subject
    to the rules of the Designated Stock Exchange, the first auditors shall be appointed by resolution of directors; subsequent
    auditors shall be appointed by the Audit Committee and shall hold office until the Audit Committee appoint another independent
    auditor.

 

	 	146.	Subject
    to the rules of the Designated Stock Exchange, the remuneration of the auditors of the Company shall be fixed by the Audit
    Committee.

 

	 	147.	The
    auditors shall examine each profit and loss account and balance sheet required to be served on every member of the Company
    or laid before a meeting of the members of the Company and shall state in a written report whether or not

 

	 	a.	in their
    opinion the profit and loss account and balance sheet give a true and fair view respectively of the profit and loss for the
    period covered by the accounts, and of the state of affairs of the Company at the end of that period; and

 

	 	b.	all
    the information and explanations required by the auditors have been obtained.

 

	 	148.	The
    report of the auditors shall be annexed to the accounts and shall be read at the meeting of members at which the accounts
    are laid before the Company or shall be served on the members.

 

	 	149.	Every
    auditor of the Company shall have a right of access at all times to the books of account and vouchers of the Company, and
    shall be entitled to require from the directors and officers of the Company such information and explanations as he thinks
    necessary for the performance of the duties of the auditors.

 

	 	150.	The
    auditors of the Company shall be entitled to receive notice of, and to attend any meetings of members of the Company at which
    the Company's profit and loss account and balance sheet are to be presented.

 

    25

     

    

 

NOTICES

 

	 	151.	Any
    notice, information or written statement to be given by the Company to members may be served in any way by which it can reasonably
    be expected to reach each member or by mail addressed to each member at the address shown in the share register.

 

	 	152.	Any
    summons, notice, order, document, process, information or written statement to be served on the Company may be served by leaving
    it, or by sending it by registered mail addressed to the Company, at its registered office, or by leaving it with, or by sending
    it by registered mail to, the registered agent of the Company.

 

	 	153.	Service
    of any summons, notice, order, document, process, information or written statement to be served on the Company may be proved
    by showing that the summons, notice, order, document, process, information or written statement was delivered to the registered
    office or the registered agent of the Company or that it was mailed in such time as to admit to its being delivered to the
    registered office or the registered agent of the Company in the normal course of delivery within the period prescribed for
    service and was correctly addressed and the postage was prepaid.

 

PENSION
AND SUPERANNUATION FUNDS

 

	 	154.	The
    directors may establish and maintain or procure the establishment and maintenance of any non-contributory or contributory
    pension or superannuation funds for the benefit of, and give or procure the giving of donations, gratuities, pensions, allowances
    or emoluments to, any persons who are or were at any time in the employment or service of the Company or any company which
    is a subsidiary of the Company or is allied to or associated with the Company or with any such subsidiary, or who are or were
    at any time directors or officers of the Company or of any such other company as aforesaid or who hold or held any salaried
    employment or office in the Company or such other company, or any persons in whose welfare the Company or any such other company
    as aforesaid is or has been at any time interested, and to the wives, widows, families and dependents of any such person,
    and may make payments for or towards the insurance of any such persons as aforesaid, and may do any of the matters aforesaid
    either alone or in conjunction with any such other company as aforesaid. Subject always to the proposal being approved by
    resolution of members, a director holding any such employment or office shall be entitled to participate in and retain for
    his own benefit any such donation, gratuity, pension allowance or emolument.

 

VOLUNTARY
WINDING UP AND DISSOLUTION

 

	 	155.	The
    Company may voluntarily commence to wind up and dissolve by a resolution of members but if the Company has never issued shares
    it may voluntarily commence to wind up and dissolve by resolution of directors.

 

CONTINUATION

 

	 	156.	The
    Company may by resolution of members or by a resolution passed unanimously by all directors of the Company continue as a company
    incorporated under the laws of a jurisdiction outside the British Virgin Islands in the manner provided under those laws.

 

ARBITRATION

 

	 	157.	Whenever
    any difference arises between the Company on the one hand and any of the members or their executors, administrators or assigns
    on the other hand, touching the true intent and construction or the incidence or consequences of these Articles or of the
    Act, touching anything done or executed, omitted or suffered in pursuance of the Act or touching any breach or alleged breach
    or otherwise relating to the premises or to these Articles, or to any Act or Ordinance affecting the Company or to any of
    the affairs of the Company such difference shall, unless the parties agree to refer the same to a single arbitrator, be referred
    to 2 arbitrators one to be chosen by each of the parties to the difference and the arbitrators shall before entering on the
    reference appoint an umpire.

 

	 	158.	If either
    party to the reference makes default in appointing an arbitrator either originally or by way of substitution (in the event
    that an appointed arbitrator shall die, be incapable of acting or refuse to act) for 10 days after the other party has given
    him notice to appoint the same, such other party may appoint an arbitrator to act in the place of the arbitrator of the defaulting
    party.

 

    26

     

    

 

We,
Portcullis TrustNet (BVI) Limited of Portcullis TrustNet Chambers, P.O. Box 3444, Road Town, Tortola, British Virgin Islands for
the purpose of incorporating a BVI Business Company under the laws of the British Virgin Islands hereby sign these Articles of
Association the 27th day of October, 2009.

 

	 	Incorporator	 
	 	 	 
	 	/s/
    Nicole Wheatley	 
	 	Portcullis TrustNet
    (BVI) Limited	 
	 	Portcullis TrustNet
    Chambers	 
	 	P.O. Box 3444	 
	 	Road Town, Tortola	 
	 	British Virgin Islands	 
	 	(Sgd. Nicole Wheatley)	 

 

 

 

27Exhibit 10.1

 

LUOKUNG TECHNOLOGY CORP.

2018 OMNIBUS EQUITY PLAN

 

ARTICLE 1

GENERAL PROVISIONS

 

	1.1.	PURPOSE OF THE PLAN.

 

The Luokung Technology Corp. 2018 Omnibus
Equity Plan has been established by Luokung Technology Corp. to (a) attract and retain high caliber employees, directors, consultants
and independent contractors; (b) motivate Participants, by means of appropriate incentives, to achieve long-range goals; (c) provide
incentive compensation opportunities that are competitive with those of other similarly-situated companies; and (d) further align
Participants’ interests with those of the Corporation’s shareholders through compensation that is based on the Corporation’s
ordinary shares; and thereby promote the long-term financial interest of the Corporation, including the growth in value of the
Corporation’s equity and enhancement of long-term shareholder return.

 

Capitalized terms shall have the meanings
assigned to such terms in Section 9 of the Plan.

 

	1.2.	TYPES OF AWARDS AVAILABLE UNDER THE PLAN.

 

The Plan provides for five types of Awards:

 

Options - the Option
Grant Program under which Eligible Persons may be granted Incentive Stock Options or Non-Statutory Stock Options to purchase
Shares is set forth in Article 2;

 

Stock Appreciation Rights
- the Stock Appreciation Rights Program under which Eligible Persons may be granted a right to receive the appreciation
in the Fair Market Value of Shares in the form of cash or Shares is set forth in Article 3;

 

Restricted Stock - the
Restricted Stock Program under which Eligible Persons may be issued Shares, subject to certain conditions and restrictions,
is set forth in Article 4;

 

Unrestricted Stock: the
Unrestricted Stock Program under which Eligible Persons may be issued Shares, is set forth in Article 5; and

 

Restricted Stock Units
- the Restricted Stock Unit Program under which Eligible Persons may be granted a right to receive Shares upon the satisfaction
of certain conditions and restrictions is set forth in Article 6.

 

The provisions of Articles 1, 7 (to the
extent applicable), 8 and 9 apply to each type of Award made under the Plan and govern the interests of all persons under the Plan.

 

	1.3.	ADMINISTRATION OF THE PLAN.

 

	(a)	General Administration. The Plan shall be administered and interpreted by the Committee (as designated pursuant to Paragraph 1.3 (b)). Subject to the express provisions of the Plan, the Committee shall have authority to interpret the Plan, to prescribe, amend and rescind rules and regulations relating to the Plan, to determine the terms and provisions of the Award Agreements by which Awards shall be evidenced (which shall not be inconsistent with the terms of the Plan), and to make all other determinations necessary or advisable for the administration of the Plan, all of which determinations shall be final, binding and conclusive.

 

     

     

    

  

	(b)	Appointment of Committee. The Board shall appoint the Committee from among its nonemployee directors to serve at the pleasure of the Board. The Board from time to time may remove members from, or add members to, the Committee and shall fill all vacancies thereon. The Committee at all times shall be composed of two or more nonemployee directors who shall meet all of the following requirements:

 

	 	(i)	Disinterested Administration for Rule 16b-3 Exemption. During the period any director is serving on the Committee, he shall (A) not be an  officer of the Corporation or a director or officer of a parent or subsidiary of the Corporation, or otherwise currently employed by the Corporation or a parent or subsidiary of the Corporation; (B) not receive compensation, either directly or indirectly, from the Corporation or a parent or subsidiary of the Corporation for services rendered as a consultant or in any capacity other than as a director, except for an amount that does not exceed the dollar amount for which disclosure would be required pursuant to Rule 404(a) of the Securities Exchange Act of 1934; (C) not possess an interest in any other transaction for which disclosure would be required pursuant to Rule 404(a) of the Securities Exchange Act of 1934; and (D) not be engaged in a business relationship for which disclosure would be required pursuant to Rule 404(b) of the Securities Exchange Act of 1934. The requirements of this subsection are intended to comply with Rule 16b-3 under Section 16 of the Securities Exchange Act of 1934, and shall be interpreted and construed in a manner which assures compliance with said Rule 16b-3. To the extent said Rule 16b-3 is modified to reduce or increase the restrictions on who may serve on the Committee, the Plan shall be deemed modified in a similar manner;

 

	 	(ii)	Outside Director Rule for Compliance with Code Section 162(m). No director serving on the Committee may be a current employee of the Corporation or a former employee of the Corporation (or any corporation affiliated with the Corporation under Code §1504) receiving compensation for prior services (other than benefits under a tax-qualified retirement plan) during each taxable year during which the director serves on the Committee. Furthermore, no director serving on the Committee shall be or have ever been an officer of the Corporation (or any Code §1504 affiliated corporation), or shall receive remuneration (directly or indirectly) from such a corporation in any capacity other than as a director. The requirements of this subsection are intended to comply with the "outside director" requirements of Treasury Regulation §1.162-27(e)(3), and shall be interpreted and construed in a manner which assures compliance with the "outside" director requirement of Code §162(m)(4)(C)(i). To the extent Code §162(m) or the regulations issued thereunder are modified to reduce or increase the restrictions on who may serve on the Committee, the Plan shall be deemed modified in a similar manner; and

 

	 	(iii)	Independent Director Rule for Stock Exchange. During the period any director is serving on the Committee, he shall satisfy all requirements to qualify as an independent director for purposes of the rules of the exchange on which the Stock is traded.

 

	(c)	Organization. The Committee may select one of its members as its chairman and shall hold its meetings at such times and at such places as it shall deem advisable. A majority of the Committee shall constitute a quorum. Actions may be taken by a majority of the Committee at a meeting or by unanimous written consent of all Committee members in lieu of a meeting. The Committee shall keep minutes of its proceedings and shall report the same to the Board at the next succeeding meeting of the Board.

 

	(d)	Powers of Committee. The Committee may make one or more Awards under the Plan to a Participant. The Committee shall decide which Eligible Persons shall receive an Award and when to grant an Award, the type of Award that it shall grant and the number of Shares covered by the Award. The Committee shall also decide the terms, conditions, performance criteria, restrictions and other provisions of the Award. The Committee may grant a single Award or an Award in combination with another Award(s) to a Participant. The Committee may grant an Award as an alternate to or replacement of an existing Award under the Plan or award under any other compensation plan or arrangement of the Corporation or a Related Corporation, including a plan of any entity acquired by the Corporation or a Related Corporation, upon the cancellation of the existing award; provided, that such grant of an alternate or replacement Award may be made only if the alternate or replacement Award does not constitute a repricing of the existing award (as limited by Section 1.5(c) of the Plan). In making Award decisions, the Committee may take into account the nature of services rendered by the individual, the individual’s present and potential contribution to the Corporation’s success and such other factors as the Committee, in its sole discretion, deems relevant.

 

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	 	In accordance with Article 7 of the Plan, the Committee shall decide whether and to what extent Awards under the Plan shall be structured to conform with Code §162(m) requirements for the Performance-Based Exception. The Committee may take any action, establish any procedures and impose any restrictions that it finds necessary or appropriate to conform to Code §162(m). If every member of the Committee does not meet the definition of “outside director” as defined in Code §162(m), the Committee shall form a subcommittee of those members who do meet that definition, and that subcommittee shall have all authority and discretion to act as the Committee to make Awards that conform with Code §162(m).

 

	 	The Committee shall interpret the Plan, establish and rescind any rules and regulations relating to the Plan, decide the terms and provisions of any Award Agreements made under the Plan, and determine how to administer the Plan. The Committee also shall decide administrative methods for the exercise of Stock Options. Each Committee decision shall be final, conclusive and binding on all parties.

 

	(e)	Delegation by Committee. Unless prohibited by applicable law or the applicable rules of a stock exchange, the Committee may allocate all or some of its responsibilities and powers to any one or more of its members. The Committee also may delegate some or all of it administrative duties and powers to any Employee, including officers.

 

	(f)	Information to be Furnished to Committee. The records of the Corporation and Related Corporations as to an Eligible Person’s or Participant’s employment, termination of employment, performance of Services, termination of Services, leave of absence, reemployment and compensation shall be conclusive on all persons unless determined to be manifestly incorrect. Participants and other persons entitled to benefits under the Plan must, as a condition to the receipt or settlement of any Award hereunder, furnish the Committee with such evidence, data or information as the Committee reasonably considers desirable to carry out the terms of the Plan.

 

	(g)	Indemnification. In addition to such other rights of indemnification that they have as members of the Board or the Committee, the Corporation shall indemnify the members of the Committee (and any designees of the Committee, as permitted under Paragraph (e)), to the fullest extent permitted by applicable law, against reasonable expenses (including, without limitation, attorney’s fees) actually and necessarily incurred in connection with the defense of any action, suit or proceeding, or in connection with any appeal, to which they or any of them may be a party by reason of any action taken or failure to act under or in connection with the Plan or any Award awarded hereunder, and against all amounts paid by them in settlement thereof (provided such settlement is approved to the extent required by and in the manner provided by the articles of incorporation of the Corporation relating to indemnification of the members of the Board) or paid by them in satisfaction of a judgment in any such action, suit or proceeding, except in relation to such matters as to which it is adjudged in such action, suit or proceeding that such Committee member or members (or their designees) did not act in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the Corporation.

 

	1.4.	ELIGIBILITY.

 

The persons eligible to participate in
this Plan (“Eligible Persons”) are as follows:

 

	(a)	Employees. Employees (including Employees who are members of the Board and Employees who reside in countries other than the United States), provided that awards of Incentive Stock Options shall only be made to Employees.

 

	(b)	Outside Directors. Non-Employee members of the Board or the board of directors of any Related Corporation.

 

	(c)	Consultants. Other consultants and independent advisors who provide bona-fide services to the Corporation (or any Related Corporation).

 

	(d)	New Hires. Persons who have been offered employment by the Corporation or a Related Corporation, provided that such a prospective Employee may not be granted an Incentive Stock Option until he or she becomes an Employee and may not receive any payment or exercise any right relating to an Award until such person begins employment with the Corporation or the Related Corporation.

 

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	1.5	STOCK SUBJECT TO THE PLAN.

 

	(a)	Shares Available for Issuance.

 

	 	(i)	Reserve. The Shares issuable under the Plan shall be authorized but unissued Shares, including Shares repurchased by the Corporation and held by the Corporation as treasury shares. The maximum number of Shares available for issuance under the Plan shall be 19,931,756 Shares.

                                     

	 	(ii)	Share Use. Any Shares granted under the Plan that are forfeited because of the failure to meet an Award contingency or condition shall again be available for issuance pursuant to new Awards granted under the Plan. To the extent any Shares covered by an Award are not delivered to a Participant or beneficiary because the Award is forfeited or canceled, or the Shares are not delivered because the Award is settled in cash, such Shares shall not be deemed to have been delivered for purposes of determining the maximum number of Shares available for issuance under the Plan. However, should the Exercise Price of an Option under the Plan be paid with Shares or should Shares otherwise issuable under the Plan be withheld by the Corporation in satisfaction of the withholding taxes incurred in connection with the exercise or vesting of an Award under the Plan, then such number of Shares shall be treated for purposes of this Paragraph as having been issued to the holder. Notwithstanding the above, the total number of Shares underlying a SAR granted under the Plan that is settled in Shares shall not be available for subsequent issuance under the Plan regardless of the number of Shares used to settle the SAR.

  

	(b)	Adjustment to Shares and Awards. 

 

	 	(i)	Recapitalization. If the Corporation is involved in a corporate transaction or any other event which affects the Shares (including, without limitation, any recapitalization, reclassification, reverse or forward share split, share dividend, extraordinary cash dividend, split-up, spin-off, combination or exchange of shares), then the Committee shall adjust Awards to preserve the benefits or potential benefits of the Awards as follows:

 

	 	(1)	The Committee shall take action to adjust the number and kind of Shares that are issuable under the Plan and the maximum limits for each type of grant;

 

	 	(2)	The Committee shall take action to adjust the number and kind of Shares subject to outstanding Awards;

 

	 	(3)	The Committee shall take action to adjust the Exercise Price or base price of outstanding Options and Stock Appreciation Rights; and

 

	 	(4)	The Committee shall make any other equitable adjustments.

 

Only whole Shares shall be issued
in making the above adjustments. Further, the number of Shares available under the Plan or the number of Shares subject to any
outstanding Awards shall be the next lower number of Shares, so that fractions are rounded upward. Any adjustment to or assumption
of ISOs under this Section shall be made in accordance with Code §424. If the Corporation issues any rights to subscribe for
additional Shares pro rata to holders of outstanding Shares of the class or classes of shares then set aside for the Plan, then
each Participant shall be entitled to the same rights on the same basis as holders of outstanding Shares with respect to such portion
of the Participant’s Award as is exercised on or prior to the record date for determining shareholders entitled to receive
or exercise such rights.

 

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	 	(ii)	Reorganization. If the Corporation is part of any reorganization involving merger, consolidation, acquisition of the Shares or acquisition of the assets of the Corporation, the Committee, in its discretion, may decide that:

 

	 	(1)	any or all outstanding Awards shall pertain to and apply, with appropriate adjustment as determined by the Committee, to the securities of the resulting corporation to which a holder of the number of Shares subject to each such Award would have been entitled;

 

	 	(2)	any or all outstanding Options or SARs shall become immediately fully exercisable (to the extent permitted under federal or state securities laws) and shall remain exercisable for the remaining term of the Options or SARs under the terms of the Plan;

 

	 	(3)	any or all Options or SARs shall become immediately fully exercisable (to the extent permitted under federal or state securities laws) and shall be terminated after giving at least 30 days’ notice to the Participants to whom such Options or SARs have been granted; and/or

 

	 	(4)	any or all unvested Restricted Stock Units AND Restricted Stock on which restrictions have not yet lapsed shall become immediately fully vested, nonforfeitable and payable.

 

	 	(iii)	Limits on Adjustments. Any issuance by the Corporation of shares of any class other than the Stock, or securities convertible into shares of any class, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number or price of Shares subject to any Award, except as specifically provided otherwise in this Plan. The grant of Awards under the Plan shall not affect in any way the right or authority of the Corporation to make adjustments, reclassifications, reorganizations or changes of its capital or business structure or to merge, consolidate or dissolve, or to liquidate, sell or transfer all or any part of its business or assets. All adjustments the Committee makes under this Plan shall be conclusive.

  

	(c)	No Repricing. Except in connection with a corporate transaction involving the Corporation (including, without limitation, any share dividend, share split, extraordinary cash dividend, recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination, or exchange of Shares), the terms of outstanding Awards may not be amended to reduce the Exercise Price of outstanding Options or the base price of SARs or to cancel outstanding Options or SARS in exchange for cash, other awards or Options or SARs with an Exercise Price or base price that is less than the Exercise Price of the original Options or base price of the original SARs without shareholder approval.

 

ARTICLE 2

OPTION GRANT PROGRAM

 

	2.1	TERMS.

 

The grant of an Option entitles the Participant
to purchase the number of Shares designated in the Award Agreement for such Option at an Exercise Price established by the Committee.
Options may be either Incentive Stock Options or Non-Statutory Stock Options, as determined in the discretion of the Committee.
Each Option shall be evidenced by and conditional on an Award Agreement in the form approved by the Committee, which Award Agreement
shall specify whether the Option is an ISO or NSO. No ISO may be granted to any person more than ten (10) years after the Effective
Date of the Plan. Award Agreements need not be identical, but shall include (through incorporation of provisions hereof, by reference
in the Award Agreements, or otherwise) the terms specified below and be subject to the provisions of the Plan applicable to such
Options.

 

To the extent that the aggregate Fair Market
Value of the Shares (determined as of the respective date or dates of grant), subject to ISOs granted to any Participant under
the Plan and any other option plan of the Corporation or any Related Corporation that first become exercisable in any calendar
year, including any ISOs which become exercisable on an accelerated basis during such year, exceeds the sum of One Hundred Thousand
Dollars ($100,000), such excess Options shall be treated as NSOs.

 

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	2.2	VESTING.

 

Each Option shall vest and become exercisable
at such time or times, during such period, and for such number of Shares as shall be determined by the Committee and set forth
in the Award Agreement evidencing the Option; provided that no Option may be exercisable after the expiration of ten (10)
years (or, in the case of an ISO granted to a 10% Stockholder, five (5) years) from the date of grant. Vesting may be conditioned
on the continued performance of Services or the achievement of performance conditions measured on an individual, corporate or other
basis, or any combination thereof.

 

	2.3	EXERCISE PRICE.

 

The Exercise Price shall be fixed by the
Committee, provided that the Exercise Price for any Option shall never be less than one hundred percent (100%) (or, in the case
of a 10% Stockholder receiving an ISO, 110%) of the Fair Market Value per share of Stock on the Option grant date.

 

	2.4	METHOD OF EXERCISE. 

 

The Participant may exercise the Option
by delivering a written notice of exercise to the Corporation, in the form and manner designated by the Committee and as set out
in the relevant Award Agreement. The notice shall be effective only if accompanied by payment of the Exercise Price in full. The
Committee shall have the discretion to provide that the Exercise Price may be payable, to the extent permitted by applicable law,
in one or more of the forms specified below:

 

	(a)	Cash/Check. Cash or check made payable to the Corporation;

 

	(b)	Shares Owned. By delivery to the Corporation of Shares owned by the Participant (by either actual delivery of Shares or by attestation, with such Shares valued at Fair Market Value as of the day of exercise) with such documentation as the Committee may require or in such other manner as the Committee may require;

 

	(c)	Share Withholding. By withholding Shares that would otherwise be acquired on exercise having an aggregate Fair Market Value at the time of exercise equal to the Exercise Price;

  

	(d)	Cashless Exercise. By cashless exercise through delivery of irrevocable instructions to a broker to promptly deliver to the Corporation the amount of proceeds from a sale of Shares having a Fair Market Value equal to the Exercise Price; and/or

 

	(e)	
        Other Forms. In any other
form of legal consideration that may be acceptable to the Committee, so long as it does not result in the deferral of recognition
of income or a “deferral of compensation” within the meaning of Code §409A. 

 

	2.5	SETTLEMENT OF AWARD.

 

The Corporation shall allot, issue and
otherwise deliver Shares, in the name of the relevant Participant, as soon as practicable after the Corporation’s receipt
of the Participant’s properly completed notice of exercise and payment in full of the Exercise Price as described in Section
2.4. Such Shares shall be subject to such conditions as the Committee may establish, except that such conditions may not cause
the deferral of recognition of income.

 

	2.6	CANCELLATION AND REGRANT OF OPTIONS.

 

The Committee shall have the authority
to effect, at any time and from time to time, with the consent of the affected Participant, the cancellation of any or all outstanding
Options under the Option Grant Program and to grant in substitution new Options covering the same or different number of Shares
which might have an Exercise Price per Share no less than the Fair Market Value per Share on the new grant date. The cancellation
and grant need not be simultaneous.

 

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ARTICLE 3

STOCK APPRECIATION RIGHTS PROGRAM

 

	3.1	TERMS.

 

A Stock Appreciation Right entitles the
Participant to receive, with respect to each Share subject to the SAR, the appreciation in the Fair Market Value over a base price
established by the Committee, payable in cash or Shares, or a combination of both, as determined by the Committee at the time of
payment. Each SAR shall be evidenced by an Award Agreement in the form approved by the Committee. Award Agreements evidencing SARs
need not be identical, but shall include (through incorporation of provisions hereof, by reference in the Award Agreements, or
otherwise) the terms specified below and be subject to the provisions of the Plan applicable to such SARs.

 

	3.2	VESTING.

 

The SAR shall cover a specified number
of Shares and shall vest and become exercisable upon such terms and conditions as the Committee shall establish; provided
that no SAR may be exercisable more than ten (10) years after the date of grant unless otherwise determined by the Committee and
set forth in the Award Agreement. Vesting may be conditioned on the continued performance of Services or the achievement
of performance conditions measured on an individual, corporate or other basis, or any combination thereof.

 

	3.3	VALUE.

 

The base price in effect for Shares covered
by a SAR shall be determined by the Committee at the time of grant. In no event, however, may the base price per Share be less
than the Fair Market Value per Share on the grant date. The Participant will receive upon exercise of the SAR an amount equal to
the excess of the Fair Market Value of a Share on the surrender date over the base price of a Share (the “Spread”)
multiplied by the number of Shares covered by the SAR Award. Notwithstanding the foregoing, the Committee, in its sole discretion,
may provide at the time it grants a SAR that the Spread covered by such SAR may not exceed a specified amount.

 

	3.4	METHOD OF EXERCISE.

 

The Participant may exercise the SAR by
delivering a written notice of exercise to the Corporation, in the form and manner designated by the Committee and as set out in
the relevant Award Agreement.

  

 

	3.5	SETTLEMENT OF AWARD. 

 

To the extent the Committee determines
that the Participant will receive cash upon exercise of a SAR, the Corporation shall deliver the cash amount which becomes due
upon exercise of a SAR as soon as administratively practicable after the Corporation’s receipt of the Participant’s
properly completed notice of exercise. To the extent the Committee determines that Shares will be delivered to the Participant
upon exercise of a SAR, the Corporation shall allot, issue and otherwise deliver Shares, in the name of the relevant Participant,
as soon as practicable after the Corporation’s receipt of the Participant’s properly completed notice of exercise and
payment in full of the Exercise Price as described in Section 3.4. The Shares shall be subject to such conditions, restrictions
and contingencies as the Committee may establish, except that such conditions may not cause the deferral of recognition of income.

 

ARTICLE 4

RESTRICTED STOCK PROGRAM

 

	4.1	TERMS.

 

A Restricted Stock Award is a grant of
Shares subject to conditions and restrictions as determined by the Committee. Each Restricted Stock Award shall be evidenced by
an Award Agreement in the form approved by the Committee. Award Agreements evidencing Restricted Stock Awards need not be identical,
but shall include (through incorporation of provisions hereof, by reference in the Award Agreements, or otherwise) the terms specified
below and be subject to the provisions of the Plan applicable to such Restricted Stock Awards.

 

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	4.2	LAPSE OF RESTRICTIONS.

 

Each Restricted Stock Award shall be, for
the applicable Period of Restriction determined by the Committee, subject to such conditions, restrictions and contingencies as
the Committee shall determine. Lapse of restrictions may be conditioned on the continued performance of Services or the achievement
of performance conditions measured on an individual, corporate or other basis, or any combination thereof.

 

	4.4	SHARE ESCROW/LEGENDS.

 

	(a)	Legend. Unless the certificate representing Shares of the Restricted Stock are deposited with a custodian (as described in subparagraph 4.4 (b) below), each certificate shall bear the following legend (in addition to any other legend required by law):

 

"The transferability
of the shares represented by this certificate is subject to the restrictions, terms and conditions (including forfeiture and restrictions
against transfer) contained in the Luokung Technology Corp. 2018 Omnibus Equity Plan and a Restricted Stock Agreement dated __________,
____, between ________________ and Luokung Technology Corp. The Plan and the Restricted Stock Agreement are on file in the office
of the Corporate Secretary of Luokung Technology Corp."

 

Such legend shall be removed
or canceled from any certificate evidencing Shares of Restricted Stock as of the date that such Shares become nonforfeitable.

 

	(b)	Deposit with Custodian. As an alternative to delivering a share certificate to the Participant, the Committee may deposit or transfer such Shares electronically to a custodian designated by the Committee. The Committee shall cause the custodian to issue a receipt for the Shares to the Participant for any Restricted Stock so deposited. The custodian shall hold the Shares and deliver the same to the Participant in whose name the Restricted Stock evidenced thereby are registered only after such Shares become nonforfeitable.

 

ARTICLE 5

UNRESTRICTED STOCK PROGRAM  

 

The Committee may, in its sole discretion,
award Unrestricted Stock to any Participant as a share bonus or otherwise pursuant to which such Participant may receive Shares
free of restrictions or limitations that would otherwise be applied under Section 4 of this Plan.

 

ARTICLE 6

RESTRICTED STOCK UNIT PROGRAM

 

	6.1	TERMS.

 

A Restricted Stock Unit Award entitles
the Participant to receive Shares upon the vesting of the Restricted Stock Unit Award. Each Restricted Stock Unit Award shall be
evidenced by an Award Agreement in the form approved by the Committee. Subject to the terms of the Plan, Restricted Stock Units
may be granted to Participants in such amounts and upon such terms and at any time and from time to time, as shall be determined
by the Committee. Award Agreements evidencing Restricted Stock Unit Awards need not be identical, but shall include (through incorporation
of provisions hereof, by reference in the Award Agreements, or otherwise) the terms specified below and be subject to the provisions
of the Plan applicable to Restricted Stock Unit Awards.

 

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	6.2	VESTING.

 

Each Restricted Stock Unit shall be subject
to such vesting conditions, restrictions and contingencies as the Committee shall determine and set forth in the Award Agreement
evidencing the Restricted Stock Unit. Vesting may be conditioned on the continued performance of Services or the achievement of
performance conditions measured on an individual, corporate or other basis, or any combination thereof.

 

	6.3	SETTLEMENT OF AWARD. 

 

As soon as practicable following the date
each Restricted Stock Unit vests, the Corporation shall allot, issue and otherwise, in the name of the relevant Participant, the
Shares underlying such Restricted Stock Unit. The Shares shall be subject to such conditions, restrictions and contingencies as
the Committee may establish, except that such conditions may not cause the deferral of recognition of income.

 

ARTICLE 7

PERFORMANCE-BASED COMPENSATION

 

	7.1	AWARDS OF PERFORMANCE-BASED COMPENSATION.

 

At its discretion, the Committee may make
Awards to Participants intended to comply with the exemption for Performance-Based Exception set forth in Code §162(m). In
such event, the number of Shares becoming exercisable or transferable or amounts payable with respect to grants of Options, Stock
Appreciation Rights, and/or awards of Restricted Stock, Unrestricted Stock or Restricted Stock Units may be determined based on
the attainment of written performance goals based on the performance measures set forth in Section 7.2 and which have been approved
by the Committee for a specified performance period. The performance goals shall state, in terms of an objective formula or standard,
the method of computing the amount of compensation payable to the Participant if the goal is attained. The performance goals must
be established by the Committee in writing no more than ninety (90) days after the commencement of the performance period or, if
less, the number of days that is equal to 25% of the relevant performance period. The outcome of the performance goal must be substantially
uncertain at the time the Committee establishes the performance goal. Performance goals will be based on the attainment of one
or more objectives based on performance measures. To the degree consistent with Code §162(m), the performance goals may be
calculated without regard to extraordinary items.

 

	7.2	PERFORMANCE MEASURES. 

 

Performance measures may include the following:
(i) earnings before all or any taxes; (ii) earnings before all or any of interest expense, taxes, depreciation and amortization;
(iii) earnings before all or any of interest expense, taxes, depreciation, amortization and rent; (iv) earnings before all or any
of interest expense and taxes; (v) net earnings; (vi) net income; (vii) operating income or margin; (viii) earnings per share;
(ix) growth; (x) return on shareholders’ equity; (xi) capital expenditures; (xii) expenses and expense ratio management;
(xiii) return on investment; (xiv) improvements in capital structure; (xv) profitability of an identifiable business unit or product;
(xvi) profit margins; (xvii) share price; (xviii) market share; (xix) revenues; (xx) costs; (xxi) cash flow; (xxii) working capital;
(xxiii) return on assets; (xxiv) economic value added; (xxv) industry indices; (xxvi) peer group performance; (xxvii) regulatory
ratings; (xxviii) asset quality; (xxix) gross or net profit; (xxx) net sales; (xxxi) total shareholder return; (xxxii) sales (net
or gross) measured by product line, territory, customers or other category; (xxxiii) earnings from continuing operations; (xxxiv)
net worth; (xxxv) levels of expense, receivables, cost or liability by category, operating unit or any other delineation, or any
other measures approved by the Committee. Performance Measures may relate to the Corporation and/or one or more of its affiliates,
one or more of its divisions or units or any combination of the foregoing, on a consolidated or nonconsolidated basis, and may
be applied on an absolute basis or be relative to one or more peer group companies or indices, or any combination thereof, all
as the Committee determines. In addition, to the extent consistent with the requirements of Code §162(m), the performance
measures may be calculated without regard to extraordinary items.

 

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	7.3	SHAREHOLDER APPROVAL.

 

For Awards to constitute performance-based
compensation under Code §162(m), the material terms of performance measures on which the performance goals are to be based
must be disclosed to and subsequently approved by the Corporation’s shareholders prior to payment of the compensation. Shareholder
approval of the Plan is necessary for the Awards to meet the Code §162(m) exemption.

 

	7.4	CODE SECTION 162(M) COMMITTEE AND CERTIFICATION.

 

Awards intended to qualify for exemption
as performance-based compensation shall be granted by a committee of “outside directors” as defined in Code §162(m).
Pursuant to the provisions of Section 1.3(d)) hereof, the Committee may establish a Code §162(m) subcommittee, if necessary,
to make such grants. Any payment of compensation with respect to an Award that is intended to be performance-based compensation
will be, to the extent that such requirement applies under Code §162(m), subject to the written certification of the Committee
that the performance measures were satisfied prior to the payment of the performance-based compensation. This written certification
may include the approved minutes of the Committee meeting in which the certification is made.

  

 

ARTICLE 8

RULES APPLICABLE TO ALL AWARDS

 

	8.1	TERMINATION OF SERVICE.

 

Unless otherwise determined by the Committee
and included in the Participant’s Award Agreement, in the event that a Participant’s Service with the Corporation and/or
all Related Corporations is terminated for any reason, all Awards held by the Participant which are unexercised or have not yet
vested as of such date shall expire, terminate, and cease to be exercisable as of such termination date, provided, however,
that if the Participant’s Service terminates for reasons other than Cause, all outstanding vested Options and SARs held by
the Participant as of his or her termination date shall continue to be exercisable until the earlier of the expiration of their
term or the date that is three months after such termination date.

 

	8.2	ACCELERATION OF VESTING.

 

The Committee shall have complete discretion,
subject to the terms of the Plan, exercisable either at the time an Award is granted or at any time while the Award remains outstanding,
to accelerate the vesting of or lapse of restrictions on any Award.

 

	8.3	EXTENSION OF EXERCISE PERIOD.

 

The Committee shall have complete discretion,
subject to the terms of the Plan, exercisable either at the time an Award is granted or at any time while the Award remains outstanding,
to extend the period of time for which the Option or SAR is to remain exercisable following the Participant's termination of Service
from the limited exercise period otherwise in effect for that Option or SAR to such greater period of time as the Committee shall
deem appropriate, but in no event beyond the expiration of the Option or SAR term, and/or to permit the Option or SAR to be exercised,
during the applicable post-termination exercise period, not only with respect to the number of vested Shares for which such Option
or SAR is exercisable at the time of the Participant's termination of Service but also with respect to one or more additional installments
in which the Participant would have vested had the Participant continued in Service. Such an extension may result in recharacterization
of an ISO as a Non-Statutory Stock Option.

 

	8.4	TRANSFERABILITY.

 

All rights with respect to an Award granted
to a Participant under the Plan shall be available during his or her lifetime only to such Participant, except as designated by
the Participant by will or by the laws of descent and distribution; provided, however, that the Committee shall have the
discretion to provide that any Awards (other than an ISO) may, in connection with the Participant's estate plan, be assigned in
whole or in part during the Participant's lifetime to a trust established exclusively for one or more members of the Participant's
immediate family. The terms applicable to the assigned Awards shall be the same as those in effect for the Awards immediately prior
to such assignment and shall be set forth in such documents issued to the assignee as the Committee may deem appropriate. Any assignment
shall not affect the Participant’s obligations to satisfy applicable tax withholding as described herein. The Participant
may also designate in writing one or more persons as the beneficiary or beneficiaries of his or her outstanding Awards and those
Awards shall, except to the extent of any lifetime transfer as provided herein, automatically be transferred to such beneficiary
or beneficiaries upon the Participant's death while holding those Awards. Each such designation shall revoke all prior designations
by the same Participant, shall be in a form prescribed by the Corporation, and will be effective only when filed by the Participant
in writing with the Corporation during the Participant’s lifetime. In the absence of any such designation, benefits under
an Award remaining unpaid at the Participant’s death shall be paid to the Participant’s estate. A beneficiary or beneficiaries
shall take the transferred Awards subject to all the terms and conditions of the applicable Award Agreement, including (without
limitation) the limited time period during which any Award may be exercised following the Participant's death.

 

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	8.5	SHAREHOLDER RIGHTS.

 

Except as otherwise provided by the Committee
in the Award Agreement, the Participant (or his or her beneficiaries) holding an Award shall have no shareholder rights with respect
to the Shares subject to or underlying the Award until the Participant has received and become a holder of record of the Shares
underlying the Award or, in the case of Restricted Stock, all restrictions have lapsed.

  

 

	8.6	TAX WITHHOLDING.

 

	(a)	Conditions on Delivery of Shares. The Corporation's obligation to deliver Shares under the Plan shall, to the extent required by Federal, state, local or foreign law, be subject to the satisfaction of all applicable Federal, state, local and foreign income and employment tax withholding requirements (or, in the case of Restricted Stock, the making of arrangements satisfactory to the Corporation regarding such payment). Whenever under the Plan payments are to be made in cash, such payments may be net of an amount sufficient to satisfy such withholding requirements.

 

	(b)	Tender of Shares. The Committee may, in its discretion, provide any or all Participants granted Non-Statutory Stock Options, SARs, Restricted Stock, Unrestricted Stock, or RSUs settled in Shares under the Plan with the right to use Shares in satisfaction of all or part of the applicable withholding taxes to which such Participants may become subject in connection with the exercise of their Options or SARs, the vesting of their Restricted Stock, or the settlement of their Restricted Stock Units or other Awards in Shares. Such right may be provided to any such Participant in either or both of the following formats:

 

	 	(i)	The election to have the Corporation withhold, from the Shares otherwise issuable upon the exercise of the NSO or SAR, the vesting of the Restricted Stock, or the settlement of Restricted Stock Units or other Awards in Shares, a portion of those Shares with an aggregate Fair Market Value equal to the percentage of the applicable withholding taxes (not to exceed the minimum required by law) designated by the Participant.

 

	 	(ii)	The election to deliver to the Corporation, at the time the NSO or SAR is exercised, the Restricted Stock vests, or the Restricted Stock Units or other Awards are settled in Shares, Shares previously acquired by such Participant (other than in connection with the Option or SAR exercise, Restricted Stock vesting or Restricted Stock Units or other Awards in Stock settlement triggering the withholding taxes) with an aggregate Fair Market Value equal to the percentage of the withholding taxes (not to exceed the minimum required by law) designated by the Participant.

 

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ARTICLE 9

DEFINITIONS

 

The following definitions shall be in effect
under the Plan:

 

9.1 Award Agreement shall mean a
written document setting forth the terms and provisions applicable to an Award granted to a Participant under the Plan, and is
a condition to the grant of an Award hereunder.

 

9.2 Awards shall mean any award
or benefit granted to any Participant under the Plan, including, without limitation, the grant of Options, SARs, Restricted Stock,
Unrestricted Stock and Restricted Stock Units.

 

9.3 Board shall mean the Corporation's
Board of Directors.

 

9.4 Cause shall mean the commission
of any act of fraud, embezzlement or dishonesty by the Participant, any act or omission by such person constituting a breach or
default under any written or oral agreement between such person and the Corporation (or any Related Corporation), any unauthorized
use or disclosure by such person of confidential information or trade secrets of the Corporation (or any Related Corporation),
or any other intentional act by such person adversely affecting the business or affairs of the Corporation (or any Related Corporation)
in a material manner. The foregoing definition shall not be deemed to be inclusive of all the acts or omissions which the Corporation
(or any Related Corporation) may consider as grounds for the dismissal or discharge of any Participant or other person in the Service
of the Corporation (or any Related Corporation).

 

	9.5	Change of Control shall mean the first of the following events to occur:

 

	(a)	The acquisition by any one person or more than one person acting as a group (within the meaning of Treasury Regulation §1.409A-3(i)(5)(v)(B)), other than the Corporation, any Related Corporation, or any employee benefit plan (or related trust) sponsored or maintained by the Corporation or any Related Corporation, (a “Person”) of any shares of the Corporation that, together with shares held by such Person, constitutes more than 50% of the total fair market value or total voting power of the shares of the Corporation. For purposes of this Paragraph (a), the following acquisitions shall not constitute a Change of Control: the acquisition of additional shares by a Person who is considered to own more than 50% of the total voting power of the shares of the Corporation. An increase in the percentage of shares owned by any one Person as a result of a transaction in which the Corporation acquires its shares in exchange for property will be treated as an acquisition of shares for purposes of this Paragraph;

 

	 (b)	A majority of the members of the Board is replaced during any twelve (12)-month period commencing on the Effective Date, by directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment;
	 	 
	 (c)	The consummation of a merger or consolidation of the Corporation with any other corporation, other than a merger or consolidation which would result in (a) the voting securities of the Corporation outstanding immediately prior thereto continuing to represent (either by remaining outstanding or being converted into voting securities of the surviving entity) at least fifty percent (50%) of the total voting power represented by the voting securities of the Corporation or such surviving entity outstanding immediately after such merger or consolidation; or (b) the directors of the Corporation immediately prior thereto continuing to represent at least fifty percent (50%) of the directors of the Corporation or such surviving entity immediately after such merger or consolidation;

 

	 (d)	The consummation of the sale or disposition by the Corporation of all or substantially all of the Corporation’s assets.

 

The above definition of “Change
of Control” shall be interpreted by the Board, in good faith, to apply in a similar manner to transactions involving
partnerships and partnership interests, and to comply with Code §409A and official guidance issued thereunder from time to
time.

 

9.6 Code shall mean the Internal
Revenue Code of 1986, as amended.

 

9.7 Committee shall mean the particular
entity, whether the Committee or the Board, which is authorized to administer the Plan, to the extent such entity is carrying out
its administrative functions under the Plan.

 

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9.8 Corporation shall mean Luokung
Technology Corp. Ltd, a British Virgin Islands company, and any corporate successor to all or substantially all of the assets or
voting shares of Luokung Technology Corp. which shall by appropriate action adopt the Plan.

 

9.9 Disability shall mean, unless
otherwise provided in the Award Agreement or in any employment, change of control or similar agreement in effect between the Participant
and the Corporation or Related Corporation, the Participant is unable to engage in any substantial gainful activity by reason of
any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for
a continuous period of not less than 12 months; or, by reason of any medically determinable physical or mental impairment which
can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income
replacement benefits for a period of not less than 3 months under an accident and health plan covering employees of the Corporation
or a Related Corporation.

 

9.10 Effective Date shall mean the date the Plan is adopted
by the last of the Board and the Shareholders.

 

9.11 Eligible Persons shall mean persons eligible to
participate in the Plan, as described in Section 1.4.

 

9.12 Employee shall mean an employee of the Corporation
(or any Related Corporation).

 

9.13 Exercise Price shall mean the per Share exercise
price of an Option as determined under Article 2 of the Plan.

  

9.14 Fair Market Value per Share
on the relevant date shall mean, if the Shares are duly listed on a national securities exchange or on The Nasdaq Stock Market,
the closing price of the Shares on the relevant date, or, if there are no sales on such date, on the next preceding day on which
there were sales, or if the Shares are not so listed, the fair market value of the Shares for the relevant date, as determined
by the Committee in good faith and in compliance with Code §409A.

 

9.15 Incentive Stock Option or ISO
shall mean an Option that is intended to qualify as, and that satisfies the requirements applicable to, an “incentive stock
option” described in Code § 422(b).

 

9.16 Non-Statutory Stock Option or
NSO shall mean an Option that is not intended to be, or does not qualify as, an Incentive Stock Option.

 

9.17 Option shall mean a right to
acquire Shares of the Corporation pursuant to a Non-Statutory Stock Option or Incentive Stock Option granted under Article 2 of
the Plan.

 

9.18 Participant shall mean any
Eligible Person who receives an Award under the Plan, and includes those former Eligible Persons who have certain post-termination
rights under the terms of an Award granted under the Plan.

 

9.19 Performance-Based Exception
means the exception for performance-based compensation from the tax deductibility limitations of Code §162(m).

 

9.20 Period of Restriction shall
mean the period(s) during which the transfer of an Award or the Shares subject to an Award is limited in some way (based on the
passage of time, the achievement of performance goals, or upon the occurrence of other events as determined by the Committee, at
its discretion) or the Shares are subject to a substantial risk of forfeiture, pursuant to the terms of this Plan or the applicable
Award Agreement.

 

9.21 Plan shall mean the Luokung
Technology Corp. 2018 Omnibus Equity Plan, as set forth in this document.

 

9.22 Related Corporation shall mean
any affiliate of the Corporation; provided, however, that with respect to any ISO and for purposes of the definition of
10% Stockholder, “Related Corporation” shall mean any Corporation during any period in which it is a “parent
corporation” (as that term is defined in Code §424(e)) with respect to the Corporation or a “subsidiary corporation”
(as that term is defined in Code §424(f)) with respect to the Corporation.

 

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9.23 Restricted Stock shall mean
a grant of Shares granted under Article 4 of the Plan that is subject to such conditions, restrictions and contingencies as the
Committee determines and set forth in the applicable Award Agreement.

 

9.24 Restricted Stock Unit or RSUs
shall mean a right to receive Shares upon satisfaction of certain vesting requirements pursuant to Article 6 of the Plan.

 

9.25 Service shall mean the performance
of services for the Corporation (or any Related Corporation) by a person in the capacity of an Employee, a non-Employee member
of the board of directors, or a consultant or independent advisor, except to the extent otherwise specifically provided in the
Award Agreement.

 

9.26 Shares shall mean Ordinary
Shares of the Corporation, par value $0.01 per share.

 

9.27 Stock Appreciation Rights or
SARs shall mean a right to receive the appreciation in the Fair Market Value of Shares, as granted under Article 3 of the
Plan.

 

9.28 10% Stockholder shall mean
the owner of shares (as determined under Code §424(d)) possessing more than ten percent (10%) of the total combined voting
power of all classes of shares of the Corporation (or any Related Corporation).

 

9.29 “Unrestricted Stock”
means an Award of Stock made pursuant to as granted under Article 5 of the Plan.

  

 

ARTICLE 10

MISCELLANEOUS

 

	10.1	EFFECTIVE DATE AND TERM OF PLAN.

 

	(a)	Effective Date. The Plan shall become effective immediately upon its adoption by the Board, subject to approval by the shareholders of the Corporation at the first annual meeting of shareholders held following the adoption by the Board, or any special meeting of the shareholders duly called. Options may be granted under the Option Grant Program at any time on or after the Effective Date. However, until the shareholders approve the Plan, no Options or SARs granted under the Plan may be exercised, no Restricted or Unrestricted Stock shall be issued under the Plan and no Award may be settled in Stock under the Plan. If shareholder approval is not obtained within twelve (12) months after the Effective Date, then all Awards shall be null and void.

 

	(b)	Termination Date. The Plan shall terminate upon the earliest to occur of (i) the tenth (10th) anniversary of the Plan’s effective date, or (ii) the date on which all Shares available for issuance under the Plan shall have been issued as fully-vested Shares. Should the Plan terminate on the tenth (10th) anniversary of the Effective Date, then all Awards outstanding at that time shall continue to have force and effect in accordance with the provisions of the applicable Award Agreements.

 

	10.2	AMENDMENT OF PLAN.

 

	(a)	Amendment and Termination By the Board. Subject to Paragraph (b) below, the Board shall have the power at any time to add to, amend, modify or repeal any of the provisions of the Plan, to suspend the operation of the entire Plan or any of its provisions for any period or to terminate the Plan in whole or in part. In the event of any such action, the Committee shall prepare written procedures which, when approved by the Board, shall govern the administration of the Plan resulting from such addition, amendment, modification, repeal, suspension or termination. The Committee may amend any Award Agreement that it previously has authorized under the Plan and the applicable Participant; provided, however, that no Award Agreement may be amended to reprice or constructively reprice any Award.

 

	(b)	Restrictions on Amendment and Termination. Notwithstanding the provisions of Paragraph (a) above, the following restrictions shall apply to the Board’s authority under Paragraph (a) above:

 

	 	(i)	Prohibition Against Adverse Effects on Outstanding Awards. No addition, amendment, modification, repeal, suspension or termination shall adversely affect, in any way, the rights of the Participants who have outstanding Awards without the consent of such Participants;

 

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	 	(ii)	Stockholder Approval Required for Certain Modifications. No modification or amendment of the Plan may be made without the prior approval of an ordinary resolution of the shareholders passed at a duly convened and constituted meeting of the shareholders of the Corporation if (i) such modification or amendment would cause the applicable portions of the Plan to fail to qualify as an ISO plan pursuant to Code §422, (ii) such modification or amendment would materially increase the benefits accruing to Participants under the Plan, (iii) such modification or amendment would materially increase the number of Awards or Shares which may be issued under the Plan, (iv) such modification or amendment would materially modify the requirements as to eligibility for participation in the Plan, or (v) such modification or amendment would modify the material terms of the Plan within the meaning of Treasury Regulation §1.162-27(e)(4). Clauses (ii), (iii) and (iv) of the preceding sentence shall be interpreted in accordance with the provisions of paragraph (b)(2) of Rule 16b-3 of the 1934 Act. 

 

	10.3	CONTINUING SECURITIES LAW COMPLIANCE; LEGENDS.

 

The granting of Awards and the issuance
of Shares under the Plan shall be subject to all applicable laws, and to such approvals by any governmental agencies or national
securities exchanges as may be required. If at any time on or after the Effective Date, the Committee, in its discretion, shall
determine that the requirements of any applicable federal or state securities laws should fail to be met, no Shares issuable under
Awards and no Options or SARs shall be exercisable until the Committee has determined that these requirements have again been met.
The Committee may suspend the right to exercise any Option or SAR at any time when it determines that allowing the exercise and
issuance of Shares would violate any federal or state securities or other laws, and may provide that any time periods to exercise
the Option or SAR are extended during a period of suspension. With respect to “Insiders,” transactions under this Plan
are intended to comply with all applicable conditions of Rule 16b-3 under the Securities Exchange Act of 1934. To the extent any
provision of the Plan or action by the Committee fails to so comply, it shall be deemed null and void, to the extent permitted
by law and deemed advisable by the Committee. Each Award Agreement and each certificate representing Awards or Shares granted pursuant
to the Plan (including Awards or Shares issuable pursuant to the terms of derivative securities) may bear such restrictive legend(s)
as the Committee deems necessary or advisable under applicable law, including Federal and state securities laws. If any Award is
made to a Participant who is subject to the Corporation’s policy regarding trading of its Shares by its officers and directors
and Shares are scheduled to be delivered under the Plan to the Participant on a day (the “original distribution date”)
that does not occur during a “window period” applicable to the Participant, as determined by the Corporation in accordance
with such policy, then the Corporation can choose not to deliver such Shares on such original distribution date and instead to
deliver such Shares on the first day of the next “window period” applicable to the Participant pursuant to such policy,
but in no event later than the March 15 following the close of the calendar year in which such Shares were no longer subject to
a substantial risk of forfeiture (within the meaning of Code §409A).

 

	10.4	LIQUIDATION OF THE CORPORATION.

 

In the event of the complete liquidation
or dissolution of the Corporation, any outstanding Awards granted under this Plan shall be deemed automatically canceled without
any action on the part of the Corporation and without regard to or limitation by any other provision of the Plan.

 

	10.5	NO EMPLOYMENT/SERVICE RIGHTS.

 

Nothing in the Plan shall confer upon any
Participant any right to continue in Service for any period of specific duration or interfere with or otherwise restrict in any
way the rights of the Corporation (or any Related Corporation employing or retaining such person) or of the Participant, which
rights are hereby expressly reserved by each, to terminate the Participant’s Service at any time for any reason, with or
without Cause.

 

    15

     

    

 

	10.6	RULES OF CONSTRUCTION.

 

For all purposes of this Plan, except as
otherwise expressly provided:

 

	(a)	all accounting terms not otherwise defined herein have the meanings ascribed thereto under U.S. generally accepted accounting principles;
	(b)	all references in this Plan to designated “Articles,” “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions of the body of this Plan except to the extent identified as references to sections or subsections of the Code;
	(c)	the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Plan as a whole and not to any particular Article, Section or other subdivision;
	(d)	whenever the words “include,” “includes” or “including” are used in this Plan, they shall be deemed to be followed by the words “without limitation”;
	(e)	whenever this Plan refers to a number of days, such number shall refer to calendar days unless business days are expressly specified;
	(f)	a reference to any legislation or to any provision of any legislation shall include such legislation, as amended through the date hereof, and all subsequent amendments or modification thereto or re-enactment thereof, any legislative provision substituted therefor and all regulations and statutory instruments issued thereunder or pursuant thereto; and
	(g)	except where otherwise indicated by the context, any masculine term used herein also shall include the feminine; the plural shall include the singular and the singular shall include the plural.

 

	10.7	UNFUNDED STATUS OF PLAN. 

 

The Plan is intended to constitute an “unfunded”
plan for incentive compensation. With respect to any payments not yet made to a Participant by the Corporation, nothing set forth
herein shall give any such Participant any rights that are greater than those of a general creditor of the Corporation. In its
sole discretion, the Committee may authorize the creation of trusts or other arrangements to meet the obligations created under
the Plan to deliver Shares or a payment in lieu of or with respect to Awards hereunder, provided, however, that the existence
of such trusts or other arrangements is consistent with the unfunded status of the Plan.

 

	10.8	AWARDS TO PARTICIPANTS OUTSIDE THE UNITED STATES.

 

The Committee may modify the terms of any
Award under the Plan made to or held by a Participant who is then resident or primarily employed outside the United States in any
manner deemed by the Committee to be necessary or appropriate in order that the Award shall conform to laws, regulations, and customs
of the country in which the Participant is then resident or primarily employed, or so that the value and other benefits of the
Award to the Participant, as affected by foreign tax laws and other restrictions applicable as a result of the Participant’s
residence or employment abroad, shall be comparable to the value of such an Award to a Participant who is resident or primarily
employed in the United States. Such authorization shall extend to and include establishing one or more separate sub-plans which
include provisions not inconsistent with the Plan that comply with statutory or regulatory requirements imposed by the foreign
country or countries in which the Participant resides.

  

	10.9	SEVERABILITY. 

 

In the event any provision of the Plan
shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan,
and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included.

 

	10.10	GOVERNING LAW. 

 

To the extent not preempted by United States
Federal law, the Plan, and all agreements hereunder, shall be construed in accordance with and governed by the laws of British
Virgin Islands.

 

 

 16

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