Document:

Exhibit 10.23

 

CLIFFORD CHANCE

高 偉 紳 律 師 行

 

EXECUTION VERSION

 

SYNDICATION AND AMENDMENT AGREEMENT

 

DATED 25 SEPTEMBER 2019

 

FOR

 

FWD GROUP LIMITED

AS BORROWER

 

FWD GROUP FINANCIAL SERVICES PTE. LTD.

AS GUARANTOR

 

STANDARD CHARTERED BANK (HONG KONG) LIMITED

AND

STANDARD CHARTERED BANK (SINGAPORE) LIMITED

AS MANDATED LEAD ARRANGERS AND BOOKRUNNERS

 

WITH

 

STANDARD CHARTERED BANK (HONG KONG) LIMITED

AS AGENT AND SECURITY AGENT

AND

OTHERS

 

 

 

RELATING TO A FACILITY AGREEMENT

DATED 10 SEPTEMBER 2019

 

 

 

     

     

    

 

CONTENTS

 

	Clause	Page
	 	 	 
	1.	Definitions and Interpretation	- 1 -
	2.	Conditions Precedent	- 2 -
	3.	Representations	- 2 -
	4.	Transfer by Novation	- 3 -
	5.	Amendment	- 6 -
	6.	Continuity and Further
    Assurance	- 6 -
	7.	Costs and Expenses	- 7 -
	8.	Consents and Waivers	- 7 -
	9.	Miscellaneous	- 7 -
	10.	Governing Law	- 7 -

	Schedule
    1 Parties	- 8 -
	Part
    I The Existing Lenders	- 8 -
	Part
    II The New MLABs	- 8 -
	Part
    III The MLA	- 8 -
	Part
    IV The New Lenders	- 8 -
	Schedule
    2 The Lenders	- 9
    -
	Schedule
    3 Conditions Precedent	- 10 -
	Schedule
    4 Amendments to Original Facility Agreement	- 11 -

 

    - i -

     

    

 

THIS AGREEMENT is dated 25 September 2019 and made between:

 

	(1)	FWD GROUP LIMITED, an exempted company incorporated under the laws of the Cayman
Islands with limited liability and with company number 274405 (the "Borrower");

 

	(2)	FWD GROUP FINANCIAL SERVICES PTE. LTD., a limited private company incorporated
under the laws of the Republic of Singapore with limited liability and company number 201302761R (the "Guarantor");

 

	(3)	STANDARD CHARTERED BANK (HONG KONG) LIMITED of 32/F, 4-4A Des Voeux Road, Central, Hong Kong, incorporated
in Hong Kong with limited liability and STANDARD CHARTERED BANK (SINGAPORE) LIMITED of 8 Marina Boulevard, Level 26, Singapore
018981, incorporated in Singapore with limited liability as mandated lead arrangers and bookrunners (the "Original MLABs");

 

	(4)	THE FINANCIAL INSTITUTIONS listed in Part I of Schedule 1 (Parties)
as existing lenders (the "Existing Lenders");

 

	(5)	THE FINANCIAL INSTITUTIONS listed in Part II of Schedule 1 (Parties)
as acceding mandated lead arrangers and bookrunners (the "New MLABs" and, together with the Original MLABs, the "MLABs");

 

	(6)	THE FINANCIAL INSTITUTION listed in Part III of Schedule 1 (Parties)
as acceding mandated lead arranger (the "MLA");

 

	(7)	THE FINANCIAL INSTITUTIONS listed in Part IV of Schedule 1 (Parties)
as new lenders (the "New Lenders");

 

	(8)	STANDARD CHARTERED BANK (HONG KONG) LIMITED of 32/F, 4-4A Des Voeux Road, Central,
Hong Kong, incorporated in Hong Kong with limited liability, as agent of the Finance Parties (other than itself) (the "Agent");
and

 

	(9)	STANDARD CHARTERED BANK (HONG KONG) LIMITED of 32/F, 4-4A Des Voeux Road, Central,
Hong Kong, incorporated in Hong Kong with limited liability, as security trustee and agent for the Finance Parties (the "Security
Agent").

 

	1.	DEFINITIONS AND INTERPRETATION

 

	1.1	Definitions 

 

In this Agreement:

 

"Amended Facility Agreement"
means the Original Facility Agreement, as amended by this Agreement.

 

"Existing Loan" means
the Loan in the amount of US$1,800,000,000 which was disbursed to the Borrower on 13 September 2019.

 

"Guarantee Obligations"
means the guarantee and indemnity obligations of the Guarantor contained in the Original Facility Agreement.

 

    - 1 -

     

    

 

"Original Facility Agreement"
means the facility agreement dated 10 September 2019 between the Borrower, the Guarantor, each Original MLAB, the Agent, the Security
Agent and the Existing Lenders.

 

"Syndication Date" means 30 September 2019.

 

	1.2	Incorporation of defined terms 

 

		(a)	Unless a contrary indication appears, a term defined in the Original Facility Agreement
has the same meaning in this Agreement.

 

		(b)	The principles of construction and terms set out in clause 1.2 (Construction), clause 1.3 (Currency
Symbols and Definitions) and clause 1.4 (Personal liability) of the Original Facility Agreement shall have effect as if set
out in full in this Agreement and as if references in those clauses to "this Agreement", "the Finance Documents" or
any Finance Document are references to this Agreement.

 

	1.3	Clauses 

 

In this Agreement any reference to
a "Clause" or a "Schedule" is, unless the context otherwise requires, a reference to a Clause in or a Schedule to
this Agreement.

 

	1.4	Third party rights 

 

A person who is not a party to this
Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Agreement.

 

	1.5	Designation 

 

In accordance with the Original Facility Agreement, each
of the Borrower and the Agent designates this Agreement as a Finance Document.

 

	2.	CONDITIONS PRECEDENT 

 

		(a)	Each Obligor shall ensure that all the documents and other evidence listed in Schedule
3 ( Conditions Precedent) in form and substance satisfactory to Agent (acting reasonably) are delivered to the Agent by no later
than the date of this Agreement.

 

		(b)	Other than this Clause 2, Clause 3 (Representations), Clause 7 (Costs and
Expenses) and Clause 9 (Miscellaneous), this Agreement shall be effective on and from the Syndication Date. This Clause, Clause
3 (Representations), Clause 7 (Costs and Expenses) and Clause 9 (Miscellaneous) are effective on and from the date
of this Agreement.

 

	3.	REPRESENTATIONS 

 

The Repeating Representations are
deemed to be made by each Obligor (by reference to the facts and circumstances then existing) on:

 

		(a)	the date of this Agreement; and

 

    - 2 -

     

    

 

		(b)	the Syndication Date,

 

and references to "this Agreement"
in the Repeating Representations should be construed as references to this Agreement and to the Original Facility Agreement and on the
Syndication Date, to the Amended Facility Agreement.

 

	4.	TRANSFER BY NOVATION

 

	4.1	Transfer by novation 

 

		(a)	Subject to paragraph (b) below, on the Syndication Date (whether or not a Default is continuing) each
Existing Lender shall transfer by novation all or part of its Commitment, rights and obligations under the Finance Documents, so that:

 

		(i)	each New Lender will become a Lender under the Amended Facility Agreement with a Commitment
set out opposite its name in Schedule 2 (The Lenders);

 

		(ii)	each Existing Lender's Commitment shall be reduced to the respective amount set out
opposite its name in Schedule 2 (The Lenders);

 

		(iii)	each New Lender shall become a Lender under the Amended Facility Agreement with a
participation in the Existing Loan equal to the Commitment set out opposite its name in Schedule 2 (The Lenders); and

 

		(iv)	each Existing Lender's participation in the Existing Loan shall be reduced to the
amount set out opposite its name in Schedule 2 (The Lenders).

 

		(b)	If a New Lender (a "Defaulting New Lender") shall fail to comply
with its payment obligations under Clause 4.6 ( Lenders' participations) (the amount due but not paid by such Defaulting New Lender
being the "Defaulted Commitment"):

 

		(i)	such New Lender shall not acquire the Commitment and those rights in respect of the
Existing Loan pursuant to paragraph (a) above which correspond to the Defaulted Commitment; and

 

		(ii)	each Existing Lender's Commitment set out opposite its name in Schedule 2 (The
Lenders) and the amount referred to in paragraph (a)(iv) above shall be increased by its pro rata share in the Defaulted Commitment
(determined by reference to the proportion borne by such Existing Lender's participation in the Existing Loan to the amount of the Existing
Loan immediately prior to the transfer contemplated under paragraph (a) above).

 

		(c)	For the avoidance of doubt, the Borrower acknowledges and confirms that the transfer
contemplated in this Clause is permitted by the Syndication Letter.

 

    - 3 -

     

    

 

	4.2	Procedure for transfer by novation 

 

The transfer by novation set out in
Clause 4.1 (Transfer by novation) shall take effect on the Syndication Date so that:

 

		(a)	to the extent that in Clause 4.1 (Transfer by novation) each Existing Lender seeks to transfer
by novation its rights and obligations under the Finance Documents and in respect of the Transaction Security each of the Obligors and
each Existing Lender shall be released from further obligations towards one another under the Finance Documents and in respect of the
Transaction Security and their respective rights against one another under the Finance Documents shall be cancelled (being the "Discharged
Rights and Obligations");

 

		(b)	each of the Obligors and each New Lender shall assume obligations towards one another and/or acquire rights
against one another which differ from the Discharged Rights and Obligations only insofar as that Obligor and the relevant New Lender have
assumed and/or acquired the same in place of that Obligor and the Existing Lender;

 

		(c)	the Agent, the MLABs, the MLA, the Security Agent, each New Lender and other Lenders shall acquire the
same rights and assume the same obligations between themselves and in respect of the Transaction Security as they would have acquired
and assumed had the New Lender been an Original Lender with the rights and/or obligations acquired or assumed by it as a result of the
transfer and to that extent the Agent, the MLABs, the MLA, the Security Agent and the relevant Existing Lender shall each be released
from further obligations to each other under the Finance Documents; and

 

		(d)	each New Lender shall become a Party as a "Lender".

 

	4.3	Amounts due on or before the Syndication Date 

 

Any amounts payable to the Existing
Lenders by the Obligors pursuant to any Finance Document on or before the Syndication Date (including, without limitation, all interest,
fees and commission payable on the Syndication Date) in respect of any period ending on or prior to the Syndication Date shall be for
the account of the Existing Lenders and none of the New Lenders shall have any interest in, or any rights in respect of, any such amount.
The Agent shall distribute interest payments to the Existing Lenders and the New Lenders in accordance with clause 23.12 (Pro rata
interest settlement) of the Amended Facility Agreement (as if each reference in that clause to the Transfer Date were a reference
to the Syndication Date).

 

	4.4	Limitation of responsibility of Existing Lenders 

 

		(a)	Each New Lender confirms to each Existing Lender and the other Finance Parties that it:

 

		(i)	has received a copy of the Original Facility Agreement and the copies of the Transaction Security Documents
existing as of the date of this Agreement, together with such other information as it has required in connection with this transaction;

 

    - 4 -

     

    

 

		(ii)	has made (and shall continue to make) its own independent investigation and assessment of the financial
condition and affairs of each Obligor and its related entities in connection with its participation in this Agreement and the Amended
Facility Agreement and has not relied exclusively on any information provided to it by any Existing Lender in connection with any Finance
Document; and

 

		(iii)	will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related
entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force.

 

		(b)	Unless expressly agreed to the contrary, the Existing Lenders make no representation or warranty and assume
no responsibility to the New Lenders for:

 

		(i)	the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other
documents;

 

		(ii)	the financial condition of any Obligor;

 

		(iii)	the performance and observance by any Obligor of its obligations under the Finance Documents or any other
documents; or

 

		(iv)	the accuracy of any statements (whether written or oral) made in or in connection with the Finance Documents
or any other document,

 

and any representations or warranties implied by law are excluded.

 

		(c)	Nothing in any Finance Document obliges any Existing Lender to:

 

		(i)	accept a re-transfer from any New Lender of any of the rights and obligations transferred by novation
under this Agreement; or

 

		(ii)	support any losses directly or indirectly incurred by a New Lender by reason of the non-performance by
any Obligor of its obligations under the Finance Documents or otherwise.

 

	4.5	Administrative details 

 

Each New Lender confirms that it has
delivered to the Agent its Facility Office details and address, fax number and attention details for the purposes of clause 32 (Notices)
of the Amended Facility Agreement.

 

	4.6	Lenders' participations 

 

		(a)	The Agent shall send a funding notice to each of the New Lenders, setting out each New Lender's participation
in the Existing Loan, at least two (2) Business Days prior to the Syndication Date.

 

		(b)	Each
                                            New Lender shall make its participation in the Existing Loan available by the Syndication
                                            Date through its Facility Office for distribution by the Agent to the Existing Lenders in
                                            order to ensure that the participations of the Existing Lenders in the Existing Loan are
                                            equal to the amounts referred to in paragraph (a) of Clause 4.1 (Transfer by novation).

 

    - 5 -

     

    

 

		(c)	Each New Lender required to make a payment under this Agreement shall make the same available to the Agent
for value prior to 4pm Hong Kong time on the Syndication Date in immediately available funds.

 

		(d)	Payment shall be made to such account in the principal financial centre of the country of that currency
with such bank as the Agent specifies.

 

	5.	AMENDMENT 

 

	5.1	Amendment of the Original Facility Agreement

 

With effect from the Syndication Date the Original Facility
Agreement shall be amended as set out in Schedule 4 (Amendments to Original Facility Agreement).

 

	6.	CONTINUITY AND FURTHER ASSURANCE

 

	6.1	Continuing obligations 

 

The provisions of the Original Facility
Agreement and the other Finance Documents shall, save as amended by this Agreement, continue in full force and effect.

 

	6.2	Confirmation of Guarantee Obligations 

 

For the avoidance of doubt, the Guarantor
confirms for the benefit of the Finance Parties that all Guarantee Obligations shall (a) remain in full force and effect notwithstanding
the amendments referred to in Clause 5.1 (Amendment of the Original Facility Agreement) and (b) extend to any new obligations assumed
by any Obligor under the Finance Documents as a result of this Agreement (including, but not limited to, under the Amended Facility Agreement).

 

	6.3	Confirmation of Security 

 

For the avoidance of doubt, each Obligor
confirms for the benefit of the Finance Parties that, the Security created by it pursuant to each Transaction Security Document to which
it is a party shall (a) remain in full force and effect notwithstanding the amendments referred to in Clause 5.1 (Amendment of the
Original Facility Agreement) and (b) continue to secure its Secured Liabilities under the Finance Documents as amended (including,
but not limited to, under the Amended Facility Agreement).

 

	6.4	Further assurance 

 

Each Obligor, shall, at the reasonable
request of the Agent and at such Obligor's own expense, do all such acts and things necessary to give effect to the amendments effected
or to be effected pursuant to this Agreement.

 

    - 6 -

     

    

 

	7.	COSTS AND EXPENSES 

 

The Borrower shall, within five
Business Days of demand, pay the Administrative Parties the amount of all reasonable costs and expenses (including agreed legal
fees) reasonably and properly incurred by any of them (and in the case of the Security Agent, by any Receiver or Delegate) in
connection with the negotiation, preparation, printing and execution of this Agreement and any other documents referred to in this
Agreement.

 

	8.	CONSENTS AND WAIVERS

 

	8.1	Consent and waiver 

 

Each Obligor, each Original MLAB, the
Security Agent, the Existing Lenders and the Agent each:

 

		(a)	consent to the New Lenders becoming Lenders;

 

		(b)	consent to the New MLABs becoming MLABs;

 

		(c)	consent to the MLA becoming a mandated lead arranger; and

 

		(d)	waive the requirements of clause 23 (Changes to the Parties) of the Original Facility Agreement
for the purposes of this Agreement and for the transfer by novation effected pursuant to this Agreement.

 

	8.2	Agent's waiver 

 

The Agent waives the requirement for
the payment of the fee referred to in clause 23.3 (Assignment or transfer fee) of the Original Facility Agreement in respect of
the transfers by novation effected pursuant to this Agreement.

 

	9.	MISCELLANEOUS

 

	9.1	Incorporation of terms 

 

The provisions of clause 32 (Notices),
clause 34 (Partial Invalidity), clause 35 (Remedies and Waivers) and clause 39 (Enforcement) of the Original Facility
Agreement shall be incorporated into this Agreement as if set out in full in this Agreement and as if references in those clauses to "this
Agreement" or "the Finance Documents" were references to this Agreement and (on and from the Syndication Date) as if references
in those clauses to "Party" and "Lender" include the New Lenders.

 

	9.2	Counterparts 

 

This Agreement may be executed in any number of counterparts,
and this has the same effect as if the signatures on the counterparts were on a single copy of this Agreement.

 

	10.	GOVERNING LAW

 

This Agreement and any non-contractual obligations arising
out of or in connection with it are governed by English law.

 

This Agreement has been entered into on the date stated at the beginning
of this Agreement.

 

    - 7 -

     

    

 

SCHEDULE 1

PARTIES

 

PART I

THE EXISTING LENDERS

 

Standard Chartered Bank (Hong Kong) Limited

 

Standard Chartered Bank (Singapore) Limited

 

Standard Chartered Bank
(Thai) Public Company Limited

 

PART II

THE NEW MLABS

 

Mizuho Bank, Ltd. (incorporated in Japan with limited liability)

 

Sumitomo Mitsui Banking Corporation (incorporated in Japan
with limited liability)

 

CMB Wing Lung Bank Limited

 

DBS Bank Ltd. (incorporated in Singapore)

 

PART III

THE MLA

 

The Bank of Nova Scotia (incorporated in Canada with limited liability)

 

PART IV

THE NEW LENDERS

 

Mizuho Bank, Ltd. (incorporated in Japan with limited liability), Hong
Kong Branch

 

Sumitomo Mitsui Banking Corporation, Hong Kong Branch (incorporated
in Japan with limited liability)

 

CMB Wing Lung Bank Limited

 

DBS Bank Ltd. (incorporated in Singapore)

 

The Bank of Nova Scotia (incorporated in Canada with limited liability)

 

    - 8 -

     

    

 

SCHEDULE 2

THE LENDERS

 

	Name of Lender	 	Commitment (USD)	 
	Standard Chartered Bank (Hong Kong) Limited	 	 	270,000,000	 
	Standard Chartered Bank (Singapore) Limited	 	 	125,000,000	 
	Standard Chartered Bank (Thai) Public Company Limited	 	 	5,000,000	 
	Mizuho Bank, Ltd. (incorporated in Japan with limited liability), Hong Kong Branch	 	 	350,000,000	 
	Sumitomo Mitsui Banking Corporation, Hong Kong Branch (incorporated in Japan with limited liability)	 	 	350,000,000	 
	CMB Wing Lung Bank Limited	 	 	300,000,000	 
	DBS Bank Ltd. (incorporated in Singapore)	 	 	300,000,000	 
	The Bank of Nova Scotia (incorporated in Canada with limited liability)	 	 	100,000,000	 
	Total	 	 	1,800,000,000	 

 

    - 9 -

     

    

 

SCHEDULE 3

CONDITIONS PRECEDENT

 

	1.	Obligors 

 

		(a)	A copy of the constitutional documents and if applicable, statutory registers of each Obligor (or a certificate
of an authorised signatory of each Obligor certifying that the constitutional documents and, if applicable, statutory registers previously
delivered to the Agent for the purposes of the Original Facility Agreement have not been amended and remain in full force and effect).

 

		(b)	A copy of a resolution of the board of directors of each Obligor:

 

		(i)	approving the terms of, and the transactions contemplated by, this Agreement and resolving that it execute
this Agreement; and

 

		(ii)	authorising a specified person or persons to execute this Agreement on its behalf,

 

or a certificate of an authorised signatory
of each Obligor certifying that the resolutions previously delivered to the Agent for the purposes of the Original Facility Agreement
remain in full force and effect.

 

		(c)	A specimen of the signature of each person authorised by the resolution referred to in paragraph (b) above
(to the extent not already delivered to the Agent for the purposes of the Original Facility Agreement, provided that where it is so delivered
for the purposes of the Original Facility Agreement, a certificate of an authorised signatory of each Obligor shall confirm that such
specimen(s) so delivered remain(s) correct, complete and in full force and effect).

 

    - 10 -

     

    

 

SCHEDULE 4

AMENDMENTS TO ORIGINAL FACILITY AGREEMENT

 

	1.	The words "(the "MLABs")" in the Original Facility Agreement (appearing in
the party clause thereto) shall be deleted and a new definition of "MLABs" shall be added to Clause 1.1 (Definitions)
of the Original Facility Agreement as follows:

 

'"MLABs" means the
 "MLABs" defined in and party to the syndication and amendment agreement dated 25 September 2019 between, amongst others, the
Obligors, the parties identified as MLABs therein, the Agent and the Security Agent (the "Syndication Agreement").'

 

	2.	Any reference to "MLABs" in the definitions of "Information Memorandum"
and "Syndication Letter" in Clause 1.1 (Definitions), Clause 11.1 (Arrangement Fee), paragraph (c)(ii) of Clause
18.23 (Repetition) and Schedule 2 (Conditions Precedent) of the Original Facility Agreement shall be replaced by a reference
to the Original MLABs (as defined in the Syndication Agreement). Any reference to an Administrative Party in the definition of "Fee
Letter" in Clause 1.1 (Definitions) of the Original Facility Agreement shall be construed as a reference to the Agent, an
Original MLAB (as defined in the Syndication Agreement) or the Security Agent.

 

	3.	The MLA shall be added as an "Administrative Party" and a "Finance
Party" under the definitions thereof in Clause 1.1 (Definitions) of the Original Facility Agreement; and each reference to
 "the MLABs" in paragraph (c)(iii) of clause 23.5 (Procedure for transfer) and clause 25.3 (Role of the MLABs)
of the Original Facility Agreement shall be deemed to be a reference to the MLABs and the MLA. For such purpose, a new definition of "MLA"
shall be added to Clause 1.1 (Definitions) of the Original Facility Agreement as follows:

 

'"MLA" means the "MLA" defined in
and party to the Syndication Agreement.'

 

	4.	Schedule 1 (The Original Lenders) to the Original Facility Agreement is deleted
and replaced by Schedule 2 (The Lenders) to this Agreement (provided that, if paragraph (b)  of Clause
4.1 (Transfer by novation) of this Agreement applies, the amount of the Commitments set out in such Schedule 2 shall be adjusted
accordingly).

 

    - 11 -

     

    

 

 

SIGNATURES

 

THE BORROWER

 

For and on behalf of

 

FWD GROUP LIMITED

 

 

By: [***]

 

EXECUTION PAGE TO AMENDMENT AND SYNDICATION AGREEMENT

 

     

     

    

 

THE GUARANTOR

 

For and on behalf of

 

FWD GROUP FINANCIAL SERVICES PTE. LTD.

 

By:

 

 

[***]

 

EXECUTION PAGE TO
AMENDMENT AND SYNDICATION AGREEMENT

 

     

     

    

 

THE ORIGINAL MLABS

 

For and on behalf of

 

STANDARD CHARTERED BANK (HONG KONG) LIMITED

 

By:

 

 

[***]

 

EXECUTION PAGE TO AMENDMENT AND SYNDICATION AGREEMENT

 

     

     

    

 

For and on behalf of

 

STANDARD CHARTERED BANK
(SINGAPORE) LIMITED

 

By:

 

 

[***]

 

EXECUTION PAGE TO AMENDMENT AND SYNDICATION AGREEMENT

 

     

     

    

 

THE
EXISTING LENDERS

 

For and on behalf of

 

STANDARD CHARTERED BANK
(HONG KONG) LIMITED

 

By:

 

[***]

 

EXECUTION PAGE TO AMENDMENT AND SYNDICATION AGREEMENT

 

     

     

    

 

For and on behalf of

 

STANDARD CHARTERED BANK (SINGAPORE) LIMITED

 

By:

 

[***]

 

EXECUTION PAGE TO AMENDMENT AND SYNDICATION
AGREEMENT

 

     

     

    

 

For and on behalf of

 

STANDARD CHARTERED BANK (THAI) PUBLIC COMPANY LIMITED

 

By:

 

 

[***]

 

EXECUTION PAGE TO AMENDMENT AND SYNDICATION AGREEMENT

 

     

     

    

 

THE NEW MLABS

 

For and on behalf of

 

MIZUHO BANK, LTD. (INCORPORATED IN JAPAN WITH LIMITED LIABILITY)

 

By:

 

 

[***]

 

EXECUTION PAGE TO AMENDMENT AND SYNDICATION AGREEMENT

 

     

     

    

 

For and on behalf of

 

SUMITOMO MITSUI BANKING CORPORATION
(INCORPORATED IN JAPAN WITH LIMITED LIABILITY)

 

By:

 

 

[***]

 

[***]

 

EXECUTION PAGE TO AMENDMENT AND SYNDICATION
AGREEMENT

 

     

     

    

 

For and on behalf of

 

CMB WING LUNG BANK LIMITED

 

By:

 

[***]

 

 

EXECUTION PAGE TO AMENDMENT AND SYNDICATION AGREEMENT

 

     

     

    

 

For
and on behalf of

 

DBS
BANK LTD.

 

	By:	 	 
	 	 	 
	 	[***]	 

 

EXECUTION
PAGE TO AMENDMENT AND SYNDICATION AGREEMENT

 

     

     

    

 

THE
MLA

 

For
and on behalf of

 

THE
BANK OF NOVA SCOTIA

 

	By:	 	 
	 	 	 
	 	[***]	 

 

EXECUTION
PAGE TO AMENDMENT AND SYNDICATION AGREEMENT

 

     

     

    

 

THE
NEW LENDERS

 

For
and on behalf of

 

	MIZUHO BANK, LTD. (INCORPORATED IN JAPAN WITH LIMITED LIABILITY),
    HONG KONG BRANCH	 
	 	 	 
	By:	 	 
	 	 	 
	 	[***]	 

 

EXECUTION
PAGE TO AMENDMENT AND SYNDICATION AGREEMENT

 

     

     

    

 

For
and on behalf of

 

	SUMITOMO
    MITSUI BANKING CORPORATION, HONG KONG BRANCH (INCORPORATED IN JAPAN WITH LIMITED LIABILITY)	 
	 	 	 
	By:	 	 
	 	 	 
	 	[***]	 

 

[***]

 

EXECUTION
PAGE TO AMENDMENT AND SYNDICATION AGREEMENT

 

     

     

    

 

[***]         [***]

 

, 

[***]         [***]

 

EXECUTION
PAGE TO AMENDMENT AND SYNDICATION AGREEMENT

 

     

     

    

 

For
and on behalf of

 

DBS
BANK LTD.

 

	By:	[***]	 
	 	 	 
	 	[***]	 

 

EXECUTION
PAGE TO AMENDMENT AND SYNDICATION AGREEMENT

 

     

     

    

 

For
and on behalf of

 

THE
BANK OF NOVA SCOTIA

 

	By:	 	 
	 	 	 
	 	[***]	 
	 	 	 
	 	[***]	 

 

EXECUTION
PAGE TO AMENDMENT AND SYNDICATION AGREEMENT

 

     

     

    

 

THE
AGENT

 

For
and on behalf of

 

STANDARD
CHARTERED BANK (HONG KONG) LIMITED

 

	By:	 	 
	 	 	 
	 	[***]	 
	 	 	 
	 	[***]	 

 

EXECUTION
PAGE TO AMENDMENT AND SYNDICATION AGREEMENT

 

     

     

    

 

THE
SECURITY AGENT

 

For
and on behalf of

 

STANDARD
CHARTERED BANK (HONG KONG) LIMITED

 

	By:	 	 
	 	 	 
	 	[***]	 
	 	 	 
	 	[***]	 

 

EXECUTION
PAGE TO AMENDMENT AND SYNDICATION AGREEMENT

 

     

     

    

 

Execution
Version

 

AMENDMENT
LETTER

 

	To:	STANDARD
                                  CHARTERED BANK (HONG KONG) LIMITED of 32/F, 4-4A Des Voeux Road, Central, Hong Kong, incorporated
                                  in Hong Kong with limited liability, as agent of the Finance
Parties (as defined in the Facility Agreement (defined below)) (other than itself) (the "Agent")

 

	From:	(1)
                                            FWD GROUP LIMITED, an exempted company incorporated under the laws of the Cayman Islands
                                            with limited liability and with company number 274405 (the "Borrower");
                                            and

 

(2)
FWD GROUP FINANCIAL SERVICES PTE. LTD., a private company incorporated under the laws of the Republic of Singapore with limited
liability and company number 201302761R (the "Guarantor").

 

Date:         27
March         2020

 

Dear
Sirs

 

Facility
agreement relating to an up to US$1,800,000,000 term loan facility dated 10 September 2019 between, among others, the Borrower as borrower,
the Guarantor as guarantor and the Agent as agent (as amended by an amendment and syndication agreement dated 25 September 2019, and
as may be further amended and/or supplemented from time to time, the “Facility Agreement”)

 

1.       Interpretation

 

	1.1	We
                                            refer to the Facility Agreement. Unless otherwise defined herein or the context otherwise
                                            requires, terms defined in the Facility Agreement shall have the same meaning when used in
                                            this letter.

 

	1.2	Clauses
                                            1.2 (Construction), 1.3 (Currency Symbols and Definitions), 1.4 (Personal
                                            liability), and 1.5 (Third party rights) of the Facility Agreement shall apply
                                            to this letter and shall be incorporated in this letter as if set out in full herein mutatis
                                            mutandis and as if any reference therein to “this Agreement” or a “Finance
                                            Document” were a reference to this letter.

 

	1.3	In
                                            accordance with the Facility Agreement, each of the Borrower and the Agent designates this
                                            letter as a Finance Document.

 

	2.	Amendments
                                            

 

	3.	Pursuant
                                  to clause 36 (Amendments and waivers) of the Facility Agreement, each Obligor hereby requests
                                  that the Agent (for and on behalf of the Majority Lenders) agrees, consents and confirms that, and
                                  the Agent by countersigning this letter agrees, consents to and confirms that:

 

		(a)	with
                                            effect from the date of the Agent’s countersigning of this letter (the “Amendment
                                            Effective Date”), the definition of “Required Balance” under clause
                                            1.1 (Definitions) of the Facility Agreement shall be deleted in its entirety and replaced
                                            with the following:

 

““Required
Balance” means, at any time, US$37,500,000, provided that:

 

		(a)	upon
                                            any prepayment of any Loan (or any part thereof) after the expiry of the Availability Period,
                                            the Required Balance shall with effect from such prepayment be (until any further adjustment
                                            to the Required Balance in accordance with this paragraph (a) or paragraph (b)) equal to
                                            the aggregate of interest accruing on the Loans for the period of 6 Months from the date
                                            of such prepayment (calculated as if (i) the rate of interest on each Loan throughout such
                                            6-Month period were equal to the rate of interest applicable to such Loan as at the date
                                            of such prepayment and (ii) no further repayment or prepayment of any Loan would occur during
                                            such 6-Month period, other than repayment of the Loans in full on the Final Repayment Date);
                                            and

 

    1

     

    

 

		(b)	at the last day of each calendar month (which last day falls within 6 Months of the Final Repayment Date),
the Required Balance shall be adjusted so that with effect from such last day, it shall (until any further adjustment to the Required
Balance in accordance with this paragraph (b) or paragraph (a) above) equal to the aggregate of interest accruing on the Loans for the
period from the last day of such calendar month until the Final Repayment Date (calculated as if (i) the rate of interest on each Loan
throughout such period were equal to the rate of interest applicable to such Loan as at the last day of such calendar month and (ii) no
further repayment or prepayment of any Loan would occur during such period, other than repayment of the Loans in full on the Final Repayment
Date).”; and

 

		(b)	for the avoidance of doubt, the Borrower may, without any further consent, withdraw and transfer any surplus
amount standing to the credit of the Relevant Account which is in excess of the Required Balance from time to time.

 

		4.	Miscellaneous 

 

		4.1	The provisions of the Facility Agreement and the other Finance Documents shall, save as amended by this
letter, continue in full force and effect.

 

		4.2	The provisions of clause 32 (Notices), clause 34 (Partial Invalidity), clause 35 (Remedies
and Waivers), clause 36 (Amendments and Waivers) and clause 39 (Enforcement) of the Facility Agreement shall apply to
this letter and shall be incorporated in this letter as if set out in full herein mutatis mutandis and as if any reference therein
to “this Agreement” or a “Finance Document” were a reference to this letter.

 

		4.3	This letter may be executed in any number of counterparts, and this has the same effect as if the signatures
on the counterparts were on a single copy of this letter.

 

		4.4	This letter and all non-contractual obligations arising out of or in connection with this letter is governed
by English law.

 

    2

     

    

 

Yours faithfully

 

For and on behalf of

FWD GROUP LIMITED

as Borrower 

 

	 	[***]	 

 

	 	 
	Name:	 [***]	 
	Title:	 Director	 

 

SIGNATURE PAGE TO TIRAMISU
AMENDMENT LETTER

 

     

     

    

 

For and on behalfof 

FWD GROUP FINANCIAL
SERVICES PTE. LTD. 

as Guarantor

 

[***]

 

Name: [***]

Title:   Director

 

SIGNATURE PAGE TO TIRAMISU AMENDMENT LETTER

 

     

     

    

 

We confirm that the Majority Lenders have agreed to the amendment(s)
referred to above and such amendment(s) take effect on date set out below.

 

For and on behalf of 

STANDARD CHARTERED BANK (HONG KONG) LIMITED 

as Agent

 

[***]

 

	 	 

	Name:	[***]	 
	Title:	 	 
	Date:	27 March	 2020	 

 

SIGNATURE PAGE TO TIRAMISU AMENDMENT LETTER

 

     

     

    

 

EXECUTION VERSION

 

	THIS AGREEMENT is dated	5 October 	2020 and made between:

 

		(1)	FWD GROUP LIMITED, an exempted company incorporated under the laws of the
Cayman Islands with limited liability and with company number 274405 (the “Borrower”);

 

		(2)	FWD GROUP FINANCIAL SERVICES PTE. LTD., a private company incorporated under
the laws of the Republic of Singapore with limited liability and company number 201302761R (the “Guarantor”);

 

		(3)	STANDARD CHARTERED BANK (HONG KONG) LIMITED of 32/F, 4-4A Des Voeux Road,
Central, Hong Kong, incorporated in Hong Kong with limited liability, as agent of the Finance Parties (other than itself) (the “Agent”);
and

 

		(4)	STANDARD CHARTERED BANK (HONG KONG) LIMITED of 32/F, 4-4A Des Voeux Road,
Central, Hong Kong, incorporated in Hong Kong with limited liability, as security trustee and agent for the Finance Parties (the “Security
Agent”).

 

IT IS AGREED as follows:

 

		1.	DEFINITIONS AND INTERPRETATION

 

		1.1	Definitions 

 

In this Agreement:

 

“Amended Facility Agreement”
means the Original Facility Agreement, as amended by this Agreement.

 

“Effective Date”
means the date on which the Agent confirms to the Lenders and the Borrower that it has received each of the documents and other evidence
listed in Schedule 1 (Conditions Precedent) in form and substance satisfactory to the Agent (acting reasonably).

 

“Guarantee Obligations”
means the guarantee and indemnity obligations of the Guarantor contained in the Original Facility Agreement and/or the Amended Facility
Agreement.

 

“Original Facility Agreement”
means the facility agreement relating to an up to US$1,800,000,000 term loan facility dated 10 September 2019 (the “Initial Facility
Agreement”) between, among others, the Borrower as borrower, the Guarantor as guarantor, the financial institutions listed in
schedule 1 (The Original Lenders) thereto as original lenders, the Agent as agent and the Security Agent as security agent as amended
by an amendment and syndication agreement dated 25 September 2019 (the “Amendment and Syndication Agreement”) and as
further amended by an amendment letter dated 27 March 2020, each between, among others, the Borrower as borrower and the Agent as agent.

 

“Party” means a party
to this Agreement.

 

“Second Side Letter”
means a side letter dated on or about the date of this Agreement between the Borrower as borrower and the Agent as agent.

 

     

     

    

 

		1.2	Incorporation of defined terms 

 

		(a)	Unless a contrary indication appears, a term defined in (prior
to the Effective Date) the Original Facility Agreement or (on and after the Effective Date) the Amended Facility Agreement has the same
meaning in this Agreement.

 

		(b)	The principles of construction and the terms set out in clause 1.2 (Construction), clause 1.3 (Currency
Symbols and Definitions), clause 1.4 (Personal liability) and clause 1.5 (Third party rights) of (prior to the Effective
Date) the Original Facility Agreement or (on and after the Effective Date) the Amended Facility Agreement shall have effect as if set
out in this Agreement and as if references in those clauses to “this Agreement” or “the Finance Documents” or
any Finance Document are references to this Agreement.

 

		1.3	Clauses 

 

In this Agreement any reference to
a “Clause” or a “Schedule” is, unless the context otherwise requires, a reference to a Clause in or a Schedule
to this Agreement.

 

		1.4	Designation 

 

In accordance with the Original Facility
Agreement, each of the Borrower and the Agent designates each of this Agreement and the Second Side Letter as a Finance Document.

 

		2.	REPRESENTATIONS 

 

The Repeating Representations are
deemed to be made by each Obligor (by reference to the facts and circumstances then existing) on:

 

		(a)	the date of this Agreement; and

 

		(b)	the Effective Date,

 

and references to “this Agreement”
in the Repeating Representations should be construed as references to this Agreement and to the Original Facility Agreement and on the
Effective Date, to the Amended Facility Agreement.

 

		3.	AMENDMENTS

 

		3.1	Amendment of the Original Facility Agreement 

 

With effect from the Effective Date,
the Original Facility Agreement shall be amended as follows:

 

		(a)	a new definition of “Amendment Agreement”, “Amendment Letter” and “Amendment
and Syndication Agreement” be inserted in clause 1.1 (Definitions) of the Original Facility Agreement after the definition
of “Affiliate” as follows:

 

“Amendment Agreement”
means an amendment agreement dated       5 October 2020       between the Borrower as borrower, the Guarantor as guarantor, the
Agent as agent and the Security Agent as agent.

 

     

     

    

 

“Amendment Letter”
means an amendment letter dated 27 March 2020 between the Borrower as borrower, the Guarantor as guarantor and the Agent as agent.

 

“Amendment and Syndication
Agreement” means an amendment and syndication agreement dated 25 September 2019 between, among others, the Borrower as borrower,
the Guarantor as guarantor, the Agent as agent and the

Security Agent as agent.”;

 

		(b)	the definition of “Confidential Information” in clause 1.1 (Definitions)
of the Original Facility Agreement be amended by inserting the words “and Second Side Letter” in the third line after the
words “the Side Letter”;

 

		(c)	the definition of “Finance Documents” in clause 1.1 (Definitions) of the Original Facility Agreement be
amended by inserting the words “, the Amendment Agreement, the Amendment Letter, the Amendment and Syndication Agreement and
the Second Side Letter” after the words “the Syndication Letter”;

 

		(d)	a new definition of “Second Side Letter”
be inserted in clause 1.1 (Definitions) of the Original Facility Agreement
after the definition of “Screen Rate” as follows:

 

“Second Side Letter”
means the second side letter dated on or about the date of the Amendment Agreement between the Borrower as borrower and the Agent as
agent, entered into in connection with the Amendment Agreement and referred to therein.”;

 

		(e)	the definition of “Ultimate Shareholder” in clause 1.1 (Definitions)
of the Original Facility Agreement be amended by inserting the words “or the Second Side Letter” after the words “the
Side Letter”;

 

		(f)	paragraph (a)(i) of clause 7.2 (Mandatory prepayment on change of control or share
ownership) of the Original Facility Agreement shall be deleted in its entirety and replaced with the following:

 

		“(i)	the Ultimate Shareholder ceases to control the casting of votes at a general
                                                                       meeting of the Borrower or the appointment or removal of officers of the Borrower in accordance with the requirements set out in the documents detailed in the Second Side Letter”;

 

		(g)	clause 22.15 (Non-compliance) of the Original Facility Agreement be amended
by inserting the words “or the Second Side Letter” after the words “the Side Letter”; and

 

		(h)	clause 24 (Disclosure of information) of the Original Facility Agreement be
amended by inserting the words “and/or the Second Side Letter” after each reference to “the Side Letter” in that
clause.

 

     

     

    

 

		3.2	Amendment of the Side Letter 

 

With effect from the Effective Date,
the Side Letter and each document detailed therein shall be amended in accordance with the terms set out in the Second Side Letter and
each document detailed therein.

 

		3.3	Notification of Effective Date 

 

The Agent shall notify the Borrower
and the Lenders promptly upon the occurrence of the Effective Date.

 

		4.	CONTINUITY AND FURTHER ASSURANCE

 

		4.1	Continuing obligations 

 

The provisions of the Original Facility
Agreement and the other Finance Documents shall, save as amended by this Agreement, continue in full force and effect.

 

		4.2	Confirmation of Guarantee Obligations 

 

For the avoidance of doubt, the Guarantor
confirms for the benefit of the Finance Parties that all Guarantee Obligations shall (a) remain in full force and effect notwithstanding
the amendments referred to in Clause 3 (Amendments) and (b) extend to any new obligations assumed by any Obligor under the Finance
Documents as a result of this Agreement (including, but not limited to, under the Amended Facility Agreement).

 

		4.3	Confirmation of Security 

 

For the avoidance of doubt, the Borrower
confirms for the benefit of the Finance Parties that, the Security created by it pursuant to the Transaction Security Document to which
it is a party shall (a) remain in full force and effect notwithstanding the amendments referred to in Clause 3 (Amendments) and
(b) continue to secure the Secured Liabilities under the Finance Documents as amended (including, but not limited to, under the Amended
Facility Agreement).

 

		4.4	Further assurance 

 

Each Obligor shall, at the request of
the Agent (acting reasonably) and at such Obligor's own expense, do all such acts and things reasonably necessary to give effect to the
amendments effected or to be effected pursuant to this Agreement.

 

		5.	COSTS AND EXPENSES 

 

The Borrower shall within five Business
Days of demand pay the Administrative Parties the amount of all reasonable costs and expenses (including but not limited to legal fees)
reasonably and properly incurred by any of them (and, in the case of the Security Agent, by any Receiver or Delegate) in connection with
the negotiation, preparation, printing and execution of this Agreement and any other documents referred to in this Agreement.

 

     

     

    

 

		6.	MISCELLANEOUS

 

		6.1	Incorporation of terms 

 

The provisions of clause 32 (Notices),
clause 34 (Partial Invalidity), clause 35 (Remedies and Waivers), clause 36 (Amendments and Waivers) and clause 39
(Enforcement) of (prior to the Effective Date) the Original Facility Agreement or (on and after the Effective Date) the Amended
Facility Agreement shall be incorporated into this Agreement as if set out in full in this Agreement and as if references in those clauses
to “this Agreement” or “the Finance Documents” or any Finance Document are references to this Agreement.

 

		6.2	Counterparts 

 

This Agreement may be executed in any number of counterparts,
and this has the same effect as if the signatures on the counterparts were on a single copy of this Agreement.

 

		7.	GOVERNING LAW 

 

This Agreement and all non-contractual
obligations arising out of or in connection with this Agreement is governed by English law.

 

This Agreement has been entered into on the date stated at the beginning
of this Agreement.

 

     

     

    

 

SCHEDULE 1

CONDITIONS PRECEDENT

 

		1.	Obligors 

 

		(a)	A copy of the constitutional documents and if applicable, statutory registers of each Obligor (or a certificate
of an authorised signatory of each Obligor certifying that the constitutional documents and, if applicable, statutory registers previously
delivered to the Agent for the purposes of the Initial Facility Agreement and/or the Amendment and Syndication Agreement have not been
amended and remain in full force and effect).

 

		(b)	A copy of (or a copy of a certified true extract of) a resolution of the board of directors of each Obligor:

 

		(i)	approving the terms of, and the transactions contemplated by, this Agreement and (in the case of the Borrower)
the Second Side Letter and resolving that it execute this Agreement and (in the case of the Borrower) the Second Side Letter;

 

		(ii)	authorising a specified person or persons to execute this Agreement and (in the case of the Borrower)
the Second Side Letter on its behalf; and

 

		(iii)	in the case of the Guarantor, resolving that it is in the best interests of the Guarantor to enter into
the transactions contemplated by this Agreement.

 

		(c)	A specimen of the signature of each person authorised by the resolution referred to in paragraph (b) above
(to the extent not already delivered to the Agent for the purposes of the Initial Facility Agreement, provided that where it is so delivered
for the purposes of the Initial Facility Agreement, the certificate referred to in paragraph (e) shall confirm that such specimen(s) so
delivered remain(s) correct, complete and in full force and effect).

 

		(d)	A copy of (or a copy of a certified true extract of) a resolution
signed by the Borrower as the holder of all the issued shares in the Guarantor, approving the terms of, and the transactions contemplated
by, this Agreement.

 

		(e)	A certificate of an authorised signatory of the each Obligor certifying that each copy document relating
to it specified in this Schedule 1 is correct, complete and in full force and effect as at a date no earlier than the date of this Agreement.

 

		(f)	A certificate of good standing issued by the Registrar of Companies in the Cayman Islands in respect of
the Borrower.

 

		2.	Legal Opinions 

 

		(a)	A legal opinion as to English law from Clifford Chance addressed to the Agent, the Security Agent and
the Lenders.

 

		(b)	A legal opinion as to the laws of Singapore from Clifford Chance Pte. Ltd. addressed to the Agent, the
Security Agent and the Lenders.

 

     

     

    

 

 

		(c)	A legal opinion as to the laws of the Cayman Islands from Walkers (Singapore) Limited Liability Partnership
addressed to the Agent, the Security Agent and the Lenders.

 

		3.	Other documents and evidence 

 

		(a)	A copy of the Second Side Letter duly executed by the parties
thereto and copies of each of the documents as detailed in such Second Side Letter duly executed by the relevant party(ies) thereto.

 

		(b)	Evidence that any process agent referred to in Clause 6.1 (Incorporation of terms) or the Second
Side Letter (or the document referred to in paragraph 5(c) of the Second Side Letter) has accepted its appointment.

 

		(c)	Evidence that the fees, costs and expenses then due from the
Borrower pursuant to Clause 5 (Costs and Expenses) have been paid or will be paid by the Effective Date.

 

     

     

    

 

SIGNATURE PAGES

 

The Borrower

 

For and on behalf of

FWD GROUP LIMITED

 

	 	 

Name: [***]

Title: Director

 

SIGNATURE
PAGE TO AMENDMENT AGREEMENT

 

     

     

    

 

The Guarantor

 

For and on behalf of 

FWD GROUP FINANCIAL SERVICES PTE. LTD.

  

[***]

 

Name: [***]

Title: Director

 

SIGNATURE PAGE TO AMENDMENT AGREEMENT

 

     

     

    

 

The Agent

 

For and
on behalf of 

STANDARD CHARTERED BANK (HONG KONG) LIMITED

 

Name: [***] 

Title:

 

SIGNATURE PAGE TO AMENDMENT AGREEMENT

 

     

     

    

 

The Security Agent

 

For and on behalf of

 STANDARD CHARTERED
BANK (HONG KONG) LIMITED

 

[***]

 

Name: [***]

Title·.

 

SIGNATURE
PAGE TO AMENDMENT AGREEMENTExhibit 10.24

 

Execution Version

 

Insurance Services and
Products Agreement

 

	Parties:	 	FWD
    Life Insurance Company (Bermuda) Limited
	 	 	(Service Provider)
	 	 	 
	 	 	HKT Services
    Limited (Service Recipient)
	 	 	 
	Date:	24
    December 2020

 

    
	Confidential	Page 1 of 17

     

    

 

Execution Version

 

	CONTENTS	 	 
	1.	Definitions
    & Interpretation:	3
	2.	Conditional Agreement:	5
	3.	Term:	5
	4.	Supply of Services:	5
	5.	Annual Cap:	5
	6.	Service Fees:	6
	7.	Modification:	6
	8.	Taxes:	6
	9.	Records:	6
	10.	Limitation of Liability:	7
	11.	Termination and Expiry:	7
	12.	Compliance with Laws:	8
	13.	Costs:	8
	14.	Intellectual Property Rights:	8
	15.	Confidential Information:	8
	16.	Personal Data Privacy:	8
	17.	Warranties & Exclusions:	9
	18.	Sub-contracting:	9
	19.	Assignment:	9
	20.	Force Majeure:	9
	21.	General Provisions:	9

	Schedule 1
    (Contract Details)	13
	Schedule 2 (Services)	14
	Schedule 3 (Service Levels)	15
	Schedule 4 (Service Fees)	16
	Schedule 5 (Specific Agreements)	17

 

    
	Confidential	Page 2 of 17

     

    

 

Execution Version

 

Insurance
Services and Products

 

Agreement

 

Date    :         24
December 2020

 

 

THIS AGREEMENT ("Agreement") is made as
of the Effective Date between:

 

Parties:

 

 

	(1)	The person or company named or described
                                          in Item 1 of Schedule 1 and includes its permitted assigns and transferees (the "Service
                                          Provider"); and

 

	(2)	The person or company named or described
                                          in Item 2 of Schedule 1 and includes its permitted assigns and transferees (the "Service
                                          Recipient"),

 

(each a "Party" and collectively the "Parties")

 

Recitals:

 

 

The Service Provider has agreed
to supply or procure other SPG Companies to supply to the Service Recipient or other SRG Companies the services and other deliverables
as more particularly described in and upon the terms and subject to the conditions of this Agreement.

 

IT IS AGREED as follows:

 

1.        Definitions
 & Interpretation:

 

 

	1.1	Definitions: The following definitions apply:

 

Agreement means this agreement
and the Schedule(s) including all subsequent amendments as may be mutually agreed between both Parties from time to time.

 

Annual Cap means in respect
of a Service Year, the maximum aggregate annual value of the services provided under this Agreement and other applicable agreement(s)
as set out in the announcements of PCCW Limited and HKT Limited pursuant to the Listing Rules.

 

Business Day means a day
other than a Saturday, Sunday or a public holiday in Hong Kong. Condition has the meaning given in Clause 2.

Deliverables means any and all goods, equipment,
fixtures, works and materials to be developed, prepared or supplied by the relevant SPG Company, its employees, agents or sub-contractors
in relation to the Services. Effective Date means the date of this Agreement.

 

Hong Kong means the Hong Kong
Special Administrative Region of the People’s Republic of China.

 

Intellectual Property Rights means
any patent right, design right, copyright, database right, trademark or trade name (whether or not registered), and any pending applications
relating to the foregoing, web site address, trade secrets, know-how, and all other intellectual property rights which may exist in any
part of the world.

 

Law means any law, ordinance,
regulation or code or any lawful declaration, decision, notification, determination, opinion, order, licence, licence condition or direction
made by any Regulatory Authority, and includes Privacy Laws.

 

License means a license
issued by a Regulatory Authority regulating the Services and/or business of the relevant SPG Company or the relevant SRG Company.

 

Listing Rules means the Rules
Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

 

    
	Confidential	Page 3 of 17

     

    

 

 

INSURANCE
SERVICES AND PRODUCTS AGREEMENT

 

 

Personal Data has the same
meaning as given in the Personal Data (Privacy) Ordinance (Cap. 486) of the laws of Hong Kong.

 

Privacy Law means any requirement,
obligation or duty contained in any Law or License applicable to or protecting the privacy of individuals and their personal information.

 

Regulatory Authority means
a government or a governmental, semi-governmental or judicial entity or authority in Hong Kong and includes a self-regulatory organisation
established under statute or a stock exchange (including The Stock Exchange of Hong Kong Limited) and any person, office, agency of department
having regulatory authority in Hong Kong in respect of the Services and/or business of the relevant SPG Company or the relevant SRG Company.

 

Regulatory Compliance means
compliance with the relevant requirements applicable to connected transactions under the Listing Rules.

 

Schedule means a schedule to this Agreement, as
may be modified from time to time.

 

Service Fees means the service
fees payable by the relevant SRG Company to the SPG Company under this Agreement and/or the Specific Agreements.

 

Service Levels means the detailed
performance standards and other requirements in respect of the supply of the Services set out in Schedule 3, as may be modified under
Clause 7.

 

Service Provider Group means
FWD Limited, FWD Group Limited and their respective and its direct and indirect Subsidiaries.

 

Service Recipient Group means
HKT Limited (a company incorporated in the Cayman Islands) and its direct and indirect Subsidiaries.

 

Service Year means a calendar year of the Term.

 

Services means the services
described in Schedule 2, as may be modified under Clause 7 and includes the Deliverables.

 

Specific Agreement means an
existing agreement entered into before the date of this Agreement or a future agreement to be entered into after the date of this Agreement
between the Parties or between a SPG Company and SRG Company in respect of the Services, including without limitation order forms or
purchase orders (which, for the avoidance of doubt, shall include without limitation those agreements listed in Schedule 5); and Specific
Agreements shall be construed accordingly.

 

SPG Company means a member of the Service Provider
Group.

 

SRG Company means a member of the Service Recipient
Group.

 

Subsidiaries, of a company,
shall mean its subsidiaries as defined under the Companies Ordinance (Cap. 622 of the laws of Hong Kong) or the Listing Rules, and other
companies considered by The Stock Exchange of Hong Kong Limited as its subsidiaries.

 

Term has the meaning given in Clause 3.

 

	1.2	Interpretation: Except in a Schedule, headings are for convenience
                                  only and do not affect interpretation. The following rules apply unless the context requires otherwise:

 

		(a)	Words importing the singular include
                                            the plural and vice versa.

 

		(b)	A reference to a Clause, Schedule
                                            or attachment is a reference to a clause of, schedule or attachment to, this Agreement.

 

		(c)	A reference to a law includes a constitutional
                                            provision, treaty, decree, convention, statute, regulation, ordinance, by-law, judgment,
                                            rule of common law, civil law or equity, or a rule of an applicable stock exchange and is
                                            a reference to that law as amended, consolidated or replaced.

 

		(d)	A reference to a document includes
                                            all amendments or supplements to that document, or replacement or novation of it.

 

		(e)	HK dollars, dollars, HK$ or HKD is
                                            a reference to the lawful currency of Hong Kong.

 

    
	Confidential	Page 4 of 17

     

    

 

INSURANCE
SERVICES AND PRODUCTS AGREEMENT

 

 

		(f)	A reference to the words "includes",
                                            "including" or "example" are references without limitation.

 

		2.	Conditional Agreement: 

 

 

This Agreement and the obligations
of the Parties under this Agreement shall be subject to and conditional upon Regulatory Compliance in respect of this Agreement (the
 "Condition"). If the Condition is not fulfilled before 31 December 2020 (or such later date as the Parties may agree),
this Agreement shall be of no effect without the necessity for either Party giving any notice to that effect and there shall be no claim
under or in connection with this Agreement by either Party against the other.

 

3.        Term:

 

 

Subject to Clause 2, the term of
this Agreement commences on the Effective Date and continues until 31 December 2022, unless earlier terminated in accordance with Clause
11 (the "Term").

 

4.        Supply
of Services:

 

 

	4.1	The Service Provider will supply or procure other SPG Companies to
                                   supply of the Services to the Service Recipient or other SRG Companies with due care and skill in
                                   accordance with the provisions of this Agreement and/or the Specific Agreements in compliance with
                                   Laws.

 

	4.2	The Service Provider agrees to provide the Services in accordance
                                   with the Service Levels.

 

	4.3	The Service Provider shall ensure that all of its personnel who provides
                                   the Services are properly trained and competent, fully supervised at all times and possess suitable
                                   skills, knowledge and experience for the delivery of the Services. The Service Provider shall also
                                   ensure that all of its personnel who provides the Services are appropriate screened in accordance
                                   with the Service Provider’s policies and procedures and otherwise in accordance with good industry
                                   practice.

 

	4.4	Where any Service is provided by a SPG Company (other than the Service
                                   Provider) to a SRG Company (other than the Service Recipient):

 

		(a)	the relevant invoice shall be issued
                                            by such SPG Company providing the Service to the relevant SRG Company which shall pay for
                                            the Service;

 

		(b)	such SPG Company shall and the Service
                                            Provider shall procure such SPG Company to provide Services to the SRG Company, and such
                                            SPG Company shall be entitled to enter into Specific Agreement(s) directly with the relevant
                                            SRG Company in its own capacity for such Services;

 

		(c)	the applicable provisions of this Agreement
                                            shall apply, mutatis mutandis, to such Services provided by such SPG Company to the relevant
                                            SRG Company under this Agreement;

 

		(d)	any breach of this Agreement by the
                                            relevant SRG Company shall be deemed to be the breach of this Agreement by the Service Recipient;
                                            and

 

		(e)	any breach of this Agreement by the
                                            relevant SPG Company shall be deemed to be the breach of this Agreement by the Service Provider.

 

5.        Annual
Cap:

 

 

	5.1	The Parties agree that aggregate annual value of the Services provided
                                   in each Service Year under the Agreement and the Specific Agreements shall not result in the Annual
                                   Cap in respect of that Service Year being exceeded.

 

	5.2	In the event that the aggregate annual value of the Services provided
                                   in a Service Year results in the Annual Cap being exceeded, such transactions and their aggregate
                                   annual value will be subject to Regulatory Compliance.

 

    
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INSURANCE
SERVICES AND PRODUCTS AGREEMENT

 

 

6.        Service
Fees:

 

 

In consideration of the supply of the Services, the relevant
SRG Company receiving Services shall pay the Service Fees determined in accordance with Schedule 4 of this Agreement and the Specific
Agreements.

 

7.        Modification:

 

 

	7.1	All modifications or amendments to this Agreement must be in writing
                                   and signed by both Parties and must specify which Clauses and Schedules are intended to be amended.

 

8.        Taxes:

 

 

	8.1	Unless otherwise provided for in a Specific Agreement, the relevant
                                   SRG Company shall pay any applicable goods and services tax, value added tax, sales tax, business
                                   tax or any other similar taxes, duties or service fees on its payments to the SPG Company in accordance
                                   with applicable Law. All other taxes, including any taxes that are imposed on the profits, income,
                                   property or capital of a SRG Company or SPG Company or taxes imposed by reason of being incorporated
                                   in Hong Kong or the carrying on a business in Hong Kong by the SRG Company or the SPG Company shall
                                   be paid by the SRG Company or the SPG Company respectively and shall not be passed through to each
                                   other.

 

	8.2	If a SRG Company is required by Law to make a tax deduction or withholding
                                   (“Tax Deduction”) from any payment to be made to the SPG Company under this Agreement,
                                   no additional payment will be made to the SPG Company and the relevant SRG Company will make the Tax
                                   Deduction to the relevant taxing authority any payment requirement in connection with that Tax Deduction,
                                   within the time allowed by relevant Law, from any amounts that are paid or payable to the SPG Company,
                                   including amounts that are paid or payable after the initial obligation to withhold arises.

 

	8.3	Within ten (10) days of making either a Tax Deduction or any payment
                                  required in connection with that Tax Deduction the relevant SRG Company shall provide the SPG Company
                                  with such receipts or certificates, evidencing the deduction and payment of tax made to the relevant
                                  taxation authority under Clause 8.2.

 

	8.4	It is currently assumed that the relevant SPG Company and the SRG Company
                                  to be providing / receiving the Services are both companies incorporated in Hong Kong. Where any part
                                  of the Services is provided by or received by a company incorporated outside Hong Kong, the relevant
                                  SPG Company and the SRG Company shall further agree on any appropriate tax-related provisions that
                                  shall be included in the Specific Agreements in respect of such part of the Services.

 

9.        Records:

 

 

	9.1	Each Party shall keep and maintain accurate records relating to the
                                   Services performed and records detailing the Services ordered by the relevant SRG Company and calculation
                                   of invoiced Service Fees.

 

	9.2	Each Party will upon reasonable request of the other Party, provide
                                   copies of such records to the other Party as may be reasonably necessary to verify the performance
                                   of the Services and the calculation of the Service Fees, in accordance with the provisions of this
                                   Agreement.

 

	9.3	Each Party agrees that it will fully co-operate with the other Party
                                   in respect of provision of information as may be required by Law or any Regulatory Authority to which
                                   jurisdiction the other Party or its holding company is subject. Without affecting the generality of
                                   the above and for the avoidance of doubt, so long as a Party's holding company remains listed on The
                                   Stock Exchange of Hong Kong Limited, the other Party shall allow the auditors of the first-mentioned
                                   Party sufficient access to their records for the purpose of reporting on the transactions contemplated
                                   under this Agreement or for the purpose of compliance with Listing Rules.

 

    
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	 	INSURANCE
    SERVICES AND PRODUCTS AGREEMENT

 

	10.	Limitation
    of Liability:
	 	 
	10.1	Nothing
    in this Agreement excludes or limits a Party's liability under or in connection with this Agreement in respect of death or personal
    injury caused by the  Party's  negligence. Nothing in  this  Clause 10 limits the relevant
    SRG Company’s obligation to pay the Service Fees.

 

	11.	Termination
    and Expiry:

 

	11.1	Early Termination:

 

Either Party may terminate this Agreement
without cause by giving the other Party at least 6 months’ prior written notice.

 

	11.2	Termination on Default:

 

A Party may terminate this Agreement
with immediate effect by giving written notice to the other Party if:

 

		(a)	such other Party
                                            has breached a material term of this Agreement and has not remedied such breach within fourteen
                                            (14) days of written notice from the terminating Party; or

 

		(b)	such other Party
                                            (i) has a receiver or an administrative receiver appointed or passes a resolution for winding-up
                                            (other than for the purposes of a bona fide scheme of solvent amalgamation or reconstruction)
                                            or a court of competent jurisdiction shall make an order to that effect; (ii) becomes subject
                                            to an administrative order or enters into any voluntary arrangement with its creditors; or
                                            (iii) ceases or threatens to cease to carry on business or analogous event in the jurisdiction
                                            in which such other Party is incorporated; or

 

		(c)	the Service Provider
                                            or any SPG Company is prohibited from supplying all the Services under any applicable law.

 

	11.3	Termination due to Force Majeure Event: 

 

A Party may by written notice to the
other Party, terminate this Agreement if a delay in the performance of a material obligation of either Party due to a Force Majeure Event
extends for more than 90 consecutive days.

 

	11.4	The expiry or termination of this Agreement shall
                                    not, by itself, affect the validity and effectiveness of the Specific Agreements. Upon the expiration
                                    or termination of this Agreement, the respective SRG Company and the SPG Company shall continue to
                                    perform their obligations under the Specific Agreements, provided that if such performance results
                                    or is reasonably expected to result in any non-compliance with the Listing Rules by any SRG Company,
                                    the relevant SRG Company and the SPG Company shall discuss in good faith for the necessary amendments
                                    to the Specific Agreements, failing which the relevant SPG Company shall be entitled to terminate
                                    the relevant Specific Agreements by notice at any time.

 

	11.5	The expiration or termination of this Agreement shall:

 

		(a)	not operate as a waiver of any breach
                                            by a Party of any of its provisions;

 

		(b)	be without prejudice
                                            to any rights, liabilities or obligations which a Party has accrued up to the date of expiration
                                            or termination; and

 

		(c)	not extinguish or
                                            otherwise affect the provisions of this Agreement which by their nature survive such expiration
                                            or termination.

 

    
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INSURANCE
SERVICES AND PRODUCTS AGREEMENT

 

 

12.      Compliance
with Laws:

 

 

Each Party agrees at its cost and
expense to obtain all necessary regulatory approvals applicable to its business, to obtain any necessary licenses or permits for its
business and to comply with all Laws, regulations, ordinances and codes applicable to such Party or its business.

 

13.      Costs:

 

 

Except as otherwise provided in this Agreement, each Party
will bear its own costs in performing this Agreement.

 

14.      Intellectual
Property Rights:

 

 

Save as may be otherwise agreed in
writing from time to time under the Specific Agreements, the Intellectual Property Rights in respect of all data, documentation, reports
and all other information created, developed, written, derived from, subsisting in, used, provided or produced by a Party in the course
of or pursuant to this Agreement shall vest and remain vested in that Party solely.

 

15.      Confidential
Information:

 

 

	15.1	Each Party shall keep secret and confidential any and all written
                                    and/or oral information of any kind relating to this Agreement (including the terms and existence
                                    of this Agreement) or the supply of Services whether obtained from the other Party or otherwise before
                                    or after the execution of this Agreement.

 

	15.2	A receiving Party may only disclose the same to those of its employees
                                    or sub-contractors directly involved with the Services, only to the extent necessary for each of
                                    them to perform their duties and only if such persons agree to keep the information confidential.

 

	15.3	The foregoing obligations shall not apply, however, to any part of
                                    such information which:

 

		(a)	was already in the public domain or
                                            which becomes so through no fault of the receiving Party,

 

		(b)	was already known to the receiving
                                            Party prior to receipt of the information from the disclosing Party;

 

		(c)	was disclosed to the receiving Party
                                            by a third party owing no duty of confidentiality towards the disclosing Party in respect
                                            of the information;

 

		(d)	is approved for release by prior written
                                            authorization by the disclosing Party; or

 

		(e)	is required to be disclosed by Law,
                                            pursuant to a judicial order or a request from a stock exchange on which either of the Parties
                                            or its direct or indirect holding company is listed.

 

	15.4	Subject to the provisions in Clause 15.3, these obligations of confidentiality
                                   shall continue during the Term and for two (2) years after the expiration or termination of this Agreement.

 

16.      Personal
Data Privacy:

 

 

Where supply of the Services involves
the handling of Personal Data, the Parties shall handle, collect, process and generate the Personal Data in accordance with the Privacy
Law.

 

    
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INSURANCE SERVICES
AND PRODUCTS AGREEMENT

 

		17.	Warranties &
                                            Exclusions:

 

 

		17.1	Warranties:

 

Each Party warrants and represents that:

 

		(a)	it has all requisite rights, licenses,
                                            power and authority to enter into and perform its obligations and to grant the rights and
                                            licenses to the other Party, as set out in this Agreement; and

 

		(b)	its execution of and performance under
                                            this Agreement does not conflict with, cause or constitute a default under any order, decree,
                                            judgment, agreement, arrangement, understanding or instrument to which it is, or will be,
                                            a party or is otherwise bound or is otherwise applicable to it.

 

		17.2	Exclusions:

 

Except as expressly set forth in
this Clause 17 and except as otherwise required by Law, neither Party makes, and each Party specifically excludes, any warranties, express
or implied, under this Agreement, including any warranty of merchantability, fitness for a particular purpose, title and non-infringement,
and warranties implied from course of dealing or performance.

 

		18.	Sub-contracting:
                                            

 

The Service Provider shall not sub-contract
the whole or any part of the Services to any third party except with the prior written consent of the Service Recipient. In the event
the Service Provider sub-contracts the whole or any part of the Services pursuant to this clause 18the Service Provider shall be fully
responsible in all respects for the performance of the Services despite sub-contracting the performance of any part of the Services.
The contract between the Service Provider and the sub-contractor shall not purport to release the Service Provider from any of its obligations
under this Agreement.

 

		19.	Assignment:

 

		19.1	The Service Recipient shall not, except
                                            with the prior consent in writing of the Service Provider, assign, novate or otherwise transfer
                                            the Service Recipient's rights, title, benefits, interest, duties, obligations and liabilities
                                            under this Agreement to any SRG Company. Any such transferee shall also have the benefit
                                            of this Clause as if such transferee was named as the Service Recipient in this Agreement.

 

		19.2	The Service Provider shall not, except
                                            with the prior consent in writing of the Service Recipient, assign, novate or otherwise transfer
                                            the Service Provider's rights, title, benefits, interest, duties, obligations and liabilities
                                            under this Agreement to any SPG Company. Any such transferee shall also have the benefit
                                            of this Clause as if such transferee was named as the Service Provider in this Agreement.

 

		19.3	Upon receiving any notice from the Service
                                            Recipient under Clause 19.1 or the Service Provider under Clause 19.2, the Parties shall
                                            do all such acts and things and execute all such documents as shall be reasonably required
                                            by the relevant transferor to effect such transfer.

 

		20.	Force
                                            Majeure:

 

		20.1	Neither Party will be responsible for any
                                            failure to perform its obligations under this Agreement (other than the obligation to pay
                                            money) due to reasons beyond its reasonable control, such as acts of God, war, riot, embargoes,
                                            earthquake, typhoons, inclement weather, epidemics, acts of civil or military authorities,
                                            service outages resulting from equipment and/or software failure and/or telecommunications
                                            failures, power failures or network failures that are beyond its reasonable control (each
                                            a "Force Majeure Event").

 

		20.2	If a Party's performance will be delayed
                                            by a Force Majeure Event, it will notify the other Party in writing with an estimate of the
                                            date by which its performance will be resumed, and will diligently attempt to resume its
                                            performance.

 

		21.	General
                                            Provisions:

 

		21.1	Entire Agreement: This Agreement
                                            and the Specific Agreements together constitute the entire agreement between the Parties
                                            with respect to its subject matter, and supersedes all prior agreements and understandings
                                            with respect to its subject matter provided that, for the avoidance of doubt, this Clause
                                            shall not terminate or affect the validity or the terms of the Specific Agreement(s) between
                                            the Parties (or between the SPG Company and the SRG Company) with respect to the same subject
                                            matter which were entered into before the date of this Agreement. To the extent there is
                                            any conflict or inconsistency between the terms of this Agreement and the Specific Agreements,
                                            the Specific Agreements shall prevail, save for clause 5.

 

    
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INSURANCE SERVICES
AND PRODUCTS AGREEMENT

 

		21.2	Rights of third parties: Save for
                                            a SRG Company or a SPG Company, a person who is not a party to this Agreement has no right
                                            under the Contracts (Rights of Third Parties) Ordinance (Cap. 623 of the Laws of Hong Kong)
                                            to enforce any term of, or enjoy any benefit under, this Agreement. No consent from the persons
                                            referred to in this clause is required for the Parties to vary or rescind this Agreement.

 

		21.3	Governing Law: This Agreement will
                                            be governed by the laws of Hong Kong. All disputes in connection with this Agreement will
                                            be subject to the non-exclusive jurisdiction of the courts of Hong Kong.

 

		21.4	Severability: If any provisions
                                            of this Agreement are found invalid by a tribunal of competent jurisdiction, they are to
                                            that extent deemed omitted without affecting the validity of the remaining provisions.

 

		21.5	Survival: The Parties' rights and
                                            obligations, which, by their nature would continue beyond the expiration or termination of
                                            this Agreement, or where the context so requires, shall survive any such expiration or termination
                                            of this Agreement.

 

		21.6	Waiver: Neither waiver of any particular
                                            breach or default, nor any delay in exercising any rights, will constitute a waiver of any
                                            subsequent breach or default.

 

		21.7	Consent and Approval: Whenever this
                                            Agreement requires a Party's consent or approval, it will not be unreasonably withheld or
                                            delayed.

 

		21.8	Notices: Each notice, demand, consent
                                            or other communication given or made under this Agreement shall be in writing and delivered
                                            or sent to the addresses or facsimile numbers set out in Schedule 1 and shall be deemed to
                                            have been delivered (a) if sent by post, five (5) Business Days after the date of mailing
                                            thereof; (b) if delivered in person, when actually delivered to the relevant address; and
                                            (c) if given or made by facsimile, upon receipt of a printed transmission report confirming
                                            receipt.

 

		21.9	Independent Contractors: The relationship
                                            of the Service Provider and the Service Recipient is that of independent contractors. Nothing
                                            in this Agreement: (a) gives either Party the power to direct or control the day-to-day activities
                                            of the other Party; (b) constitutes the Parties as partners, joint venturers, co-owners or
                                            otherwise as participants in a joint undertaking, or (c) except as expressly provided herein,
                                            permits a Party to create or assume any obligation on behalf of the other Party.

 

		21.10	Counterparts: This Agreement may
                                            be executed in counterparts, each of which will be deemed an original and all of which together
                                            constitute one instrument.

 

    
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INSURANCE
SERVICES AND PRODUCTS AGREEMENT

 

Execution:

 

Executed by the Parties as an agreement:

 

	Signed
    for and on behalf of FWD Life Insurance Company (Bermuda) Limited	 
	Signature:
    	[***]	 
	Name:	[***]	 
	Title:	[***]	 

 

	Signed
    for and on behalf of HKT Services Limited	 
	Signature:
    		 
	Name:		 
	Title:		 

 

 

    
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INSURANCE
SERVICES AND PRODUCTS AGREEMENT

 

Execution:

 

Executed by the Parties as an agreement:

 

	Signed
    for and on behalf of FWD Life Insurance Company (Bermuda) Limited	 
	Signature:
    		 
	Name:		 
	Title:		 

 

	Signed
    for and on behalf of HKT Services Limited	 
	Signature:
    	[***]	 
	Name:	[***]	 
	Title:	[***]	 

 

    
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INSURANCE SERVICES
AND PRODUCTS AGREEMENT

 

Schedule 1 (Contact Details)

 

		1.	Service Provider: 

 

FWD LIFE INSURANCE COMPANY (BERMUDA) LIMITED, a company
incorporated in Bermuda whose registered office is at Victoria Place, 5th Floor, 31 Victoria Street, Hamilton, HM 10, Bermuda with principle
business address in Hong Kong at 28/F, FWD Financial Center, 308 Des Voeux Road Central, Hong Kong

 

Address for Notice:

	FWD
    Life Insurance Company (Bermuda) Limited 
	Attention:
    [***]
	36/F
    Hopewell Centre,
	183
    Queen’s Road East, Wan Chai, Hong Kong
	Facsimile
    Number: [***]

 

		2.	Service Recipient: 

 

HKT SERVICES LIMITED, a company
incorporated in Hong Kong whose registered office is at 39th Floor, PCCW Tower, Taikoo Place, 979 King's Road, Quarry Bay, Hong Kong

 

Address for Notice:

	HKT
    Services Limited 
	Attention:
    [***]
	39th
    Floor, PCCW Tower, Taikoo Place, 979 King's Road, 
	Quarry
    Bay, Hong Kong
	Facsimile
    Number: [***]

 

    
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INSURANCE SERVICES
AND PRODUCTS AGREEMENT

 

Schedule 2 (Services)

 

		1.	Description of Services

 

		1.1	Provision of insurance services and
                                            products.

 

		1.2	Provision of such
                                            other insurance and related services as may be agreed by the respective SPG Company and SRG
                                            Company in writing from time to time.

 

    
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INSURANCE SERVICES
AND PRODUCTS AGREEMENT

 

Schedule 3 (Service Levels)

 

		1.	The Services shall
                                            be provided at such Service Levels to be agreed in the Specific Agreements.

 

    
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INSURANCE SERVICES
AND PRODUCTS AGREEMENT

 

Schedule 4 (Service Fees)

 

		1.	Service Fees

 

	Service
    element:	Service
    Fees:
	1.1

    
	Life
    Insurance products and services:	To
    be determined with reference to the market rates for similar product or service to be agreed by the respective SRG Company and SPG
    Company under the Specific Agreements
	1.2	General
    Insurance products and services:	To be determined with
    reference to the market rates for similar product or service to be agreed by the respective SRG Company and SPG Company under the
    Specific Agreements 
	1.3	Other
    services:	To
    be agreed by the respective SRG Company and SPG Company under the Specific Agreements

 

		2.	Invoicing & Payment of Service
                                            Fees: 

 

		2.1	Unless otherwise provided for in a
                                            Specific Agreement, the Service Fees are payable within 30 days of receipt of a valid invoice
                                            issued by the relevant SPG Company.

 

		2.2	The relevant SPG Company shall issue
                                            invoices directly to the relevant SRG Company which has received the Services.

 

    
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INSURANCE SERVICES
AND PRODUCTS AGREEMENT

 

Schedule 5 (Specific Agreements)

 

		1.	Group Life Insurance Policy for PCCW
                                            Limited and its affiliated companies with the policy period from 1/1/2018 to 31/12/2020 (policy
                                            no. [***]).

 

    
	Confidential	Page 17 of 17

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