Document:

Supplier Agreement

 

General Terms and Conditions

 

This Supplier Agreement (the "Agreement"), made and
entered into by and between Vault-IC France, a corporation duly organized and existing under the laws of France and having its
principal offices at Arteparc de Bachasson BALA, rue de la Carrier° de Bachasson CS 60024, 13590 Meyreuil, France, (hereinafter
referred to as "VIC") and UTAC Headquarters Pte. Ltd., a corporation duly organized and existing under the laws of Singapore,
and having its principal offices at 22 Ang Mo Kb Industrial Park 2, Singapore 569506 (hereinafter referred to as "UHQ").

 

WITNESSETH

 

WHEREAS, VIC is engaged in the business of designing, developing,
manufacturing, selling, marketing and distributing integrated circuits for applications within the contactless payment and mobile
markets.

 

WHEREAS, UHQ and its Affiliates (as defined below) are engaged
in the business of providing wafer sorting, assembly, test and related services in the semiconductor industry, including warehouse
and logistics services.

 

WHEREAS, VIC desires to enter into the Agreement with UHQ for
the purpose of the procurement of wafer sorting, assembly and testing services for semiconductor devices from UHQ andfor its Affiliates
and UHQ desires to enter into the Agreement with VIC to provide, through UHQ's Affiliates, the wafer sorting, assembly and testing
services for semiconductor devices to VIC.

 

NOW, THEREFORE, in consideration of the mutual conditions, covenants
and promises contained herein, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged,
the parties hereto agree as follows:

 

Article
1.                
Definitions

 

Definitions of terms used in this Agreement are as follows:

 

		1.1	"Affiliate" of a party shall mean any company which, directly or indirectly, through one or more intermediaries,
Controls, is Controlled by or is under common Control with that party.

 

		1.2	"Agreement" means these general terms and conditions, the Specific Terms and the schedules hereto.

 

		1.3	"Specific Terms" means the additional terms and conditions agreed by the parties with respect to the subject-matter
hereof, amending and completing this Agreement.

 

		1.4	"Effective Date" means the date when this Agreement is signed by both parties.

 

		1.5	"Contracted Services" means any or combination of the following services provided by UHQ to VIC

 

		a)	wafer sorting (testing)

 

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		b)	assembly

		c)	final electrical testing

		d)	finished product packing

		e)	drop shipment to VIC and VIC's customers

 

		1.6	"Contract Package" means IC package that UHQ assembles and tests on VIC's behalf pursuant to this Agreement.

 

		1.7	"Control" of a company shall mean the direct or indirect ownership of more than fifty percent (50%) of such company's
capital or equivalent voting rights.

 

		1.8	"Supplied Material" means the materials and component parts (to be used in the wafer sort and assembly) supplied
by or for VIC to UHQ for purposes of performance of the Contract Services.

 

		1.9	"Technical Information" means, including without limitation, all technical knowledge, know-how, specifications, materials
and information owned or used by VIC or UHQ, to be used in Contract Services provided by UHQ.

 

		1.10	"Technical Support" means the technical information and technical support activities provided by VIC to UHQ prior
to, or during, UHQ's production of the Contracted Services.

 

		1.11	"Company Property Rights" means, including without limitation, all rights to the patent owned, or applied for, and
improvements, by VIC or UHQ, or used for, or applied to, the Contracted Services.

 

		1.12	"Equipment" means testers and probe cards provided by VIC.

 

Article
2.                
Obligations

 

		2.1	Both parties shall make efforts to maintain fair transaction relation based on mutual trust by observing, and faithfully executing,
this Agreement and related Individual Agreement.

 

		2.2	In addition, the parties shall perform the obligations set out in the Specific Terms.

 

		2.3	UHQ shall perform the testing services hereunder in a dedicated secured area.

 

Article
3.                
Purchase Orders

 

		3.1	Placing orders shall be constituted by VIC's delivering purchase order to UHQ.

 

		3.2	VIC shall provide a six (6) month rolling forecast to UHQ on a monthly basis.

 

		3.3	Should there be a substantive change in the market conditions, both parties hereto shall negotiate and agree in good faith
to a change of the ordered quantities.

 

		3.4	If VIC desires to cancel ordered quantity, VIC may do so by giving UHQ written notice of such request for cancellation at least
two (2) weeks before UHQ's commencement of production of the ordered quantity.

 

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		3.5	In event of cancellation per item 3.4, UHQ will make every effort to (a) cancel any and all materials that have been ordered
by UHQ prior to such cancellation to support VIC forecast; (b) include such materials in UHQ's buffer stock of components; and/or
(c) apply such materials for other UHQ operations. For those components which have been specifically procured by UHQ in furtherance
of VIC's first two months of rolling forecast and which cannot be cancelled or reapplied by UHQ In accordance with the foregoing
sentence, VIC will compensate the cost of all such materials to UHQ at their net book value upon material has expired.

 

		3.6	UHQ may not perform the Contracted Services without prior receipt of VIC's purchase order.

 

		3.7	If, upon receipt of VIC's purchase order, UHQ desires to change the planned quantity and packages or otherwise has any objection,
UHQ may advise VIC of the details through the agreed communication means for negotiation and adjustment within seven (7) days after
receiving the purchase order. For this avoidance of doubt, the foregoing sentence shall not affect UHQ's obligation to perform
the committed Contracted Services, in accordance with the Technical Specifications.

 

		3.8	UHQ shall acknowledge receipt of each order placed by VIC in conformity with this Agreement within five (5) days from receipt
of said order. In case UHQ does not answer within this five (5) days period, the VIC's requested delivery date will become the
delivery date of the Order, provided VIC delivers the required materials to process the Order at the indicated date

 

Article
4.                
Approval of Ordered Goods Quality and Process Change

 

		4.1	UHQ can begin mass production only after quality evaluation items required by VIC have been satisfied (approved) prior to mass
production. Detailed matters pertaining to evaluation methods and procedures shall be delivered to UHQ by VIC before evaluation
and shall form part of this Agreement.

 

		4.2	UHQ shall provide the Contracted Services in accordance with the specification approved by VIC and, unless written approval
is obtained from VIC, UHQ cannot change any design, facilities, materials and specifications approved by VIC.

 

		4.3	Upon written notice provided by VIC to UHQ, UHQ shall allow VIC to audit, periodically or at any reasonable time, the status
of production progress and process control (including quality control, facility management, environment management, document control,
and testing and calibration of equipment). For purposes of this clause, VIC may provide notice of such audit by email. VIC will
use all reasonable efforts to ensure that such audits do not unduly interfere with UHQ's other production activities.

 

		4.4	If VIC, periodically or at any time, requests UHQ to present information and other materials related to the Contracted Services,
UHQ shall as soon as reasonably practicable provide VIC with detailed materials relating to VIC's request, unless there are justifiable
reasons which UHQ shall reasonably explain to VIC in writing.

 

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Article
5.                
Delivery

 

		5.1	UHQ shall, along with related invoices, deliver ordered products by the delivery date and to the place specified in the purchase
order issued by VIC.

 

		5.2	Frequency of product delivery shall be agreed between the parties and shall be consistent with any schedule agreed between
the parties. UHQ will send shipment pre-alerts via email to VIC.

 

		5.3	All shipment of the Ordered Package by UHQ to VIC will be made on the terms of Ex-works UHQ.

 

Article
6.                
Lead Time

 

		6.1	UHQ commits on the following average manufacturing cycle times:

 

-       ten
(10) days for assembly -test -pack.

 

Article
7.                
Yield and Quality Control

 

		7.1	UHQ shall make utmost effort to achieve the Assembly yield and quality targets established by VIC.

 

		7.2	If UHQ fails to achieve the yield targets established by the two parties, VIC may request a meeting to discuss appropriate
resolution acceptable to VIC. And if UHQ fails to achieve the quality target established by the two parties, UHQ should provide
correction action report to VIC.

 

		7.3	If the actual yield as computed on the average assembly yield over a quarterly period fails below the agreed minimum yield
target, UHQ has to provide a corrective action report detailing the cause for not meeting the minimum yield target and the action
taken to improve the yield above the target. In such case, UHQ shall re-perform the assembly services at no additional charge for
VIC for the following quantity of Contract Packages: the quantity of chips on the considered quarter multiplied by the difference
between the minimum yield and the actual yield of the considered quarter.

 

		7.4	In the event that any particular lot that has to be scrapped due to UHQ's default, UHQ shall re-perform the assembly services
at no additional charge for VIC for the lot that has to he scrapped. If the lot is scrapped and compensation being made to VIC,
such lot will not be included in the average yield compensation.

 

		7.5	In addition to the compensation as mentioned in Articles 7.4 and 7.5, case by case, VIC may negotiate with UHQ about a compensation
linked to the IC loss.

 

		7.6	The compensations mentioned in Articles 7.4 and 7.6 can occur only if the quantities on a quarter are above one (1) million
of Contract Packages.

 

Article
8.                
Special Acceptance and Shortage

 

		8.1	If any Contracted Package is affected by minor defects, VIC may either reject the Contracted Package and/or specially accept
the defective products at the discretion of VIC.

 

		8.2	When agreed by both parties that the quality issue is caused by UHQ only, re-inspection on the Contracted Package delivered
to VIC by UHQ, UHQ shall conduct re-inspection within the earliest time possible. Re-inspection process is based on the agreement,
case by case, which is agreed with both parties, in accordance with the Specific Terms and the Technical Schedule.

 

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		8.3	Related expenses such as transportation costs as a result of performing re-inspection described in paragraph 8.2 shall be defrayed
by UHQ.

 

Article
9.                
Financial Terms and Payment

 

		9.1	The subcontract unit price and payment terms for the Contracted Package delivered to VIC by UHQ in accordance with the provisions
of Article 5 of this Agreement shall be set forth in the Quotation in Schedule 1.

 

		9.2	UHQ will issue its invoices on completion of the corresponding Contracted Services by UHQ. UHQ may charge for assembly services
only with respect to Contracted Packages which are operational and compliant with specifications. VIC will pay undisputed Invoices
at 45 days as from the date of UHQ's invoice by VIC.

 

		9.3	At the end of each calendar year, prices will be renegotiated and documented within a new quotation by 2nd of January of the
following year.

 

Article
10.             Prohibition
on Manufacture and Sale

 

		10.1	UHQ shall not sell, lease or transfer to third parties other than VIC, the Contracted Package manufactured based on the Technical
Information, VIC's design, materials or equipment provided by VIC, and shall not otherwise carry out any activities that will cause
damage to VIC.

 

Article
11.             Confidentiality

 

		11.1	Both parties shall not expose to third parties all Technical Information and other confidential matters provided by the other
party in accordance with the provisions of this Agreement, and both parties shall take whatever necessary measures to fulfill such
obligation. UHQ recognizes and agrees that Contracted Services relate to contactless payment cards and other form factors. Therefore,
compliance by UHQ with security and confidentiality undertakings hereunder is essential.

 

		11.2	If either party violates Article 11.1, the party cannot be exempted from any compensation for damage requested by the other
party.

 

		11.3	"Proprietary Information" shall mean any and all information proprietary to VIC or UHQ which is provided as such
by each party hereunder (the "disclosing party") to the other party (the "receiving party"), including but
not limited to the test tapes, VIC's test equipment, test software and the supporting documents, Disclosing Party's Technical Information,
either orally, visually, in writing, or in machine readable formats generated by or for a party using the other's database tapes.
In addition, the names and capabilities of both parties' employees shall be considered Proprietary Information. To gain protection
under this Agreement as Proprietary Information, the disclosing party must disclose in writing or other permanent form, and clearly
and conspicuously mark such information as being Proprietary Information using an appropriate legend. If the disclosing party discloses
information in some other form (e.g., orally or visually), the receiving party will protect such information as Proprietary Information
to the extent that the disclosing party identifies the information as Proprietary Information at the time of disclosure and provides
such Proprietary Information, in writing to the receiving party within thirty (30) days following the original disclosure.

 

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		11.4	VIC and UHQ retain their own ownership and rights on the Proprietary Information provided mutually. Both parties shall not
use such Proprietary Information for any purposes other than pursuant to this Agreement, and shall keep such Proprietary Information
strictly in confidence and shall not disclose such Proprietary to any third party without a prior written consent of VIC and UHQ.
The provisions of this Article shall survive termination or expiration of this Agreement for a period of three (3) years thereafter
or any longer period of protection by applicable intellectual and/or industrial property rights. For confidentiality purposes,
Proprietary Information does not include any information, technical data or know-how which:

 

		a)	is in the possession of or already known to the receiving party, as can be evidenced by receiving party's records;

		b)	is or becomes publicly known through no fault of the receiving party;

		c)	is rightfully disclosed to the receiving party by a third party without restrictions or confidentiality obligations; and/or

		d)	is independently developed by the receiving party without access to such Proprietary Information.

 

		11.5	Upon termination or expiration of this Agreement, VIC and UHQ shall return the original and the copies of any Proprietary Information
provided mutually within two (2) weeks from the date of termination or expiration with the signature of representative from both
parties which verifies the return of any all the Proprietary Information hereof, and VIC and UHQ shall not make any further use
of such information, nor any product incorporating Proprietary Information or each party shall certify in writing to the other
party that it has destroyed such Proprietary Information in Its possession.

 

Article
12.             Audits

 

		12.1	The parties agree that VIC and its affiliates or its external accredited bodies may request for any access to UHQ's manufacturing
and/or warehousing sites for the purpose of visit and/or audit. A formal request has to be made prior to such access, with at least
seven (7) days prior notice.

 

Prior notice may be made by email. Except for exceptional
circumstances, such visit or audit shall be limited to areas where the Contract Packages are manufactured and/or tested as well
as general administration areas normally granted access to such visit and/or audit. UHQ shall provide production documentation
to VIC pertaining to the manufacturing of the Contract Packages during such visit and/or audit.

 

		12.2	UHQ shall provide active cooperation to VIC's audits.

 

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		12.3	If VIC requests for presentation of related materials prior to, or during, audits, UHQ shall promptly present detailed materials
requested by VIC,

 

Article
13.             Compensation
for damage

 

		13.1	If any of the following cases occurs to either party, the affected party may request the other party to compensate for damage
pursuant to applicable law:

 

		(a)	Except as otherwise provided in this Agreement, upon completing procedures of placing and receiving orders, VIC or UHQ cancels
orders due to reasons attributable to either party, causing damage to the other party.

 

		(b)	Either party provides for the other party with incorrect information and reports leading to the other party's misjudgement.

 

		(c)	VIC or UHQ, due to reasons attributable to either party, violates the provisions of this Agreement.

 

		13.2	If any damage occurs to either party due to Force Majeure described in Article 19 of this Agreement, both parties shall hold
negotiations to determine ways of handling damage caused by such situation beyond control.

 

		13.3	If UHQ is unable to deliver ordered quantity by the delivery date agreed between the two parties, UHQ shall notify in advance
VIC of such delay and seek agreement on the delay and further advise VIC of the anticipated delayed delivery date. If UHQ unilaterally
delays delivery, VIC may request negotiations for appropriate compensation acceptable to VIC.

 

Article
14.             Warranties

 

		14.1	UHQ warrants that, exclusive of the dies consigned by VIC to UHQ, all deliverables delivered by UHQ to VIC hereunder shall
comply with contractual specifications for a period of twelve (12) months from the date of delivery to VIC or VIC's customer.

 

		14.2	UHQ represents and warrants that it shall comply with all security and confidentiality obligations hereunder.

 

		14.3	If UHQ delivers defective Contracted Package not caused by the defects on materials supplied by VIC, UHQ shall promptly repair
such defective products under the responsibility, and at the expense of UHQ or replace the defective products with non-defective
ones. If defective products cannot be replaced or repaired, VIC is entitled to certain compensation to VIC that is mutually agreed
upon, Such compensation shall be negotiated based upon on the value of the UHQ's invoice to VIC for the quantity that VIC intends
to scrap. In certain circumstances, VIC may negotiate with UHQ about a compensation linked to the VIC loss.

 

		14.4	In the case of Article 14.3, UHQ shall provide a Corrective Action Report detailing the cause for such defects and the action
taken to prevent such defects from occurrence again.

 

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Article
15.             Indemnity

 

		15.1	Either party shall indemnify and hold the other party harmless against any and all liabilities, claims, suits, damages and
reasonable costs including attorneys' fees and other legal expenses arising in connection with the activities of the other party
under this Agreement.

 

Article
16.             Insurance

 

		16.1	UHQ shall insure all consigned equipment, dies, components and raw materials, If any, provided by VIC to UHQ and/or used or
held by UHQ pursuant to this Agreement against all loss or damages whether caused by negligence, insolvency, fraud or otherwise
by any of UHQ, its agents, employees or sub-contractors to which UHQ is subject under this Agreement and UHQ agrees that it shall
effect and maintain In force an insurance policy. UHQ shall notify its insurers in writing of all insurance claims as soon as reasonably
practicable after the relevant loss or damage.

 

		16.2	UHQ agrees that it shall effect and maintain in force such insurance with a reputable insurance company.

 

		16.3	UHQ shall on the request of VIC from time to time show the factory insurance certificate signed by UHQ's insurer or such insurer's
appointed agents confirming that UHQ is insured in accordance with this Article. UHQ shall, during the life of this Agreement,
and for a period of one (1) year thereafter:

 

		(a)	administer the insurance policies and UHQ's relationship with its insurers in accordance with good industry practice and at
all times to preserve the benefits for VIC set out in this Agreement; and

 

		(b)	do nothing to invalidate any such insurance policy or to prejudice VIC's entitlement there under; and UHQ shall give immediate
notice to VIC and any other insured parties in the event of a cancellation or variation in the terms of cover or any material adverse
change in UHQ's insurance arrangements that may affect VIC or any other insured party's interest.

 

Article
17.             Company
Property Rights

 

		17.1	If, after the Effective Date of this Agreement and during the term of Agreement, UHQ or its employees achieve technical improvement
or invent new system during the process of manufacturing the Contracted Package, UHQ shall promptly report and provide all related
information to VIC. If any such new invention that was developed solely by UHQ is to be filed for patent, UHQ may only provide
such Information to VIC, subject to confidentiality.

 

		17.2	Both parties may jointly register In any country around the world the patent rights related to above improved technology; and,
if both parties desire to use the above patent rights, both parties shall be granted with nonexclusive rights to use the patent
rights in all areas, including the contracted areas, regardless of prior to, of after, the termination of Agreement signed between
the two parties.

 

Article
18.             Transfers

 

		18.1	Unless prior approval is obtained from either party in writing, the other party shall not transfer to third parties all rights
and obligations arising out of this Agreement or an Individual Agreement.

 

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Article
19.             Force Majeure

 

		19.1	In this clause, "Force Majeure" means an exceptional or circumstances:

 

		(i)	which is beyond a Party's control,

 

		(ii)	which such Party could not reasonably have provided against before entering into this Agreement,

 

		(iii)	which, having arisen, such Party could not reasonably have avoided or overcome, and

 

		(iv)	which is not substantially attributable to the other Party.

 

Force Majeure shall include, but not limited to events
I circumstances such as war, hostilities, riot, revolution, civil unrest, epidemics and quarantines, earthquakes, floods, severe
weather conditions, Act of God, the requirements of any government or governmental entity or authority, so long as conditions (i)
to (iv) above are satisfied.

 

		19.2	Notice of Force Majeure

 

		(i)	If a Party is or will be prevented from performing any of its obligations under this Agreement by Force Majeure, then it shall
give notice to the other Party of the event and circumstances constituting the Force Majeure and shall specify the obligations,
the performance of which is or will be prevented. The notice shall be given within three (3) days after the Party became aware,
or should have become aware, of the relevant event or circumstance constituting the Force Majeure.

 

		(ii)	The Party shall, having given notice, be excused performance of such obligations for so long as such Force Majeure prevents
it, notwithstanding due diligence and the taking of all reasonable steps to do so, from performing them.

 

		(iii)	Notwithstanding any other provision of this Clause, Force Majeure shall not apply to obligations of either Party to make payments
to the other Party under this Agreement.

 

		19.3	Duty to Minimize Delay

 

		(i)	Each Party shall at all times use all reasonable endeavours to minimize any delay in the performance of this Agreement as a
result of Force Majeure.

 

		(ii)	A Party shall give notice to the other Party once it ceases to be affected by the Force Majeure.

 

Article
20.             Notice

 

		20.1	All notices to be sent in accordance with the provisions of this Agreement shall be in writing, and such notices shall be delivered
directly, sent via mail or facsimile to the parties concerned.

 

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Article
21.             Amendment

 

		21.1	No oral explanation or oral information by either party hereto shall alter the meaning or interpretation of this Agreement.
No modification, alteration, addition or change in the terms hereof shall be binding on either party unless reduced to writing
and duly executed by the parties.

 

Article
22.             Priority

 

		22.1	In case of contradiction or inconsistency between these general terms and conditions and the Specific Terms, the Specific Terms
shall prevail.

 

Article
23.             Company
Name Change

 

		23.1	If there are changes made to company name, representatives, addresses and to any other matters essential to the other party,
the party making such changes shall promptly advise the other party of the changes made.

 

Article
24.             Arbitration

 

		24.1	Prior to any termination of any part of this Agreement, all disputes arising during performance under this Agreement, including
with respect to its formation, validity, construction, performance, expiration and/or termination, shall be settled through friendly
negotiation between the parties. In case no settlement can be reached within a period of one (1) month (or such other period which
the parties may agree upon) starting from the date the dispute arose, the dispute shall be submitted to the exclusive jurisdiction
of the competent courts of the Republic of Singapore.

 

Article
25.             Applicable
Laws

 

		25.1	This Agreement and matters connected with the performance thereof shall be construed, interpreted, applied and governed in
all respects in accordance with English law, without regard to any conflicts of laws rules.

 

Article
26.             Severability

 

		26.1	Should any clause, sentence, or paragraph of this Agreement judicially be declared to be invalid, illegal, or unenforceable,
such decision shall not have the effect of invalidating or voiding the remainder of this Agreement unless the economic equity of
the parties is materially affected thereby: in such event, this Agreement shall be interpreted and construed as if such term or
provision, to the extent same shall have been held invalid, illegal or unenforceable, had never been contained herein.

 

Article
27.             Waiver

 

		27.1	The failure or delay of either party to exercise any right under this Agreement shall not be construed as a waiver of that
right, and no waiver of any term or condition of this Agreement shall be valid or binding on either party unless set forth in writing
signed by such party.

 

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Article
28.             Entire
Agreement

 

		28.1	This Agreement sets forth the entire agreement and understanding between the parties as to the subject matter of this Agreement
and merges all prior discussions between them, and neither of the parties shall be bound by any modification of this Agreement,
other than as expressly provided in this Agreement or as duly set forth on or subsequent to the date hereof in writing and signed
by a duly authorized representative of the party to be bound thereby.

 

Article
29.             Term

 

		29.1	The term of this Agreement shall enter into effect as of the Effective Date until 30 September 2017. The Agreement shall tacitly
renew for successive one (1) years terms unless terminated by either party, by written notice to the other party prior to the expiration
of the initial term of the Agreement or any renewed term thereof. Such prior notice shall be (i) at least three (3) months in case
VIC Is the terminating party; and (9) at least twenty-four (24) months in case UHQ is the terminating party.

 

		29.2	If there are existing and effective pending orders from VIC when this Agreement expires, this Agreement shall be considered
effective until completion of said pending orders.

 

Article
30.             Cancellation,
Termination and Revision

 

		30.1	If either Party violates this Agreement or Individual Agreements, the other party may terminate this Agreement or Individual
Agreements as of right, in case such breach is not remedied by the breaching party within thirty (30) days as from notification
thereof to such breaching party; and, upon termination of Agreement, both parties agreed to discuss in good faith any outstanding
issues that may arise as a result of the cancellation.

 

		30.2	VIC may terminate this Agreement as of right upon thirty (30) days prior written notice to UHQ if the Parties are unable to
reach agreement on the reduction of services prices pursuant to Article 9.3 above. During said notice period, UHQ shall supply
any Contract Packages ordered by VIC pursuant to the contractual prices In effect immediately prior to termination.

 

		30.3	If Parties desire to terminate this Agreement due to reasons other than those specified in the preceding paragraph of this
Article, both Parties may cancel or revise Agreement, in whole or in part, through mutual agreement between the Parties.

 

		30.4	VIC may terminate this Agreement for convenience as of right, subject to providing UHQ with six (6) months prior notice, without
any liability or indemnification obligation as a result of such termination.

 

		30.5	In the event of the expiration or any termination of this Agreement, each party's obligations under this Agreement shall immediately
cease. However, expiration or termination of this Agreement shall not affect any obligation of a party which accrued prior to such
expiration or termination.

 

		30.6	Articles 3, 10, 11, 13, 14 and 16 shall continue to be effective after this Agreement is terminated or expired.

 

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		30.7	In the case of expiration and termination, UHQ shall return all items received from VIC, including, without limitation, Vie's
test equipment, test software, Technical Information, any ICs or other material provided by VIC and all Contracted Packages made
by UHQ as of the effective date of expiration or termination, within two (2) weeks from the date the Agreement is terminated or
expired.

 

Article
31.             No License

 

		31.1	Neither right nor license, either expressed or implied, under any patent, trade secret or any other intellectual property right
of each party is granted to the other party except otherwise expressly granted in this Agreement.

 

Article
32.             Independent
Contractor

 

		32.1	The parties hereto shall act in all matters pertaining to this Agreement as independent contractor and nothing contained herein
shall constitute either party as the agent of the other.

 

Article
33.             Fundamental
Labor Principles

 

		33.1	UHQ and VIC's policies shall be based upon the conviction of the indissociable character of economic and human development.
As a result, the Parties attach importance to the respect of both domestic regulations and international conventions on conditions
of work and human rights. The parties undertake to refer to those international conventions and to the "Fundamental Labor
Principles", whether those conventions have been ratified or not by the country in which they operate.

 

		33.2	UHQ undertakes to respect and comply with the Fundamental Principles and Rights at Work (referred to here below as the "Fundamental
Labor Principles"). To this effect, UHQ undertakes to do what is necessary in view to ensuring that the principles stated
in the document entitled "Fundamental Labor Principles", defined here below, are implemented in its own organization
and ensures that its employees, agents, and subcontractors comply with the aforementioned principles at all production stages of
the Products and for the whole term of the collaboration.

 

		33.3	The Fundamental Labor Principles refer to the international standards defined by the International Labor Organization, which
consist notably in the following:

 

		(a)	Child labor

 

UHQ commits that he shall not have recourse to child
work when child is under 15 years old. When the law specifies for a higher age under which work is prohibited or when the age of
compulsory school attendance is higher than 15 year old, the latter shall apply.

 

The educational programs (such as profession training
by the way of alternation) shall not fall into this prohibition.

 

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		(b)	Forced Labor

 

UHQ commits that he shall not have recourse to forced
labor, that is any work or service required from a person under the threat of any punishment or for which the person has not given
his approval.

 

		(c)	Non discrimination

 

UHQ, pursuant to the domestic regulations, shall not
adopt discriminatory practices. The term discrimination includes any distinction, exclusion or preference which has the effect
of reducing or impairing equality of opportunity and treatment. Discrimination includes, without limitation, any distinction made
on the basis of race, color, sex, religion, political opinion, age, national extraction, family responsibilities, or other considerations.

 

		(d)	Occupational safety and health

 

UHQ ensures that the workstation and its environment
are not harmful to the bodily security and the health of the worker.

 

		l	The reduction of accidental causes and the improvement of work conditions are the object of carefully monitored actions.

 

		l	The comfort station, the refectory as well as accommodations provided by the company shall be built and maintained pursuant
to standards as provided by local regulations.

 

		l	UHQ shall at least provide drinking water, clean toilets in a sufficient quantity, an efficient aeration, fire exits, workplaces
sufficiently enlightened and access to medical cares.

 

		(e)	Working Hours

 

UHQ shall ensure that the domestic regulations concerning
the duration of work are applied.

 

The employees shall be awarded at least one day off
per week, except in exceptional circumstances and for a limited period of time.

 

		(f)	Remuneration

 

UHQ ensures that:

 

		l	No remuneration is lower than the minimum legal wage fixed by the country where the services are provided.

 

		l	The employees are normally remunerated, in reference to the wages that are customary in the country.

 

		l	All employees shall receive a pay slip.

 

		33.4	If its established that this commitment has not been respected, the parties agree to meet at the request of VIC and to discuss
the reasons of such failure. The Parties shall then study the adoption of corrective measures that will appropriately rectify the
failure, including a calendar for their implementation.

 

    Page 13 of 17 

     

    

 

		33.5	In the event of non-compliance by UHQ with this commitment and in the absence of an agreement by the parties upon the correctives
measures, or in the absence of implementation of such measures within three (3) months as from the moment of acknowledgement that
this commitment is not respected, VIC will he legitimately entitled to terminate the contract automatically, by notification through
registered letter with acknowledgement of receipt, this, without prejudice to any damages.

 

Article
34.             Agency

 

		34.1	Unless otherwise notified by VIC hereafter, each of Presto Engineering, Inc and Presto Engineering HVM (collectively, "VIC's
Agents") shall act as VIC's agent for the day-to-day performance of this Agreement (the "Agency Arrangement"). Each
of VIC's Agents may submit purchase orders to UHQ in the name and on behalf of VIC. UHQ shall have no obligation to enquire on
the correctness of purchase orders submitted by any of VIC's Agents and shall be bound to treat such purchase orders as being issued
by VIC. VIC shall be bound by such purchase orders.

 

		34.2	Notwithstanding Article 34.1, pricing and commercial discussions are to be agreed between VIC and UHQ and VIC shall continue
to send its invoices for Contracted Services under this Agreement to VIC, and VIC shall continue to be liable to pay such invoices.
VIC waives all objections whatsoever to the disclosure of VIC's confidential information by UHQ to any of VIC's agents for and
incidental to the purposes of this Agreement.

 

		34.3	Insofar as the Agency Arrangement is subsisting, the probing- back-end shop floor to be provided by UHQ pursuant to Section
3 of the Specific Terms shall be provided to VIC's Agents instead of VIC under the same terms and conditions as those set out in
this Agreement.

 

IN WITNESS WHEREOF, the parties hereto have prepared 2 original
copies of these General Terms in English and each party retains 1 copy respectively after affixing their names and signatures thereon.

 

	
        Vault-IC France

         

        /s/
	 	
        UTAC Headquarters Pte. Ltd.

         

        /s/ Douglas Devine

	
        By: /s/

         

        Date Signed: September 16, 2016

         

        Title: Representing the President

         
	 	
        By: Douglas Devine

         

        Date Signed: September 19, 2016

         

        Title: Chief Financial Officer

         

	 	 	 

 

    Page 14 of 17 

     

    

  

SPECIFIC
TERMS

 

These Specific Terms to the General Terms and Conditions of
Supplier Agreement (the "Agreement"), are made and entered into as of the Effective Date (as defined in the Agreement)
by and between Vault-IC and UTAC Headquarters Re. Ltd. These Specific Terms hereby amend and complete the General Terms and Conditions
of the Agreement.

 

Section
1. VIC Equipment and Chips

 

1.1             
VIC Equipment

 

For the purpose of the performance of the wafer probing services
by UHQ, VIC will provide to UHQ VIC testing equipment and associated software ("VIC Equipment"). The signature of this
Agreement implies the assumption by UHQ of all the responsibilities of a depository. UHQ shall use VIC Equipment under UHQ's responsibility
and shall insure VIC Equipment against destruction or loss at their replacement value. UHQ represents that it shall not use VIC
Equipment for any purpose other than for the performance of this Agreement and for the exclusive benefit of VIC, unless otherwise
agreed with VIC. UHQ represents and warrants that it shall not reproduce, modify or adapt the VIC Equipment and shall ensure that
no third party has access to, uses, reproduces, modifies or adapts any of the VIC Equipment, without the prior written consent
of VIC. Any VIC Equipment shall remain the exclusive property of VIC and UHQ shall keep any such VIC Equipment clearly labelled
as the property of VIC at all times. UHQ agrees that VIC Equipment will not be encumbered in any manner and in case of a seizure
of the movable property of UHQ or of the Plant by a third party, UHQ will exclude VIC Equipment from the seized goods.

 

1.2             
VIC Chips

 

VIC will have its subcontractors provide to UHQ the contactless
chips in the quantity necessary for the manufacture of the Contract Packages by UHQ (collectively the "IC Stock").

 

VIC will fax and/or email to UHQ the delivery slip of materials.
When receiving the materials in the UHQ' factory in Bangkok, Thailand ("UHQ Plant"), UHQ shall within 3 working days
notify to VIC any nonconformity between the delivery slip and the received materials. Beyond the said 3 days, information on the
delivery slip will be deemed as valid and final.

 

IC Stock shall be shipped by VIC to UHQ on consignment Delivery
Duty Paid (DDP) UHQ facility in Bangkok, Thailand pursuant to the 2000 version of the Incoterms.

 

IC Stock shall be unloaded by the transporter, and safely stored
by UHQ in the Plant as VIC's property. In all cases, the IC Stock he carefully segregated from other goods either of the same or
different character belonging either to UHQ or to any third party, and shall be marked as VIC's property in the Thai and the English
language with a sticker and shall be stored in an area in the Plant separated from and not mingled with other goods of UHQ or of
any third party.

 

IC Stock on consignment hereunder shall be and remain at all
times the property of VIC and shall be held by U1-10 as such.

 

    Page 15 of 17 

     

    

 

UHQ shall comply with all laws which might in any way affect
VIC's ownership of IC Stock and shall indemnify and hold harmless VIC from and against such loss, damage, and/or expense arising
out of any levy, attachment, lien, or process involving such IC Stock that results from or is attributed to UHQ's breach, negligence
and/or wilful default.

 

Unless otherwise set out in this Agreement, UHQ shall be responsible
for any loss, shrinkage, damage, theft or destruction of the IC Stock during storage and handling and use of such IC Stock where
such loss, shrinkage, damage, theft or destruction occurred by reason of UTC's breach, negligence and/or wilful default, and shall
be liable for the payment in similar compensation agreement as outlined in Article 13 of the Agreement.

 

The Parties further agree as follows:

 

		l	VIC to be responsible for obtaining all licenses and approvals that may be required to export the IC Stock from its country
of origin, including compliance with all export control restrictions;

 

		l	UHQ to be responsible for obtaining all licenses and approvals required to import the IC Stock into Thailand and clearing the
IC Stock through local customs.

 

Section
2. Disaster Recovery plan

 

UHQ is required to have documented a specification for Disaster
Recovery plan to ensure Business Continuity within 7 days of any incidents as described under Article 19 of the Agreement on Force
Majeure. The said specification will be supplied once a year to VIC or at each significant change.

 

Section
3. Security Requirement for wafer sorting area

 

UHQ will provide to VIC a probing shop floor that VIC will secure
with its own security system. UHQ recognizes that it is essential to observe in this respect the highest possible security and
confidentiality measures.

 

Section
4. Human resources

 

UHQ agrees to provide or recruit personnel who satisfies the
qualifications and professional experience required for the performance of this Agreement. Recruited personnel shall be employed
by UHQ and be placed under its sole authority per UHQ Human Resource Employment Policies.

 

Notwithstanding any clause herein to the contrary, VIC shall
not be responsible under any circumstances for personnel employed and/or recruited by UHQ for the performance of this Agreement
or otherwise. VIC shall not be responsible under any circumstances for the actions and consequences of the actions of such personnel.

 

UHQ recognizes and agrees that VIC personnel designated by VIC
to UHQ will be authorized to attend the testing services within the secured wafer sorting area and time to time to the different
areas linked to the Contracted Services as described in Article 1.4 of the Agreement.

 

    Page 16 of 17 

     

    

 

UHQ will allow access to the secured wafer sorting area by said
VIC personnel and will provide said VIC personnel with the facilities, equipment and infrastructure access, as described in the
Quotation in Schedule 1 to the Agreement.

 

Section
5. Capacity

 

By the end of the third calendar quarter of each year, VIC will
provide to UHQ its forecast requirements of Contracted Services for the following year. UHQ shall confirm to VIC within 30 days
of VIC's forecast whether it is capable of fulfilling such requirements for capacity.

 

Without prejudice to UHQ's commitment on capacity, UHQ is obliged
to inform VIC of any change to reserved capacity when capacity changes are put in action or planned.

 

IN WITNESS WHEREOF, the parties hereto have prepared 2 original
copies of these Special Terms in English and each party retains 1 copy respectively after affixing their names and signatures thereon.

 

	
        Vault-IC France

         

         
	 	UTAC Headquarters Pte. Ltd.
	
        By:

         

        Date Signed:

         

        Title:

         
	 	
        By:

         

        Date Signed:

         

        Title:

         

	 	 	 

 

Page 17 of 17CONFIDENTIAL	Collaboration Agreement

 

COLLABORATION AGREEMENT

June 20th 2018

 

between

 

ORGANISATION INTERNATIONALE POUR LA SECURITE DES TRANSACTIONS
ELECTRONIQUES OISTE, World Trade Center, Route de Pre-Bois 29, 1217 Meyrin, Switzerland

 

(OISTE)

 

and

 

WISeKey SA, World Trade Center, Route de Pre-Bois 29,
1217 Meyrin, Switzerland

 

(WISeKey)

 

(OISTE and WISeKey, the Parties)

 

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	CONFIDENTIAL	Collaboration Agreement

 

    

 

TABLE OF CONTENTS

 

	1.	Scope	4
	2.	Independent Contractors	5
	3.	Wisekey Services	5
	4.	Wisekey Operator Duties	6
	5.	New Developments	7
	6.	Websites, Trademarks	7
	7.	License to Commercialise and Financial Terms	8
	8.	Compliance	8
	9.	Records, Reporting and Inspection	10
	10.	Indemnification	10
	11.	Term and Termination	11
	12.	Confidentiality	12
	13.	Miscellaneous	13
	14.	Governing Law and Arbitration	14

  

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	CONFIDENTIAL	Collaboration Agreement

 

    

 

PREAMBLE

 

		A.	OISTE is a foundation created under the laws of Switzerland. Its objectives are:

 

		−	the promotion of international information security in electronic communications and the development
and implementation of related technologies, including the establishment of a global public key infrastructure (PKI) as a
basis of worldwide secure electronic communications;

 

		−	the establishment of a secure internet in disadvantaged areas, such as developing countries;

 

		−	the coordination of the establishment of a global information infrastructure among international
organizations, government and private sector organizations involving information infrastructure development and applications;

 

		−	establishing and maintaining rules and regulations relating to the OISTE information security initiatives,
including Public Key Infrastructure as well as the approval of providers such as WISeKey;

 

		−	establishing the operational rules for the inclusion of schemas under the OISTE umbrella; these
typically focus upon aspects such as certification policies and practices, risk and liability, key security and audit requirements;
and

 

		−	making operational decisions on managing a centralized Root Key from Switzerland and providing
related services (certification, revocation, publishing, key replacement, etc.)

 

(the OISTE Objectives)

 

		B.	WISeKey provides high security products and services related to digital identification and communication
security for persons, objects and applications. In particular, WISeKey:

 

		−	Develops software products used to build PKI solutions and efficiently issue and manage digital
certificates,

 

		−	Designs and produces hardware products to identify and protect objects connected to the "Internet
of Things" (loT),

 

		−	Has a team of highly skilled professionals, specialized in PKI, loT and electronic signatures;
capable of delivering projects and services to end customers, and

 

		−	Owns and/or operates a number of secure facilities from which is able to provide Trust Services
according to the highest security standards.

 

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	CONFIDENTIAL	Collaboration Agreement

 

    

 

		C.	The Parties entered into an agreement in 2001 (the 2001 Agreement) to regulate the collaboration
framework between both entities, and in particular the role of WISeKey as operator of the so-called "OISTE Trust Model"
(the OISTE Trust Model). The Parties acknowledge that certain aspects of the 2001 Agreement require reformulation, while
respecting its contents and spirit, to accommodate the new compliance and technology frameworks. The Parties thus wish to enter
into this new cooperation agreement (the Agreement) which will fully replace the 2001 Agreement, without implying any kind
of rupture or lack of continuity or breach of the terms thereof.

 

		1.	SCOPE

 

		1.1	General Scope. WISeKey shall be the preferred service provider of OISTE for the fulfilment
of the OISTE Objectives. In exchange of such services, WISeKey shall benefit from the right to commercially exploit the Root Cryptographic
Key Pairs and the associated Root Certification Authorities held by OISTE, subject to the terms and conditions set forth in this
Agreement. For the purposes of this Agreement:

 

		a)	Cryptographic Key Pair means a pair of mathematically related keys, known as "public
key" and "private key". Public keys which may be disseminated widely, and private keys which are known only to the
owner. This accomplishes two functions: authentication, where the public key verifies that a holder of the paired private key sent
the message, and encryption, where only the paired private key holder can decrypt the message encrypted with the public key.

 

		b)	Root Certification Authority means OISTE as the source Certification Authority being a self-signed
Certification Authority that signs Issuing Subordinate CA Certificates.

 

		c)	Root Certification Authority Certificate means the self-signed Digital Certificate issued
to the OISTE Root Certification Authority, signed with the private key of the Root Cryptographic Key Pair generated for that Root
Certification Authority in particular.

 

		d)	Root Cryptographic Key Pair is a key pair generated specifically to be used by a Certification
Authority.

 

		e)	Subordinate Issuing CA means a Certification Authority whose Certificate is signed by the
Root CA, or another Intermediate Subordinate CA.

 

		1.2	Appointment as Operator. OISTE hereby appoints WISeKey, as the operator in charge of the
material pursuit and fulfilment of the OISTE Objectives, and WISeKey accepts, it being specified that compliance with the terms
and conditions of this Agreement shall be deemed sufficient to meet the OISTE Objectives unless stated otherwise. The appointment
of WISeKey as operator as provided for herein shall be exclusive for the duration of this Agreement.

 

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	CONFIDENTIAL	Collaboration Agreement

 

    

 

		1.3	Non-exclusivity. This Agreement shall not restrict WISeKey from independently developing
parallel PKIs that are unrelated to OISTE objectives (Non-OISTE PKIs). Non-OISTE PKIs shall not be subject to supervision
or control by OISTE and shall remain free from any OISTE involvement. Non-OISTE PKIs shall not be associated with OISTE in any
way, and WISeKey shall refrain from any usage of OISTE marks that would give the impression that Non-OISTE PKIs are supervised
or controlled by OIST in any way. PKIs built on Root Cryptographic Key Pairs that are not created for OISTE and are not Webtrusted
shall be considered as Non-OISTE PKIs.

 

		2.	INDEPENDENT CONTRACTORS

 

		2.1	Principle. This Agreement shall not constitute a partnership within the meaning of articles
530 et seq. of the Swiss Code of Obligations. WISeKey shall at all times be and remain an independent contractor. Accordingly,
WISeKey shall be solely responsible for, e.g.:

 

		a)	payment of any taxes to which the WISeKey may be subject as independent contractor in respect of
the income profits realized by virtue of this Agreement;

 

		b)	payment of any social security contribution, pension fund contributions or any other insurance
premiums, to which the WISeKey's employees and contractors may be subject; and

 

		c)	taking out of any reasonable insurance cover for accident of its employees and contractors and
generally for its operations, including E&O insurance.

 

		2.2	Indemnification. WISeKey shall be solely liable for, and shall defend, hold harmless, and
indemnify OISTE, and its successors and assigns, from and against any claim or liability of any kind (including penalties, fees
or charges) resulting from WISeKey's failure to pay the taxes, social security contributions or insurances indicated above.

 

		3.	WISEKEY SERVICES

 

		3.1	Global PKI. WISeKey shall design a public key infrastructure for global deployment (the
Global PKI), the root certification authorities of which shall be created and owned by OISTE (collectively referred as the
"GLOBAL ROOT CERTIFICATION AUTHORITY", or OGRCA). WISeKey shall use commercially reasonable endeavours to deploy
the Global PKI worldwide in accordance with the OISTE Objectives.

 

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	CONFIDENTIAL	Collaboration Agreement

 

    

 

		3.2	Root Cryptographic Key Pairs and Root Certification Authorities. Under mandate issued by
OISTE, WISeKey shall create the Root Cryptographic Key Pair(s) and OGRCA certificates and immediately transfer their ownership
to OISTE, at no cost.

 

		3.3	Information Security and Storage. All information belonging to OISTE, including in particular
all Root Cryptographic Key Pairs, OGRCA certificates and other information (collectively the OISTE Assets), shall be stored
on a hardware security module (the HSM) and servers, owned and hosted by WISeKey in a secure data center and managed by
WISeKey in accordance with the OISTE Objectives and in line with internationally recognized PKI and information security standards.

 

		3.4	Standards. WISeKey shall undertake all tasks and provide all services in line with internationally
recognized standards, including in particular internationally recognized
PKI and information security standards such as Webtrust, ISO/IEC 27001 or ISAE 3402.

 

		4.	WISEKEY OPERATOR DUTIES

 

		4.1	Global Root Certification Authorities. WISeKey shall act as the private operator of the
OGRCA. Operation of the OGRCA shall be undertaken from WISeKey's secure facilities in Switzerland.

 

		4.2	Trust Management. WISeKey shall establish, operate and maintain a trust management infrastructure
(the Trust Management Infrastructure) addressed to the communities of users and stakeholders participating in the OISTE
Trust Model (the Trust Communities) as part of the general trust management framework designed by WISeKey and established
by OISTE (the Trust Management Framework). WISeKey's undertakings shall be carried out in compliance with widely accepted
security standards. WISeKey shall use commercially WISeKey shall use commercially reasonable endeavours to ensure compliance with
such standards also by the Trust Communities and with its own clients, it being specified that it shall assume no liability for
a failure by any such third parties to comply.

 

		4.3	Trust Communities. Membership of the Trust Management Framework shall be open to clients
of WISeKey, subject to prior approval by OISTE, which approval may be withheld or withdrawn at the sole discretion of OISTE.

 

		4.4	Policies. The Trust Management Infrastructure shall at all times be managed in conformity
with the policies established by the policy approval authority (the PAA). A list of policies in force at the date of this
Agreement is provided as Exhibit A. The PAA shall be tasked with edicting policies in conformity with the OISTE Objectives.
Membership of the PAA shall be determined by OISTE at its discretion, subject only to WISeKey benefiting from at least one seat
at all times throughout the duration of this Agreement. OISTE shall undertake a continuous review of policies in order to ensure
their continual relevance and sufficiency, and in order to ensure that the OISTE Trust Model is at all times managed in compliance
with the OISTE Objectives.

 

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		4.5	Resources. WISeKey shall provide all material assets (hardware, software, premises, consumables,
etc.) and all human resources required to operate the Trust Model at its own cost and expense.

 

		4.6	Outsourcing. WISeKey shall be entitled to outsource or subcontract the performance of its
obligations set forth herein with the prior written consent of OISTE (which shall not unreasonably be withheld or delayed). In
case of such outsourcing or subcontracting, WISeKey shall remain directly and primarily responsible for the proper performance
of all such obligations, in conformity with the terms of this Agreement and independently of any fault of WISeKey.

 

		5.	NEW DEVELOPMENTS

 

		5.1	Collaboration. The Parties shall collaborate for the design, development and operation of
information security products and services for the purposes of pursuing the OISTE Objectives. In doing so, the Parties agree to
focus their initial efforts on the use and deployment of PKI technology in both developed and developing countries to promote the
security of electronic communications worldwide.

 

		5.2	Ownership. OISTE shall own all intellectual property rights resulting from the design, implementation,
operation and any other activity undertaken in relation to the OISTE Trust Model.

 

		6.	WEBSITES, TRADEMARKS

 

		6.1	Websites. WISeKey shall maintain a website describing its certification practices and policies
as well as identifying the entities participating in the Global PKI and enable downloading of the OGRCA certificate. WISeKey shall
further identify on its website any other PKI roots certificate authorities that it operates in behalf of OISTE by approved third
party entities and any associated cross-certification services. OISTE shall maintain a website where WISeKey shall be clearly identified
as the operator of the OISTE Trust Model.

 

		6.2	License to use Trademarks. Each Party (the Trademark Owner) hereby grants to the
other Party (the Licensee) royalty-free, non-exclusive, non-sub-licensable, non-assignable, non-transferable, license to
use its trademarks and service marks (the Marks) for the purposes of fulfilling the objectives of this Agreement and any
activities referred to herein. This license right shall extend to the right to use such Marks in any media (including electronic).
Under no circumstances shall the Licensee, remove or tamper with the trademarks or service marks (other than scale alterations).
The use by the Licensee of such Marks shall in no event negatively impact the image, activities or business of the Trademark Owner.
Taking into consideration the purposes of this Agreement, the license to use the Marks may be unilaterally restricted by the Trademark
Owner if it reasonably deems usage of its Marks by the Licensee to be inappropriate. All rights in and to the Marks not expressly
granted by the Trademark Owner to the Licensee are hereby reserved. The use of the Marks by the Licensee shall not create any ownership
interest in the Licensee's favor, and all goodwill arising out of such use shall inure to the benefit of the Trademark Owner. The
Licensee shall not use or apply to register any trademarks, service marks, trade names or domain names which are confusingly similar
to the Marks or which include any of the Marks. The Licensee may use or display the Marks only (i) in such form, content and manner
as may be specifically approved in advance in writing, including via email, by the Trademark Owner, which approval may be granted,
withheld or conditioned in Trademark Owner's absolute discretion and (ii) subject to and in accordance with the terms of this Agreement.

 

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	CONFIDENTIAL	Collaboration Agreement

 

    

 

		7.	LICENSE TO COMMERCIALISE AND FINANCIAL TERMS

 

		7.1	Commercialisation. WISeKey is hereby granted a non-sublicensable worldwide license to commercially
exploit the Root Cryptographic Key Pair(s) by providing certification services in conformity with the OISTE Objectives.

 

		7.2	Fees. In consideration for the granting of the right to commercially exploit the Root Cryptographic
Key Pair(s), OISTE shall be entitled to the fees indicated in Exhibit 1 (the Fees), which shall be discussed and, in case
of agreement, amended, on a yearly basis.

 

		7.3	Payment. The Fees shall be due and payable as provided for in Exhibit 1.

 

		8.	COMPLIANCE

 

		8.1	Anti-Bribery. WISeKey shall perform its duties in strict compliance with all applicable
laws, rules and regulations, including anti-bribery and anti-trust laws and regulations, and confirms that it is familiar with
the Convention on Combating Bribery of Foreign Public Officials in International Business Transactions adopted by the Organisation
for Economic Co-operation and Development (OECD) and further confirms that it will make no payments which may contravene the requirements
of said Convention. WISeKey specifically represents and warrants that:

 

		a)	it shall not use funds or assets for any unethical purpose and shall further not engage in the
practice of purchasing privileges or special benefits by any improper payment or non-financial advantage;

 

		b)	it shall not make any payment, nor grant any advantage, directly or indirectly, to any official,
civil servant or representative of any government body or agency or any political party for the purpose of influencing any act
or decision of that government body or agency or political party;

 

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	CONFIDENTIAL	Collaboration Agreement

 

    

 

		c)	it shall fully comply with the laws and regulations applicable to its activities in or any other
country or territory in which it operates;

 

		d)	it shall pay and discharge all taxes, duties, charges or levies, whether national, regional or
local which are due and payable as a result of its activities; and

 

		e)	in the event of any doubt, it shall first contact OISTE prior to undertaking any action which may
be in conflict with the representations and warranties set forth in this Section 8.1.

 

		8.2	Employees and Contractors. WISeKey shall ensure at all times that all its representatives
and contractors also fully comply with this Section 8.

 

		8.3	Sanctions. WISeKey hereby represents and warrants that it does not provide goods or services
to individuals or entities that are the object of sanctions imposed by the United Nations, the United States, the European Union,
Switzerland, or any other territory in which WISeKey is now active or may in the future exercise its activities. WISeKey hereby
represents and warrants that it shall not directly or indirectly deliver any equipment or software to any country that is the object
of embargoes or comprehensive sanctions maintained by the United Nations, the United States, the European Union, Switzerland, or
any other territory. In particular, WISeKey shall respect, without limitation, all provisions concerning (i) arms embargoes; (ii)
prohibitions on the supply of equipment that could be used for human rights abuses; (iii) prohibitions on the sale, supply, transfer,
import, transport or export of dual-use goods and technology; (iv) prohibitions on the provision of brokering services and technical
and financial assistance related to any goods and technology whose supply is prohibited; (v) prohibitions on the sale, supply,
transfer or export of key equipment and technology restricted for certain industries (such as, by way of example, nuclear, oil
or gas industries); and (vi) any other restriction, ban or prohibition.

 

		8.4	Data Protection. WISeKey shall under no circumstance use the equipment dedicated to the
hosting and operation of the OGRCA to store any personal data, including any data relating to the operation of the OISTE Trust
Model (such as data concerning the Trust Communities or any other users of WISeKey services), and more generally shall under no
circumstance undertake any action which may lead to OISTE being directly or indirectly considered as a data controller or
processor for the purposes of any applicable data protection laws. WISeKey itself shall undertake at all times to treat all data
entrusted to it, including but not limited to any data concerning any certificates issued on the basis of the OGRCA, in conformity
with any applicable data protection legislation.

 

		8.5	LEA Requests. The Parties acknowledge and agree that they may be required to respond to
requests by law enforcement agencies (LEA Requests). The Parties shall keep each other immediately informed of any LEA Request
concerning any OISTE Assets, and shall comply with any such LEA Request only if (i) such LEA Request is pursuant to a final court
or administrative decision that is not subject to appeal and is enforceable against OISTE and/or WISeKey or (ii) if, in the reasonable
opinion of OISTE, compliance is in the best interest of OISTE. All other LEA Requests, i.e. concerning non-OISTE Assets such as
information relating to any Trust Communities or information otherwise related to WISeKey's activities, including the commercialization
activities resulting from the issuance of certificates on the basis of the OGRCA, shall be treated by WISeKey in compliance with
applicable laws.

 

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		9.	RECORDS, REPORTING AND INSPECTION

 

		9.1	General Review Right. OISTE shall have the right to review the certification practices developed
and implemented by WISeKey at any time in order to ensure that the OISTE Trust Model is being managed in a way that compliant with
its objectives. WISeKey shall provide all information that may reasonably be requested by OISTE for such review.

 

		9.2	Records. WISeKey shall ensure that records of all operations relating to the operation and
maintenance by it of the OISTE Trust model, including in particular ap documents relating to the functioning of the Trust Management
Infrastructure, the Trust Management Framework and the Trust Communities are kept and maintained up-to-date (with documents such
as written instructions, activity reports, meeting reports, notes on telephone conferences), according to the certification practices
statement.

 

		9.3	Reporting. WISeKey shall provide OISTE with regular feedback in writing, at the request
of OISTE, regarding its technical and commercial activities relating to the subject matter of this Agreement, including a general
summary of results, any difficulties encountered, general developments and any progress made towards proper implementation of the
OISTE Trust Model and the realisation of the OISTE Objectives.

 

		9.4	Specific Information, Auditing. OISTE shall have a full right to request at any time and
immediately obtain from WISeKey all information relating to any duties undertaken by WISeKey pursuant to this Agreement and any
activities of WISeKey relating directly or indirectly to the OISTE Objectives. OISTE may delegate at any time representatives to
audit the documentary records of WISeKey, insofar as relevant for matters covered under this Agreement. OISTE shall give at least
5 days' prior written notice to WISeKey and OISTE shall co-operate fully with such representatives. Such delegates shall be subject
to appropriate confidentiality undertakings. Use of the related office facilities of WISeKey by such representatives shall not
be remunerated separately.

 

		10.	INDEMNIFICATION

 

WISeKey shall indemnify and hold
OISTE harmless, on first request, for and against any damage suffered by OISTE in relation to the performance of this Agreement,
regardless of whether the damage arises before or after the term or termination of this Agreement, and regardless of the nature
of cause of the damage, including legal or experts' fees, as well as any other damage incurred directly or indirectly in relation
to judicial or administrative proceedings. In case of any such proceedings, WISeKey also agrees to (i) cooperate with OISTE and
provide OISTE with all useful information in view of its defense against the authorities or third parties, and (ii) take no action
which may potentially be to the detriment of OISTE, its auxiliaries or substitutes. The obligations arising under this Section
will survive the contract for as long as necessary for the protection of the legitimate interests of OISTE.

 

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		11.	TERM AND TERMINATION

 

		11.1	Term. The Agreement shall commence on the date indicated on the title page (the Effective
Date) and terminate on 31 December 2028 (the Term). The Agreement shall be automatically extended for successive 10 year
Terms unless terminated by written notice by either Party at least 2 years prior to the end of the then-current Term.

 

		11.2	Termination for Breach. OISTE may terminate this Agreement with immediate effect by notice
in writing if WISeKey is:

 

		a)	in breach of its obligations hereunder and has not cured such breach within 10 days from OISTE's
notice stating such breach; or

 

		b)	guilty of gross misconduct and/or any serious or persistent negligence in the discharge of any
of the obligations set forth hereunder, or in material breach of any obligation such that the security or integrity of the Root
Cryptographic Key Pair(s) is, in OISTE's reasonable opinion, compromised.

 

		11.3	Termination for Bankruptcy. This Agreement shall terminate automatically and without any
need for notice if either Party is ordered or adjudged insolvent or bankrupt or enters into an agreement with its creditors for
the settlement of its debts or has a receiver appointed or in any way loses control of its affairs through governmental or court
action or otherwise ceases to exist.

 

		11.4	Consequences of Term or Termination. Upon arrival of the Term or termination of this Agreement,
WISeKey shall immediately:

 

		a)	return to OISTE the HSM, including the Root Cryptographic Key Pair(s), OGRCA certificates and other
information;

 

		b)	settle any outstanding Fees;

 

		c)	cease any commercial exploitation of the Root Cryptographic Key Pair(s); and remove any reference
to OISTE from its website.

 

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		11.5	Survival. Sections 8.4, 8.5, 12, 13 and 14 shall survive the expiration or earlier termination
of this Agreement.

 

		12.	CONFIDENTIALITY

 

		12.1	Definition. Confidential information shall mean any information, communication or data,
in any form including, but not limited to, oral, written, graphic or electromagnetic forms, relating to either Party's clients
and providers, to either Party, to their business or affairs, including but not limited to methods, know-how, technology, technical
specifications, cryptographic codes, security codes, security procedures and policies, the nature of the business model, as well
as software and information ascertainable by inspection or analysis of samples, disclosed by one Party or anyone on such Party's
behalf (the Disclosing Party) to the other Party (the Receiving Party), whether before or after the date of this
Agreement, but shall exclude any part of such disclosed information or data which:

 

		a)	is or becomes common knowledge without a breach of this Agreement by the Receiving Party;

 

		b)	the Receiving Party can show that it was in its possession or known to it by being in its use or
being recorded in its files or computers or other recording media prior to receipts from the disclosing party and was not previously
acquired by th receiving party from the disclosing party under an obligation of confidence;

 

		c)	the Receiving Party can show that it has been developed by or for Receiving Party at any time independently
of any information disclosed to it by the Disclosing Party;

 

		d)	the Disclosing Party gives prior written approval for its disclosure;

 

		e)	the Receiving Party obtains or has available from a source other than the Disclosing Party without
breach by the Receiving Party or such source of any obligation of confidentiality or non-use towards the Disclosing Party;

 

		f)	is hereafter disclosed by the Disclosing Party to a third party without restriction on disclosure
or use; or

 

		g)	without prejudice to Section 8.5, is disclosed pursuant to the order or requirement of a court,
administrative agency, or other governmental body, provided, however, that the Receiving Party shall provide prompt notice thereof
to the disclosing party to enable the disclosing party to seek a protective order or otherwise prevent or restrict such disclosure.

 

		12.2	Disclosure. Each Party may disclose and provide to the other Party such Confidential Information
as the Disclosing Party deems necessary for the realization of the purpose of this Agreement. Nothing in this Agreement shall be
interpreted as establishing any duty to disclose Confidential Information.

 

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		12.3	Protection. The Receiving Party shall maintain the Confidential Information in confidence
and shall exercise in relation thereto no lesser security measures and degree of care than those that it applies to its own Confidential
Information and warrants that such measures and care provide adequate protection against unauthorized disclosure, copying or use.
The Receiving Party shall ensure that disclosure of such Confidential Information is restricted to those employees, directors,
auditors and professional advisers of the Receiving Party or any of its subsidiaries having the need to know the same for the purpose
of this Agreement. All Confidential Information, copies thereof, including, but not limited to, that which is stored electronically,
shall be returned to the Disclosing Party upon termination of this agreement. The Receiving Party shall delete the information
stored on electronic media in a sufficiently secure manner once the corresponding information has been delivered to and received
by the Disclosing Party.

 

		12.4	Disclosure of Agreement. Each Party may disclose the existence of this Agreement, but the
terms and conditions of this Agreement shall be treated as Confidential Information and shall not be disclosed to any third party
except:

 

		a)	when it is disclosed to comply with a requirement or demand by a competent court of law or government
or regulatory body;

 

		b)	when it is disclosed to a third party pursuant to written authorisation from the Disclosing Party;

 

		c)	to the legal counsel of both Parties;

 

		d)	in confidence to the advisors, auditors, banks, financing sources and accountants;

 

		e)	in connection with the enforcement of this agreement or rights under this agreement; or

 

		f)	in confidence, in connection with an actual or proposed merger, acquisition, or similar transaction.

 

Any disclosure allowed under this clause shall require
the receiving party to treat the information as confidential under the same or similar terms and conditions as those delineated
herein.

 

		13.	MISCELLANEOUS

 

		13.1	Amendment. This Agreement may be modified only by a written instrument duly executed by
each Party.

 

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		13.2	Entire Agreement. This Agreement contains all of the terms and conditions agreed upon by
the Parties relating to its subject matter and supersedes all prior agreements, negotiations, correspondence, undertakings and
communications of the Parties, whether oral or written, with respect to such subject matter, in particular the 2001 Agreement.

 

		13.3	Notices. Notices hereunder shall be given in writing, by fax or by email. Notice shall be
deemed received upon delivery to the respective Party to the last communicated or available address, unless indicated otherwise
by the respective Party.

 

		13.4	Severability. If any provision of this Agreement is held to be unenforceable for any reason,
it shall be adjusted rather than voided, if possible, in order to achieve the intent of the Parties to the fullest extent possible.
In any event, all other provisions of this Agreement shall remain valid and enforceable to the fullest extent possible.

 

		13.5	Injunctive Relief. In addition to any other remedy provided herein, the Parties reserve
the right to pursue any injunctive relief as well as any legal remedies available to compel the breaching Party to comply with
the terms of this Agreement.

 

		13.6	No Waiver. The failure of any of the Parties to enforce any of the provisions of this Agreement
or any rights with respect thereto shall in no way be considered as a waiver of such provisions or rights or in any way affect
the validity of this Agreement. The waiver of any breach of this Agreement by any Party shall not be construed as a waiver of any
other prior or subsequent breach.

 

		13.7	No Assignments. No Party shall be permitted to assign this Agreement or any rights created
hereunder without the prior written consent of the other Party.

 

		13.8	No Third-Party Beneficiaries. This Agreement shall be binding and inure solely to the benefit
of the Parties (and their respective lawful successors and assigns). Nothing in this Agreement is intended to or shall confer upon
any third party any rights, benefits or remedies of any nature whatsoever under or by reason of this Agreement.

 

		13.9	Force Majeure. Neither Party shall be deemed in default of this Agreement to the extent
that performance of its obligations or attempts to cure any breach are delayed or prevented by reason of any act of God, fire,
natural disaster, strikes or other circumstances outside the reasonable control of each party. Each Party shall give the other
Party written notice promptly upon discovery thereof and shall use its best efforts to cure the breach or delay.

 

		14.	GOVERNING LAW AND ARBITRATION

 

		14.1	Governing Law. This Agreement shall be governed by and construed in accordance with Swiss
substantive law, without reference to its conflict of laws provisions.

 

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		14.2	Arbitration. Any dispute, controversy or claim arising out of, or in relation to, this Agreement,
including the validity, invalidity, breach, or termination thereof, shall be resolved by arbitration in accordance with the Swiss
Rules of International Arbitration of the Swiss Chambers' Arbitration Institution in force on the date on which the Notice of Arbitration
is submitted in accordance with these Rules. The number of arbitrators shall be one or three. The seat of the arbitration shall
be Geneva. The arbitral proceedings shall be conducted in English.

 

[signatures on the following page]

 

 

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	CONFIDENTIAL	Collaboration Agreement

 

    

 

This Agreement may be executed in several
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
Counterparts may be delivered via electronic mail (including pdf or any electronic signature, such as DocuSign) or other transmission
method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for
all purposes.

 

Geneva, June 20th 2018

 

	Organisation Internationale pour la Sècuritè des Transactions Electroniques OISTE	 	 
	 	 	 
	/s/ Philippe Doubre	 	/s/ Dourgam Kummer
	Philippe Doubre

Chairman of the Foundation Council	 	Dourgam Kummer

Member of the Foundation Council

 

	WISeKey SA	 	 
	 	 	 
	/s/ Carlos Moreira	 	/s/ Peter Ward
	Carlos Moreira,

CEO & Founder	 	Peter Ward

CFO

 

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Exhibit 1

 

OISTE shall be entitled to the following
yearly Fees (excl taxes):

 

		a.	Management Fee: CHF 120,000 in 4 equal instalments of CHF 30'000, due and payable at the
beginning of each quarter.

 

OISTE will issue an adequate invoice to the attention
of WISeKey stating the reason of the payment and the amount.

 

		b.	License Fee Amount: CHF 96,000 in 4 equal instalments of CHF 24'000, due and payable at
the beginning of each quarter.

 

OISTE will issue an adequate invoice to the attention
of WISeKey stating the reason of the payment and the amount.

 

		c.	Royalty Fee Amount: corresponding to a certain percentage (the Percentage) of any
certificate fees collected by WISeKey for the issuance of certificates to End Users (the Certificate Fees) on any given
year since the signature of this Agreement (each, a Contract Year), where

 

		a)	End User shall mean the entities (legal, natural, mechanical or electronic) that have been
issued certificates within the Global PKI but are not providers of certification services within such PKI;

 

		b)	The Percentage shall be 2.50%, to be reduced by 0.25% for each tranche of Certificate Fees
of 1'000'000CHF in any given Contract Year, until it reaches 1.50%;

 

CHF 1'000'000 at 2.50% = CHF 25'000.00

 

CHF 2'000'000 at 2.25% = CHF 45'000.00

 

CHF 3'000'000 at 2.00% = CHF 60'000.00

 

CHF 4'000'000 at 1.75% = CHF 70'000.00

 

CHF 5'000'000 at 1.50% = CHF 75'000.00 and

 

The Royalty Fee shall be due and payable on a
quarterly basis, within 30 days following the end of each calendar quarter, on the basis of the Certificate Fees effectively received
during such quarter irrespectively of the issuance date of the corresponding certificates. An adjustment will occur at the end
of each Contract Year (and at the expiration or termination of this Agreement) to meet the Minimum Royalty Fee or reduce the amount
due as a result of the decrease of the Percentage during such Calendar Year.

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