Document:

Exhibit
4.2

 

SHAREHOLDERS’
AGREEMENT

 

THIS
SHAREHOLDERS’ AGREEMENT is made on 25/02/2022

 

BETWEEN:

 

	(1)	THE
    PERSONS NAMED IN SCHEDULE 1 (collectively the “Existing Shareholders” of LDR Pte. Ltd. (Company Registration Number:
    200816882D), a company duly incorporated in Singapore and having its registered office at 1004 Toa Payoh North #04-12, Singapore
    318995 (the “Company”) and individually an “Existing Shareholder”); and
	 	 
	(2)	THE
    COMPANY; and
	 	 
	(3)	THE
    PERSON NAMED IN SCHEDULE 2 (the “Investor”)Investor.
	 	 
	 	(collectively,
    the “Parties” and individually, a “Party”).

 

WHEREAS:

 

	(A)	The
    Existing Shareholders have requested the Investor to participate in the ownership of the issued share capital of the Company and
    the Investor has agreed to acquire the 174,400 new Shares to be issued by the Company for a total consideration of US$1,500,000 to
    be paid as per Schedule 2.
	 	 
	(B)	On
    completion and full payment of the new Shares issued hereof, the Shareholders shall hold the number and proportion of Shares as set
    out in Schedule 3.
	 	 
	(C)	The
    Existing Shareholders have previously signed a shareholders’ agreement amongst themselves dated 30 December 2014 (“Previous
    SHA”). This Shareholders Agreement shall supersede the Previous SHA.

 

IT
IS HEREBY AGREED as follows:

 

	1.	DEFINITIONS

 

In
this Agreement, unless the subject or context otherwise requires, the following words and expressions shall have the following meanings:

 

	 	“Act”	means
    Singapore’s Companies Act. Cap. 50;
	 	 	 
	 	“Affiliate”	means,
    with respect to a Person, any other Person that, directly or indirectly, controls, is controlled by or is under common control with
    such Person. Without limiting the generality of the foregoing, in the case of a natural Person, shall include such Person’s
    spouse, children, parents, siblings, spouse’s parents, spouse’s siblings and their spouses, children’s spouses,
    siblings’ spouses, and any other Person that directly or indirectly controlled by any of the aforesaid Persons;
	 	 	 
	 	“Applicable
    Laws”	means,
    with respect to any Person, any and all applicable constitutions, treaties, statutes, laws, by-laws, regulations, ordinances, codes,
    rules, rulings, judgments, rules of common law, orders, decrees, awards, injunctions or any form of decisions, determinations or
    requirements of or made or issued by, governmental, statutory, regulatory, administrative,  supervisory or judicial authorities
    or bodies (including without limitation, any relevant stock exchange or securities council) or any court, arbitrator or tribunal
    with competent jurisdiction, whether in Singapore or elsewhere, as amended or modified from time to time, and to which such Person
    is subject;

 

    	1

    	 

    

 

	 	“Auditors”	means
    such firm of auditors as may be appointed from time to time by the Company;
	 	 	 
	 	“Board
                                            of Directors” or

    “Directors”
	means
    the directors for the time being of the Company;
	 	 	 
	 	“Business
    Day”	means
                                            a day other than a Saturday, Sunday or public holiday in
                                            Singapore, on which banks are open in Singapore for general commercial business;

	 	 	 
	 	“Constitution”	means
                                            the constitution, for the time being, of the Company, as the same may be amended, modified
                                            or supplemented from time
                                            to time;

	 	 	 
	 	“Closing”
                                            or “Completion”
	means
                                            the fulfilment of the obligations for subscription, allotment,
                                            and issuance of Subscription Shares pursuant to the Subscription Agreement;

	 	 	 
	 	“Deed
    of Ratification and Accession”	means
    a deed of ratification and accession substantially in the form set out in Schedule 6;
	 	 	 
	 	“Encumbrance”	means
                                            an interest or power reserved in or over an interest in any
                                            asset or created or otherwise arising in or over any interest in any asset under a security
                                            agreement, any mortgage, assignment of receivables, debenture, lien, hypothecation, charge,
                                            pledge, title retention, right to acquire, security interest, option, pre-emptive or other
                                            similar right, right of first refusal, restriction, third-party right or interest by way
                                            of or having similar commercial effect to, security for the payment of a debt, any other
                                            monetary obligation or the performance of any other obligation and includes, without limitation,
                                            any other encumbrance, condition or security interest whatsoever;

	 	 	 
	 	“Equity
    Proportion”	means
                                            in relation to a Shareholder at any time, the proportion of
                                            the issued Shares beneficially held by such Shareholder at that time. The Equity Proportion
                                            of the Shareholders as at Completion is reflected in Schedule 3;

	 	 	 
	 	“Event
    of Default”	has
    the meaning ascribed to it in clause 17.l1;
	 	 	 
	 	“Existing
    Shareholders”	means
    the existing shareholders listed in Schedule 1;
	 	 	 
	 	“Founder”	means
Png Bee Hin (Singapore NRIC Number S1360074J) of 481 Yio Chu Kang Road #I1-05, Castle Green, Singapore 787056;

	 	 	 
	 	“Group
    Companies”	means
    collectively, the Company and its subsidiaries;

 

    	2

    	 

    

 

	 	“IPO”	means
    initial public offering of the securities of the Company;
	 	 	 
	 	“Key
    Persons”	means
                                            any key executives, including the Founder, who hold positions in the top management tier
                                            of the Company, such as chief
                                            executive officer, chief financial officer, chief technological officer, chief strategy officer
                                            and other similar positions;

	 	 	 
	 	“Person”	means
                                            any individual, corporation, partnership, limited partnership,
                                            proprietorship, association, limited liability company, firm, trust, estate or other enterprise
                                            or entity;

	 	 	 
	 	“Pre-Money
    Valuation”	means
                                            the pre-money valuation of the Company at US$25,000,000;

	 	 	 
	 	“Purchase
    Price”	means
                                            the price at which the Investor subscribed for the ordinary
                                            Shares in the Company, pursuant to the Subscription Agreement;

	 	 	 
	 	“Qualified
    IPO”	means
                                            the completion of an IPO on one of the three market tiers of NASDAQ to be agreed in writing
                                            by the Company and each of
                                            the Investor by the second anniversary after the Closing, in any case, with an offering price
                                            that implies a market capitalization of the Company and/or the Group Companies of not less
                                            than US$60,000,000 (on an enlarged share basis), and that results in gross cash proceeds
                                            to the Company of at least US$15,000,000;

	 	 	 
	 	“Secretary”	means
    the registered secretary of the Company;
	 	 	 
	 	“Shareholders”	means
    the Existing Shareholders and the Investor;
	 	 	 
	 	“Shares”	means
    the ordinary shares in the capital of the Company;
	 	 	 
	 	“Subscription
     Agreement”	means
                                            the subscription agreement entered into between the Company, the Investor and the Founder
                                            dated 4 February 2022;

	 	 	 
	 	“Treasury
    Shares”	means
                                            shares in the capital of the Company held by the Company
                                            as treasury shares;

	 	 	 
	 	“66%
    Share Repurchase”	has
    the meaning ascribed to it in Clause 7.5
	 	 	 
	 	“S$”	means
    the lawful currency of Singapore;
	 	 	 
	 	“US$”	means
    the lawful currency of the United States of America; and
	 	 	 
	 	,c%,,	means
    percentage.

 

    	3

    	 

    

 

	 	(a)	any
    reference to a statutory provision shall include such provision and any regulations made in pursuance thereof as from time to time
    modified or re-enacted;
	 	 	 
	 	(b)	the
    terms “related corporation” and “subsidiary” shall bear the meaning respectively ascribed to it in the Act;
	 	 	 
	 	(c)	references
    to Recitals, Clauses, Schedules and Appendices are to recitals and clauses of, and schedules and appendices to this Agreement and
    reference to this “Agreement” shall mean this Agreement, the Schedules and the Appendices as they may be amended or supplemented
    from time to time as provided herein;
	 	 	 
	 	(d)	words
    denoting persons shall include corporations and words denoting the masculine gender shall include the feminine and neuter genders;
    and
	 	 	 
	 	(e)	the
    headings are for convenience only and shall not affect the interpretation hereof.

 

	2.	INFORMATION

 

The
Company hereby undertakes to each Shareholder that:

 

	 	(a)	each
    Shareholder will be given access to the records, financial statements and information of the Company. Further, the Company undertakes
    to each Shareholder that the Company will produce and deliver to each Shareholder annual audited accounts of the Company within one
    hundred and twenty (120) days after the end of each financial year. All financial statements of the Company to be delivered under
    this clause 2(a) must have been prepared in accordance with the law and on a consistent basis in accordance with accounting principles,
    standards and practices generally accepted in the jurisdiction in which the Company is incorporated;
	 	 	 
	 	(b)	the
    Company shall notify the Shareholders of any pending or threatened or contemplated arbitration, actions, suits or proceedings against
    or affecting the Company or any of its assets or properties other than any arbitration, actions, suits or proceedings in respect
    of the collection of debts arising in the ordinary course of business and of a value not in excess of S$50,000 or its equivalent
    in any other currency;
	 	 	 
	 	(c)	the
    Company will at all times comply with any applicable legislation or regulation and any condition of any authority, licence or consent
    relating to this Agreement and/or its business and operations, and will notify each Shareholder in writing immediately upon it being
    aware of any material breach or non-compliance;
	 	 	 
	 	(d)	save
    for when the 66% Share Repurchase has been effected, the Investor may, from time to time and acting reasonably, request additional
    information regarding the Company, its businesses or operations and the Company shall provide the Investor with such other reasonable
    information within 10 days of the Investor requesting such information in writing; and
	 	 	 
	 	(e)	save
    for when the 66% Share Repurchase has been effected, the Founder and the Company shall promptly provide the Investor with written
    notice containing full details of any offer or proposed offer it or they may receive from time to time (whether in writing or orally)
    from any person desiring or offering to acquire any Shares or assets of the Company.

 

    	4

    	 

    

 

	3.	BUSINESS
                                            OF THE COMPANY

 

The
Company and the Shareholders agree that the business of the Company shall be the business of providing:

 

	 	(a)	a
    mobile tech platform with augmented reality, virtual reality and eCommerce licensing solutions for the tourism, education, training
    and community sectors;
	 	 	 
	 	(b)	elearning,
    m-learning and location-based mobile learning solution via content design, develpment and the operation of experiential learning
    trails; and
	 	 	 
	 	(c)	skill-based
    training, and customized apps development solution for individuals, corporates and businesses.

 

and/or
such other business of the Company as the Shareholders may agree from time to time.

 

	4.	DIRECTORS

 

	4.1	Save
    for when the 66% Share Repurchase has been effected, the Investor will have the right to appoint one non-executive Director on the
    Board of Directors of the Company.
	 	 
	4.2	Each
    of the Parties hereto agrees that the Board of Directors shall upon Closing consist of four (4) Directors, who shall be as follows:

 

	 	(a)	Png
    Bee Hin, Leow Tze Wen (both of whom are deemed to be appointed by the Existing Shareholders) and any other person so appointed by
    the Existing Shareholders; and
	 	 	 
	 	(b)	a
    representative appointed by the Investor.

 

	4.3	The
    chairman of the Board shall be Png Bee Hin. The appointed chairman shall have a casting vote.
	 	 
	4.4	The
    quorum necessary for the transaction of the business of the Directors shall be any two (2) Directors.
	 	 
	4.5	A
    resolution in writing signed by a majority of the Directors for the time being, and which may consist of several documents in the
    like form each signed by one or more of such Directors, shall be valid and effective as if it had been a resolution passed at a meeting
    of the Directors duly convened and held. For the purpose of this paragraph, “in writing” and “signed” include
    approval by telefax or email provided that in the case of such approval, the original resolution in the same terms and signed by
    the relevant Director or Directors shall be forwarded to the Secretary of the Company.
	 	 
		
	

                                                         4.6
	Meetings
    of the Directors shall be convened with at least seven (7) days’ notice in writing (exclusive both of the day on which the
    notice is served and of the day for which the notice is given) to be issued by the Secretary or the Director summoning the meeting,
    provided always that a majority of the Directors may waive or agree to shorter notice thereof. Any such notice may be issued by telefax
    or email. The notice shall contain an agenda of the matters to be discussed at the meeting and be accompanied by all such accounts,
    reports and documents necessary for a full discussion and resolution of the matters on the agenda.
	 	 
	4.7	In
    the event that any Director is unable to be present for a Board of Directors’ meeting (which for the avoidance of doubt shall
    include an adjourned meeting thereof), the said Director shall be entitled to request for the meeting to be held by means of conference
    telephone or similar communication equipment (whether or not equipped with the function of transmitting images) whereby all persons
    participating in such meeting can hear and/or see each other. Participation in a meeting of the Board of Directors in such manner
    shall be deemed to constitute presence in person at such meeting and shall be taken into account for the purpose of a quorum and
    voting. The Directors shall arrange for the Board of Directors’ meeting to be held as aforesaid upon the request of a Director.

 

    	5

    	 

    

 

	4.8	A
    Director shall not be prohibited from voting or being counted in a quorum at any Board meeting in respect of any transaction or proposed
    transaction in which he is or may be interested, whether directly or indirectly, provided he has disclosed the nature of his interest
    in accordance with Section 156 of the Act.
	 	 
	4.9	Each
    of the Parties hereto agrees that for any project or investment involving a sum of more than S$500,000, a Board resolution must be
    passed to approve the project or investment.
	 	 
	4.10	Each
    of the Parties hereto agrees that for any transfer of any intellectual property rights, patent and trademark belonging to the Company
    to another entity or individual, it must be approved by ALL Directors.

 

	5.	GENERAL
                                            MEETINGS

 

	5.1	The
    quorum at any meeting of the Shareholders shall be two (2) or more of the Shareholders present in person or by proxy and holding
    at least 66% of the issued Shares. Each Shareholder shall have one vote for each Share of which he is the holder. Subject to the
    Act and unless otherwise provided herein, all resolutions of the Shareholders shall be by way of simple majority.
	 	 
	5.2	Subject
    to the Act, meetings of the Shareholders shall be convened with at least seven (7) days’ notice in writing (exclusive both
    of the day on which the notice is served and of the day for which the notice is given) to be issued by the Secretary or the Director
    summoning the meeting. Any such notice may be issued by telefax or email. The notice shall contain an agenda of the matters to be
    discussed at the meeting and shall be accompanied by all such accounts, reports and documents necessary for a full discussion and
    resolution of the matters on the agenda.

 

	6.	RESERVED
                                            MATTERS

 

	6.1	The
    Shareholders shall procure, as far as they lawfully can, that no action is taken or resolution passed by any Group Company in respect
    of:

 

	 	(a)	those
    matters set out in Part 1 of Schedule 5, save with the consent of the Investor (unless the 66% Share Repurchase has been effected,
    in which case such specific consent of the Investor is not required); and
	 	 	 
	 	(b)	those
    matters set out in Part 2 of Schedule 5, save with the prior written approval of a simple majority of the Board.

 

	7.	EXIT

 

	7.1	It
    is the Parties’ intention to effect a Qualified IPO as soon as practicable and in any event within two years of the date of
    Closing. Subject to any restrictions to which the Parties are subject, they will keep each other informed of any developments which
    may lead to any Qualified IPO.
	 	 
	7.2	Each
    Party acknowledges and agrees that upon a Qualified IPO, the Investor shall not be obliged to give any representations, warranties
    or indemnities in connection with any Group Company or its businesses (except a warranty as to title to the shares held by an Investor
    and as to its capacity to sell those shares).
	 	 
	7.3	If
    a Qualified IPO is not achieved within two years of the date of Closing then the Company shall, if required by the Investor, at the
    Company’s expense appoint a professional adviser to advise on exit opportunities and strategies and copies of such reports
    shall be made available to the Investor (at the Company’s cost); subject always that the 66% Share Repurchase has not
    been effected.

 

    	6

    	 

    

 

	7.4	Each
    Party agrees that, on a Qualified IPO, the Shareholders shall to the extent required by the applicable rules of the relevant exchange,
    retain such number of their shares in the Company held at the time of the Qualified IPO for such period after the Qualified IPO as
    is required by the applicable rules of the relevant exchange. In any event, (i) the Founder shall enter into a lock up agreement
    in respect of his shareholding interest for at least a six month period post completion of Qualified IPO; and (ii) the rest of the
    Existing Shareholders (which for the avoidance of doubt, shall exclude the Investor) shall enter into lock-up agreements in respect
    of their respective shareholding interest for at least a period of three months post completion of the Qualified IPO.
	 	 
	7.5	Each
    Party acknowledges and agrees that for the purpose of the IPO process, the Company is required to appoint relevant professionals
    (including but not limited to lawyers and auditors). Each Party acknowledges and agrees that the Company shall (i) only appoint such
    professionals as recommended by the Investor; (ii) grant to the Investor or its designated persons full control over the IPO process
    (including but not limited to the structuring of the scheme of flotation and the timing of the Company’s filing of the registration
    statement with the US Securities Exchange Commission or such relevant authority). In consideration of the aforementioned, the Investor
    hereby agrees that in the event the underwriter(s) and/or placement agent(s) appointed for the purposes of the IPO as per the recommendation
    of the Investor is unable to place out such number of shares in the capital of the Company (i) with an offering price that implies
    a market capitalization of the Company and/or the Group Companies of not less than US$60,000,000 (on an enlarged share basis); and
    (ii) which results in gross cash proceeds to the Company of at least US$15,000,000 (collectively, the “Failure”), and
    such Failure results in (i) the Company failing to list on NASDAQ notwithstanding that the Company has filed a registration statement
    with the US Securities Exchange Commission or such relevant authority as per instructions by the Investor and/or his designated persons;
    and/or (ii) achieve the Qualified IPO within the timeframe stipulated in Clause 7.3, the Investor shall allow the Company to carry
    out a share buy back (in accordance with the Act) of 66% of the Shares held by the Investor immediately after Closing for the aggregate
    consideration of S$1.00 (the “66% Share Repurchase”), provided always that the Failure is not a result of events specified
    in Clause 12.1(a) to (e). The Company shall have full discretion in determining whether such shares purchased by the Company are
    to be cancelled or held as treasury shares. For the purposes of the aforementioned share buy back, each Party acknowledges and agrees
    that they will execute all necessary documents and approvals to facilitate such share buy back.

 

	8.	TRANSFERS
                                            OF SHARES

 

	8.1	General:

 

	8.1.1
    	Reference
    to a transfer of Shares in this Agreement includes the transfer or assignment of a beneficial, indirect or other interest in that
    Share or the creation of a trust or Encumbrance over that Share and reference to a Share includes a beneficial, indirect or other
    interest in a Share.
	 	 
	8.1.2
    	No
    Share may be transferred (directly or indirectly) unless the transfer is made in accordance with the provisions of this Agreement.

 

	8.2	Deed
                                            of Ratification and Accession for Issuances and Transfers:

 

	8.2.1
    	Without
    prejudice to clause 8.3 and notwithstanding any provision of this Agreement to the contrary, none of the Parties shall effect any
    transfer, mortgage, charge or other disposal of any interest in Shares nor shall the Company issue any Shares or sell or transfer
    any treasury Shares, to any person who is not a party to this Agreement without first obtaining from the transferee or subscriber
    a Deed of Ratification and Accession.

 

    	7

    	 

    

 

	8.2.2
    	The
    Deed of Ratification and Accession shall be in favour of the Company and all other Parties and shall be delivered to the Company
    at its registered office and to all other Parties. Subject to clause 8,2.1, no share transfer or issue of shares shall be registered
    by the Company unless such Deed of Ratification and Accession has been so delivered.

 

	8.3	Restriction
                                            on Transfers:

 

The
Founder and Key Persons shall not pledge, sell, dispose or transfer their shares, rights to their shares or any options granted to them
in the Company, unless prior discussion with the Investor has taken place; subject always that the 66% Share Repurchase has not been
effected.

 

		8.4	Shareholding
                                            Structure:

 

	8.4.1	In
the event of an issue of new Shares, each of the Shareholders shall be entitled to subscribe for a quantity of such new Shares proportional
to its Equity Proportion prior to such issuance, save that such issue of new Shares shall be consented to by the Investor in writing
(unless the 66% Share Repurchase has been effected, in which case such specific consent of the Investor is not required).
	 	 
	8.4.2
    	The
    Company shall give written notice to the Investor of its intention to carry out further fund raising. Any such further fund raising
    shall be subject to prior written consent from the Investor, and will similarly be by way of issuing new shares (be it by way of
    the issuance of ordinary shares (regardless of share class), preferential shares, share options, convertible securities and/or similar
    instruments, as well as any securities issued in connection with any share split, share dividend or other event), with the shareholding
    interests of the then existing shareholders diluted accordingly. The Company hereby grants the Investor, and each of the Investor
    shall have, a first right of refusal to participate in any and all future fund raising prior to IPO and to purchase up to a pro-rata
    share of the new securities issued by the Company in such fund raising, such pro rata share being the Investor’s then prevailing
    shareholding interest in the Company immediately prior to such issuance of new securities. Such participation will be on the same
    terms then offered in such future fund raising. The Investor may, after the Company’s notice of further fund raising, exercise
    their first right of refusal by giving written notice to the Company and stating therein the quantity of new securities to be purchased
    by the Investor. This Clause 8.4.2 is subject always to the 66% Share Repurchase not having been effected.
	 	 
	8.4.3
    	Subject
    always to this Agreement, the Shareholders agree that Company may allot and issue Shares to such other person or persons (“Other
    Investor”) provided that such Other Investor shall execute a legally binding undertaking to be bound by the terms of this Agreement
    as if they were an original party hereto. Upon the execution of such an undertaking, the Shareholders shall take all such steps as
    are necessary to effect the allotment and issue of such Shares to such Other Investor and such Shares shall on allotment and issue
    rank pari passe in all respects with all issued Shares.

 

	9.	RIGHT
                                            OF FIRST REFUSAL ON TRANSFERS

 

	9.1	Right
                                            of First Refusal:

 

	9.1.1
    	Save
    for a share buy back under Clause 7.5 and/or redemption under Clause 12, any transfer of Shares by a Shareholder to a party other
    than an Existing Shareholder shall be subject to the right of first refusal contained in this clause 9.
	 	 
	9.1.2
    	A
    Shareholder who wishes to transfer Shares (a “Seller”) shall, except as otherwise provided in this Agreement, before
    transferring or agreeing to transfer any Shares give notice in writing

 

    	8

    	 

    

 

(a
“Transfer Notice”) to the Company specifying:

 

	 	(a)	the
    number of Shares which it wishes to transfer (the “Sale Shares”);
	 	 	 
	 	(b)	the
    name of the proposed transferee to whom it wishes to sell the Sale Shares;
	 	 	 
	 	(c)	the
    price per Share offered by the proposed transferee (the “Transfer Price”); and
	 	 	 
	 	(d)	the
    other terms and conditions of such sale (if any).

 

	9.1.3	Except
    with the approval of the Board or as otherwise specified in this Agreement, no Transfer Notice once given or deemed to have been
    given under this Agreement may be withdrawn.
	 	 
	9.1.4
    	A
    Transfer Notice constitutes the Company as the agent of the Seller for the sale of the Sale Shares at the Transfer Price.
	 	 
	9.1.5	As
    soon as practicable following the receipt (or deemed receipt) by the Company of a Transfer Notice, the Board shall offer the Sale
    Shares for sale to all Shareholders (other than the Seller) (the “Continuing Shareholders”) in the manner set out in
    clause 9.2. Each offer must be in writing and give details of the Transfer Notice, including the number and Transfer Price of the
    Sale Shares offered.
	 	 
	9.1.6
    	Any
    transfer of Shares between Shareholders shall not be subject to the right of first refusal contained in this clause 9.

 

	9.2	Offer
                                            and Application:

 

	9.2.1	The
    Board shall offer the Sale Shares to the Continuing Shareholders, inviting them to apply in writing within the period from the date
    of the offer to the date 10 Business Days after the offer (inclusive) (the “First Offer Period”) for the purchase of
    all (and not part only) of their pro rata share (based on their respective shareholding on an as-converted basis) of the Sale
    Shares.
	 	 
	9.2.2
    	If,
    at the end of the First Offer Period, none or some but not all of the Continuing Shareholders have applied for their full pro
    rata share of the Sale Shares, the Board shall invite the Continuing Shareholders who have applied to buy their full pro rata
    share, to apply in writing within the period from the date of such invite to the date falling 10 Business Days after the invite
    (inclusive) (the “Second Offer Period”) for the maximum number of the remaining Sale Shares not applied for in the First
    Offer Period (the “Balance Sale Shares”) that they wish to buy.
	 	 
	9.2.3
    	If
    all of the Sale Shares have been applied for at the end of the First Offer Period or the Second Offer Period (as the case may be),
    the Board shall within two (2) Business Days after the end of the First Offer Period or the Second Offer Period (as the case may
    be) allocate the Sale Shares to the applicants in accordance with their applications, and in the case of any competition for the
    Balance Sale Shares (where the number of Balance Sale Shares applied for exceeds the number available), the Board shall allocate
    the Balance Sale Shares to each relevant Continuing Shareholder who has applied for Balance Sale Shares in the proportion (fractional
    entitlements being rounded to the nearest whole number) which its existing holding of Shares (on an as-converted basis) bears to
    the total number of the Shares held by those Continuing Shareholders who have applied for Balance Sale Shares (on an as-converted
    basis), which procedure shall be repeated until all Balance Sale Shares have been allocated but no allocation shall be made to a
    Continuing Shareholder of more than the maximum number of Balance Sale Shares which it has stated it is willing to buy.

 

    	9

    	 

    

 

	9.2.4
    	If
    no Sale Shares have been applied for at the end of the First Offer Period or if the total number of Sale Shares applied for at the
    end of the Second Offer Period is not all of the Sale Shares (as the case may be), the Board shall within two (2) Business Days after
    the end of the First Offer Period or the Second Offer Period (as the case may be) notify the Seller and the Continuing Shareholders
    of the same. During the period of eight (8) weeks following such notice, the Seller shall, subject to compliance with clause 10 and
    other provisions of this Agreement, be at liberty to sell all (and not some only) of the Sale Shares not applied for at the end of
    the First Offer Period or by the end of the Second Offer Period (as the case may be) to the transferee stated in the Transfer Notice
    and at any price (not being less than the Transfer Price) and on terms not more favourable to the third party transferee than the
    terms set out in the Transfer Notice, except that the Seller may provide representations, warranties, covenants and indemnities customary
    for such transfer to the third party transferee.

 

	9.3	Completion
                                            and Transfer:

 

	9.3.1	Upon
    completion of the allocation under clause         the Board shall within two (2) Business Days
    of the completion of such allocation give written notice of the allocation (an “Allocation Notice”) to the Seller and
    each Shareholder to whom Sale Shares have been allocated (an “Applicant”) specifying the number of Sale Shares allocated
    to each Applicant and the place and time (being not less than five (5) Business Days nor more than 10 Business Days after the date
    of the Allocation Notice) for completion of the transfer of the Sale Shares.
	 	 
	9.3.2
    	Upon
    service of an Allocation Notice, the Seller must, against payment of the Transfer Price, transfer the Sale Shares to the Applicants
    in accordance with the requirements specified in it, by the delivery of duly executed transfer forms together with the relevant share
    certificates in respect of such Sale Shares to the Applicants.

 

	9.3.3	If
                                            the Seller fails to comply with the provisions of clause 9.3.2:

 

	 	(a)	the
    Company and each Director shall be constituted and shall be deemed to have been appointed as the true and lawful attorney, proxy
    and representative of the Seller with full power and authority to:

 

	 	(i)	take
    such actions and complete, execute and deliver, in the name and on behalf of the Seller, all documents necessary to give effect to
    the transfer of the relevant Sale Shares to the Applicants against payment of the relevant Transfer Price to the Company; and
	 	 	 
	 	(ii)	(subject
    to the transfer being duly stamped) enter the Applicants in the electronic register as the holders of the Sale Shares purchased by
    them; and

 

	 	(b)	the
    Company’s receipt of the Transfer Price shall be a good discharge to the Applicants.Upon receipt of the Transfer Price, the
    Company shall pay the Transfer Price into a separate bank account in the Company’s name on trust (but without interest) or
    otherwise hold the Transfer Price on trust for the Seller until it has delivered to the Company its share certificate(s) in respect
    of the relevant Sale Shares (or a duly executed indemnity for lost certificate in a form acceptable to the Board).

 

	10.	TAG
                                            ALONG RIGHT

 

	10.1	General:

 

Save
where Shares have been transferred pursuant to clause 8 to the Continuing Shareholders, Clause 7.5 and/or clause 12, no transfer of any
of the Shares held by a Shareholder may be made or validly registered unless the Shareholder (“Selling Shareholder”) shall
have observed the following procedures of this clause 10.

 

    	10

    	 

    

 

	10.2	Tag-Along
                                            Notice:

 

	10.2.1	The
    provisions of this clause 10 shall apply only after the right of first refusal process set out in clause 9. has been fully complied
    with. After the Selling Shareholder has gone through the right of first refusal process set out in clause 9, the Selling Shareholder
    shall give to each Shareholder (including, for the avoidance of doubt, each Shareholder who has not or who is deemed not to have
    exercised any of its rights of first refusal pursuant to clause 9) not less than 20 Business Days’ advance written notice of
    any proposed sale to a Proposed Purchaser (a “Tag-Along Notice”), which notice shall specify:

 

	 	(a)	the
    identity of the Proposed Purchaser (the “Tag Buyer”);
	 	 	 
	 	(b)	the
    price per Share which the Tag Buyer is proposing to pay;
	 	 	 
	 	(c)	the
    manner in which the consideration is to be paid;
	 	 	 
	 	(d)	the
    number of Shares which the Selling Shareholder proposes to sell; and
	 	 	 
	 	(e)	the
    address where the notice of the number of Shares which a Shareholder wishes to sell should be sent.

 

	10.2.2	Each
    Shareholder shall be entitled within seven (7) Business Days after receipt of the Tag-Along Notice, to notify the Selling Shareholder
    that it wishes to sell Shares held by it at the price set out in clause 10.2.1(b), by sending a notice specifying that it wishes
    to sell such number of Shares as is equal to:

 

 

Where:

 

	 	X
    =	is
                                            the number of Shares held by the Shareholder who wishes to exercise the tag-along rights,
                                            on a fully-diluted basis;

	 	Y
    =	is
                                            the total number of Shares (excluding Treasury Shares) on a fully-diluted basis; and

	 	Z
    =	is
    the number of Shares the Selling Shareholder proposes to sell.

 

Any
Shareholder who does not send such a notice within such seven (7) Business Day period shall be deemed to have specified that it does
not wish to sell any Shares.

 

	10.3	Sale
                                            to the Tag Buyer:

 

	10.3.1	Following
    the expiry of seven (7) Business Days from the date the Shareholders receive the Tag-Along Notice, the Selling Shareholder shall
    be entitled to sell to the Tag Buyer on the terms notified to the Shareholders a number of Shares not exceeding the number specified
    in the Tag-Along Notice less any Shares which the Shareholders have indicated they wish to sell, provided that at the same time the
    Tag Buyer purchases from the Shareholders the number of Shares they have respectively indicated they wish to sell on terms no less
    favourable than those obtained by the Selling Shareholder from the Tag Buyer.
	 	 
	10.3.2
    	No
    sale by the Selling Shareholder shall be made pursuant to any Tag-Along Notice more than 60 Business Days after service of that Tag-Along
    Notice.

 

    	11

    	 

    

 

	11.	TRANSFERS
                                            OF SHARES BY THE INVESTOR

 

Notwithstanding
clauses 9 and 10, with a prior written notice duly delivered to the Company, and subject to the Applicable Laws, the Investor may transfer
the ordinary Shares held by it to any of their Affiliates provided that:

 

	 	(a)	the
    Investor agrees not to directly or indirectly transfer any of the ordinary Shares to any competitor of the Company without the prior
    written consent of the Founder; and
	 	 	 
	 	(b)	such
    proposed transferee shall agree in writing to be subject to the terms and conditions of this Agreement as if it were a party to the
    Agreement.

 

	12.	REDEMPTION
                                            RIGHT

 

	12.1	Redemption
                                            Request:

 

Notwithstanding
any provisions in this Agreement, at any time after the occurrence of any of the following events:

 

	 	(a)	there
    is any default of the Transaction Documents, gross negligence, willful misconduct or fraud on the part of the Company and/or the
    Founder;
	 	 	 
	 	(b)	there
    is gross negligence, willful misconduct or fraud on the part of the Directors (save that such gross negligence, wilful misconduct
    and/or fraud shall not be ascribed solely to the actions of the board representative appointed by the Investor) and/or Key Persons
    in relation to their management of the operations or business of the Company and any of the Company’s subsidiaries;
	 	 	 
	 	(c)	the
    Company does not take steps by 31 March 2022 to commence preparation for the Qualified IPO (such as the appointment of related professionals);
	 	 	 
	 	(d)	the
    Company does not commit or provide sufficient resources to attend to the preparation and consummation of a Qualified IPO during the
    period commencing from the date of this Agreement until the completion of the Qualified IPO; or
	 	 	 
	 	(e)	the
    Company does not consummate the Qualified IPO within two years after the Closing and this is a direct or indirect result of any misrepresentation
    or misstatement to the Investor or otherwise in relation to the business, prospects, financial condition or legality of the Company’s
    operations and business,

 

the
Investor shall have the right to require the Company to purchase all or any portion of the ordinary Shares held by such Investor at the
Purchase Price (the “Redemption”) by providing the Company with written notice specifying the number of ordinary Shares to
be redeemed (the “Redemption Notice”). The Redemption shall be by way of a share buy back in accordance with the Act. For
the avoidance of doubt, the rights of first refusal and tag along right under clauses 9 and 10 respectively shall not apply in the case
of a Redemption.

 

	12.2	Redemption
                                            Notice:

 

The
Redemption Notice shall specify (i) the number of ordinary Shares to be redeemed (the “Redeemed Shares”) and the consideration
for the Redeemed Shares (the “Redemption Price”); and (ii) the date of exercise of the redemption right. Promptly following
receipt of the Redemption Notice from such Investor(s), the Company shall, within ninety (90) Business Days (the “Initial Redemption
Period”), pay to the Investor the Redemption Price. If the Company fail(s) to pay the Redemption Price within the Initial Redemption
Period, the Investor agree to extend the Initial Redemption Period for sixty (60) days (the “Extended Redemption Period”,
together with the Initial Redemption Period, collectively the “Redemption Period”) provided that the assets or funds owned
by the Company are reasonably believed to be sufficient for the payment of the Redemption Price in full.

 

    	12

    	 

    

 

	12.3	Redemption
                                            Price:

 

The
Redemption Price for each Redeemed Share purchased pursuant to clause 12.1 shall be the Purchase Price.

 

	12.4	Procedure:

 

During
the Redemption Period, subject to the Applicable Laws, the Company shall, from any source of assets or funds legally available therefor,
redeem the Investor subject to the Redemption Notice by paying in cash therefor the applicable Redemption Price against surrender by
such hnvestor at the Company’s principal office of the certificate representing such Redeemed Share, upon which all rights of the
Investor with respect to such Redeemed Share (except the right to receive the applicable Redemption Price) shall cease. The Redeemed
Shares shall be either held as treasury shares or cancelled by the Company, as determined by the Existing Shareholders at the relevant
time.

 

	12.5	Insufficient
                                            Funds:

 

If
the Company’s assets, capital or funds legally available for any redemption of the Redeemed Shares are insufficient for the payment
of the Redemption Price, the Founder shall use his best efforts to recapitalize the Company such that the redemption can be effected
as soon as possible after the issuance of the Redemption Notice.

 

	13.	FINANCE

 

Unless
otherwise agreed, in the event that the Company requires any additional funds beyond the equity contributions made by each Shareholder,
the Shareholders agree that such funds shall be obtained by way of:

 

	 	(a)	loans
    from the Shareholders (at their option) in proportion to their shareholdings in the Company on such commercial terms as they may
    agree with the Company; and/or
	 	 	 
	 	(b)	loans
    from third-party lenders at the best commercial terms.

 

	14.	DIVIDEND
                                            POLICY

 

	14.1	Subject
    to the provisions of this Agrement and/or unless otherwise expressly agreed to by all the Shareholders and subject to any restrictions
    imposed by the Company’s lenders, the Board of Directors shall decide and recommend the amount of dividends to be declared
    and paid out in each financial year based on the profits of the Company available for distribution in respect of each financial year
    (after providing for such reserves as may be required or considered appropriate by the Board of Directors to meet the financial requirements
    of the Company in the subsequent financial years).

 

	15.	RESTRICTIVE
                                            COVENANTS

 

	15.1	Restrictive
                                            Covenants:

 

	15.1.1	The
    Founder hereby severally undertakes and covenants with the Investor (unless the 66% Share Repurchase has been effected, in which
    case this Founder’s covenant with the Investor shall terminate) and the Company that he shall not, in any Relevant Capacity,
    directly or indirectly, during the Relevant Period, carry on, be engaged in or be economically interested in any business in any
    of the Relevant Territories, which is of the same or similar type to the business of the Company or which is in competition with
    the business of the Company.

 

    	13

    	 

    

 

	15.1.2
    	The
    Founder hereby severally undertakes and covenants with the Investor (unless the 66% Share Repurchase has been effected, in which
    case this Founder’s covenant with the Investor shall terminate) and the Company that he shall not, in any Relevant Capacity,
    directly or indirectly, during the Relevant Period:

 

	 	(a)	solicit
    with a view to the employment or engagement of, or employ or engage, any Relevant Personnel, whether as employee or consultant; or
	 	 	 
	 	(b)	otherwise
    induce or persuade, or seek to induce or persuade, any Relevant Personnel to leave or terminate his/its employment, service or engagement
    with any Group Company.

 

	15.2	Reasonableness:

 

Each
restriction set out in this clause 15 is separate and distinct and is to be construed separately from the other restrictions. The Founder
hereby acknowledges and agrees that he considers such restrictions to be reasonable both individually and in the aggregate and that the
duration, extent and application of each such restriction are no greater than are reasonable and necessary for the protection of the
interest of the other Shareholders and the Company or the goodwill of the businesses of the Group Companies and that the consideration
paid by the Investor for the Shares subscribed by the Investor pursuant to the Subscription Agreement takes into account and adequately
compensates him for any restriction or restraint imposed thereby. However, if any such restriction shall be found to be void or unenforceable
but would be valid or enforceable if some part or parts thereof were deleted or reduced in application, the Founder and the other Parties
agree that such restriction shall apply with such deletion or modification as may be necessary to make it valid and enforceable.

 

	15.3	Exclusions:

 

Nothing
contained in this clause precludes or restricts the Founder from:

 

	 	(a)	holding
    or having an interest in the shares or other securities of a company traded on a recognised securities exchange and carrying out
    or doing any acts, activities or undertakings which is of the same or similar type to the business of the Company or which is in
    competition with the business of the Company so long as such shares or other securities is not more than five% of the issued share
    capital of the company or the relevant class of securities; or
	 	 	 
	 	(b)	holding
    or having an interest in any securities of any company carrying out or doing any acts, activities or undertakings which is of the
    same or similar type to the business of the Company or which is in competition with the business of the Company, if the prior written
    consent of the Investor has been obtained or save as provided herein.

 

	15.4	Definitions:

 

For
the purpose of this clause 15:

 

	 	(a)	“Relevant
    Capacity” means for his own account or for that of any person, firm or company (other than any Group Company) and whether through
    the medium of any company controlled by him or as principal, partner, director, employee, consultant or agent;

 

    	14

    	 

    

 

	 	(b)	“Relevant
    Period” means, in relation to the Founder, the period during which the Founder is and remains a Shareholder and for a period
    of two years after the Founder ceases to be a Shareholder;
	 	 	 
	 	(c)	“Relevant
    Personnel” means, in relation to the Founder, any person who is or was during the one year period prior to the end of the Relevant
    Period, employed at a managerial or senior level, or engaged as a consultant, by any Group Company, and with whom the Founder shall
    have had dealings during such one year period prior to the end of the Relevant Period; and
	 	 	 
	 	(d)	“Relevant
    Territories” means any country in which any Group Company has business dealings.

 

	16.	SHARES
                                            RESERVATION FOR EMPLOYEE SHARES OR SHARE OPTIONS

 

The
Parties agree that prior to the Company’s listing on NASDAQ, an additional number of ordinary Shares or share options of the Company
representing 10% of the Shares of the Company immediately following the Closing shall be reserved for the employee Shares or share options
upon the Closing, provided that:

 

	 	(a)	the
    Shares, share options and prices that may be issued pursuant to an exercise of the options will be subject to transfer restrictions
    to be set out in the definitive agreements prior to the completion of the Qualified IPO;
	 	 	 
	 	(b)	the
    exercise price of such options shall be as determined upon the formulation of the terms and conditions of the relevant share option
    plan, in consultation with the Investor; and
	 	 	 
	 	(c)	in
    any liquidation situation, all outstanding options shall become void automatically.

 

	17.	DURATION
                                            AND TERMINATION

 

	17.1	Event
                                            of Default:

 

The
following events shall be deemed to constitute an Event of Default:

 

	 	(a)	the
    entry against any individual Shareholder of an order of court having jurisdiction over him, adjudicating him a bankrupt under any
    applicable bankruptcy or insolvency law. If such order shall have continued undischarged or unstayed for a period of sixty (60) days
    or such Shareholder shall not have applied for the discharge or stay of such order within such 60-day period; or

 

	 	(b)	the
    assignment by any Shareholder for the benefit of his creditors of all or substantially all of his property, his admission in writing
    of his inability to pay his debts generally as they become due or his consent to the appointment of the official assignee to be the
    administrator of his estate in bankruptcy; or

 

	 	(c)	the
                                            acquisition, pursuant to court order or otherwise, by a creditor of any Shareholder of any
                                            rights with respect to such Shareholder’s interest in the Company or right to Company’s
                                            profits if such acquisition shall continue undischarged for a period of thirty (30) days
                                            and such Shareholder shall not have instituted and diligently prosecuted the necessary legal
                                            proceedings for the rescission or discharge of such acquisition; or

    

 

	 	(d)	the
    breach by any Shareholder of his material obligations under this Agreement, and where such breach is capable of remedy, it has not
    been remedied within a period of thirty (30) days after receipt of a written request from any of the other Shareholders holding in
    aggregate at least thirty-three (33) % of the issued Shares at that time (the “Non-Defaulting Shareholders”) to do so.

 

    	15

    	 

    

 

	17.2	Termination
                                            upon Default:

 

	17.2.1	An
    Event of Default shall entitle the Non-Defaulting Shareholders to terminate this Agreement with respect to such Shareholder (the
    “Terminated Shareholder”) upon notice in writing to such Shareholder.
	 	 
	17.2.2
    	In
    the event of termination of this Agreement with respect to such shareholder pursuant to this clause 17.2.2, the Terminated Shareholder
    shall be deemed to have served on the other Shareholders (the “Transferees”) a sale notice offering to sell all the legal
    and beneficial ownership of his or its shares (the “Termination Transfer Shares”) to the Transferees in proportion (as
    nearly as the circumstances permit) to their respective shareholdings in the Company (the “Deemed Offer”) in accordance
    with clause 7, save that the acquisition price of the Termination Transfer Shares of the Terminated Shareholder shall be the net
    tangible asset value of the Termination Transfer Shares as certified by the Auditors for the time being of the Company, based on
    the most recent monthly management accounts of the Company that may be prepared prior to the Deemed Offer.
	 	 
	17.2.3
    	Upon
    such transfer, the Terminated Shareholder shall cease to have any legal or beneficial interest in the Company or to have any rights
    or obligations under this Agreement, except with respect to any provision herein which shall survive any such termination.

 

	17.3	Duration:

 

Subject
to the foregoing, this Agreement shall take effect without limit in point of time but, upon the transfer by any Shareholder of the entirety
of its or his Shares, he shall be released from all his obligations hereunder (other than under clause 17), provided that such transfer
shall not relieve such Shareholder of any antecedent breaches by him of any of the terms and conditions of this Agreement. If following
any such transfer, there are two or more Shareholders bound by the provisions of this Agreement, this Agreement shall continue in full
force and effect as between the continuing Shareholders.

 

	17.4	Mutual
                                            Termination or Termination upon IPO

 

This
Agreement shall terminate upon the earlier of: (a) mutual consent of the Parties hereto, or (b) the consummation of the Qualified IPO.
Upon such termination, the Parties shall be released from their obligations under this Agreement, except in respect of any obligation
stated, explicitly or otherwise, to continue to exist after the termination of this Agreement. For the avoidance of doubt, if any Party
breaches this Agreement before the termination of this Agreement, it shall not be released from its obligations arising from such breach
on termination.

 

	18.	CONFIDENTIALITY

 

	18.1	Communications:

 

All
communications between the Parties hereto and the Company or any of them and all information and other material supplied to or received
by any of them from the others which is either marked “confidential” or is by its nature intended to be exclusively for the
knowledge of the recipient alone and any information concerning the business transactions or the financial arrangements of the Parties
hereto or the Company or of any person with whom any of them is in a confidential relationship with regard to the matter in question
coming to the knowledge of the recipient shall be kept confidential by the recipient unless or until compelled to disclose by judicial
or administrative procedures or in the opinion of its counsel, by other requirements of law, or the recipient can reasonably demonstrate
that it is or part of it is, already in the public domain without a breach of this clause            whereupon,
to the extent that it is public, this obligation shall cease.

 

    	16

    	 

    

 

	18.2	Risk
                                            of Disclosure:

 

The
Parties hereto shall take all reasonable steps to minimize the risk of disclosure of confidential information, by ensuring that only
those employees of the Company whose duties will require them to possess any of such information shall have access thereto, and that
they shall be instructed to treat the same as confidential.

 

	18.3	Obligations
                                            to Endure:

 

The
obligations contained in this clause 1.8 shall endure after the termination of this Agreement, without limit in point of time,
except and until any confidential information enters the public domain as set out in clause 17 1 above.

 

	19.	INVESTOR
                                            INDEMNITY

 

	19.1	To
    the extent permitted by law, the Company will indemnify and hold harmless the Investor, its director(s) and shareholder(s) (such
    director(s) and shareholder(s) to be such persons who are directors and shareholders as at Closing) against any loss, damage, claim
    or liability (joint or several) to which the Investor may become subject under the Securities Exchange Act of 1934 (as amended, and
    the rules and regulations promulgated thereunder) (the “Exchange Act”), Securities Act of 1933 (as amended, and the rules
    and regulations promulgated thereunder) (the “Securities Act”) and/or other federal or state law, insofar as such loss,
    damage, claim or liability (or any action in respect thereof) arises directly out of or is based directly upon: (i) any untrue statement
    or alleged untrue statement of a material fact contained in any registration statement of the Company, including any preliminary
    prospectus or final prospectus contained therein or any amendments or supplements thereto; (ii) an omission or alleged omission to
    state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading; or (iii)
    any violation or alleged violation by the Company (or any of its agents or Affiliates) of the Exchange Act, Securities Act and/or
    any state securities law (“Damages”), and the Company will pay to the Investor and/or other aforementioned person any
    legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which
    Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained herein shall not apply
    to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Company (which
    consent shall not be unreasonably withheld or delayed), nor shall the Company be liable for any Damages to the extent that they arise
    out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on
    behalf of the Investor and/or other aforementioned person expressly for use in connection with such registration. This Clause 19.1
    is subject always to the 66% Share Repurchase not having been effected.

 

	20.	AMENDMENT
                                            AND PREVALENCE OF AGREEMENT

 

	20.1	Prevalence
                                            of Agreement:

 

In
the event of any inconsistency between the provisions of this Agreement and the Constitution, the provisions of this Agreement shall
as between the Shareholders prevail and the Constitution shall be deemed amended to incorporate to the provisions of this Agreement.

 

    	17

    	 

    

 

	20.2	Amendment
                                            and Variation:

 

No
variation, modification or waiver of any provision of this Agreement nor consent to any departure by any Party therefrom, shall in any
event be of any force or effect unless the same shall be confirmed in writing, signed by the Parties, and then such variation, modification,
waiver or consent shall be effective only to the extent for which it may be made or given.

 

	21.	ASSIGNABILITY

 

This
Agreement, and all rights and obligations hereunder, are personal to the Parties hereto and each Party hereto shall not assign or attempt
to assign any such rights obligations to any third party without the prior written consent of the other Parties hereto.

 

	22.	NO
                                            PARTNERSHIP

 

The
relationship between the Shareholders shall not constitute a partnership.

 

	23.	NOTICES

 

	23.1	All
    notices and communications given under this Agreement shall be in writing in the English language and shall be delivered personally,
    sent by registered post or courier to the addresses associated with each of the Parties as set out in Schedule 4.
	 	 
	23.2	The
    Parties shall be entitled to mutually agree in writing to serve notices and communications by way of email, and email attachments,
    and in such a case, shall exchange valid email addresses in writing for this purpose.
	 	 
	23.3	Each
    Party shall notify the other Parties in writing when there is any change to its details.
	 	 
	23.4	A
    notice shall be effective upon receipt and shall be deemed to have been received (i) at the time of delivery, if delivered by hand,
    registered post or courier or (ii) at the time of transmission if delivered by email, provided that any notice received after 5 pm
    on a Business Day or on any day that is not a Business Day will be deemed to have been received on the next Business Day.

 

	24.	COSTS
                                            AND EXPENSES

 

All
Parties shall pay their own costs incurred in connection with negotiating, preparing and completing this Agreement and the transactions
contemplated in this Agreement.

 

	25.	THIRD
                                            PARTIES

 

The
Contracts (Rights of Third Parties) Act Cap 53B shall not under any circumstances apply to this Agreement and any person who is not a
party to this Agreement (whether or not such person shall be named, referred to, or otherwise identified, or shall form part of a class
of persons so named, referred to, or identified, in this Agreement) shall have no right whatsoever under the Contracts (Rights of Third
Parties) Act to enforce this Agreement or any of its terms.

 

	26.	MISCELLANEOUS

 

	26.1	No
    failure, delay or indulgence on the part of any Party in exercising any power or right conferred upon such Party pursuant to this
    Agreement shall operate as a waiver of such power or right.
	 	 
	26.2	The
    termination of this Agreement howsoever arising shall not affect such of the provisions hereof as are expressed to survive, operate
    or have effect thereunder and shall be without prejudice to any right of action already accrued to any Party in respect of any breach
    of this Agreement by another Party.

 

    	18

    	 

    

 

	26.3	Save
    as otherwise provided herein, this Agreement shall inure to the benefit of and shall be binding upon, the Parties hereto and their
    respective successors, heirs, permitted assigns, executors, administrators and personal representatives.
	 	 
	26.4	This
    Agreement embodies all the terms and conditions agreed upon between the Parties hereto as to the subject matter of this Agreement
    and supersedes and cancels in all respects all previous agreements and undertakings, if any, between the Parties hereto with respect
    to the subject matter hereof, whether such be written or oral.
	 	 
	26.5	If
    any provision of this Agreement is held or interpreted to be illegal or invalid under any law, such provisions shall be fully separable
    and this Agreement shall be construed as if such illegal or invalid provision had never comprised a part of this Agreement and the
    remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal or invalid
    provision or by the severance from this Agreement.
	 	 
	26.6	This
    Agreement may be signed in any number of counterparts, all of which taken together and when delivered to the Parties hereto shall
    constitute one and the same instrument. Any Party may enter into this Agreement by signing any such counterpart. The Parties further
    agree that this Agreement may be executed electronically, and each Party’s electronic signature shall be valid and binding.
	 	 
	26.7	This
    Agreement shall supersede the Previous SHA, and the Previous SHA shall be deemed terminated.

 

	27.	GOVERNING
                                            LAW

 

This
Agreement and any non-contractual obligations arising out of, or in connection with it, shall be governed by, and interpreted in accordance
with Singapore law, and the Parties irrevocably submit to the exclusive jurisdiction of Singapore courts.

 

    	19

    	 

    
 

IN
WITNESS WHEREOF this Agreement has been entered into the day and year first written.

 

	SIGNED by 	/s/
PNG BEE HIN	 
	Name:
    PNG BEE HIN	 
	 	 
	SIGNED by	/s/
    LEE KAN WEE	 
	Name:
    LEE KAN WEE	 
	 	 
	SIGNED by 	/s/ TAY TIEN GUAN	 
	Name:
    TAY TIEN GUAN	 

 

    	20

     

    

 

	SIGNED
    by 	/s/
    LOH KWANG IAN	 
	Name:
    LOH KWANG IAN	 
	 	 
	SIGNED
    by	/s/
    GOH CHIN TECK	 
	Name:
    GOH CHIN TECK	 
	 	 
	SIGNED
    by 	/s/
    KOH PEE KEAT	 
	Name:
    KOH PEE KEAT	 

 

    	21

     

    

 

	SIGNED
    by 	/s/
    QWEK PUAY SER JUDIE	 
	Name:
    QWEK PUAY SER JUDIE	 
	 	 
	SIGNED
    by	/s/
    ONG YU LIN	 
	Name:
    ONG YU LIN	 
	 	 
	SIGNED
    by 	/s/
    EILEEN LEONG LAI PENG	 
	Name:
    EILEEN LEONG LAI PENG	 

 

    	22

     

    

 

	SIGNED
    by 	/s/
    LAN TING SEK	 
	On
    behalf of EVERSPARK TECHNOLOGY PTE LTD	 
	 	 
	SIGNED
    by	/s/
    LEOW TZE WEN	 
	On
    behalf of CITYSTATE TRAVEL HOLDINGS PTE LTD	 
	 	 
	SIGNED
    by 	/s/
    LEOW TZE WEN	 
	On
    behalf of JULIA GABRIEL SINGAPORE PTE LTD	 

 

    	23

     

    

 

	SIGNED
    by 	/s/
    LI HUANYU	 
	Name:
    LI HUANYU	 
	 	 
	SIGNED
    by	/s/
    PNG BEE HIN	 
	On
    behalf of LDR PTE. LTD.	 

 

    	24

     

    

 

SCHEDULE
1

 

THE
EXISTING SHAREHOLDERS

 

    	25

     

    

 

SCHEDULE
2

 

THE
INVESTOR

 

    	26

     

    

 

SCHEDULE
3

 

EQUITY
PROPORTION

 

    	27

     

    

 

SCHEDULE
4

 

ADDRESSES
OF THE EXISTING SHAREHOLDERS AND THE INVESTOR

 

    	28

     

    

 

SCHEDULE
5

 

RESERVED
MATTERS

 

    	29

     

    

 

SCHEDULE
6

 

DEED
OF RATIFICATION AND ACCESSION

 

    	30Exhibit
10.1

 

INDEMNIFICATION
AGREEMENT

 

This
INDEMNIFICATION AGREEMENT (this “Agreement”) is made and entered into this [date]th day of December, 2022 (the “Effective
Date”) by and between IMMRSIV Inc., a Cayman Islands exempted company the “Company”), and __________________________
(Id: _____________________________) (the “Indemnitee”).

 

WHEREAS,
the Company believes it is essential to retain and attract qualified directors and officers;

 

WHEREAS,
the Indemnitee is a director and/or officer of the Company;

 

WHEREAS,
both the Company and the Indemnitee recognize the increased risk of litigation and other claims that may be asserted against directors
and officers of public companies, as well as the possibility that in certain situations a threat of litigation may be employed to deter
them from exercising their judgment in the best interests of the Company, and the consequent need to allocate the risk of personal liability
through indemnification and insurance;

 

WHEREAS,
the Company’s Articles of Association, as amended from time to time (the “Articles of Association”), provide
that the Directors, Secretary and other officers acting in relation to any of the affairs of the Company shall be indemnified and secured
harmless out of the assets and profits of the Company from and against all actions, costs, charges, losses, damages and expenses which
they shall or may incur or sustain by or by reason of any act done, concurred in or omitted in or about the execution of their duty,
or supposed duty, in their respective offices.

 

WHEREAS,
in recognition of the Indemnitee’s need for (i) substantial protection against personal liability and (ii) an inducement to continue
to provide effective services to the Company as a director and/or officer thereof, the Company wishes to provide for the indemnification
of the Indemnitee and to advance expenses to the Indemnitee to the fullest extent permitted by law and as set forth in this Agreement,
and, to the extent insurance is maintained by the Company, to provide for the continued coverage of the Indemnitee under the Company’s
directors’ and officers’ liability insurance policies.

 

NOW,
THEREFORE, in consideration of the premises contained herein and of the Indemnitee continuing to serve the Company directly or, at its
request, with another enterprise, and intending to be legally bound hereby, the parties hereto agree as follows:

 

l.
Certain Definitions.

 

(a)
A “Change in Control” shall be deemed to have occurred if:

 

(i)
any “person,” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended, and the
rules and regulations thereunder (the “Exchange Act”), other than (a) a trustee or other fiduciary holding securities
under an employee benefit plan of the Company; (b) a corporation owned, directly or indirectly, by the shareholders of the Company in
substantially the same proportions as their ownership of stock of the Company; or (c) any current beneficial shareholder or group, as
defined by Rule 13d-5 of the Exchange Act, including the heirs, assigns and successors thereof, of beneficial ownership, within the meaning
of Rule 13d-3 of the Exchange Act, of securities possessing more than 50% of the total combined voting power of the Company’s outstanding
securities; hereafter becomes the “beneficial owner,” as defined in Rule 13d-3 of the Exchange Act, directly or indirectly,
of securities of the Company representing 20% or more of the total combined voting power represented by the Company’s then outstanding
Voting Securities;

 

(ii)
during any period of two consecutive years, individuals who at the beginning of such period constitute the Board and any new director
whose election by the Board or nomination for election by the Company’s shareholders was approved by a vote of at least two-thirds
of the directors then in office who either were directors at the beginning of the period or whose election or nomination for election
was previously so approved, cease for any reason to constitute a majority thereof; or

 

    	 

     

    

 

(iii)
the shareholders of the Company approve a merger or consolidation of the Company with any other corporation, other than a merger or consolidation
which would result in the Voting Securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into Voting Securities of the surviving entity) at least 80% of the total voting power represented
by the Voting Securities of the Company or such surviving entity outstanding immediately after such merger or consolidation, or the shareholders
of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company, in one
transaction or a series of transactions, of all or substantially all of the Company’s assets.

 

(b)
“Expense” shall mean attorneys’ fees and all other costs, expenses and obligations paid or incurred in connection
with investigating, defending, being a witness in or participating in (including on appeal), or preparing for any of the foregoing, any
Proceeding relating to any Indemnifiable Event.

 

(c)
“Indemnifiable Event” shall mean any event or occurrence that takes place either prior to or after the execution of
this Agreement, related to the fact that the Indemnitee is or was a director or officer of the Company, or is or was serving at the request
of the Company as a director, officer, employee, or agent of another corporation or of a partnership, joint venture, trust or other enterprise,
including service with respect to employee benefit plans, or by reason of anything done or not done by the Indemnitee in any such capacity.

 

(d)
“Proceeding” shall mean any threatened, pending or completed action, suit, investigation or proceeding, and any appeal
thereof, whether civil, criminal, administrative or investigative and/or any inquiry or investigation, whether conducted by the Company
or any other party, that the Indemnitee in good faith believes might lead to the institution of any such action.

 

(e)
“Reviewing Party” shall mean any appropriate person or body consisting of a member or members of the Company’s
Board or any other person or body appointed by the Board (including the special independent counsel referred to in Section 6) who is
not a party to the particular Proceeding with respect to which the Indemnitee is seeking indemnification.

 

(f)
“Voting Securities” shall mean any securities of the Company which vote generally in the election of directors.

 

2.
Indemnification. Subject to Section 4 below, in the event the Indemnitee was or is a party to or is involved (as a party, witness,
or otherwise) in any Proceeding by reason of(or arising in part out of) an Indemnifiable Event, whether the basis of the Proceeding is
the Indemnitee’s alleged action in an official capacity as a director or officer or in any other capacity while serving as a director
or officer, the Company shall indemnify the Indemnitee to the fullest extent permitted by the laws of the Cayman Islands and the Articles
of Association against any and all Expenses, liability, and loss (including judgments, fines, penalties and amounts paid or to be paid
in settlement, and any interest, assessments, or other charges imposed thereon, and any taxes imposed on any director or officer as a
result of the actual or deemed receipt of any payments under this Agreement) (collectively, “Liabilities”) actually
incurred or suffered by such person in connection with such Proceeding. The Company shall provide indemnification pursuant to this Section
2 as soon as practicable, but in no event later than 30 days after it receives written demand from the Indemnitee. Notwithstanding anything
in this Agreement to the contrary and except as provided in Section 5 below, the Indemnitee shall not be entitled to indemnification
pursuant to this Agreement in connection with any Proceeding initiated by the Indemnitee against the Company or any director or officer
of the Company unless the Company has joined in or consented to the initiation of such Proceeding.

 

3.
Advancement of Expenses. Subject to Section 4 below, the Company shall advance Expenses to the Indemnitee within 30 business days
of such request (an “Expense Advance”); provided, however, that if required by applicable laws such Expenses shall
be advanced only upon delivery to the Company of an undertaking by or on behalf of the Indemnitee to repay such amount if it is ultimately
determined that the Indemnitee is not entitled to be indemnified by the Company; and provided further, that the Company shall make such
advances only to the extent permitted by law. Expenses incurred by the Indemnitee while not acting in his/her capacity as a director
or officer, including service with respect to employee benefit plans, may be advanced upon such terms and conditions as the Board, in
its sole discretion, deems appropriate.

 

    	 

     

    

 

4.
Review Procedure for Indemnification. Notwithstanding the foregoing, (i) the obligations of the Company under Sections 2 and 3
above shall be subject to the condition that the Reviewing Party shall not have determined (in a written opinion, in any case in which
the special independent counsel referred to in Section 6 hereof is involved) that the Indemnitee would not be permitted to be indemnified
under applicable law or the Articles of Association, and (ii) the obligation of the Company to make an Expense Advance pursuant to Section
3 above shall be subject to the condition that, if, when and to the extent that the Reviewing Party determines that the Indemnitee would
not be permitted to be so indemnified under applicable law or the Articles of Association, the Company shall be entitled to be reimbursed
by the Indemnitee (who hereby agrees to reimburse the Company) for all such amounts theretofore paid; provided, however, that if the
Indemnitee has commenced legal proceedings in a court of competent jurisdiction pursuant to Section 5 below to secure a determination
that the Indemnitee should be indemnified under applicable law, any determination made by the Reviewing Party that the Indemnitee would
not be permitted to be indemnified under applicable law shall not be binding and the Indemnitee shall not be required to reimburse the
Company for any Expense Advance until a final judicial determination is made with respect thereto (as to which all rights of appeal therefrom
have been exhausted or have lapsed). The Indemnitee’s obligation to reimburse the Company for Expense Advances pursuant to this
Section 4 shall be unsecured and no interest shall be charged thereon. If there has not been a Change in Control, the Reviewing Party
shall be selected by the Board, and if there has been such a Change in Control, other than a Change in Control which has been approved
by a majority of the Company’s Board who were directors immediately prior to such Change in Control, the Reviewing Party
shall be the special independent counsel referred to in Section 6 hereof.

 

5.
Enforcement of Indemnification Rights. If the Reviewing Party determines that the Indemnitee would not be permitted to be indemnified
in whole or in part under applicable law, or if the Indemnitee has not otherwise been paid in full pursuant to Sections 2 and 3 above
within 30 days after a written demand has been received by the Company, the Indemnitee shall have the right to commence litigation in
any court having subject matter jurisdiction thereof and in which venue is proper to recover the unpaid amount of the demand (an “Enforcement
Proceeding”) and, if successful in whole or in part, the Indemnitee shall be entitled to be paid any and all Expenses in connection
with such Enforcement Proceeding. The Company hereby consents to service of process for such Enforcement Proceeding and to appear in
any such Enforcement Proceeding. Any determination by the Reviewing Party otherwise shall be conclusive and binding on the Company and
the Indemnitee.

 

6.
Change in Control. The Company agrees that if there is a Change in Control of the Company, other than a Change in Control which
has been approved by a majority of the Company’s Board who were directors immediately prior to such Change in Control, then with
respect to all matters thereafter arising concerning the rights of the Indemnitee to indemnity payments and Expense Advances under this
Agreement or any other agreement or under applicable law or the Articles of Association now or hereafter in effect relating to indemnification
for Indemnifiable Events, the Company shall seek legal advice only from special independent counsel selected by the Indemnitee and approved
by the Company, which approval shall not be unreasonably withheld. Such special independent counsel shall not have otherwise performed
services for the Company or the Indemnitee, other than in connection with such matters, within the last five years. Such independent
counsel shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict
of interest in representing either the Company or the Indemnitee in an action to determine the Indemnitee’s rights under this Agreement.
Such counsel, among other things, shall render its written opinion to the Company and the Indemnitee as to whether and to what extent
the Indemnitee would be permitted to be indemnified under applicable law. The Company agrees to pay the reasonable fees of the special
independent counsel referred to above and to indemnify fully such counsel against any and all expenses (including attorneys’ fees),
claims, liabilities and damages arising out of or relating to this Agreement or the engagement of special independent counsel pursuant
to this Agreement.

 

7.
Partial Indemnity. If the Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some
or a portion of the Expenses and Liabilities, but not, however, for all of the total amount thereof, the Company shall nevertheless indemnify
the Indemnitee for the portion thereof to which the Indemnitee is entitled. Moreover, notwithstanding any other provision of this Agreement,
to the extent that the Indemnitee has been successful on the merits or otherwise in defense of any or all Proceedings relating in whole
or in part to an Indemnifiable Event or in defense of any issue or matter therein, including dismissal without prejudice, the Indemnitee
shall be indemnified against all Expenses incurred in connection therewith. In connection with any determination by the Reviewing Party
or otherwise as to whether the Indemnitee is entitled to be indemnified hereunder, the burden of proof shall be on the Company to establish
that the Indemnitee is not so entitled.

 

    	 

     

    

 

8.
Non-exclusivity. The rights of the Indemnitee hereunder shall be in addition to any other rights the Indemnitee may have under
any statute, provision of the Articles of Association, vote of shareholders or disinterested directors or otherwise, both as to action
in an official capacity and as to action in another capacity while holding such office. In the event of any change, after the date of
this Agreement, in any applicable law, statute, or rule which expands the right of a Cayman Islands company to indemnify a member of
its board of directors, such changes shall be, ipso facto, within the purview of the Indemnitee’s rights and the Company’s
obligations, under this Agreement. In the event of any change in any applicable law, statute or rule which narrows the right of a Cayman
Islands company to indemnify a member of its board of directors, such changes, to the extent not otherwise required by such law, statute,
or rule to be applied to this Agreement shall have no effect on this Agreement or the parties’ rights and obligations hereunder.

 

9.
Liability Insurance. To the extent the Company maintains an insurance policy or policies providing directors’ and officers’
liability insurance, the Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the maximum
extent of the coverage available for any director or officer of the Company. If at the time a claim for indemnification arises hereunder
in connection with a Proceeding the Company has director and officer liability insurance in effect, the Company shall give prompt notice
of the commencement of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company
shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable
as a result of such Proceeding in accordance with the terms of such policies.

 

10.
Settlement of Claims. The Company shall not be liable to indemnify the Indemnitee under this Agreement (a) for any amounts paid
in settlement of any action or claim effected without the Company’s written consent, which consent shall not be unreasonably withheld;
or (b) for any judicial award if the Company was not given a reasonable and timely opportunity, at its expense, to participate in the
defense of such action.

 

11.
No Presumption. For purposes of this Agreement, to the fullest extent permitted by law, the termination of any Proceeding, action,
suit, or claim, by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere,
or its equivalent, shall not create a presumption that the Indemnitee did not meet any particular standard of conduct or have any particular
belief or that a court has determined that indemnification is not permitted by applicable law.

 

12.
Consent and Waiver by Third Parties. The Indemnitee hereby represents and warrants that he or she has obtained all waivers and/or
consents from third parties which are necessary for his or her employment with the Company on the terms and conditions set forth herein
and to execute and perform this Agreement without being in conflict with any other agreement, obligation or understanding with any such
third party. The lndemnitee represents that he or she is not bound by any agreement or any other existing or previous business relationship
which conflicts with, or may conflict with, the performance of his or her obligations hereunder or prevent the full performance of his
or her duties and obligations hereunder.

 

13.
Amendment of this Agreement. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing
by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any
other provisions hereof (whether or not similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided
herein, no failure to exercise or any delay in exercising any right or remedy hereunder shall constitute a waiver thereof.

 

14.
Subrogation. In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all
of the rights of recovery of the lndemnitee, who shall execute all papers required and shall do everything that may be necessary to secure
such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights.

 

15.
No Duplication of Payments. The Company shall not be liable under this Agreement to make any payment in connection with any claim
made against the Indemnitee to the extent the lndemnitee has otherwise actually received payment (under any insurance policy, vote, agreement
or otherwise) of the amounts otherwise indemnifiable hereunder.

 

16.
Binding Effect. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and
their respective successors, assigns, including any direct or indirect successor by purchase, merger, consolidation or otherwise to all
or substantially all of the business and/or assets of the Company, spouses, heirs, and personal and legal representatives. The Company
shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially
all, or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to
the Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would
be required to perform if no such succession had taken place. This Agreement shall continue in effect regardless of whether the Indemnitee
continues to serve as a director or officer of the Company or of any other enterprise at the Company’s request.

 

    	 

     

    

 

17.
Severability. The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any
provision within a single section, paragraph, or sentence) is held by a court of competent jurisdiction to be invalid, void or otherwise
unenforceable, and the remaining provisions shall remain enforceable to the fullest extent permitted by law. Furthermore, to the fullest
extent possible, the provisions of this Agreement (including, without limitation, each portion of this Agreement containing any provision
held to be invalid, void or otherwise unenforceable that is not itself invalid, void, or unenforceable) shall be construed so as to give
effect to the intent manifested by the provision held invalid, illegal, or unenforceable.

 

18.
Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the Cayman Islands
applicable to contracts made and to be performed in such jurisdiction without giving effect to the principles of conflicts of laws.

 

19.
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.

 

20.
Notices. All notices, demands, and other communications required or permitted hereunder shall be made in writing and shall be
deemed to have been duly given (a) if delivered by hand, when received (b) if transmitted by facsimile, on receipt of an error-free confirmation,
or (c) if by international courier service, on the fourth (4th) business day following the date of deposit with such courier service,
or such earlier delivery date as may be confirmed in writing to the sender by the courier service. All such notices, demands and other
communications shall be addressed as follows:

 

If
to the Company:

 

IMMRSIV
Inc.

1004,
Toa Payoh North, #04-12

Singapore
318995

+65
6255 4645

 

If
to the Indemnitee:

 

_____________________________

 

_____________________________

 

[Print
Name, Address, and Telephone Number]

 

Notice
of change of address shall be effective only when done in accordance with this Section. All notices complying with this Section shall
be deemed to have been received on the date of delivery or on the third business day after mailing.

 

21.
Specific Performance. The failure of the Company to perform any of its obligations hereunder shall entitle the Indemnitee, as
a matter of course, to request an injunction from any court of competent jurisdiction to enforce such obligations. Such right to request
specific performance shall be cumulative and in addition to any other rights and remedies to which the Indemnitee shall be entitled.

 

    	 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have duly executed and delivered this Agreement as of the day first set forth above.

 

THE
COMPANY:

 

	IMMRSIV
    Inc.	 
	 	 	 
	By:	 	 
	 	Png
    Bee Hin, Chairman of the Board and Chief Executive Officer	 

 

INDEMNITEE:

 

	By:	 	 
	 	(Print
    Name and Title of Indemnitee Above)

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