Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 Amended and Restated
Joint Venture Agreement 
 Kelly Services, Inc. 

Persol Asia Pacific Pte. Ltd. 
 PERSOLKELLY Pte. Ltd.

 Dated 14 FEBRUARY 2022 

  
 1 

 CONTENTS 
  

							
	Clause	 	 	  	Page	 
			
	 1.
	 	Interpretation	  	 	3	 
	 2.
	 	Effectiveness of this Agreement	  	 	5	 
	 3.
	 	The Business	  	 	6	 
	 4.
	 	Directors and Management	  	 	6	 
	 5.
	 	Conflicts of interest and Duties of Directors	  	 	9	 
	 6.
	 	Compliance with and Precedence of this Agreement	  	 	10	 
	 7.
	 	Financing	  	 	10	 
	 8.
	 	Reserved Matters	  	 	13	 
	 9.
	 	Continuing Obligations	  	 	13	 
	 10.
	 	Restrictive Covenants	  	 	16	 
	 11.
	 	Intellectual Property	  	 	18	 
	 12.
	 	Transfer of Shares	  	 	20	 
	 13.
	 	Term and Termination	  	 	23	 
	 14.
	 	Deadlock	  	 	26	 
	 15.
	 	Confidentiality and Announcements	  	 	27	 
	 16.
	 	[Intentionally Blank]	  	 	28	 
	 17.
	 	No Partnership	  	 	28	 
	 18.
	 	Counterparts	  	 	28	 
	 19.
	 	Further Assurance	  	 	29	 
	 20.
	 	Variation, Waiver and Consent	  	 	29	 
	 21.
	 	Entire Agreement	  	 	29	 
	 22.
	 	No Third Party Rights	  	 	29	 
	 23.
	 	Notices	  	 	29	 
	 24.
	 	Costs	  	 	31	 
	 25.
	 	Time of the Essence	  	 	31	 
	 26.
	 	Severability	  	 	31	 
	 27.
	 	Assignment	  	 	31	 
	 28.
	 	Governing Law and Submission to Jurisdiction	  	 	31	 
	
	 Schedule
	  

			
	 1.
	 	Reserved Matters	  	 	34	 
	 2.
	 	Share Transfer Provisions	  	 	35	 
	 3.
	 	Deed of Adherence	  	 	37	 
	 4.
	 	Kelly Customer List	  	 	40	 
	 5.
	 	Competitor List	  	 	41	 
	 6.
	 	Definition Schedule	  	 	42	 

  
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	Date	  	14 February 2022
		
	Parties	  	Kelly Services, Inc., a company incorporated in Delaware whose principal place of business is at 999 W. Big Beaver Road, Troy, Michigan 48084, USA (“Kelly”);
		
		  	 Persol Asia Pacific Pte. Ltd. (Company Registration No. 201942969G), a company incorporated in Singapore and having its registered
office at 8 Marina View, #11-01 Asia Square Tower 1, Singapore 018960(“PAPAC”); and
  

PERSOLKELLY Pte. Ltd., a company incorporated in Singapore (registered number 201717312Z) with its registered office at 8 Marina View #11-01 Asia Square Tower 1 Singapore 018960 (the “Company”).

 RECITALS 
  

	(A)	 Kelly, Persol and KSG entered into the joint venture agreement dated 11 April 2016 (Original JVA);

  

	(B)	 Kelly, Persol and KSG entered into an amendment to the joint venture agreement, dated 15 May 2018, to
amend the Original JVA (First Amendment to the Original JVA); 

  

	(C)	 Kelly, Persol and KSG entered into a second amendment to the joint venture agreement, dated 3 July 2018,
to further amend the Original JVA (Second Amendment to the Original JVA);; 

  

	(D)	 Kelly, Persol, KSG and the Company entered into a novation agreement dated 1 December 2018 to novate the
Original JVA to Kelly, Persol and the Company (JVA Novation Agreement); 

  

	(E)	 Kelly, Persol and the Company entered into a third amendment to the joint venture agreement, dated 1 April
2020, to further amend the Original JVA (Third Amendment to the Original JVA); 

  

	(F)	 Kelly, Persol and the Company entered into a fourth amendment to the joint venture agreement, dated
24 June 2020, to further amend the Original JVA (Fourth Amendment to the Original JVA); 

  

	(G)	 Kelly, Persol and the Company entered into a fifth amendment to the joint venture agreement, dated
4 August 2020, to further amend the Original JVA (Fifth Amendment to the Original JVA); 

  

	(H)	 Kelly, Persol, PAPAC and the Company entered into a novation agreement dated 30 March 2020 to novate the
Original JVA, as amended, to Kelly, PAPAC and the Company (Second JVA Novation Agreement); 

  

	(I)	 Kelly and PAPAC entered into a sale and purchase agreement dated on or around the date hereof under which PAPAC
has purchased an additional 46.5% of the shares in the Company from Kelly (the SPA). 

  

	(J)	 Kelly, PAPAC and the Company wish to replace the Original JVA with this Agreement to reflect, amongst other
things, the change in each Shareholder’s Equity Proportion in accordance with the SPA. 

 OPERATIVE PROVISIONS 

 

	1.	 INTERPRETATION 

 

	1.1	 Defined terms 

In addition to terms defined in this Clause 1.1 or elsewhere in this Agreement, to the extent used in this Agreement and unless the contrary
intention appears, the definitions set out in Schedule 7 apply to this Agreement. 

  
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 “Agreement” means this Joint Venture Agreement as may be amended from time
to time in accordance with the provisions herein; 
 “Business” means the business carried on by the Group; 

“Persol Group” means the group of companies comprising Persol, any holding company from time to time of Persol and any direct
or indirect subsidiary of Persol (excluding the Group Companies) or of any such holding company and “member of the Persol Group” shall be construed accordingly; 

“Reserved Matters” means those matters listed in Schedule 1; 

“Sale Shares” in relation to either Shareholder, means Shares held by such Shareholder together with any other securities,
loan notes issued by or loan receivables from any Group Company at the relevant time; 
 “Shareholder” means Kelly or PAPAC
and/or any other shareholder of the Company from time to time including any person to whom Shares are transferred or issued in accordance with this Agreement (or who is a successor to Kelly or PAPAC or such other person where a Termination Notice
under Clause 13.4 has not been served in connection with a merger or consolidation) from time to time and “Shareholders” shall be construed accordingly; 

“Shareholder Group” means the Kelly Group or Persol Group as applicable; and 

“Surviving Provisions” means Clause 1 and Clauses 15 to 28. 

 

	1.2	 Statutory provisions 

All references to statutes, statutory provisions or enactments shall include references to any consolidation,
re-enactment, modification or replacement of the same, any statute, statutory provision or enactment of which it is a consolidation, re-enactment, modification or
replacement and any subordinate legislation in force under any of the same from time to time except to the extent that any consolidation, re-enactment, modification or replacement enacted after the date of
this Agreement would extend or increase the liability of any Party to another under this Agreement. 
  

	1.3	 Parties, Recitals, Schedules, etc. 

References to this Agreement include the Recitals, Schedules and Annexures which form part of this Agreement for all purposes. References in
this Agreement to the Parties, the Recitals, Schedules, Annexures and Clauses are references respectively to the parties to this Agreement and their legal personal representatives, successors and permitted assigns, the recitals, Schedules, annexures
to and clauses of this Agreement. 
  

	1.4	 Meaning of references 

Save where specifically required or indicated otherwise: 
  

	 	(a)	 words importing one gender shall be treated as importing any gender, words importing individuals shall be
treated as importing corporations and vice versa, words importing the singular shall be treated as importing the plural and vice versa, and words importing the whole shall be treated as including a reference to any part thereof;

  
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	 	(b)	 references to a person shall include any individual, firm, body corporate, unincorporated association,
government, state or agency of state, association, joint venture or partnership, in each case whether or not having a separate legal personality. References to a company shall be construed so as to include any company, corporation or other body
corporate wherever and however incorporated or established; 

  

	(c)	 references to the word “include” or “including” (or any similar term) are not
to be construed as implying any limitation and general words introduced by the word “other” (or any similar term) shall not be given a restrictive meaning by reason of the fact that they are preceded by words indicating a particular class
of acts, matters or things; 

  

	(d)	 references to any Singapore statutory provision or legal term for any action, remedy, method of judicial
proceeding, legal document, legal status, court, official or other legal concept, state of affairs or thing shall in respect of any jurisdiction other than Singapore (including the jurisdiction of incorporation of a member of the Group) be deemed to
include that which most nearly approximates in that jurisdiction to the Singapore statutory provision or legal term or other legal concept, state of affairs or thing; 

 

	(e)	 references to “indemnify” and to “indemnifying” any person against any Losses by reference
to any matter, event or circumstance includes indemnifying and keeping that person indemnified against all Losses from time to time made, suffered or incurred as a direct consequence of that matter, event or circumstance; 

 

	(f)	 a reference to a document (including this Agreement) is a reference to that document (including any schedules
and annexures) as amended, consolidated, supplemented, novated or replaced; 

  

	(g)	 references to “SGD”, “Singapore dollars” or “SG$” are to the
lawful currency of Singapore from time to time; and 

  

	(h)	 except where otherwise provided, references to times of the day are to that time in Singapore and references to
a day are to a period of 24 hours running from midnight to midnight. 

  

	1.5	 Headings: 

  

	 	(a)	 Clause and paragraph headings and the table of contents are inserted for ease of reference only and shall not
affect construction. 

  

	 	(b)	 No rule of construction applies to the disadvantage of a Party because that Party was responsible for the
preparation of, or seeks to rely on, this Agreement or any part of it. 

  

	1.6	 Number of Shareholders 

The Parties acknowledge that this Agreement has been prepared on the basis that the Company has two shareholders. If at any time the number of
Shareholders is greater than two, the Parties agree to review the provisions hereof and make such amendments as may be necessary to reflect such change. 
  

	2.	 EFFECTIVENESS OF THIS AGREEMENT 

The Original JVA as amended by the First Amendment to the Original JVA, the Second Amendment to the Original JVA, the Third Amendment to the
Original JVA, the Fourth Amendment to the Original JVA and the Fifth Amendment to the Original JVA, and as novated by JVA Novation Agreement and the Second JVA Novation Agreement, shall be replaced with and superseded in their entirety by this
Agreement at 10 a.m. Singapore time on 1 March 2022 (or at such other time and/or on such other date as the Parties may agree). 

  
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	3.	 THE BUSINESS 

  

	3.1	 [Intentionally blank] 

 

	3.2	 The Business Plan 

The Business shall be conducted in accordance with the Business Plan and on sound commercial profit-making principles with the aim of
generating the maximum achievable maintainable profits available for distribution to the extent consistent with good business practice. 
  

	3.3	 Shareholders’ Obligations 

In consideration of the mutual obligations of the Shareholders contained in this Agreement, and except as the Shareholders may otherwise agree
in writing or save as otherwise set out under this Agreement, each of the Shareholders shall exercise its voting rights for the time being in the Company and take such steps as for the time being lie within its powers to procure that: 

 

	 	(a)	 each Group Company carries on its business and conducts its affairs in a proper and efficient manner for its
own benefit; 

  

	 	(b)	 the Company, and the Directors appointed by that Shareholder under Clause 4, will comply with the provisions of
this Agreement and the Constitution and will act in such manner and achieve the full intent and purpose of this Agreement; 

  

	 	(c)	 the business of each Group Company shall be carried on pursuant to the policies set out under this Agreement or
laid down from time to time by the Board, which shall hold Board meetings in accordance with Clause 4 and the Constitution; 

  

	 	(d)	 if any Group Company requires any approval, consent or license for the carrying on of its business in the
places and in the manner in which it is for the time being carried on or proposed to be carried on, such Group Company will use its best endeavours to obtain the same and maintain the same in full force and effect; 

 

	 	(e)	 the Company is treated for all purposes, including taxation, as resident in Singapore; and

  

	 	(f)	 each Group Company shall (i) maintain appropriate directors’ and officers’ liability insurance
for each of its directors; (ii) maintain adequate insurance with a reputable insurer against all risks usually insured against by companies carrying on the same or similar business to the Business and for the full replacement or reinstatement
value of all its insurable assets; and (iii) without prejudice to the foregoing but subject to applicable laws, indemnify each such director in full for any Losses suffered as a result of any liabilities (civil or criminal) incurred by such
director as a director of such Group Company, whether in respect of negligence, default, breach of duty or otherwise. 

  

	4.	 DIRECTORS AND MANAGEMENT 

 

	4.1	 Supervision by the Board 

The Board shall have responsibility for the overall direction, supervision and management of the Company and the Business save in respect of
those matters which are specifically reserved in Clauses 7 and 8 for the Shareholders. The Board shall take all necessary steps to ensure that the business of the Group is managed in accordance with this Agreement, the Constitution, the Business
Plan and the Anti-Corruption Policies. 

  
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	4.2	 Composition of the Board 

PAPAC shall have the sole power to appoint and dismiss the Directors. For the avoidance of doubt, the Board shall have the sole power to
appoint and dismiss any directors or other officers of any other entities in the Group. 
  

	4.3	 [Intentionally blank] 

 

	4.4	 [Intentionally blank] 

 

	4.5	 Remuneration 

The Directors may be entitled to reasonable and customary remuneration in their capacity as directors of the Company as determined from time to
time by the Board. 
  

	4.6	 [Intentionally blank] 

 

	4.7	 Indemnity 

Any Shareholder removing a Director (including any Directors removed or resigning on the date of this Agreement) shall be responsible for and
agrees to indemnify the other Shareholder and the Company on demand against all Losses which the other Shareholder or the Company may suffer or incur arising out of, or in connection with, any claim by the Director for wrongful or unfair dismissal
or redundancy or other compensation arising out of the Director’s removal or loss of office. 
  

	4.8	 Board meetings 

Meetings of the Board shall be properly convened and held at such times as may be determined by the Board and in any event not less than three
times annually. 
  

	4.9	 Notice 

Except (i) in the case of an emergency (in which case the notice convening the meeting must indicate the nature of, and the reasons for,
the emergency), or (ii) otherwise with the consent of at least two Directors, at least five Business Days’ written notice of each meeting of the Board must be given to each Director by the Chairman or any Director. 

 

	4.10	 Agenda 

A notice of a Board meeting must be accompanied by an agenda of all the business to be transacted at the meeting. Any matter not on the agenda
may not be raised at the meeting unless all the Directors present at such meeting agree. 
  

	4.11	 Location 

Each meeting of the Board must be held at the place set out in the notice of meeting, or if not specifically set out the Company’s
registered office from time to time. 
  

	4.12	 Quorum 

The quorum at any Board meeting shall be at least two Directors present. If a quorum is not present at a Board meeting within 30 minutes of the
time appointed for the start of the meeting, the meeting will be adjourned to the same time and place on the same day in the following week. If a quorum is not present at the reconvened meeting within 30 minutes of the time appointed for the start
of the meeting those present will be taken to constitute a quorum for the purposes of that meeting only. 

  
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	4.13	 Conduct of Board meetings 

Meetings of the Board may be conducted by holding a meeting in person or by telephone or audio-visual conference or such other method of
simultaneous communication by electronic, telegraphic, or other means which enables all persons participating in the meeting to hear and be heard at all times by all other participants. 

 

	4.14	 Voting 

Subject to Clause 8, the Board shall decide on matters by simple majority vote. Each Director shall have one vote. In the event of an equality
of votes, the Chairman will have a second deciding vote. 
  

	4.15	 Written resolutions 

Subject to Clause 8, the Board may pass a resolution without a meeting of the Directors being held if all the Directors entitled to vote on the
resolution sign, or indicate their approval in writing of, the relevant matter being resolved. Such resolution may be circulated and approved in physical form or otherwise by fax, email or other forms of electronic communication. 

 

	4.16	 Chairman 

The chairman of the Board shall be appointed by PAPAC (the “Chairman”). If the Chairman is not present at any meeting of the
Board, the Directors present may appoint any one of the Directors to act as Chairman for the purposes of the meeting. 
  

	4.17	 CEO and CFO 

  

	 	(a)	 PAPAC may nominate one of the Directors or any other person as the chief executive officer of the Company
(“CEO”). 

  

	 	(b)	 PAPAC may nominate one of the Directors or any other person as the chief financial officer of the Company
(“CFO”). 

  

	 	(c)	 The Board shall agree the terms of reference for the CEO and CFO. 

 

	4.18	 Other Officers 

  

	 	(a)	 Subject to Clause 4.17, the Board may appoint, remove and replace any officers of the Company, including chief
operating officers and other senior managers (“Officers”) as the Board determines. Without limiting the foregoing, the Board shall be responsible for: 

 

	 	(i)	 determining the most appropriate persons to be appointed as Officers; and 

 

	 	(ii)	 delegating to Officers appropriate authority in relation to the operations of the Group. 

 

	 	(b)	 Directors may be appointed and serve as Officers. 

 

	4.19	 Secretary 

The Company shall have a secretary. The secretary of the Company shall be appointed by the Board. 

  
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	4.20	 Committees 

The Board may form or constitute one or more committees. 
  

	4.21	 Group Companies 

The Board shall be responsible for: 
  

	 	(a)	 the approval and removal of the directors, officers (including legal representative, supervisor, secretary,
shareholder representative and any similar position) and senior managers of the Group Companies (other than the Company); and 

  

	 	(b)	 the granting of such directors, officers and senior managers with such authority in relation to the operations
of the Group as the Board determines. 

  

	5.	 CONFLICTS OF INTEREST AND DUTIES OF DIRECTORS 

 

	5.1	 Conflicts between Interests and Company rights 

Subject to Clause 5.2, a Director who has an Interest in any matter is not entitled to exercise any right or power to prevent any Group Company
from enforcing its rights or defending itself in relation to that matter. 
  

	5.2	 Inherent Conflicts 

The Parties acknowledge that: 
  

	 	(a)	 a Director may have a direct or indirect Interest that conflicts, or possibly may conflict, with the Interests
of the Company as a direct or indirect result of the Director’s relationship with the Shareholder who appointed him (or any member of that Shareholder Group) (“Inherent Conflict”); 

 

	 	(b)	 a Director is authorised to have an Interest which constitutes an Inherent Conflict; and 

 

	 	(c)	 a Director who is subject to an Inherent Conflict may, subject to any relevant provision in the Constitution,
vote as a Director (and be counted in the quorum) on a resolution concerning any such situation and attend a meeting, or participate in any discussion, relating to that situation and receive information or advice received by the Company on such
situations. 

  

	5.3	 [Intentionally blank] 

 

	5.4	 Duties of Directors 

To the fullest extent permitted by applicable law, each Director shall be deemed to be the representative of the Shareholder appointing such
Director and shall be permitted to act exclusively in the interests of and based upon instructions given by such Shareholder, without regard to the interests of the Company or the other Shareholder. Neither Shareholder shall make any claim or
commence any action, suit or proceeding against a Director appointed by the other Shareholder based on the assertion of a breach of fiduciary duty or other legal obligation by such Director in acting in the interests of or upon instructions given by
such other Shareholder.     

  
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	6.	 COMPLIANCE WITH AND PRECEDENCE OF THIS AGREEMENT 

 

	6.1	 Each Shareholder must exercise all powers and rights available to that Shareholder as a holder of Shares in
order to give effect to the provisions of this Agreement and to ensure that the Company complies with its obligations under this Agreement. References in this Agreement to the Shareholders procuring that the Company performs its obligations are to
be interpreted accordingly. 

  

	6.2	 Each Shareholder agrees that if any provision of the Constitution at any time conflicts or is inconsistent with
the provisions of this Agreement: 

  

	 	(a)	 the provisions of this Agreement are to prevail to the extent of the conflict or inconsistency;

  

	 	(b)	 the Constitution will be taken to be read and interpreted accordingly; and 

 

	 	(c)	 the Constitution must be amended to the extent necessary in accordance with Clause 6.3. 

 

	6.3	 Each Shareholder must exercise all powers and rights available to that Shareholder to procure the amendment of
the Constitution to the extent necessary to remove any conflict with this Agreement, and to give effect to the provisions of this Agreement. 

  

	6.4	 The Company is not required to comply with any obligation contained in this Agreement to the extent that to do
so would constitute an unlawful fetter on the Company’s statutory powers. This does not affect the validity of the relevant provisions as between the other Parties or the respective obligations of the other Parties under this Clause 6.

  

	7.	 FINANCING 

  

	7.1	 [Intentionally blank] 

 

	7.2	 Additional subscriptions 

The Company’s issued share capital may be increased from time to time in accordance with Clause 7.3. 

Payment for any Shares subscribed under this Clause 7.2 shall be made upon the date required in accordance with the terms of issue to the bank
account of the Company designated by the Company in writing. 
  

	7.3	 New Share issuances 

  

	 	(a)	 If the Board determines that the Group requires further funding, it may give written notice to each Shareholder
(an “Offer Notice”) inviting the Shareholder to subscribe for those Shares. An Offer Notice must: 

  

	 	(i)	 specify the aggregate number of Shares the Company proposes to offer for subscription (the “Offer
Shares”), the issue price per Offer Share (the “Offer Price”), which, until 31 December 2024, shall not be less than USD [1.12] per Offer Share (as adjusted to take into account any stock split, stock dividend,
combination of shares, recapitalization or similar transaction on or after the date of this Agreement), the aggregate proceeds to be received by the Company upon the issuance of the Offer Shares (the “Proceeds Amount”) and any other
terms and conditions of the issue (the “Offer Terms”); 

  
 10 

	 	(ii)	 state that, subject to the provisions of this Agreement, each Shareholder is entitled to subscribe for its
Equity Proportion of the total number of Offer Shares at the Offer Price and on the Offer Terms (“Entitlement”); 

  

	 	(iii)	 confirm the number of Offer Shares in the Shareholder’s Entitlement; 

 

	 	(iv)	 specify the period for which the offer is open, which must be at least 10 Business Days (the “Offer
Period”); 

  

	 	(v)	 state that the Shareholder may apply for more Offer Shares than its Entitlement and will be liable to subscribe
for up to the number of Offer Shares applied for if other Shareholders do not take up their full Entitlement; 

  

	 	(vi)	 invite the Shareholder to apply for Offer Shares by giving written notice to the Company no later than 5.00 pm
on the last day of the Offer Period, stating the number of Offer Shares for which the Shareholder wishes to subscribe (which may be greater than, equal to or less than the Shareholder’s Entitlement); and 

 

	 	(vii)	 not be revoked unless otherwise decided by the Board. 

Notwithstanding the foregoing, if requested in writing by either Shareholder with 10 Business Days after delivery of the Offer Notice, the fair
value of the Offer Shares shall be determined by the Valuer (as defined in Clause 13.9) in accordance with the procedures set forth in Clause 13.9. If the fair value of the Offer Shares as so determined is greater than the Offer Price set forth in
the Offer Notice, the Offer Price shall be increased to equal the fair value as so determined and the number of Offer Shares shall be decreased so that the Proceeds Amount to be received by the Company from the issuance of the adjusted number of
Offer Shares is equal to the Proceeds Amount set forth in the Offer Notice. In such event, the Offer Period as set forth in the Offer Period will be deemed to commence when the determination of the Valuer is delivered to the Shareholders in
accordance with Clause 13.9. 
  

	 	(b)	 Allocation of Offer Shares 

 

	 	(i)	 Each Shareholder that applies for Offer Shares in accordance with the provisions of this Agreement and the
terms of the Offer Notice (a “Subscribing Shareholder”) will be issued the number of Offer Shares calculated under this Clause 7.3(b). 

  

	 	(ii)	 If the total number of Offer Shares applied for by all Subscribing Shareholders is less than or equal to the
total number of Offer Shares, the Company must issue to each Subscribing Shareholder the number of Offer Shares that it applied for. 

  

	 	(iii)	 If the total number of Offer Shares applied for by all Subscribing Shareholders is more than the total number
of Offer Shares, the Company must issue all of the Offer Shares to the Subscribing Shareholders, so far as practicable, to maintain each Shareholder’s Equity Proportion but so that no Subscribing Shareholder will be issued more Offer Shares
than it applied for. For the avoidance of doubt, notwithstanding the previous sentence the Company shall be entitled to issue all of the Offer Shares even if as a result of doing so the Shareholders’ Equity Proportion changes.

  

	 	(iv)	 A Shareholder that does not apply in writing for any Offer Shares within the Offer Period is not entitled to
subscribe for any Offer Shares. 

  

	 	(c)	 Notice of outcome of the offer process 

  
 11 

 Within five Business Days after the end of the Offer Period, the Company must give notice to
each Subscribing Shareholder, specifying: 
  

	 	(i)	 the number of Offer Shares to be issued to that Subscribing Shareholder (the “Subscription
Shares”) calculated under Clause 7.3(b); 

  

	 	(ii)	 the subscription price payable by that Subscribing Shareholder for its Subscription Shares; and

  

	 	(iii)	 the proposed date for completion of the issue of the Offer Shares, which must be at least ten Business Days and
no more than 15 Business Days after expiry of the Offer Period (the “Offer Closing Date”). 

  

	 	(d)	 Closing of the offer process 

On the Offer Closing Date: 
  

	 	(i)	 each Subscribing Shareholder must pay the subscription price for its Subscription Shares to the bank account of
the Company designated by the Company in writing; 

  

	 	(ii)	 the Company must issue to each Subscribing Shareholder its Subscription Shares; and 

 

	 	(iii)	 the Company must enter the name of each Subscribing Shareholder in the register of members of the Company as
holder of its Subscription Shares and execute and deliver to each Subscribing Shareholder a share certificate representing its Subscription Shares. 

  

	7.4	 Debt Finance 

The Shareholders acknowledge that the Group may require further finance to fund its projected cash requirements under the Business Plan and
agree that, subject to Clause 8, the Group may borrow additional sums from third party financial institutions on the most favourable terms available as to interest, repayment and security compatible with its needs, but shall not allow any
prospective lender the right to participate in the share capital of the Group or otherwise in the Business as a condition or term of any loan or advance. PAPAC (or its group company) may fund the Group by granting loans on arms’-length terms as
agreed between the Company and PAPAC (or its group company). Kelly shall not be required to grant any loans to the Group. 
  

	7.5	 Financing of acquisitions 

If the Board approves an acquisition by any Group Company of any part of the issued share capital or the business of any company, the
Shareholders acknowledge and agree that the financing for such acquisition will be determined by the Board. 
  

	7.6	 Guarantees 

Except with the written consent of such Shareholder, neither Shareholder shall be obliged to provide guarantees or security for any
indebtedness or performance obligations of the Group. In the event that the Shareholders agree to give a guarantee or indemnity to a third party in respect of any indebtedness or performance obligations of the Group, the following provisions shall
apply: 
  

	 	(a)	 subject to Clause 7.6(b), as between the Shareholders, the aggregate liability of a Shareholder under a joint
and several guarantee or indemnity shall be in the same proportion as its Equity Proportion at the time the guarantee or indemnity is enforced and each Shareholder shall indemnify the other Shareholder for any liability incurred by that Shareholder
which is greater than its Equity Proportion at the time the guarantee or indemnity is enforced; 

  
 12 

	 	(b)	 a Shareholder shall be responsible for the whole of any liability that arises pursuant to a guarantee or
indemnity to the extent such liability is solely and directly attributable to such Shareholder’s own act, omission or default or to the act, omission or default of any Director appointed by it and shall indemnify the other Shareholder on demand
for any amounts payable by the other Shareholder in relation such liability; and 

  

	 	(c)	 upon any exercise of the Exit Put/Call Option (as defined in Clause 13.7), unless otherwise agreed in writing
by Kelly, PAPAC shall provide substitute guarantees for all outstanding guarantees provided by a member of the Kelly Group with respect to indebtedness or performance obligations of the Group and shall indemnify Kelly on demand for any liability
incurred by Kelly in connection with such guarantees.     

  

	7.7	 Information regarding guarantee 

Where the Shareholders have provided guarantees or security for any indebtedness of the Group, the Company shall provide to the Shareholders,
within 15 Business Days of the end of each month, such information regarding the indebtedness as may be reasonably requested by the Shareholder. 
  

	7.8	 Funding support by Shareholders 

Except as otherwise provided in this Agreement, neither Shareholder shall be obliged to provide any capital or further finance (howsoever
described) to any Group Company by way of subscription for further Shares or by way of loans. 
  

	8.	 RESERVED MATTERS 

 

	8.1	 The Shareholders shall, whether by exercising their voting and other rights and powers available to them or
otherwise, procure that the Group and the Board shall not, without the prior written consent of each Shareholder, do or effect, or agree to do or effect, any of the Reserved Matters. 

 

	8.2	 As a separate obligation, severable from Clause 8.1, insofar as it is legally possible to do so, the Company
shall not, and shall procure that the Group shall not, without the prior written consent of each Shareholder, do or effect, or agree to do or effect, any of the Reserved Matters. 

 

	9.	 CONTINUING OBLIGATIONS 

 

	9.1	 Provision of information by the Group 

The Company shall prepare (i) unaudited financial statements in accordance with United States GAAP for the fiscal quarter ending
December 31, 2021, (ii) audited financial statements in accordance with US GAAP for the 12 months ending 31 December 2021 and (iii) unaudited financial statements for 2022 from January through 01 March 2022 on a consolidated
basis in accordance with United States GAAP. The foregoing unaudited United States GAAP financial statements for the 12 months ending 31 December 2021 shall be provided to Kelly no later than 15 March 2022, the foregoing unaudited United
States GAAP financial statements for 2022 from January through 01 March 2022 shall be provided to Kelly no later than 30 April 2022 and the foregoing audited United States GAAP financial statements for the 12 months ending 31 December 2021
shall be provided to Kelly no later than September 30, 2022. In addition, the Company and each Group Company shall cooperate with the reasonable requests from time to time of each Party, and each Party’s internal and external auditors

  
 13 

 
and tax advisors, and shall make available as reasonably requested accounting work papers and tax filings and supporting documents and records, with appropriate access to the internal personnel
and external auditors and tax advisors of the Company and each Group Company. All costs incurred, whether directly or indirectly, in connection with providing such information, cooperation and access shall be borne by the Company or the Group
Companies unless otherwise agreed by the Parties. 
  

	9.2	 PAPAC shall procure that the Company cooperates with the reasonable requests of Kelly in connection with
Kelly’s compliance with its statutory tax reporting obligations including, but not limited to, requests for 2022 and prior year tax returns, requests for intercompany transaction detail between the Company, the Group Companies and Kelly and
requests related to any tax audit for all tax years through 2022. 

  

	9.3	 Accounting records 

The Company shall maintain accurate and complete accounting and other financial records on a consolidated basis in accordance with all Relevant
Accounting Standards, and shall cause each member of the Group to provide reasonable cooperation in order for the Company to maintain such accounting and other financial records. Each member of the Group shall also maintain accurate and complete
accounting and other financial records on a non-consolidated basis in accordance with the GAAP in the jurisdiction in which it is incorporated. At the request of PAPAC, each member of the Group shall prepare
accounting and other financial records on a non-consolidated basis in accordance with IFRS or Japanese GAAP and provide reasonable cooperation with PAPAC to maintain such accounting and other financial
records. Each Party, at its expense, shall have the right to conduct an audit or review of the accounting books and records of the members of the Group. 
  

	9.4	 Tax records 

The Company and each member of the Group shall use all reasonable endeavours to maintain accurate and complete tax and related financial
records necessary for PAPAC and/or Kelly to comply with applicable tax reporting obligations. Each Party, at its expense, shall have the right to conduct an audit or review of the tax books and records of the members of the Group. 

 

	9.5	 Tax Advisors 

The Company and each member of the Group shall only use advisors for tax consulting and compliance that are approved by the CEO. The Company
will communicate all significant tax matters to at least one Director, and will provide copies of written tax advice translated into English and/or Japanese at the request and cost of the Company. To the extent any such tax matter may have a
material effect on Kelly or its tax reporting obligations, the Company will provide copies of such tax advice to Kelly unless otherwise prohibited from doing so by the person responsible for such advice. 

 

	9.6	 Risk management and internal controls 

The Company and each member of the Group shall establish, maintain and duly administer an internal control system comprising policies,
processes and such other features as are necessary or advisable to ensure: 
  

	 	(a)	 the Group’s effective and efficient operation by enabling it to manage significant business, operational,
financial, compliance and other risks; 

  

	 	(b)	 the quality of the Group’s internal and external reporting; and 

  
 14 

	 	(c)	 compliance by each member of the Group and each Shareholder with all applicable laws and regulations (including
Relevant Accounting Standards). 

  

	9.7	 Access to information 

 

	 	(a)	 The Company shall provide each Shareholder and its authorised representatives with all information and access,
during normal business hours, as is reasonably necessary to: 

  

	 	(i)	 keep it properly informed about the use of intellectual property as necessary to protect its interests as the
owner, as applicable; 

  

	 	(ii)	 satisfy itself that the provisions of Clauses 9.3 and 9.4 are being met; and 

 

	 	(iii)	 allow it to comply with any obligations to which it is subject under the laws and regulations referred to in
Clause 9.6(c). 

  

	 	(b)	 Without prejudice to the generality of Clause 9.7(a), the Company shall deliver to each Shareholder the
US GAAP quarterly consolidated report for the Group for Q1 2022 and for periods through 01 March 2022 within 3 months of the end of the Financial Year to which they relate, accounts for each member of the Group and the audited consolidated
accounts for the Group. 

  

	9.8	 [Intentionally blank] 

 

	9.9	 Continuation of services 

Each Shareholder shall continue to provide services for each Group Company in accordance with and subject to the terms and conditions of the
Ancillary Agreements. 
  

	9.10	 Insurance 

In accordance with Clause 3.3(f) the Company and each member of the Group shall maintain, with well-established and reputable insurers,
adequate insurance against all risks usually insured against by companies carrying on the same or similar business to the Business and to the extent available on commercially reasonable terms (without prejudice to the generality of the foregoing)
for the full replacement or reinstatement value of all its assets of an insurable nature. The Company shall ensure that such insurance shall meet the reasonable requirements of each Shareholder’s customers that are serviced by the Company. 

 

	9.11	 Approvals 

The Company and each member of the Group shall use its best endeavours to obtain and maintain in full force and effect all approvals, consents
and/or licences necessary for the conduct of the Business. 
  

	9.12	 Compliance 

Each of the Shareholders undertakes that it shall comply with any applicable anti-bribery or anti-corruption laws and the Company shall
implement, and extend to each member of the Group, the Anti-Corruption Policies. The Board shall periodically review the Anti-Corruption Policies and update them from time to time to reflect any changes in applicable law and/or best international
practice. The Company shall cooperate with the reasonable requests of each Shareholder with respect to confirming and evidencing compliance with Anti-Corruption Policies by the members of the Group. 

  
 15 

	9.13	 Kelly Customers 

In the event that the Group determines it will terminate or allow expiry of a contract with a Kelly Customer, or otherwise cease
providing services to a Kelly Customer, the Board shall notify Kelly of the same. The Company shall cooperate as reasonably requested by Kelly with respect to the transition of services provided to any Kelly Customer whose contract or service is
terminated or permitted to expire as provided in this Clause 9.13. 
  

	9.14	 Fees 

PAPAC shall be entitled to charge the Company reasonable management fees for the provision of management services; provided that such
management fees are not deducted from the calculation of EBITDA used to calculate the Option Price in 13.8. 
  

	9.15	 Back-office services 

PAPAC procures that a member of Persol Group or any of the Group Companies shall provide back-office services to the Kelly OCG Business in
accordance with the terms and conditions of the Service Agreement for Services from PSK to Kelly OCG between Kelly, KSG and the Company dated 9 October 2020, as amended (OCG Service Agreement), provided however that (i) any
references in the OCG Service Agreement to the joint venture agreement shall be deemed to refer to this Agreement; (ii) any clauses under the OCG Service Agreement which provide for that agreement to be terminated upon the termination of the
joint venture agreement shall be deemed not to apply and shall be deemed to be deleted in its entirety; and (iii) 6 months’ prior written notice shall be required if provided before 31 December 2022 and 3 months’ prior written notice
shall be required after 31 December 2022, in order for either party to terminate for convenience and without cause the OCG Service Agreement notwithstanding any other provisions to the contrary under such agreements 

Kelly shall provide IT services to the Company and Group Companies in accordance with the terms and conditions of the IT Services Agreement for
Services between Kelly and the Company between Kelly and the Company dated 25 August 2021, as amended (IT Service Agreement), provided however that (i) any references in the IT Service Agreement to the joint venture agreement shall
be deemed to refer to this Agreement; (ii) any clauses under the IT Service Agreement which provide for that agreement to be terminated upon the termination of the joint venture agreement shall be deemed not to apply and shall be deemed to be
deleted in its entirety; and (iii) the parties shall not terminate the IT Service Agreement for convenience and without cause notwithstanding any other provisions to the contrary under such agreements until 19 February 2023. 

 

	10.	 RESTRICTIVE COVENANTS 

 

	10.1	 General restriction of Shareholders 

Each Shareholder covenants with the other Shareholder and each member of the Group that, except with the consent in writing of the other
Shareholder (such consent not to be unreasonably withheld or delayed) it will not and will procure that each member of its Shareholder Group will not at any time after the date of this Agreement in relation to any trade, business or company use a
trade name, trade or service mark, design or logo including the words “PERSOLKELLY” or any word confusingly similar thereto in such a way as to be capable of or likely to be confused with any trade name, trade or service mark, design or
logo of any member of the Group (whether registered or not). For the avoidance of doubt and subject to the terms and conditions of the Intellectual Property Transfer Agreements, each member of the Group shall be permitted to use a trade name, trade
or service mark, design or logo including the words “PERSOLKELLY” during the term of this Agreement. 

  
 16 

	10.2	 Restrictions on Kelly 

 

	 	•	 	 From the date hereof until 31 December 2026, Kelly covenants with PAPAC and each member of the Group that,
except with the consent in writing of PAPAC, for so long as it or any member of the Kelly Group remains a shareholder of the Company, it will not within the Territory, either on its own account or in conjunction with or on behalf of any other
person, carry on or be engaged, concerned or interested, directly or indirectly, whether as shareholder, director, partner, agent or otherwise, in carrying on any business which competes with the Group’s Staffing Services business. The Parties
acknowledge and agree that the Kelly Group’s continued operation of Kelly OCG Business shall not violate the restrictions provided in this Clause 10.2. For the avoidance of doubt, this Section 10.2 shall not apply to a third party, or its non-Kelly subsidiaries and affiliates, that acquires all or substantially all of the assets of Kelly. 

  

	10.3	 [Intentionally blank] 

 

	10.4	 Severance 

Each of the restrictions contained in this Clause 10 is separate and severable and in the event of any such restriction being determined to be
unenforceable in whole or in part for any reason, that unenforceability shall not affect the enforceability of the remaining restrictions or (in the case of restrictions unenforceable in part) the remainder of that restriction. 

 

	10.5	 Modification of restrictions 

While the restrictions contained in this Clause 10 are considered by the Shareholders to be reasonable in all the circumstances, it is
recognised that restrictions of the nature in question may fail for technical reasons and accordingly it is hereby agreed and declared that if any of such restrictions shall be adjudged to be void as going beyond what is reasonable in all the
circumstances for the protection of the interests of the Group but would be valid if part of the wording thereof were deleted or the periods thereof reduced or the range of activities or area dealt with thereby reduced in scope, the said restriction
shall apply with such modifications as may be necessary to make it valid and effective. 
  

	10.6	 Restrictions on each Shareholder’s group 

Each Shareholder shall, and shall procure that each member of its Shareholder Group shall be bound by and observe the provisions of this Clause
10 as if they were parties covenanting with the other Shareholder on the same terms. 
  

	10.7	 In consideration of the joint investment of the Parties in the Company and the continuing relationship between
the Parties relating to support services, until 31 December 2026 

  

	 	(a)	 each Shareholder shall not, and shall procure that none of the members of its Shareholder Group shall, do or
say anything which is deliberately calculated to be, or is reasonably likely to be, materially harmful to the reputation of a Group Company or which may lead a person to cease to deal with a Group Company on substantially equivalent terms to those
previously offered or at all; 

  

	 	(b)	 Kelly shall not and shall procure that none of the members of the Kelly Group shall: 

 

	 	(i)	 canvas or solicit orders from any person (except for any Kelly Customer with respect to which notice is
delivered to Kelly pursuant to Clause 9.13) who is or has been at any time within the previous 12 months a customer of any Group Company for Staffing Services to be provided within the Territory; or 

  
 17 

	 	(ii)	 induce or attempt to induce any person who is a director of a Group Company or is employed by a Group Company
in a management role or at a base salary of more than SGD 75,000 per annum (or the approximate local currency equivalent) to leave the employment of that Group Company; and 

 

	 	(c)	 For so long as the Kelly OCG Business is owned by a member of the Kelly Group, PAPAC shall not and shall
procure that none of the members of the Persol Group or any Group Company shall: 

  

	 	(i)	 canvas or solicit orders from any person who is known by the Company to be an existing customer of the Kelly
OCG Business within the Territory as listed in the list attached as Schedule 5. If PAPAC or any Group Company wishes to provide any services to the customer listed in Schedule 5 before 31 Dec 2026, PAPAC or the relevant Group Company must obtain the
prior consent from Kelly, such consent not to be unreasonably withheld or delayed; or 

  

	 	(ii)	 induce or attempt to induce any person who is a director of any member of the Kelly Group with respect to the
Kelly OCG Business in the Territory or is employed by any member of the Kelly Group with respect to the Kelly OCG Business in the Territory in a management role or at a base salary of more than SGD 75,000 per annum (or the approximate local currency
equivalent) to leave the employment of the Kelly OCG Business. 

  

	 	(d)	 If Kelly Group’s Staffing Services to its global accounts involve Staffing Services in APAC, Kelly will
use its commercially reasonable efforts to first offer such APAC Staffing Services opportunities to the Company where to the knowledge of Kelly such services are provided by the Company. 

 

	10.8	 Exceptions from restrictions 

Except as expressly provided in this Clause 10, subject to the terms of the Ancillary Agreements, from and after the date of this Agreement,
the Group Companies and each of the members of the Persol Group and the Kelly Group shall be free to operate their respective businesses as conducted from time to time without restriction under this Agreement. Kelly acknowledges that the
restrictions in this clause 10 shall not apply to PAPAC’s wholly owned subsidiaries in Australia and New Zealand nor to any Group Company collaborating with such wholly owned subsidiaries in Australia and New Zealand. 

 

	11.	 INTELLECTUAL PROPERTY 

 

	11.1	 Intellectual Property of the Group 

Subject to the terms of the Ancillary Agreements, any rights to Intellectual Property which arise in the course of the Group’s activities
shall belong to the Company or, as the case may be, the relevant member of the Group. The Company will pay royalties to the Shareholders or relevant owners for use of the brand names in accordance with the Intellectual Property Transfer Agreements.

  

	11.2	 Ownership of name 

  

	 	(a)	 PAPAC and the Company recognise that the word “Kelly” and any similar word in any language and all
rights of whatever nature in respect thereof are the sole property of Kelly, and, subject to Clause 11.3(a), will procure that neither it nor any member of the Persol Group use such words at any time except with the written consent of Kelly.

  
 18 

	 	(b)	 Kelly and the Company recognise that the words “Temp”, “Tempstaff”, “Capita”,
“Intelligence”, “Persol” and any similar words in any language and all rights of whatever nature in respect thereof are the sole property of the Persol Group, and, subject to Clause 11.3(b), will procure that neither it nor any
member of the Kelly Group use such words at any time except with the written consent of PAPAC. 

  

	11.3	 Use of name 

  

	 	(a)	 The Parties agree that, during the Applicable Period (as defined in Clause 11.4(c)), each of the Company and
the other members of the Group has the right to use the word “Kelly” as part of its corporate name “PERSOLKELLY” and may use the name and Intellectual Property of Kelly in accordance with the Kelly Intellectual Property Transfer
Agreement (but shall have no other rights in respect of this word). 

  

	 	(b)	 The Parties agree that, during the term of this Agreement, each of the Company and the other members of the
Group has the right to use the words “Persol”, “Temp”, “Tempstaff”, “Capita”, and “Intelligence” as part of its corporate name and may use the name and Intellectual Property of Persol in accordance
with the Temp Intellectual Property Transfer Agreement (but shall have no other rights in respect of this word) until such time as PAPAC or any member of the Persol Group (if applicable) cease to be a shareholder of the Company.

  

	11.4	 Termination of use of name 

 

	 	(a)	 Subject to Clause 11.3(a) above, each of PAPAC and the Company undertakes that it shall use all reasonable
endeavours to procure that it, the members of the Persol Group and the Group Companies cease to use and withdraw any trademark, tradename or other intellectual property registrations by any Group Company of the word “Kelly,” including as
part of the name “PERSOLKELLY,” and any similar word in any language and any Intellectual Property of Kelly or the members of the Kelly Group prior to the expiry of the Applicable Period, unless it has obtained written consent from Kelly
for such use. Notwithstanding the foregoing, from 31 December 2026, notwithstanding that the Group Companies will cease use of the PERSOLKELLY mark in China, the Group Companies may, at their sole discretion, maintain registration of the mark
in China pursuant to a limited, non-exclusive, non-assignable license granted to the Company by Kelly in such Ancillary Agreements. 

 

	 	(b)	 Each of Kelly and the Company undertakes that, within 30 days of the date on which PAPAC and any member of the
Persol Group (if applicable) cease to be a shareholder of the Company, it shall use all reasonable endeavours to procure that it, the members of the Kelly Group and the Group Companies cease to use the words “Temp”, “Tempstaff”,
“Capita”, “Intelligence” and any similar words in any language and any Intellectual Property of PAPAC or the members of the Persol Group, unless it has obtained written consent from PAPAC for such use. 

 

	 	(c)	 Notwithstanding the foregoing, the license shall terminate immediately in the event of a Termination Event as
defined in Section 13.4 of this Agreement triggered by PAPAC. 

  

	 	(d)	 As used in this Clause 11, the term (“Applicable Period”) means the later of:

  

	 	(i)	 the period from the date of this Agreement until 31 December 2026; or 

 

	 	(ii)	 the period from when Kelly ceases to be a Shareholder of the Company. 

  
 19 

	12.	 TRANSFER OF SHARES 

 

	12.1	 General prohibition 

Unless permitted by this Clause 12 or with the prior written consent of the other Shareholder, neither Shareholder shall do, or agree to do,
any of the following: 
  

	 	(a)	 sell, transfer or otherwise dispose of, any of its Shares or any interest in any of its Shares;

  

	 	(b)	 Encumber any of its Shares or any interest in any of its Shares; 

 

	 	(c)	 enter into any agreement or arrangement in respect of the votes or other rights attached to any of its Shares,
except for this Agreement; or 

  

	 	(d)	 enter into any agreement or arrangement to do any of the foregoing. 

 

	12.2	 Lock-Up Period 

Except for a transfer: 
  

	 	(a)	 which is a transfer of Shares permitted under Clause 12.3; 

 

	 	(b)	 which is a transfer of Shares made under Clause 13.9; 

 

	 	(c)	 to which the other Shareholder gives its prior written consent, 

no Shareholder may transfer any of its Shares on or before 31 December 2024 (“Lock-Up
Period”). 
  

	12.3	 Transfer to Shareholder Group 

Either Shareholder may transfer all (but not some only) of its Shares to a member of its Shareholder Group provided that (a) the
transferring Shareholder provides written notice of the proposed transfer to the other Shareholder and the Company at least 30 days prior to completion of the transfer, (b) the transferee executes and delivers to the Company and the other
Shareholder a Deed of Adherence and (c) the transferring Shareholder agrees in writing with the Company and the other Shareholder to procure that if the transferee ceases or proposes to cease being a member of such Shareholder’s Group, the
transferee shall immediately transfer all of its interest in any Shares to the Shareholder that transferred the Shares to the transferee or another member of its Shareholder Group. The transferring Shareholder shall procure that the relevant member
of its Shareholder Group observes and complies with this Agreement, and the obligations on the transferring Shareholder contained in this Agreement shall continue to apply to it notwithstanding the fact that it ceases to be a Shareholder. The
provisions of Schedule 2 shall apply to all transfers of Shares pursuant to this Clause 12.3. 
  

	12.4	 Transfer to Third Parties 

Subject to Clause 12.2, following the expiry of the Lock-Up Period, either Shareholder (the
“Selling Shareholder”) may transfer its Shares to a third party only if it receives an offer (the “Offer”) which: 
  

	 	(a)	 is a bona fide offer in writing; 

 

	 	(b)	 is from a third party that has its own financial resources to meet its obligations under the Offer or has a
legally binding commitment from a lender for the necessary finance to do so (the “Offeror”); 

  
 20 

	 	(c)	 is irrevocable during the period of the Offer, which period shall not be less than 60 Business Days;

  

	 	(d)	 is for cash consideration only and is for such number of Shares set out in the written notice of the Offer,
which in any case shall not be less than all the Shares of the Selling Shareholder; and 

  

	 	(e)	 contains all material terms and conditions (including the price and the intended completion date of the Offer),

 and in circumstances in which the Selling Shareholder complies with the remaining provisions of this Clause 12. 

 

	12.5	 Notice of Offers 

If a Selling Shareholder receives an Offer which it wishes to accept, it shall promptly give written notice, including details of the proposed
purchaser and the purchase price for the Shares, (the “Transfer Notice”) to the other Shareholder (the “Remaining Shareholder”) and offer to sell those Shares which are the subject of the Offer to the Remaining
Shareholder at the same cash price as set out in the Offer and on terms which are no less favourable than those contained in the Offer. The Transfer Notice must also state: 
  

	 	(a)	 the period within which the offer to sell the Shares to the Remaining Shareholder shall remain open for
acceptance. This period must be at least 30 Business Days from the date of service of the Transfer Notice (the “Acceptance Period”); and 

  

	 	(b)	 full details of all other terms and conditions of the Offer. 

 

	12.6	 Options of Remaining Shareholder 

Once the Remaining Shareholder has received a Transfer Notice it may: 
  

	 	(a)	 send a written notice to the Selling Shareholder within the Acceptance Period accepting the offer set out in
the Transfer Notice; 

  

	 	(b)	 send a written notice to the Selling Shareholder within the Acceptance Period declining the offer set out in
the Transfer Notice; 

  

	 	(c)	 send a written notice to the Selling Shareholder (a “Sale Notice”) within the Acceptance
Period offering to sell some or all of the Shares held by the Remaining Shareholder to the Offeror on the same terms and conditions as those contained in the Offer; or 

 

	 	(d)	 not reply to the Transfer Notice within the Acceptance Period or reply in a manner other than as specified in
Clauses 12.6(a) to (c), in which case the Remaining Shareholder shall be deemed to decline the offer set out in the Transfer Notice and not to have issued a Sale Notice. 

 

	12.7	 Consequences of Transfer Notice 

 

	 	(a)	 If the offer set out in the Transfer Notice is accepted as set out in Clause 12.6(a), the Selling Shareholder
must promptly sell its Shares to the Remaining Shareholder on the terms set out in the Transfer Notice. 

  
 21 

	 	(b)	 If the offer set out in the Transfer Notice is not accepted as set out in the Clause 12.6(b), or deemed not to
be accepted as set out in the Clause 12.6(d), and a Sale Notice is not issued, or deemed not to be issued, the Selling Shareholder may accept the Offer and sell its Shares on the terms and conditions of the Offer at any time after the expiry of the
Acceptance Period and prior to the date that falls on the sixth month anniversary of the date of the Transfer Notice. For the avoidance of doubt, the Selling Shareholder may not accept any Offer after the sixth month anniversary of the date of the
relevant Transfer Notice unless it issues a new Transfer Notice and offers the Remaining Shareholder the options set out in Clause 12.6. 

  

	 	(c)	 If a Sale Notice is issued as set out in Clause 12.6(c), the Selling Shareholder shall procure that the Offeror
purchase such number of Shares from the Remaining Shareholder as specified by the Remaining Shareholder provided that if the number of Shares that the Offeror is seeking to acquire is less than the total number of Shares held by the Remaining
Shareholder, the Remaining Shareholder may only issue a Sale Notice in respect of such number of Shares as the Offeror is seeking to acquire. 

  

	12.8	 Completion of transfer 

The sale of Shares pursuant to this Clause 12 shall be made on the following terms: 

 

	 	(a)	 completion of the transfer of the Shares shall take place seven Business Days after the date of expiry of the
Acceptance Period (the “Transfer Date”) and at such reasonable time and place as the Shareholders agree or, failing which, at noon at the registered office of the Company; 

 

	 	(b)	 the Selling Shareholder and, if relevant, the Remaining Shareholder shall deliver to the Offeror in respect of
the Shares which they are selling on or before the Transfer Date: 

  

	 	(i)	 duly executed instrument of transfer; and 

 

	 	(ii)	 if issued and existing, the relevant share certificates, 

in each case against payment in full of the price for the Shares being sold; 

 

	 	(c)	 the Selling Shareholder shall procure that the Offeror pays the total consideration due for the Shares to the
Selling Shareholder and, if applicable, the Remaining Shareholder by same day transfer of funds to the bank account(s) notified to it for the purpose on the Transfer Date; 

 

	 	(d)	 if applicable, completion of the sale of the Shares of the Selling Shareholder and the Remaining Shareholder
must take place simultaneously; and 

  

	 	(e)	 in accordance with the provisions of Schedule 2. 

 

	12.9	 Failure to complete sale 

 

	 	(a)	 If the Selling Shareholder and/or, if relevant, the Remaining Shareholder fails or refuses to comply with
its/their obligations in this Clause 12, the Company may authorise a person to execute and deliver the necessary transfer on its/their behalf. The Company may receive the purchase money in trust for the Selling Shareholder and/or, if relevant, the
Remaining Shareholder and cause the Offeror to be registered as the holder of the Shares being sold. The receipt by the Company of the purchase money shall be a good discharge to the Offeror (who shall not be bound to see to the application of those
monies). After the Offeror has been registered as holder of the Shares being sold in purported exercise of these powers, the validity of the Proceedings shall not be questioned by any person. 

  
 22 

	 	(b)	 If a Shareholder fails or refuses to transfer any Shares in accordance with this Clause 12, any other
Shareholder may serve a default notice. At the end of the period of 5 Business Days from the date of service of such a default notice (unless the non-compliance has previously been remedied to the reasonable
satisfaction of the other Shareholder), the defaulting Shareholder shall not be entitled to exercise any of its/their powers or rights in relation to management of, and participation in the profits of, the Company under this Agreement, the
Constitution or otherwise. The Directors appointed by the defaulting Shareholder (or its predecessor(s) in title) shall not: 

  

	 	(i)	 be entitled to vote at any board meeting; 

 

	 	(ii)	 be required to attend any meeting of directors in order to constitute a quorum; or 

 

	 	(iii)	 be entitled to receive or request any information from the Company. 

 

	12.10	 General 

The Shareholders shall keep the Company informed at all times of the issue and contents of any notice(s) served pursuant to this Clause 12 and
any election or acceptance relating to those notices. 
  

	13.	 TERM AND TERMINATION 

 

	13.1	 Termination 

This Agreement can be terminated only in accordance with the following provisions of this Clause 13. 

 

	13.2	 Termination by consent 

This Agreement may be terminated at any time by the written agreement of the Shareholders and shall terminate automatically without notice on
the date upon which all of the Shares are held by one Shareholder. 
  

	13.3	 [Intentionally blank] 

 

	13.4	 Termination Event: 

  

	 	(a)	 A termination event occurs if: 

 

	 	(i)	 a Shareholder commits a material breach of its obligations under this Agreement or any Transaction Document
(whether such breach or breaches amount to a repudiatory breach or breaches or not) (“Material Breach”) and, if the breach is capable of remedy, fails to remedy the breach within 20 Business Days of being specifically required in
writing so to do by the other Shareholder; 

  

	 	(ii)	 a Shareholder sells or otherwise disposes of all or substantially all of its undertaking or assets (other than
a sale or disposition that is to an Affiliate of such Shareholder); 

  

	 	(iii)	 a Change of Control of a Shareholder is consummated (other than a transaction described in Clause 13.4(a)(ii))
where the body corporate which acquires Control of such Shareholder is a Competitor; 

  

	 	(iv)	 a Shareholder fails to pay its debts generally as they become due or any material financial indebtedness of the
Shareholder becomes payable or capable of being declared payable before its stated maturity date; or 

  
 23 

	 	(v)	 an Insolvency Event occurs in relation to a Shareholder, 

(each a “Termination Event”). For the avoidance of doubt, a change of control of a Shareholder arising from the issuance or
transfer of the shares or other equity interests of such Shareholder, or from a merger, consolidation or similar business combination transaction involving such Shareholder, shall not give rise to a termination event pursuant to Clause 13.4(a)(ii).

  

	 	(b)	 For the purposes of this Clause 13, “Defaulting Shareholder” means: 

 

	 	(i)	 in the case of Clause 13.4(a)(i), the Shareholder that commits the Material Breach; 

 

	 	(ii)	 in the case of Clause 13.4(a)(ii), the Shareholder that disposes of all or substantially all of its undertaking
or assets; 

  

	 	(iii)	 in the case of Clause 13.4(a)(iii), the Shareholder subject to the Change of Control; 

 

	 	(iv)	 in the case of Clause 13.4(a)(iv), the Shareholder that fails to pay its debts generally as they become due or
the Shareholder whose material financial indebtedness becomes payable or capable of being declared payable before its stated maturity date; 

  

	 	(v)	 in the case of Clause 13.4(a)(v), the Shareholder that is subject to the Insolvency Event;

 and the “Non-Defaulting Shareholder” means in each case the
Shareholder other than the Defaulting Shareholder. 
  

	13.5	 Termination Event Notice 

If a Termination Event occurs, the Defaulting Shareholder must immediately give written notice to the
Non-Defaulting Shareholder and the Company (a “Termination Event Notice”), setting out brief details of the Termination Event and of any action it proposes to take in response to the
Termination Event (including, in the case of a Material Breach, any proposed steps to remedy that breach). 
  

	13.6	 Termination Call Option 

 

	 	(a)	 Following a Termination Event, if Kelly is the Defaulting Shareholder, PAPAC has the option (a
“Termination Call Option”) to purchase all (but not some only) of the Sale Shares of Kelly by serving a notice in writing on Kelly and the Company (the “Termination Call Notice”). 

 

	 	(b)	 Following a Termination Event, if PAPAC is the Defaulting Shareholder, Kelly has the option (a
“Termination Put Option”) to sell all (but not some only) of the Sale Shares of Kelly by serving a notice in writing on PAPAC and the Company (the “Termination Put Notice”). 

 

	 	(c)	 To be valid, a Termination Call Notice or Termination Put Notice must be served within a period of 90 Business
Days after the date on which the Non-Defaulting Shareholder is notified in writing under Clause 13.5 (or otherwise becomes actually aware) that the relevant Termination Event has occurred (the
“Termination Call Period” or “Termination Put Period”), provided that if the Non-Defaulting Shareholder has given the Defaulting Shareholder notice under Clause 13.4(a)(i) to
remedy a Material Breach, such 90 Business Day period shall not commence until the date on which the 20 Business Day period referred to in Clause 13.4(a)(i) expires. 

  
 24 

	13.7	 Exit Put/Call Option 

From 1 January 2025 onwards, Kelly shall have the right to sell to PAPAC, and PAPAC shall have the right to purchase from Kelly, all, but
not part, of the Sale Shares of Kelly (“Exit Put/Call Option”) at any time by serving a notice in writing on the other Shareholder and the Company (“Exit Put/Call Notice”). 

 

	13.8	 Option Price 

The option price for each of the Sale Shares of Kelly to be transferred to PAPAC following the exercise of a Termination Put Option, a
Termination Call Option or an Exit Put/Call Option (“Option Price”) shall be an amount equal to the higher of: 
  

	 	(a)	 USD 1.12 (as adjusted to take into account any stock split, stock dividend, combination of shares,
recapitalization or similar transaction on or after the date of this Agreement); and 

  

	 	(b)	 the amount calculated as follows: 

 

	 	(i)	 EBITDA; 

multiplied 
  

	 	(ii)	 8; 

divided 
  

	 	(c)	 the aggregated number of issued and outstanding Shares as at the time of the transfer of the Sale Shares.

 In this paragraph, EBITDA means the earnings before interest, taxation, depreciation and amortisation of the Company,
during the 12-month period of the most recent audited consolidated financial statements of the Company. Notwithstanding the foregoing, management fees charged by PAPAC to the Company shall not be deducted from
earnings in the Company’s calculation of EBITDA to determine the Option Price. 
  

	13.9	 Transfer of Sale Shares 

Within ten Business Days after the determination of the Option Price in accordance with Clause 13.7, or such other date as the Shareholders may
agree, the transferring Shareholder must deliver to the purchasing Shareholder: 
  

	 	(a)	 duly executed instruments of transfer for all of the Sale Shares; and 

 

	 	(b)	 if issued and existing, the relevant share certificates for each of the Sale Shares, 

in each case against payment in full of the Option Price in respect of each of the Sale Shares and the Shareholders shall procure that the
Board will enter the purchaser’s name in the register of members of the Company and if applicable any other Group Company as the holder of the Sale Shares. 
  

	13.10	 Business pending registration 

Following service of a Termination Notice or an Exit Put/Call Notice (as the case may be) until such time as the completion of the transfer of
the Sale Shares pursuant to Clause 13.9 (including, if appropriate, the period of valuation or any period during which any matter relating to this Clause is the subject of Proceedings), each Shareholder shall do all things in its power to ensure the
Group continues to operate in the ordinary course of its business as it existed at the time at which the Termination Notice or the Exit Put/Call Notice (as the case may be) was served. 

  
 25 

	13.11	 Mechanics of transfers 

The provisions of Schedule 2 shall apply to all transfers of Sale Shares pursuant to this Clause 13. 

 

	13.12	 Survival 

Notwithstanding anything else in this Agreement, the Surviving Provisions shall survive the termination of this Agreement and remain in full
force and effect. 
  

	13.13	 General 

Nothing in this Clause 13 affects any Party’s right to claim damages or other compensation under applicable law for a breach or, where
appropriate, to seek an immediate remedy of an injunction, specific performance or similar court order to enforce the other Party’s obligations. 
  

	13.14	 No other acquisition of Kelly Shares 

Except in accordance with this Clause 13 or unless otherwise agreed by the Parties in writing, no member of the Persol Group or any Group
Company may purchase, acquire, redeem, cancel or otherwise eliminate the Sale Shares held by Kelly or any other member of the Kelly Group, including by means of any merger, consolidation, scheme of arrangement, tender offer, redemption offer,
recapitalization, reorganization or any similar transaction. In connection with any merger, consolidation, scheme of arrangement, tender offer, redemption offer, recapitalization, reorganization or any similar transaction involving an unaffiliated
third party, Kelly and PAPAC shall be entitled to receive the same form and amount of consideration per Sale Share or, if an option to receive different forms or amounts of consideration is made available to PAPAC, then the same option shall be made
available to Kelly. 
  

	14.	 DEADLOCK 

  

	14.1	 If the Shareholders are unable to arrive at a decision on any Reserved Matter, then a deadlock shall be deemed
to have occurred in relation to the matter. Whenever a deadlock is deemed to have occurred, each Shareholder may, within twenty Business Days of the event that has given rise to the deadlock, give written notice to the other Shareholder that in its
opinion there is a deadlock (“Deadlock Notice”) and identifying the matter over which the Shareholders are deadlocked. 

  

	14.2	 If the deadlock has not been resolved within a period of twenty Business Days following service of the Deadlock
Notice the Shareholders shall forthwith refer the matter which has given rise to the deadlock to the chief operating officer (or similar position) of each of the Shareholders and shall each use all reasonable endeavours in good faith to resolve the
dispute. 

  

	14.3	 If the deadlock has not been resolved within a period of forty Business Days following the service of the
Deadlock Notice the Shareholders shall forthwith refer the matter which has given rise to the deadlock to the chief executive officer (or similar position) of each of the Shareholders and shall each use all reasonable endeavours in good faith to
resolve the dispute. 

  

	14.4	 If the deadlock has not been resolved within a period of sixty Business Days following the service of the
Deadlock Notice (or such other date agreed between the Shareholders), the deadlock will be deemed to have lapsed and no decision on the relevant matter will be deemed to have been made. 

  
 26 

	15.	 CONFIDENTIALITY AND ANNOUNCEMENTS 

 

	15.1	 Confidentiality 

  

	 	(a)	 This Clause 15 applies to all Confidential Information disclosed (whether in writing, verbally or by any other
means and whether directly or indirectly) by one Party or members of its Shareholder Group and their directors, officers, employees, agents and advisors (the “Disclosing Party”) to any other Party or member of its Shareholder Group
and their directors, officers, employees, agents and advisors (the “Receiving Party”) whether before or after the date of this Agreement. 

  

	 	(b)	 During the term of this Agreement and after termination or expiration of this Agreement for any reason
whatsoever, the Receiving Party shall: 

  

	 	(i)	 keep the Confidential Information confidential; 

 

	 	(ii)	 not disclose the Confidential Information to any other person other than with the prior written consent of the
Disclosing Party or in accordance with Clauses 15.1(c) and 15.1(d); and 

  

	 	(iii)	 not use the Confidential Information for any purpose other than the performance of its obligations under this
Agreement. 

  

	 	(c)	 During the term of this Agreement, the Receiving Party may disclose the Confidential Information to
(i) the members of its Shareholder Group, (ii) any of its employees or advisers or those of members of the Group (the “Recipient”) to the extent that it is necessary for the purposes of this Agreement.

  

	 	(d)	 The Receiving Party shall procure that each Recipient is made aware of and complies with all the Receiving
Party’s obligations of confidentiality under this Agreement as if the Recipient was a party to this Agreement. The Receiving Party shall remain responsible for any breach of this Clause 15 by the Recipient. 

 

	 	(e)	 The obligations contained in Clauses 15.1(b) to 15.1(d) shall not apply to any Confidential Information which:

  

	 	(i)	 at the date of this Agreement, or at any time after the date of this Agreement, comes into the public domain
other than through breach of this Agreement by the Receiving Party or any Recipient; 

  

	 	(ii)	 can be shown by the Receiving Party to the reasonable satisfaction of the Disclosing Party to have been known
to the Receiving Party prior to it being disclosed by the Disclosing Party to the Receiving Party; 

  

	 	(iii)	 subsequently comes lawfully into the possession of the Receiving Party from a third party; or

  

	 	(iv)	 is required to be disclosed by law or any court of competent jurisdiction, any governmental, official or
regulatory authority or any binding judgment, order or requirement of any other competent authority. 

  

	 	(f)	 The obligations contained in Clauses 15.1(b) to 15.1(d) shall not apply to financial, tax or other information
regarding the Group Companies provided or otherwise made available to either Shareholder in accordance with Clause 9 to the extent such information is required by applicable law, rule, regulation or securities exchange listing requirement to be
included or incorporated by reference in any report, return or other document filed by such Shareholder or any member of its Group with any governmental or tax authority or securities exchange. 

  
 27 

	 	(g)	 Without prejudice to any other rights or remedies which a Party may have, the Parties acknowledge and agree
that damages would not be an adequate remedy for any breach of this Clause 15 and the remedies of injunction, specific performance and other equitable relief are appropriate for any threatened or actual breach of any such provision and no proof of
special damages shall be necessary for the enforcement of the rights under this Clause 15. 

  

	15.2	 Directors 

A Director may provide Confidential Information regarding the Company to his appointing Shareholder provided that such appointing Shareholder
must treat any such Confidential Information in accordance with Clause 15.1. 
  

	15.3	 Announcements 

  

	 	(a)	 Subject to the provisions of Clause 15.3(b), no disclosure or announcement relating to the existence or subject
matter of this Agreement shall be made or issued by or on behalf of any Party or any member of the group of companies of which that Party is a member without the prior written approval of the other Parties (which approval may be subject to
reasonable conditions but shall otherwise not be unreasonably withheld or delayed) provided that these restrictions shall not apply to any disclosure or announcement if required by any law, applicable securities exchange, supervisory, regulatory or
governmental body. 

  

	 	(b)	 Nothing in this Agreement will prohibit the Parties from making or sending after the Closing Date any
announcement to a customer, client or supplier of any member of the Group informing it of the establishment of the Business. 

  

	 	(c)	 The Party making the disclosure or announcement shall use its reasonable endeavours to consult with the other
Parties in advance as to the form, content and timing of the disclosure or announcement. 

  

	16.	 [INTENTIONALLY BLANK] 

 

	17.	 NO PARTNERSHIP 

Nothing in this Agreement (or any of the arrangements contemplated by it) is or shall be deemed to constitute a partnership between the
Parties nor, except as may be expressly set out in it, constitute any Party the agent of the others for any purpose. 
  

	18.	 COUNTERPARTS 

This Agreement may be executed in any number of counterparts and by the Parties to it on separate counterparts and each such counterpart shall
constitute an original of this Agreement but all of which together constitute one and the same instrument. Delivery of a counterpart of this Agreement by e-mail attachment or facsimile shall be an effective
mode of delivery. This Agreement shall not be effective until each Party has executed at least one counterpart. 

  
 28 

	19.	 FURTHER ASSURANCE 

Each Party agrees (at its own cost) to perform (or procure the performance of) all further acts and things, and execute and deliver (or
procure the execution and delivery of) such further documents, as may be required by law or as the other Parties may reasonably require, whether on or after Closing, to implement and/or give effect to this Agreement and the transaction contemplated
by this Agreement. 
  

	20.	 VARIATION, WAIVER AND CONSENT 

 

	20.1	 No variation or waiver of any provision or condition of this Agreement shall be effective unless it is in
writing and signed by or on behalf of each of the Parties (or, in the case of a waiver, by or on behalf of the Party waiving compliance). 

  

	20.2	 Unless expressly agreed, no variation or waiver of any provision or condition of this Agreement shall
constitute a general variation or waiver of any provision or condition of this Agreement, nor shall it affect any rights, obligations or liabilities under or pursuant to this Agreement which have already accrued up to the date of variation or
waiver, and the rights and obligations of the Parties under or pursuant to this Agreement shall remain in full force and effect, except and only to the extent that they are so varied or waived. 

 

	20.3	 Any consent granted under this Agreement shall be effective only if given in writing and signed by the
consenting Party and then only in the instance and for the purpose for which it was given. 

  

	21.	 ENTIRE AGREEMENT 

The Transaction Documents represent the whole and only agreement between the Parties in relation to the establishment and operation of the
Business. 
  

	22.	 NO THIRD PARTY RIGHTS 

A person who is not party to this Agreement shall have no right under the Contracts (Rights of Third Parties) Act, Chapter 53B of Singapore to
enforce any of its terms. 
  

	23.	 NOTICES 

  

	23.1	 Save as otherwise provided in this Agreement, any notice, demand or other communication
(“Notice”) to be given by any Party under, or in connection with, this Agreement shall be in writing and signed by or on behalf of the Party giving it. Any Notice shall be served by sending it by to the number set out in Clause
23.2, or delivering it by hand to the address set out in Clause 23.2 and in each case marked for the attention of the relevant Party set out in Clause 23.2 (or as otherwise notified from time to time in accordance with the provisions of this Clause
23). Any Notice so served by fax or hand shall be deemed to have been duly given or made as follows: 

  

	 	(a)	 if sent by fax, at the time of transmission; or 

 

	 	(b)	 in the case of delivery by hand, when delivered, 

provided that in each case where delivery by fax or by hand occurs after 6 pm on a Business Day or on a day which is not a Business Day,
service shall be deemed to occur at 9 am on the next following Business Day. 
 References to time in this Clause are to local time in the
country of the addressee. 

  
 29 

	23.2	 The addresses and fax numbers of the Parties for the purpose of Clause 23.1 are as follows:

  

	 	(a)	 Kelly 

Address: 
 999 West Big Beaver
Road 
 Troy, MI 48084 
 USA

 Fax: 248-244-4329 

For the attention of: General Counsel 
  

	 	(b)	 PAPAC 

Address (up to March 6, 2022): 

1-15-5 Minami-Aoyama,
Minato-ku 
 Tokyo, 107-0062 

Japan 
 Address (effective from
March 7, 2022): 
 6 Battery Road, #29-04, 

Singapore 049909 
 Fax: +65
65320107. 
 For the attention of Chief Financial Officer 
  

	 	(c)	 the Company 

Address (up to March 6, 2022): 

8 Marina View #11-01 Asia Square Tower 1 

Singapore 018960 
 Address
(effective from March 7, 2022): 
 6 Battery Road, #29-04, 

Singapore 049909 
 Fax: +65-6266-1788 
 For the attention of: Chief Executive Officer 

 

	23.3	 All Notices issued under Clause 23.1 shall be in English language. 

 

	23.4	 A Party may notify all other Parties to this Agreement of a change to its name, relevant addressee, address or
fax number for the purposes of this Clause 23, provided that such notice shall only be effective on: 

  

	 	(a)	 the date specified in the notification as the date on which the change is to take place; or

  

	 	(b)	 if no date is specified or the date specified is less than five Business Days after the date on which notice is
given, the date following five Business Days after notice of any change has been given. 

  
 30 

	23.5	 In proving service, it shall be sufficient to prove that the envelope containing such notice was properly
addressed and delivered to the address shown thereon or that the facsimile transmission was made and a facsimile confirmation report was received, as the case may be. 

 

	24.	 COSTS 

  

	24.1	 Each of the Parties shall be responsible for its own legal, accountancy and other costs, charges and expenses
incurred in connection with the negotiation, preparation and implementation of this Agreement and any other agreement incidental to or referred to in this Agreement. 

 

	24.2	 Each Party undertakes to the others that the Company has not paid and will not pay (in connection with the
subscription contemplated by this Agreement) any legal, accounting or other professional charges, fees, expenses or commissions relating to the subscription of the Shares including any such costs incurred in connection with any investigation of the
affairs of the Company or the negotiation, preparation, execution and carrying into effect of this Agreement. 

  

	25.	 TIME OF THE ESSENCE 

Time shall not be of the essence of this Agreement, either as regards times, dates and periods specified in the Agreement or as regards any
times, dates or periods that may by agreement between the Parties be substituted for any of them unless: 
  

	 	(a)	 time is expressly stated to be of the essence in relation to that obligation; or 

 

	 	(b)	 one Party fails to perform an obligation by the time specified in this Agreement and the other Parties serve a
notice on the defaulting Party requiring it to perform the obligation by a specified time and stating that time is of the essence in relation to that obligation. 

 

	26.	 SEVERABILITY 

If any provision of this Agreement is held by a court of competent jurisdiction to be illegal, invalid or unenforceable in any respect under
the law of any jurisdiction, then such provision shall (so far as it is invalid or unenforceable) be given no effect and shall be deemed not to be included in this Agreement but without invalidating any of the remaining provisions of this Agreement.
Any provision of this Agreement held invalid or unenforceable only in part or degree will remain in full force and effect to the extent not held invalid or unenforceable. The Parties shall then use all reasonable endeavours to replace the invalid or
unenforceable provision(s) by a valid and enforceable substitute provision, the effect of which is as close as possible to the intended effect of the invalid or unenforceable provision. 

 

	27.	 ASSIGNMENT 

No Party may assign or delegate any of its rights or obligations under this Agreement in whole or in part (other than pursuant to a transfer of
Shares to a third party in accordance with the terms of this Agreement). 
  

	28.	 GOVERNING LAW AND SUBMISSION TO JURISDICTION 

 

	28.1	 Governing law 

The construction, validity and performance of this Agreement and all non-contractual obligations (if
any) arising from or connected with this Agreement shall be governed by the laws of Singapore. 

  
 31 

	28.2	 Arbitration 

  

	 	(a)	 Any dispute arising out of or in connection with this contract, including any question regarding its existence,
validity or termination, shall be referred to and finally resolved by arbitration administered by the Singapore International Arbitration Centre (“SIAC”) in accordance with the Arbitration Rules of the Singapore International
Arbitration Centre (“SIAC Rules”) for the time being in force, which rules are deemed to be incorporated by reference in this clause. The seat of the arbitration shall be Singapore. The tribunal shall consist of three arbitrators.
The language of the arbitration shall be English. 

  

	 	(b)	 Each party agrees that the arbitration agreement set out in this Clause 28.2 and the arbitration agreement
contained in each Ancillary Agreement shall together be deemed to be a single arbitration agreement. 

  

	 	(c)	 Any party to an arbitration commenced pursuant to this Clause 28.2 may, prior to the constitution of an
arbitration tribunal in respect of that arbitration, join any party to this Agreement or any Ancillary Agreement to that arbitration by delivery of a notice to the party it seeks to join at the address given for the sending of notices under this
Agreement or the relevant Ancillary Agreement (as applicable). 

  

	 	(d)	 Any party to this Agreement or any Ancillary Agreement may, subject to and in accordance with the SIAC Rules,
be joined to any arbitration commenced under this Agreement or any Ancillary Agreement and each party consents to such joinder for the purposes of the SIAC Rules. 

 

	 	(e)	 The parties agree to the consolidation of any two or more arbitrations commenced pursuant to this Clause 28.2
and/or the arbitration agreement contained in any Ancillary Agreement, subject to and in accordance with the SIAC Rules. For the avoidance of doubt, this Clause 28.2 is an agreement in writing by all parties to any arbitrations to be consolidated
for the purposes of the SIAC Rules. 

  

	 	(f)	 The parties agree that if an arbitration tribunal has been constituted in more than one of the arbitrations in
respect of which consolidation is sought pursuant to Clause 28.2, the arbitration tribunal which shall have the power to order consolidation shall be the arbitration tribunal appointed first in time. 

 

	 	(g)	 To the extent permitted by law, each party waives any objection, on the basis that a Proceeding has been
resolved in a manner contemplated by this Clause 28.2, to the validity and/or enforcement of any arbitral award. 

  

	28.3	 Interim relief 

Nothing in Clause 28 shall preclude any Party from seeking interim relief or orders for interim preservation in any court of competent
jurisdiction. Any such application to a court shall not be considered a demonstration of an intention to act inconsistently in any way with the agreement to settle disputes by arbitration in accordance with Clause 28. 

 

	28.4	 Language 

This Agreement shall be executed in the English language. Even if this Agreement is translated into any other language, the English language
version alone will be the official version and will prevail over any translated version. 

  
 32 

 The Parties have shown their acceptance of the terms of this Agreement by executing it at the end of the
Schedules. 

  
 33 

 SCHEDULE 1 

RESERVED MATTERS 
  

	1.	 Any change in the name or branding of any Group Company which uses the “Kelly” name or branding
(other than “PERSOLKELLY” name or branding). 

  

	2.	 The granting or entering into of any such license, agreement or arrangement concerning the “Kelly”
name or any intellectual property rights of the Kelly Group (other than license, agreement or arrangement concerning “PERSOLKELLY” name) 

  

	3.	 Unless otherwise expressly provided for in this Agreement, the making of any compromise or arrangement with the
Company’s creditors, any application for the appointment of a receiver or an administrator over the Company’s assets or the winding up of the Company (whether voluntarily or compulsorily). 

  
 34 

 SCHEDULE 2 

SHARE TRANSFER PROVISIONS 
  

	1.	 TRANSFER TERMS 

 

	1.1	 Any sale and/or transfer of Shares pursuant to this Agreement shall be on terms that those Shares:

  

	 	(a)	 are transferred with full legal and beneficial title free from all Encumbrances; and 

 

	 	(b)	 are transferred with the benefit of all rights attaching to them as at the date of the agreement to sell or
transfer the Shares as appropriate but without the benefit of any other warranties or representations whatsoever. 

  

	2.	 APPROVAL 

The Directors shall promptly register any transfer of Shares permitted by this Agreement and each Shareholder shall procure that each Director
appointed by it shall comply with this obligation. 
  

	3.	 REGISTRATION 

The Parties shall procure that a transfer of Shares is not approved for registration unless this Agreement and the Constitution have been
complied with. 
  

	4.	 FURTHER ASSURANCE 

Each Party shall do all things and carry out all acts which are reasonably necessary to effect the transfer of the shares in accordance with
the terms of this Agreement in a timely fashion. 
  

	5.	 RETURN OF DOCUMENTS, ETC. 

On ceasing to be a Shareholder, a Shareholder must use reasonable endeavours to hand over to the Company, destroy or render unreadable, save to
the extent required by law, material correspondence, budgets, Business Plans, documents and records relating to the Business held by it or the members of its Shareholder Group or any third party which has acquired such matter through that
Shareholder and shall not keep any copies. 
  

	6.	 LOANS, BORROWINGS, GUARANTEES AND INDEMNITIES 

 

	6.1	 Upon a transfer of all the Shares held by a Shareholder: 

 

	 	(a)	 the continuing Shareholder shall procure that all loans, borrowings and indebtedness in the nature of
borrowings outstanding owed by the Company to a transferring Shareholder (together with any accrued interest) are either assigned to the continuing Shareholder for such value as may be agreed between the transferring Shareholder and the continuing
Shareholder, or failing agreement with the continuing Shareholder, are repaid by the Company; 

  

	 	(b)	 all loans, borrowings and indebtedness in the nature of borrowings outstanding owed by that transferring
Shareholder to the Company shall be repaid; and 

  

	 	(c)	 the continuing Shareholder shall use all reasonable endeavours (but without involving any financial obligation
on its part) to procure the release of any guarantees, indemnities, security or other comfort given by the transferring Shareholder to or in respect of the Company or its Business and, pending such release, shall indemnify the transferring
Shareholder in respect of them. 

  
 35 

	6.2	 Any assumption of the obligations of a transferring Shareholder by the continuing Shareholder is without
prejudice to the right of the continuing Shareholder and/or the Company to claim from the transferring Shareholder in respect of liabilities arising prior to the completion date of the transfer of Shares. 

 

	7.	 ASSUMPTION OF OBLIGATIONS 

The Shareholders shall procure that no person shall be registered by the Company as the holder of any Shares unless it first enters into a Deed
of Adherence. 
  

	8.	 REMOVAL OF APPOINTEES 

 

	8.1	 If a Shareholder ceases to be a Shareholder it shall immediately upon transfer of its Shares procure the
resignation of all its appointees to the board. If the continuing Shareholder requests, it shall do all such things and sign all such documents as may otherwise be necessary to procure the resignation or dismissal of such persons in a timely manner.

  

	8.2	 Those resignations shall take effect without any liabilities on the Company for compensation for loss of office
or otherwise except to the extent that the liability arises in relation to a service contract with a Director who was acting in an executive capacity. Any Shareholder removing a Director appointed by it shall fully indemnify and hold harmless the
other Shareholder and the Company from and against any claim for unfair or wrongful dismissal arising out of such removal. 

  
 36 

 SCHEDULE 3 

DEED OF ADHERENCE 
 THIS DEED is
made on [date] 
 BY [me]/[us]*, [name] [of [address]]/[, a company incorporated in [jurisdiction] [(registered number
[number])] whose registered office is at [address]]* 
 WHEREAS: 

 

	A.	 [I]/[We]* will become a shareholder of [●] (Company). 

 

	B.	 [I]/[We]* make this Deed in connection with the Joint Venture Agreement dated [date] between the
Company, Kelly Services, Inc. and Persol Asia Pacific Pte Ltd. (the “Joint Venture Agreement”). 

 NOW THIS DEED
WITNESSES that: 
  

	1.	 Unless otherwise specified, words and expressions defined or used in the Joint Venture Agreement shall have the
same meanings when used in this Deed. 

  

	2.	 [I]/[We]* confirm that [I]/[we]* have received a copy of the Joint Venture Agreement and that [I]/[we]* have
read and understand the contents of the Joint Venture Agreement. 

  

	3.	 After considering factors including the Joint Venture Agreement, [I]/[we]* agree to acquire [number] Share[s]
and to hold such Share[s] subject to the Constitution. 

  

	4.	 [I]/[We]* further agree and undertake to, as from the date of this Deed, comply with and be bound by all the
provisions of the Joint Venture Agreement in all respects as if [I was]/[we were]* a party to the Joint Venture Agreement and [was]/[were]* named in it as a Party, [Kelly/PAPAC] and a Shareholder and on the basis that references in it to each of
Party and Shareholder include a separate reference to [me]/[us]*. 

  

	5.	 [I]/[We]* understand and acknowledge that: 

 

	 	(a)	 the Joint Venture Agreement is a private agreement creating personal obligations between the parties to it, and
does not bind other Shareholders unless they themselves adhere to it; 

  

	 	(b)	 this Deed is made for the benefit of the parties to the Joint Venture Agreement and every other person who
after the date of the Joint Venture Agreement (and whether before or after the execution of this Deed) adheres to it; and 

  

	 	(c)	 this Deed binds [me]/[us]* and [me]/[us]* alone in [my]/[our]* capacity as a person but not as a Shareholder,
and this Deed does not bind or purport to bind any other person or Shareholder. 

  

	6.	 [My]/[Our]* address and other contact information for the purpose of Clause 23 of the Joint Venture Agreement
are as follows: 

  

			
	Address:	  	[Address]
	Attention:	  	[Name]
	Facsimile no.:	  	[Number]

  

	7.	 This Deed shall be governed by and construed in accordance with the laws of Singapore. 

  
 37 

 IN WITNESS whereof this Deed has been executed by [me]/[us] and is intended to be and is hereby delivered on
the date first above written. 
  

			
	EITHER: [SIGNED, SEALED AND DELIVERED	  	)
	by [NAME]	  	)
	in the presence of:	  	)
		
	OR: [THE COMMON SEAL of	  	)
	[NAME]	  	)
	was affixed by resolution of its board of directors	  	)
	in the presence of:	  	)

  

					
	  
 Director
	  	  
 Director/Secretary]
	  	

  

	*	 Delete as appropriate 

  
 38 

 SCHEDULE 4 

DEFINITION SCHEDULE 
  

	1.	 Interpretation 

Any reference in this Schedule to ‘this Agreement’ shall be construed as a reference to the agreement in which the relevant
definition is being used. 
  

	2.	 Definitions 

  

			
	 Term
	  	 Meaning

		
	Accounts Payable	  	with respect to any Person, all accounts payable, accrued expenses and other payment obligations of such Person, in each case to the extent treated as a current liability of such Person, as determined in accordance with applicable
GAAP, consistently applied, excluding any Intercompany Obligations extinguished pursuant to Section 2.8 of the Transaction Agreement.
		
	Accounts Receivable	  	with respect to any Person, all accounts receivable and other rights to receive payment of such Person, together with any claims, remedies and other rights related to any of the foregoing, in each case to the extent treated as a
current asset of such Person, as determined in accordance with applicable GAAP, consistently applied, excluding any Intercompany Obligations extinguished pursuant to Section 2.8 of the Transaction Agreement.
		
	ACRA	  	the Accounting and Corporate Regulatory Authority of Singapore.
		
	Affiliate	  	with respect to a specified Person, a Person that directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with, the specified Person. For purposes of this definition, the
term “control” (including the terms “controlling,” “controlled by” and “under common control with”) means the possession, direct or indirect, of the power to direct or cause the direction of the management and
policies of a Person, whether through the ownership of voting securities, by contract or otherwise.
		
	Ancillary Agreements	  	the Business Transfer Agreements (including the Reorganization Business Transfer Agreements), the India Transfer Agreement, the Intellectual Property Transfer Agreements, the Joint Venture Agreement, the Services Agreements, the
Transaction Agreement and the Termination Deed, provided that this definition does not include an agreement where used in that same agreement.
		
	Anti-Corruption Policies	  	the policies and procedures of the Group to be established by the Board promptly after the Closing Date and periodically reviewed and updated by the Board to ensure that the directors, officers employees, agents or any other person
who provides services to any Group Company does not undertake any conduct that would give rise to an offence under any applicable anti-bribery or anti-corruption laws.
		
	Board	  	the board of directors of the Company.

  
 39 

			
	 Term
	  	 Meaning

		
	BTI India	  	BTI Consultants (India) Pvt. Ltd, a private limited company organized under the Laws of India.
		
	Business Day	  	any day other than Saturday, Sunday or any day on which banking institutions in Detroit, Michigan, Tokyo, Japan or Singapore are closed either under applicable Law or action of any Governmental Authority.
		
	Business Employee	  	an employee who is employed in the Kelly Staffing Business or by any Temp Entity.
		
	Business Plan	  	the Business Plan for the Group as approved from time to time in accordance with the provisions of the Joint Venture Agreement setting out details of the Group’s strategic planning for the then current and four succeeding
Financial Years in respect of overall business strategy in the Territory, integration plan, communication plan, organisational structure, overview of M&A strategy, business segments, cash flow estimate and North Asia strategy.
		
	Business Process Outsourcing	  	the outsourcing of a specific business process or task to a third party service provider, including functions such as data entry, helpdesk and call centre support.
		
	Business Transfer Agreement	  	a Business Transfer Agreement, in form and substance reasonably acceptable to each party, to be entered into to evidence and give effect to the share and asset transfer transactions contemplated by the Transaction
Agreement.
		
	Cash	  	with respect to any Person, all cash deposited with a financial institution by or on behalf of such Person (including any cash deposited by or on behalf of such Person in any internal cash management or pooling arrangement on the
basis that, notwithstanding Section 2.8 of the Transaction Agreement, such cash will be repaid to the relevant Group Company).
		
	Closing	  	has the meaning given in the Section 3.1 of the Transaction Agreement.
		
	Closing Date	  	has the meaning given in Section 3.1 of the Transaction Agreement.
		
	Code	  	the United States Internal Revenue Code of 1986, as amended.
		
	Company	  	PERSOLKELLY Pte. Ltd. (registered number 201717312Z), a private limited company organized under the Laws of Singapore.

  
 40 

			
	 Term
	  	 Meaning

		
	Company Benefit Plan	  	any Contract, obligation, plan, program, fund, arrangement, policy, or customary practice (whether written or unwritten) maintained, sponsored, owed, adopted, contributed to, or followed by the Company or any of its Subsidiaries, on
or after the Closing Date, providing compensation (other than salary), benefits, pension, retirement, superannuation, profit sharing, stock bonus, stock option, stock purchase, phantom or stock equivalent, bonus, thirteenth month, incentive,
deferred compensation, hospitalization, medical, dental, vision, vacation, life insurance, death benefit, sick pay, disability, severance, termination indemnity, redundancy pay, educational assistance, holiday pay, housing assistance, moving expense
reimbursement, fringe benefit or similar employee benefits to directors, officers, employees or agents employed or formerly employed or otherwise retained or formerly retained in the operation of the Company and its Subsidiaries, excluding any
governmental plan or program requiring the mandatory payment of social insurance taxes or similar contributions to a governmental fund with respect to the wages of an employee.
		
	Company Carve-out Liability	  	(a) any “Assumed Liability” as defined in the Australia Reorganization Business Transfer Agreement and the New Zealand Reorganization Business Transfer Agreement, or (b) any “Excluded Liability” as defined
in the India Reorganization Business Transfer Agreement, the Malaysia Reorganization Business Transfer Agreement and the Singapore Reorganization Business Transfer Agreement.
		
	Company Share	  	an ordinary share of the Company.
		
	Competition Law	  	any merger control, antitrust, competition, trade regulatory or foreign investment Law.
		
	Competitor	  	a competitor set out in the list attached as Schedule 6 to the Joint Venture Agreement or any Affiliate thereof, provided that each Shareholder may, acting reasonably, propose to the other Shareholder any changes to such list in
writing within 5 Business Days before the end of every calendar quarter and the other Shareholder must consider such proposed changes in good faith and the list shall be amended to the extent the proposed changes are agreed between the
Shareholders.
		
	Confidential Information	  	Know How, trade secrets and other information of a confidential nature which relates to, and is made available by one Party to the other Party in connection with, the proposed joint venture between the Parties (including for the
avoidance of doubt (a) all proprietary technical, industrial and commercial information and techniques in whatever form (including computer disks or tapes) that information may be recorded or stored and (b) information relating to the
existence or subject matter of the Transaction Documents or the negotiations leading to their execution).
		
	Constituent Documents	  	with respect to any Person, the certificate, articles or memorandum of incorporation or association, bylaws, partnership agreement, operating agreement or other applicable organizational or governing documents of such
Person.
		
	Constitution	  	the constitution of the Company.

  
 41 

			
	 Term
	  	 Meaning

		
	Contingent Workforce Outsourcing	  	the outsourcing of managing an organisation’s contingent workforce program to a third party service provider, including responsibilities such as overall program management, reporting and tracking, supplier selection and
management, order distribution and consolidated billing, and may include providing clients with a vendor management system and having a physical presence on clients’ sites.
		
	Contract	  	any contract, agreement, lease, license, commitment, understanding, franchise, warranty, guaranty, mortgage, note, bond or other instrument or consensual obligation that is legally binding.
		
	Contributed Entities	  	in respect of Kelly, the Kelly Entities and in respect of Temp, the Temp Entities.
		
	Control	  	 in relation to a body corporate, the power of a person to secure that the affairs of the body corporate are conducted in accordance with the
wishes of that person:
 (a)by means of the holding of shares, or the exercise of voting power, in or in relation to that or any other body corporate; or

(b)by virtue of any powers conferred by the constitutional or corporate documents regulating that or any other body corporate, or any other document,

and a “Change of Control”, in relation to that body corporate, occurs if a person who Controls it ceases to do so or if another person
acquires Control of it.

		
	Data Room	  	the virtual data room titled ‘Project Emerald’ set up for the purposes of the transactions contemplated by the Transaction Agreement.
		
	Deed of Adherence	  	an agreement in the form attached as Schedule 3 to the Joint Venture Agreement.
		
	Director	  	a director of the Company.
		
	Encumbrance	  	any charge, mortgage, encumbrance, pledge, security interest or other lien other than (a) carrier’s, warehousemen’s, mechanic’s, materialmen’s and other similar liens with respect to amounts that are not yet
due and payable or that are being contested in good faith, (b) liens for Taxes that are not yet due and payable or that are being contested in good faith, (c) liens securing rental payments under capital lease arrangements,
(d) restrictions on the transferability of securities arising under applicable securities Laws, (e) restrictions arising under applicable zoning and other land use Laws that do not have a material adverse effect on the present use or
occupancy of the property subject thereto, (f) defects, easements, rights of way, restrictions, covenants, claims, subleases or similar items relating to real property that do not have a material adverse effect on the present use or occupancy
of the real property subject thereto, (g) matters which would be disclosed by an accurate survey or inspection of any land, buildings, improvements and fixtures erected thereon and all appurtenances related thereto, (h) matters of public
record or (i) other charges, claims, mortgages, encumbrances, pledges, security interests or other liens that would not, individually or in the aggregate, materially impair the value or use of the property to which they
relate.

  
 42 

			
	 Term
	  	 Meaning

		
	Equity Proportion	  	in relation to a Shareholder, the total number of Shares held by that Shareholder divided by the total number of Shares in issue at the relevant time, expressed as a percentage.
		
	Final Determination	  	a final administrative decision, closing agreement, judgment, decree or order which cannot be appealed.
		
	Financial Year	  	the financial year of the Group which shall end on December 31.
		
	Former Business Employee	  	any Business Employee whose employment with Kelly and its Affiliates or with Temp and its Affiliates, as applicable, is terminated prior to the Closing Date.
		
	GAAP	  	generally accepted accounting principles.
		
	Governmental Authority	  	any (a) nation, region, state, county, city, town, village, district or other jurisdiction, (b) federal, state, local, municipal, foreign or other government, (c) governmental or quasi-governmental authority of any
nature (including any governmental agency, branch, department or other entity and any court or other tribunal), (d) multinational organization exercising judicial, legislative or regulatory power or (e) body exercising, or entitled to exercise,
any administrative, executive, judicial, legislative, police, regulatory or taxing authority or power of any nature of any federal, state, local, municipal, foreign or other government.
		
	Governmental Authorization	  	any approval, consent, ratification, waiver, license, permit, registration or other authorization issued or granted by any Governmental Authority.
		
	Group	  	the group of companies comprising the Company and any Subsidiary or subsidiary undertaking of the Company (whether held directly or indirectly through another subsidiary) at the date of this Agreement and from time to time
thereafter and “member of the Group” and “Group Company” will be construed accordingly. For the avoidance of doubt, unless and until later disposed of or liquidated, each of the Kelly Entities, the Kelly Other
Entities, the Temp Entities and the Temp Other Entity will be deemed members of the Group.
		
	GST	  	value-added tax or goods and services tax imposed by a country, province or municipality.
		
	IFRS	  	the International Financial Reporting Standards, as promulgated from time to time by the International Accounting Standards Board.

  
 43 

			
	 Term
	  	 Meaning

		
	Indebtedness	  	with respect to any Person, without duplication (a) the unpaid principal amount of, and accrued interest on, all indebtedness for borrowed money of such Person, including indebtedness for borrowed money in favor of any
Affiliate of such Person, (b) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments or debt securities, (c) all unreimbursed obligations in respect of letters of credit and bankers’
acceptances issued for the account of such Person that have been drawn, (d) all guaranties of such Person in connection with clauses (a), (b) or (c) above, and (e) all prepayment or repayment premiums, penalties, interest rate
breakage fees or similar payments or fees required to be paid in connection with the prepayment or repayment of any obligation otherwise deemed to be “Indebtedness” as contemplated by this Agreement. For the purpose of the
Transaction Agreement only, “Indebtedness” will exclude all Intercompany Obligations extinguished pursuant to Section 2.8 of the Transaction Agreement.
		
	India Transfer Agreement	  	the India Transfer Agreement between Kelly and Temp dated as of the date of the Transaction Agreement.
		
	Insolvency Event	  	in respect of any Party, any distress, execution, sequestration or other similar process being levied or enforced upon or sued out against property of that Party which is not discharged within seven days or an encumbrancer taking
possession of, or an administrator, administrative receiver, receiver, trustee or liquidator being appointed over the whole or any substantial part of that Party’s undertaking, property or assets or those of its holding company or a petition is
presented/order is made or a resolution is passed for the winding-up of that Party or any event analogous to any of the foregoing occurs in any jurisdiction.
		
	Insolvency Proceedings	  	any form of bankruptcy, liquidation, receivership, administration, arrangement or scheme with creditors, moratorium, or interim or provisional supervision by the court or court appointee, whether in the jurisdiction of the place of
incorporation or in any other jurisdiction, whether in or out of court.
		
	Intellectual Property	  	rights in and in relation to Confidential Information, Know How, trademarks, service marks, trade and business names, logos and get up (including any and all goodwill associated with or attached to any of the same), domain names,
patents, inventions (whether or not patentable), registered designs, design rights, copyrights (including rights in software) and moral rights, database rights, semi-conductor topography rights, utility models and all rights or forms of protection
having an equivalent or similar nature or effect anywhere in the world, whether enforceable, registered, unregistered or registrable (including, where applicable, all applications for registration) and the right to sue for damages for past and
current infringement (including passing off and unfair competition) in respect of any of the same.
		
	Intellectual Property Rights	  	(a) copyright, patents, database rights, trade marks, designs, know-how and confidential information (whether registered or unregistered), (b) applications for registration, and rights to
apply for registration, of any of the foregoing rights and (c) all other intellectual property rights and equivalent or similar forms of protection existing anywhere in the world.

  
 44 

			
	 Term
	  	 Meaning

		
	Intellectual Property Transfer Agreements	  	collectively, the Kelly Intellectual Property Transfer Agreement and the Temp Intellectual Property Transfer Agreement.
		
	Intercompany Obligation	  	(a) with respect to any Kelly Entity, any loan, advance, Account Payable, dividend or distribution payable or other obligation owed to or by such Kelly Entity by or to Kelly or any of its Affiliates (other than another Kelly Entity)
and (b) with respect to any Temp Entity, any loan, advance, Account Payable, dividend or distribution payable or other obligation owed to or by such Temp Entity by or to Temp or any of its Affiliates (other than another Temp Entity).
		
	Interest	  	in relation to any person, any direct or indirect financial or commercial interest of that person or any of its Affiliates or relatives arising from any existing or proposed arrangement, contract, litigation or other proceeding
between any Group Company and that person or any of its Affiliates, where such arrangement, contract, litigation or other proceeding can be reasonably considered to be material in the context of the business of the Group taken as a whole.
		
	Joint Venture Agreement	  	the Joint Venture Agreement dated as of the date of the Transaction Agreement, the form of which is attached as Exhibit A to the Transaction Agreement.
		
	Judgment	  	any order, injunction, judgment, decree, ruling, assessment or arbitration award of any Governmental Authority or arbitrator.
		
	Kelly Accounts	  	the statutory financial statements for the Kelly Entities for the fiscal years ended December 2014 (March 2015 in the case of Kelly India) and the unaudited interim management accounts for the Kelly Entities as of 30 June
2015.
		
	Kelly Accounts Date	  	30 June 2015.
		
	Kelly Australia	  	the Australia branch currently operated by Kelly Services (Australia) Ltd., a Delaware corporation.
		
	Kelly Australia Newco	  	KSAU Pty Ltd, a corporation organized under the Laws of Australia.
		
	Kelly Benefit Plan	  	any Contract, obligation, plan, program, fund, arrangement, policy, or customary practice (whether written or unwritten) maintained, sponsored, owed, adopted, contributed to, or followed by Kelly or any of its Affiliates providing
compensation (other than salary), benefits, pension, retirement, superannuation, profit sharing, stock bonus, stock option, stock purchase, phantom or stock equivalent, bonus, thirteenth month, incentive, deferred compensation, hospitalization,
medical, dental, vision, vacation, life insurance, death benefit, sick pay, disability, severance, termination indemnity, redundancy pay, educational assistance, holiday pay, housing assistance, moving expense reimbursement, fringe benefit or
similar employee benefits to directors, officers, employees or agents employed or formerly employed or otherwise retained or formerly retained in the operation of the Kelly Entities or the Business (as the context requires), excluding any
governmental plan or program requiring the mandatory payment of social insurance taxes or similar contributions to a governmental fund with respect to the wages of an employee.

  
 45 

			
	 Term
	  	 Meaning

		
	Kelly Carve-out Liability	  	(a) any “Excluded Liability” as defined in the Australia Reorganization Business Transfer Agreement and the New Zealand Reorganization Business Transfer Agreement, or (b) any “Assumed Liability” as defined
in the India Reorganization Business Transfer Agreement, the Malaysia Reorganization Business Transfer Agreement and the Singapore Reorganization Business Transfer Agreement.
		
	Kelly Closing Cash Amount	  	the sum of (a) the average Cash of the Kelly Entities (other than Kelly Australia Newco and Kelly New Zealand Newco), determined on a weekly basis as of the close of business on the last Business Day for each week, for the 60-day period ending on the last Business Day of the week immediately preceding the week in which Closing occurs plus (b) the amount of Cash assigned and transferred to Kelly Australia Newco and Kelly New
Zealand Newco pursuant to the Australia Reorganization Business Transfer Agreement and the New Zealand Reorganization Business Transfer Agreement.
		
	Kelly Closing Indebtedness Amount	  	the aggregate Indebtedness of the Kelly Entities as of the close of business on the Business Day immediately preceding the Closing Date.
		
	Kelly Customer	  	a customer set out in the list attached as Schedule 5 to the Joint Venture Agreement, provided that Kelly may, acting reasonably, update such list within 5 Business Days before the end of every calendar quarter by the provision in
writing of a revised list to Kelly and the Company.
		
	Kelly Director	  	a director appointed by Kelly in accordance with the Constitution and “Kelly Directors” shall be construed accordingly.
		
	Kelly Employee	  	an employee of Kelly or any of its Affiliates other than, on and after the Closing Date, a Group Company.
		
	Kelly Entities	  	collectively, BTI India, the Company, Kelly Australia Newco, Kelly India, Kelly Indonesia, Kelly Malaysia, Kelly Malaysia BTI, Kelly Malaysia Subsidiary, Kelly New Zealand Newco, Kelly P-Serv, Kelly Singapore BTI, Kelly Thailand,
Kelly Thailand BTI and Kelly Thailand Staffing.
		
	Kelly Group	  	the group of companies comprising Kelly, any holding company from time to time of Kelly and any direct or indirect subsidiary of Kelly (excluding the Group Companies) or of any such holding company and “member of the Kelly
Group” shall be construed accordingly. For the avoidance of doubt, the Kelly Group shall not include any current or future stockholder of Kelly or any direct or indirect subsidiary of any such stockholder (other than Kelly and its direct or
indirect subsidiaries).
		
	Kelly India	  	Kelly Services India Pvt. Ltd., a private limited company organized under the Laws of India.
		
	Kelly India Newco	  	Kelly Outsourcing and Consulting Group India Private Limited, a private limited company organized under the Laws of India.

  
 46 

			
	 Term
	  	 Meaning

		
	Kelly Indonesia	  	PT Kelly Services Indonesia, Ltd., a private limited company organized under the Laws of Indonesia.
		
	Kelly Intellectual Property Transfer Agreement	  	the Intellectual Property Transfer Agreement, in substantially the form attached as Exhibit B to the Transaction Agreement.
		
	Kelly Malaysia	  	Kelly Services (Malaysia) Sdn. Bnd., a private limited company organized under the Laws of Malaysia.
		
	Kelly Malaysia BTI	  	Agensi Pekerjaan BTI Consultants Sdn. Bhd., a private limited company organized under the Laws of Malaysia.
		
	Kelly Malaysia BTI Bumiputra Agreements	  	collectively, the Joint Venture Agreement, Loan Agreement, Deed of Waiver and related documents, each to be dated on or before the Closing Date, relating to the ownership interest in Kelly Malaysia BTI held by Kelly Malaysia
Eradekad.
		
	Kelly Malaysia Bumiputra Agreements	  	collectively, the Joint Venture Agreement, Loan Agreement, Deed of Waiver and related documents, each dated as of October 3, 2000, relating to the ownership interest in Kelly Malaysia held by Kelly Malaysia Eradekad.
		
	Kelly Malaysia Eradekad	  	Eradekad Sdn. Bhd., a private limited company organized under the Laws of Malaysia.
		
	Kelly Malaysia Kerjaya	  	Kerjaya Sukses Sdn. Bhd., a private limited company organized under the Laws of Malaysia.
		
	Kelly Malaysia Newco	  	KellyOCG Malaysia Sdn. Bhd., a private limited company organized under the Laws of Malaysia.
		
	Kelly Malaysia Subsidiary	  	Agensi Pekerjaan Kelly Search (Malaysia) Sdn. Bhd., a private limited company organized under the Laws of Malaysia.
		
	Kelly New Zealand	  	the New Zealand branch currently operated by Kelly Services (NZ) Ltd., a Delaware corporation.
		
	Kelly New Zealand Newco	  	KSNZ Pte Limited, a corporation organized under the Laws of New Zealand.
		
	Kelly OCG Business	  	the business operations included as of the Closing Date as part of Kelly’s Outsourcing and Consulting Group business segment, including Business Process Outsourcing, Managed Service Provider solutions, Recruitment Process
Outsourcing, independent contractor solutions and payroll process outsourcing.
		
	Kelly Other Entities	  	Chayamitra Capital Company Ltd., Era Tenaga Sdn. Bhd., Kelly Malaysia Eradekad and Kelly Malaysia Kerjaya.
		
	Kelly Properties	  	Kelly Properties, LLC, a Delaware limited liability company.

  
 47 

			
	 Term
	  	 Meaning

		
	Kelly P-Serv	  	P-Serv Pte. Ltd, a private limited company organized under the Laws of Singapore.
		
	Kelly Services Agreement	  	the Services Agreement, in substantially the form attached as Exhibit C to the Transaction Agreement.
		
	Kelly Singapore BTI	  	BTI Consultants Pte. Ltd., a private company organized under the Laws of Singapore.
		
	Kelly Singapore Newco	  	KellyOCG Singapore Pte. Ltd., a private limited company organized under the Laws of Singapore.
		
	Kelly Staffing Business	  	all business operations that are not part of the Kelly OCG Business.
		
	Kelly Thailand	  	Kelly Services Holding (Thailand) Co. Ltd., a private limited company organized under the Laws of Thailand.
		
	Kelly Thailand BTI	  	BTI Executive Placement (Thailand) Co. Ltd., a private limited company organized under the Laws of Thailand.
		
	Kelly Thailand Staffing	  	Kelly Services Staffing and Recruitment (Thailand) Co. Ltd., a private limited company organized under the Laws of Thailand.
		
	KPMG Singapore	  	KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company.
		
	KSG	  	means PERSOLKELLY Singapore Pte. Ltd. (previously, Kelly Services (Singapore) Pte. Ltd.; Company Registration No. 200007268E), a company incorporated in Singapore and having its registered office at 8 Marina View, #11-01 Asia Square Tower 1, Singapore 018960;
		
	Know How	  	all unpatented, secret, substantial and identified know how, expertise, technical or other information including all related ideas, concepts, methods, inventions, discoveries, data, formulae, processes, techniques and
specifications.
		
	Law	  	any constitution, law, statute, treaty, rule, regulation, ordinance, code or other legal requirement of any jurisdiction.
		
	Liability	  	any liability or obligation, whether known or unknown, absolute or contingent, accrued or unaccrued, liquidated or unliquidated, due or to become due.

  
 48 

			
	 Term
	  	 Meaning

		
	Loss	  	any direct or actual losses, damages, Liabilities, settlement payments, judgments, awards, fines, penalties, Tax, fees (including reasonable attorney or other professional fees and expenses), charges, costs (including reasonable out-of-pocket cost of investigation) or expenses incurred by or imposed on the specified Person, but excluding any special, incidental, indirect, exemplary, punitive or
consequential damages, lost sales, revenues or profits, diminution of value or damages calculated as a multiple of sales, revenues, profits or other measures (except to the extent such excluded damages or other items are imposed on such specified
Person by an unaffiliated third party).
		
	Other Related Business	  	job board, job search engine, resume search (CV database) and other HR-related businesses predominantly based on or otherwise utilising any new technology developed or launched after Closing
Date.
		
	Outside Date	  	has the meaning given in Section 8.1(e) of the Transaction Agreement.
		
	Parties	  	the parties to this Agreement and “Party” means any one of them.
		
	Persol	  	means Persol Holdings Co., Ltd., a company incorporated in Japan whose registered office is at 2-1-1 Yoyogi, Shibuya-ku, Tokyo, Japan
		
	Person	  	an individual or an entity, including a corporation, limited liability company, general or limited partnership, trust, association or other business or investment entity, or any Governmental Authority.
		
	Post-Closing Business Employee	  	any Business Employee employed in a Deferred Jurisdiction whose intended transfer to the Company or any Group Company is to occur after the Closing Date.
		
	Pre-Closing Period	  	any Tax period ending on or before the Closing Date including any portion of a Straddle Period ending on or before the Closing Date.
		
	Principal Jurisdictions	  	collectively, Australia, Malaysia and Singapore.
		
	Proceeding	  	any action, arbitration, audit, examination, investigation, hearing, litigation or suit (whether civil, criminal, administrative, judicial or investigative, whether formal or informal, and whether public or private) commenced,
brought, conducted or heard by or before, or otherwise involving, any Governmental Authority or arbitrator.
		
	Recoverable GST	  	GST that is invoiced by the seller/transferor of an asset or group of assets, but which may be recovered via an input credit or otherwise by the purchaser/transferee against that Person’s GST liability.
		
	Recruitment Process Outsourcing	  	the full or partial outsourcing of the internal recruitment function to a third party specialist provider, which serves to provide the necessary skills, activities, tools, technologies, related recruitment supply chain partners and
process methodologies to assume the role of the client’s recruiting department by owning and managing its recruitment process and related recruitment supply chain partner
relationships.

  
 49 

			
	 Term
	  	 Meaning

		
	Relevant Accounting Standards	  	in relation to any accounts or management accounts or any balance sheet or profit and loss account of any company or other entity, generally accepted accounting principles in Singapore.
		
	Reorganization	  	the transactions contemplated by the Reorganization Business Transfer Agreements.
		
	Reorganization Business Transfer Agreements	  	collectively, the Australia Reorganization Business Transfer Agreement, the India Reorganization Business Transfer Agreement, the Malaysia Reorganization Business Transfer Agreement, the New Zealand Reorganization Business Transfer
Agreement and the Singapore Reorganization Business Transfer Agreement.
		
	Services Agreements	  	collectively, the Kelly Services Agreement and the Temp Services Agreement.
		
	Shares	  	the shares in the capital of the Company.
		
	Staffing Services	  	(a) temporary staffing, contract staffing, placement services (including executive search) and payroll processing, (b) the outsourcing of specific business processes or tasks to third party service providers, including
functions such as data entry, helpdesk and call centre support, (c) HR consulting and (d) Other Related Business relating to services of the types specified in the foregoing clauses (a), (b) and (c).
		
	Straddle Period	  	any Tax period beginning on or before the Closing Date and ending after the Closing Date.
		
	Subsidiary	  	in relation to a company, a company of which it has Control for the time being.
		
	Tax or Taxes	  	(a) all taxes, direct or indirect, duties, levies, fees, assessments, contributions, deficiencies, delinquencies, assessment tariffs and charges of any kind, whether payable directly or by withholding, including income, property,
sales, use, customs, value added, consumption, employment, gains, and social security taxes, together with any interest, fines, surcharges or penalties thereto, imposed, assessed or collected by or under the authority of any Governmental Authority,
and (b) any liability for the payment of any amounts of the type described in clause (a) above as a result of being a member of a consolidated, combined, unitary or aggregate group for any taxable period and any liability for the payment
of any amounts of the type described above or as a result of being a transferee or successor to any Person or as a result of any obligation to indemnify any other Person or payable pursuant to any tax sharing agreement or any other agreement the
primary subject of which relates to the sharing or payment of any such amount, including any joint and several Tax liability or any secondary Tax liability in respect of any primary Tax liability under applicable Tax Laws.
		
	Temp Accounts	  	the statutory financial accounts for the Temp Entities for the fiscal year ended 31 December 2014 (other than Temp First Alliances where the accounts are unaudited) and the unaudited interim management accounts for the Temp
Entities as of 30 September 2015.

  
 50 

			
	 Term
	  	 Meaning

		
	Temp Accounts Date	  	30 September 2015.
		
	Tax Authority or Tax Authorities	  	any Governmental Authority competent to impose any liability in respect of Tax or responsible for the administration or collection of Tax or enforcement of any law in relation to Tax.
		
	Tax Return	  	any report, return, filing, declaration, claim for refund, or information return or statement related to Taxes, including any schedule or attachment thereto, and including any amendment thereof.
		
	Temp Benefit Plan	  	any Contract, obligation, plan, program, fund, arrangement, policy, or customary practice (whether written or unwritten) maintained, sponsored, owed, adopted, contributed to, or followed by Temp or any of its Affiliates providing
compensation (other than salary), benefits, pension, retirement, superannuation, profit sharing, stock bonus, stock option, stock purchase, phantom or stock equivalent, bonus, thirteenth month, incentive, deferred compensation, hospitalization,
medical, dental, vision, vacation, life insurance, death benefit, sick pay, disability, severance, termination indemnity, redundancy pay, educational assistance, holiday pay, housing assistance, moving expense reimbursement, fringe benefit or
similar employee benefits to directors, officers, employees or agents employed or formerly employed or otherwise retained or formerly retained in the operation of the Temp Entities, excluding any governmental plan or program requiring the mandatory
payment of social insurance taxes or similar contributions to a governmental fund with respect to the wages of an employee.
		
	Temp Capita	  	Capita Pte. Ltd., a limited exempt private company organized under the Laws of Singapore.
		
	Temp Capita Holdings	  	Capitaglobal Holdings Pte. Ltd., a limited private company organized under the Laws of Singapore.
		
	Temp Capita Search	  	Capita Search Pte. Ltd., a limited private company organized under the Laws of Singapore.
		
	Temp Closing Cash Amount	  	the average Cash of the Temp Entities , determined on a weekly basis as of the close of business on the last Business Day for each week, for the 60-day period ending on the last Business Day
of the week immediately preceding the week in which Closing occurs.
		
	Temp Closing Indebtedness Amount	  	the aggregate Indebtedness of the Temp Entities as of the close of business on the Business Day immediately preceding the Closing Date.
		
	Temp Director	  	a director appointed by Temp in accordance with the Constitution and “Temp Directors” shall be construed accordingly.
		
	Temp Employee	  	an employee of Temp or any of its Affiliates other than, on and after the Closing Date, a Temp Entity or a Group Company.

  
 51 

			
	 Term
	  	 Meaning

		
	Temp Entities	  	collectively, Temp Capita, Temp Capita Holdings, Temp Capita Search, Temp First Alliances, Temp Indonesia, Temp Malaysia Global, Temp Malaysia Outsourcing, Temp Singapore, Temp Vietnam and TSISA.
		
	Temp First Alliances	  	First Alliances Co., Ltd. a company organized under the Laws of Vietnam.
		
	Temp Group	  	the group of companies comprising Temp, any holding company from time to time of Temp and any direct or indirect subsidiary of Temp (excluding the Group Companies) or of any such holding company and “member of the Temp
Group” shall be construed accordingly.
		
	Temp Indonesia	  	PT Intelligence HRSolutions Indonesia, a company organized under the Laws of Indonesia.
		
	Temp International	  	Temp International Co., Ltd., a company organized under the Laws of Japan.
		
	Temp Intellectual Property Transfer Agreement	  	the Intellectual Property Transfer Agreement, in substantially the form attached as Exhibit D to the Transaction Agreement.
		
	Temp Malaysia Bumiputra Agreements	  	collectively, the Joint Venture Agreement, Loan Agreement, Deed of Waiver and related documents, each dated as of October 5, 2015, relating to the ownership interest in Temp Malaysia Global held by Temp Malaysia MSSB.
		
	Temp Malaysia Global	  	Capita Global Sdn. Bhd., a private company limited by shares organized under the Laws of Malaysia.
		
	Temp Malaysia MSSB	  	Mytalent Solutions Sdn. Bhd., a private limited company organized under the Laws of Malaysia.
		
	Temp Malaysia Outsourcing	  	Capita Global Outsourcing Sdn. Bhd., a private company limited by shares organized under the Laws of Malaysia.
		
	Temp Other Entity	  	Temp Malaysia MSSB.
		
	Temp Services Agreement	  	the Services Agreement, in substantially the form attached as Exhibit E to the Transaction Agreement, to be entered into between Temp and the Company on the Closing Date.
		
	Temp Singapore	  	Intelligence Asia Pte. Ltd., a limited private company organized under the Laws of Singapore.
		
	Temp Vietnam	  	Intelligence Vietnam Co., Ltd., a company organized under the Laws of Vietnam.
		
	Termination Deed	  	a termination deed in respect of the Joint Venture Agreement between Kelly, Temp International and TS Kelly dated as of 24 July, 2012, substantially in the form attached as Exhibit F to the Transaction
Agreement.

  
 52 

			
	 Term
	  	 Meaning

		
	Territory	  	Bangladesh, Bhutan, Brunei Darussalam, Cambodia, China, East Timor, the Federated States of Micronesia, Fiji, Hong Kong, India, Indonesia, Kiribati, Laos, Macau, Malaysia, Maldives, Marshall Islands, Mongolia, Myanmar, Nepal, Palau,
Pakistan, Papua New Guinea, the Philippines, Samoa, Singapore, Solomon Islands, South Korea, Sri Lanka, Taiwan (Republic of China), Thailand, Tonga, Tuvalu, Vanuatu and Vietnam and such other area as may from time to time be agreed between the
Parties in writing.
		
	TOGC	  	the transfer of a collection of assets comprising the transfer of a going concern such that no GST is imposed under applicable Law.
		
	Transaction Agreement	  	the Transaction Agreement between Kelly and Temp dated on or around 11 April, 2016.
		
	Transaction Documents	  	this Agreement, the Ancillary Agreements and any documents entered into in connection with this Agreement or the Ancillary Agreements.
		
	Transfer Date	  	the date on which an individual first becomes employed by the Company or a Group Company.
		
	Transfer Tax	  	all federal, state, local and foreign transfer, documentary, sales, excise, use, value-added, stamp, registration, recording, escrow, real and personal property or stock transfer tax, and other such similar Taxes and fees (including
any penalties and interest) applicable to, imposed upon, arising out of, or incurred in connection with this Agreement or the transactions contemplated hereby, but excluding Recoverable GST, withholding tax and capital gains tax.
		
	TSISA	  	TS Intelligence South Asia Holdings Pte. Ltd., a limited private company organized under the Laws of Singapore.
		
	TS Kelly	  	TS Kelly Workforce Solutions Ltd., a company organized under the Laws of Hong Kong.

  
 53 

 Execution 

 
 Executed as an agreement. 

 

					
	 Signed for and on behalf of
 Kelly
Services, Inc.
 by:
	 	 )        

)
 )
	  	
			
		 		  	 /s/ Peter W. Quigley

		 		  	Signature
			
		 		  	 Peter W. Quigley
 President and Chief Executive
Officer

			
	 Signed for and on behalf of
 Persol
Asia Pacific Pte. Ltd.
 by:
	 	 )
 )

)
	  	
			
		 		  	 /s/ Takayuki Yamazaki

		 		  	Signature
			
		 		  	Takayuki Yamazaki Director and CEO
			
	 Signed for and on behalf of

PERSOLKELLY Pte. Ltd.
 by:
	 	 )
 )

)
	  	
			
		 		  	 /s/ Takayuki Yamazaki

		 		  	Signature
			
		 		  	 Takayuki Yamazaki
 Director and
Chairman

  
 54Exhibit
10.1

 

AMENDED
AND RESTATED SECURITIES PURCHASE AGREEMENT

 

This
Amended and Restated Securities Purchase Agreement (this “Agreement”) is dated as of February 9, 2022, between
Freight App, Inc. (f/k/a FreightHub, Inc.), a Delaware corporation (“Fr8 App”), Hudson Capital Inc., a British Virgin
Islands business company (“Hudson”), and each purchaser identified on the signature pages hereto (each, including
its successors and assigns, a “Purchaser” and collectively, the “Purchasers”).

 

WHERAS,
this Agreement amends and restates that certain Securities Purchase Agreement, dated as of February 9, 2021, as subsequently amended
on May 24, 2021 and July 30, 2021; and

 

WHEREAS,
subject to the terms and conditions set forth in this Agreement and pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended
(the “Securities Act”), and Rule 506 promulgated thereunder, each of Fr8 App and Hudson, as applicable, desires to
issue and sell to each Purchaser, and each Purchaser, severally and not jointly, desires to purchase from Fr8 App and Hudson, as applicable,
securities of Fr8 App and Hudson, as applicable, as more fully described in this Agreement.

 

NOW,
THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE
I.

DEFINITIONS

 

1.1
Definitions. In addition to the terms defined elsewhere in this Agreement: (a) capitalized terms that are not otherwise defined
herein have the meanings given to such terms in the Certificate of Designation (as defined herein), and (b) the following terms have
the meanings set forth in this Section 1.1:

 

“Acquiring
Person” shall have the meaning ascribed to such term in Section 4.5.

 

“Action”
shall mean any action, suit, inquiry, notice of violation, proceeding or investigation pending or threatened against or affecting a party
to this Agreement, before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state,
county, local or foreign).

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control
with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Applicable
Number” has the meaning given thereto under the Hudson Warrant.

 

“Attribution
Party” means a Purchaser’s Affiliates, and any other Persons acting as a group together with the Purchaser or any of
the Purchaser’s Affiliates.

 

    	1

     

    

 

“ATW
Warrant” means that certain Warrant dated on or before the Closing Date issued to ATW Opportunities Master Fund, L.P. by Fr8
App, which Warrant is automatically exercisable in accordance with its terms at the time of the Closing hereunder for 2,376,439 shares
of Preferred Stock and Series D Warrants to purchase 3,014,624 Ordinary Shares, in each case, as such Warrant may be assigned in whole
or in part from time to time.

 

“Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized
or required by law to remain closed; provided, however, for clarification, commercial
banks shall not be deemed to be authorized or required by law to remain closed due to “stay at home”, “shelter-in-place”,
“non-essential employee” or any other similar orders or restrictions or the closure of any physical branch locations at the
direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial
banks in The City of New York are generally are open for use by customers on such day.

 

“Closing”
means the closing of the purchase and sale of the Securities pursuant to Section 2.1.

 

“Closing
Date” means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable parties
thereto, and all conditions precedent to (i) the Purchasers’ obligations to pay (or surrender, if applicable) the Subscription
Amount and (ii) Fr8 App’s and Hudson’s obligations to deliver the Securities, in each case, have been satisfied or waived.

 

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

 

“Common
Stock” means the common stock of Fr8 App, par value $0.00001 per share, and any other class of securities into which such securities
may hereafter be reclassified or changed.

 

“Common
Stock Equivalents” means any securities of Fr8 App or Fr8 App Subsidiaries which would entitle the holder thereof to acquire
at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is
at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

 

“Convertible
Notes” means the October Convertible Notes, the January Convertible Notes and the May Convertible Notes.

 

“Disclosure
Time” means, (i) if this Agreement is signed on a day that is not a Trading Day or after 9:00 a.m. (New York City time) and
before midnight (New York City time) on any Trading Day, 9:01 a.m. (New York City time) on the Trading Day immediately following the
date hereof, unless otherwise instructed as to an earlier time by the Placement Agent, and (ii) if this Agreement is signed between midnight
(New York City time) and 9:00 a.m. (New York City time) on any Trading Day, no later than 9:01 a.m. (New York City time) on the date
hereof, unless otherwise instructed as to an earlier time by the Placement Agent.

 

    	2

     

    

 

“EGS”
means Ellenoff Grossman & Schole LLP, with offices located at 1345 Avenue of the Americas, New York, New York 10105-0302.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Effective
Date” means the earliest of the date that (a) the initial Registration Statement has been declared effective by the Commission,
(b) all of the Underlying Shares have been sold pursuant to Rule 144 or may be sold pursuant to Rule 144 without the requirement for
the Company to be in compliance with the current public information required under Rule 144 and without volume or manner-of-sale restrictions,
(c) following the one year anniversary of the Closing Date provided that a holder of Underlying Shares is not an Affiliate of the Company,
or (d) all of the Underlying Shares may be sold pursuant to an exemption from registration under Section 4(a)(1) of the Securities Act
without volume or manner-of-sale restrictions and counsel to Hudson has delivered to such holders a standing written unqualified opinion
that resales may then be made by such holders of the Underlying Shares pursuant to such exemption which opinion shall be in form and
substance reasonably acceptable to such holders.

 

“Exempt
Issuance” means the issuance of (a) shares of Common Stock, Ordinary Shares or options to employees, officers or directors
of Fr8 App and Hudson pursuant to any stock or option plan duly adopted for such purpose, by a majority of the non-employee members of
Fr8 App or Hudson board of directors, as the case may be (or a majority of the members of a committee of non-employee directors established
for such purpose), (b) securities upon the exercise or exchange of or conversion of any Securities issued hereunder and/or other securities
exercisable or exchangeable for or convertible into shares of Common Stock and/or Ordinary Shares issued and outstanding on the date
of this Agreement, provided that such securities have not been amended since the date of this Agreement to increase the number of such
securities or to decrease the exercise price, exchange price or conversion price of such securities (other than in connection with stock
splits or combinations) or to extend the term of such securities, (c) securities issued pursuant to acquisitions or strategic transactions
approved by a majority of the disinterested directors of Fr8 App or Hudson, as the case may be, provided that such securities are issued
as “restricted securities” (as defined in Rule 144), and provided that any such issuance shall only be to a Person (or to
the equity holders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset in a business
synergistic with the business of Fr8 App or Hudson, as the case may be, and shall provide to Fr8 App or Hudson, as the case may be, additional
benefits in addition to the investment of funds, but shall not include a transaction in which Fr8 App or Hudson, as the case may be is
issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing in securities and
(d) additional shares of Hudson Preferred Stock and warrants issued pursuant to the Second PIPE SPA together with any Ordinary Shares
or other securities issued or issuable upon the conversion, exercise or exchange of any such shares of Hudson Preferred Stock or Warrants;
provided that such issuance is approved by ATW.

 

    	3

     

    

 

“FCPA”
means the Foreign Corrupt Practices Act of 1977, as amended.

 

“Fourth
Amended and Restated Certificate of Incorporation” means Fr8 App’s Fourth Amended and Restated Certificate of Incorporation
as filed by Fr8 App with the Secretary of State of Delaware, as amended from time to time.

 

“Fr8
App Board of Directors” means the board of directors of Fr8 App.

 

“Fr8
App Counsel” means Loeb & Loeb LLP, with offices located at 345 Park Avenue, New York, NY 10154.

 

“GAAP”
shall have the meaning ascribed to such term in Section 3.1(h).

 

“Hudson”
means Hudson Capital Inc., a British Virgin Islands company, that shall be managed by the current officers and directors of Fr8 App.

 

“Hudson
Board of Directors” means the board of directors of Hudson.

 

“Hudson
Conversion Shares” means the Ordinary Shares issuable upon conversion of Hudson Preferred Stock (regardless of any issuance
limitations).

 

“Hudson
Counsel” means Sichenzia Ross Ference LLP.

 

“Hudson
Preferred Stock” means the up to 16,257,671 of shares of Hudson’s Series B Convertible Preferred Shares issued hereunder
in exchange for the Preferred Stock having the rights, preferences and privileges set forth in the Hudson Memorandum and Articles.

 

“Hudson
Memorandum and Articles” means the Memorandum and Articles of Association of Hudson designating the rights and preferences
of the Hudson Preferred Stock filed, or to be filed prior to the Closing, by Hudson with the Territory of the British Virgin Islands,
in form and substance reasonably satisfactory to ATW.

 

“Hudson
Warrant” means that certain Warrant, dated September 16, 2021, initially issued by Fr8 App to Hudson, which Warrant is automatically
exercisable in accordance with its terms at the time of the Closing hereunder for the Applicable Number of shares of Preferred Stock
and the Applicable Number of Series D Warrants, as such Warrant may have been or may be transferred or amended from time to time.

 

“Intellectual
Property Rights” shall have the meaning ascribed to such term in Section 3.1(p).

 

“January
Note Purchase Agreement” means that certain Note Purchase Agreement, dated as of January [ ], 2021, among Fr8 App and the purchasers
of January Convertible Notes named therein. as amended by that certain Amendment to Convertible Note Purchase Agreements and Convertible
Promissory Notes, dated as of December __, 2021

 

    	4

     

    

 

“January
Convertible Notes” means Fr8 App’s Convertible Promissory Notes issued pursuant to the January Note Purchase Agreement,
held by certain Purchasers, with an aggregate principal amount of $1,000,000. Schedule B to this Agreement sets forth a list of
(i) the name of each Purchaser that is purchasing shares of Preferred Stock and Warrants under this Agreement through the cancellation
of January Convertible Notes pursuant to the terms thereof and as specified in this Agreement, (ii) a description of the Convertible
Note(s) held by each such Purchaser, and (iii) the aggregate amount of outstanding principal amount and accrued and unpaid interest of
each such January Convertible Note that is being converted by such Purchaser (at the rate of 250% thereof) into shares of Preferred Stock
and Warrants pursuant to the terms of such January Convertible Notes and as specified in this Agreement. Notwithstanding anything to
the contrary set forth on a signature page to this Agreement delivered prior to the date of this Agreement by any Purchaser converting
January Convertible Notes at Closing, the aggregate outstanding principal amount and accrued and unpaid interest being converted by such
Purchaser (at the rate of 250% thereof) and the number of shares of Preferred Stock and number of Warrants being in connection with such
conversion at the Closing to such Purchaser pursuant to the terms of such January Convertible Notes and as specified in this Agreement
at Closing shall be at set forth on Schedule B to this Agreement.

 

“Leak
Out Agreement” means the leak out agreement, dated as of the date hereof, by and among Fr8 App, Hudson and the Purchasers in
the form of Exhibit B attached hereto.

 

“Legend
Removal Date” shall have the meaning ascribed to such term in Section 4.1(c).

 

“Liens”
means a lien, charge pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

 

“Lock-Up
Agreement” shall mean the lock-up agreements from all officers, directors and fully diluted 5% or more shareholders of Hudson
on a post-merger basis.

 

“Material
Adverse Effect” shall have the meaning assigned to such term in Section 3.1(b).

 

“May
Convertible Notes” means Fr8 App’s Convertible Promissory Notes, issued pursuant to the May Note Purchase Agreement,
held by certain Purchasers with an aggregate principal amount of $2,608,842. Schedule C to this Agreement sets forth a list of
(i) the name of each Purchaser that is purchasing shares of Preferred Stock and Warrants under this Agreement through the cancellation
of May Convertible Notes pursuant to the terms thereof and as specified in this Agreement, (ii) a description of the Convertible Note(s)
held by each such Purchaser, and (iii) the aggregate amount of outstanding principal amount and accrued and unpaid interest of each May
Convertible Note that is being converted by such Purchaser (as the rate of 266.67% thereof) into shares of Preferred Stock and Warrants
pursuant to the terms of such May Convertible Notes and as specified in this Agreement. Notwithstanding anything to the contrary set
forth on a signature page to this Agreement delivered prior to the date of this Agreement by any Purchaser converting May Convertible
Notes at Closing, the aggregate outstanding principal amount and accrued and unpaid interest being converted by such Purchaser (at the
rate of 266.6% thereof) and the number of shares of Preferred Stock and number of Warrants being in connection with such conversion at
the Closing to such Purchaser pursuant to the terms of such May Convertible Notes and as specified in this Agreement at Closing shall
be at set forth on Schedule B.

 

    	5

     

    

 

“May
Note Purchase Agreement” means that certain Note Purchase Agreement, dated as of May 24, 2021, among Fr8 App and the purchasers
of May Convertible Notes named therein, as amended by that certain Amendment No. 1 to Note Purchase Agreement dated as of July 30, 2021,
and as furth amended by that Certain Amendment to Convertible Note Purchase Agreements and Convertible Promissory Notes, dated as of
December __, 2021.

 

“Merger”
means the merger pursuant to the terms and conditions of the Merger Agreement.

 

“Merger
Agreement” means the Merger Agreement, dated December 13, 2021, by and among Hudson, Hudson Capital Merger Sub I Inc., Fr8
App and ATW Master Fund II, L.P, as Stockholder Representative thereunder.

 

“October
Note Purchase Agreement” means that certain Note Purchase Agreement, dated as of October 7, 2020, among Fr8 App and the purchasers
of October Convertible Notes named therein, as amended by that certain Amendment to Convertible Note Purchase Agreements and Convertible
Promissory Notes, dated as of December __, 2021.

 

“October
Convertible Notes” means Fr8 App’s Convertible Promissory Notes issued pursuant to the October Note Purchase Agreement,
held by certain Purchasers, with an aggregate principal amount of $4,004,421. Schedule A to this Agreement sets forth a list of
(i) the name of each Purchaser that is purchasing shares of Preferred Stock and Warrants under this Agreement through the cancellation
of October Convertible Notes pursuant to the terms thereof and as specified in this Agreement, (ii) a description of the Convertible
Note(s) held by each such Purchaser, and (iii) the aggregate amount of outstanding principal amount and accrued and unpaid interest of
each such October Convertible Note that is being converted by such Purchaser (as the rate of 400% thereof) into shares of Preferred Stock
and Warrants pursuant to the terms of such October Convertible Notes and as specified in this Agreement. Notwithstanding anything to
the contrary set forth on a signature page to this Agreement delivered prior to the date of this Agreement by any Purchaser converting
October Convertible Notes at Closing, the aggregate outstanding principal amount and accrued and unpaid interest being converted by such
Purchaser (at the rate of 400% thereof) and the number of shares of Preferred Stock and number of Warrants being in connection with such
conversion at the Closing to such Purchaser pursuant to the terms of such October Convertible Notes and as specified in this Agreement
at Closing shall be at set forth on Schedule B.

 

“Ordinary
Shares” means the ordinary shares of Hudson, par value $0.011 per share, and any other class of securities into which such
securities may hereafter be reclassified or changed.

 

    	6

     

    

 

“Ordinary
Share Equivalents” means any securities of Hudson or the Hudson Subsidiaries which would entitle the holder thereof to acquire
at any time Ordinary Shares, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that
is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Ordinary Shares

 

“Participation
Maximum” shall have the meaning ascribed to such term in Section 4.11(a).

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Placement
Agent” means Chardan Capital Markets, LLC

 

“Preferred
Stock” means the up to 12,815,980 shares of Fr8 App’s Series A3 Preferred Stock issued hereunder having the rights, preferences
and privileges set forth in the Fourth Amended and Restated Certificate of Incorporation.

 

“Pro
Rata Portion” shall have the meaning ascribed to such term in Section 4.11(e).

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding,
such as a deposition), whether commenced or threatened.

 

“Public
Information Failure” shall have the meaning ascribed to such term in Section 4.2(b).

 

“Public
Information Failure Payments” shall have the meaning ascribed to such term in Section 4.2(b).

 

“Purchaser
Party” shall have the meaning ascribed to such term in Section 4.8.

 

“Registration
Rights Agreement” means the Registration Rights Agreement, dated as of the closing of the Merger among Hudson and the Purchasers,
in the form of Exhibit D attached hereto.

 

“Registration
Statement” means a registration statement to be filed after the closing of the Merger, meeting the requirements set forth in
the Registration Rights Agreement and covering the resale by the Purchasers of Hudson Conversion Shares and Warrant Shares.

 

    	7

     

    

 

“Rule
144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect
as such Rule.

 

“Rule
424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect
as such Rule.

 

“Schedule
14C” means the information statement on Schedule 14C to be filed by Hudson with the Commission, regarding the written approval
of the shareholders of Hudson to effect the Merger.

 

“Second
PIPE SPA” means that certain Securities Purchase Agreement, dated on or before the Closing Date, among Hudson and the Purchasers
named therein.

 

“SEC
Reports” shall mean the reports, schedules, forms, statements and other documents required to be filed by Hudson with the Commission
pursuant to the reporting requirements of the Exchange Act (all of the foregoing filed prior to the date hereof or prior to the Closing
Date, and all exhibits included therein and financial statements, notes and schedules thereto and documents incorporated by reference
therein.

 

“Securities”
means the Preferred Stock, Hudson Preferred Stock, the Warrants and the Underlying Shares.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Series
A Warrants” shall mean the warrants delivered in connection with the purchase of Securities for cash (or cash surrender
value as to the Placement Agent) Subscription Amounts, which Warrants shall be exercisable immediately at an exercise price equal
to $1.50, subject to adjustment therein and have a term of exercise equal to seven years, in the form of Exhibit C attached
hereto.

 

“Series
B Warrants” shall mean the warrants delivered in connection with the purchase of Securities for Subscription Amounts related
to the conversion of the January Convertible Notes, which Warrants shall be exercisable immediately at an exercise price equal
to $1.20, subject to adjustment therein, and have a term of exercise equal to seven years, in the form of Exhibit C attached
hereto.

 

“Series
C Warrants” shall mean the warrants delivered in connection with the purchase of Securities for Subscription Amounts related
to the conversion of the October Convertible Notes, which Warrants shall be exercisable immediately, at an exercise price equal
to $0.75, subject to adjustment therein and have a term of exercise equal to seven years, in the form of Exhibit C attached
hereto.

 

    	8

     

    

 

“Series
D Warrants” shall mean the warrants delivered in connection with the purchase of Securities for Subscription Amounts related
to the conversion of the May Convertible Notes and the exercise of the Hudson Warrant and the ATW Warrant, , which Warrants shall
be exercisable immediately, at an exercise price equal to $1.125, subject to adjustment therein and have a term of exercise equal
to seven years, in the form of Exhibit C attached hereto.

 

“Short
Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall not be
deemed to include locating and/or borrowing Ordinary Shares).

 

“Stated
Value” means the stated value per share of the Hudson Preferred Stock which shall equal $3.00.

 

“Subscription
Amount” means, with respect to each Purchaser, one or a combination of the following as specified below such Purchaser’s
name on the signature page of this Agreement under the heading “Subscription Amount”: (i) an amount of cash (or cash surrender
value as to the Placement Agent) in United States dollars, and/or (ii) the principal amount and accrued and unpaid interest under the
October Convertible Notes held by such Purchaser to be converted into shares of Preferred Stock and Warrants upon the cancellation of
such October Convertible Notes in accordance with their terms and pursuant to the terms of this Agreement, and/or (iii) the principal
amount and accrued and unpaid interest under the January Convertible Notes held by such Purchaser to be converted into shares of Preferred
Stock and Warrants upon the cancellation of such January Convertible Notes in accordance with their terms and pursuant to the terms of
this Agreement and/or (iv) the principal amount and accrued and unpaid interest under the May Convertible Notes held by such Purchaser
to be converted into shares of Preferred Stock and Warrants upon the cancellation of such May Convertible Notes in accordance with their
terms and pursuant to the terms of this Agreement. For avoidance of doubt, with respect to the Hudson Warrant and the ATW Warrant, the
Subscription Amount applicable thereto shall be the exercise price payable pursuant to the Hudson Warrant or the ATW Warrant, as applicable,
by the holder thereof in connection with the Closing.

 

“Subsequent
Financing” shall have the meaning ascribed to such term in Section 4.11(a).

 

“Subsequent
Financing Notice” shall have the meaning ascribed to such term in Section 4.11(b).

 

“Subsidiary”
means any subsidiary of Fr8 App and following the Merger any subsidiary of Hudson.

 

“Trading
Day” means a day on which the principal Trading Market is open for trading.

 

    	9

     

    

 

“Trading
Market” means any of the following markets or exchanges on which the Ordinary Shares are listed or quoted for trading on the
date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York
Stock Exchange (or any successors to any of the foregoing).

 

“Transaction
Documents” means this Agreement, the Registration Rights Agreement, the Leak Out Agreements, Hudson Memorandum and Articles,
the Fourth Amended and Restated Certificate of Incorporation, all exhibits and schedules thereto and hereto and any other documents or
agreements executed in connection with the transactions contemplated hereunder.

 

“Underlying
Shares” means Hudson Conversion Shares and Warrant Shares.

 

“Variable
Rate Transaction” shall have the meaning ascribed to such term in Section 4.12.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if Hudson Ordinary Shares then listed
or quoted on a Trading Market, the daily volume weighted average price of Hudson Ordinary Shares for such date (or the nearest preceding
date) on the Trading Market on which Hudson Ordinary Shares are then listed or quoted as reported by Bloomberg L.P. (based on a Trading
Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume
weighted average price of Hudson Ordinary Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if
Hudson Ordinary Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for Hudson Ordinary Shares are then
reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent
bid price per share of Hudson Ordinary Shares so reported, or (d) in all other cases, the fair market value of a share of Hudson Ordinary
Shares as determined by an independent appraiser selected in good faith by the Purchasers of a majority in interest of the Securities
then outstanding and reasonably acceptable to Hudson the fees and expenses of which shall be paid by Hudson.

 

“Warrants”
means, collectively, the Series A Warrants, Series B Warrants, the Series C Warrants and the Series D Warrants.

 

“Warrant
Shares” means the Ordinary Shares issuable upon exercise of the Warrants.

 

    	10

     

    

 

ARTICLE
II.

PURCHASE
AND SALE

 

2.1
Closing. On the Closing Date and immediately prior to the consummation of the Merger, upon the terms and subject to the conditions
set forth herein, Fr8 App agrees to sell, and the Purchasers, severally and not jointly, agree to purchase, up to an aggregate of $48,773,014
in Stated Value of shares of Preferred Stock pursuant to the terms of this Agreement. Each Purchaser shall deliver to Fr8 App, (via cancellation
of the Convertible Notes in accordance with their terms and pursuant to the terms of this Agreement or in cash surrender value) an aggregate
amount equal to such Purchaser’s Subscription Amount and Fr8 App and Hudson, as applicable, shall deliver to each Purchaser, the
items as determined pursuant to Section 2.2(a), and each Purchaser shall deliver the other items set forth in Section 2.2(b) at the Closing.
Upon satisfaction of the covenants and conditions set forth in Sections 2.2(a) and (b) and Section 2.3, the Closing shall occur at the
offices of EGS or such other location as the parties shall mutually agree. Each Purchaser holding a Convertible Note (each in such capacity
a “Converting Purchaser”) agrees to convert its respective Convertible Note(s) into the shares of Preferred Stock
and Warrants to be purchased by such Converting Purchaser as specified in this Agreement immediately prior to the Merger. Each Converting
Purchaser hereby agrees that upon the conversion of such Convertible Note(s), such Converting Purchaser shall not be entitled to any
other consideration in respect of such Convertible Note(s) other than the portion of the shares of Preferred Stock and Warrants being
issued to such Converting Purchaser (and, in the case of such Preferred Stock, subsequently exchanged for Hudson Preferred Stock) as
set forth on Schedule A or Schedule B or Schedule C (as applicable) to this Agreement. Each Converting Purchaser
hereby represents and warrants that the Purchaser has not transferred, pledged or otherwise disposed of, or encumbered any interest in,
their respective Convertible Note(s). To the extent that additional interest accrues so that the total amount otherwise due to a Converting
Purchaser under a Convertible Note is in excess of the amount specified in this Agreement, each such Converting Purchaser hereby irrevocably
waives any such additional interest. Each Converting Purchaser and Fr8 App hereby agree that as of the Closing all notices required by,
and all rights of such Converting Purchasers set forth in, such Convertible Note(s) and the January Note Purchase Agreement and/or the
October Note Purchase Agreement and/or May Note Purchase Agreement (collectively, the “Lender Rights”) shall be terminated
and of no further force or effect, and all such Lender Rights are hereby waived by each such Converting Purchaser in connection with
the transactions contemplated hereby. Upon conversion of the Convertible Notes pursuant to their terms and as specified in this Agreement,
Fr8 App shall have no further obligations under the Convertible Notes and the Convertible Notes shall be cancelled. Each Converting Purchaser
acknowledges and agrees that all instruments documenting the Convertible Notes, including the January Note Purchase Agreement and/or
the October Note Purchase Agreement and/or the May Note Purchase Agreement (collectively, the “Note Documents”) are
null and void effective as of the Closing. In the event of any conflict with the terms and conditions of such documents, the terms and
conditions of this Agreement shall supersede such conflicting terms, and for the avoidance of doubt, each Converting Purchaser hereby
agrees that such Note Documents are hereby deemed amended to give effect to the foregoing. Notwithstanding anything to the contrary provided
in a signature page to this Agreement delivered by any Purchaser prior to the date of this Agreement, at the Closing the Company will
issue and sell shares of Preferred Stock and Hudson will issue and sell Warrants, only in respect of the conversion by Purchasers of
their Convertible Notes, to the Purchaser or Purchasers holding the Hudson Warrant, to the Purchaser or Purchasers holding the ATW Warrant
and to the Placement Agent as contemplated by the signature page to this Agreement previously executed by the Placement Agent. For the
avoidance of doubt, the Company will not issue and sell shares of Preferred Stock and Hudson will not issue and sell Warrants, in exchange
for cash Subscription Amounts or otherwise in exchange for cash consideration and references on any Purchaser’s previously delivered
signature page to cash Subscription Amounts or to shares of Preferred Stock or Warrants issuable hereunder in respect of such cash Subscription
Amounts are hereby deemed deleted from such previously delivered signature pages.

 

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2.2
Deliveries.

 

(a)
On or prior to the Closing Date, Fr8 App and Hudson, as indicated below, shall deliver or cause to be delivered to each Purchaser the
following:

 

(i)
this Agreement duly executed by Fr8 App and Hudson;

 

(ii)
a respective legal opinion of Fr8 App Counsel and Hudson Counsel, substantially in form and substance reasonably satisfactory to the
Purchasers;

 

(iii)
as to any cash (or cash surrender value as to the Placement Agent) Subscription Amounts paid by such Purchaser, in exchange for shares
of Preferred Stock issued to such Purchaser pursuant to the Merger Agreement, a certificate for a number of shares of Hudson Preferred
Stock equal to 200% of such Purchaser’s cash (or cash surrender value as to the Placement Agent) Subscription Amount divided by
the Stated Value;

 

(iv)
as to any Subscription Amounts related to the January Convertible Notes, in exchange for the Preferred Stock issued to such Purchaser
pursuant to the Merger Agreement, a certificate for a number of shares Hudson Preferred Stock equal to 250% of such Purchaser’s
Subscription Amount applicable to the January Convertible Notes divided by the Stated Value, registered in the name of such Purchaser;

 

(v)
as to Subscription Amounts related to the October Convertible Notes, in exchange for shares of Preferred Stock issued to such Purchaser
pursuant to the Merger Agreement, a certificate for a number of shares of Hudson Preferred Stock equal to 200% of such Purchaser’s
Subscription Amount applicable to the October Convertible Notes divided by the Stated Value, registered in the name of such Purchaser;

 

(vi)
as to Subscription Amounts related the May Convertible Notes, in exchange for shares of Preferred Stock issued to such Purchaser pursuant
to the Merger Agreement, a certificate for a number of shares of Hudson Preferred Stock equal to 133.33% of such Purchaser’s Subscription
Amount applicable to the May Convertible Notes divided by the Stated Value, registered in the name of such Purchaser;

 

(vii)
as to shares of Preferred Stock issued upon exercise of the Hudson Warrant, a certificate for a number of Hudson Preferred Stock equal
to the Applicable Number (2,400,000, subject to adjustment therein), registered in the name of such Purchaser;

 

(viii)
as to shares of Preferred Stock issued upon exercise of the ATW Warrant, if any, a certificate for a number of shares of Hudson Preferred
Stock equal to 3,014,624, registered in the name of such Purchaser;

 

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(ix)
the Transaction Documents duly executed by the parties thereto (other than the Purchasers); and

 

(x)
Fr8 App’s wire instructions, on Fr8 App’s letterhead and executed by the Chief Executive Officer or Chief Financial Officer.

 

(xi)
as to the cash Subscription Amount (or cash surrender value as to the Placement Agent), a Series A Warrant registered in the name of
such Purchaser to purchase up to a number of Ordinary Shares equal to 100% of Hudson Conversion Shares (ignoring for such purposes any
conversion limitations) underlying such Purchaser’s Hudson Preferred issued for cash consideration;

 

(xii)
as to the Subscription Amount related to such Purchaser’s January Convertible Notes, a Series B Warrant registered in the name
of such Purchaser to purchase up to a number of Ordinary Shares equal to 100% of the Hudson Conversion Shares (ignoring for such purposes
any conversion limitations) underlying such Purchaser’s Hudson Preferred Stock issued in exchange of the January Convertible Notes;

 

(xiii)
as to the Subscription Amount related to such Purchaser’s October Convertible Notes, a Series C Warrant registered in the name
of such Purchaser to purchase up to a number of Ordinary Shares equal to 100% of the Hudson Conversion Shares (ignoring for such purposes
any conversion limitations) underlying such Purchaser’s Hudson Preferred Stock issued in exchange for the October Convertible;

 

(xiv)
as to the Subscription Amounts related to such Purchaser’s May Convertible Notes, a Series D Warrant registered in the name of
such Purchaser to purchase up to a number of Ordinary Shares equal to 100% of the Hudson Conversion Shares (ignoring for such purposes
any conversion limitations) underlying such Purchaser’s Hudson Preferred Stock issued in exchange for the May Convertible Notes.

 

(xv)
as to the Preferred Stock issued upon exercise of the Hudson Warrant, if any, a Series D Warrant registered in the name of such Purchaser
to purchase up to 2,400,000 Ordinary Shares.

 

(xvi)
as to Preferred Stock issued upon exercise of the ATW Warrant, if any, a Series D Warrant registered in the name of such Purchase to
purchase up to 3,014,624 Ordinary Shares;

 

(xvii)
the duly executed Lock-Up Agreements; and

 

(xviii)
the Registration Rights Agreement duly executed by Hudson.

 

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(b)
On or prior to the Closing Date, each Purchaser shall deliver or cause to be delivered to Fr8 App, the following:

 

(i)
this Agreement duly executed by such Purchaser; and

 

(ii)
the applicable Transaction Documents duly executed by each Purchaser, as applicable;

 

(iii)
the surrender of each Converting Purchaser’s Convertible Note or, in the case of the Hudson Warrant and the ATW Warrant, the surrender
by the holder thereof of the Hudson Warrant or the ATW Warrant, as applicable; and

 

(iv)
such Purchaser’s cash (or cash surrender agreement as to the Placement Agent) portion of its Subscription Amount by wire transfer
to the account specified in writing by Fr8 App.

 

2.3
Closing Conditions.

 

(a)
The obligations of Fr8 App and Hudson hereunder in connection with the Closing are subject to the following conditions being met:

 

(i)
the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality, in all respects)
on the Closing Date of the representations and warranties of the Purchasers contained herein (unless as of a specific date therein in
which case they shall be accurate as of such date);

 

(ii)
all obligations, covenants and agreements of each Purchaser required to be performed at or prior to the Closing Date shall have been
performed; and

 

(iii)
the delivery by each Purchaser of the items set forth in Section 2.2(b) of this Agreement.

 

(b)
The respective obligations of the Purchasers hereunder in connection with the Closing are subject to the following conditions being met:

 

(i)
the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse
Effect, in all respects) when made and on the Closing Date of the representations and warranties of Fr8 App and Hudson contained herein
(unless as of a specific date therein in which case they shall be accurate as of such date);

 

(ii)
all obligations, covenants and agreements of Fr8 App and Hudson required to be performed at or prior to the Closing Date shall have been
performed;

 

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(iii)
the delivery by Fr8 App and Hudson of the items set forth in Section 2.2(a) of this Agreement;

 

(iv)
the shareholders of Hudson shall have approved the Merger;

 

(v)
all conditions precedent to the closing of the Merger contained in the Merger Agreement shall have been satisfied or waived, including
the delivery of the Lock-Up Agreements and assumption by Hudson of all obligations under the Transaction Documents;

 

(vi)
the definitive Schedule 14C shall have been filed with the Commission;

 

(vii)
there shall have been no Material Adverse Effect with respect to Fr8 App, Hudson or any Subsidiary since the date hereof; and

 

(viii)
from the date hereof to the Closing Date, trading in the Ordinary Shares of Hudson shall not have been suspended by the Commission or
Hudson’s principal Trading Market, and, at any time prior to the Closing Date, trading in securities generally as reported by Bloomberg
L.P. shall not have been suspended or limited, or minimum prices shall not have been established on securities whose trades are reported
by such service, or on any Trading Market, nor shall a banking moratorium have been declared either by the United States or New York
State authorities nor shall there have occurred any material outbreak or escalation of hostilities or other national or international
calamity of such magnitude in its effect on, or any material adverse change in, any financial market which, in each case, in the reasonable
judgment of such Purchaser, makes it impracticable or inadvisable to purchase the Securities at the Closing.

 

ARTICLE
III.

REPRESENTATIONS
AND WARRANTIES

 

3.1
Representations and Warranties of Fr8 App and Hudson. Fr8 App and Hudson, severally and jointly, hereby makes the following representations
and warranties to each Purchaser:

 

(a)
Organization and Qualification. Each of Fr8 App and Hudson are an entities duly incorporated or otherwise organized, validly existing
and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite power and authority
to own and use its properties and assets and to carry on its business as currently conducted. Neither Fr8 App nor Hudson is in violation
nor default of any of the provisions of its certificate of incorporation, bylaws or other organizational or charter documents. Each of
Fr8 App and Hudson is duly qualified to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction
in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to
be so qualified or in good standing, as the case may be, could not have or reasonably be expected to result in: (i) a material adverse
effect on the legality, validity or enforceability of any Transaction Document, (ii) a material adverse effect on the results of operations,
assets, business, prospects or condition (financial or otherwise) of Fr8 App, Hudson and the respective Subsidiaries, taken as a whole,
or (iii) a material adverse effect on Fr8 App’s or Hudson’s ability to perform in any material respect on a timely basis
its obligations under any Transaction Document (any of (i), (ii) or (iii), a “Material Adverse Effect”) and no Proceeding
has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority
or qualification.

 

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(b)
Authorization; Enforcement. Each of Fr8 App and Hudson has the requisite corporate power and authority to enter into and to consummate
the transactions contemplated by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations
hereunder and thereunder. The execution and delivery of this Agreement and each of the other Transaction Documents by each of Fr8 App
and Hudson and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary
action on the part of each of Fr8 App and Hudson and no further action is required by each of Fr8 App and Hudson, each of Fr8 App’s
and Hudson’s Board of Directors or each of Fr8 App’s and Hudson’s stockholders in connection herewith or therewith
other than in connection with each of Fr8 App and Hudson Required Approvals. This Agreement and each other Transaction Document to which
it is a party has been (or upon delivery will have been) duly executed by each of Fr8 App and Hudson and, when delivered in accordance
with the terms hereof and thereof, will constitute the valid and binding obligation of each of Fr8 App and Hudson enforceable against
each of Fr8 App and Hudson in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy,
insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally,
(ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii)
insofar as indemnification and contribution provisions may be limited by applicable law. Hudson has the requisite corporate power and
authority to enter into the Warrants and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery
of the Warrants will have been duly authorized by all necessary action on the part of Hudson and no further action is required by Hudson,
Hudson’s Board of Directors or Hudson’s stockholders in connection herewith or therewith other than in connection with Hudson
Required Approvals. This Agreement and each other Transaction Document to which it is a party has been (or upon delivery will have been)
duly executed by Hudson and, when delivered in accordance with the terms hereof and thereof, will constitute the valid and binding obligation
of Hudson enforceable against Hudson in accordance with its terms, except (i) as limited by general equitable principles and applicable
bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights
generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies
and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

 

(c)
No Conflicts. The execution, delivery and performance by each of Fr8 App and Hudson of this Agreement and the other Transaction
Documents to which it is a party, the issuance and sale of the Securities and the consummation by it of the transactions contemplated
hereby and thereby do not and will not (i) conflict with or violate any provision of each of Fr8 App’s and Hudson’s or any
Fr8 App or Hudson Subsidiary’s certificate or articles of incorporation, bylaws or other organizational or charter documents, or
(ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, result
in the creation of any Lien upon any of the properties or assets of Fr8 App, Hudson, any Hudson Subsidiary or any Fr8 App Subsidiary,
or give to others any rights of termination, amendment, anti-dilution or similar adjustments, acceleration or cancellation (with or without
notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing Fr8 App, Hudson, Hudson Subsidiary
or Fr8 App Subsidiary debt or otherwise) or other understanding to which Fr8 App, Hudson, any Hudson Subsidiary or any Fr8 App Subsidiary
is a party or by which any property or asset of Fr8 App, Hudson, any Hudson Subsidiary or any Fr8 App Subsidiary is bound or affected,
or (iii) subject to Fr8 App and Hudson Required Approvals, conflict with or result in a violation of any law, rule, regulation, order,
judgment, injunction, decree or other restriction of any court or governmental authority to which Fr8 App, Hudson a Hudson Subsidiary
or a Fr8 App Subsidiary is subject (including federal and state securities laws and regulations), or by which any property or asset of
Fr8 App, Hudson, a Hudson Subsidiary or a Fr8 App Subsidiary is bound or affected; except in the case of each of clauses (ii) and (iii),
such as could not have or reasonably be expected to result in a Material Adverse Effect.

 

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(d)
Filings, Consents and Approvals. Each of Fr8 App and Hudson is not required to obtain any consent, waiver, authorization or order
of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority
or other Person in connection with the execution, delivery and performance by each of Fr8 App and Hudson of the Transaction Documents,
other than the filing of Form D with the Commission and such filings as are required to be made under applicable state securities laws
(collectively, the “Required Approvals”).

 

(e)
Issuance of the Securities. The Preferred Stock is duly authorized and, when issued and paid for in accordance with the applicable
Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by Fr8 App
and Hudson other than restrictions on transfer provided for in the Transaction Documents. Each of Fr8 App and Hudson has reserved from
its duly authorized capital stock the maximum number of shares of Common Stock issuable pursuant to this Agreement. The Warrants are
duly authorized and, when issued and paid for in accordance with the applicable Transaction Documents, will be duly and validly issued,
fully paid and nonassessable, free and clear of all Liens imposed by Hudson. The Warrant Shares, when issued in accordance with the terms
of the Warrants, will be validly issued, fully paid and nonassessable, free and clear of all Liens imposed by Hudson. Hudson has reserved
from its duly authorized capital stock the maximum number of Warrants Shares issuable pursuant to the Warrants.

 

(f)
Schedule 14C; Financial Statements. As of the dates of the filing of the Schedule 14C, including any amendments thereto, the sections
of the Schedule 14C titled “Risk Factors—Risks Related to Fr8 App’s Business,” “Risk Factors-Risks Related
to Fr8 App’s Operations, “Business of Fr8 App,” “ Fr8 App’s Management’s Discussion and Analysis
of Financial Condition and Results of Operations” and “Principal Stockholders of Fr8 App,” at the time the Schedule
14C or such amendments thereto were filed with the Commission, did not contain any untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading. As of each filing date of the Schedule 14C or any amendments thereto, the financial statements
of Fr8 App included in the Schedule 14C complied as to form in all material respects with applicable accounting requirements and the
published rules and regulations of the Commission with respect thereto. Such financial statements have been prepared in accordance with
U.S. generally accepted accounting principles (“GAAP”), consistently applied during the periods involved (except (i)
as may be otherwise indicated in such financial statements or the notes thereto, or (ii) in the case of unaudited interim statements,
to the extent they may exclude footnotes or may be condensed or summary statements) and fairly present in all material respects the financial
position of Fr8 App as of the dates thereof and the results of its operations and cash flows for the periods then ended (subject, in
the case of unaudited statements, to normal year-end audit adjustments which will not be material, either individually or in the aggregate).
No other information provided by or on behalf of Fr8 App relating to Fr8 App to any of the Purchasers which is not included in the Schedule
14C (including, without limitation, information referred to in Section 3.3(d) of this Agreement) contains any untrue statement of a material
fact or omits to state any material fact necessary in order to make the statements therein, in the light of the circumstance under which
they are or were made, not misleading.

 

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(g)
Private Placement. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2, no
registration under the Securities Act is required for the offer and sale of the Securities by Fr8 App or Hudson to the Purchasers as
contemplated hereby.

 

(h)
Investment Company. Neither Fr8 App nor Hudson is, or is an Affiliate of, and immediately after receipt of payment for the Securities,
will not be or be an Affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940, as amended.
Hudson shall conduct its business in a manner so that it will not become an “investment company” subject to registration
under the Investment Company Act of 1940, as amended.

 

(i)
No Integrated Offering. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 3.3,
neither Fr8 App, Hudson nor any of its respective Affiliates, nor any Person acting on its or their behalf has, directly or indirectly,
made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering
of the Securities to be integrated with prior offerings by Fr8 App or Hudson for purposes of the Securities Act which would require the
registration of any such securities under the Securities Act.

 

(j)
No General Solicitation. Neither Fr8 App, Hudson nor any Person acting on behalf of Fr8 App or Hudson has offered or sold any
of the Securities by any form of general solicitation or general advertising. Fr8 App and Hudson have offered the Securities for sale
only to the Purchasers and certain other “accredited investors” within the meaning of Rule 501 under the Securities Act.

 

(k)
No Disqualification Events. With respect to the Securities to be offered and sold hereunder in reliance on Rule 506 under the
Securities Act, none of Fr8 App, Hudson, any of its predecessors, any affiliated issuer, any director, executive officer, other officer
of Fr8 App or Hudson participating in the offering hereunder, any beneficial owner of 20% or more of Fr8 App’s or Hudson’s
outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405
under the Securities Act) connected with Fr8 App or Hudson in any capacity at the time of sale (each, an “Issuer Covered Person”
and, together, “Issuer Covered Persons”) is subject to any of the “Bad Actor” disqualifications described
in Rule 506(d)(1)(i) to (viii) under the Securities Act (a “Disqualification Event”), except for a Disqualification
Event covered by Rule 506(d)(2) or (d)(3). Each of Fr8 App and Hudson has exercised reasonable care to determine whether any Issuer Covered
Person is subject to a Disqualification Event. Each of Fr8 App and Hudson has complied, to the extent applicable, with its disclosure
obligations under Rule 506(e), and has furnished to the Purchasers a copy of any disclosures provided thereunder.

 

(l)
Other Covered Persons. Other than the Placement Agent, neither Fr8 App nor Hudson is not of any person (other than any Issuer
Covered Person) that has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with
the sale of any Securities.

 

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(m)
Notice of Disqualification Events. Each of Fr8 App and Hudson will notify the Purchasers and the Placement Agent in writing, prior
to the Closing Date of (i) any Disqualification Event relating to any Issuer Covered Person and (ii) any event that would, with the passage
of time, become a Disqualification Event relating to any Issuer Covered Person.

 

3.2
Representations and Warranties of the Purchasers. Each Purchaser, for itself and for no other Purchaser, hereby represents and
warrants as of the date hereof and as of the Closing Date to Fr8 App and Hudson as follows (unless as of a specific date therein, in
which case they shall be accurate as of such date):

 

(a)
Organization; Authority. Such Purchaser is either an individual or an entity duly incorporated or formed, validly existing and
in good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited
liability company or similar power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents
and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and performance
by such Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary corporate,
partnership, limited liability company or similar action, as applicable, on the part of such Purchaser. Each Transaction Document to
which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with the terms hereof,
will constitute the valid and legally binding obligation of such Purchaser, enforceable against it in accordance with its terms, except
(i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general
application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific
performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited
by applicable law.

 

(b)
Own Account. Such Purchaser understands that the Securities are “restricted securities” and have not been registered
under the Securities Act or any applicable state securities law and is acquiring the Securities as principal for its own account and
not with a view to or for distributing or reselling such Securities or any part thereof in violation of the Securities Act or any applicable
state securities law, has no present intention of distributing any of such Securities in violation of the Securities Act or any applicable
state securities law and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding the
distribution of such Securities in violation of the Securities Act or any applicable state securities law (this representation and warranty
not limiting such Purchaser’s right to sell the Securities pursuant to the Registration Statement, or otherwise in compliance with
applicable federal and state securities laws). Such Purchaser is acquiring the Securities hereunder in the ordinary course of its business.

 

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(c)
Purchaser Status. At the time such Purchaser was offered the Securities, it was, and as of the date hereof it is, and on each
date on which it converts any shares of Preferred Stock, an “accredited investor” as defined in Rule 501(a)(1), (a)(2), (a)(3),
(a)(7) or (a)(8) under the Securities Act.

 

(d)
Experience of Such Purchaser. Such Purchaser, either alone or together with its representatives, has such knowledge, sophistication
and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment
in the Securities, and has so evaluated the merits and risks of such investment. Such Purchaser is able to bear the economic risk of
an investment in the Securities and, at the present time, is able to afford a complete loss of such investment.

 

(e)
General Solicitation. Such Purchaser is not purchasing the Securities as a result of any advertisement, article, notice or other
communication regarding the Securities published in any newspaper, magazine or similar media or broadcast over television or radio or
presented at any seminar or, any other general solicitation or general advertisement.

 

(f)
Access to Information. Such Purchaser acknowledges that it has had the opportunity to review the Transaction Documents (including
all exhibits and schedules thereto) and the SEC Reports filed by Hudson, and has been afforded (i) the opportunity to ask such questions
as it has deemed necessary of, and to receive answers from, representatives of Fr8 App and Hudson concerning the terms and conditions
of the offering of the Securities and the merits and risks of investing in the Securities; (ii) access to information about Fr8 App,
Hudson and their respective financial condition, results of operations, businesses, properties, management and prospects sufficient to
enable it to evaluate its investment; and (iii) the opportunity to obtain such additional information that Fr8 App and/or Hudson possesses
or can acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment.
Such Purchaser acknowledges and agrees that neither the Placement Agent nor any Affiliate of the Placement Agent has provided such Purchaser
with any information or advice with respect to the Securities nor is such information or advice necessary or desired. Neither the Placement
Agent nor any Affiliate has made or makes any representation as to Fr8 App or Hudson or the quality of the Securities and the Placement
Agent and any Affiliate may have acquired non-public information with respect to Fr8 App and/or Hudson which such Purchaser agrees need
not be provided to it. In connection with the issuance of the Securities to such Purchaser, neither the Placement Agent nor any of its
Affiliates has acted as a financial advisor or fiduciary to such Purchaser.

 

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(g)
Certain Transactions and Confidentiality. Other than consummating the transactions contemplated hereunder, such Purchaser has
not, nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, directly or indirectly executed any
purchases or sales, including Short Sales, of the securities of Hudson during the period commencing as of the time that such Purchaser
first received a term sheet (written or oral) from Fr8 App, Hudson or any other Person representing Fr8 App or Hudson setting forth the
material terms of the transactions contemplated hereunder and ending immediately prior to the execution hereof. Notwithstanding the foregoing,
in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of
such Purchaser’s assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers
managing other portions of such Purchaser’s assets, the representation set forth above shall only apply with respect to the portion
of assets managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement. Other
than to other Persons party to this Agreement or to such Purchaser’s representatives, including, without limitation, its officers,
directors, partners, legal and other advisors, employees, agents and Affiliates, such Purchaser has maintained the confidentiality of
all disclosures made to it in connection with this transaction (including the existence and terms of this transaction). Notwithstanding
the foregoing, for the avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions,
with respect to locating or borrowing shares in order to effect Short Sales or similar transactions in the future.

 

Each
of Fr8 App and Hudson acknowledges and agrees that the representations contained in this Section 3.3 shall not modify, amend or affect
such Purchaser’s right to rely on each of Fr8 App’s and Hudson’s representations and warranties contained in this Agreement
or any representations and warranties contained in any other Transaction Document or any other document or instrument executed and/or
delivered in connection with this Agreement or the consummation of the transactions contemplated hereby. Notwithstanding the foregoing,
for the avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect
to locating or borrowing shares in order to effect Short Sales or similar transactions in the future.

 

ARTICLE
IV.

OTHER
AGREEMENTS OF THE PARTIES

 

4.1
Transfer Restrictions.

 

(a)
The Securities may only be disposed of in compliance with state and federal securities laws. In connection with any transfer of Securities
other than pursuant to an effective registration statement or Rule 144, to Fr8 App, Hudson or to an Affiliate of a Purchaser or in connection
with a pledge as contemplated in Section 4.1(b), Fr8 App or Hudson, as applicable, may require the transferor thereof to provide to Fr8
App or Hudson, as applicable, an opinion of counsel selected by the transferor and reasonably acceptable to Fr8 App or Hudson, as applicable,
the form and substance of which opinion shall be reasonably satisfactory to Fr8 App or Hudson, as applicable, to the effect that such
transfer does not require registration of such transferred Securities under the Securities Act. As a condition of transfer, any such
transferee shall agree in writing to be bound by the terms of this Agreement and the Registration Rights Agreement and shall have the
rights and obligations of a Purchaser under this Agreement and the Registration Rights Agreement.

 

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(b)
The Purchasers agree to the imprinting, so long as is required by this Section 4.1, of a legend on any of the Securities in the following
form:

 

[NEITHER]
THIS SECURITY [NOR THE SECURITIES INTO WHICH THIS SECURITY IS [EXERCISABLE] [CONVERTIBLE]] HAS [NOT] BEEN REGISTERED WITH THE SECURITIES
AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY [AND THE SECURITIES ISSUABLE
UPON [EXERCISE] [CONVERSION] OF THIS SECURITY] MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER
OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE SECURITIES
ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

Each
of Fr8 App and Hudson acknowledge and agree that a Purchaser may from time to time pledge pursuant to a bona fide margin agreement with
a registered broker-dealer or grant a security interest in some or all of the Securities to a financial institution that is an “accredited
investor” as defined in Rule 501(a) under the Securities Act and, if required under the terms of such arrangement, such Purchaser
may transfer pledged or secured Securities to the pledgees or secured parties. Such a pledge or transfer would not be subject to approval
of either Fr8 App or Hudson, as applicable, and no legal opinion of legal counsel of the pledgee, secured party or pledgor shall be required
in connection therewith. Further, no notice shall be required of such pledge. At the appropriate Purchaser’s expense, both Fr8
App and Hudson will execute and deliver such reasonable documentation as a pledgee or secured party of Securities may reasonably request
in connection with a pledge or transfer of the Securities, including, if the Securities are subject to registration pursuant to the Registration
Rights Agreement, the preparation and filing of any required prospectus supplement under Rule 424(b)(3) under the Securities Act or other
applicable provision of the Securities Act to appropriately amend the list of Selling Stockholders (as defined in the Registration Rights
Agreement) thereunder.

 

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(c)
Certificates evidencing the Underlying Shares shall not contain any legend (including the legend set forth in Section 4.1(b) hereof),
(i) while a registration statement (including the Registration Statement) covering such security is effective under the Securities Act,
(ii) following any sale of such Securities pursuant to Rule 144 (assuming cashless exercise of the Warrants), (iii) if such Securities
are eligible for sale under Rule 144 (assuming cashless exercise of the Warrants) or (iv) if such legend is not required under applicable
requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the Commission). After
the Effective Date, Hudson shall cause its counsel to issue a legal opinion to Hudson’s Transfer Agent or the Purchaser if required
by Hudson’s Transfer Agent to effect the removal of the legend hereunder, or if requested by a Purchaser, respectively. If all
or any shares of Preferred Stock are converted or any portion of a Warrant is exercised at a time when there is an effective registration
statement to cover the resale of the Underlying Shares, or if such Underlying Shares may be sold under Rule 144 and Post- Merger Company
is then in compliance with the current public information required under Rule 144 (assuming cashless exercise of the Warrants), or if
the Underlying may be sold under Rule 144 without the requirement for Post- Merger Company to be in compliance with the current public
information required under Rule 144 as to such Underlying Shares or if such legend is not otherwise required under applicable requirements
of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the Commission) then such Underlying
Shares shall be issued free of all legends. Hudson agrees that at such time as such legend is no longer required under this Section 4.1(c),
it will, no later than the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement
Period (as defined below) following the delivery by a Purchaser to Hudson or Hudson’s Transfer Agent of a certificate representing
the Securities issued with a restrictive legend (such date, the “Legend Removal Date”), deliver or cause to be delivered
to such Purchaser a certificate representing such shares that is free from all restrictive and other legends. Hudson shall not make any
notation on its records or give instructions to its Transfer Agent that enlarge the restrictions on transfer set forth in this Section
4. Certificates for Underlying Shares subject to legend removal hereunder shall be transmitted by the Transfer Agent to the Purchaser
by crediting the account of the Purchaser’s prime broker with the Depository Trust Company System as directed by such Purchaser.
As used herein, “Standard Settlement Period” means the standard settlement period, expressed in a number of Trading
Days, on Post- Merger Company’s primary Trading Market with respect to the Ordinary Shares as in effect on the date of delivery
of a certificate representing Underlying Shares, as the case may be, issued with a restrictive legend.

 

(d)
In addition to such Purchaser’s other available remedies, Hudson shall pay to a Purchaser, in cash, (i) as partial liquidated damages
and not as a penalty, for each $1,000 of Securities (based on the VWAP of the Ordinary Shares on the date such Securities are submitted
to the Transfer Agent) delivered for removal of the restrictive legend and subject to Section 4.1(c), $10 per Trading Day (increasing
to $20 per Trading Day five (5) Trading Days after such damages have begun to accrue) for each Trading Day after the Legend Removal Date
until such certificate is delivered without a legend and (ii) if Post- Merger Company fails to (a) issue and deliver (or cause to be
delivered) to a Purchaser by the Legend Removal Date a certificate representing the Securities so delivered to Post- Merger Company by
such Purchaser that is free from all restrictive and other legends and (b) if after the Legend Removal Date such Purchaser purchases
(in an open market transaction or otherwise) Ordinary Shares to deliver in satisfaction of a sale by such Purchaser of all or any portion
of the number of Ordinary Shares, or a sale of a number of Ordinary Shares equal to all or any portion of the number of Ordinary Shares
that such Purchaser anticipated receiving from Post- Merger Company without any restrictive legend, then, an amount equal to the excess
of such Purchaser’s total purchase price (including brokerage commissions and other out-of-pocket expenses, if any) for the Ordinary
Shares so purchased (including brokerage commissions and other out-of-pocket expenses, if any) (the “Buy-In
Price”) over the product of (A) such number of Ordinary Shares that Hudson was required to deliver to such Purchaser
by the Legend Removal Date multiplied by (B) the lowest closing sale price of the Ordinary Shares on any Trading Day during the period
commencing on the date of the delivery by such Purchaser to the Company of the applicable Securities and ending on the date of such delivery
and payment under this clause (ii).

 

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(e)
Each Purchaser, severally and not jointly with the other Purchasers, agrees with Hudson that such Purchaser will sell any Securities
pursuant to either the registration requirements of the Securities Act, including any applicable prospectus delivery requirements, or
an exemption therefrom, and that if Securities are sold pursuant to a Registration Statement, they will be sold in compliance with the
plan of distribution set forth therein, and acknowledges that the removal of the restrictive legend from certificates representing Securities
as set forth in this Section 4.1 is predicated upon Hudson’s reliance upon this understanding.

 

4.2
Post- Closing Covenant; Furnishing of Information; Public Information.

 

(a)
Until the earliest of the time commencing on the Closing Date until such time that (i) no Purchaser owns Securities or (ii) the Warrants
have expired, Hudson shall maintain the registration of Hudson Ordinary Shares under Section 12(b) or 12(g) of the Exchange Act and to
timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by
Hudson after the Merger pursuant to the Exchange Act even if Hudson is not then subject to the reporting requirements of the Exchange
Act.

 

(b)
At any time during the period commencing on the date that is 90 days following the effective date of the Merger and ending at such time
that all of the Underlying Shares may be sold without the requirement for Post- Merger Company to be in compliance with Rule 144(c)(1)
and otherwise without restriction or limitation pursuant to Rule 144, if Post- Merger Company (i) shall fail for any reason to satisfy
the current public information requirement under Rule 144(c) or (ii) has ever been an issuer described in Rule 144(i)(1)(i) or becomes
an issuer in the future, and Post- Merger Company shall fail to satisfy any condition set forth in Rule 144(i)(2) (a “Public
Information Failure”) then, in addition to such Purchaser’s other available remedies, Post- Merger Company shall pay
to a Purchaser, in cash, as partial liquidated damages and not as a penalty, by reason of any such delay in or reduction of its ability
to sell the Underlying Shares, an amount in cash equal to two percent (2.0%) of the aggregate Stated Value of Preferred Stock of such
Purchaser on the day of a Public Information Failure and on every thirtieth (30th) day (pro-rated for periods totaling less
than thirty days) thereafter until the earlier of (a) the date such Public Information Failure is cured and (b) such time that such public
information is no longer required for the Purchasers to transfer the Warrant Shares pursuant to Rule 144. The payments to which a Purchaser
shall be entitled pursuant to this Section 4.2(b) are referred to herein as “Public Information Failure Payments.”
Public Information Failure Payments shall be paid on the earlier of (i) the last day of the calendar month during which such Public Information
Failure Payments are incurred and (ii) the third (3rd) Business Day after the event or failure giving rise to the Public Information
Failure Payments is cured. In the event Post- Merger Company fails to make Public Information Failure Payments in a timely manner, such
Public Information Failure Payments shall bear interest at the rate of 1.5% per month (prorated for partial months) until paid in full.
Nothing herein shall limit such Purchaser’s right to pursue actual damages for the Public Information Failure, and such Purchaser
shall have the right to pursue all remedies available to it at law or in equity including, without limitation, a decree of specific performance
and/or injunctive relief.

 

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4.3
Integration. Neither Fr8 App nor Hudson shall sell, offer for sale or solicit offers to buy or otherwise negotiate in respect
of any security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Securities in
a manner that would require the registration under the Securities Act of the sale of the Securities or that would be integrated with
the offer or sale of the Securities for purposes of the rules and regulations of any Trading Market such that it would require shareholder
approval prior to the closing of such other transaction unless shareholder approval is obtained before the closing of such subsequent
transaction.

 

4.4
Securities Laws Disclosure; Publicity. From and after the effective date of the Merger, Hudson acknowledges and agrees that (i)
all material, non-public information delivered to any of the Purchasers by Hudson or any of their respective officers, directors, employees
or agents in connection with the transactions contemplated by the Transaction Documents shall have been publicly disclosed and (ii) any
and all confidentiality or similar obligations under any agreement, whether written or oral, between Hudson or any of their respective
officers, directors, agents, employees or Affiliates on the one hand, and any of the Purchasers or any of their Affiliates on the other
hand, shall terminate. Notwithstanding the foregoing, Hudson shall not publicly disclose the name of any Purchaser, or include the name
of any Purchaser in any filing with the Commission or any regulatory agency or Trading Market, without the prior written consent of such
Purchaser, except (a) as required by federal securities law in connection with (i) the Schedule 14C, (ii) any registration statement
contemplated by the Registration Rights Agreement and (iii) the filing of final Transaction Documents with the Commission.

 

4.5
Shareholder Rights Plan. No claim will be made or enforced by Fr8 App or Hudson, with the consent of Fr8 App or Hudson, as applicable,
or any other Person, that any Purchaser is an “Acquiring Person” under any control share acquisition, business combination,
poison pill (including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter
adopted by Fr8 App or Hudson, as applicable, or that any Purchaser could be deemed to trigger the provisions of any such plan or arrangement,
by virtue of receiving Securities under the Transaction Documents or under any other agreement between Fr8 App, Hudson and the Purchasers.

 

4.6
[Reserved]

 

4.7
Use of Proceeds. Except as set forth on Schedule 4.7 attached hereto, Fr8 App and the Hudson shall use the net proceeds,
if any, from the sale of the Securities hereunder for working capital purposes and shall not use such proceeds: (a) for the satisfaction
of any portion of Fr8 App’s debt (other than payment of trade payables in the ordinary course of Fr8 App’s or Hudson’s
business and prior practices), (b) for the redemption of any Common Stock or Common Stock Equivalents, (c) for the settlement of any
outstanding litigation or (d) in violation of FCPA or OFAC regulations.

 

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4.8
Indemnification of Purchasers.

 

(a)
Indemnification of Purchasers by Fr8 App and Hudson. Subject to the provisions of this Section 4.8(a), Fr8 App and Hudson, severally
and jointly, will indemnify and hold each Purchaser and its directors, officers, shareholders, members, partners, employees and agents
(and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any
other title), each Person who controls such Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange
Act), and the directors, officers, shareholders, agents, members, partners or employees (and any other Persons with a functionally equivalent
role of a Person holding such titles notwithstanding a lack of such title or any other title) of such controlling persons (each, a “Purchaser
Party”) harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including
all judgments, amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation that any such
Purchaser Party may suffer or incur as a result of or relating to any breach of any of the representations, warranties, covenants or
agreements made by Fr8 App or Hudson in this Agreement or in the other Transaction Documents. If any action shall be brought against
any Purchaser Party in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser Party shall promptly notify
Fr8 App and Hudson in writing, and Fr8 App and Hudson, as applicable, shall have the right to assume the defense thereof with counsel
of its own choosing reasonably acceptable to the Purchaser Party. Any Purchaser Party shall have the right to employ separate counsel
in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such
Purchaser Party except to the extent that (i) the employment thereof has been specifically authorized by Fr8 App and Hudson, as applicable
in writing, (ii) Fr8 App has failed after a reasonable period of time to assume such defense and to employ counsel or (iii) in such action
there is, in the reasonable opinion of counsel, a material conflict on any material issue between the position of Fr8 App and Hudson,
as applicable and the position of such Purchaser Party, in which case Fr8 App and Hudson, as applicable, shall be responsible for the
reasonable fees and expenses of no more than one such separate counsel. Neither Fr8 App nor Hudson, as applicable, shall be liable to
any Purchaser Party under this Agreement (y) for any settlement by a Purchaser Party effected without Fr8 App’s and Hudson’s,
as applicable, prior written consent, which shall not be unreasonably withheld or delayed; or (z) to the extent, but only to the extent
that a loss, claim, damage or liability is attributable to any Purchaser Party’s breach of any of the representations, warranties,
covenants or agreements made by such Purchaser Party in this Agreement or in the other Transaction Documents. The indemnification required
by this Section 4.8(a) shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as
and when bills are received or are incurred. The indemnity agreements contained herein shall be in addition to any cause of action or
similar right of any Purchaser Party against Fr8 App, Hudson or others and any liabilities Fr8 App and/or Hudson may be subject to pursuant
to law.

 

4.9
Reservation of Securities. As of the date hereof, Fr8 App has reserved and Fr8 App shall continue to reserve and keep available
at all times, free of preemptive rights, a sufficient number of shares of Common Stock for the purpose of enabling Fr8 App to issue the
shares of Common Stock thereunder pursuant to this Agreement. On the Closing Date and following the Merger, Hudson shall reserve and
keep available at all times, free of preemptive rights, a sufficient number of Ordinary Shares for the purpose of enabling Hudson to
issue all of the Conversion Shares and Warrant Shares without regard to any limitations under Hudson Memorandum and Articles or the Warrants,
as applicable.

 

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4.10
[Intentionally Omitted].

 

4.11
Participation in Future Financing.

 

(a)
From the date hereof until the date that is the five year anniversary of the Closing Date, upon any issuance by Fr8 App or Hudson of
Common Stock, Common Stock Equivalents, Ordinary Shares and/or Ordinary Shares Equivalents for cash consideration, Indebtedness or a
combination of units thereof (a “Subsequent Financing”), each Purchaser (including its Affiliates) with a Stated Value
of Preferred Stock equal to at least $4 million (each such Purchaser, a “ROP Purchaser”) shall have the right to participate
in up to an amount of the Subsequent Financing equal to 50% of the Subsequent Financing (the “Participation Maximum”)
on the same terms, conditions and price provided for in the Subsequent Financing.

 

(b)
Between the time period of 4:00 pm (New York City time) and 6:00 pm (New York City time) on the Trading Day immediately prior to the
Trading Day of the expected announcement of the Subsequent Financing (or, if the Trading Day of the expected announcement of the Subsequent
Financing is the first Trading Day following a holiday or a weekend (including a holiday weekend), between the time period of 4:00 pm
(New York City time) on the Trading Day immediately prior to such holiday or weekend and 2:00 pm (New York City time) on the day immediately
prior to the Trading Day of the expected announcement of the Subsequent Financing), Fr8 App or Hudson shall deliver to each ROP Purchaser
a written notice of Fr8 App’s or Hudson’s intention to effect a Subsequent Financing (a “Subsequent Financing Notice”),
which notice shall describe in reasonable detail the proposed terms of such Subsequent Financing, the amount of proceeds intended to
be raised thereunder and the Person or Persons through or with whom such Subsequent Financing is proposed to be effected and shall include
a term sheet and transaction documents relating thereto as an attachment.

 

(c)
Any ROP Purchaser desiring to participate in such Subsequent Financing must provide written notice to Fr8 App or Hudson, as applicable,
by 6:30 am (New York City time) on the Trading Day following the date on which the Subsequent Financing Notice is delivered to such ROP
Purchaser (the “Notice Termination Time”) that such ROP Purchaser is willing to participate in the Subsequent Financing,
the amount of such ROP Purchaser’s participation, and representing and warranting that such ROP Purchaser has such funds ready,
willing, and available for investment on the terms set forth in the Subsequent Financing Notice. If Fr8 App or Hudson receives no such
notice from a ROP Purchaser as of such Notice Termination Time, such ROP Purchaser shall be deemed to have notified Fr8 App or Hudson
that it does not elect to participate in such Subsequent Financing.

 

(d)
If, by the Notice Termination Time, notifications by the ROP Purchasers of their willingness to participate in the Subsequent Financing
(or to cause their designees to participate) is, in the aggregate, less than the total amount of the Subsequent Financing, then Fr8 App
or Hudson may effect the remaining portion of such Subsequent Financing on the terms and with the Persons set forth in the Subsequent
Financing Notice.

 

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(e)
If, by the Notice Termination Time, Fr8 App or Hudson, as applicable, receives responses to a Subsequent Financing Notice from ROP Purchasers
seeking to purchase more than the aggregate amount of the Participation Maximum, each such ROP Purchaser shall have the right to purchase
its Pro Rata Portion (as defined below) of the Participation Maximum. “Pro Rata Portion” means the ratio of (x) the
Stated Value of Preferred Stock of Securities purchased on the Closing Date by an ROP Purchaser participating under this Section 4.11
and (y) the sum of the aggregate Stated Value of Preferred Stock purchased on the Closing Date by all ROP Purchasers participating under
this Section 4.11.

 

(f)
Fr8 App or Hudson must provide the ROP Purchasers with a second Subsequent Financing Notice, and the ROP Purchasers will again have the
right of participation set forth above in this Section 4.11, if the definitive agreement related to the initial Subsequent Financing
Notice is not entered into for any reason on the terms set forth in such Subsequent Financing Notice within two (2) Trading Days after
the date of delivery of the initial Subsequent Financing Notice.

 

(g)
Fr8 App and Hudson and each ROP Purchaser agree that, if any ROP Purchaser elects to participate in the Subsequent Financing, the transaction
documents related to the Subsequent Financing shall not include any term or provision that, directly or indirectly, will, or is intended
to, exclude one or more of the ROP Purchasers from participating in a Subsequent Financing, including, but not limited to, provisions
whereby such ROP Purchaser shall be required to agree to any restrictions on trading as to any of the Securities purchased hereunder
or be required to consent to any amendment to or termination of, or grant any waiver, release or the like under or in connection with,
this Agreement, without the prior written consent of such ROP Purchaser. In addition, Fr8 App or Hudson and each ROP Purchaser agree
that, in connection with a Subsequent Financing, the transaction documents related to the Subsequent Financing shall include a requirement
for Fr8 App or Hudson to issue a widely disseminated press release by 9:30 am (New York City time) on the Trading Day of execution of
the transaction documents in such Subsequent Financing (or, if the date of execution is not a Trading Day, on the immediately following
Trading Day) that discloses the material terms of the transactions contemplated by the transaction documents in such Subsequent Financing.

 

(h)
Notwithstanding anything to the contrary in this Section 4.11 and unless otherwise agreed to by such ROP Purchaser, Fr8 App or Hudson
shall either confirm in writing to such ROP Purchaser that the transaction with respect to the Subsequent Financing has been abandoned
or shall publicly disclose its intention to issue the securities in the Subsequent Financing, in either case in such a manner such that
such ROP Purchaser will not be in possession of any material, non-public information, by 9:30 am (New York City time) on the second (2nd)
Trading Day following date of delivery of the Subsequent Financing Notice. If by 9:30 am (New York City time) on such second (2nd) Trading
Day, no public disclosure regarding a transaction with respect to the Subsequent Financing has been made, and no notice regarding the
abandonment of such transaction has been received by such ROP Purchaser, such transaction shall be deemed to have been abandoned and
such ROP Purchaser shall not be deemed to be in possession of any material, non-public information with respect to Fr8 App, Hudson or
any of their respective Subsidiaries.

 

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(i)
Notwithstanding the foregoing, this Section 4.11 shall not apply in respect of an Exempt Issuance.

 

4.12
Variable Rate Transactions. From the date hereof until such time as no Purchaser holds any of the Warrants, each of Fr8 App and,
Hudson, shall be prohibited from effecting or entering into an agreement to effect any issuance by Hudson, or any of its subsidiaries
including Fr8 App of Ordinary Shares or Ordinary Shares Equivalents or a combination of thereof) involving a Variable Rate Transaction.
“Variable Rate Transaction” means a transaction in which Fr8 App or Hudson (i) issues or sells any debt or equity
securities that are convertible into, exchangeable or exercisable for, or include the right to receive, additional Ordinary Shares, either
(A) at a conversion price, exercise price or exchange rate or other price that is based upon, and/or varies with, the trading prices
of or quotations for the Ordinary Shares, at any time after the initial issuance of such debt or equity securities or (B) with a conversion,
exercise or exchange price that is subject to being reset at some future date after the initial issuance of such debt or equity security
or upon the occurrence of specified or contingent events directly or indirectly related to the business of Fr8 App or Hudson or the market
for the Ordinary Shares, or (ii) enters into, or effects a transaction under, any agreement, including, but not limited to, an equity
line of credit, whereby Fr8 App or Hudson may issue securities at a future determined price. Any Purchaser shall be entitled to obtain
injunctive relief against Fr8 App or Hudson to preclude any such issuance, which remedy shall be in addition to any right to collect
damages.

 

4.13
Equal Treatment of Purchasers. No consideration (including any modification of any Transaction Document) shall be offered or paid
to any Person to amend or consent to a waiver or modification of any provision of the Transaction Documents unless the same consideration
is also offered to all of the parties to the Transaction Documents. For clarification purposes, this provision constitutes a separate
right granted to each Purchaser by Fr8 App and Hudson and negotiated separately by each Purchaser, and is intended for Fr8 App and Hudson
to treat the Purchasers as a class and shall not in any way be construed as the Purchasers acting in concert or as a group with respect
to the purchase, disposition or voting of Securities or otherwise.

 

4.14
Certain Transactions and Confidentiality. Each Purchaser, severally and not jointly with the other Purchasers, covenants that
neither it, nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or sales, including
Short Sales, of any of Hudson’s securities during the period commencing with the execution of this Agreement and ending at such
time that the transactions contemplated by this Agreement are first publicly announced pursuant to Section 4.4. Each Purchaser, severally
and not jointly with the other Purchasers, covenants that until such time as the transactions contemplated by this Agreement are publicly
disclosed by each of Fr8 App and Hudson as described in Section 4.4, such Purchaser will maintain the confidentiality of the existence
and terms of this transaction. Notwithstanding the foregoing and notwithstanding anything contained in this Agreement to the contrary,
each of Fr8 App and Hudson, expressly acknowledges and agrees that (i) no Purchaser makes any representation, warranty or covenant hereby
that it will not engage in effecting transactions in any securities of Hudson after the time that the transactions contemplated by this
Agreement are first publicly announced as described in Section 4.4, (ii) no Purchaser shall be restricted or prohibited from effecting
any transactions in any securities of Hudson in accordance with applicable securities laws from and after the time that the transactions
contemplated by this Agreement are first publicly announced as described in Section 4.4 and (iii) no Purchaser shall have any duty of
confidentiality or duty not to trade in the securities of Hudson after the transactions contemplated by this Agreement are first publicly
announced as described in Section 4.4. Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle
whereby separate portfolio managers manage separate portions of such Purchaser’s assets and the portfolio managers have no direct
knowledge of the investment decisions made by the portfolio managers managing other portions of such Purchaser’s assets, the covenant
set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision
to purchase the Securities covered by this Agreement.

 

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4.15
Form D; Blue Sky Filings. Each of Fr8 App and Hudson agrees to timely file a Form D with respect to the Securities as required
under Regulation D and to provide a copy thereof, promptly upon request of any Purchaser. Each of Fr8 App and Hudson shall take such
action as it shall reasonably determine is necessary in order to obtain an exemption for, or to qualify the Securities for, sale to the
Purchasers at the Closing under applicable securities or “Blue Sky” laws of the states of the United States, and shall provide
evidence of such actions promptly upon request of any Purchaser.

 

4.16
Acknowledgment of Dilution. Each of Fr8 App and Hudson, as applicable, acknowledges that the issuance of the Shares and the issuance
of the Warrants by Hudson after the Merger may result in dilution of the outstanding Ordinary Shares, which dilution may be substantial
under certain market conditions. Fr8 App and Hudson severally and jointly further acknowledges that its obligations under the Transaction
Documents, including, without limitation, its obligation to issue the Securities pursuant to the Transaction Documents, are unconditional
and absolute and not subject to any right of set off, counterclaim, delay or reduction, regardless of the effect of any such dilution
or any claim Fr8 App or Hudson may have against any Purchaser and regardless of the dilutive effect that such issuance may have on the
ownership of the other stockholders of Fr8 App and Hudson.

 

4.17
Exchange of Preferred Stock. Immediately following the issuance of the Preferred Stock on the Closing Date, in accordance with,
and pursuant to the terms of the Merger Agreement, the Preferred Stock shall be cancelled and automatically exchanged into the right
to receive, without interest, the Applicable Merger Consideration (as defined in the Merger Agreement) of Hudson, which shall be, and
shall be referred to herein as Hudson Preferred Stock. Such Hudson Preferred Stock shall be delivered to each Purchaser by crediting
to such Purchaser’s or its designee’s balance account within two (2) Trading Days following the Closing Date. Such Hudson
Preferred Stock shall be delivered in certificate form to such Purchaser.

 

4.18
Lock-Up. Hudson shall not amend, modify, waive or terminate any provision of any of the Lock-Up Agreements except to extend the
term of the lock-up period and shall enforce the provisions of each Lock-Up Agreement in accordance with its terms. If any officer or
director that is a party to a Lock-Up Agreement breaches any provision of a Lock-Up Agreement, Hudson shall promptly use its commercially
reasonable efforts to seek specific performance of the terms of such Lock-Up Agreement.

 

4.19
Hudson Covenants

.
On the Closing Date, Hudson shall assume in full all of Fr8 App’s obligation under this Agreement and the covenants set forth in
this Section 4 shall be assumed by Hudson as if such covenants were covenants of Hudson and its subsidiaries, as applicable, mutatis
mutandis.

 

4.20
Effect of Reverse Stock Split. The numbers of shares of Ordinary Shares and/or Hudson Preferred Stock (including conversion and
exercise prices thereunder) reflected in the Transaction Documents are subject to adjustment for reverse and forward stock splits, stock
dividends, stock combinations and other similar transactions of the Common Stock that occur after the date of this Agreement.

 

    	30

     

    

 

ARTICLE
V.

MISCELLANEOUS

 

5.1
Termination. This Agreement may be terminated by any Purchaser, as to such Purchaser’s obligations hereunder only and without
any effect whatsoever on the obligations between Fr8 App, Hudson and the other Purchasers, by written notice to the other parties, if
the Closing has not been consummated on or before ____________, 2022; provided, however, that no such termination will
affect the right of any party to sue for any breach by any other party (or parties).

 

5.2
Fees and Expenses. At the Closing, Fr8 App has agreed to reimburse ATW Partners (“ATW”) the non-accountable
sum of $175,000 for its legal fees and expenses. Except as expressly set forth in the Transaction Documents to the contrary, each party
shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such
party incident to the negotiation, preparation, execution, delivery and performance of this Agreement. Hudson shall pay all Transfer
Agent fees (including, without limitation, any fees required for same-day processing of any instruction letter delivered by Hudson and
any exercise notice delivered by a Purchaser), stamp taxes and other taxes and duties levied in connection with the delivery of any Securities
to the Purchasers.

 

5.3
Entire Agreement. The Transaction Documents, together with the exhibits and schedules thereto, contain the entire understanding
of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or written,
with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

 

5.4
Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in
writing and shall be deemed given and effective on the earliest of: (a) the time of transmission, if such notice or communication is
delivered via facsimile at the facsimile number or email attachment at the email address as set forth on the signature pages attached
hereto at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the time of transmission, if such
notice or communication is delivered via facsimile at the facsimile number or email attachment at the email address as set forth on the
signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c)
the second (2nd) Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service
or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications
shall be as set forth on the signature pages attached hereto.

 

    	31

     

    

 

5.5
Amendments; Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument
signed, in the case of an amendment, by Fr8 App and Purchasers which purchased or otherwise acquired hereunder or, prior to the Closing,
committed to purchase or otherwise acquire hereunder, in each case, including through the conversion of Convertible Notes, at least 50.1%
in interest of the Preferred Stock based on the initial Stated Value of Preferred Stock hereunder or, in the case of a waiver, by the
party against whom enforcement of any such waived provision is sought, provided that if any amendment, modification or waiver disproportionately
and adversely impacts a Purchaser (or group of Purchasers) as compared to other Purchasers, then the consent of such disproportionately
impacted Purchaser (or, in the case of a disproportionately and adversely impacted group of Purchasers, the consent of 50.1% in interest
of the Preferred Stock based on the initial Stated Value of Preferred Stock purchased or otherwise acquired hereunder or, if prior to
the Closing committed to be purchased or otherwise acquired hereunder, in each case, including through the conversion of Convertible
Notes, by such group of Purchasers hereunder) shall also be required. No waiver of any default with respect to any provision, condition
or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver
of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder
in any manner impair the exercise of any such right. Any amendment effected in accordance with this Section 5.5 shall be binding upon
each Purchaser and holder of Securities and Fr8 App and Hudson.

 

5.6
Headings. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to
limit or affect any of the provisions hereof.

 

5.7
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and
permitted assigns. Neither Hudson nor Fr8 App may assign this Agreement or any rights or obligations hereunder without the prior written
consent of each Purchaser (other than by merger). Any Purchaser may assign any or all of its rights under this Agreement to any Person
to whom such Purchaser assigns or transfers any Securities, provided that such transferee agrees in writing to be bound, with respect
to the transferred Securities, by the provisions of the Transaction Documents that apply to the “Purchasers.”

 

5.8
No Third-Party Beneficiaries. The Placement Agent shall be the third-party beneficiary of the representations and warranties of
Fr8 App and Hudson in Section 3.1, the representations and warranties or Hudson in Section 3.2 and the representations and warranties
of the Purchasers in Section 3.3. This Agreement is intended for the benefit of the parties hereto and their respective successors and
permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as otherwise set
forth in Section 4.8 and this Section 5.8.

 

    	32

     

    

 

5.9
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents
shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the
principles of conflicts of law thereof. Each party agrees that all legal Proceedings concerning the interpretations, enforcement and
defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto
or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively
in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or
in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of
any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any Action or Proceeding, any claim that
it is not personally subject to the jurisdiction of any such court, that such Action or Proceeding is improper or is an inconvenient
venue for such Proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any
such Action or Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery)
to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and
sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process
in any other manner permitted by law. If any party shall commence an Action or Proceeding to enforce any provisions of the Transaction
Documents, then, in addition to the obligations of Fr8 and Hudson App under Section 4.8(a), the prevailing party in such Action or Proceeding
shall be reimbursed by the non-prevailing party for its reasonable attorneys’ fees and other costs and expenses incurred with the
investigation, preparation and prosecution of such Action or Proceeding.

 

5.10
Effects of the Closing on this Agreement. For the avoidance of doubt, Hudson from and after the Closing, shall be deemed a successor
to Fr8 App with respect to all representations, warranties, obligations, covenants and agreements made by Fr8 App hereunder, with all
such representations and warranties, covenants and post-closing covenants deemed made by Hudson as though made by it on the applicable
date made by Fr8 App hereunder.

 

5.11
Survival. The representations and warranties contained herein shall survive the Closing and the delivery of the Securities.

 

5.12
Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one
and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other party,
it being understood that the parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party
executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature
page were an original thereof.

 

5.13
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to
be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall
remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would
have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared
invalid, illegal, void or unenforceable.

 

    	33

     

    

 

5.14
Rescission and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions
of) any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under a Transaction
Document and Fr8 App and/or Hudson does not timely perform its related obligations within the periods therein provided, then such Purchaser
may rescind or withdraw, in its sole discretion from time to time upon written notice to Fr8 App and Hudson any relevant notice, demand
or election in whole or in part without prejudice to its future actions and rights; provided, however, that, in the case
of a rescission of a conversion of Preferred Stock or an exercise of a Warrant, the applicable Purchaser shall be required to return
any Ordinary Shares subject to any such rescinded conversion or exercise notice concurrently with the return to such Purchaser of the
aggregate exercise price paid to Hudson for such shares and the restoration of such Purchaser’s right to acquire such shares pursuant
to such Purchaser’s Warrant (including, issuance of a replacement warrant certificate evidencing such restored right).

 

5.15
Replacement of Securities. If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed,
Fr8 App and Hudson, as applicable, shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in
the case of mutilation), or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence
reasonably satisfactory to Fr8 App or Hudson, as applicable, of such loss, theft or destruction. The applicant for a new certificate
or instrument under such circumstances shall also pay any reasonable third-party costs (including customary indemnity) associated with
the issuance of such replacement Securities.

 

5.16
Remedies. In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages,
each of the Purchasers, Fr8 App and Hudson will be entitled to specific performance under the Transaction Documents. The parties agree
that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the
Transaction Documents and hereby agree to waive and not to assert in any Action for specific performance of any such obligation the defense
that a remedy at law would be adequate.

 

5.17
Payment Set Aside. To the extent that Fr8 App or Hudson makes a payment or payments to any Purchaser pursuant to any Transaction
Document or a Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement
or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged
by or are required to be refunded, repaid or otherwise restored to Fr8 App or Hudson, as applicable, a trustee, receiver or any other
Person under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action),
then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued
in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

 

    	34

     

    

 

5.18
Independent Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under any Transaction Document
are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance
or non-performance of the obligations of any other Purchaser under any Transaction Document. Nothing contained herein or in any other
Transaction Document, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the Purchasers as
a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way
acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction Documents. Each
Purchaser shall be entitled to independently protect and enforce its rights including, without limitation, the rights arising out of
this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Purchaser to be joined as an additional
party in any Proceeding for such purpose. Each Purchaser has been represented by its own separate legal counsel in its review and negotiation
of the Transaction Documents. For reasons of administrative convenience only, each Purchaser and its respective counsel have chosen to
communicate with Fr8 App and Hudson through EGS. EGS does not represent all of the Purchasers and only represents ATW. Fr8 App and Hudson
have elected to provide all Purchasers with the same terms and Transaction Documents for the convenience of Fr8 App and Hudson and not
because it was required or requested to do so by any of the Purchasers. It is expressly understood and agreed that each provision contained
in this Agreement and in each other Transaction Document is by and among Fr8 App, Hudson and a Purchaser, solely, and not by and among
Fr8 App, Hudson and the Purchasers collectively and not between and among the Purchasers.

 

5.19
Liquidated Damages. Fr8 App’s and Hudson’s obligations to pay any partial liquidated damages or other amounts owing
under the Transaction Documents is a continuing obligation of Fr8 App and Hudson and shall not terminate until all unpaid partial liquidated
damages and other amounts have been paid notwithstanding the fact that the instrument or security pursuant to which such partial liquidated
damages or other amounts are due and payable shall have been canceled.

 

5.20
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required
or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business
Day.

 

5.21
Construction. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise
the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against
the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments thereto. In addition, each
and every reference to share prices and shares of Common Stock or Ordinary Shares in any Transaction Document shall be subject to adjustment
for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Stock or Ordinary
Shares that occur after the date of this Agreement.

 

5.22
WAIVER OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY,
THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY,
IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.

 

(Signature
Pages Follow)

 

    	35

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Amended and Restated Securities Purchase Agreement to be duly executed by their
respective authorized signatories as of the date first indicated above.

 

	freight
    app, inc.	Address
    for Notice:
	 	 	 
	By:	 /s/
    Paul Freudenthaler 	 
	Name:	 Paul
    Freudenthaler 	 
	Title:	 Chief
    Financial Officer 	 
	 	 	 
	With
    a copy to (which shall not constitute notice):	 
	 	 	 
	Hudson
    Capital Inc.	 
	 	 	 
	By:	 /s/
    Warren Wang 	 
	Name:	 Warren
    Wang 	 
	Title:	 Chief
    Executive Officer 	 
	 	 	 
	With
    a copy to (which shall not constitute notice):	 

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE
PAGE FOR PURCHASER FOLLOWS]

 

    	36

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Amended and Restated Securities Purchase Agreement to be duly executed by their
respective authorized signatories as of the date first indicated above.

 

Name
of Purchaser: ________________________________________________________

Signature
of Authorized Signatory of Purchaser: __________________________________

Name
of Authorized Signatory: ____________________________________________________

Title
of Authorized Signatory: _____________________________________________________

 

    	37

     

    

 

[PURCHASER
SIGNATURE PAGES TO Fr8 App and husn AMENDED AND RESTATED SECURITIES PURCHASE AGREEMENT]

 

IN
WITNESS WHEREOF, the undersigned have caused this Amended and Restated Securities Purchase Agreement to be duly executed by their respective
authorized signatories as of the date first indicated above. This signature pages amends and restates and replaces in its entirety all
prior signature pages to the Agreement executed by the undersigned Purchaser.

 

Name
of Purchaser:

Signature
of Authorized Signatory of Purchaser: __________________________________

Name
of Authorized Signatory:

Title
of Authorized Signatory:

Email
Address of Authorized Signatory:

Address
for Notice to Purchaser:

 

Address
for Delivery of Securities to Purchaser (if not same as address for notice):

 

Subscription
Amounts:

 

Cash
or Cash Surrender: $_________________

Principal
of January Convertible Notes: $_______________

Principal
of October Convertible Notes $_______________

Principal
of May Convertible Notes: $

Hudson
Warrant:

ATW
Warrant:

 

Shares
of Hudson Preferred Stock:

 

From
cash (or cash surrender value) (200%):

From
January Convertible Notes (250%):

From
October Convertible Notes (400%):

From
May Convertible Notes (266.67%):

 

From
Hudson Warrant:

From
ATW Warrant:

 

Warrant
Shares:

 

Series
A:

Series
B:

Series
C:

Series
D (includes from Hudson Warrant and ATW Warrant):

 

EIN
Number: _______________________

 

[SIGNATURE
PAGES CONTINUE]

 

    	38

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