Document:

EX-10.1

 Exhibit 10.1 

CONFIDENTIAL TREATMENT – REDACTED COPY 

*** PURSUANT TO SECURITIES AND EXCHANGE COMMISSION REGULATIONS, CERTAIN INFORMATION IN THIS EXHIBIT HAS BEEN OMITTED AS NONMATERIAL AND
LIKELY TO CAUSE COMPETITIVE HARM IF PUBLICLY DISCLOSED. 
 ADDENDUM #11 

This Addendum #11 (“Addendum”) is made and entered into on July 1, 2022 (the “Effective Date”) by and between HYUNDAI DOOSAN
INFRACORE CO., LTD., formerly known as DOOSAN INFRACORE CO., LTD., having its principal place of business at 7-11, Hwasu-dong, Dong-gu, Incheon, Korea (“SUPPLIER”) and POWER SOLUTIONS INTERNATIONAL,
INC., an Illinois corporation (“PSI”), having its principal place of business at 201 Mittel Drive, Wood Dale, Illinois, USA 60191, United States (PSI and its affiliates shall collectively be referred to herein as “BUYER”) 

WITNESSETH: 
 WHEREAS, SUPPLIER and BUYER
are the parties to the Supply Agreement dated December 11, 2007, as amended from time to time with the following Addenda (together, the “Agreement”) dated: 

December 27, 2007, 
 August 28, 2008, 

September 30, 2008, 
 December 11, 2008, 

November 18, 2009, 
 December 31, 2009, 

June 19, 2012, 
 July 31, 2014, 

October 18, 2017, and 
 September 16, 2019; 

WHEREAS, the parties agree to extend the term of the Agreement until December 31, 2023 under the terms and conditions stated herein; 

WHEREAS, the parties agree to remove Buyer’s exclusivity and make Buyer a non-exclusive buyer of Products as of
the Effective Date; 
 WHEREAS, the parties agree to remove any and all Performance Objectives with related performance penalties including any and all
penalties that may be due or become due from the September 16, 2019 addendum except for the outstanding balance of the year 2021 penalty in the amount of $[***] which shall be paid by Buyer in accordance with this Addendum; 

 WHEREAS, the parties agree to remove any territory restrictions on Buyer’s sale of End Products on the
condition that Buyer submit a non-binding volume forecast to Supplier for sales outside the United States, Canada or Mexico; 

WHEREAS, the parties agree to remove any development restriction on Supplier; and 

WHEREAS, the parties have agreed to amend the Agreement as of the Effective date on the following terms and conditions. 

NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein, both parties agree as follows: 

 

	 	I.	 Removal of Buyer Exclusivity, Performance Objectives and Penalties: 

 

	 	1.	 As more specifically set forth below, the parties agree that as of the Effective Date the Agreement is hereby
amended to remove Buyer’s exclusivity rights for the Products in the Territory and Buyer shall be a non-exclusive buyer of the Products for the term of the Agreement. 

 

	 	2.	 As more specifically set forth below, the parties agree that as of the Effective Date, the Agreement is hereby
amended to remove any and all Performance Objectives with related performance penalties including any and all penalties that may be due or become due from the September 16, 2019 addendum, except for the outstanding balance of the year 2021
penalty in the amount of $[***] which shall be paid by Buyer as follows until paid in full: 

  

	 	a.	 $[***] shall be paid by Buyer on the first week of each month from July until October 2022.

  

	 	b.	 $[***] shall be paid by Buyer on the first week of November 2022. 

 

	 	3.	 The first paragraph of Article 2 and section 2.1 shall be deleted in their entirety and Article 2 section 2.1
shall be amended to read: 

 Supplier appoints Buyer and Buyer accepts appointment as a
non-exclusive buyer of the Products. The non-exclusive rights granted to Buyer hereunder shall be limited only to the development, manufacture, production, marketing,
sales and service of End Products within the Territory. 
  

	 	4.	 Sections 2.2, 2.3, 2.4, 2.5, 2.6 and 2.7 of the Agreement are deleted in its entirety and replaced with
“Intentionally Omitted”. The section 2.2 of the Agreement shall be amended to read as follows: 

 “Supplier
shall have authority to develop, either indirectly or with partners, including but not limited to, [***] and/or any of Buyer’s distributors or competitors such as [***], its own engine platform to meet global emissions requirements, including
but not limited to Euro Stage 2, 3, 4 and 5 as well as Environmental Protection Agency (EPA) standards. Supplier may perform any degradation/deterioration factor or EPA certification testing or application.” 

	 	5.	 Section 3.4 of the Agreement is deleted in its entirety and replaced with “Intentionally
Omitted”. 

  

	 	6.	 Section 4.1 is hereby amended by deleting the sentence “If Supplier refuses to accept any Order
placed by Buyer hereunder, Buyer shall then be permitted to purchase the Products covered by such Order from any third party.” 

  

	 	7.	 Section 4.5 of the Agreement is amended by adding after the first sentence the following:

 “Buyer will provide non-binding forecasts of all Products for the US,
Canadian and Mexican markets from time to time in a separate notice. Except for the United States, Canada and Mexico, Buyer shall submit a rolling twelve (12) months non-binding forecast for each market
included within the Territory based on Pb free design of all Products.” 
  

	 	8.	 Section 5.1 of the Agreement and any references to Pricing are hereby deleted and replaced with:

 “5.1 Except where otherwise agreed upon in writing by Supplier and Buyer, the price payable for any Products shall
be as stated on the attached Exhibit A.5. Such prices shall be firm through December 31, 2022. The parties shall negotiate to determine the price payable for any Products during 2023 or later. Notwithstanding the foregoing, when negotiating to
determine the price payable for any Products during 2023 or later, the parties shall adjust the price based on changes in prices of raw materials, freight rates, specifications, and volume. Such prices shall be on the basis of FOB shipping point
pursuant to INCOTERMS 2020 of the International Chamber of Commerce. Prices are specified in U.S. dollars. Supplier commits to offer Buyer competitive pricing for Products.” 

 

	 	9.	 Section 5.2 is deleted in its entirety and replaced with: 

“All payments for Products by Buyer to Supplier shall be made by Wire transfer. Supplier shall promptly invoice Buyer for the price of the
Products at the time of shipment and Buyer shall pay all conforming invoices in full within [***] days after the date the Products are shipped. All payments hereunder shall be made in $US dollars.” 

 

	 	10.	 Article 7 of the Agreement is deleted in its entirety and replaced with “Intentionally Omitted”.

	 	11.	 Section 8.1 of the Agreement is deleted in its entirety and replaced with: “Buyer, in its sole
discretion, shall use its commercially reasonable efforts to promote sales of the Products throughout the Territory.” 

  

	 	12.	 Article 12. Term, section 12.1 is deleted in its entirety and replaced with: 

“This Agreement shall become effective on the Effective Date and shall remain effective until December 31, 2023 (the “Initial
Term”), unless terminated earlier pursuant to Article 13 hereof. After the Initial Term, this Agreement shall automatically renew for additional one (1) year terms unless and until either party gives the other party written notice at least
three (3) months prior to the end of the current term or a new written agreement is executed by both parties.” 
  

	 	13.	 Section 13.3 of the Agreement is deleted in its entirety and replaced with: “Intentionally
Omitted”. 

  

	 	14.	 Article 14 of the Agreement is deleted in its entirety and replaced with: 

“In case the performance of this Agreement and all Orders accepted by Supplier in writing hereunder are prevented, hindered or delayed by
strike, labor disputes, lockouts, accidents, fires, delays in manufacture, transportation, or carriage or delivery of materials, floods, severe weather or other acts of God, embargoes, governmental actions, sanctions, epidemics or pandemics or other
circumstances beyond the reasonable control of Supplier whether or not similar to the circumstances above mentioned (collectively “Force Majeure”), Supplier shall not be liable for any loss or damages or any delay or failure to perform any
of its obligations hereunder including, without limitation, the manufacture and/or delivery of the Products, under this Agreement or under any binding contract of the supply thereof wherever such loss, damage, delay or failure to perform is the
result of such circumstances. Supplier shall promptly notify Buyer of a Force Majeure event in writing.” 
  

	 	15.	 Exhibit A section A.2. is deleted in its entirety and replaced with: 

“Buyer’s sales and service territory (“Territory”) shall be the United States of America, Canada and Mexico and any other
market where Buyer and Supplier have agreed to a non-binding forecast for Products in writing pursuant to section 4.5 of the Agreement and herein.” 

 

	 	16.	 Exhibit A, section A.3. is hereby amended to delete the Notice to Supplier and Notice to Buyer and replace them
with, 

  

	 	“To:	 Supplier, Hyundai Doosan Infracore Co., Ltd. (Attn: Minjung Song) 

155, Jeongjail-ro, Bundang-gu,
Seongnam-si, Gyeonggi-do, Korea 
 Email:
minjung1.song@hyundai-di.com 

	 	“To:	 Buyer, Power Solutions International, Inc., (Attn: Bill Shen) 

201 Mittel Dr. Wood Dale, Illinois 60191, United States 

Email: Bill.Shen@PSIengines.com”. 
  

	 	17.	 Exhibit A, section A.4. is deleted in its entirety and replaced with “Intentionally Omitted”.

  

	 	18.	 Exhibit A, section A.5. is deleted in its entirety and replaced with: 

 

							
	 HDI Spec No.
	  	 PSI Spec No.
	  	 Engine
	  	 2022 Price
(USD) FOB Port Net [***]

	[***]	  	[***]	  	8.1L HD	  	$[***]
	[***]	  	[***]	  	8.1L HW	  	$[***]
	[***]	  	[***]	  	11.1L	  	$[***]
	[***]	  	[***]	  	14.6L	  	$[***]
	[***]	  	[***]	  	18.3L	  	$[***]
	[***]	  	[***]	  	21.9L	  	$[***]

  

	 	19.	 The following Addenda to the Agreement are deleted in their entirety, replaced with “Intentionally
Omitted” and the terms therein shall have no force and effect against the parties: 

 December 27, 2007; 

August 28, 2008; 

September 30, 2008; 

December 11, 2008; 

November 18, 2009; 

December 31, 2009; 

June 19, 2012; 

July 31, 2014; 

October 18, 2017; and 

September 16, 2019. 
  

	 	20.	 The Indemnification section of Exhibit B shall be deleted and replaced with: 

“Notwithstanding any other provisions in this Agreement, Buyer shall indemnify Supplier and its subsidiaries and hold them harmless
against and from any and all claims, damages, costs and expenses (including reasonable attorneys’ fees) arising out of or attributable to any use or misuse of the Products, change, modification or alteration of the Products without prior
written consent of Supplier or in disregard of Supplier’s operation or service manual, misrepresentation, fraud, false or misleading advertising of the Products, or any application into other machines/systems of the Products. It is expressly
understood that Supplier shall defend and indemnify Buyer, its subsidiaries and affiliates and hold each of them harmless against and from any and all claims, damages and reasonable costs and expenses (including reasonable attorney’s fees)
arising out of or attributable to the design and/or manufacturing of the Product, Supplier’s breach of the Agreement, any and all recall actions arising from recall of the Product and any gross negligence or willful misconduct of
Supplier.” 

	 	21.	 Except as set forth herein, all of the remaining terms and conditions of the Agreement shall remain in full
force and effect. 

 IN WITNESS WHEREOF, the undersigned parties have executed this Addendum #11 as of the date listed above. 

 

							
	BUYER	  	    	  	SUPPLIER
			
	Power Solutions International, Inc.	  		  	Hyundai Doosan Infracore Co.,Ltd.
				
	By:	  	/s/ Dino Xykis	  		  	By: /s/ Joongsoo Kim
	Name:	  	Dino Xykis	  		  	Name: Joongsoo Kim
	Title: Interim CEO	  		  	Title: Head of EngineExhibit 10.21

 

EXECUTION VERSION

 

 

  

SHARE
EXCHANGE AGREEMENT 

 

BY
AND AMONG

 

HWGC
HOLDINGS LIMITED,

 

HWGG
CAPITAL P.L.C.

 

AND

 

THE
SHAREHOLDERS OF HWGG CAPITAL P.L.C.

 

Dated
as of July 21, 2022 

 

 

  

     

     

    

TABLE
OF CONTENTS

 

Page

 

	Article
    I Definitions	1
	1.1   	Certain Defined Terms.	1
	1.2   	Definitions.	6
	1.3   	Interpretation and Rules of Construction.	7
	Article
    II Description of Transaction	8
	2.1   	The Transaction.	8
	2.2   	The Closing; Closing Date; Effect.	9
	2.3   	Actions at the Closing.	9
	2.4   	Exchange of Shares.	9
	2.5   	Effect of Share Exchange.	10
	Article
    III REPRESENTATIONS AND WARRANTIES OF the Seller	10
	3.1   	Due Organization and Good Standing.	10
	3.2   	Title to Securities; Capitalization.	10
	3.3   	Subsidiaries.	12
	3.4   	Authorization.	12
	3.5   	Governmental Approvals.	12
	3.6   	No Conflict.	13
	3.7   	Financial Statements; Books and Records.	13
	3.8   	Absence of Certain Changes.	14
	3.9   	Absence of Undisclosed Liabilities.	15
	3.10   	Compliance with Laws.	15
	3.11  	Regulatory
Agreements; Permits.	15
	3.12  	Litigation.	15
	3.13  	Restrictions
on Business Activities.	16
	3.14   	Material Contracts.	16
	3.15   	Intellectual Property.	18
	3.16   	Employee Benefit Plans.	18
	3.17   	Employee Matters.	19
	3.18   	Taxes and Returns.	21
	3.19   	Title to Properties; Assets.	22
	3.20   	Environmental Matters.	23
	3.21   	Transactions with Affiliates.	24
	3.22   	Insurance.	24
	3.23   	Accounts Receivable.	24
	3.24   	Service Contracts.	24
	3.25   	Investment Company Act.	25
	3.26   	Information Supplied; Registration Statement.	25
	3.27   	Finders and Brokers.	25
	Article
    IV REPRESENTATIONS AND WARRANTIES OF THE COMPANY	25
	4.1   	Organization and Qualification.	25
	4.2   	Title to Securities; Capitalization.	26

 

    i 

     

    

 

	4.3	Authorization.	26
	4.4   	Governmental Approvals.	27
	4.5	No Violations.	27
	4.6   	Compliance with Laws.	27
	4.7   	Investment Company Act.	27
	4.8   	SEC Filings; Financial Statements.	27
	Article
    V REPRESENTATIONS AND WARRANTIES OF THE SHAREHOLDERS	28
	5.1   	Seller Securities.	28
	5.2   	Power and Authority.	28
	5.3   	No Conflicts.	29
	Article
    VI COVENANTS	29
	6.1   	Conduct of Business of the Seller and its Subsidiaries.	29
	6.2   	Access and Information; Confidentiality.	31
	6.3   	Notification of Certain Matters.	33
	6.4   	Tax Matters.	34
	6.5   	Public Announcements.	34
	6.6   	Regulatory Matters, Registration Statement; Applications;
Cooperation.	34
	6.7   	Acquisition Proposal; Alternative Transactions; No Solicitation.	37
	6.8   	Further Assurances.	37
	Article
    VII CONDITIONS	38
	7.1   	Conditions to Each Party’s Obligations.	38
	7.2   	Conditions to Obligations of the Company.	38
	7.3   	Conditions to Obligations of the Seller and the Shareholders.	39
	Article
    VIII SURVIVAL AND INDEMNIFICATION	40
	8.1   	Survival.	40
	8.2   	Indemnification.	40
	8.3   	Limits on Indemnification.	41
	8.4   	Notice of Loss; Third Party Claims.	41
	Article
    IX TERMINATION AND ABANDONMENT	42
	9.1   	Termination.	42
	9.2   	Effect of Termination.	43
	Article
    X MISCELLANEOUS	43
	10.1   	Expenses.	43
	10.2   	Notices.	44
	10.3   	Severability.	45
	10.4   	Entire Agreement.	45
	10.5   	Assignment.	45
	10.6   	Amendment.	45
	10.7   	Waiver.	45
	10.8   	Third Parties.	46
	10.9   	Specific Performance.	46
	10.10   	Governing Law; Jurisdiction.	46
	10.11   	Waiver of Jury Trial.	47
	10.12   	Counterparts.	47

 

    ii 

     

    

 

Page

 

Schedules
and Exhibits

Schedule
A-1 List of Shareholders and Number of Exchange Shares to be Received 

Schedule
1.1(a) – Owned Intellectual Property

 

Exhibit
7.2(h) –Seller Consents

 

    iii 

     

    

SHARE
EXCHANGE AGREEMENT

 

This
Share Exchange Agreement (this “Agreement”) is made and entered into as of July 21, 2022, by and among HWGC
Holdings Limited, a Nevada corporation (the “Company”), HWGG Capital P.L.C., a Labuan company (the “Seller”),
and the shareholders of the Seller listed on Schedule A-1 attached hereto (collectively, the “Shareholders”).

 

WHEREAS,
the Company is a publicly reporting company organized under the laws of the State of Nevada;

 

WHEREAS,
the Shareholders collectively own, and will own immediately prior to Closing (as defined below), 100% of the issued and outstanding
equity securities of the Seller consisting of ordinary shares (the “Seller Securities”);

 

WHEREAS,
the Company, the Seller, and the Shareholders desire that the Exchange qualify as a tax-free “reorganization” under
Section 368(a)1(B) of the Code (as defined below);

 

WHEREAS,
subject to the terms and conditions of this Agreement, the Company, the Seller and the Shareholders desire to effect a transaction
whereby the Shareholders transfer, assign and deliver all of the Seller Securities owned by them, and all of their rights with
respect to such Seller Securities, to the Company in exchange for the Exchange Shares (as defined below) with the result of the
Seller becoming a wholly-owned subsidiary of the Company (the “Exchange”); and

 

WHEREAS,
the board of directors of the Company, the board of directors of the Seller, and the Shareholders, respectively, have approved
this Agreement and each of them has determined that this Agreement, the Exchange and the other transactions contemplated hereby
are advisable and in the respective best interests of each of the Company and the Seller and their respective stockholders.

 

NOW,
THEREFORE, in consideration of the foregoing, and the mutual promises herein made, and in consideration of the representations,
warranties and covenants herein contained, the receipt and sufficiency of which the parties hereto hereby acknowledge, the parties
hereto hereby agree as follow:

 

Article
I

Definitions

 

1.1           Certain
Defined Terms. 

 

For
purposes of this Agreement, the following capitalized terms have the following meanings, unless otherwise specified herein:

 

“Acquisition
Proposal” means (a) any proposal, offer, inquiry or indication of interest relating to a merger, joint venture, partnership,
consolidation, dissolution, liquidation, tender offer, recapitalization, reorganization, spin-off, share exchange, business combination
or similar transaction involving the Seller or any of its Subsidiaries, or (b) any acquisition by any Person, resulting in, or
any proposal, offer, inquiry or indication of interest that if consummated would result in, any Person becoming the beneficial
owner of, directly or indirectly, in one or a series of related transactions, 15% or more of the total voting power or of any
class of equity securities of the Seller or 15% or more of the consolidated net revenues, net income or total assets (it being
understood that total assets include equity securities of Subsidiaries) of the Seller, in each case other than the Exchange or
the acquisition or disposition of inventory, equipment or other tangible personal property in the ordinary course of business.

 

    1

     

    

 

“Action”
means any claim, action, suit, arbitration, inquiry, proceeding or investigation by or before any Governmental Authority.

 

“Affiliate,”
means, with respect to any specified Person, any other Person that, directly or indirectly, through one or more intermediaries,
controls, is controlled by, or is under common control with, such specified Person.

 

“Agreement”
or “this Agreement” means this Share Exchange Agreement by and among the parties hereto (including the Exhibits
and Schedules hereto and the Disclosure Letters) and all amendments hereto made in accordance with the provisions of Section
10.6.

 

“Alternative
Transaction” means a transaction (other than the Exchange) concerning the sale or transfer of any of the shares of the
Seller or other equity interests or profits of the Seller or any of its Subsidiaries, whether newly issued or already outstanding,
whether such transaction takes the form of a sale of shares or other equity interests, assets, merger, consolidation, issuance
of debt securities or convertible securities, warrants, management contract, joint venture or partnership, or otherwise.

 

“Business
Day” means any day (a) other than a Saturday or a Sunday, (b) on which the principal offices of the SEC in Washington,
D.C. are open to accept filings, or (c) in the case of determining a date when any payment is due, any day on which banks in New
York, New York, or the Federal Territory of Labuan are not required or authorized by Law to be closed for business.

 

“Code”
means the Internal Revenue Code of 1986, as amended through the date hereof.

 

“Company
Disclosure Letter” means the Disclosure Letter attached hereto, delivered by the Company to the Seller in connection
with this Agreement.

 

“Common
Stock” means the Company’s common stock, par value $0.0001 per share.

 

“Effective
Time” the time the Exchange shall become effective upon compliance with governmental filing requirements, such as, without
limitation, filings under the Securities Exchange Act of 1934, and the filing of Articles of Exchange, if applicable under the
laws of the State of Nevada.

 

“Encumbrance”
means any security interest, pledge, hypothecation, mortgage, lien (including environmental and tax liens), violation, charge,
lease, license, encumbrance, servient easement, adverse claim, reversion, reverter, preferential arrangement, restrictive covenant,
condition or restriction of any kind, including any restriction on the use, voting, transfer, receipt of income or other exercise
of any attributes of ownership.

 

    2

     

    

 

“Environmental
Law” means any Law or Governmental Order relating to (a) pollution or the protection of the environment or natural resources;
(b) health and safety as such relates to exposure to any Hazardous Material; (c) Releases or threatened Releases of Hazardous
Materials, or the cleanup, remediation, manufacture, processing, distribution, use, treatment, storage, transport or handling
of Hazardous Materials; or (d) record keeping, notification, disclosure and reporting requirements respecting Hazardous Materials.

 

“Exchange
Shares” means the shares of newly issued Common Stock exchanged with the Shareholders for Seller Securities, pursuant
the terms of this Agreement.

 

“Expenses”
means all out-of-pocket expenses (including all fees and expenses of counsel, accountants, experts and consultants to a party)
incurred by a party or on its behalf in connection with or related to the authorization, preparation, negotiation, execution and
performance of this Agreement, any other documents related to the transactions herein, any filing required by any Governmental
Authority and all other matters related to the closing of the transactions contemplated by this Agreement.

 

“Governmental
Authority” means any federal, national, supranational, state, provincial, local, or similar government, governmental,
regulatory or administrative authority, agency or commission or any court, tribunal, or judicial or arbitral body.

 

“Governmental
Order” means any order, writ, judgment, injunction, decree, stipulation, determination or award entered by or with any
Governmental Authority.

 

“Hazardous
Material” means (a) any substances defined, listed, classified or regulated as “hazardous substances,” “hazardous
wastes,” “hazardous materials,” “extremely hazardous wastes,” “restricted hazardous wastes,”
“toxic substances,” “pollutants,” “solid wastes,” “contaminants,” “radioactive
materials,” “petroleum,” “oils” or designations of similar import under any Environmental Law, or
(b) any other chemical, material or substance that is regulated or for which liability can be imposed under any Environmental
Law.

 

“Indebtedness”
of any Person means (a) all indebtedness of such Person for borrowed money (including the outstanding principal and accrued but
unpaid interest) or for the deferred purchase price of property or services, (b) any other indebtedness of such Person that is
evidenced by a note, bond, debenture, credit agreement or similar instrument, (c) all obligations of such Person under leases
that should be classified as capital leases in accordance with GAAP, (d) all obligations of such Person for the reimbursement
of any obligor on any line or letter of credit, banker’s acceptance, guarantee or similar credit transaction, in each case,
that has been drawn or claimed against, (e) all obligations of such Person in respect of acceptances issued or created, (f) all
interest rate and currency swaps, caps, collars and similar agreements or hedging devices under which payments are obligated to
be made by such Person, whether periodically or upon the happening of a contingency, (g) all obligations secured by an Encumbrance
on any property of such Person and (h) any premiums, prepayment fees or other penalties, fees, costs or expenses associated with
payment of any Indebtedness of such Person and (h) all obligation described in clauses (a) through (g) above of any other Person
which is directly or indirectly guaranteed by such Person or which such Person has agreed (contingently or otherwise) to purchase
or otherwise acquire or in respect of which it has otherwise assured a creditor against loss; provided, however,
that Indebtedness shall not include accounts payable to trade creditors that are not past due and accrued expenses arising in
the ordinary course of business consistent with past practice.

 

    3

     

    

 

“Intellectual
Property” means all of the following intellectual property rights throughout the world: (a) patents and patent applications,
and all related continuations, continuations-in-part, divisionals, reissues, re-examinations and extensions thereof; (b) trademarks,
service marks, trade names, trade dress and internet domain names, together with the goodwill associated exclusively therewith;
(c) database rights and copyrights, including copyrights in computer software, user manuals and training materials, and other
copyrightable works, including website content; (d) registrations and applications for registration of any of the foregoing under
subclauses (a) – (c) of this definition; (e) trade secrets, including information, know-how, inventions, design rights (whether
patentable or unpatentable), invention disclosures, ideas, formulae, models, methodologies or processes, in each case, to the
extent such item qualifies as a trade secret or otherwise is protectable under applicable Law; and (f) rights to sue and recover
damages for past, present, and future infringement, misappropriation, or other violation of any of the foregoing.

 

“Law”
means any federal, national, foreign, supranational, state, provincial, local or administrative statute, law, ordinance, regulation,
rule, code, order, requirement or rule of law (including common law) or a legally binding directive of, or issued by, a Governmental
Authority.

 

“Licensed
Intellectual Property” means Intellectual Property that is licensed to the Seller or any of its Subsidiaries.

 

“Organizational
Documents” means (a) with respect to any person that is a corporation, its articles or certificate of incorporation,
memorandum and articles of association, as applicable, and bylaws, or comparable documents, (b) with respect to any person that
is a partnership, its certificate of partnership and partnership agreement, or comparable documents, (c) with respect to any Person
that is a limited liability company, its certificate of formation and limited liability company or operating agreement, or comparable
documents, (d) with respect to any Person that is a trust or other entity, its declaration or agreement of trust or other constituent
document or comparable documents, and (e) with respect to any other Person that is not an individual, its comparable organizational
documents.

 

“Owned
Intellectual Property” means the registered or unregistered Intellectual Property identified on Schedule 1.1(a)
that is owned by the Seller or any of its Subsidiaries.

 

“Permitted
Encumbrances” means (a) Encumbrances for water and sewer charges, Taxes or assessments and similar governmental charges
or levies, which either are (i) not delinquent, or (ii) being contested in good faith and by appropriate proceedings, and adequate
reserves have been established with respect thereto; (b) other Encumbrances imposed by operation of Law (including mechanics’,
couriers’, workers’, repairers’, materialmen’s, warehousemen’s, landlord’s and other similar
Encumbrances) arising in the ordinary course of business for amounts which are not due and payable and as would not in the aggregate
materially adversely affect the value of, or materially adversely interfere with the use of, the property subject thereto, (c)
Encumbrances incurred or deposits made in the ordinary course of business in connection with workers’ compensation, unemployment
insurance or other types of social security, (d) Encumbrances on goods in transit incurred pursuant to documentary letters of
credit, in each case arising in the ordinary course of business, (e) title of a lessor under a capital or operating lease and
the terms and conditions of a lease creating any leasehold interest, or (f) Encumbrances arising under this Agreement.

 

    4

     

    

 

“Person”
means any individual, partnership, firm, corporation, limited liability company, association, trust, unincorporated organization
or other entity, as well as any syndicate or group that would be deemed to be a person under Section 13(d)(3) of the Securities
Exchange Act of 1934, as amended.

 

“Registration
Statement” means a registration statement on Form S-4 (as amended or supplemented from time to time) in connection with
the registration under the Securities Act of the shares of Common Stock to be issued to the Shareholders under this Agreement.

 

“Release”
means disposing, discharging, injecting, spilling, leaking, pumping, pouring, leaching, dumping, emitting, escaping or emptying
into or upon any soil, sediment, subsurface strata, surface water, groundwater, ambient air or any other media.

 

“Seller
Material Adverse Effect” means any fact, condition, occurrence, development, event, circumstance, or change in or effect
on the Seller or any of its Subsidiaries that, individually or in the aggregate with all other facts, conditions, occurrences,
developments, events, circumstances, or changes in or effects on the Seller or any of its Subsidiaries: (a) is or would reasonably
be expected to be materially adverse to the business, operations, assets or liabilities (including contingent liabilities), employee
or independent contractor relationships, customer or supplier relationships, prospects, results of operations or the condition
(financial or otherwise) of the Seller or any of its Subsidiaries, or materially diminish the value of the Seller Securities;
(b) does or would reasonably be expected to materially impair or delay the ability of the Seller to perform its respective obligations
under this Agreement, including but not limited to all agreements and covenants to be performed or complied by it under the Agreement,
or to consummate the transactions contemplated hereby; or (c) would reasonably be expected to materially and adversely affect
the ability of the Company to operate or conduct the Seller’s business in the manner in which it is currently, or contemplated
to be, operated or conducted by the Seller and its Subsidiaries; provided, however, that none of the following,
either alone or in combination, shall be considered in determining whether there has been a “Seller Material Adverse Effect”:
(i) events, circumstances, changes or effects that generally affect the industries in which the Seller and its Subsidiaries operates
the business (including legal and regulatory changes), except to the extent the Seller or any of its Subsidiaries are disproportionately
affected thereby, or (ii) changes arising from the consummation of the transactions in accordance with the terms of this Agreement
or the announcement of the execution of this Agreement; provided, further, however, and notwithstanding anything
to the contrary set forth in this “Seller Material Adverse Effect” definition, any epidemic, plague, pandemic, or
other outbreak of illness or public health event, including COVID-19, and any governmental orders, lock-downs, legal and regulatory
changes related to such epidemic, plague, pandemic or other outbreak of illness or public health event, including COVID-19, are
specifically excluded from clause (i) above and shall be considered in determining whether a “Seller Material Adverse Effect”
has occurred.

 

    5

     

    

 

“SEC”
means the United States Securities and Exchange Commission.

 

“Seller
Disclosure Letter” means the Disclosure Letter attached hereto, dated hereof, delivered by the Seller to the Company
in connection with this Agreement.

 

“Subsidiary”
of any Person means any corporation, partnership, joint venture, limited liability company or other organization, whether incorporated
or unincorporated, which, directly or indirectly, is controlled by such Person.

 

“Tangible
Personal Property” means machinery, equipment, tools, supplies, furniture, fixtures, personalty, vehicles, rolling stock
and other tangible personal property, including software.

 

“Tax”
or “Taxes” shall mean any all, tax, custom, duty, governmental fee or other like assessment or charge of any
kind whatsoever, imposed by any Governmental Authority (including any federal, state, local, foreign or provincial capital gain,
income, windfall profits, severance, gross receipts, property, sales, use, net worth, premium, license, excise, franchise, employment,
payroll, social security, workers compensation, unemployment compensation, alternative or added minimum, ad valorem, transfer
or excise tax) together with any interest, addition or penalty imposed thereon.

 

“Transfer
Taxes” means all transfer, documentary, sales, use, stamp, recording, value added, registration and other similar Taxes
and all conveyance fees, recording fees and other similar charges.

 

1.2           Definitions. 

 

The
following terms have the meanings set forth in the Sections set forth below:

 

	Definition	Location
	“Affiliate
    Transaction”  	3.21
	“Closing” 	2.2
	“Closing
    Date” 	2.2
	“Company” 	Preamble
	“Company
    Indemnified Party” 	8.2(a)
	“Company
    Indemnifying Party” 	8.2(b)
	“Exchange” 	Recitals
	“Exchange
    Act”  	4.4
	“FINRA” 	4.4
	“Indemnified
    Party”  	8.3
	“Indemnifying
    Party” 	8.3
	“Leases” 	3.19(b)

 

    6

     

    

 

	Definition	Location
	“Loss” 	8.2(a)
	“Non-U.S.
    Benefit Plans” 	3.16(b)
	“Pre-Closing
    Period” 	6.1(a)
	“Representatives”
     	6.2(a)
	“SEC
    Reports”  	4.8(a)
	“Securities
    Act”  	4.4
	“Seller”
     	Preamble
	“Seller
    Accounting Principles”  	3.7(b)
	“Seller
    Audited Financials  	3.7(a)
	“Seller
    Financials” 	3.7(a)
	“Seller
    Interim Financials” 	3.7(a)
	“Seller
    Material Contracts” 	3.14
	“Seller
    Permits”  	3.11(b)
	“Service
    Provider Contracts”  	3.24
	“Shareholders” 	Preamble
	“Shareholder
    Indemnifying Party” 	8.2(a)
	“Shareholder
    Indemnified Party” 	8.2(b)
	“Tax
    Returns”  	3.18(a)
	“Termination
    Date” 	9.1
	“Terminating
    Seller Breach” 	9.1(c)
	“Terminating
    Company Breach”  	9.1(d)
	“Third
    Party Claim” 	8.4(b)
	“U.S.
    Employee”  	3.16(a)

         

1.3           Interpretation
and Rules of Construction. 

 

(a)          In
this Agreement, except to the extent otherwise provided or that the context otherwise requires:

 

(i)           when
a reference is made in this Agreement to an Article, Section, Exhibit or Schedule, such reference is to an Article or Section
of, or a Schedule or Exhibit to, this Agreement unless otherwise indicated;

 

(ii)          the
table of contents and headings for this Agreement are for reference purposes only and do not affect in any way the meaning or
interpretation of this Agreement;

 

(iii)         whenever
the words “include,” “includes” or “including” are used in this Agreement, they are deemed
to be followed by the words “without limitation”;

 

(iv)        the
words “hereof,” “herein” and “hereunder” and words of similar import, when used in this Agreement,
refer to this Agreement as a whole and not to any particular provision of this Agreement;

 

    7

     

    

 

(v)         all
terms defined in this Agreement have the defined meanings when used in any certificate or other document made or delivered pursuant
hereto, unless otherwise defined therein;

 

(vi)        the
definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms;

 

(vii)       any
Law defined or referred to herein or in any agreement or instrument that is referred to herein means such Law or statute as from
time to time amended, modified or supplemented, including by succession of comparable successor Laws;

 

(viii)       references
to a Person are also to its successors and permitted assigns;

 

(ix)         the
use of “or” is not intended to be exclusive unless expressly indicated otherwise; and

 

(x)          references
to sums of money are expressed in lawful currency of the United States of America, and “$” refers to U.S. dollars.

 

(b)         Notwithstanding
anything to the contrary contained in the Disclosure Letters, or in this Agreement, the information and disclosures contained
in any Section of a Disclosure Letter shall be deemed to be disclosed and incorporated by reference in each other Section of such
Disclosure Letter as though fully set forth in such other Section to the extent the relevance of such information to such other
Section is reasonably apparent from reading the disclosure (without knowledge of any facts not set forth on the face of such disclosure).
Certain items and matters are listed in the Disclosure Letters for informational purposes only and may not be required to be listed
therein by the terms of this Agreement. In no event shall the listing of items or matters in a Disclosure Letter be deemed or
interpreted to broaden, or otherwise expand the scope of, the representations and warranties or covenants contained in this Agreement.
No reference to, or disclosure of, any item or matter in any Section of this Agreement, or any Section of a Disclosure Letter
shall be construed as an admission or indication that such item or matter is material or that such item or matter is required
to be referred to or disclosed in this Agreement or in such Disclosure Letter. Without limiting the foregoing, no such reference
to or disclosure of a possible breach or violation of any contract or agreement, Law or Governmental Order shall be construed
as an admission or indication that a breach or violation exists or has actually occurred.

 

Article
II

Description of Transaction

 

2.1           The
Transaction. 

 

Upon
the terms and subject to the conditions of this Agreement, at the Effective Time, and without any action on the part of the holder
thereof, each Shareholder hereby irrevocably assigns and transfers to the Company, free and clear of all Encumbrances, each Seller
Security held by such Shareholder as legal and beneficial owner as set forth opposite such Shareholders name on Schedule A-1
and any and all rights associated with such Seller Securities held by such Shareholder, in exchange for that number of shares
of Common Stock as determined in accordance with this Agreement.

 

    8

     

    

 

2.2           The
Closing; Closing Date; Effect. 

 

Subject
to the terms and conditions of this Agreement, the closing of the transactions contemplated by this Agreement (the “Closing”)
shall take place remotely, via electronic exchange of documents, or, if or to the extent such an exchange is not practicable,
at a Closing, at the offices of The Crone Law Group P.C. in New York, New York as soon as practicable, but in no event later than
the third Business Day, following the satisfaction or waiver of the conditions to the obligations of the parties hereto set forth
in Article VII (other than conditions that by their nature are to be satisfied at the Closing, and subject to the satisfaction
or waiver of such conditions) or at such other place or at such other time or on such other date as the Seller and the Company
may mutually agree upon in writing (the day on which the Closing takes place being the (“Closing Date”). Except
as otherwise agreed in writing, the Effective Time shall be on the Closing Date.

 

2.3           Actions
at the Closing. 

 

At
the Closing or, in the case of securities issuances, as soon thereafter as is practicable:

 

(a)       the
Seller shall deliver to the Company the various certificates, instruments and documents referred to in Section 7.2;

 

(b)       the
Company shall deliver to the Seller the various certificates, instruments and documents referred to in Section 7.3;

 

(c)       each
of the Shareholders shall deliver to the Company the certificate(s) representing their Seller Securities referred to in Section
7.2(g); and

 

(d)       The
Company shall deliver certificates for the Exchange Shares to the Shareholders in accordance with Section 2.4(a).

 

2.4           Exchange
of Shares. 

 

(a)       At
the Effective Time, by virtue of the Exchange, the issued and outstanding Seller Securities immediately prior to the Effective
Time shall be exchanged for such number of Exchange Shares as equals $55,000,000, such number of Exchange Shares to be calculated
based on a $0.60 share price, with each Shareholder receiving a pro rata portion of the Exchange Shares based upon the total number
of Seller Securities held by such Shareholder and as set forth opposite their name on Schedule A-1.

 

(b)       No
fractional shares of Common Stock shall be issued in connection with the Exchange, and no certificates or scrip for any such fractional
shares shall be issued. The number of shares of Common Stock that would be issued to each Shareholder in connection with the Exchange
(after aggregating all fractional shares of Common Stock which would have been issued to such Shareholder) shall be rounded down
to the next whole share, in lieu of such fractional shares.

 

    9

     

    

 

(c)       From
and after the Effective Time, former holders of Seller Securities shall be shareholders of the Company and shall have no rights
or interest as a shareholder of the Seller.

 

2.5           Effect
of Share Exchange. 

 

(a)       The
Seller will continue to conduct its business as a wholly-owned subsidiary of the Company.

 

(b)       The
Organizational Documents of the Seller in effect at the Effective Time shall continue as the Organizational Documents of the Seller.

 

(c)       From
and after the Effective Time, the directors and the executive officers of the Seller immediately prior to the Effective Time shall
continue to serve as the directors and the executive officers of the Seller until their successors are duly appointed or elected.

 

Article
III

REPRESENTATIONS AND WARRANTIES OF the Seller

 

The
Seller hereby represents and warrants to the Company, subject to such exceptions as are disclosed in the Seller Disclosure Letter:

 

3.1           Due
Organization and Good Standing. 

 

(a)       The
Seller and each of its Subsidiaries, is a corporation, limited liability company or other entity, duly incorporated, formed, or
organized, validly existing, and, the extent such concept is applicable, in good standing under the Laws of its respective jurisdiction
of incorporation, formation, or organization. Each of the Seller and its Subsidiaries has, all requisite corporate or similar
power and authority to own, lease and operate its properties and assets and to carry on its business as presently conducted and
is qualified to do business and, to the extent such concept is applicable, is in good standing as a foreign corporation or other
legal entity in each jurisdiction where the ownership, leasing or operation of its assets or properties or conduct of its business
requires such qualification.

 

(b)
The Seller has made available to the Company complete and correct copies of the Seller’s and each of its Subsidiaries’
Organizational Documents, each in full force and effect as of immediately prior to the execution and delivery of this Agreement.
None of the Seller or its Subsidiaries is in violation of any of their respective Organizational Documents.

 

(c)
Section 3.1(c) of the Seller Disclosure Letter contains a complete and correct list of each jurisdiction in which the Seller
and its Subsidiaries are organized and qualified to do business.

 

3.2           Title
to Securities; Capitalization. 

 

(a)       The
authorized share capital of the Seller consists of 3,820,750 ordinary shares, $1.00 per share, 3,820,750 of which are issued and
outstanding. All of the outstanding Seller Securities were duly authorized, validly issued, fully paid and nonassessable, free
of Encumbrances and have been granted, offered, sold and issued in compliance with all applicable foreign, state and federal securities
Laws. None of the Seller Securities are subject to, or issued in violation of, any purchase option, right of first refusal, preemptive
right, subscription right or any similar right under any provision of the relevant law in the jurisdiction of incorporation, any
of the Seller’s Organizational Documents, or any contract to which the Seller is a party or by which the Seller is bound.
There are no outstanding contractual obligations of the Seller to repurchase, redeem or otherwise acquire any of the Seller Securities
or any capital equity of the Seller and there are no outstanding contractual obligations of the Seller to provide funds to, or
make any investment (in the form of a loan, capital contribution or otherwise) in, any other Person. None of the outstanding Seller
Securities has been issued in violation of any applicable securities Laws.

 

    10

     

    

 

(b)       There
are no (i) outstanding options, puts, calls, convertible securities, preemptive or similar rights, outstanding or authorized stock
appreciation, phantom stock or similar rights with respect to the Seller, (ii) bonds, debentures, notes or other Indebtedness
having general voting rights or that are convertible or exchangeable into securities having such rights, or (iii) except as expressly
contemplated by this Agreement, subscriptions or other rights, agreements, arrangements, contracts or commitments of any character,
relating to the issued or unissued capital equity of the Seller or any of its Subsidiaries obligating the Seller or any such Subsidiary
to issue, transfer, deliver or sell or cause to be issued, transferred, delivered, sold or repurchased any options, equity securities
or securities convertible into or exchangeable for such securities, or obligating the Seller or any of its Subsidiaries to grant,
extend or enter into any option, warrant, call, subscription or other right, agreement, arrangement or commitment for such securities.

 

(c)       There
are no registration rights and there is no voting trust, proxy, rights plan, shareholder’s agreement, anti-takeover plan
or other contracts or understandings to which the Seller or any Shareholder is a party or by which the Seller or any Shareholder
is bound with respect to any of the capital stock of the Seller or any of its Subsidiaries. Except as set forth in this Agreement,
as a result of the consummation of the Exchange, no shares of capital stock, warrants, options or other securities of the Seller
or any of its Subsidiaries are issuable and no rights in connection with any shares, warrants, rights, options or other securities
of the Seller or any of its Subsidiaries accelerate or otherwise become triggered (whether as to vesting, exercisability, convertibility
or otherwise).

 

(d)       All
Indebtedness of the Seller and each of its Subsidiaries are disclosed in Section 3.2(d) of the Seller Disclosure Letter.
Except as disclosed therein, no Indebtedness of the Seller or any of its Subsidiaries contains any restriction upon (i) the prepayment
of any of such Indebtedness, (ii) the incurrence of Indebtedness by the Seller or any of its Subsidiaries, or (iii) the ability
of the Seller or any of its Subsidiaries to grant any Encumbrance on its properties or assets.

 

(e)       Except
as set forth in Section 3.2(e) of the Seller Disclosure Letter, since their respective formations, neither the Seller nor
any of its Subsidiaries has made, declared or paid any distribution or dividend and has not repurchased, redeemed or otherwise
acquired any of its securities or equity interests, and no board of directors or other governing board of the Seller or any of
its Subsidiaries has authorized any of the foregoing.

 

    11

     

    

 

3.3           Subsidiaries. 

 

Section
3.3 of the Seller Disclosure Letter sets forth a true, complete and correct list of each of the Seller’s Subsidiaries
and their respective jurisdictions of incorporation, formation or organization and capital structure. All of the capital stock
and other equity interests of each of the Seller’s Subsidiaries are owned, directly or indirectly, by the Seller free and
clear of any Encumbrance (other than any restriction under the applicable securities Laws) with respect thereto. All of the outstanding
equity securities of each of the Seller’s Subsidiaries are duly authorized and validly issued, were offered, sold and delivered
in compliance with all applicable Laws governing the issuance of securities, fully paid and nonassessable. There are no contracts
to which the Seller or any of its Affiliates is a party or bound with respect to the voting (including voting trusts or proxies)
of the equity interests of any of the Seller’s Subsidiaries other than the Organizational Documents of any such Subsidiary.
There are no outstanding or authorized options, warrants, rights, agreements, subscriptions, convertible securities or commitments
to which any of the Seller’s Subsidiaries is a party, or which are binding upon any such Subsidiary, providing for the issuance
or redemption of any equity interests of any such Subsidiary. There are no outstanding equity appreciation, phantom equity, profit
participation or similar rights granted by any of the Seller’s Subsidiaries. Except for the interests of the Seller’s
Subsidiaries listed in Section 3.3 of the Seller Disclosure Letter, the Seller does not own or have any rights to acquire,
directly or indirectly, any capital stock or other equity interests of any Person. Except as set forth in Section 3.3 of the
Seller Disclosure Letter, none of the Seller or any of its Subsidiaries is a participant in any joint venture, partnership
or similar arrangement. Except as set forth in Section 3.3 of the Seller Disclosure Letter, there are no outstanding contractual
obligations of any of the Subsidiaries to provide funds to, or make any investment (in the form of a loan, capital contribution
or otherwise) in, any other Person.

 

3.4           Authorization. 

 

The
Seller has all necessary corporate power and to enter into this Agreement, to carry out its obligations hereunder and to consummate
the transactions contemplated hereby. The execution and delivery by the Seller of this Agreement, the performance by the Seller
of its obligations hereunder and the consummation by the Seller of the transactions contemplated hereby have been duly authorized
by all requisite action on the part of the Seller and the Shareholders. This Agreement has been duly executed and delivered by
the Seller, and (assuming due authorization, execution and delivery by the Company) this Agreement constitutes a legal, valid
and binding obligation of the Seller, enforceable against the Seller in accordance with its terms, subject to applicable bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and similar Laws of general applicability relating to or affecting
creditors’ rights and to general equity principles.

 

3.5           Governmental
Approvals. 

 

Other
than the filings, notices, reports, consents, registrations, approvals, permits, clearances,
expirations or terminations of waiting periods or authorizations pursuant to the applicable provisions of the Labuan Financial
Authority Services as listed on Section 3.5 of the Seller Disclosure Letter no notice to, filing with, authorization of,
exemption by, or consent or approval of, any Governmental Authority necessary for the execution,
delivery and performance by the Seller, any of its Subsidiaries, or the Shareholders of this Agreement or the consummation
by the Seller. any of its Subsidiaries, or the Shareholders of the transactions contemplated by this Agreement.

 

    12

     

    

 

3.6           No
Conflict. 

 

Except
as otherwise described in Section 3.6 of the Seller Disclosure Letter, the execution and delivery by the Seller of this
Agreement, the consummation by the Seller of the transactions contemplated hereby, and compliance by the Seller with any of the
provisions hereof, will not, (i) conflict with or violate any provision of Seller’s Organizational Documents, (ii) require
any consent, approval, waiver, or notice to, or result in a violation or breach of, or constitute (with or without due notice
or lapse of time or both) a default (or give rise to any right of termination, cancellation, amendment or acceleration) under,
any Seller Material Contract, (iii) result in the termination, withdrawal, suspension, cancellation or modification of, a right
acceleration under, give rise to any obligation to make payments or provide compensation under, or result (immediately or with
the passage of time or otherwise) in the creation or imposition of any Encumbrances (as hereafter defined) upon any of the properties,
rights or assets of the Seller or any of its Subsidiaries, or (iv) subject to obtaining the consents from Governmental Authorities
referred to in Section 3.5 hereof, and the waiting periods referred to therein having expired, and any condition precedent
to such consent, approval, authorization or waiver having been satisfied, conflict with or violate any Law or Governmental Order
to which the Seller or any of its Subsidiaries or any of their respective assets or properties is subject.

 

3.7           Financial
Statements; Books and Records. 

 

(a)       The
Seller has provided to the Company (i) the audited consolidated balance sheets of the Seller and its Subsidiaries as of December
31, 2020 and December 31, 2021 and the related audited consolidated statements of operations, comprehensive income (loss), stockholders’
equity and cash flows for the fiscal years ended December 31, 2020 and December 31, 2021, together with the notes to such statements
and the opinion of Siew Boon Yeong & Associates, Chartered Accountants (“Seller Audited Financials”), and
(ii) the unaudited balance sheet of the Seller and the related unaudited statement of operations for the three months ended March
31, 2022, (the “Seller Interim Financials”, the Seller Audited Financials and the Seller Interim Financials,
collectively, the “Seller Financials”).

 

(b)       The
Seller Financials (including any related notes and schedules thereto) are true and accurate and (i) present fairly, in all material
respects, the consolidated financial position, results of operations, income (loss), stockholder’s equity, and cash flows
of the Seller and its Subsidiaries as of the dates and for the periods indicated in such Seller Financials (except, in the case
of the Seller Interim Financials, for the absence of footnotes and other presentation items and normal year-end adjustments that
will not be material in amount and effect), and (ii) in each case were prepared in accordance with generally accepted accounting
principles in accordance with Malaysian Financial Reporting Standards and International Financial Reporting Standards (the “Seller
Accounting Principles”), consistently applied during the periods involved, and
were derived from, and accurately reflect in all material respects, the books and records of the Seller and its Subsidiaries
and (iii) to the extent required for inclusion in the filings with the SEC and the Registration Statement, comply, in all material
respects with the Securities Act, Regulation S-X and the published general rules and regulations of the SEC.

 

    13

     

    

 

(c)       Any
additional financial statements as may be required to be delivered pursuant to the terms of this Agreement will, when delivered,
(i) accurately reflect the Seller’s books and records as of the times and for the periods referred to therein, and (ii)
be prepared in accordance with the Seller Accounting Principles, or US GAAP to the extent required to be included in the Registration
Statement, methodologies applied on a consistent basis throughout the periods involved (except as may be indicated in the notes
thereto and except for the absence of footnotes and audit adjustments in the case of unaudited financial statements), (iii) fairly
present in all material respects the consolidated financial position of the Seller as of the respective dates thereof and the
consolidated results of the Seller’s operations and cash flows for the periods indicated, and (iv) to the extent required
for inclusion in the filings with the SEC and to the Registration Statement, will comply as of the Closing Date in all material
respects with the Securities Act, Regulation S-X and the published general rules and regulations of the SEC.

 

(d)       The
Seller and each of its Subsidiaries maintains a system of internal accounting controls that are sufficient to provide reasonable
assurance that: (a) transactions are executed in accordance with management’s general or specific authorizations; (b) transactions
are recorded as necessary to permit preparation of financial statements in conformity with the Seller Accounting Principles and
to maintain asset accountability; (c) access to property is permitted only in accordance with management’s general or specific
authorization; and (d) the recorded accountability for assets is compared with the existing assets at reasonable intervals and
appropriate action is taken with respect to any differences.

 

(e)       All
of the financial books and records of the Seller and its Subsidiaries are complete and accurate in all material respects and have
been maintained in the ordinary course consistent with past practice and in accordance with applicable Laws.

 

(f)       Since
the Seller Interim Financials, neither the Seller nor any of its Subsidiaries (including any director, officer or employee thereof)
nor the Seller’s independent auditors has identified or been made aware of (i) any significant deficiency or material weakness
in the system of internal accounting controls utilized by the Seller, or (ii) any fraud, whether or not material, that involves
the Seller’s management or other employees who have a role in the preparation of financial statements or the internal accounting
controls utilized by the Seller, nor has any written complaint, allegation, assertion or claim regarding any of the foregoing
or that the Seller or any of its Subsidiaries has engaged in questionable accounting or auditing practices been received by the
Seller or any of its Subsidiaries.

 

(g)       Neither
the Seller nor any of its Subsidiaries has ever been subject to the reporting requirements of Sections 13(a) and 15(d) of the
Exchange Act.

 

3.8           Absence
of Certain Changes. 

 

Since
the Seller Interim Financials, except as described in Section 3.8 of the Seller Disclosure Letter and as expressly contemplated
by this Agreement, the Seller and its Subsidiaries have conducted their respective businesses in the ordinary course of business
consistent with past practice and then has not been any fact, change, effect, occurrence, event, development or state of circumstances
that has had or would reasonably be expected to have a Seller Material Adverse Effect.

 

    14

     

    

 

3.9           Absence
of Undisclosed Liabilities. 

 

Neither
the Seller nor any of its Subsidiaries is subject to any liabilities or obligations that are not adequately reflected or reserved
on or provided for in the Seller Interim Financials, other than (i) liabilities or obligations of the type that have been incurred
in the ordinary course of business consistent with past practice, (ii) liabilities or obligations reflected in Section 3.9
of the Seller Disclosure Letter, and (iii) liabilities or obligations under the payment terms of Seller Material Contracts
(but not including liabilities for breaches or for indemnification obligations thereunder), or (iv) that would not, individually
or in the aggregate, reasonably be expected to be material to the Seller and its Subsidiaries, taken as a whole.

 

3.10         Compliance
with Laws. 

 

Neither
the Seller nor any of its Subsidiaries is in conflict with, or in default or violation of, nor have any of them received, since
their respective formations, any written notice of any conflict with, or default or violation of, (i) any applicable Law by which
it or any property or asset of the Seller or any of its Subsidiary is bound or affected, including, without limitation, consumer
protection, insurance or securities Laws, or (ii) any Seller Material Contract.

 

3.11         Regulatory
Agreements; Permits. 

 

(a)       Except
as disclosed in Section 3.11(a) of the Seller Disclosure Letter, there are no material written agreements, memoranda of
understanding, commitment letters, or Governmental Orders to which Seller or any of its Subsidiaries is a party, on the one hand,
and any Governmental Authority is a party or addressee, on the other hand.

 

(b)       Except
as disclosed in Section 3.11(b) of the Seller Disclosure Letter, each of Seller, its Subsidiaries, and each employee of
the Seller or any of its Subsidiaries who is legally required to be licensed by a Governmental Authority in order to perform his
or her duties with respect to his or her employment with the Seller, or such Subsidiary, hold all material permits, licenses,
franchises, grants, authorizations, consents, exceptions, variances, exemptions, orders and other authorizations of Governmental
Authorities, certificates, consents and approvals necessary to lawfully conduct the Seller’s or such Subsidiaries’
respective business as presently conducted, and to own, lease and operate the Seller’s or such Subsidiaries’ respective
assets and properties (collectively, the “Seller Permits”), except for any such permits, licenses, franchises,
grants, authorizations, consents, exceptions, variances, exemptions, certificates and approvals, the failure of which to obtain
would not be reasonably expected to result in a Seller Material Adverse Effect. The Seller has made available to the Company true,
correct and complete copies of all material Seller Permits. All of the Seller Permits are in full force and effect, and no suspension
or cancellation of any of Seller Permits is pending or, to the knowledge of the Seller, threatened. Neither the Seller nor any
of its Subsidiaries is in violation in any material respect with the terms of any Seller Permit.

 

3.12         Litigation. 

 

There
is no material Action, or, to the knowledge of the Seller, threatened against the Seller, any of its Subsidiaries or any of their
respective properties, rights or assets or any of their respective managers, officers or directors (in their capacities as such).
There is no Governmental Order binding against the Seller, any of its Subsidiaries or any of their respective properties, rights
or assets or any of their respective managers, officers or directors (in their capacities as such) that would prohibit, prevent,
enjoin, restrict or alter or delay any of the transactions contemplated by this Agreement. The Seller and its Subsidiaries are
in compliance with all Governmental Orders. Neither the Seller nor any of its Subsidiaries, have any material Actions pending
against other parties. There is no Action pending or, to the knowledge of the Seller, threatened against the Seller or any of
its Subsidiaries involving a claim against the Seller or any of its Subsidiaries for false advertising with respect to any of
the Seller’s or any of its Subsidiaries’ products or services. Since the dates of formation of the Seller and its
Subsidiaries, none of their respective current or former officers, managers or directors have been charged with, indicted for,
arrested for, or convicted of any felony or any crime involving fraud.

 

    15

     

    

 

3.13          Restrictions
on Business Activities. 

 

There
is no Governmental Order binding upon the Seller or any of its Subsidiaries that has or would reasonably be expected to have the
effect of prohibiting, preventing, restricting or impairing in any respect, any business practice of the Seller or any of its
Subsidiaries as their businesses are currently conducted, any acquisition of property by the Seller or any of its Subsidiaries,
the conduct of business by the Seller or any of its Subsidiaries as currently conducted, or the ability of the Seller or any of
its Subsidiaries’ to compete with other parties.

 

3.14         Material
Contracts. 

 

(a)       Section
3.14(a) of the Seller Disclosure Letter sets forth a true, correct and complete list of, and the Seller has made available
to the Company, true, correct and complete copies of, each material written contract, agreement, commitment, arrangement, lease,
license, or plan and each other instrument in effect to which the Seller or any of its Subsidiaries is a party or by which the
Seller, any of its Subsidiaries, or any of their respective properties or assets are bound or affected, (each, a “Seller
Material Contract”) that:

 

(i)           contains
covenants that materially limit the ability of the Seller or any of its Subsidiaries (A) to compete in any line of business or
with any Person or in any geographic area or to sell, or provide any service or product or solicit any Person, including any non-competition
covenants, exclusivity restrictions, rights of first refusal or most-favored pricing clauses or (B) to purchase or acquire an
interest in any other Person;

 

(ii)          involves
any joint venture, partnership, limited liability company or other similar agreement or arrangement relating to the formation,
creation, operation, management or control of any partnership or joint venture;

 

(iii)         involves
any exchange traded, over the counter or other swap, cap, floor, collar, futures, contract, forward contract, option or other
derivative financial instrument or contract, based on any commodity, security, instrument, asset, rate or index of any kind or
nature whatsoever, whether tangible or intangible, including currencies, interest rates, foreign currency and indices;

 

(iv)        evidences
Indebtedness (whether incurred, assumed, guaranteed or secured by any asset) having an outstanding principal amount in excess
of $550,000;

 

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(v)         involves
the acquisition or disposition (to the extent such transaction would be consummated after the date hereof), directly or indirectly
(by merger or otherwise), of assets with an aggregate value in excess of $550,000 (other than in the ordinary course of business)
or capital stock or other equity interests of another Person;

 

(vi)        by
its terms calls for aggregate payments by the Seller or any of its Subsidiaries under such contract of more than $550,000 per
year or $1,100,000 in the aggregate over the length of the contract;

 

(vii)       with
respect to any acquisition or disposition of another Person, pursuant to which the Seller or any of its Subsidiaries has (A) any
continuing indemnification obligations in excess of $550,000 or (B) any “earn out” or other contingent payment obligations;

 

(viii)      relates
to any merger, consolidation or other business combination with any other Person or the acquisition or disposition of any other
entity or its business or material assets or the sale of the Seller, any of its Subsidiaries, their businesses or material assets;

 

(ix)         obligates
the Seller or any of its Subsidiaries to provide continuing indemnification or a guarantee of obligations of a third party after
the date hereof in excess of $550,000;

 

(x)          is
between the Seller or any of its Subsidiaries and any of their respective directors, executive officers, shareholders or Affiliates,
including all non-competition, severance and indemnification agreements;

 

(xi)         relates
to a material settlement entered into within three (3) years prior to the date of this Agreement or under which the Seller or
any of its Subsidiaries has outstanding obligations (other than customary confidentiality obligations);

 

(xii)        provides
another Person (other than the Seller or any of its Subsidiaries) with a power of attorney;

 

(xiii)       obligates
the Seller or any of its Subsidiaries to make any capital commitment or expenditure in excess of $550,000 (including pursuant
to any joint venture);

 

(xiv)       relates
to the development, ownership, licensing or use of any Intellectual Property material to the business of the Seller or any of
its Subsidiaries; or

 

(xv)        is
otherwise material to the Seller or any of its Subsidiaries or outside of the ordinary course of business of the Seller or any
of its Subsidiaries and not described in clauses (i) through (xiv) above.

 

(b)       Except
as disclosed in Section 3.14(b) of the Seller Disclosure Letter, with respect to each Seller Material Contract: (i) such
Seller Material Contract is valid and binding and enforceable in all respects against the Seller or the Subsidiary party thereto,
and, to the knowledge of the Seller, the other party thereto, are in full force and effect; (ii) the consummation of the transactions
contemplated by this Agreement will not affect the validity or enforceability of the Seller Material Contract against the Seller
or such Subsidiary and, to knowledge of the Seller, the other party thereto; (iii) neither the Seller or any of its Subsidiaries
is in breach or default in any respect, and no event has occurred that with the passage of time or giving of notice or both would
constitute a breach or default by the Seller or any of its Subsidiaries, or permit termination or acceleration by the other party
thereto, under such Seller Material Contract; (iv) to the knowledge of the Seller, no other party to such Seller Material Contract
is in breach or default in any respect, and no event has occurred that with the passage of time or giving of notice or both would
constitute such a breach or default by such other party, or permit termination or acceleration by the Seller or any of its Subsidiaries,
under such Seller Material Contract, (v) no other party to such Seller Material Contract has notified the Seller or any of its
Subsidiaries in writing that it is terminating or considering terminating the handling of its business by the Seller or any of
its Subsidiaries or in respect of any particular product, project or service of the Seller or any of its Subsidiaries, or is planning
to materially reduce its future business with the Seller or any of its Subsidiaries in any manner; and (vi) neither the Seller
nor any of its Subsidiaries has waived any rights under such Seller Material Contract.

 

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3.15       Intellectual
Property. 

 

(a)       Each
of the Seller and its Subsidiaries (i) has all right, title and interest in and to the Owned Intellectual Property, free and clear
of all Encumbrances, other than rights and interest licensed to any other Person and Permitted Encumbrances, and (ii) has no Licensed
Intellectual Property. Neither the Seller or any of its Subsidiaries has received any written notice alleging that it has infringed,
diluted or misappropriated, or, by conducting its business as currently conducted, has infringed, diluted or misappropriated,
the Intellectual Property rights of any Person and there is no valid basis for any such allegation.

 

(b)       Except
as set forth in Section 3.15(b) of the Seller Disclosure Letter, neither the execution nor delivery of this Agreement,
nor the consummation of the transactions contemplated hereby will impair or alter the Seller’s or any of its Subsidiaries’
rights to any Owned Intellectual Property. Each item of Owned Intellectual Property is valid, enforceable and subsisting and,
there is no Action that is pending or, to the Seller’s knowledge, threatened that challenges the rights of the Seller or
any of its Subsidiaries to any Owned Intellectual Property or the validity, enforceability or effectiveness thereof. The Owned
Intellectual Property constitutes all Intellectual Property owned by the Seller and any of its Subsidiaries.

 

3.16         Employee
Benefit Plans. 

 

(a)       Neither
the Seller nor any of its Subsidiaries has any employee benefit plans (as defined in Section 3(3) of the Employee Retirement Income
Security Act of 1974, as amended), or material bonus, stock option, stock purchase, restricted stock, incentive, deferred compensation,
retiree medical or life insurance, supplemental retirement, severance or other benefit plans, programs or arrangements, or any
employment, termination, severance or other contracts or agreements to which the Seller or any of its Subsidiaries has any obligation
or which are maintained, contributed to or sponsored by the Seller or any of its Subsidiaries for the benefit of any employee
who is employed primarily in (or, in the case of any expatriate employee, whose home country is) the United States (a “U.S.
Employee”).

 

(b)       Section
3.16(b) of the Seller Disclosure Letter lists all material bonus, stock option, stock purchase, restricted stock, incentive,
deferred compensation, retiree medical or life insurance, supplemental retirement, severance or other benefit plans, programs
or arrangements, and all material employment, termination, severance or other contracts or agreements, to which the Seller or
any of its Subsidiaries is a party, with respect to which the Seller or any of its Subsidiaries has any obligation or which are
maintained, contributed to or sponsored by the Seller or any of its Subsidiaries for the benefit of any Non-U.S. Employee (other
than statutory plans) (collectively, the “Non-U.S. Benefit Plans”). The Seller has made available to the Company
a true and complete copy of each Non-U.S. Benefit Plan.

 

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(c)       The
consummation of the transactions contemplated by this Agreement, whether alone or together with any other event, will not entitle
any current or former employee, manager, director or consultant of the Seller or any of its Subsidiaries’ severance pay
or any other payment or accelerate the time of payment or vesting, or increase the amount of compensation, due any such employee,
manager, director or consultant.

 

(d)       With
respect to each Non-U.S. Benefit Plan: (i) all employer and employee contributions to each Non-U.S. Benefit Plan required by Law
or by the terms of such Non-U.S. Benefit Plan have been made, or, if applicable, accrued, in accordance with normal accounting
practices; and (ii) each Non-U.S. Benefit Plan required to be registered has been registered and has been maintained in good standing
with applicable regulatory authorities.

 

(e)       None
of the Non-U.S. Benefit Plans contains any provision requiring a gross-up pursuant to Section 280G or 409A of the Code or similar
Tax provisions.

 

(f)       No
Non-U.S. Benefit Plan provides material benefits, including death or medical benefits (whether or not insured), with respect to
current or former employees of the Seller or any of its Subsidiaries after termination of employment (other than (i) coverage
mandated by applicable Laws, or (iii) benefits, the full direct cost of which is borne by the current or former employee (or beneficiary
thereof).

 

3.17         Employee
Matters. 

 

(a)       There
are no Actions pending or, to the knowledge of the Seller, threatened involving the Seller or any of its Subsidiaries and any
of their respective employees or former employees (with respect to their status as an employee or former employee, as applicable)
including any harassment, discrimination, retaliatory act or similar claim.

 

(b)       To
the knowledge of the Seller, since the dates of formation of the Seller and its Subsidiaries, there has been: (i) no labor union
organizing or attempting to organize any employee of the Seller or any of its Subsidiaries into one or more collective bargaining
units with respect to their employment with the Seller or any of the its Subsidiaries; and (ii) no labor dispute, strike, work
slowdown, work stoppage or lock out or other collective labor action by or with respect to any employees of the Seller or any
of its Subsidiaries pending with respect to their employment with the Seller or any of its Subsidiaries or threatened against
the Seller or any of its Subsidiaries. Neither the Seller nor any of its Subsidiaries is a party to, or bound by, any collective
bargaining agreement or other agreement with any labor organization applicable to the employees of the Seller or any of its Subsidiaries
and no such agreement is currently being negotiated.

 

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(c)       The
Seller and its Subsidiaries (i) are in compliance in all material respects with all applicable Laws respecting employment and
employment practices, terms and conditions of employment, health and safety and wages and hours, including Laws relating to discrimination,
disability, labor relations, hours of work, payment of wages and overtime wages, pay equity, immigration, workers compensation,
working conditions, employee scheduling, occupational safety and health, family and medical leave, and employee terminations,
and have not received written notice, or any other form of notice, that there is any Action involving unfair labor practices against
the Seller or any of its Subsidiaries pending, (ii) are not liable for any material arrears of wages or any material penalty for
failure to comply with any of the foregoing, and (iii) are not liable for any material payment to any trust or to any Governmental
Authority, with respect to unemployment compensation benefits, social security or other benefits or obligations for employees,
independent contractors or consultants (other than routine payments to be made in the ordinary course of business and consistent
with past practice). There are no Actions pending or, to the knowledge of the Seller, threatened against the Seller or any of
its Subsidiaries brought by or on behalf of any applicant for employment, any current or former employee, any Person alleging
to be a current or former employee, or any Governmental Authority, relating to any such Law or regulation, or alleging breach
of any express or implied contract of employment, wrongful termination of employment, or alleging any other discriminatory, wrongful
or tortious conduct in connection with the employment relationship.

 

(d)       Section
3.17 (d) of the Seller Disclosure Letter hereto sets forth a complete and accurate list of all employees of the Seller and
its Subsidiaries showing for each as of that date (i) the employee’s name, job title or description, employer, location,
salary level (including any bonus, commission, deferred compensation or other remuneration payable (other than any such arrangements
under which payments are at the discretion of the Seller or any of its Subsidiaries)), (ii) any bonus, commission or other remuneration
other than salary paid during the three month period ended March 31, 2022; and (iii) any wages, salary, bonus, commission or other
compensation due and owing to each employee for the three month period ended March 31, 2022. Except as set forth on Section
3.17(d) of the Seller Disclosure Letter, (A) no employee is a party to a written employment agreement or contract with the
Seller and each is employed “at will”, and (B) neither the Seller nor any of its Subsidiaries has not paid in full
to all such employees all wages, salaries, commission, bonuses and other compensation due to such employees, including overtime
compensation, and there are no severance payments which are or could become payable by the Seller or any of its Subsidiaries to
any such employees under the terms of any written or oral agreement, or commitment or any Law, custom, trade or practice. Except
as set forth in Section 3.17(d) of the Seller Disclosure Letter, each such employee has entered into the Seller’s,
or the applicable Subsidiary’s, standard form of employee non-disclosure, inventions and restrictive covenants agreement
with the Seller or its Subsidiaries, a copy of which has been provided to the Company by the Seller.

 

(e)       Section
3.17(e) of the Seller Disclosure Letter contains a list of all independent contractors (including consultants) currently engaged
by the Seller or any of its Subsidiaries, along with the position, the entity engaging such Person, date of retention and rate
of remuneration, most recent increase (or decrease) in remuneration and amount thereof, for each such Person. Except as set forth
on Section 3.17(e) of the Seller Disclosure Letter, all of such independent contractors are a party to a written agreement
or contract with the Seller or any of its Subsidiaries. Each such independent contractor has entered into customary covenants
regarding confidentiality, non-competition and assignment of inventions and copyrights in such Person’s agreement with the
Seller or applicable Subsidiary, a copy of which has been provided to the Company by the Seller. For the purposes of applicable
Law, including the Code, all independent contractors who are currently, or within the last three (3) years have been, engaged
by the Seller or any of its Subsidiaries are bona fide independent contractors and not employees of the Seller or any of its Subsidiaries.
Each independent contractor is terminable on fewer than thirty (30) days’ notice, without any obligation of the Seller any
of its Subsidiaries to pay severance or a termination fee.

 

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3.18         Taxes
and Returns. 

 

(a)       The
Seller has or will have timely filed, or caused to be timely filed, all material federal, state, local and foreign Tax returns
and reports required to be filed by the Seller or any of its Subsidiaries (taking into account all available extensions) (collectively,
“Tax Returns”), which Tax Returns are true, accurate, correct and complete in all material respects, and has
paid, collected or withheld, or caused to be paid, collected or withheld, all material Taxes required to be paid, collected or
withheld, other than such Taxes for which adequate reserves in the Seller Financials have been established.

 

(b)       Section
3.18(b) of the Seller Disclosure Letter sets forth each jurisdiction where the Seller and each of its Subsidiaries’
files or is required to file a Tax Return.

 

(c)       Neither
the Seller nor any of its Subsidiaries is being audited by any taxing authority or has been notified by any Tax authority that
any such audit is contemplated or pending.

 

(d)       There
are no material claims, assessments, audits, examinations, investigations or other proceedings pending against the Seller or any
of its Subsidiaries in respect of any Tax, and neither the Seller nor any of its Subsidiaries has been notified in writing of
any proposed Tax claims or assessments against the Seller or any of its Subsidiaries (other than, in each case, claims or assessments
for which adequate reserves in the Seller Financials have been established).

 

(e)       There
are no Encumbrances with respect to any Taxes upon any of the Seller’s or its Subsidiaries’ assets, other than (i)
Taxes, the payment of which is not yet due, or (ii) Taxes or charges being contested in good faith by appropriate proceedings
and for which adequate reserves in the Seller Financials have been established.

 

(f)        Neither
the Seller nor any of its Subsidiaries has any outstanding waivers or extensions of any applicable statute of limitations to assess
any material amount of Taxes. There are no outstanding requests by the Seller or any of its Subsidiaries for any extension of
time within which to file any Tax Return or within which to pay any Taxes shown to be due on any Tax Return.

 

(g)       Neither
the Seller nor any of its Subsidiaries has made any change in accounting method or received a ruling from, or signed an agreement
with, any taxing authority that would reasonably be expected to have a material impact on Taxes following the Closing.

 

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(h)       Neither
the Seller nor any of its Subsidiaries participated in, or sold, distributed or otherwise promoted, any “reportable transaction,”
as defined in Treasury Regulation section 1.6011-4.

 

(i)        Neither
the Seller nor any of its Subsidiaries has any liability or potential liability for the Taxes of another Person (i) under any
applicable Tax Law, (ii) as a transferee or successor, or (iii) by contract, indemnity or otherwise.

 

(j)        Neither
the Seller nor any of its Subsidiaries is a party to or bound by any Tax indemnity agreement, Tax sharing agreement or Tax allocation
agreement or similar agreement, arrangement or practice with respect to material Taxes (including advance pricing agreement, closing
agreement or other agreement relating to Taxes with any taxing authority) that will be binding on the Seller or any of its Subsidiaries
with respect to any period following the Closing Date.

 

(k)       Neither
the Seller nor any of its Subsidiaries has requested or is the subject of or bound by any private letter ruling, technical advice
memorandum, closing agreement or similar ruling, memorandum or agreement with any taxing authority with respect to any material
Taxes, nor is any such request outstanding.

 

3.19         Title
to Properties; Assets. 

 

(a)       Neither
the Seller nor any of its Subsidiaries owns any real property.

 

(b)       The
Seller or its Subsidiaries hold a valid and enforceable leasehold interest under each real property lease or sublease entered
into by the Seller or any of its Subsidiaries (the “Leases”), free and clear of all Encumbrances, other than
Permitted Encumbrances. A complete and correct list of the Leases is listed in Section 3.19(b) of the Seller Disclosure Letter
and each Lease is a valid and binding obligation on the Seller or its Subsidiaries, the terms of which have been complied
with by the Seller and its Subsidiaries, as applicable, and, to the knowledge of the Seller, the other parties thereto, and is
enforceable and in full force and effect in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent
transfer, reorganization, moratorium and similar Laws of general applicability relating to or affecting creditors’ rights
and to general equity principles.

 

(c)       Neither
the Seller nor its Subsidiaries has delivered or received any written notice of any default or breach of any Lease which has not
been cured or is in the process of being cured, and to the knowledge of the Seller no event has occurred which, with notice, lapse
of time or both, would constitute a material default or breach of any Lease by the Seller or its Subsidiaries. The Seller has
made available to the complete and correct copies of the Leases.

 

(d)       Except
for assets sold, consumed or disposed of in the ordinary course of business since March 31, 2022, the Seller and its Subsidiaries
own good title to, or hold a valid leasehold interest in or license to all of the tangible assets shown to be owned or leased
by it on the Seller Interim Financials or acquired after the date thereof, free and clear of all Encumbrances, other than Permitted
Encumbrances.

 

    22

     

    

 

(e)       All
items of Tangible Personal Property which are owned, used or leased by the Seller or one of its Subsidiaries are in good operating
condition and repair (reasonable wear and tear excepted consistent with the age of such items), and are suitable for their intended
use in the business of the Seller or any of its Subsidiary. The operation of each of the Seller and its Subsidiaries’ respective
business as it is now conducted or presently proposed to be conducted is not dependent upon the right to use the Tangible Personal
Property of Persons other than a member of the Seller or any of its Subsidiaries, except for such Tangible Personal Property that
is owned by, leased, licensed or otherwise contracted to such entity. Any leases related to the Tangible Personal Property are
valid, binding and enforceable in accordance with their terms and are in full force and effect. No event has occurred which (whether
with or without notice, lapse of time or both or the happening or occurrence of any other event) would constitute a default on
the part of the Seller or any of its Subsidiaries under any lease related to the Tangible Personal Property and the Seller has
no knowledge of the occurrence of any event which (whether with or without notice, lapse of time or both or the happening or occurrence
of any other event) would constitute a default by any other party under any such lease, and neither the Seller nor any of its
Subsidiaries has received notice of any such condition. Neither the Seller nor any of its Subsidiaries has waived any rights under
any lease related to the Tangible Personal Property which would be in effect at or after the Closing. No event has occurred which
either entitles, or would, on notice or lapse of time or both, entitle the other party to any lease related to the Tangible Personal
Property with either the Seller or one of its Subsidiaries to declare a default or to accelerate, or which does accelerate, the
maturity of any obligations of the Seller or its Subsidiaries under any such lease.

 

(f)       The
Seller and each of its Subsidiaries has good, valid and marketable title to, or a valid leasehold interest in or right to use,
all of its assets, free and clear of all Encumbrances other than Permitted Encumbrances. The assets (including Intellectual Property
rights and contractual rights) of the Seller and its Subsidiaries constitute all of the assets, rights and properties that are
used in the operation of the businesses of the Seller and its Subsidiaries as they are now conducted and presently proposed to
be conducted or that are used or held by the Seller and its Subsidiaries for use in the operation of the businesses of the Seller
and its Subsidiaries, and taken together, are adequate and sufficient for the operation of the businesses of the Seller and its
Subsidiaries as currently conducted and as presently proposed to be conducted.

 

3.20         Environmental
Matters. 

 

Except
as set forth in Section 3.20 of the Seller Disclosure Letter:

 

(a)       Neither
the Seller nor any of its Subsidiaries is subject to any current Governmental Order relating to any non-compliance with or liability
under any Environmental Law by or of the Seller or its Subsidiaries, or has assumed by contract or, to the knowledge of the Seller,
operation of law any liability of any other Person arising under Environmental Law;

 

(b)       The
Seller and its Subsidiaries are in compliance in all material respects with all applicable Environmental Law;

 

(c)       Neither
the Seller nor any of its Subsidiaries (i) has manufactured, treated, stored, disposed of, arranged for or permitted the disposal
of, generated, handled or released any Hazardous Materials; (ii) owned or operated any property or facility, in a manner that
has given or would reasonably be expected to give rise to any liability or obligation under applicable Environmental Laws; or
(iii) to the knowledge of the Seller after due inquiry, is subject to liability for any Hazardous Materials use, storage, processing,
transport, disposal, exposure of any Person or contamination at the real property subject to the Leases or on any third-party
property; and

 

    23

     

    

 

(d)       Each
of the Seller and its Subsidiaries holds and is in compliance in all material respects with all the Seller Permits required to
conduct its business and operations under all applicable Environmental Law.

 

3.21         Transactions
with Affiliates. 

 

Except
for employment relationships and the payment of compensation, benefits and expense reimbursements and advances in the ordinary
course of business, no director, manager, officer or other Affiliate of the Seller or any of its Subsidiaries, to the knowledge
of the Seller, has or has had, directly or indirectly: (a) a material economic interest in any Person that has furnished or sold,
or furnishes or sells, services or products that the Seller or any of its Subsidiaries furnishes or sells, or proposes to furnish
or sell; (b) a material economic interest in any Person that purchases from or sells or furnishes to, the Seller or any of its
Subsidiaries, any goods or services; (c) a material beneficial interest in any Material Contract of the Seller; or (d) any contractual
or other arrangement with the Seller or any of its Subsidiaries, other than customary indemnity arrangements (each, an “Affiliate
Transaction”); provided, however, that ownership of no more than 5% of the outstanding voting stock of
a publicly traded corporation shall not be deemed an “economic interest in any Person” for purposes of this Section
3.21.

 

3.22         Insurance. 

 

Neither
the Seller nor any of its Subsidiaries have any insurance policies issued in favor of the Seller or any of its Subsidiaries, or
pursuant to which the Seller, or any of its Subsidiaries or any of their respective directors or officers are a named insured
or otherwise a beneficiary.

 

3.23         Accounts
Receivable. 

 

All
accounts, notes and other receivables, whether or not accrued, and whether or not billed, of the Seller or any of its Subsidiaries,
in accordance with the Seller Accounting Principles arose from sales actually made or services actually performed in the ordinary
course of business and represent valid obligations to the Seller or its Subsidiaries, as applicable, arising from their respective
businesses. None of the Seller’s nor its Subsidiaries’ accounts receivable are subject to any right of recourse, defense,
deduction, return of goods, counterclaim, offset, or set off on the part of the obligor in excess of any amounts reserved therefore
on the Seller Financials.

 

3.24         Service
Contracts. 

 

Section
3.24 of the Seller Disclosure Letter sets forth a correct and complete list of all material contracts with service providers
(the “Service Provider Contracts”) to which the Seller and any of its Subsidiaries is a party. None of the
Service Provider Contracts has been cancelled or otherwise terminated or, to the Sellers’s knowledge, no such termination
has been threatened by any party to such contract. Neither the Seller nor any of its Subsidiaries has received any notice, and
has no reason to believe, that any of its service providers has ceased, or intends to cease, to supply services to the Seller
and its Subsidiaries or otherwise materially reduce its relationship with the Seller or any of its Subsidiaries. To the knowledge
of the Seller, no event has occurred which, with or without notice, lapse of time or both, would constitute a breach or default
on the part of the Seller or any of its Subsidiaries under the terms of the Service Provider Contracts.

 

    24

     

    

 

3.25         Investment
Company Act. 

 

Neither
the Seller nor any of its Subsidiaries is an “investment company” or a Person directly or indirectly “controlled”
by or acting on behalf of an “investment company”, in each case within the meaning of the Investment Company Act of
1940, as amended.

 

3.26         Information
Supplied; Registration Statement. 

 

None
of the information supplied or to be supplied by, and relating to, the Seller for inclusion, or included, in (a) the Registration
Statement, or (b) any other documents to be filed with the SEC, any state securities commission or any other federal or state
regulatory agency in connection with the transactions contemplated hereby will, at the respective times such information is supplied
or such documents are filed or mailed, be false or misleading with respect to any material fact, or omit to state any material
fact necessary in order to make the statements therein, in light of the circumstances in which they are made, not misleading.
All documents which the Seller is responsible for filing with any regulatory agency in connection with the transactions contemplated
hereby will comply as to form in all material respects with the provisions of applicable law.

 

3.27         Finders
and Brokers. 

 

Neither
the Seller, its Subsidiaries, nor any of their respective officers, directors or employees has employed any broker or finder or
incurred any liability for any brokerage fees, commissions or finder’s fees in connection with the transactions contemplated
by this Agreement.

 

Article
IV

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

The
Company hereby represents and warrants to the Seller, subject to such exceptions as are disclosed in the Company Disclosure Letter:

 

4.1           Organization
and Qualification. 

 

The
Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Nevada, and has
all requisite corporate, organizational power and authority to own, lease and operate its properties and to carry on its business
as now being conducted.

 

    25

     

    

 

4.2           Title
to Securities; Capitalization. 

 

(a)       The
authorized capital stock of the Company consists of 400,000,000 shares of Common Stock, par value $0.0001 per share, and 25,000,000
shares of Redeemable Convertible Preferred Stock, par value $0.0001 per share. The shares of Common Stock are eligible for quotation
on the OTC Markets. As of the date of this Agreement, there are 5,409,310 shares of Common Stock issued and outstanding as of
the date of this Agreement. All outstanding shares of Common Stock are, and all shares of Common Stock that may be issued as contemplated
or permitted by this Agreement will be, when issued, duly authorized, validly issued, fully paid and nonassessable and not subject
to any pre-emptive rights. or any similar right under any provision of the relevant laws of the Nevada Revised Statutes, the Company’s
Organizational Documents or any contract to which the Company is a party or by which the Company is bound.

 

(b)       Except
as set forth in the SEC Reports or Section 4.2(b) of the Company Disclosure Letter, there are no (i) outstanding options,
warrants, puts, calls, convertible securities, preemptive or similar rights, (ii) bonds, debentures, notes or other Indebtedness
having general voting rights or that are convertible or exchangeable into securities having such rights, or (iii) except as expressly
contemplated by this Agreement, subscriptions or other rights, agreements, arrangements, contracts or commitments of any character,
relating to the issued or unissued capital equity of Company or obligating the Company to issue, transfer, deliver or sell or
cause to be issued, transferred, delivered, sold or repurchased any options, their respective capital stock or securities convertible
into or exchangeable for such shares or interests, or obligating the Company to grant, extend or enter into any such option, warrant,
call, subscription or other right, agreement, arrangement or commitment for such capital equity.

 

(c)       Except
as set forth in in the SEC Reports or Section 4.2(c) of the Company Disclosure Letter, there are no registration rights,
and there is no voting trust, proxy, rights plan, anti-takeover plan or other contracts or understandings to which the Company
is a party or by which the Company is bound with respect to any of its capital stock. Except as set forth in Section 4.2(c)
of the Company Disclosure Letter, as a result of the consummation of the Exchange, no shares of capital stock, warrants, options
or other securities of the Company are issuable and no rights in connection with any shares, warrants, rights, options or other
securities of the Company accelerate or otherwise become triggered (whether as to vesting, exercisability, convertibility or otherwise).

 

4.3           Authorization. 

 

The
Company has all requisite corporate power and authority to execute and deliver this Agreement and to consummate the transactions
contemplated hereby. The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby,
have been duly and validly authorized by the Company’s board of directors, and no other corporate proceedings on the part
of the Company are necessary to authorize the execution and delivery of this Agreement or to consummate transactions contemplated
hereby. This Agreement has been duly and validly executed and delivered by the Company and assuming the due authorization, execution
and delivery of this Agreement by the other parties hereto, constitutes the legal, valid and binding obligation of the Company,
enforceable against the Company in accordance with its terms, subject to the effect of any applicable bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium or other similar Laws relating to or affecting creditors’ rights generally
and subject to the effect of general principles of equity.

 

    26

     

    

 

4.4           Governmental
Approvals. 

 

Other
than the filings, notices, reports, consents, registrations, approvals, permits, clearances, expirations or terminations of waiting
periods or authorizations (i) required to be made with or obtained from the SEC, (ii) such filings as contemplated by this Agreement,
including pursuant to the Exchange and the Registration Statement, (iii) for applicable requirements, if any, state securities,
takeover and “blue sky” Laws, the Securities Act of 1933, as amended (the “Securities Act”), the
Exchange Act of 1934, as amended (the “Exchange Act”), and the Financial Industry Regulatory Authority (“FINRA”)
no filings, notices, reports, consents, registrations, approvals, permits, clearances, expirations or terminations of waiting
periods or authorizations are required to be made by the Company with, or obtained by the Company from, any Governmental Authority
in connection with the execution, delivery and performance of this Agreement or the consummation of the transactions contemplated
hereby, except as would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the
Company.

 

4.5           No
Violations. 

 

Except
as set forth in the SEC Reports, no Action by or against the Company is pending or, to the best knowledge of the Company, threatened,
which could affect the legality, validity or enforceability of this Agreement or the consummation of the transactions contemplated
hereby.

 

4.6           Compliance
with Laws. 

 

Except
where the failure to be, or to have been, in compliance with such Laws has not or would not, individually or in the aggregate,
reasonably be expected to have a material adverse effect on the Company or prevent, materially delay or materially impair the
ability of the Company to consummate the transactions contemplated by this Agreement the business of the Company is not conducted
in violation of any applicable Law. The Company has not received any notice or communication of any material noncompliance with
any Laws that has not been cured as of the date of this Agreement or is otherwise disclosed in the SEC Reports.

 

4.7           Investment
Company Act. 

 

The
Company is not an “investment company” or a Person directly or indirectly “controlled” by or acting on
behalf of an “investment company”, in each case within the meaning of the Investment Company Act of 1940, as amended.

 

4.8           SEC
Filings; Financial Statements. 

 

(a)       The
Company has filed all SEC reports required to be filed by it under the Exchange Act or otherwise, including pursuant to Section
13(a) or 15(d) thereof, since January 2020 (the foregoing materials being collectively referred to herein as the “SEC
Reports”). Each of the SEC Reports, at the time of its filing or being furnished (or, if amended, as of the date of
such amendment) complied, or if not yet filed or furnished, will comply, in all material respects with the applicable requirements
of the Securities Act, the Exchange Act, as applicable, and the rules and regulations of the SEC thereunder applicable to the
SEC Reports. To the Company’s knowledge, the Company is in compliance in all material respects with all of the applicable
rules of the OTC Markets. True, correct, and complete copies of all the SEC Reports are publicly available in the Electronic Data
Gathering, Analysis, and Retrieval database of the SEC.

 

    27

     

    

 

(b)       The
financial statements included in the SEC Reports comply in all material respects with applicable accounting requirements and the
rules and regulations of the SEC with respect thereto as in effect at the time of filing. Such financial statements have been
prepared in accordance with GAAP applied on a consistent basis throughout the periods involved, except as may be otherwise specified
in such financial statements or the notes thereto and except that unaudited financial statements may not contain all footnotes
required by GAAP, and fairly present in all material respects the financial position of Company as of and for the dates thereof
and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal,
immaterial, year-end audit adjustments as permitted by the applicable rules and regulations of the SEC. The disclosure set forth
in the SEC Reports, regarding the Company’s business is current and complete and accurately reflects the Company’s
operations as it exists as of the date hereof.

 

Article
V

REPRESENTATIONS AND WARRANTIES OF THE SHAREHOLDERS

 

As
an inducement to the Company to enter into this Agreement, each Shareholder, severally but not jointly, hereby represents and
warrants to the Company as follows.

 

5.1           Seller
Securities. 

 

The
Seller Securities represent 100% of the issued and outstanding capital stock of the Seller. Each Shareholder is the record owner,
and has good, valid and marketable title to, the Seller Securities appearing next to such shareholder’s name on Schedule
A-1 attached hereto. Each Shareholder has the right and authority to sell and deliver its Seller Securities, free and clear
of all Encumbrances or adverse claims of any nature whatsoever. Upon delivery of any certificate or certificates duly assigned,
representing the Seller Securities as herein contemplated or upon registering of the Company as the new owner of the Seller Securities
in the share register of the Seller, the Company will receive good title to the Seller Securities owned by each such Shareholder.

 

5.2           Power
and Authority. 

 

Each
Shareholder has the legal power, capacity and authority to execute and deliver this Agreement, to consummate the transactions
contemplated by this Agreement, and to perform their respective obligations under this Agreement. This Agreement constitutes a
legal, valid and binding obligation of each such Shareholder, enforceable against each such Shareholder in accordance with the
terms hereof, subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar Laws of
general applicability relating to or affecting creditors’ rights and to general equity principles.

 

    28

     

    

 

5.3           No
Conflicts. 

 

The
execution and delivery of this Agreement by each such Shareholder and the performance by each such Shareholder of its obligations
hereunder in accordance with the terms hereof: (a) will not require the consent of any third party or governmental entity under
any Laws; (b) will not violate any Law applicable to such Shareholder; and (c) will not violate or breach any contractual obligation
to which such Shareholder is a party.

 

Article
VI

COVENANTS

 

6.1           Conduct
of Business of the Seller and its Subsidiaries. 

 

(a)       Unless
the Company shall otherwise consent in writing (such consent not to be unreasonably withheld, conditioned or delayed), during
the period from the date of this Agreement and continuing until the earlier of the termination of this Agreement in accordance
with Section 9.1 or the Closing (the “Pre-Closing Period”), except as expressly contemplated by this
Agreement or as set forth on Section 6.1 of the Seller Disclosure Letter, the Seller shall and shall cause its Subsidiaries
to (i) conduct their respective businesses, in all material respects, in the ordinary course of business consistent with past
practice; (ii) comply with all Laws applicable to the Seller and its Subsidiaries and their respective businesses, assets and
employees; and (iii) preserve intact, in all material respects, their respective business organizations, maintain existing relations
with all of the Seller’s key customers, service providers, suppliers, and creditors, and keep available the services of
their respective managers, directors, officers, employees and consultants, to maintain, in all material respects, and to preserve
the possession, control and condition of their respective assets, all as consistent with past practice.

 

(b)       Without
limiting the generality of the foregoing clause (a), and except as contemplated by the terms of this Agreement or as set
forth in Section 6.1 of the Seller Disclosure Letter without the prior written consent of the Company (such consent not
to be unreasonably withheld, conditioned or delayed), the Seller shall not, and shall cause its Subsidiaries to not:

 

(i)          amend,
waive or otherwise change, in any respect, any of the Seller’s or its Subsidiaries’ Organizational Documents;

 

(ii)         authorize
for issuance, issue, grant, sell, pledge, dispose of or propose to issue, grant, sell, pledge or dispose of any of its equity
securities or any options, warrants, commitments, subscriptions or rights of any kind to acquire or sell any of its equity securities
or other securities or interests, including any securities convertible into or exchangeable for any of its equity securities or
securities interests of any class and any other equity-based awards, or engage in any hedging transaction with a third Person
with respect to such equity securities or other securities or equity interests;

 

(iii)        split,
combine, recapitalize or reclassify any of its equity interests or issue any other securities in respect thereof or declare, pay
or set aside any distribution or other dividend (whether in cash, equity or property or any combination thereof) in respect of
its equity interests, or directly or indirectly redeem, purchase or otherwise acquire or offer to acquire any of its equity securities
or securities interests;

 

    29

     

    

 

(iv)        incur,
create, assume, prepay or otherwise become liable for any Indebtedness (directly, contingently or otherwise), make a loan or advance
to or investment in any third party, or guarantee or endorse any Indebtedness, liability or obligation of any Person;

 

(v)         increase
the wages, salaries or compensation of any of its employees by more than five percent (5%), or increase bonuses for the foregoing
individuals in excess of five percent (5%), or make commitments to advance with respect to bonuses for fiscal year 2022, or materially
increase other benefits of any of the foregoing individuals, or enter into, establish, materially amend or terminate any Non-U.S.
Benefit Plan with, for or in respect of any current consultant, officer, manager, director or employee, in each case other than
as required by applicable Law, pursuant to the terms of any such Benefit Plan, or in the ordinary course of business consistent
with past practice;

 

(vi)        make
or rescind any material election relating to Taxes, settle any claim, action, suit, litigation, proceeding, arbitration, investigation,
audit or controversy relating to Taxes, file any amended Tax Return or claim for refund, or make any material change in its accounting
or Tax policies or procedures, in each case except as required by applicable Law or in compliance with Seller Accounting Principles
or GAAP;

 

(vii)       transfer
or license to any Person or otherwise extend, materially amend or modify, permit to lapse or fail to preserve any Owned Intellectual
Property, or disclose to any Person who has not entered into a confidentiality agreement any trade secrets;

 

(viii)      terminate
or waive or assign any material right under any Seller Material Contract or any of the Leases, or enter into any contract (A)
involving amounts potentially exceeding $550,000 per year, (B) that would be a Seller Material Contract; or (C) with a term longer
than one year that cannot be terminated without payment of a material penalty and upon notice of sixty (60) days or less;

 

(ix)         fail
to maintain its books, accounts and records in all material respects in the ordinary course of business consistent with past practice;

 

(x)          establish
any new Subsidiary or enter into any new line of business;

 

(xi)         fail
to use commercially reasonable efforts to keep in force insurance policies or replacement or revised policies providing insurance
coverage with respect to the assets, operations and activities of the Seller or its Subsidiaries, in an amount and scope of coverage
as is comparable to that which are currently in effect;

 

(xii)        revalue
any of its material assets or make any change in accounting methods, principles or practices, except in compliance with Seller
Accounting Principles or GAAP and approved by its outside auditors;

 

    30

     

    

 

(xiii)       waive,
release, assign, settle or compromise any claim, action or proceeding (including any suit, action, claim, proceeding or investigation
relating to this Agreement or the transactions contemplated hereby), other than waivers, releases, assignments, settlements or
compromises that involve only the payment of monetary damages (and not the imposition of equitable relief on, or the admission
of wrongdoing by the Seller or its Affiliates) not in excess of $550,000 (individually or in the aggregate), or otherwise pay,
discharge or satisfy any claims, liabilities or obligations, unless such amount has been reserved in the Seller Financials;

 

(xiv)       close
or materially reduce any activities, or effect any layoff or other personnel reduction or change, at any of its facilities;

 

(xv)        acquire,
including by merger, consolidation, acquisition of stock or assets, or any other form of business combination, any corporation,
partnership, limited liability company, other business organization or any division thereof, or any material amount of assets
outside the ordinary course of business;

 

(xvi)       make
capital expenditures in excess of $550,000 (individually or in the aggregate);

 

(xvii)      adopt
a plan of complete or partial liquidation, dissolution, merger, consolidation, restructuring, recapitalization or other reorganization;

 

(xviii)     voluntarily
incur any liability or obligation (whether absolute, accrued, contingent or otherwise) in excess of $550,000 in the aggregate
other than pursuant to the terms of a Seller Material Contract or Non-U.S Benefit Plan;

 

(xix)       sell,
lease, license, transfer, exchange or swap, mortgage or otherwise pledge or encumber (including securitizations), or otherwise
dispose of any material portion of its properties, assets or rights;

 

(xx)        enter
into any agreement, understanding or arrangement with respect to the voting of the securities or the capital equity of the Seller
or its Subsidiaries;

 

(xxi)       take
any action that would reasonably be expected to delay or impair the obtaining of any consents or approvals of any Governmental
Authority to be obtained in connection with this Agreement;

 

(xxii)      enter
into, amend, waive or terminate (other than terminations in accordance with their terms) any Affiliate Transaction; or

 

(xxiii)     authorize
or agree to do any of the foregoing actions.

 

6.2           Access
and Information; Confidentiality. 

 

(a)       During
the Pre-Closing Period, the Seller and its Subsidiaries shall give, and shall direct its accountants and legal counsel to give,
the Company, at reasonable times during normal business hours and upon reasonable intervals and notice, and subject to any confidentiality
agreements with third Persons (the existence and scope of which have been disclosed to the Company), access to all offices and
other facilities and to all employees, properties, contracts, agreements, commitments, books and records, financial and operating
data and other information (including Tax Returns, internal working papers, client files, client contracts and director service
agreements), of or pertaining to the Seller or its Subsidiaries, as the Company may reasonably request regarding any of the Seller’s
or any of its Subsidiaries’ business, assets, liabilities, employees and other aspects (including unaudited quarterly financial
statements, including a consolidated quarterly balance sheet and income statement, each as they become available during the Pre-Closing
Period, a copy of each material report, schedule and other document filed with or received by a Governmental Authority pursuant
to the requirements of applicable securities Laws, and independent public accountants work papers (subject to the consent or any
other conditions required by such accountant, if any)) and instruct such party’s respective officers, managers, directors,
employees, accountants, consultants, legal counsel, financial advisors, agents or other representatives (collectively, the “Representatives”)
to reasonably cooperate with the Company in its investigation; provided that the Company shall conduct any such activities
in such a manner as not to unreasonably interfere with the business or operations of the party providing such information; provided,
further that in no event shall the Company or its Subsidiaries have access to any information that, based on advice of counsel,
disclosure of such information (i) would violate applicable Laws or at the request of any Governmental Authority having jurisdiction
over the Seller or its Subsidiaries, or (ii) would waive attorney-client privilege, and, in each such case, the Company shall
only be entitled to withhold those portions of such information which are subject to the foregoing limitations. No information
or knowledge obtained by the Company hereto pursuant to this Section 6.2(a) will affect or be deemed to modify any representation
or warranty of the Seller or the Shareholders contained herein.

 

    31

     

    

 

(b)       The
parties hereto acknowledge and agree that the existence and terms of this Agreement and the Exchange are strictly confidential
and that they and their respective Representatives shall not disclose to the public or to any third Person the terms of this Agreement
and the Exchange other than with the express prior written consent of the other parties hereto, except (i) as may be required
by applicable Law or at the request of any Governmental Authority having jurisdiction over the such party or any of its Representatives,
control persons or Affiliates (including, without limitation, to the extent applicable, the rules and regulations of the SEC and
FINRA), (ii) as required to carry out a party’s obligations hereunder, or (iii) as may be required to defend any action
brought against such Person in connection with the Exchange.

 

(c)       Each
of the parties hereto shall use their best efforts and cause their respective Affiliates and Representatives to use their respective
best efforts to treat as confidential and hold in strict confidence, unless compelled to disclose by judicial or administrative
process or, in the opinion of its counsel, by other requirements of Law, and after prior written notice to the other parties,
all confidential information of the Company and the Seller, as the case may be, that is made available in connection with this
Agreement, and will not release or disclose such confidential information to any other Person, except to their respective auditors,
attorneys, financial advisors and other consultants, agents, and advisors in connection with this Agreement. If the Closing does
not occur, (i) such confidence shall be maintained by the parties hereto, and each such party shall use its reasonable efforts
to cause its Affiliates and Representatives to maintain such confidence, except to the extent such information comes into the
public domain (other than as a result of an action by such party, its Representatives or such other Persons in contravention of
this Agreement), and (ii) upon the request of any party, the other party shall promptly return to the requesting party any written
materials remaining in its possession, which materials it has received from the requesting party or its Representatives, together
with any analyses or other written materials based upon the materials provided.

 

    32

     

    

 

(d)       From
and after the Closing and until the fifth anniversary of the Closing, the Shareholders shall, and shall cause their respective
Representatives to, hold, and shall use their respective reasonable best efforts to cause their Representatives to, hold in confidence
any and all non-public or otherwise confidential information, whether written or oral, concerning the Company, the Seller and
the Seller’s business and business operations. In the event that a Shareholder or any such Representative becomes legally
compelled to disclose any such confidential information, the Shareholder shall provide notice to the Company in writing and consult
with the Company regarding the disclosure of such information and use their commercially reasonable efforts to obtain any appropriate
protective order or other reasonable assurance that confidential treatment will be accorded such information. In the event that
such protective order or other remedy is not obtained, or the Company waives compliance with this Section 6.2(d), any such
Shareholder shall furnish only that portion of such confidential information which is legally required to be provided and exercise
its reasonable best efforts to obtain assurances that confidential treatment will be accorded such information. The Shareholders
shall promptly furnish (prior to, at, or as soon as practicable following, the date hereof) to the Company any and all copies
(in whatever form or medium) of all such confidential information then in the possession of such Shareholder or any of their respective
Representatives and, except as otherwise required by Section 6.2(a) to fulfill Seller’s obligations, destroy any
and all additional copies then in the possession of any such Shareholder or any of their respective Representatives of such information
and of any analyses, compilations, studies or other documents prepared, in whole or in part, on the basis thereof; provided, however,
that this Section 6.2(d) shall not apply to any information that, at the time of disclosure, is available publicly and
was not disclosed in breach of this Agreement by any Shareholder or any of their respective Representatives; and provided,
further, that, with respect to Intellectual Property, specific information shall not be deemed to be within the foregoing
exception merely because it is embraced in general disclosures in the public domain. In addition, with respect to Intellectual
Property, any combination of features shall not be deemed to be within the foregoing exception merely because the individual features
are in the public domain unless the combination itself and its principle of operation are in the public domain.

 

6.3           Notification
of Certain Matters. 

 

Each
of the Company and the Seller shall give prompt notice to the others (and, if in writing, furnish copies of) if any of the following
occurs during the Pre-Closing Period: (a) there has been a material failure on the part of the party providing the notice to comply
with or satisfy any covenant, condition or agreement to be complied with or satisfied by it hereunder; (b) receipt of any notice
or other communication in writing from any third Person alleging that the consent of such third Person is or may be required in
connection with the transactions contemplated by this Agreement; (c) receipt of any notice or other communication from any Governmental
Authority in connection with the transactions contemplated by this Agreement; (d) the discovery of any fact or circumstance that,
or the occurrence or non-occurrence of any event the occurrence or non-occurrence of which, would reasonably be expected to cause
or result in any of the conditions to the Exchange set forth in Article VII not being satisfied or the satisfaction of
any of those conditions being materially delayed; or (e) the commencement or threat, in writing, of any Action against any party
hereto or any of its Affiliates, or any of their respective properties or assets, or, to the knowledge of the Company and the
Seller, as applicable, any officer, director or partner, in his or her capacity as such of the Company or the Seller, as applicable,
or any of their Affiliates with respect to the consummation of the Exchange. No such notice to any party hereto shall constitute
an acknowledgement or admission by such party providing notice regarding whether or not any of the conditions to Closing or to
the consummation of the Exchange have been satisfied or in determining whether or not any of the representations, warranties or
covenants contained in this Agreement have been breached. Moreover, no information or knowledge obtained by any party hereto pursuant
to this Section 6.3 will affect or be deemed to modify any representation or warranty contained herein or the conditions
to the obligations of the parties hereto to consummate the Exchange.

 

    33

     

    

 

6.4           Tax
Matters. 

 

Notwithstanding
anything to the contrary contained herein, the Seller shall pay all Transfer Taxes required to be paid by the Seller, any of its
Subsidiaries, or the Shareholders incurred in connection with the Exchange. The party hereto required by applicable Law to file
any Tax Returns with respect to any such Transfer Taxes shall be responsible for the preparation and filing of such Tax Return,
and the other parties hereto will join in the execution of any such Tax Returns if required by applicable Law.

 

6.5           Public
Announcements. 

 

The
Company and the Seller agree that no public release or announcement concerning this Agreement or the Exchange shall be issued
by them or any of their Affiliates without the prior written consent of the other party (which consent shall not be unreasonably
withheld, conditioned or delayed), except as such release or announcement may be required by applicable Law or the rules or regulations
of any securities exchange, in which case the applicable party shall use commercially reasonable efforts to allow the other party
reasonable time to comment on, and arrange for any required filing with respect to, such release or announcement in advance of
such issuance; provided, however, that the Company or the Seller may make public
statements in response to questions by the press, analysts, investors or those attending industry conferences or analyst or investor
conference calls, so long as such statements are not inconsistent with previous statements made jointly by the Company and the
Seller. The Seller may make any statements or communications to its officers or employees pertaining to compensation or benefit
matters that are affected by the transactions contemplated by this Agreement; provided that, prior to making any broad-based
statements or communications to its officers or employees, the Seller shall provide the Company with a copy of the intended communication
and consider any comments of the Company in good faith.

 

6.6           Regulatory
Matters, Registration Statement; Applications; Cooperation. 

 

(a)       Each
of the Company and the Seller shall, upon request, furnish to the others all information concerning itself, its Subsidiaries,
directors, officers and stockholders and such other matters as may be reasonably necessary or advisable in connection with preparation
and filing of any statement, filing, notice or application made by or on behalf of the Company or the Seller or any of their respective
Subsidiaries to any Governmental Authority, in connection with the Exchange and the other transactions contemplated by this Agreement.

 

    34

     

    

 

(b)       In
the event that any administrative or judicial action or proceeding is instituted (or threatened to be instituted) by a Governmental
Authority or private Person challenging the Exchange or any other transaction contemplated by this Agreement each of the Company
and the Seller shall cooperate in all respects with each other and use its respective commercially reasonable efforts to contest
and resist any such action or proceeding and to have vacated, lifted, reversed or overturned any decree, judgment, injunction
or other order, whether temporary, preliminary or permanent, that is in effect and that prohibits, prevents or restricts consummation
of the transactions contemplated by this Agreement.

 

(c)       Prior
to the expiration of the Pre-Closing Period, the Seller shall use its commercially reasonable efforts to obtain any consents of
third parties with respect to any Seller Material Contract as may be necessary or appropriate for the consummation of the transactions
contemplated hereby or required by the terms of any contract as a result of the execution, performance or consummation of the
transactions contemplated hereby.

 

(d)       Prior
to Closing, the Seller shall deliver to the Company, (i) the audited consolidated balance sheets of the Seller and its Subsidiaries
as of December 31, 2020 and December 31, 2021, prepared in accordance with US GAAP, and the related audited consolidated statements
of operations, comprehensive income (loss), stockholders’ equity and cash flows for the fiscal years ended December 31,
2020 and December 31, 2021, together with the notes to such statements and the opinion of the Seller’s accountants, (ii)
the audited consolidated balance sheets of the Seller and its Subsidiaries and related audited consolidated statements of operations
for the three months ended March 31, 2022, prepared in accordance with US GAAP, and (iii) if request by the Company, the audited
balance sheets of the Seller and its Subsidiaries and related audited consolidated statements of operations for the six months
ended June 30, 2022, prepared in accordance with US GAAP.

 

(e)       Subject
to the timely receipt of information regarding the Seller required to be included therein, including the audited financial statements
set forth in Section 6.6(d), and of comments, consents, exhibits or other documents to be provided by the Seller and its
advisors or representatives, the Company agrees to prepare and file with the SEC, as promptly as reasonably practicable after
the date of this Agreement, the Registration Statement. The Seller shall prepare and furnish such information relating to it and
its directors, officers and the Shareholders and the Seller’s business and operations as may be required to comply with
SEC rules and regulations or SEC staff comments in connection with the Registration Statement. The Company shall provide the Seller
and its legal, financial and accounting advisors the opportunity to review and provide comments: (i) upon such Registration Statement
a reasonable time prior to its filing; and (ii) on all amendments and supplements thereto, and all responses to requests for additional
information and replies to comments relating to the Registration Statement at a reasonable time prior to filing or submission
to the SEC. The Company may, in its discretion, elect to non-publicly submit a draft filing prior to the public filing. The Company
shall consider in good faith all comments from the Seller and its legal, financial and accounting advisors to the Registration
Statement, all amendments and supplements thereto and all responses to requests for additional information, and shall not include
any information in the foregoing about the Seller or its officers, directors, business, arrangements, operations or securities
or the Exchange that has not been approved by the Seller, which approval shall not be unreasonably withheld, delayed or conditioned.

 

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(i)          The
Seller agrees it shall, and shall cause its employees, agents, representatives, and advisors to, cooperate fully with the Company
and the Company’s counsel and accountants in requesting and obtaining appropriate opinions, consents, analyses and letters
from its financial advisor and independent auditor in connection with the Registration Statement. Each of the Company and the
Seller agrees to use its reasonable best efforts to cause the Registration Statement a to be declared effective as promptly as
reasonably practicable after the filing thereof. The Company also agrees to use its reasonable best efforts to obtain all necessary
state securities law or “Blue Sky” permits and approvals required to carry out the transactions contemplated by this
Agreement.

 

(ii)         The
Company shall be responsible for the payment of all filing fees in connection with the preparation, filing and mailing of the
Registration Statement.

 

(iii)        Each
of the Company and the Seller agrees that none of the information supplied or to be supplied by it for inclusion or incorporation
by reference in the Registration Statement shall, at the time such document and each amendment or supplement thereto, if any,
is declared effective under the Securities Act, contain any untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein not misleading. Each of the Company and the Seller
further agrees that if such party shall gain knowledge prior to either the date effectiveness of the Registration Statement of
any information furnished by such party that would cause any of the statements in the Registration Statement to be false or misleading
with respect to any material fact, or to omit to state any material fact necessary to make the statements therein not false or
misleading, to promptly inform the other party thereof and to cooperate to take the necessary steps to amend or supplement the
Registration Statement to correct such false or misleading statement or such omission.

 

(f)       In
addition to preparing and filing the Registration Statement as provided in Section 6.6(d), as promptly as practicable after
the furnishing by the Seller of all information regarding it required to be reflected therein, the Company shall file: (i) the
applications, notices, waiver requests or other appropriate filings with the any regulatory agency having authority over the Exchange
and the transactions contemplated hereby, including any Current Reports on Form 8-K before or after the Closing, required by applicable
law and regulation for the consummation of the transactions contemplated by this Agreement, and (ii) any other applications for
regulatory or other approvals deemed necessary or appropriate by the Company. To the extent available, the Company shall request
expedited treatment of such applications, and shall take reasonable steps to pursue approval of the applications. The Seller agrees
that it shall, and shall cause its employees, agents, representatives, and advisors to, cooperate with the Company and its advisors
in the preparation and filing of the regulatory applications, including, but not in limitation, by providing on a prompt basis
information requested by the Company or its advisors for inclusion in such documents, and by providing comments on drafts of such
documents on a timely basis.

 

(g)       Each
of the Company and the Seller shall promptly advise the other upon receiving any communication from any Governmental Authority
the consent or approval of which is required for consummation of the transactions contemplated by this Agreement, that causes
such party to believe that there is a reasonable likelihood that any requisite approval will not be obtained or that the receipt
of any such approval may be materially delayed, and, to the extent permitted by applicable Law, shall promptly provide the other
party with a copy of such communication.

 

    36

     

    

 

6.7           Acquisition
Proposal; Alternative Transactions; No Solicitation. 

 

(a)       From
the date of this Agreement until the earlier of the Closing or the termination of this Agreement by its terms, none of the Shareholders
or the Seller shall, and shall cause its Subsidiaries and its and their respective directors, officers and other employees and
direct all other Representatives not to, (i) initiate any negotiations with any Person with respect to, or provide any non-public
information or data concerning the Seller or any of its Subsidiaries to any Person relating to, an Acquisition Proposal or Alternative
Transaction or afford to any Person access to the business, properties, assets or personnel of the Seller or any of its Subsidiaries
in connection with an Acquisition Proposal or Alternative Transaction, (ii) enter into any acquisition agreement, merger agreement
or similar definitive agreement, or any letter of intent, memorandum of understanding or agreement in principle, or any other
agreement relating to an Acquisition Proposal or Alternative Transaction, (iii) grant any waiver, amendment or release under any
confidentiality agreement or the anti-takeover Laws of any state, or (iv) otherwise knowingly facilitate any such inquiries, proposals,
discussions, or negotiations or any effort or attempt by any Person to make an Acquisition Proposal or Alternative Transaction.

 

(b)       The
Seller, or any Shareholder, as applicable, shall promptly (and in no event later than twenty-four (24) hours after becoming aware
of any Acquisition Proposal, offer or request for information) notify the Company of any proposals, offers or requests for information
made with respect to an Alternative Transaction following the Seller’s, or such Shareholder’s awareness thereof and
provide the Company a copy of such Acquisition Proposal, offer or request for information made with respect to an Alternative
Transactions, if in writing. The Seller or any Shareholder, as applicable, shall and shall instruct and cause any Representatives
acting on their behalf to, and the Seller shall instruct and cause its officers and directors to, immediately cease and terminate
all discussions and negotiations with any Person that may be ongoing with respect to a possible Alternative Transactions.

 

6.8           Further
Assurances. 

 

The
Company, the Seller and the Shareholders’ shall further cooperate with each other and use their respective reasonable efforts
to take or cause to be taken all actions, and do or cause to be done all things, necessary, proper or advisable on their part
under this Agreement and applicable Laws to consummate the Exchange and the other transactions contemplated by this Agreement
as soon as practicable, including preparing and filing as soon as practicable all documentation to effect all necessary notices,
reports and other filings and to obtain (in accordance with this Agreement) as soon as practicable, including regulatory approvals
or permits required by the Labuan Financial Authority Services, and any other consents, registrations, approvals, permits and
authorizations as may be agreed upon by the parties hereto.

 

    37

     

    

 

Article
VII

CONDITIONS

 

7.1           Conditions
to Each Party’s Obligations. 

 

The
obligations of each party hereto to consummate the Exchange and other transactions described herein shall be subject to the satisfaction
or waiver (where permissible), at or prior to the earlier of the Closing Date, of the following conditions:

 

(a)       Registration
Statement. The Registration Statement shall have been declared effective by the SEC under the Securities Act and no stop order
suspending the effectiveness of the Registration Statement shall have been issued by the SEC and no proceeding for that purpose
shall have been initiated or threatened by the SEC.

 

(b)       Regulatory
Approvals. The authorizations, approvals and permits required to be obtained from or made with the Labuan Financial Authority
Services in order to consummate the transactions contemplated by this Agreement have been obtained.

 

(c)       No
Order. No Governmental Authority of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered any
Law or Governmental Order (whether temporary, preliminary or permanent) that is in effect and makes illegal or otherwise prohibits
the acquisition of Seller Securities, the Exchange or the other transactions or agreements contemplated by this Agreement, or
which otherwise prevents or prohibits consummation of any other transactions contemplated by this Agreement.

 

7.2           Conditions
to Obligations of the Company. 

 

The
obligations of the Company to consummate the Exchange are subject to the satisfaction of the Seller or waiver by the Company,
at or prior to the Closing Date, of the following additional conditions:

 

(a)       Representations
and Warranties. Each of the representations and warranties of the Seller set forth in Section 3.1 (Due Organization
and Good Standing), Section 3.2 (Title to Securities; Capitalization), Section 3.3 (Subsidiaries), Section 3.4
(Authorization) and Section 3.26 (Finders and Brokers) and of the Shareholders set forth in Section 5.1 (Seller
Securities) and Section 5.2 (Power and Authority) shall have been true and correct as of the date of this Agreement and
shall be true and correct as of the Closing (except to the extent that any such representation and warranty expressly speaks as
of a particular date or period of time, in which case such representation and warranty shall be so true and correct as of such
particular date or period of time).

 

(b)       Each
of the representations and warranties of the Seller and the Shareholders not listed in Section 7.2(a) (without giving effect
to any limitation as to “materiality” or “Seller Material Adverse Effect”) shall be true and correct as
of date of this Agreement and as of the Closing Date as though made as of the Closing Date (except to the extent that such representations
and warranties refer specifically to an earlier date, in which case such representations and warranties shall have been true and
correct as of such earlier date), except where the failure to be so true and correct does not have, and would not reasonably be
expected to have, individually or in the aggregate with respect to all such failures, a Seller Material Adverse Effect.

 

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(c)       Agreements
and Covenants. The Seller and its Subsidiaries shall have performed in all material respects all of their respective obligations
and complied in all material respects with all of their respective agreements and covenants to be performed or complied with by
them under this Agreement at or prior to the Closing Date.

 

(d)       Officer
Certificate. The Seller shall have delivered to the Company a certificate, dated the Closing Date, signed by an executive
officer certifying in such capacity as to the satisfaction of the conditions specified in Sections 7.2(a) and 7.2(b).

 

(e)       Secretary’s
Certificate. The Seller shall have delivered to the Company: (i) true copies of its Organizational Documents as in effect
as of the Closing Date, (ii) certificates of good standing (or similar documents applicable for such jurisdictions) for each of
the Seller and its Subsidiaries, certified as of a date no later than five (5) Business Days prior to the Closing Date from the
proper Governmental Authority of the entity’s jurisdiction of organization; (iii) true copies of the resolutions of their
respective boards of directors and shareholders authorizing the execution, delivery and performance of this Agreement, and the
consummation of the Exchange and each of the transactions contemplated hereby, and (iv) certifying the incumbency of officers
authorized to execute this Agreement.

 

(f)       Seller
Material Adverse Effect. No Seller Material Adverse Effect shall have occurred since the date of this Agreement.

 

(g)       Surrender
of Seller Certificates. The Shareholders shall have surrendered to the Company or its registrar or transfer agent the certificates
representing the Seller Securities owned by each such Shareholder, duly endorsed or accompanied by stock powers duly executed
in blank and otherwise in a form acceptable for transfer on the books of the Seller.

 

(h)       Seller
Consents. The authorizations, approvals and permits required to be obtained from or made with any third party in order to
consummate the transactions contemplated by this Agreement, as set forth in Exhibit 7.2(h) attached hereto shall have each
been obtained or made.

 

7.3           Conditions
to Obligations of the Seller and the Shareholders.

 

The
obligations of the Seller and the Shareholders to consummate the Exchange are subject to the satisfaction by the Company or waiver
by the Seller and the Shareholders, at or prior to the Closing Date, of the following additional conditions:

 

(a)       Representations
and Warranties. Each of the representations and warranties of the Company set forth in this Agreement (without giving effect
to any limitation as to “materiality”) shall be true and correct as of the date of this Agreement and as of the Closing
Date as though made as of the Closing Date (except to the extent that such representations and warranties refer specifically to
an earlier date, in which case such representations and warranties shall have been true and correct as of such earlier date),
except where the failure to be so true and correct does not have, and would not reasonably be expected to have, individually or
in the aggregate with respect to all such failures, a material adverse effect.

 

    39

     

    

 

(b)       Agreements
and Covenants. The Company shall have performed in all material respects all of its obligations and complied in all material
respects with all of its agreements and covenants to be performed or complied with by it under this Agreement at or prior to the
Closing Date.

 

(c)       Officer
Certificate. The Company shall have delivered to the Seller a certificate, dated the Closing Date, signed by an executive
officer of the Company, certifying in such capacity as to the satisfaction of the conditions specified in Sections 7.3(a).

 

(d)       Secretary’s
Certificate. The Company shall have delivered to the Seller true copies of the resolutions of the Company’s board of
directors authorizing the execution, delivery and performance of this Agreement and the consummation of the Exchange and each
of the transactions contemplated hereby.

 

Article
VIII

SURVIVAL AND INDEMNIFICATION

 

8.1           Survival. 

 

Survival
of Representations and Warranties. The representations and warranties of the Seller, the Shareholders and the Company made
pursuant to Sections 3.1 (Due Organization and Good Standing), 3.2 (Title to Securities; Capitalization), 3.3
(Subsidiaries), 3.4 (Authorization), and 3.26 (Finders and Brokers), Sections 5.1 (Seller Securities)
and 5.2 (Power and Authority), and Sections 4.1 (Organization and Qualification), 4.2 (Title to Securities;
Capitalization) and 4.3 (Authorization), respectively, shall survive the Closing until the first anniversary of the Closing
Date; provided, however, that any representation or warranty the breach or violation of which is made the basis
of a claim for indemnification will survive until such time as such claim is finally resolved in accordance with this Agreement.

 

8.2           Indemnification. 

 

(a)       Indemnification
by the Shareholders. Subject to the terms and conditions of this Article VIII, the Shareholders (including their Affiliates
and successors or assigns) (the “Shareholder Indemnifying Parties”) shall indemnify and hold harmless the Company
and its Affiliates, and their respective successors and permitted assigns (each, a “Company Indemnified Party”)
from and against any and all liabilities, losses, damages, claims, costs and expenses, interest, awards, judgments and penalties
(including reasonable attorneys’ and consultants’ fees and expenses) actually paid, suffered, incurred by, or imposed
upon, them (including any Action brought or otherwise initiated by any of them) (any of the foregoing, a “Loss”)
arising out of or resulting from (a) any breach of any of the Seller’s or the Shareholders’ representations and warranties
set forth in Section 8.1, or (b) any breach or nonperformance of any covenant or agreement made by the Seller or the Shareholders
contained in this Agreement to be performed subsequent to the Effective Time.

 

    40

     

    

 

(b)       Indemnification
by the Company. Subject to the terms and conditions of this Article VIII, the Company (including its Affiliates and
successors or assigns) (the “Company Indemnifying Parties”) shall indemnify and hold harmless the Shareholders
and their respective successors and permitted assigns (each, a “Shareholder Indemnified Party”) from and against
any and all Losses arising out of or resulting from (i) any breach of any of the Company’s representations and warranties
set forth in Section 8.1, or (ii) any breach or nonperformance of any covenant or agreement made by Company in this Agreement
to be performed subsequent to the Effective Time.

 

8.3           Limits
on Indemnification. 

 

The
Shareholder Indemnifying Persons and the Company Indemnifying Parties (each, an “Indemnifying Party”) shall
not be liable for any claim for indemnification pursuant to Section 8.2(a) or 8.2(b), respectively, unless and until
the aggregate amount of indemnifiable Losses which may be recovered from such Indemnifying Party equals or exceeds $5,500 whereupon
the Shareholder Indemnified Persons and the Company Indemnified Parties (each, an “Indemnified Party”), respectively,
shall be entitled to indemnification for the full amount of such Losses. In no event shall the aggregate indemnification actually
paid by an Indemnifying Party pursuant to Section 8.2, taken together with all other indemnification actually paid by such
Indemnifying Party pursuant to Section 8.2 in respect of breaches of any representations or warranties, exceed $55,000,000.
Payments pursuant to Section 8.2 in respect of any Loss shall be limited to the amount of any liability or damage that
remains after deducting therefrom any insurance proceeds and any indemnity, contribution or other similar payment received or
reasonably expected to be received by an Indemnified Party in respect of any such claim. The Indemnified Party shall take, and
cause their respective Representatives to take, all commercially reasonable steps to mitigate any Loss upon becoming aware of
any event or circumstance that would be reasonably expected to, or does, give rise thereto, including incurring costs only to
the minimum extent necessary to remedy the breach that gives rise to such Loss; provided, that nothing herein shall require
any Indemnified Party to file any claim under any insurance policy.

 

8.4           Notice
of Loss; Third Party Claims. 

 

(a)       An
Indemnified Party shall give the Indemnifying Party notice of any matter that an Indemnified Party has determined has given or
could give rise to a right of indemnification under this Agreement, within thirty (30) days of such determination, stating the
amount of the Loss, if known, and method of computation thereof, and containing a reference to the provisions of this Agreement
in respect of which such right of indemnification is claimed or arises.

 

(b)       If
an Indemnified Party shall receive notice of any Action, audit, demand or assessment (each, a “Third Party Claim”)
against it or which may give rise to a claim for a Loss under this Article VIII, within thirty (30) days of the receipt
of such notice, the Indemnified Party shall give the Indemnifying Party notice of such Third Party Claim; provided, however,
that the failure to provide such notice shall not release the Indemnifying Party from any of its obligations under this Article
VIII except to the extent that the Indemnifying Party is materially prejudiced by such failure and shall not relieve the Indemnifying
Party from any other obligation or liability that it may have to any Indemnified Party otherwise than under this Article VIII.
If the Indemnifying Party acknowledges in writing its obligation to indemnify the Indemnified Party hereunder against any Losses
that may result from such Third Party Claim, then the Indemnifying Party shall be entitled to assume and control the defense of
such Third Party Claim at its expense and through counsel of its choice if it gives notice of its intention to do so to the Indemnified
Party within five (5) days of the receipt of notice from the Indemnified Party of such Third Party Claim; provided, however,
that if there exists or is reasonably likely to exist a conflict of interest that would make it inappropriate in the judgment
of the Indemnified Party in its sole and absolute discretion for the same counsel to represent both the Indemnified Party and
the Indemnifying Party, then the Indemnified Party shall be entitled to retain its own counsel in each jurisdiction for which
the Indemnified Party determines counsel is required, at the expense of the Indemnifying Party. In the event that the Indemnifying
Party exercises the right to undertake any such defense against any such Third Party Claim as provided above, the Indemnified
Party shall cooperate with the Indemnifying Party in such defense and make available to the Indemnifying Party, at the Indemnifying
Party’s expense, all witnesses, pertinent records, materials and information in the Indemnified Party’s possession
or under the Indemnified Party’s control relating thereto as is reasonably required by the Indemnifying Party. Similarly,
in the event the Indemnified Party is, directly or indirectly, conducting the defense against any such Third Party Claim, the
Indemnifying Party shall cooperate with the Indemnified Party in such defense and make available to the Indemnified Party, at
the Indemnifying Party’s expense, all such witnesses, records, materials and information in the Indemnifying Party’s
possession or under the Indemnifying Party’s control relating thereto as is reasonably required by the Indemnified Party.
No such Third Party Claim may be settled by the Indemnifying Party without the prior written consent of the Indemnified Party.

 

    41

     

    

 

Article
IX

TERMINATION AND ABANDONMENT

 

9.1           Termination. 

 

This
Agreement may be terminated, and the Exchange and the other transactions contemplated hereby may be abandoned at any time prior
to the Closing Date, notwithstanding any approval of the matters presented in connection with the Exchange by the Shareholders
(the date of any such termination, the “Termination Date”), as follows:

 

(a)       by
mutual written consent of each of the Seller and the Company, as duly authorized by the Company’s board of directors and
the Seller’s board of directors;

 

(b)       by
written notice by either the Company or the Seller, if (i) any Governmental Authority shall have enacted, issued, promulgated,
enforced or entered any Governmental Order or Law or taken any other Action that is, in each case, then in effect and is final
and non-appealable and has the effect of restraining, enjoining or otherwise preventing or prohibiting the transactions contemplated
by this Agreement or the agreements contemplated hereby, or (ii) any Governmental Authority shall have finally, without the right
to appeal, declined to grant any of the regulatory approvals referred to in Section 7.1(b); provided, however,
that the right to terminate this Agreement under this Section 9.1(b) shall not be available to any party hereto whose
failure to fulfill any obligation under this Agreement has been the cause of, or resulted in, any such Governmental Order to have
been enacted, issued, promulgated, enforced or entered;

 

    42

     

    

 

(c)       by
written notice by the Company, if there has been a breach by the Seller of any of its representations, warranties, covenants or
agreements contained in this Agreement, or if any representation or warranty of the Seller shall have become untrue or inaccurate
which, in either case, would result in a failure of a condition set forth in Section 7.2 (a “Terminating Seller
Breach”); provided, however, that if such Terminating Seller Breach is curable by the Seller prior to
the Closing Date, then the Company may not terminate this Agreement under this Section 9.1(c) for ten (10) calendar days
after delivery of written notice from the Company to the Seller of such Terminating Seller Breach, provided the Seller continues
to exercise its reasonable best efforts to cure such breach (it being understood that the Company may not terminate this Agreement
pursuant to this Section 9.1(c) if it shall have materially breached this Agreement or if such Terminating Seller Breach
is cured during such ten (10) calendar day period); or

 

(d)       by
written notice by the Seller, if there has been a breach by the Company of any of its representations, warranties, covenants or
agreements contained in this Agreement, or if any representation or warranty of the Company shall have become untrue or inaccurate
which, in either case, would result in a failure of a condition set forth in Section 7.3 (a “Terminating Company
Breach”); provided, however, that if such Terminating Company Breach is curable by the Company prior to
the Closing Date, then the Seller may not terminate this Agreement under this Section 9.1(d) for ten (10) calendar days
after delivery of written notice from the Seller to the Company of such Terminating Company Breach, provided the Company continues
to exercise commercially reasonable efforts to cure such Terminating Company Breach (it being understood that the Seller may not
terminate this Agreement pursuant to this Section 9.1(d) if they shall have materially breached this Agreement or if such
Terminating Company Breach is cured during such ten (10) calendar day period).

 

9.2           Effect
of Termination. 

 

(a)       In
the event that this Agreement is validly terminated in accordance with Section 9.1, then each of the parties hereto shall
be relieved of their duties and obligations arising under this Agreement after the date of such termination and such termination
shall be without liability to the other parties hereto; provided, that the obligations of the parties hereto set forth
in this Section 9.2, Section 6.2 (Confidentiality), Section 6.5 (Public Announcements) and Article X
(Miscellaneous) hereof shall survive any such termination and shall be enforceable hereunder.

 

(b)       Nothing
in this Section 9.2 shall relieve any of the parties hereto of any liability for a material breach of any of its covenants
or agreements or material breach of its representations and warranties contained in this Agreement prior to the date of termination.

 

Article
X

MISCELLANEOUS

 

10.1         Expenses. 

 

Except
as otherwise specified in this Agreement, all Expenses shall be paid by the party incurring such costs and expenses, whether or
not the Exchange or the Closing shall have occurred.

 

    43

     

    

 

10.2         Notices. 

 

All
notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given or made (and shall
be deemed to have been duly given or made upon receipt) by delivery in person, by an internationally recognized overnight courier
service, by facsimile or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties
hereto at the following addresses (or at such other address for a party as shall be specified in a notice given in accordance
with this Section 10.2):

 

(a)       if
to the Company, to:

 

HWGC
Holdings Limited 

2nd
Floor, No.31 - 33, 

Jalan
Maharajalela, 

50150
Kuala Lumpur, 

Malaysia

 

Attention:
Mr. Leong Yee Ming

Email: ryanleong@vitaxel.com

 

with
a copy to:

 

The
Crone Law Group P.C. 

420
Lexington Avenue, Suite 2446, 

New
York, NY 10170

 

Attention:
Tammara Fort, Esq.

Email: tfort@cronelawgroup.com

 

(b)       if
to Seller, to:

 

HWGG
Capital P.L.C. 

Lot
2-15, Labuan Times Square, 

Jalan
Merdeka, 

87007
Labuan, 

Malaysia

 

Attention:
Mr. Mok Lip Bin 

Email:
mok.lb@hwggcapital.com

 

(c)       If
to the Shareholders to:

 

No.59,
Jalan Manja 5, Villa Manja, 

Sunway
SPK Damansara, 

52200
Kuala Lumpur, 

Malaysia 

Attention:
Mr. Lim Chun Hoo 

Email:
gavin@hwgg.com.my

 

    44

     

    

 

10.3         Severability. 

 

If
any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any Law or public policy,
all other terms and provisions of this Agreement shall nevertheless remain in full force and effect for so long as the economic
or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to either party hereto.
Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto
shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible
in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest
extent possible.

 

10.4         Entire
Agreement. 

 

This
Agreement, the Seller Disclosure Letter, and the Company Disclosure Letter constitute the entire agreement of the parties hereto
with respect to the subject matter hereof and thereof and supersede all prior agreements and undertakings, both written and oral,
among the parties hereto with respect to the subject matter hereof and thereof.

 

10.5         Assignment. 

 

This
Agreement may not be assigned by operation of law or otherwise without the express written consent of the Company (which consent
may be granted or withheld in the sole discretion of the Company) and any such assignment or attempted assignment without such
consent shall be null and void.

 

10.6         Amendment. 

 

This
Agreement may not be amended or modified except (a) by an instrument in writing signed by, or on behalf of, the parties hereto
that expressly references the Section of this Agreement to be amended; or (b) by a waiver in accordance with Section 10.7.

 

10.7         Waiver. 

 

Any
party to this Agreement may (a) extend the time for the performance of any of the obligations or other acts of the other parties;
(b) waive any inaccuracies in the representations and warranties of the other parties contained herein or in any document delivered
by the other parties pursuant to this Agreement; or (c) waive compliance with any of the agreements of the other parties or conditions
to such obligations contained herein. Any such extension or waiver shall be valid only if set forth in an instrument in writing
signed by the parties to be bound thereby. Notwithstanding the foregoing, no failure or delay by any party hereto in exercising
any right hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or future
exercise of any other right hereunder. Any waiver of any term or condition hereof shall not be construed as a waiver of any subsequent
breach or as a subsequent waiver of the same term or condition, or a waiver of any other term or condition of this Agreement.
The failure of any party hereto to assert any of its rights hereunder shall not constitute a waiver of any of such rights.

 

    45

     

    

 

10.8         Third
Parties. 

 

Nothing
contained in this Agreement or in any instrument or document executed by any party in connection with the transactions contemplated
hereby shall create any rights in, or be deemed to have been executed for, or the benefit of, any Person that is not a party hereto
or thereto or a successor or permitted assign of such a party, unless otherwise specified herein. Except for the provisions of
Article VIII relating to Indemnified Parties, this Agreement shall be binding upon and inure solely to the benefit of the
parties hereto and their respective successors and permitted assigns and nothing herein, express or implied, is intended to or
shall confer upon any other Person, including any union or any employee or former employee of the Seller, any legal or equitable
right, benefit or remedy of any nature whatsoever, including any rights of employment for any specified period, under or by reason
of this Agreement.

 

10.9         Specific
Performance. 

 

The
parties hereto acknowledge and agree that the parties hereto would be irreparably damaged if any of the provisions of this Agreement
are not performed in accordance with their specific terms or are otherwise breached and that any non-performance or breach of
this Agreement by any party hereto could not be adequately compensated by monetary damages alone and that the parties hereto would
not have any adequate remedy at law. Accordingly, in addition to any other right or remedy to which any party hereto may be entitled,
at law or in equity (including monetary damages), such party shall be entitled to enforce any provision of this Agreement by a
decree of specific performance and to temporary, preliminary and permanent injunctive relief to prevent breaches or threatened
breaches of any of the provisions of this Agreement without posting any bond or other undertaking.

 

10.10       Governing
Law; Jurisdiction. 

 

This
Agreement shall be governed by, construed and enforced in accordance with the laws of the State of Nevada applicable to contracts
executed in and to be performed in that State without giving effect to any choice or conflict of law provision or rule. Each of
the parties hereto hereby (a) submits to the exclusive jurisdiction of any federal or state court sitting in the State of Nevada
for the purpose of any Action, directly or indirectly, arising out of, relating to, or in connection with this Agreement brought
by any party hereto; (b) agrees that service of process will be validly effected by sending notice in accordance with Section
10.2; (c) irrevocably waives and releases, and agrees not to assert by way of motion, defense, or otherwise, in or with respect
to any such Action, any claim, whether actual or potential, known or unknown, suspected or unsuspected, based upon past or future
events, now existing or coming into existence in the future, that (i) such Action is not subject to the subject matter jurisdiction
of at least one of the above-named courts; (ii) its property is exempt or immune from attachment or execution in the State of
Nevada; (iii) such Action is brought in an inconvenient forum; (D) that the venue of such Action is improper; or (iv) this Agreement
or the transactions contemplated by this Agreement may not be enforced in or by any of the above-named courts; and (d) agrees
not to move to transfer any such Action to a court other than any of the above-named courts.

 

    46

     

    

 

10.11       Waiver
of Jury Trial. 

 

Each
of the parties hereto hereby irrevocably waives to the fullest extent permitted by applicable Law any right it may have to a trial
by jury with respect to any Action directly or indirectly arising out of, relating to, or in connection with this Agreement or
the transactions contemplated by this Agreement. Each of the parties hereto (i) certifies that no representative, agent or attorney
of any other party has represented, expressly or otherwise, that such other party would not, in the event of any Action, seek
to enforce that foregoing waiver; and (ii) acknowledges that it and the other parties hereto have been induced to enter into this
Agreement and the transactions contemplated by this agreement, as applicable, by, among other things, the mutual waivers and certifications
in this Section 10.11.

 

10.12       Counterparts. 

 

This
Agreement may be executed and delivered (including by facsimile or other electronic transmission, such as by electronic mail in
“pdf” form) in one or more counterparts, and by the different parties hereto in separate counterparts, each of which
when executed shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement.

 

[Signature
Page Follows]

 

    47

     

    

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

 

	 	HWGC
    HOLDINGS LIMITED
	 	 	 
	 	By:	/s/
    Leong Yee Ming
	 	Name:
    LEONG YEE MING
	 	Title:
    DIRECTOR
	 	 	 
	 	HWGG
    CAPITAL P.L.C
	 	 	 
	 	By: 	/s/
    Mok Lip Bin
	 	Name:
    MOK LIP BIN
	 	Title:
    DIRECTOR
	 	 	 
	 	SHAREHOLDERS:
	 	 	 
	 	By: 	/s/
    Lim Chun Hoo
	 	Name:
    LIM CHUN HOO
	 	 	 
	 	By: 	/s/
    Dato’ Lim Ooi Hong
	 	Name:
    DATO’ LIM OOI HONG
	 	 	 
	 	By: 	 /s/
    Sit Lai Wan
	 	Name:
    MARVEL THEME PARK CITY SDN BHD
	 	Title:
	 	 	 
	 	By: 	/s/
    Lee Kian Keow
	 	Name:
    LEE KIAN KEOW

 

[SIGNATURE
PAGE TO SHARE EXCHANGE AGREEMENT] 

 

     

     

    

 

	 	By:	/s/ Tai Thong Ming
	 	Name: TAI THONG MING
	 	 	 
	 	By:	/s/ Lim Wee Kiat
	 	Name: LIM WEE KIAT
	 	 	 
	 	By:	/s/ Liew Jenn Lim
	 	Name: LIEW JENN LIM
	 	 	 
	 	By:	/s/ Mok Lip Bin
	 	Name: MOK LIP BIN
	 	 	 
	 	By:	/s/ Datuk Teo Tiew
	 	Name: DATUK TEO TIEW
	 	 	 
	 	By:	/s/ Lim Chun Yen
	 	Name: LIM CHUN YEN
	 	 	 
	 	By:	/s/ Tan Kok Leong
	 	Name: TAN KOK LEONG
	 	 	 
	 	By:	/s/ Leong Yee Ming
	 	Name: LEONG YEE MING
	 	 	 
	 	By:	/s/ Yew Hoo Yong
	 	Name: YEW HOO YONG

 

[SIGNATURE
PAGE TO SHARE EXCHANGE AGREEMENT]

 

     

     

    

 

	 	By:	 /s/
    Dato’ Lim Ooi Hong

	 	Name: ANJURAN STABIL SDN
    BHD
	 	Title:

 

[SIGNATURE
PAGE TO SHARE EXCHANGE AGREEMENT]

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