Document:

Exhibit 10.1

 

FORM OF INDEMNIFICATION AGREEMENT

 

THIS INDEMNIFICATION AGREEMENT
(this “Agreement”) is made and entered into as of __________________, by and between Graphex Group Limited, an exempted company
with limited liability incorporated under the laws of Cayman Islands (the “Company”), and the undersigned individual
(“Indemnitee”).

 

WITNESSETH THAT:

 

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

 

WHEREAS, the Board of Directors
of the Company (the “Board”) has determined that, in order to attract and retain qualified individuals, the Company
will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company and its
subsidiaries from certain liabilities provided that it is in the best interest of the Company and its shareholders. Although the furnishing
of such insurance has been a customary and widespread practice among corporations and other business enterprises, the Company believes
that, given current market conditions and trends, such insurance may be available to it in the future only at higher premiums and with
more exclusions. At the same time, directors, officers, and other persons in service to corporations or business enterprises are being
increasingly subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would have
been brought only against the Company or business enterprise itself. Indemnitee may be entitled to indemnification under the terms of
this Agreement and the memorandum and articles of association of the Company as currently in effect (the “Articles”)
may provide indemnification of the officers and directors of the Company. Indemnitee may also be entitled to indemnification pursuant
to applicable laws;

 

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

 

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

 

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

 

     

     

    

 

WHEREAS, this Agreement is
a supplement to and in furtherance of the Articles and any resolutions adopted pursuant thereto, and shall not be deemed as a substitute
therefor, nor to diminish or abrogate any rights of Indemnitee thereunder or under applicable law;

 

NOW, THEREFORE, in consideration
of Indemnitee’s agreement to serve as a director of the Company after the date hereof, the parties hereto agree as follows:

 

1.              Indemnity
of Indemnitee.

 

The Company hereby agrees
to hold harmless and indemnify Indemnitee to the fullest extent not prohibited by law, as such may be amended from time to time. In furtherance
of the foregoing indemnification, and without limiting the generality thereof:

 

(a)            Indemnitee
shall be entitled to the rights of indemnification provided in this Section 1(a) if, by reason of his Corporate Status (as hereinafter
defined), Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding (as hereinafter defined) other
than a Proceeding by or in the right of the Company. Pursuant to this Section 1(a), Indemnitee shall be indemnified against
all Expenses (as hereinafter defined), liability and loss (including judgments, fines, ERISA excise taxes or penalties, amounts paid or
to be paid in settlement, and any interest, assessments, or other charges imposed on any such amounts, and any federal, state, local,
or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement) (collectively,
 “Liabilities”) actually and reasonably incurred by him, or on his behalf, in connection with such Proceeding or any
claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed
to the interests of the Company and with respect to any criminal Proceeding, had no reasonable cause to believe Indemnitee’s conduct
was unlawful, it being acknowledged that any action taken by the Indemnitee upon the advice of counsel shall provide a rebuttable presumption
that such action was not opposed to the interests of the Company and/or that Indemnitee had no reasonable cause to believe his conduct
was unlawful.

 

(b)            Indemnitee
shall be entitled to the rights of indemnification provided in this Section 1(b) if, by reason of his Corporate Status, Indemnitee
is, or is threatened to be made, a party to or participant in any Proceeding brought by or in the right of the Company. Pursuant to this
Section 1(b), Indemnitee shall be indemnified against all Expenses actually incurred by Indemnitee, or on Indemnitee’s
behalf, in connection with such Proceeding if Indemnitee acted in good faith; provided, however, if applicable law so provides, no indemnification
against such Expenses shall be made in respect of any claim, issue or matter in such Proceeding as to which Indemnitee shall have been
adjudged to be liable to the Company.

 

(c)            Notwithstanding
any other provision of this Agreement, to the extent that Indemnitee is, by reason of his Corporate Status, a party to and is successful,
on the merits or otherwise, in any Proceeding, he shall be indemnified to the maximum extent not prohibited by applicable law, as such
may be amended from time to time, against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith.
If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than
all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably
incurred by him or on his behalf in connection with each successfully resolved claim, issue or matter. For purposes of this Section 1
and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall
be deemed to be a successful result as to such claim, issue or matter.

 

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(d)            If
the Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of Expenses and
Liabilities, but not, however, for the total amount thereof, the Company shall nevertheless indemnify the Indemnitee for the portion thereof
to which the Indemnitee is entitled.

 

2.             Additional
Indemnity.

 

(a)            In
addition to, and without regard to any limitations on, the indemnification provided for in Section 1, the Company shall and hereby
does indemnify and hold harmless Indemnitee against all Expenses, judgments, penalties, fines and amounts paid in settlement actually
and reasonably incurred by him or on his behalf if, by reason of his Corporate Status, he is, or is threatened to be made, a party to
or participant in any Proceeding (including, without limitation, a Proceeding by or in the right of the Company), including, without limitation,
all liability arising out of the negligence or active or passive wrongdoing of Indemnitee.

 

(b)            In
addition to, and without regard to any limitations on, the indemnification provided for in Section 1, in the event that the Company
provides rights to any person by reason of their Corporate Status or otherwise incurs a similar indemnification obligation to any individual
or entity that provides any greater rights to such indemnified individual or entity than the rights provided to Indemnitee, then without
any further action by any party to this Agreement, the Indemnitee shall be provided such greater rights.

 

(c)            The
only limitation that shall exist upon the Company’s obligations pursuant to this Agreement shall be that the Company shall not be
obligated to make any payment to Indemnitee that is finally determined (under the procedures, and subject to the presumptions, set forth
in Sections 6 and 7) to be unlawful.

 

3.             Contribution.

 

(a)            Whether
or not the indemnification provided in Sections 1 or 2 is available, in respect of any threatened, pending or completed action, suit or
proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), the Company
shall pay, in the first instance, the entire amount of any judgment or settlement of such action, suit or proceeding without requiring
Indemnitee to contribute to such payment and the Company hereby waives and relinquishes any right of contribution it may have against
Indemnitee. The Company shall not enter into any settlement of any action, suit or proceeding in which the Company is jointly liable with
Indemnitee (or would be if joined in such action, suit or proceeding) unless (i) such settlement provides for a full and final release
of all claims asserted against Indemnitee, or (ii) the Indemnitee engaged in willful misconduct that violates applicable law or amounts
to gross negligence, or (iii) the Indemnitee consents in writing to such settlement.

 

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(b)            Without
diminishing or impairing the obligations of the Company set forth in this Section 3(b), if, for any reason, Indemnitee elects
or is required to pay all or any portion of any judgment or settlement in any threatened, pending or completed action, suit or proceeding
in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), the Company shall contribute
to the amount of expenses (including, without limitation, attorneys’ fees and disbursements), judgments, fines and amounts paid
in settlement actually incurred and paid or payable by Indemnitee in proportion to the relative benefits received by the Company and all
officers, directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined
in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, from the transaction from which such action,
suit or proceeding arose; provided, however, that the proportion determined on the basis of relative benefit may, to the extent necessary
to conform to law, be further adjusted by reference to the relative fault of the Company and all officers, directors or employees of the
Company other than Indemnitee who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the
one hand, and Indemnitee, on the other hand, in connection with the events that resulted in such expenses, judgments, fines or settlement
amounts, as well as any other equitable considerations which the Law may require to be considered. The relative fault of the Company and
all officers, directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined
in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, shall be determined by reference to, among other
things, the degree to which their actions were motivated by intent to gain personal profit or advantage, the degree to which their liability
is primary or secondary and the degree to which their conduct is active or passive.

 

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

 

(d)            To
the fullest extent not prohibited under law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any
reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for
judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim
relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances
of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or
transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers,
employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s).

 

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4.             Indemnification
for Expenses of a Witness.

 

Notwithstanding any other
provision of this Agreement, to the extent that Indemnitee is, by reason of his Corporate Status, a witness in any Proceeding to which
Indemnitee is not a party, he or she shall be indemnified against all Expenses actually and reasonably incurred by him (or her) or on
his (or her) behalf in connection therewith.

 

5.             Advancement
of Expenses.

 

Notwithstanding any other
provision of this Agreement, the Company shall advance all Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding
by reason of Indemnitee’s Corporate Status, including without limitation, any retainers or similar payments or deposits, within
thirty (30) days after the receipt by the Company of a statement or statements from Indemnitee requesting such advance or advances from
time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the
Expenses incurred by Indemnitee and shall include or be preceded or accompanied by an undertaking by or on behalf of Indemnitee to repay
any Expenses advanced if it shall ultimately be determined that Indemnitee is not entitled to be indemnified against such Expenses. Any
advances and undertakings to repay pursuant to this Section 5 shall be unsecured and interest free.

 

6.             Procedures
and Presumptions for Determination of Entitlement to Indemnification.

 

It is the intent of the parties
to this Agreement to secure for Indemnitee rights of indemnity to the fullest extent not prohibited by applicable law. Accordingly, the
parties agree that the following procedures and presumptions shall apply in the event of any question as to whether Indemnitee is entitled
to indemnification under this Agreement:

 

(a)            To
obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith
such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what
extent Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly upon receipt of such a request for indemnification,
advise the Board in writing that Indemnitee has requested indemnification.

 

(b)            Upon
written request by Indemnitee for indemnification pursuant to the first sentence of Section 6(a), a determination, if required by
law, with respect to Indemnitee’s entitlement thereto shall be made in the specific case by one of the following four methods, which
shall be at the election of the Board: (1) by a majority vote of the Disinterested Directors, even though less than a quorum, (2) by
a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum, (3),
if there are no Disinterested Directors, or if the Disinterested Directors so direct, by Independent Legal Counsel (as defined below)
in written advice to the Board, a copy of which shall be delivered to Indemnitee, or (4) if so directed by the Board, by the shareholders
of the Company.

 

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(c)            If
the determination of entitlement to indemnification is to be made by Independent Legal Counsel pursuant to Section 6(b), the Independent
Legal Counsel shall be selected as provided in this Section 6(c). The Independent Legal Counsel shall be selected by the Board. Indemnitee
may, within ten (10) days after such written notice of selection shall have been given, deliver to the Company, as the case may be,
a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent
Legal Counsel so selected does not meet the requirements of “Independent Legal Counsel” as defined in Section 13, and
the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person
so selected shall act as Independent Legal Counsel. If a written objection is made and substantiated, the Independent Legal Counsel selected
may not serve as Independent Legal Counsel unless and until such objection is withdrawn or a court has determined that such objection
is without merit. The Company shall pay any and all reasonable fees and expenses of Independent Legal Counsel incurred by such Independent
Legal Counsel in connection with acting pursuant to Section 6(b), and the Company shall pay all reasonable fees and expenses incident
to the procedures of this Section 6(c), regardless of the manner in which such Independent Legal Counsel was selected or appointed.

 

(d)            In
making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination
shall presume that Indemnitee is entitled to indemnification under this Agreement. Anyone seeking to overcome this presumption shall have
the burden of proof and the burden of persuasion by clear and convincing evidence. Neither the failure of the Company (including, without
limitation, by its directors or Independent Legal Counsel) to have made a determination prior to the commencement of any action pursuant
to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor
an actual determination by the Company (including, without limitation, by its directors or Independent Legal Counsel) that Indemnitee
has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met
the applicable standard of conduct.

 

(e)            Indemnitee
shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Enterprise,
including, without limitation, financial statements, or on information supplied to Indemnitee by the officers of the Enterprise (as hereinafter
defined) in the course of his or her duties, or on the advice of legal counsel for the Enterprise or on information or records given or
reports made to the Enterprise by an independent certified public accountant or by an appraiser or other expert selected with reasonable
care by the Enterprise. In addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the
Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. Whether or
not the foregoing provisions of this Section 6(e) are satisfied, it shall in any event be presumed that Indemnitee has at all
times acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Company. Anyone
seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence.

 

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

 

(g)            Indemnitee
shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification,
including, without limitation, providing to such person, persons or entity upon reasonable advance request any documentation or information
which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary
to such determination. Any Independent Legal Counsel, member of the Board or shareholder of the Company shall act reasonably and in good
faith in making a determination regarding Indemnitee’s entitlement to indemnification under this Agreement. Any costs or expenses
(including, without limitation, attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons
or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement
to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom.

 

(h)            The
Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a party to avoid expense,
delay, distraction, disruption and uncertainty. In the event that any action, claim or proceeding to which Indemnitee is a party is resolved
in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such action, claim or proceeding
with or without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits or otherwise
in such action, suit or proceeding. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion
by clear and convincing evidence.

 

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(i)            The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of
nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the
right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he reasonably
believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had
reasonable cause to believe that his conduct was unlawful.

  

7.             Remedies
of Indemnitee.

 

(a)            In
the event that (i) a determination is made pursuant to Section 6 that Indemnitee is not entitled to indemnification under this
Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 5, (iii) no determination of entitlement
to indemnification is made pursuant to Section 6(b) within ninety (90) days after receipt by the Company of the request for
indemnification, (iv) payment of indemnification is not made pursuant to this Agreement within ten (10) days after receipt by
the Company of a written request therefor or (v) payment of indemnification is not made within ten (10) days after a determination
has been made that Indemnitee is entitled to indemnification or such determination is deemed to have been made pursuant to Section 6, Indemnitee
shall be entitled to an adjudication in an appropriate court of the State of Delaware, or in any other court of competent jurisdiction,
of Indemnitee’s entitlement to such indemnification. Indemnitee shall commence such proceeding seeking an adjudication within one
hundred and eighty (180) days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this
Section 7(a). The Company shall not oppose Indemnitee’s right to seek any such adjudication.

 

(b)            In
the event that a determination shall have been made pursuant to Section 6(b) that Indemnitee is not entitled to indemnification,
any judicial proceeding commenced pursuant to this Section 7 shall be conducted in all respects as a de novo trial on the merits,
and Indemnitee shall not be prejudiced by reason of the adverse determination under Section 6(b).

 

(c)            If
a determination shall have been made pursuant to Section 6(b) that Indemnitee is entitled to indemnification, the Company shall
be bound by such determination in any judicial proceeding commenced pursuant to this Section 7, absent (i) a misstatement by
Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s misstatement not materially misleading
in connection with the application for indemnification, or (ii) a prohibition of such indemnification under law.

 

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

 

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

 

(f)            Notwithstanding
anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement shall be required
to be made prior to the final disposition of the Proceeding.

 

8.             Non-Exclusivity;
Survival of Rights; Insurance; Subrogation; No Presumption.

 

(a)            The
rights of indemnification as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any
time be entitled under law, the Articles, any agreement, a vote of shareholders, a resolution of directors or otherwise. No amendment,
alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement
in respect of any action taken or omitted by such Indemnitee in his Corporate Status prior to such amendment, alteration or repeal. To
the extent that a change in any applicable law, whether by statute or judicial decision, permits greater indemnification than would be
afforded currently under the Articles and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement
the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or
remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or
hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall
not prevent the concurrent assertion or employment of any other right or remedy.

 

(b)            To
the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees,
or agents or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other
enterprise that such person serves at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance
with its or their terms to the maximum extent of the coverage available for any director, officer, employee, agent or fiduciary under
such policy or policies. If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has director
and officer liability insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers
in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action
to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms
of such policies. In connection with any sale of the Company, including any merger, the Company shall use its reasonable commercial efforts
to maintain an insurance policy for a reasonable period or “tail” after the closing date of such sale or merger.

 

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(c)            In
the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery
of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such
documents as are necessary to enable the Company to bring suit to enforce such rights.

 

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

 

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

 

(f)            For
purposes of this Agreement, to the fullest extent permitted by law, the termination of any Proceeding, action, suit or claim, by judgment,
order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere, or its equivalent, shall
not create a presumption that the Indemnitee did not meet any particular standard of conduct or have any particular belief or that a court
has determined that indemnification is not permitted by applicable law unless the Indemnitee’s conduct shall be finally adjudged
to have been knowingly fraudulent, deliberately dishonest or willful misconduct, including, without limitation, breach of the duty of
loyalty.

 

9.             Exception
to Right of Indemnification.

 

Notwithstanding any provision
in this Agreement, the Company shall not be obligated under this Agreement to make any indemnity in connection with any claim made against
Indemnitee to the extent that:

 

(a)            such
payment it is prohibited by applicable law from paying as indemnity; or

 

(b)            Indemnitee
is indemnified by the Company otherwise than pursuant to this Agreement and such payment is made to such Indemnitee; or

 

(c)            such
claim is brought about or contributed to by the fraud or actionable offense by the Indemnitee seeking payment hereunder; or

 

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(d)            such
claim has been decided in a Proceeding adversely to the Indemnitee based upon or attributable to the Indemnitee gaining in fact any personal
profit or advantage to which he was not legally entitled; or

  

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

 

(f)            for
an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the
meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of state statutory law or
common law; or in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or
any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless
(i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Company provides
the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law.

 

10.           Duration
of Agreement.

 

All agreements and obligations
of the Company contained herein shall continue during the period Indemnitee is a director of the Company (or is or was serving at the
request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise),
plus three (3) years thereafter, and shall continue in all events thereafter so long as Indemnitee shall be subject to any Proceeding
(or any proceeding commenced under Section 7) by reason of his Corporate Status, not matter when instituted, whether or not he is
acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under
this Agreement. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective
successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of
the business or assets of the Company), assigns, spouses, heirs, executors and personal and legal representatives. Notwithstanding the
foregoing, no legal action shall be brought and no cause of action shall be asserted by or on behalf of the Company or any affiliate of
the Company against the Indemnitee, the Indemnitee’s spouse, heirs, executors or personal or legal representatives after the expiration
of two years from the date of accrual of such cause of action, and any claim or cause of action of the Company or its affiliate shall
be extinguished and deemed released unless asserted by the timely filing of a legal action within such period; provided, however, that
if any shorter statute of limitations is otherwise applicable to any such cause of action, such shorter statute of limitations shall govern.

 

11.           Security.

 

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

 

    - 11 - 

     

    

 

12.             Enforcement.

 

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

 

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

 

13.           Definitions.

 

For purposes of this Agreement

 

(a)            “Corporate
Status” describes the status of a person who is or was a director, officer, employee, agent or fiduciary of the Company, a subsidiary
of the Company or of any other corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other
enterprise that such person is or was serving at the express written request of the Company. For the avoidance of doubt, “Corporate
Status” does not include the status of a person described in the foregoing sentence in his or her role as a representative of any
shareholder of the Company.

 

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

 

(c)            “Enterprise”
shall mean the Company and any other corporation, partnership, limited liability company, joint venture, trust, employee benefit plan
or other enterprise that Indemnitee is or was serving at the express written request of the Company as a director, officer, employee,
agent or fiduciary.

 

(d)            “Expenses”
shall include all attorneys’ fees, disbursements, retainers, court costs, transcript costs, fees of experts, witness fees, travel
expenses, electronic discovery and storage costs, duplicating costs, printing and binding costs, telephone charges, postage, delivery
service fees and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing
to prosecute or defend, investigating, participating, or being or preparing to be a witness in a Proceeding. Expenses also shall include
Expenses incurred in connection with any appeal resulting from any Proceeding, including without limitation the premium, security for,
and other costs relating to any cost bond, supersede as bond, or other appeal bond or its equivalent. Expenses, however, shall not include
amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

 

    - 12 - 

     

    

 

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

 

(f)            “Proceeding”
includes any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry,
administrative hearing or any other actual, threatened or completed proceeding, whether brought by or in the right of the Company or otherwise
and whether civil, criminal, administrative or investigative, in which Indemnitee was, is or will be involved as a party or otherwise,
by reason of the fact that Indemnitee is or was an officer or director of the Company, by reason of any action taken by him or of any
inaction on his part while acting as an officer or director of the Company, or by reason of the fact that he is or was serving at the
request of the Company as a director, officer, employee, agent or fiduciary of another corporation, partnership, limited liability company,
joint venture, trust or other Enterprise; in each case whether or not he is acting or serving in any such capacity at the time any liability
or expense is incurred for which indemnification can be provided under this Agreement; including one pending on or before the date of
this Agreement, but excluding one initiated by an Indemnitee pursuant Section 7 to enforce his rights under this Agreement.

 

14.           Severability.

 

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

 

15.           Interpretation;
Governing Law.

 

This Agreement shall be construed
as a whole and in accordance with its fair meaning and any ambiguities shall not be construed for or against either party. Headings are
for convenience only and shall not be used in construing meaning. This Agreement shall be governed and interpreted in accordance with
the laws of the State of New York without regard to the conflict of laws principles thereof.

 

    - 13 - 

     

    

 

16.           Modification
and Waiver.

  

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

 

17.           Notice
By Indemnitee.

 

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

 

18.           Notices.

 

All notices and other communications
given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given: (a) upon personal delivery to
the party to be notified, (b) when sent by confirmed electronic mail if such address is so provided under this Section 17 and
sent during normal business hours of the recipient, and if not so confirmed, then on the next business day, (c) five (5) days
after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after
deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications
shall be sent:

 

(a)            To
Indemnitee at the address set forth below Indemnitee signature hereto or to the address that the Company has on file for tax purposes.

 

(b)            To
the Company at: 

COFCO Tower 

11th Floor 262 Gloucester
Road 

Causeway Bay 

Hong Kong 

Attention: Secretary of the
Corporation

 

or to such other address as
may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be; provided, that any notice providing
such other address shall be effective only if such notice expressly references this Agreement and this Section 17.

 

    - 14 - 

     

    

 

19.           Counterparts.

 

This Agreement may be executed
in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same Agreement.
This Agreement may also be executed and delivered by electronic signature and in two or more counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the same instrument.

  

20.           Headings.

 

The headings of the Sections
of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction
thereof.

 

[remainder of this page intentionally left
blank]

 

    - 15 - 

     

    

 

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

 

 

	 	COMPANY
	 	 
	 	Graphex Group Limited
	 	 
	 	 
	 	By:	                 
	 	 	Name:
	 	 	Title:

 

	INDEMNITEE	 
	 	 
	 	 
	 	 
	[Signature]	 
	Name:	 
	Address for notices	 
	[On file with the Company]	 

  

    - 16 -Exhibit 10.9

 

Dated the 21st day of August 2014

 

BETWEEN

 

EARTHASIA INTERNATIONAL HOLDINGS LIMITED

(as Settlor)

 

AND

 

BANK OF COMMUNICATIONS TRUSTEE LIMITED

(as Trustee)

 

TRUST DEED

 

CONSTITUTING

 

THE EARTHASIA SHARE AWARD SCHEME

 

 

     

     

    

 

Table of Contents

 

Page

 

	1	DEFINITIONS
    AND INTERPRETATION	1
	2	PRINCIPAL
    TRUSTS	5
	3	EXPIRY
    OF THE TRUST PERIOD	8
	4	INVESTMENT
    POWERS	8
	5	DIRECTIONS
    AND ADDITIONAL POWERS	8
	6	TRUSTEE	10
	7	REMUNERATION
    OF TRUSTEE	11
	8	PERSONAL
    INTERESTS OF TRUSTEE	11
	9	PROTECTION
    OF TRUSTEE	12
	10	INFORMATION
    SUPPLIED	12
	11	POWER
    OF MODIFICATION AND PERPETUITY RESTRICTION	13
	12	PROPER
    LAW	14
	13	EXCLUSIONS
    FROM BENEFIT	14
	14	NATURE
    OF THE TRUST	15
	15	IRREVOCABILITY
    OF TRUSTS	15
	16	SEVERABILITY	15
	Schedule
    1	17
	Schedule
    2	19

 

     

     

    

 

THIS TRUST DEED is made the day of

 

BETWEEN

 

		(1)	EARTHASIA INTERNATIONAL HOLDINGS LIMITED, a company incorporated in the Cayman Islands whose principal
place of business in Hong Kong is at Room 1101-2, 11/F., Top Glory Tower, 262 Gloucester Road, Causeway, Hong Kong (the “Settlor”)
of the one part; and

 

		(2)	BANK OF COMMUNICATIONS TRUSTEE LIMITED, a company incorporated in Hong Kong whose registered office
is at 1/F., Fast East Consortium Building, 121 Des Voeux Road, Central, Hong Kong (the “Trustee”) of the other part.

 

WHEREAS:

 

		(A)	The parties hereto establish, by the execution of this Trust Deed, and by the adoption by the Settlor
of the Scheme Rules (as defined and in its present form, as set out in Schedule 2 herein), an employees’ share award scheme, for
the purposes of facilitating the purchase and holding of shares in the Settlor for the benefit of the employees of the Settlor and any
Subsidiary and in such manner as the Board may determine from time to time;

 

		(B)	It is contemplated that the Settlor will transfer cash and may pay further sums to the Trustee from time
to time to enable the Trustee to exercise its powers to purchase, pursuant to the Scheme Rules, ordinary shares in the capital of the
Settlor on the market to be held upon the trust hereof or to pay expenses in relation to the administration of the Trust; and

 

		(C)	The Trustee has agreed to act as the first trustee of the Trust.

 

NOW THIS DEED WITNESSETH as follows:

 

		1	DEFINITIONS AND INTERPRETATION

 

		1.1	In this Trust Deed, unless the context otherwise requires, the following words and expressions shall have
the following meanings:

 

	 	“Adoption Date”	21 August 2014 , being the date on which the Board adopted the Scheme Rules for the establishment of the Scheme;
	 	“Award”	an award of Awarded Shares by the Board to a Selected Employee pursuant to the Scheme;
	 	“Awarded Share(s)”	in respect of a Selected Employee, such number of Shares awarded by the Board;
	 	“Board”	the board of directors of the Settlor;  such committee or such sub-committee or person(s) delegated with the power and authority by the board of directors of the Settlor to administer the Scheme;

 

    1

     

    

 

	 	“Business Day”	a day (other than Saturday) on which the Stock Exchange is open for trading and on which banks are open for business in Hong Kong;
	 	“Contributed Amount”	cash paid or made available to the Trust by way of settlement or otherwise contributed by the Settlor or any Subsidiary to the Trust as determined by the Board from time to time;
	 	“Director”	directors of the Settlor;
	 	“Employee”	any individual being an employee (including without limitation any executive director) of any member of the Group at any time during the Trust Period;
	 	“Excluded Employee”	any Employee who is resident in a place where the award of the Awarded Shares and/or the vesting and transfer of the Awarded Shares pursuant to the terms of the Scheme is not permitted under the laws or regulations of such place or where in the view of the Board or the Trustee (as the case may be), compliance with applicable laws or regulations in such place makes it necessary or expedient to exclude such Employee;
	 	“Grant Notice”	has the meaning ascribed to it in the Scheme Rules; 
	 	
    “Group” 
	the Settlor and its Subsidiaries from time to time, and “member of the Group” means any or a specific one of them;
	 	“HK$”	Hong Kong dollar, the lawful currency of Hong Kong;
	 	“Hong Kong”	the Hong Kong Special Administrative Region of the People’s Republic of China;
	 	“Listing Rules”	The Rules Governing the Listing of Securities on the Stock Exchange;
	 	
    “Residual Cash” 
	cash in the Trust Fund (including without limitation (i) any Contributed Amount or any remaining amount thereof; (ii) any cash income or dividends derived from Shares held under the Trust; (iii) other cash income or net proceeds of sale of non-cash and non-scrip distribution derived from or in respect of the Shares held under the Trust; and (iv) all interest or income derived from deposits maintained with licensed banks in Hong Kong) which has not been applied in the acquisition of any Shares;

 

    2

     

    

 

	 	“Returned Shares”	such Awarded Shares which are referable to a Selected Employee and which are not vested and/or forfeited in accordance with the terms of the Scheme, or such Shares being deemed to be Returned Shares pursuant to the terms and conditions set out herein;
	 	“Scheme Rules”	means the Rules relating to the Scheme, in its present form (as set out in Schedule 2) or as amended from time to time in accordance with the provisions thereof;
	 	“Scheme”	means the “Earthasia Share Award Scheme” constituted by the Scheme Rules;
	 	“Selected Employee(s)”	Employee(s) selected by the Board for participation in the Scheme;
	 	“SFO”	the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong);
	 	“Shares”	ordinary share(s) in the capital of the Settlor with a nominal value of HK$0.01 each (or of such other nominal amount as shall result from a sub-division, consolidation, reclassification, reduction or reconstruction of the share capital of the Settlor from time to time);
	 	“Stock Exchange”	The Stock Exchange of Hong Kong Limited;
	 	“Subsidiary”	a company which is for the time being and from time to time a subsidiary (within the meaning given under section 15 of the Companies Ordinance (Chapter 622 of the Laws of Hong Kong)) of the Settlor, whether incorporated in Hong Kong or elsewhere;
	 	“Trust Deed”	the provisions of this deed as restated, supplemented and amended from time to time pursuant to and in accordance with Clause 11;

 

    3

     

    

 

	 	“Trust Fund”	
    the funds and properties
    held under the Trust and managed by the Trustee for the benefit of the Employees (other than the Excluded Employees), including without
    limitation:

     

	 	 	(a)	all
    Shares acquired by the Trustee for the purpose of the Trust out of the Residual Cash and such other scrip income (including but not limited
    to bonus Shares and scrip dividends declared by the Settlor) derived from the Shares held upon the Trust;
	 	 	(b)	any
    Residual Cash;
	 	 	(c)	any
    Awarded Shares or other property to be vested or not vested with the Selected Employee under the terms of the Scheme; and
	 	 	(d)	all
    other properties from time to time representing (a), (b) and (c) above;
	 	“Trust Period”	
    means the period beginning with the Adoption Date
    and ending upon the first to happen of the following, namely:

     

    (a)      20
    August 2024 , being the expiry of the period of 10 years beginning from the Adoption Date; or

     

    (b)      such
    date of early termination as determined by the Board.

     

	 	“Trust”	the trust constituted by this Trust Deed;
	 	“Trustee”	the Trustee and any additional or replacement trustees, being the trustee or trustees for the time being declared in this Trust Deed;
	 	“Vesting Date”	in respect of a Selected Employee, the date on which his entitlement to the Awarded Shares is vested in such Selected Employee in accordance with the Scheme; and
	 	“Vesting Notice”	has the meaning ascribed to it in the Scheme Rules.

		1.2	For the purposes of the interpretation of this Trust Deed:

 

		(a)	the headings are inserted for convenience only and shall not limit, vary, extend or otherwise affect the
construction of any provision of this Trust Deed;

 

		(b)	references to Clauses are references to clauses of this Trust Deed;

 

		(c)	references to any statute or statutory provision shall be construed as references to such statute or statutory
provision as respectively amended, consolidated or re-enacted, or as its operation is modified by any other statute or statutory provision
(whether with or without modification), and shall include any subsidiary legislation enacted under the relevant statute;

 

    4

     

    

 

		(d)	expressions in the singular shall include the plural and vice versa;

 

		(e)	expressions in any gender shall include other genders; and

 

		(f)	references to persons shall include bodies corporate, corporations, partnerships, sole proprietorships,
organisations, associations, enterprises, branches and entities of any other kind.

 

		2	PRINCIPAL TRUSTS

 

		2.1	The Settlor or any Subsidiary may from time to time at its sole discretion transfer, pay or credit sums
of money to the Trustee for the purchase of Shares to be held on trust in accordance with this Trust Deed and the Scheme Rules. Subject
to the provisions of Clause 13, the Trustee shall during the Trust Period hold the Trust Fund UPON TRUST exclusively for all or such one
or more of the Employees subject to the terms and conditions set out herein and in the Scheme Rules.

 

		2.2	It being the intention that any transfers, payments or credits made to the Trustee in accordance with
this Trust Deed shall be entirely at the discretion of the Settlor or any Subsidiary making such transfer, payment or credit, nothing
in this Trust Deed shall confer on the Trustee any right to have any such transfer, payment or credit made or create any trust in regard
to the money intended to be transferred, paid or credited unless and until the same shall have been actually transferred, paid or credited
to the Trustee.

 

		2.3	The Trustee may, during the Trust Period, apply the Residual Cash towards (i) the payment of the fees,
costs and expenses of the Trust in accordance with Clause 7.3 and (ii) the remainder, if any, as part of the Trust Fund subject to instructions
to purchase Shares given to the Trustee by the Board from time to time.

 

Contribution of
funds to the Trust

 

		2.4	The Board may from time to time cause to be paid a Contributed Amount to the Trust by way of settlement
or otherwise contributed by the Settlor or any Subsidiary as directed by the Board which shall constitute part of the Trust Fund, for
the purchase of Shares and other purposes set out in the Scheme Rules and the Trust Deed.

 

		2.5	Subject to the Scheme Rules, the Board may from time to time instruct the Trustee in writing to purchase
Shares on the Stock Exchange. Once purchased, the Shares are to be held by the Trustee for the benefit of Employees under the Trust on
and subject to the terms and conditions of the Scheme and the Trust Deed. On each occasion when the Board instructs the Trustee to purchase
Shares on the Stock Exchange, it shall specify the maximum amount of funds to be used and the range of prices at which such Shares are
to be purchased. The Trustee may not incur more than the maximum amount of funds or purchase any Shares at a price falling outside the
range of prices so specified unless with the prior written consent of the Board.

 

    5

     

    

 

		2.6	As soon as practicable after receiving the notice setting out the instructions from the Board under Clause
2.5 with respect to the purchase of the Shares on the Stock Exchange and during such period until being notified by the Board to suspend
or cease the purchase, the Trustee shall apply such amount of Residual Cash towards the purchase of such maximum board lot of Shares within
the range of prices in accordance with Clause 2.5 according to the instructions set out in the notice. The Trustee shall also pay the
related purchase expenses (including for the time being, the brokerage fee, stamp duty, the Securities and Futures Commission transaction
levy and Stock Exchange trading fee) and such other necessary expenses required for the completion of the purchase of the Shares out of
the Residual Cash. For the avoidance of doubt, the Shares so purchased and the remaining balance of any Residual Cash shall form part
of the Trust Fund. The Trustee is not obliged to purchase any Shares unless the prevailing market price of the Shares falls within the
range of prices in accordance with Clause 2.5 and that the Trustee has sufficient funds in the Trust to undertake the purchase of such
Shares.

 

		2.7	The Trustee shall keep the Board informed from time to time of the number of Shares purchased and the
price at which those Shares have been purchased. If, for any reason, the Trustee shall not be able to purchase any or all of the Shares
with the maximum amount of funds provided by the Board, where the range of prices at which such Shares are to be purchased has been specified
by the Board in the notice as provided in Clause 2.5 within ten (10) Business Days on which the trading of the Shares has not been suspended
on the Stock Exchange after being instructed by the Board to do so, the Trustee shall notify the Board in writing. The Board shall then
decide on whether to instruct the Trustee to continue with such purchase and the conditions thereof.

 

Vesting of Awarded
Shares

 

		2.8	Subject to the terms and condition of the Scheme and the fulfillment of all vesting conditions to the
vesting of the Awarded Shares on such Selected Employee as specified in the Scheme and the Grant Notice, the respective Awarded Shares
held by the Trustee on behalf of the Selected Employee pursuant to the provision hereof shall vest in such Selected Employee in accordance
with the vesting schedule (if any) as set out in the Grant Notice, and the Trustee shall cause the Awarded Shares to be transferred to
such Selected Employee on the Vesting Date.

 

		2.9	Subject to the receipt by the Trustee of (a) the reply slip to the Vesting Notice and transfer documents
prescribed by the Trustee and duly signed by the Selected Employee within the period stipulated in the Vesting Notice, (b) a confirmation
from the Board that all vesting conditions having been fulfilled, and (c) certified copies of the identification documents of the Selected
Employee at least ten (10) Business Days prior to the Vesting Date, the Trustee shall transfer the relevant Awarded Shares to the relevant
Selected Employee as soon as practicable on or after the Vesting Date and in any event not later than twenty-eight (28) Business Days
after the Vesting Date.

 

    6

     

    

 

		2.10	The Board may at its discretion, with or without further conditions, grant additional Shares or cash award
out of the Trust Fund representing all or part of the income or distributions (including but not limited to cash income or dividends,
cash income or net proceeds of sale of non-cash and non-scrip distribution, bonus Shares and scrip dividends) declared by the Settlor
or derived from such Awarded Shares during the period from the date of Award to the Vesting Date to a Selected Employee upon the vesting
of any Awarded Shares. In such case the Board shall deliver a Grant Notice to the Selected Employee and the Trustee specifying the number
of additional Shares and cash amount to be granted to the Selected Employee. The Trustee shall transfer the specified number of additional
Shares and the cash award, together with the Awarded Shares, to the Selected Employee on the Vesting Date in accordance with Clause 2.9.

 

		2.11	Notwithstanding anything hereinbefore contained but subject always to the provisions of Clause 13, it
shall be lawful for the Trustee in exercise of its foregoing powers, duties and discretions to pay or apply the capital of the Trust Fund
for the benefit of all or any one or more of the Employees:

 

		(a)	by purchasing Shares to be held upon the trust hereof; and

 

		(b)	by transferring legal and/or beneficial interest in Shares to a Selected Employee,

 

in each case in accordance with this
Trust Deed and the Scheme Rules.

 

		2.12	In the exercise of its powers and discretions the Trustee shall at all times have regard to the purpose
for which the Trust is established (as set out in Recital (A) above) and shall act in accordance with the Scheme Rules.

 

		2.13	The Board may, at any time after it has instructed the Trustee to purchase any Shares in accordance with
Clause 2.5, instruct the Trustee in writing to cease purchasing Shares or to suspend purchasing Shares until further notice (without specifying
any reasons therefor). Without prejudice to the provision of this Trust Deed and Scheme Rules, the Trustee shall not deal in Shares at
any time if the Trustee is aware or has received notice in writing from the Settlor that any such dealing at that time would cause the
Settlor or any Subsidiary or any director, officer or employee of the Settlor or any Subsidiary to be in breach of any provisions of the
Listing Rules or any other applicable law, rules or regulations, from time to time.

 

		2.14	The discretions conferred upon the Trustee by this Trust Deed or by law shall be absolute and unfettered
discretions so long as such discretions are exercised in accordance with this Trust Deed and the Scheme Rules, and on this basis the Trustee
shall not be obliged to give any person beneficially interested hereunder any reason or justification for any exercise or non-exercise
of such discretions.

 

    7

     

    

 

		3	EXPIRY OF THE TRUST PERIOD

 

The Trustee shall hold the capital and
income of the Trust Fund at the expiry of the Trust Period in accordance with the provisions of this Clause 3. Upon expiry of the Trust
Period, the Trustee shall dispose of all Shares remaining in the Trust Fund on the market within 28 Business Days (on which the trading
of the Shares has not been suspended) of receiving notice of such termination of the Scheme from the Board (or such longer period as the
Trustee and the Board may otherwise determine). The Trustee shall also remit to the Settlor forthwith all net proceeds of sale referred
to hereinabove and such other funds and properties remaining in the Trust Fund managed by the Trustee (after making appropriate deductions
in respect of all disposal costs, liabilities and expenses). For the avoidance of doubt, the Trustee may not transfer any Shares to the
Settlor nor may the Settlor otherwise hold any Shares whatsoever (other than its interest in the proceeds of sale of such Shares pursuant
to this Clause 3).

 

		4	INVESTMENT POWERS

 

The Trust Fund or any part of it shall
be applied in purchasing Shares as provided in the Scheme Rules and as instructed by the Board from time to time and insofar as the Trust
Fund or any part of it is not so applied, it may be placed on current or deposit account with any bank and the Trustee shall not be required
to invest, or to invest at interest, the Trust Fund or any part of it.

 

		5	DIRECTIONS AND ADDITIONAL POWERS

 

		5.1	In addition to all the powers vested in trustees by law or statute, the Trustee shall have the powers
regarding the Trust Fund set out in the Schedule 1 to this Trust Deed insofar as the exercise of the same shall not be inconsistent with
the trusts of this Trust Deed and the Scheme Rules.

 

		5.2	Each such power shall be a separate power in addition and without prejudice to the generality of all other
powers vested in the Trustee, and the Trustee may exercise all or any of the same from time to time, without the intervention of any Employee
or Selected Employee, in such manner and to such extent as it shall in its absolute discretion think fit.

 

		5.3	Notwithstanding that the Trustee is the legal registered holder of the Shares held upon trust pursuant
to this Trust Deed, the Trustee shall not exercise the voting rights attached to such Shares.

 

		5.4	If there occurs an event of change in control of the Settlor, whether by way of offer, merger, scheme
of arrangement or otherwise prior to the Vesting Date, the Board shall determine at its discretion whether such Awarded Shares shall vest
in the Selected Employee and the time at which such Awarded Shares shall vest. Subject to the receipt by the Trustee of duly executed
prescribed transfer documents within seven (7) Business Days from the deemed Vesting Date, the Trustee shall transfer the Awarded Shares
to the Selected Employee. For the purpose of this Clause 5.4, “control” shall have the meaning as specified in the Hong Kong
Codes on Takeovers and Mergers and Share Repurchases from time to time.

 

    8

     

    

 

 

		5.5	In the event the Settlor undertakes a subdivision or consolidation of the Shares, all fractional shares
arising out of such consolidation in respect of the Awarded shares of a Selected Employee shall be deemed as Returned Shares for the purposes
of the Scheme and shall not be transferred to the relevant Selected Employee on the relevant Vesting Date.

 

		5.6	In the event the Settlor undertakes an open offer of new securities in respect of any Shares which are
held by the Trustee under the Scheme, the Trustee shall not subscribe for any new Shares. In the event of a rights issue, the Trustee
shall sell such amount of the nil-paid rights allotted to it on the market as is appropriate and, subject to Clause 2.10, the net proceeds
of sale of such rights shall be held as part of the Trust Fund.

 

		5.7	In the event the Settlor issues bonus warrants in respect of any Shares which are held by the Trustee,
the Trustee shall not subscribe for any new Shares by exercising any of the subscription rights attached to the bonus warrants and shall
sell the bonus warrants created and granted to it on the market, subject to Clause 2.10, the net proceeds of sale of such bonus warrants
shall be held as part of the Trust Fund.

 

		5.8	In the event that the Settlor undertakes an issue of bonus Shares, subject to Clause 2.10, the bonus Shares
allotted with respect to any Shares which are held by the Trustee shall be held as part of the Trust Fund.

 

		5.9	In the event the Settlor undertakes a scrip dividend scheme, the Trustee shall elect to receive scrip
Shares and, subject to Clause 2.10, scrip Shares allotted with respect to any Shares which are held by the Trustee shall be held as part
of the Trust Fund.

 

		5.10	In the event of other non-cash and non-scrip distribution made by the Settlor in respect of Shares held
upon the Trust, the Trustee shall dispose of such distribution and, subject to Clause 2.10, the net sale proceeds thereof shall be deemed
as cash income of a Share held as part of the Trust Fund.

 

		5.11	If notice is duly given by the Settlor to its shareholders to convene a shareholders’ meeting for
the purpose of considering a resolution for the voluntary winding-up of the Settlor (otherwise than for the purposes of, and followed
by, an amalgamation or reconstruction in such circumstances that substantially the whole of the undertaking, assets and liabilities of
the Settlor pass to a successor company) or an order of winding up of the Settlor is made, the Board shall determine at its discretion
whether such Awarded Shares shall vest in the Selected Employee and the time at which such the Awarded Shares shall vest. If the Board
determines that any Awarded Shares shall vest, it shall promptly notify the Selected Employee and shall use its reasonable endeavours
to procure the Trustee to take such action as may be necessary to transfer the legal and beneficial ownership of the Awarded Shares which
are to become vested in such Selected Employee to such Selected Employee.

 

    9

     

    

 

		6	TRUSTEE

 

		6.1	Subject to Clause 6.5, the Settlor shall have the power to appoint a new Trustee and to remove any person
as a Trustee of the Trust on giving not less than one month’s notice in writing to such Trustee PROVIDED ALWAYS that the power for
removal of the Trustee conferred by this Clause 6.1 shall only be operative and capable of taking effect from the date on which the Trustee
to be removed receives notice in writing of such removal.

 

		6.2	Where a new Trustee is appointed for the whole or any part or parts of the Trust Fund, the Settlor may
appoint any person or persons as Trustee notwithstanding that such person or persons may be resident, domiciled, carrying on business
or (if a body corporate) incorporated outside Hong Kong and so that (notwithstanding that thereafter there may be only one Trustee of
the Trust Fund or the part or parts thereof) the receipt of such person or persons for the whole or such part or parts of the Trust Fund
as may be paid or transferred to such person or persons pursuant to such appointment shall be a good discharge to any other Trustee accordingly.

 

		6.3	A Trustee may, at any time, by written notice given to the Settlor and to the remaining Trustee(s) (if
any), retire from his office at the expiry of one month from the date when such notice is received by the Settlor or any shorter period
agreed in writing by the Settlor PROVIDED THAT such retirement shall not take effect unless there is a remaining Trustee or until immediately
after a replacement Trustee is appointed (if there is no remaining Trustee).

 

		6.4	An outgoing Trustee shall at the cost of the Trust Fund, execute and do or make all such transfers or
other documents, acts or things as may be necessary for vesting the Trust Fund in the new or continuing Trustee or placing it under its
control and shall be bound and entitled to assume that any new Trustee is a proper person to have been appointed and the new or continuing
Trustee shall cause the endorsement of a memorandum hereof as to the trusteeship in accordance with Clause 6.5 PROVIDED ALWAYS that where
an outgoing Trustee is liable as a trustee hereof for any duties or taxes or fiscal impositions (including without prejudice to the generality
of the foregoing words, capital gains, wealth, gifts, probate, succession, death or any other duties or taxes on capital or income) wheresoever
arising and whether or not enforceable through the courts of the place where such Trustee is resident or where the Trust is for the time
being administered then that Trustee shall not be bound to transfer the Trust Fund as aforesaid unless reasonable security is provided
for indemnifying the Trustee against such liability AND PROVIDED THAT the termination of appointment of the outgoing Trustee was due to
gross negligence, fraud, wilful misconduct, default, omission or negligence on such Trustee or breach of terms of this Trust Deed or the
Scheme Rules by the Trustee, the aforesaid costs and expenses shall be borne by the outgoing Trustee.

 

		6.5	On every change in the trusteeship a memorandum shall be endorsed on or permanently annexed to this Trust
Deed stating the names of the person or persons who is or are the Trustee or Trustees for the time being and shall be signed by the persons
so named and any person dealing with the affairs of the Trust shall be entitled to rely upon any such memorandum (or the latest of such
memoranda if more than one) as sufficient evidence that the persons named therein are duly constituted Trustees.

 

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		7	REMUNERATION OF TRUSTEE

 

		7.1	A Trustee or any director or other officer of a body corporate acting as a Trustee being an individual
engaged in any profession or business, shall be entitled to be paid all usual professional or proper charges for work done by him, his
firm or his company in connection with the Trust, on such terms and conditions as may have been agreed by the Settlor and the Trustee
from time to time, including the right to remuneration and the incidence thereof whether such work is in the ordinary course of his profession
or business or not, including acts which a trustee, not being in any profession or business, could have done personally.

 

		7.2	Any corporate body acting as a trustee:

 

		(a)	may carry out, in its own office, in connection with the trusts declared in this Trust Deed, any business
which by its constitution it is authorised to undertake and in which it is then, in fact, ordinarily engaged, upon the same terms as would
for the time being be made with an ordinary customer and if it is a bank, it shall be entitled to act as a banker to and make advances
to the Trustee in connection with the Trust, without accounting for any profit thereby made and in all respects as if it were not a Trustee;

 

		(b)	may employ as a banker or investment adviser or other agent, on behalf of the Trust, any company, firm
or enterprise associated with it PROVIDED THAT such agent is authorised by its constitution to undertake such business and that it is,
in fact, ordinarily so engaged and that all charges made by it for work done or services provided in connection with the Trust are reasonable
and proper.

 

		7.3	All reasonable fees, costs and expenses referred to in this Clause 7 properly incurred by the Trustee
shall be funded to the extent possible from any cash income of the Trust Fund as provided under Clause 2.3. To the extent the cash income
from the Trust Fund is not sufficient to fund all such fees, costs and expenses, the Settlor will provide the Trustee with additional
funds to settle such fees, costs and expenses. For the avoidance of doubt, in the event the Trustee has to incur expenses (including fees
charged by other professional advisors to the Trustee), no such expenditure shall be incurred without the prior written consent of the
Board.

 

		8	PERSONAL INTERESTS OF TRUSTEE

 

		8.1	No decision of or exercise of a power by the Trustee shall be invalidated or questioned on the grounds
that the Trustee had an interest in a personal or fiduciary capacity as a result of any decision or in the exercising of any power in
accordance with this Trust Deed and the Scheme Rules PROVIDED ALWAYS that the duties and obligations of the Trustee under this Trust Deed
would not be affected or prejudiced or affected in any respect.

 

    11

     

    

 

		8.2	A Trustee shall not be precluded from purchasing, holding or dealing with any debentures, debenture stock,
shares or other securities whatsoever of the Settlor or any Subsidiary or from entering into any contract or other transaction with the
Settlor or such Subsidiary or being interested in any such contract or transaction and none of them shall be in any manner whatsoever
liable to account to the Settlor or the Selected Employees for any profits made or benefits obtained by him or it thereby or in connection
therewith PROVIDED ALWAYS that the duties and obligations of the Trustee under this Trust Deed would not be affected or prejudiced or
affected in any respect.

 

		8.3	Any Trustee or any associate or person or body connected with the Trustee to be employed and remunerated
in any way connected with the Trust Fund may keep as his property (and without being liable to account therefor) any remuneration, fees
or profits received by him in any such capacity, notwithstanding that his situation or office may have been obtained, held or retained
by means or by reason of his position as a Trustee or of any shares, stock, property, rights or powers whatever belonging to or connected
with the Trust Fund.

 

		9	PROTECTION OF TRUSTEE

 

		9.1	In the execution of the trusts and powers contained in this Trust Deed, no Trustee shall be liable for
any loss arising by reason of any mistake or omission made in good faith by him except for gross negligence, fraud, wilful misconduct,
default, omission or negligence on the part of the Trustee who is sought to be made liable.

 

		9.2	The Settlor HEREBY COVENANTS with the Trustee that it will at all times hereafter keep the Trustee fully
indemnified and harmless both before as well as after any removal or retirement of a trustee pursuant to Clause 6 hereof against all claims,
losses, demands, actions, proceedings, charges, expenses, costs, damages, taxes, duties and other liabilities that may be suffered or
properly incurred by them or by any of them in connection with the execution of the trusts and powers of this Trust Deed other than liabilities
arising as a consequence of gross negligence, fraud, wilful misconduct, default, omission or negligence of the Trustee.

 

		10	INFORMATION SUPPLIED

 

		10.1	The Trustee shall be entitled to rely, without further enquiry, on all information supplied to it by the
Settlor and/or the Board and/or any Subsidiary and/or any director or duly authorised officer of such company with regard to its duties
as trustee of the Trust and in particular, but without prejudice to the generality of the foregoing, any notice given by the Settlor and/or
the Board and/or any Subsidiary and/or any director or duly authorised officer of the Settlor to the Trustee in respect of the eligibility
of any person to become or remain a Selected Employee shall be final and conclusive.

 

    12

     

    

 

		10.2	The Trustee shall (and shall ensure that its directors, officers, employees, agents and advisers shall)
safeguard, treat as confidential and not use for any purposes other than for the Trust and the Scheme, any information, documents or materials
which it acquires in connection with or relate to the Group, its business, the Trust or the Scheme. No announcement, circular or other
communication (each an Announcement) concerning the existence or content of the Trust or the Scheme shall be made by the Trustee without
the prior written approval of the Settlor.

 

		10.3	The obligations of confidentiality in Clause 10.2 shall survive the expiry of the Trust Period and shall
continue unless and until any of the relevant confidential information enters the public domain through no fault of the Trustee or of
any other person owing a duty of confidentiality to the Group.

 

		11	POWER OF MODIFICATION AND PERPETUITY RESTRICTION

 

		11.1	During the Trust Period, with the prior written consent of the Trustee, the Settlor shall have power,
so as to bind the Trustee, to vary, amend, modify, alter or extend the trusts, powers and provisions of this Trust Deed in any manner
and in any particular whatsoever by deed delivered to the Trustee revocable (during the Trust Period) or irrevocable, which shall be expressed
to be supplemental to this Trust Deed, and this Trust Deed shall then and construed and take effect as if the provisions of such deed
were incorporated in this Trust Deed PROVIDED THAT no exercise of these powers may:

 

		(a)	confer on any person other than an Employee any eligibility or entitlement to benefit under the Trust
without the prior consent of the Trustee in writing (such consent not to be unreasonably withheld or delayed); or

 

		(b)	extend the power conferred by this Clause 11 or remove the restrictions contained in this proviso without
the prior consent of the Trustee in writing (such consent not to be unreasonably withheld or delayed); or

 

		(c)	be effective to amend Clauses 5 (in respect of the powers of the Trustee), 6.4, 7, 8 or 9, or otherwise
to impose on the Trustee any obligations more onerous than their obligations under the Trust prior to such purported amendment without
the prior consent of the Trustee in writing (such consent not to be unreasonably withheld or delayed).

 

		11.2	Every power, authority or discretion conferred upon the Trustee or any other person and not expressly
made, which is exercisable only during a period allowed by law, shall (notwithstanding anything to the contrary herein expressed or implied)
only be exercisable during the Trust Period and during such further period if any (whether definite or indefinite) as in the case of the
particular power, authority or discretion the law may allow.

 

		11.3	The Settlor may, during the Trust Period, vary, amend, modify or alter any term of the Scheme Rules, provided
that, unless with the prior written consent of the Trustee, any such amendment or modification shall not impose any additional or more
onerous duties, responsibilities or liabilities on the Trustee. The Board shall notify the Trustee in writing as soon as practicable after
such amendments come into effect.

 

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		12	PROPER LAW

 

The trust(s) hereby created is/are established
under the laws of Hong Kong and subject as hereinafter provided the rights of the Selected Employees and the rights, powers and duties
of the Trustee under this Trust Deed and the construction of every provision of this Trust Deed shall be determined according to the laws
of Hong Kong.

 

		13	EXCLUSIONS FROM BENEFIT

 

Notwithstanding anything to the contrary
herein expressed or implied:

 

		13.1	no part of the Trust Fund or the income thereof shall at any time be paid or lent or otherwise applied
nor shall any power or discretion in this Trust Deed or by law conferred on the Trustee or on any other person in any circumstances be
exercisable or exercised in any manner which causes the Settlor or any one or more Subsidiaries to be in breach of any provisions of the
Listing Rules or any applicable laws, rules or regulations, from time to time (including but not limited to the Companies Ordinance (Chapter
622 of the Laws of Hong Kong));

 

		13.2	none of the powers, authorities or discretions hereby or by law conferred on the Trustee or on any person
shall at any time or in any circumstances whatsoever be exercisable in any manner which may benefit the Settlor or any Subsidiary and
no part of the capital or income of the Trust Fund shall at any time, or in any circumstances whatsoever, be paid to or applied for the
benefit of the Settlor or any Subsidiary and any implied trust in favour of the Settlor arising by operation of law is hereby expressly
excluded, PROVIDED THAT nothing in this Clause 13.2 shall operate to limit the power of the Trustee to return the Trust Fund to the Settlor
upon expiry of the Trust Period in accordance with Clause 3 or referred to in paragraph 3 of the Schedule 1 to this Trust Deed; and the
right of a Selected Employee to receive the Awarded Shares held by the Trustee hereunder shall be subject to such Shares having vested
in that Selected Employee (and such vesting not having lapsed) in accordance with the Scheme Rules.

 

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		14	NATURE OF THE TRUST

 

Notwithstanding any provision
of this Trust Deed:

 

		14.1	neither the provisions of this Trust Deed nor the Trust shall form part of any contract of employment
between any Selected Employee and the Settlor or Subsidiary nor (save as specifically provided) shall they confer on any person, employees
or former employees of the Settlor or of any Subsidiary any legal or equitable rights whatsoever against the Settlor or Subsidiary or
(save as objects of the Trust), the Trustee; and

 

		14.2	a Selected Employee ceasing to hold the office or employment or due to other incidences by virtue of which
he is or may cease to be a Selected Employee and not be eligible to participate in the Trust shall not be entitled to any compensation
for any loss of any right or benefit or prospective right or benefit under this Trust Deed.

 

		15	IRREVOCABILITY OF TRUSTS

 

The trusts hereby declared are irrevocable.

 

		16	SEVERABILITY

 

Each and every provision of this Trust
Deed shall be treated as a separate provision and shall be severally enforceable as such and in the event of any provision or provisions
being or becoming unenforceable in whole or in part. To the extent that any provision or provisions of this Trust Deed are unenforceable
they shall be deemed to be deleted from this Trust Deed, and any such deletion shall not affect the enforceability of this Trust Deed
as remain not so deleted.

 

    15

     

    

 

IN WITNESS whereof the parties hereto have hereunto
affixed their hands and seals the day and year first hereinbefore mentioned.

 

	THE COMMON SEAL of	)
	EARTHASIA INTERNATIONAL HOLDINGS LIMITED	)
	was hereunto affixed by	)
	resolution of the board of directors	)
	in the presence of:	)
	  	 
	THE COMMON SEAL of	)
	BANK OF COMMUNICATIONS	)
	TRUSTEE LIMITED	)
	was hereunto affixed by in the presence of:	)

 

    16

     

    

 

Schedule 1

 

ADDITIONAL POWERS OF THE TRUSTEE

AS MENTIONED IN CLAUSE 5

 

		1.	Power to accept additions to the Trust Fund and if it thinks fit to administer the same as one fund therewith
for all purposes.

 

		2.	Subject to the relevant Scheme Rules, power to hold or allow to remain in the name or under the control
of some or one only of the Trustee or of any person as nominee of the Trustee the whole or such part of the Trust Fund as the Trustee
shall in its absolute discretion think fit and the Trustee shall not be liable for any loss to the Trust Fund or the income thereof occasioned
by the exercise of this power, except in the case of gross negligence, fraud, wilful misconduct, default, omission or negligence.

 

		3.	Power to apply the Trust Fund or any part of it or the whole or any part of the income of the Trust Fund
in paying any stamp duty payable in respect of, and other costs, liabilities or expenses which may arise as a result of, any transfer
of or agreement to transfer Shares to a Selected Employee or which may otherwise arise out of the administration of the Trust Fund.

 

		4.	Power to pay any duties or taxes or other fiscal impositions (together with any related interest or penalties
or surcharges) for which the Trust or the Trust Fund may become liable in any part of the world and to have entire discretion as to the
time and manner in which such duties, taxes and fiscal impositions shall be paid and no person interested under this Trust Deed shall
be entitled to make any claim whatsoever against the Trustee by reason of its making such payment, except in the case of gross negligence,
fraud, wilful misconduct, default, omission or negligence.

 

		5.	Subject to the directions and/or consent from the Settlor, power to deduct or withhold from the sums of
money credited to the Trustee by the Settlor or any Subsidiary or from or in respect of any amounts paid or property transferred by the
Trustee to Selected Employees any amounts for which the Trustee may as trustee be accountable to any third party related to the Scheme.

 

		6.	Power to delegate to any other person or persons (including any one or more of themselves) all or any
of investment powers either by virtue of this Trust Deed or by virtue of its office as trustee PROVIDED THAT the Trustee shall not be
liable for the acts or defaults of any such delegate or for any loss to the Trust Fund resulting therefrom except for gross negligence,
fraud, wilful misconduct, default or omission on the part of the Trustee AND PROVIDED THAT the Trustee shall not be entitled to delegate
the exercise of discretionary trusts and powers in relation to the Trust Fund which require or empower the determination of beneficial
interests in the Trust.

 

		7.	If any transfer of property under this Trust Deed is to be made to a Selected Employee who has not attained
the age of 18 years, the Trustee may make such transfer direct to such Selected Employee and the Trustee shall be discharged from obtaining
a receipt or seeing to the application of such payment.

 

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		8.	Power to make any payment to any Selected Employee into such Selected Employee’s bank account and
in such case the Trustee shall be discharged from obtaining a receipt or seeing to the application of such payment.

 

		9.	Power to employ and pay at the expense of the capital or income (as may be proper) of the Trust Fund to
any agent in any part of the world and whether a lawyer, banker, accountant, stockbroker or other agent to transact any business or do
any act required to be transacted or done in the execution of the trusts hereof including the receipt and payment of money and the execution
of documents.

 

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Schedule 2

 

 

 

RULES RELATING TO

 

THE EARTHASIASHARE AWARD SCHEME

 

 

 

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		1	DEFINITIONS AND INTERPRETATION

 

		(A)	In these rules of the Scheme, unless the context otherwise requires, the following words and expressions
shall have the meaning shown opposite to them below:-

 

	 	“Adoption Date”	21 August 2014 , being the date on which the Scheme is adopted by the Company;
	 	 	 
	 	“Award”	an award of Awarded Shares by the Board pursuant to Paragraph 5.2(A) to a Selected Employee;
	 	 	 
	 	“Awarded Share(s)”	in respect of a Selected Employee, such number of Shares awarded by the Board;
	 	 	 
	 	“Board”	the board of directors of the Settlor;  such committee or such sub-committee or person(s) delegated with the power and authority by the board of directors of the Settlor to administer the Scheme;
	 	 	 
	 	“Business Day”	a day (other than Saturday) on which the Stock Exchange is open for trading and on which banks are open for business in Hong Kong;
	 	 	 
	 	“Company”	Earthasia International Holdings Limited (泛亞環境國際控股有限公司), an exempted company incorporated in the Cayman Islands with limited liability, the shares of which are listed on the Stock Exchange;
	 	 	 
	 	“Contributed Amount”	cash paid or made available to the Trust by way of settlement or otherwise contributed by the Company or any Subsidiary to the Trust as determined by the Board from time to time;
	 	 	 
	 	“Director”	directors of the Company;
	 	 	 
	 	“Employee”	any employee (including without limitation any executive director) of any member of the Group;
	 	 	 
	 	“Excluded Employee”	any Employee who is resident in a place where the award of the Awarded Shares and/or the vesting and transfer of the Awarded Shares pursuant to the terms of the Scheme is not permitted under the laws or regulations of such place or where in the view of the Board or the Trustee (as the case may be), compliance with applicable laws or regulations in such place makes it necessary or expedient to exclude such Employee;

 

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	 	“Grant Notice”	has the meaning ascribed to it in Paragraph 5.2(F);
	 	 	 
	 	“Group”	the Company and its Subsidiaries from time to time, and “member of the Group” means any or a specific one of them;
	 	 	 
	 	“HK$”	Hong Kong dollar, the lawful currency of Hong Kong;
	 	 	 
	 	“Hong Kong”	the Hong Kong Special Administrative Region of the People’s Republic of China;
	 	 	 
	 	“Listing Rules”	The Rules Governing the Listing of Securities on the Stock Exchange;
	 	 	 
	 	“Residual Cash”	cash in the Trust Fund (including without limitation (i) any Contributed Amount or any remaining amount thereof; (ii) any cash income or dividends derived from Shares held under the Trust; (iii) other cash income or net proceeds of sale of non-cash and non-scrip distribution derived from or in respect of the Shares held under the Trust; and (iv) all interest or income derived from deposits maintained with licensed banks in Hong Kong) which has not been applied in the acquisition of any Shares;
	 	 	 
	 	“Returned Shares”  	such Awarded Shares which are referable to a Selected Employee and which are not vested and/or forfeited in accordance with the terms of the Scheme,  or such Shares being deemed to be Returned Shares in accordance with the terms of the Scheme;
	 	 	 
	 	“Scheme”	the “Earthasia Share Award Scheme” constituted by the rules hereof, in its present form or as amended from time to time in accordance with the provisions hereof;
	 	 	 
	 	“Selected Employee(s)”	Employee(s) selected by the Board pursuant to Paragraph 5.2(A) for participation in the Scheme;
	 	 	 
	 	“SFO”	the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong);
	 	 	 
	 	“Shares”	ordinary share(s) in the capital of the Company with a nominal value of HK$0.01 each (or of such other nominal amount as shall result from a sub-division, consolidation, reclassification, reduction or reconstruction of the share capital of the Company from time to time);

 

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	 	“Stock Exchange”	The Stock Exchange of Hong Kong Limited;
	 	 	 
	 	“Subsidiary”	a company which is for the time being and from time to time a subsidiary (within the meaning given under section 15 of the Companies Ordinance (Chapter 622 of the Laws of Hong Kong)) of the Company, whether incorporated in Hong Kong or elsewhere;
	 	 	 
	 	“Trust”	the trust constituted by the Trust Deed;
	 	 	 
	 	Trust Deed”	a trust deed to be entered into between the Company and the Trustee (as restated, supplemented and amended from time to time);
	 	 	 

	 	“Trust Fund”	the funds and properties held under the Trust and managed by the Trustee for the benefit of the Employees (other than the Excluded Employees), including without limitation:  
	 	 	 
	 	 	(a)	all Shares
acquired by the Trustee for the purpose of the Trust out of the Residual Cash and such other scrip income (including but not limited
to bonus Shares and scrip dividends declared by the Company) derived from the Shares held upon the Trust;
	 	 	 
	 	 	(b)	any Residual Cash;
	 	 	 
	 	 	(c)	any Awarded Shares or other property to be vested or not vested
with the Selected Employee under the terms of the Scheme; and
	 	 	 
	 	 	(d)	all other properties from time to time representing (a), (b)
and (c) above; 

 

	 	“Trust Period”	shall have the meaning as set out in Clause 1.1 of the Trust Deed;
	 	 	 
	 	“Trustee”	Bank of Communications Trustee Limited, and any additional or replacement trustees, being the trustee or trustees for the time being of the trusts declared in the Trust Deed; 
	 	 	 
	 	“Vesting Date”	in respect of a Selected Employee, the date on which his entitlement to the Awarded Shares is vested in such Selected Employee in accordance with Paragraph 5.3(A) and other terms of the Scheme; and
	 	 	 
	 	“Vesting Notice”	has the meaning ascribed to it in Paragraph 5.3(B).

 

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		(B)	In these rules of the Scheme, save where the context otherwise requires:-

 

		(i)	the headings are inserted for convenience only and shall not limit, vary, extend or otherwise affect the
construction of any provision of these rules of the Scheme;

 

		(ii)	references to Paragraphs and Schedules are references to paragraphs and schedules of these rules of the
Scheme;

 

		(iii)	references to any statute or statutory provision shall be construed as references to such statute or statutory
provision as respectively amended, consolidated or re-enacted, or as its operation is modified by any other statute or statutory provision
(whether with or without modification), and shall include any subsidiary legislation enacted under the relevant statute;

 

		(iv)	expressions in the singular shall include the plural and vice versa;

 

		(v)	expressions in any gender shall include other genders; and

 

		(vi)	references to persons shall include bodies corporate, corporations, partnerships, sole proprietorships,
organisations, associations, enterprises, branches and entities of any other kind.

 

		2	PURPOSES AND OBJECTIVES

 

		(A)	The specific objectives of the Scheme are:-

 

		(i)	to recognise the contributions by certain Employees and to provide them with incentives in order to retain
them for the continual operation and development of the Group; and

 

		(ii)	to attract suitable personnel for further development of the Group.

 

		(B)	These rules serve to set out the terms and conditions upon which the incentive arrangement for the Employees
shall operate.

 

		3	DURATION

 

Subject to any early termination as may
be determined by the Board pursuant to Paragraph 10, the Scheme shall be valid and effective for a term of 10 years commencing on the
Adoption Date.

 

		4	ADMINISTRATION

 

		(A)	The Scheme shall be subject to the administration of the Board and the Trustee in accordance with the
rules of the Scheme and the Trust Deed. The decision of the Board with respect to any matter arising under the Scheme (including the interpretation
of any provision) shall be final and binding.

 

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		(B)	The Trustee shall hold the Trust Fund in accordance with the terms of the Trust Deed.

 

		5	OPERATION OF SCHEME

 

		5.1	Contribution of funds to the Trust

 

		(A)	The Board may from time to time cause to be paid a Contributed Amount to the Trust by way of settlement
or otherwise contributed by the Company or any Subsidiary as directed by the Board which shall constitute part of the Trust Fund, for
the purchase of Shares and other purposes set out in the Scheme Rules and the Trust Deed.

 

		(B)	Subject to Paragraphs 5.5(B) and 7(A), the Board may from time to time instruct the Trustee in writing
to purchase Shares on the Stock Exchange. Once purchased, the Shares are to be held by the Trustee for the benefit of Employees under
the Trust on and subject to the terms and conditions of the Scheme and the Trust Deed. On each occasion when the Board instructs the Trustee
to purchase Shares on the Stock Exchange, it shall specify the maximum amount of funds to be used and the range of prices at which such
Shares are to be purchased. The Trustee may not incur more than the maximum amount of funds or purchase any Shares at a price falling
outside the range of prices so specified unless with the prior written consent of the Board.

 

		(C)	As soon as practicable after receiving the notice setting out the instructions from the Company under
Paragraph 5.1(B) with respect to the purchase of the Shares on the Stock Exchange and during such period until being notified by the Board
to suspend or cease the purchase, the Trustee shall apply such amount of Residual Cash towards the purchase of such maximum board lot
of Shares within the range of prices in accordance with Paragraph 5.1(B) according to the instructions set out in the notice. The Trustee
shall also pay the related purchase expenses (including for the time being, the brokerage fee, stamp duty, the Securities and Futures
Commission transaction levy and Stock Exchange trading fee) and such other necessary expenses required for the completion of the purchase
of the Shares out of the Residual Cash. For the avoidance of doubt, the Shares so purchased and the remaining balance of any Residual
Cash shall form part of the Trust Fund. The Trustee is not obliged to purchase any Shares unless the prevailing market price of the Shares
falls within the range of prices in accordance with Clause 2.5 and that the Trustee has sufficient funds in the Trust to undertake the
purchase of such Shares.

 

		(D)	The Trustee shall keep the Board informed from time to time of the number of Shares purchased and the
price at which those Shares have been purchased. If, for any reason, the Trustee shall not be able to purchase any or all of the Shares
with the maximum amount of funds (where a the range of prices at which such Shares are to be purchased has been specified by the Board)
so specified in the notice within 10 Business Days on which the trading of the Shares has not been suspended on the Stock Exchange after
being instructed by the Board to do so, the Trustee shall notify the Board in writing. The Board shall then decide on whether to instruct
the Trustee to continue with such purchase and the conditions thereof.

 

    24

     

    

 

		5.2	Award of Awarded Shares of Selected Employees

 

		(A)	Subject to the provisions of the Scheme, including but not limited to the restrictions set out in Paragraphs
5.5(B), 7(A) and 7(B), the Board may, from time to time, at its absolute discretion select any Employee (other than any Excluded Employee)
for participation in the Scheme as a Selected Employee, and grant such number of Awarded Shares to any Selected Employee at no consideration
and in such number and on and subject to such terms and conditions as it may in its absolute discretion determine.

 

		(B)	In determining the number of Awarded Shares to be granted to any Selected Employee (excluding any Excluded
Employee), the Board shall take into consideration matters including, but without limitation to,

 

		(a)	the present contribution and expected contribution of the relevant Selected Employee to the profits of
the Group;

 

		(b)	the general financial condition of the Group;

 

		(c)	the Group’s overall business objectives and future development plan; and

 

		(d)	any other matter which the Board considers relevant.

 

		(C)	The Board is entitled to impose any conditions (including a period of continued service within the Group
after the Award), as it deems appropriate in its absolute discretion with respect to the vesting of the Awarded Shares on the Selected
Employee, and shall inform the Trustee and such Selected Employee the relevant conditions of the Award and the Awarded Shares. Notwithstanding
any other provisions of the Scheme, subject to applicable laws and regulations, the Board shall be at liberty to waive any vesting conditions
referred to in this Paragraph 5.2(C).

 

		(D)	Where any grant of Awarded Shares is proposed to be made to any Selected Employee who is an executive
Director, such grant must first be approved by all the members of the remuneration committee of the Company, or in the case where the
grant is proposed to be made to any member of the remuneration committee, by all of the other members of the remuneration committee.

 

		(E)	Where any grant of Awarded Shares is proposed to be made to any person who is a connected person of the
Company within the meaning of the Listing Rules, the Company shall comply with such provisions of the Listing Rules as may be applicable,
including any reporting, announcement and/or shareholders’ approval requirements, unless otherwise exempted under the Listing Rules.

 

    25

     

    

 

		(F)	After the Board has decided to make a grant of Awarded Shares to any Selected Employee, the Board shall
send a notice in substantially the form set out in Appendix 1 (the “Grant Notice”) to such Selected Employee with a
copy thereof to the Trustee within 5 Business Days after the grant was made, setting out the number of Awarded Shares so granted and the
conditions (if any) upon which such Awarded Shares were granted. The number of Awarded Shares specified in the Grant Notice shall, subject
to acceptance by the relevant Selected Employee in accordance with Paragraph 5.2(G), constitute the definitive number of Awarded Shares
being granted to him.

 

		(G)	Upon receipt of the Grant Notice, the Selected Employee shall confirm acceptance of the Awarded Shares
being granted to him by signing and returning to the Board the acceptance form attached to the Grant Notice within 5 Business Days after
the date of the Grant Notice (the “Acceptance Period”). As soon as practicable after the receipt of the acceptance
form duly signed by the relevant Employee, the Board shall forward a copy thereof to the Trustee.

 

		(H)	If the Employee fails to sign and return the acceptance form attached to the Grant Notice before the expiry
of the Acceptance Period, the grant of the Awarded Shares to such Employee shall lapse forthwith and the Awarded Shares shall remain as
part of the Trust Fund. Such Employee shall have no right or claim against the Company, any other member of the Group, the Board, the
Trust or the Trustee or with respect to those or any other Shares or any right thereto or interest therein in any way. In such instance,
the Board shall notify the Trustee of the lapse of the grant of such Awarded Shares as soon as practicable after the expiration of the
Acceptance Period.

 

		5.3	Vesting of Awarded Shares

 

		(A)	Subject to the terms and condition of the Scheme and the fulfillment of all vesting conditions to the
vesting of the Awarded Shares on such Selected Employee as specified in the Scheme and the Grant Notice, the respective Awarded Shares
held by the Trustee on behalf of the Selected Employee pursuant to the provision hereof shall vest in such Selected Employee in accordance
with the vesting schedule (if any) as set out in the Grant Notice, and the Trustee shall cause the Awarded Shares to be transferred to
such Selected Employee on the Vesting Date.

 

		(B)	Upon the vesting of the Awarded Shares,

 

		(i)	barring any unforeseen circumstances, unless otherwise agreed between the Board, and the Trustee, at least
thirty (30) Business Days prior to the Vesting Date, the Board shall send to the relevant Selected Employee (with a copy to the Trustee)
a vesting notice in substantially the form set out in Appendix 2 (the “Vesting Notice”) together with such prescribed
transfer documents which require the Selected Employee to execute to effect the vesting and transfer of the Awarded Shares;

 

    26

     

    

 

		(ii)	upon receipt of the Vesting Notice, the Selected Employee (or his legal representative or lawful successor
as the case may be) is required to return to the Board the reply slip attached to the Vesting Notice to confirm the securities account
details, together with the relevant duly signed transfer documents. In the event that the Board does not receive the reply slip and the
transfer form from the Selected Employee at least ten (10) Business Days prior to the Vesting Date, the Awarded Shares which would have
otherwise vested in such Selected Employee shall be automatically forfeited and remain as part of the Trust Fund; and

 

		(iii)	subject to the receipt by the Trustee of (a) the reply slip to the Vesting Notice and transfer documents
prescribed by the Trustee and duly signed by the Selected Employee within the period stipulated in the Vesting Notice referred to in Paragraph
5.3(B)(ii), (b) a confirmation from the Company that all vesting conditions having been fulfilled, and (c) certified copies of the identification
documents of the Selected Employee, the Trustee shall transfer the relevant Awarded Shares to the relevant Selected Employee as soon as
practicable on or after the Vesting Date and in any event not later than twenty-eight (28) Business Days after the Vesting Date.

 

		(C)	Prior to the Vesting Date, any Award made hereunder shall be personal to the Selected Employee to whom
it is made and shall not be assignable and no Selected Employee shall in any way sell, transfer, charge, mortgage, encumber or create
any interest in favour of any other person over or in relation to the Awarded Shares referable to him pursuant to such Award.

 

		(D)	The Board may at its discretion, with or without further conditions, grant additional Shares or cash award
out of the Trust Fund representing all or part of the income or distributions (including but not limited to cash income or dividends,
cash income or net proceeds of sale of non-cash and non-scrip distribution, bonus Shares and scrip dividends) declared by the Company
or derived from such Awarded Shares during the period from the date of Award to the Vesting Date to a Selected Employee upon the vesting
of any Awarded Shares. In such case the Board shall deliver a Grant Notice to the Selected Employee and the Trustee specifying the number
of additional Shares and cash amount to be granted to the Selected Employee. The Trustee shall transfer the specified number of additional
Shares and the cash award, together with the Awarded Shares, to the Selected Employee on the Vesting Date in accordance with Paragraph
5.3(B)(iii).

 

		5.4	Disqualification of Selected Employee

 

		(A)	In the event that prior to or on the Vesting Date, a Selected Employee is found to be an Excluded Employee
or is deemed to cease to be an Employee pursuant to Paragraph 5.4(B), the relevant Award made to such Selected Employee shall automatically
lapse forthwith and the relevant Awarded Shares shall not vest on the relevant Vesting Date but shall remain part of the Trust Fund. Such
Employee shall have no right or claim against the Company, any other member of the Group, the Board, the Trust or the Trustee or with
respect to those or any other Shares or any right thereto or interest therein in any way.

 

		(B)	Unless the Board determines otherwise, the circumstances under which a person shall be treated as having
ceased to be an Employee shall include, without limitation, the following:

 

		(i)	where such person has committed any act of fraud or dishonesty or serious misconduct, whether or not in
connection with his employment or engagement by any member of the Group and whether or not it has resulted in his employment or engagement
being terminated by the relevant member of the Group;

 

		(ii)	where such person has been declared or adjudged to be bankrupt by a competent court or governmental body
or has failed to pay his debts as they fall due (after the expiry of any applicable grace period) or has entered into any arrangement
or composition with his creditors generally or an administrator has taken possession of any of his assets;

 

		(iii)	where such person has been convicted of any criminal offence; or

 

		(iv)	where such person has been convicted of or is being held liable for any offence under or any breach of
the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) or other securities laws or regulations in Hong Kong or any other
applicable laws or regulations in force from time to time.

 

		(C)	In respect of a Selected Employee who died or retired by agreement with a member of the Group at any time
prior to or on the Vesting Date, all the Awarded Shares of the relevant Selected Employee shall be deemed to be vested on the day immediately
prior to his death or the day immediately prior to his retirement with the relevant member of the Group.

 

	(D)	(i)	In the event of the death of a Selected Employee, the Trustee shall hold the vested Awarded Shares
(hereinafter referred to as “Benefits”) upon trust and to transfer the same to the legal personal representatives of
the Selected Employee and subject as aforesaid the Trustee shall hold the Benefits or so much thereof as shall not be transferred or applied
under the foregoing powers within (a) two years of the death of the Selected Employee (or such longer period as the Trustee and the Board
shall agree from time to time) or (b) the Trust Period (whichever is shorter) upon trust to transfer the same to the legal personal representatives
of the Selected Employee; or

 

		(ii)	If the Benefits would otherwise become bona vacantia, the Benefits shall be forfeited and cease to be
transferable and such Benefits shall be remained part of the Trust Fund.

 

    27

     

    

 

 

5.5       Other
terms and conditions

 

		(A)	For
                                            the avoidance of doubt,

 

		(i)	subject
                                            to Paragraph 5.3(D), a Selected Employee shall not have any interest or rights (including
                                            the right to receive dividends) in the Awarded Shares prior to the Vesting Date;

 

		(ii)	a
                                            Selected Employee shall have no rights in the Residual Cash or Shares or such other Trust
                                            Fund or property held by the Trust;

 

		(iii)	no
                                            instructions shall be given by a Selected Employee (including, without limitation, voting
                                            rights) to the Trustee in respect of the Awarded Shares that have not vested, and such other
                                            properties of the Trust Fund managed by the Trustee;

 

		(iv)	the
                                            Trustee shall not exercise the voting rights in respect of any Shares held by it under the
                                            Trust (if any) (including but not limited to the Awarded Shares, any bonus Shares and scrip
                                            Shares derived therefrom);

 

		(v)	subject
                                            to Paragraph 5.3(D), all cash income and the sale proceeds of non-scrip distribution declared
                                            in respect of a Share held upon the Trust will be applied towards (a) the payment of the
                                            fees, costs and expenses of the Trust and (ii) the remainder, if any, remain as part of the
                                            Trust Fund;

 

		(vi)	unless
                                            otherwise waived by the Board, in the event that the vesting conditions specified in the
                                            Grant Notice are not fully satisfied prior to or on the relevant Vesting Date, the award
                                            of the Awarded Shares in respect of the relevant Vesting Date shall lapse, such Awarded Shares
                                            shall not vest on the relevant Vesting Date and the Selected Employee shall have no claims
                                            against the Company, the Board, the Trust or the Trustee; and

 

		(vii)	in
                                            the case of the death of a Selected Employee, the Benefits shall be forfeited if no transfer
                                            of the Benefits to the legal personal representatives of the Selected Employee is made within
                                            the period prescribed in Paragraph 5.4(D), and the legal personal representatives of the
                                            Selected Employee shall have no claims against the Company or the Trustee.

 

		(B)	No
                                            Award shall be made by the Board pursuant to Paragraph 5.2(A) and no instructions to acquire
                                            any Shares shall be given to the Trustee under the Scheme pursuant to Paragraph 5.1(B) where
                                            dealings in the Shares are prohibited under any code or requirement of the Listing Rules
                                            and all applicable laws from time to time. Without limiting the generality of the foregoing,
                                            no such instruction is to be given and no such grant is to be made:

 

    28

     

    

 

		(i)	after
                                            an event involving inside information in relation to affairs or securities of the Company
                                            has occurred or a matter involving inside information in relation to the securities of the
                                            Company has been the subject of a decision, until such inside information has been publicly
                                            announced in accordance with the applicable laws and the Listing Rules;

 

		(ii)	during
                                            the period of 60 days immediately preceding the publication date of the annual results for
                                            any financial period of the Company or, if shorter, the period from the end of the relevant
                                            financial period up to the publication date of the results;

 

		(iii)	during
                                            the period of 30 days immediately preceding the publication date of the interim results for
                                            any financial period of the Company or, if shorter, the period from the end of the relevant
                                            half-year period of the financial period up to the publication date of the results; or

 

		(iv)	in
                                            any circumstance which is prohibited under the Listing Rules, the SFO or any other law or
                                            regulation or where any requisite approval from any governmental or regulatory authority
                                            has not been granted.

 

The
Board may, at any time after it has instructed the Trustee to purchase any Shares in accordance with Paragraph 5.1(B), instruct the Trustee
in writing to cease purchasing Shares or to suspend purchasing Shares until further notice (without specifying any reasons therefor).

 

		(C)	In
                                            respect of the administration of the Scheme, the Company shall comply with all applicable
                                            disclosure regulations including without limitation those imposed by the Listing Rules from
                                            time to time.

 

		6	TAKEOVER,
                                            RIGHT ISSUE, OPEN OFFER, SCRIP DIVIDEND SCHEME

 

		(A)	Notwithstanding
                                            any other provision provided herein, if there occurs an event of change in control of the
                                            Company, whether by way of offer, merger, scheme of arrangement or otherwise prior to the
                                            Vesting Date, the Board shall determine at its discretion whether such Awarded Shares shall
                                            vest in the Selected Employee and the time at which such Awarded Shares shall vest. Subject
                                            to the receipt by the Trustee of duly executed prescribed transfer documents within seven
                                            (7) Business Days from the deemed Vesting Date, the Trustee shall transfer the Awarded Shares
                                            to the Selected Employee in accordance with Paragraph 5.3(B)(iii). For the purpose of this
                                            Paragraph 6(A), “control” shall have the meaning as specified in the Hong Kong
                                            Codes on Takeovers and Mergers and Share Repurchases from time to time.

 

		(B)	In
                                            the event the Company undertakes a subdivision or consolidation of the Shares, all fractional
                                            shares arising out of such consolidation in respect of the Awarded Shares of a Selected Employee
                                            shall be deemed as Returned Shares for the purpose of the Scheme and shall not be transferred
                                            to the relevant Selected Employee on the relevant Vesting Date.

 

    29

     

    

 

		(C)	In
                                            the event the Company undertakes an open offer of new securities in respect of any Shares
                                            which are held by the Trustee under the Scheme, the Trustee shall not subscribe for any new
                                            Shares. In the event of a rights issue, the Trustee shall sell such amount of the nil-paid
                                            rights allotted to it on the market as is appropriate and, subject to Paragraph 5.3(D), the
                                            net proceeds of sale of such rights shall be held as part of the Trust Fund.

 

		(D)	In
                                            the event the Company issues bonus warrants in respect of any Shares which are held by the
                                            Trustee, the Trustee shall not subscribe for any new Shares by exercising any of the subscription
                                            rights attached to the bonus warrants and shall sell the bonus warrants created and granted
                                            to it on the market, subject to Paragraph 5.3(D), the net proceeds of sale of such bonus
                                            warrants shall be held as part of the Trust Fund.

 

		(E)	In
                                            the event that the Company undertakes an issue of bonus Shares, subject to Paragraph 5.3(D),
                                            the bonus Shares allotted with respect to any Shares which are held by the Trustee shall
                                            be held as part of the Trust Fund.

 

		(F)	In
                                            the event the Company undertakes a scrip dividend scheme, the Trustee shall elect to receive
                                            scrip Shares and, subject to Paragraph 5.3(D), scrip Shares allotted with respect to any
                                            Shares which are held by the Trustee shall be held as part of the Trust Fund.

 

		(G)	In
                                            the event of other non-cash and non-scrip distribution made by the Company in respect of
                                            Shares held upon the Trust, the Trustee shall dispose of such distribution and, subject to
                                            Paragraph 5.3(D), the net sale proceeds thereof shall be deemed as cash income of a Share
                                            held as part of the Trust Fund.

 

		(H)	If
                                            notice is duly given by the Company to its shareholders to convene a shareholders’
                                            meeting for the purpose of considering a resolution for the voluntary winding-up of the Company
                                            (otherwise than for the purposes of, and followed by, an amalgamation or reconstruction in
                                            such circumstances that substantially the whole of the undertaking, assets and liabilities
                                            of the Company pass to a successor company) or an order of winding up of the Company is made,
                                            the Board shall determine at its discretion whether such Awarded Shares shall vest in the
                                            Selected Employee and the time at which such the Awarded Shares shall vest. If the Board
                                            determines that any Awarded Shares shall vest, it shall promptly notify the Selected Employee
                                            and shall use its reasonable endeavours to procure the Trustee to take such action as may
                                            be necessary to transfer the legal and beneficial ownership of the Awarded Shares which are
                                            to become vested in such Selected Employee to such Selected Employee.

 

    30

     

    

 

		7	SCHEME
                                            LIMIT

 

		(A)	The
                                            Board shall not make any further award of Awarded Shares which will result in the nominal
                                            value of the Shares awarded by the Board under the Scheme exceeding [ten] per cent. of the
                                            issued share capital of the Company from time to time.

 

		(B)	The
                                            maximum number of shares which may be awarded to a Selected Employee under the Scheme shall
                                            not exceed [one] per cent. of the issued share capital of the Company from time to time.

 

		8	DISPUTES

 

Any
dispute arising in connection with the Scheme shall be referred to the decision of the Board whose decision shall be final and binding.

 

		9	ALTERATION
                                            OF THE SCHEME

 

		(A)	The
                                            Scheme may be amended in any respect by a resolution of the Board provided that no such amendment
                                            shall operate to affect materially and adversely any subsisting rights of any Selected Employee
                                            hereunder.

 

		(B)	Written
                                            notice of any amendment to the Scheme shall be given to all Selected Employees and the Trustee.

 

		10	TERMINATION

 

		(A)	The
                                            Scheme shall terminate on the earlier of:

 

		(i)	the
                                            tenth (10) anniversary date of the Adoption Date; and

 

		(ii)	such
                                            date of early termination as determined by the Board by a resolution of the Board,

 

PROVIDED
THAT such termination shall not affect any subsisting rights of any Selected Employee hereunder.

 

		(B)	Upon
                                            termination of the Scheme,

 

		(i)	no
                                            further grant of Awarded Shares may be made under the Scheme;

 

		(ii)	all
                                            the Awarded Shares of the Selected Employees granted under the Scheme shall continue to be
                                            held by the Trustee and become vested in the Selected Employees according to the conditions
                                            of the Award, subject to the receipt by the Trustee of the transfer documents prescribed
                                            by the Trustee and duly executed by the Selected Employee;

 

		(iii)	upon
                                            the expiration of the Trust Period, all Shares (except for any Awarded Shares subject to
                                            vesting on the Selected Employees) remaining in the Trust Fund shall be sold by the Trustee
                                            within 28 Business Days (on which the trading of the Shares has not been suspended) (or such
                                            longer period as the Trustee and the Board may otherwise determine);

 

    31

     

    

 

		(iv)	upon
                                            the expiration of the Trust Period all net proceeds of sale referred to in Paragraph 10(B)(iii)
                                            and such other funds and properties remaining in the Trust Fund managed by the Trustee (after
                                            making appropriate deductions in respect of all disposal costs, liabilities and expenses)
                                            shall be remitted to the Company forthwith. For the avoidance of doubt, the Trustee may not
                                            transfer any Shares to the Company nor may the Company otherwise hold any Shares whatsoever
                                            (other than its interest in the proceeds of sale of such Shares pursuant to Paragraph 10(B)(iii)).

 

		(C)	For
                                            the avoidance of doubt, the temporary suspension of the granting of any Award shall not be
                                            construed as a decision to terminate the operation of the Scheme.

 

		11	WITHHOLDING

 

		(A)	The
                                            Company or any Subsidiary shall be entitled to withhold, and any Selected Employee shall
                                            be obliged to pay, the amount of any tax and/or social security contributions attributable
                                            to or payable in connection with the grant of the Awarded Shares.

 

		(B)	The
                                            Board may establish appropriate procedures to provide for any such payment so as to ensure
                                            that the Company or any Subsidiary receive advice concerning the occurrence of any event
                                            which may create, or affect the timing or amount of, any obligation to pay or withhold any
                                            such taxes or social security contributions or which may make available to the Company or
                                            such Subsidiary any tax deduction resulting from the occurrence of such event.

 

		(C)	The
                                            Company or any Subsidiary may, by notice to the Selected Employee and subject to any rules
                                            as the Board may adopt, require that the Selected Employee pay at the time of the Award an
                                            amount estimated by the Company or any Subsidiary to cover all or a portion of the tax and/or
                                            social security contributions attributable to or payable in connection with the Award.

 

		12	MISCELLANEOUS

 

		(A)	The
                                            Scheme shall not form part of any contract of employment between the Company or any Subsidiary
                                            and any Employee, and the rights and obligations of any Employee under the terms of his office
                                            or employment shall not be affected by his participation in the Scheme or any right which
                                            he may have to participate in it and the Scheme shall afford such Employee no additional
                                            rights to compensation or damages in consequence of the termination of such office or employment
                                            for any reason.

 

		(B)	The
                                            Company shall bear the costs of establishing and administering the Scheme, including, for
                                            the avoidance of doubt, costs arising from communication as referred to in Paragraph 12(D),
                                            expenses, stamp duty, transaction levies and normal registration fees incurred in the purchase
                                            of Shares by the Trustee and the transfer of Awarded Shares to Selected Employees on the
                                            relevant Vesting Date. For the avoidance of doubt, the Company shall not be liable for any
                                            tax or expenses of such other nature payable on the part of any Employee or the Trustee in
                                            respect of any sale, purchase, vesting or transfer of Shares.

 

    32

     

    

 

		(C)	In
                                            the event that any tax, duty, levy or social security contribution in any jurisdiction is
                                            payable by any Selected Employee in connection with the grant of any Awarded Shares or the
                                            vesting (or otherwise the transfer) of any Awarded Shares, such Selected Employee shall be
                                            responsible for the prompt payment of such tax, duty, levy or social security contribution
                                            (as the case may be) and shall indemnify the Company and the Trustee against any loss, damage,
                                            liability, costs and expenses arising from or in connection with any default or delay in
                                            the payment thereof.

 

		(D)	Any
                                            notice or other communication between the Company and any Employee may be given by sending
                                            the same by prepaid post or by personal delivery to, in the case of the Company, its head
                                            office and principal place of business in Hong Kong or such other address as notified to
                                            the Employee from time to time, and in the case of an Employee, his address as notified to
                                            the Company from time to time. Any notice or other communication served by post shall be
                                            deemed to have been served 24 hours after the same was put in the post.

 

		(E)	The
                                            Company, the Board, the Trust and the Trustee shall not be responsible for any failure by
                                            any Employee to obtain any consent or approval required for such Employee to participate
                                            in the Scheme as a Selected Employee or for any tax, duty, expenses, fees or any other liability
                                            to which he may become subject as a result of his participation in the Scheme.

 

		(F)	Each
                                            and every provision hereof shall be treated as a separate provision and shall be severally
                                            enforceable as such and in the event of any provision or provisions being or becoming unenforceable
                                            in whole or in part. To the extent that any provision or provisions are unenforceable they
                                            shall be deemed to be deleted from these rules of the Scheme, and any such deletion shall
                                            not affect the enforceability of the rules of the Scheme as remain not so deleted.

 

		13	GOVERNING
                                            LAW

 

		(A)	The
                                            Scheme shall operate subject to the Bye-laws of the Company and any applicable law and regulations
                                            to which the Company is subject.

 

		(B)	The
                                            Scheme is governed by and shall be construed in accordance with the laws of Hong Kong.

 

    33

     

    

 

Appendix
1

 

GRANT
NOTICE

 

[Letterhead
of Earthasia International Holdings Limited]

  

PRIVATE
AND CONFIDENTIAL

 

[Date]

 

[Name
and address of Employee]

 

Dear
Sir,

 

Share
Award Scheme adopted on 

 

Grant
Notice

 

We
refer to the share award scheme adopted by the Company on                               (the Share Award Scheme). Except as otherwise defined, capitalised terms
used herein shall have the same meaning as defined in the rules of the Share Award Scheme (the Scheme Rules).

 

We
are pleased to inform you that the board of directors of the Company (the Board) decided on [*] to grant you [[*] Awarded Shares/cash
award in an amount of [*] (“Cash Award”)] under the Share Award Scheme. These Awarded Shares/Cash Award are being
granted to you on and subject to the terms and conditions of the Share Award Scheme, including, without limitation, the vesting conditions
set out in Paragraphs 5.3(B) and 5.4 of the Scheme Rules [and the vesting conditions set out below], which provide that the Awarded Shares/Cash
Award being granted to you will, subject to your acceptance, become vested in you in the proportion and on the dates as follows:

 

[insert
vesting schedule from scheme rules or as determined by the Board (if any)]

 

[The
grant is also being made subject to the following conditions:

 

[Insert
any additional Conditions]]

 

The
grant of the Awarded Shares/Cash Award to you referred to above will only be effective if you sign and return the attached acceptance
form to us within 5 Business Days after the date of this notice. If you fail to do this, the grant of the Awarded Shares/Cash Award to
you referred to above will lapse and you will not have any right or claim against the Company, any other member of the Group, the Board,
the Trust or the Trustee or with respect to those or any other Awarded Shares or any right thereto or interest therein in any way.

 

    34

     

    

 

Yours
faithfully

For and on behalf of

For and on behalf of

Earthasia International Holdings Limited

 

	 	 

Name:

Position:

 

	Copy:	The
                                            Trustee

                                            Bank of Communications Trustee Limited
	 	 
	 	 

 

To:
               Earthasia International Holdings Limited

 

		Copy:	The
                                            Trustee

                                            Bank of Communications Trustee Limited

  

Acceptance
Form

 

I,
                                           (holder
of [insert description of identity document] numbered [insert number]), confirm my acceptance of the Awarded Shares/Cash
Award being granted to me by the Board on behalf of the Company. I agree and accept that such Awarded Shares/Cash Award are being granted
to me on and subject to the terms and conditions of the Scheme and the Grant Notice and I agree to be bound by those terms and conditions
and the Scheme Rules.

  

____________________________________

 

Date:

 

    35

     

    

 

Appendix
2

 

VESTING
NOTICE

 

[Letterhead
of Earthasia International Holdings Limited]

  

PRIVATE
AND CONFIDENTIAL

 

[Date]

 

[Name
and address of Selected Employee]

 

Dear
Sirs,

 

Share
Award Scheme adopted on 

 

Vesting
Notice

 

We
refer to the share award scheme adopted by the Company on                       (the Share Award Scheme). Except as otherwise defined, capitalised terms
used herein shall have the same meaning as defined in the rules of the Share Award Scheme (the Scheme Rules).

 

In
accordance with the vesting conditions set out in [the Grant Notice], [insert number] Awarded Shares (the Vesting Shares)/cash
award in an amount of [*] (“Cash Award”) granted to and accepted by you and currently being held by the Trustee under
the Trust will become vested in you on [insert date] (the Vesting Date), subject to [you remaining an Employee on such
date] [and all of the other conditions set out in the Grant Notice being satisfied].

 

The
Vesting Shares/Cash Award will only vest in you if you complete, sign and return the attached reply slip to us not later than [*] (being
ten [10] Business Days before the Vesting Date). If you fail to do this, the Vesting Shares/Cash Award will be forfeited in accordance
with the terms of the Scheme Rules and you will not have any right or claim against the Company, any other member of the Group, the Board,
the Committee, the Trust or the Trustee or with respect to those Vesting Shares/Cash Award or any right thereto or interest therein in
any way.

 

    36

     

    

 

Yours
faithfully

For and on behalf of

Earthasia International Holdings Limited

 

 

                                                                          

Name:

Position:

 

	Copy:	The
                                            Trustee

                                            Bank of Communications Trustee Limited
	 	 
	 	 
	 	 

 

To:
                  Earthasia International
Holdings Limited

 

		Copy:	The
                                            Trustee

                                            Bank of Communications Trustee Limited

 

Reply
Slip

 

I,
_________________________ (holder of [insert description of identity document] numbered [insert number]), hereby authorise you to instruct
the Trustee to procure the transfer of the Vesting Shares/Cash Award referred to in the above Vesting Notice to me by depositing them
into the following securities account/bank account on the Vesting Date:

 

For
Vesting Shares

 

	Name
    of custodian/broker:  	 

 

	CCASS
    No. of custodian/broker: 	 

 

	Contact
    Person of custodian/broker:  	 

 

	Telephone
    number of custodian/broker:  	 

 

	Account
    Name: 	 

 

(Note:
The Account must be in the sole name of the Selected Employee)

 

	Account
    Number: 	 

 

    37

     

    

 

For
Cash Award

 

	Name
    of designated bank: 	 

 

	Account
    Name: 	 

 

(Note:
The Account must be in the sole name of the Selected Employee)

 

	Account
    Number:  	 

   

	Signed
    by the Selected Employee	 	Selected
    Employee’s Signature verified by the Company
	 	 	 
	 	 	 
	 	 	 
	Name:	 	Name:
	 	 	Authorized
    Signatory of the Company

 

*
delete as appropriate

 

    38

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}]]