Document:

EXHIBIT 10.7

  

  

  

  

  

  
    

    

    

    

    

    

    FORM OF

    

    

    Restricted Stock Unit Award Agreement

    (performance-based vesting)

    

    

    Granted by

    

    

    TERRITORIAL BANCORP INC.

    

    

    under the

    

    

    TERRITORIAL BANCORP INC.

    2019 EQUITY INCENTIVE PLAN

    

    

    

    

    This restricted stock unit agreement (“Restricted Stock Unit Award Agreement” or “Award Agreement”) is and shall be subject in every respect to the provisions of the Territorial Bancorp Inc. 2019 Equity Incentive Plan (the “Plan”), which are incorporated herein
      by reference and made a part hereof, subject to the provisions of this Award Agreement.  A copy of the Plan has been provided to the person granted a Restricted Stock Unit Award pursuant to the Plan.  The holder of this Restricted Stock Unit Award
      (the “Participant”) hereby accepts this Restricted Stock Unit Award, subject to all the terms and provisions of the Plan and this Award Agreement, and agrees that all decisions under and interpretations of the
      Plan and this Award Agreement by the Committee appointed to administer the Plan (“Committee”) or the Board of Directors of Territorial Bancorp Inc. (the “Company”) shall
      be final, binding and conclusive upon the Participant and the Participant’s heirs, legal representatives, successors and permitted assigns. Capitalized terms used in this Award Agreement but not defined in this Award Agreement shall have the same
      meaning as in the Plan.

    For valuable consideration, the Company does hereby grant to the Participant a Restricted Stock Unit Award for the number of restricted stock units (the “Restricted Stock Units”) as set forth below, effective on the Date of Grant set forth below. The Restricted Stock Units granted under this agreement shall, subject to the attainment of certain performance goals set
      forth below (the “Performance Goals”), relating to the Performance Measures, vest and become payable in shares of common stock of the Company (the “Shares”), subject to
      earlier expiration or termination of the Restricted Stock Units, as provided in this Award Agreement.

    

    

    Name of Participant: ________________________________ 

      

    Date of Grant:______________________________________ 
           

    
      
        

    

    Performance Period:_________________________________ 

      

    

    Target Number of Restricted Stock Units: The actual number of Shares that may become issuable pursuant to this Award Agreement shall be
      determined in accordance with Section 1 below.  For purposes of the percentage calculations set forth in the Performance Goal Requirements section, the target number of Restricted Stock Units is __________.

    1. Vesting Schedule. The number of Restricted Stock Units granted under this Award Agreement that
      actually vest and that will be settled shall be determined as provided under Section 1.1 hereof on the basis of the level (i.e., Target, Threshold or Stretch) at which the Performance Goal specified on attached Schedule I is actually attained.

     

    1.1 Performance Goal Requirements. The attached Schedule I specifies the Performance Goals required to be attained
      during the Performance Period in order for the Restricted Stock Units to become eligible to vest and the relative weight attached to each Performance Goal. Within one hundred and twenty (120) days after the completion of the Performance Period, the
      Committee shall determine the actual level of attainment of the Performance Goal. On the basis of that determined level of attainment, the Target Number Restricted Stock Units will be multiplied by the applicable percentage determined in accordance
      with the percentile matrix set forth in Schedule I (the “Performance RSUs”). The number of Performance RSUs resulting from such calculation shall constitute the maximum number of Restricted Stock Units in which
      the Participant may vest under this Award Agreement. The Committee will determine in its sole discretion the extent, if any, to which the Performance Goal has been satisfied, and it will retain sole discretion to reduce the number of Performance RSUs
      that would otherwise be eligible to vest as a result of the performance as measured against the Performance Goal. The Committee may not increase the number of Performance RSUs that may be eligible to vest as a result of the Company’s performance as
      measured against the Performance Goal.

     

    

    2.  Dividend Equivalent Rights. Pending distribution or forfeiture of the Restricted Stock
        Units, the Participant’s bookkeeping account will be credited with Dividends Equivalent Rights with respect to all dividends declared on the shares underlying the Restricted Stock Units, regardless of whether the Restricted Stock Units are vested
        or unvested.

    

    

    3. Form and Timing of Payment of Vested Units. Each Restricted Stock Unit Award represents the right to receive one Share of common stock on
      the date the Restricted Stock Unit Award vests. Subject to the other terms of this Award Agreement and the terms of the Plan, any Restricted Stock Units that vest will be paid to the Participant solely in whole Shares (and not in cash, as the Plan
      permits), on, or as soon as practicable after, the date the Restricted Stock Units vest in accordance with Section 1hereof (or, if sooner, Sections 4.2-4.6 hereof), but in any event, within the period ending on the later to occur of the date that is
      two and one-half months following the end of (i) the Participant’s tax year that includes the date the Restricted Stock Units vest or (ii) the Company’s tax year that includes the date the Restricted Stock Units vest.

    

    

    
      
        

    

    4. Termination of Employment; Change of Control.

    4.1 Termination of Employment.  Except as provided in Sections 4.2-4.6 below, the Restricted Stock Units subject to this
      Award Agreement shall immediately terminate and be automatically forfeited by the Participant to the Company upon the Participant’s Termination of Service for any reason, including without limitation, voluntary termination by the Participant.

    

    

    4.2 Death. A portion of this Restricted Stock Unit Award shall vest immediately
      in the event of the Participant’s Termination of Service by reason of the Participant’s death.  The portion of the Restricted Stock Unit Award that vests upon death shall equal the Target Number of Performance RSUs multiplied by a fraction, where the
      numerator equals the number of months that have elapsed since the Date of Grant and the denominator equals 36.

    4.3 Involuntary Termination of Employment. A portion of this Restricted Stock
      Unit Award shall continue to vest in the event of the Participant’s Involuntary Termination of Service, including for Good Reason.  The number of Restricted Stock Units that vest will be determined in accordance with Section 1.1 hereof, multiplied by
      a fraction, where the numerator equals the number of months that have elapsed since the Date of Grant and the denominator equals 36.

    4.4 Disability. If the Participant’s Service terminates by reason of the Participant’s Disability, the Participant’s
      unvested Restricted Stock Unit Award shall continue to vest.  The number of Restricted Stock Units that vest will be determined in accordance with Section 1.1 hereof, multiplied by a fraction, where the numerator equals the number of months that have
      elapsed since the Date of Grant and the denominator equals 36.

    4.5 Retirement. If the Participant’s Service terminates by reason of the Participant’s Retirement, a pro rata portion of
      the Participant’s unvested Restricted Stock Unit Awards shall continue to vest.  The number of Restricted Stock Units that vest will be determined in accordance with Section 1.1 hereof, multiplied by a fraction, where the numerator equals the number
      of months that have elapsed since the beginning of the performance period until the Retirement date and the denominator equals 36. For purposes of this Award, Retirement means retirement from employment as an Employee on or after attainment of age
      65.

    4.6 Change in Control. A portion of this Restricted Stock Unit Award shall vest
      immediately in the event of the Participant’s Involuntary Termination of Service following a Change in Control.  The portion of the Restricted Stock Unit Award that vests upon an Involuntary Termination of Service shall be based on actual performance
      under Section 1.1 hereof.  If the actual performance is not determinable, the number shall equal the Target Number of Performance RSUs multiplied by a fraction, where the numerator equals the number of months that have elapsed since the Date of Grant
      and the denominator equals 36.

    5. Withholding. The Company shall collect federal, state and local income taxes and the employee portion of the FICA
      taxes (Social Security and Medicare) with respect to the Restricted Stock Units and any Dividend Equivalent Rights on such Restricted Stock Units paid to the Participant at the time the Restricted Stock Units vest.  Unless the Participant delivers a
      separate check payable to the Company in the amount of the taxes required to be withheld from the Participant, the Company shall withhold those taxes from the Participant’s wages.  The

    
      
        

    

    Participant hereby authorizes the Company to satisfy the withholding obligations by one or a combination of the following:

    (a) withholding from the Participant’s wages or other cash compensation;

    (b) withholding from proceeds of the sale of Shares issued in settlement of the vested Restricted Stock Units, either through a voluntary sale or through a
      mandatory sale arranged by the Company (on the Participant’s behalf pursuant to this authorization), to the extent and in the manner permitted by all applicable securities laws, including making any necessary securities registration or taking any
      other necessary actions; or

    (c) withholding in Shares to be issued in settlement of the vested Restricted Stock Units that number of whole Shares the fair market value of which (determined
      by reference to the closing price of the common stock on the principal exchange on which the common stock trades on the date the withholding obligation arises, or if such date is not a trading date, on the next preceding trading date) is equal to the
      aggregate withholding obligation as determined by the Company and/or the Employer with respect to such Award.

    6. Code Section 409A. The Restricted Stock Unit Award and payments made pursuant to this Award Agreement and the Plan are intended to qualify
      for an exemption from Code Section 409A. Notwithstanding any other provision in this Award Agreement and the Plan, the Company, to the extent it deems necessary or advisable in its sole discretion, reserves the right, but shall not be required, to
      unilaterally amend or modify this Award Agreement and/or the Plan so that the Restricted Stock Units granted to the Participant qualify for exemption from or comply with Code Section 409A; provided, however, that the Company makes no representations
      that the Restricted Stock Units shall be exempt from or comply with Code Section 409A and makes no undertaking to preclude Code Section 409A from applying to the Restricted Stock Units. Nothing in this Award Agreement or the Plan shall provide a
      basis for any person to take action against the Company or any affiliate based on matters covered by Code Section 409A, including the tax treatment of any amount paid or payable or Award made under this Award Agreement, and neither the Company nor
      any of its affiliates shall under any circumstances have any liability to any Participant or his or her estate or any other party for any taxes, penalties or interest imposed under Code Section 409A for any amounts paid or payable under this Award
      Agreement.

    7. Nature of Grant. In accepting the Restricted Stock Units, the Participant acknowledges that: (a) the Plan is established voluntarily by the
      Company, is discretionary in nature and may be modified, amended, suspended or terminated by the Company at any time; (b) grant of the Restricted Stock Units is voluntary and occasional and does not create any contractual or other right to receive
      future grants of Restricted Stock Units, or benefits in lieu of Restricted Stock Units even if Restricted Stock Units have been granted repeatedly in the past; (c) all decisions with respect to future awards of Restricted Stock Units, if any, will be
      at the sole discretion of the Company; (d) the Participant’s participation in the Plan is voluntary; (e) Restricted Stock Units are extraordinary items that do not constitute regular compensation for services rendered to the Company or any
      Subsidiary, and that are outside the scope of the Participant’s employment contract, if any; (f) Restricted Stock Units and the Shares subject to Restricted Stock Units are not intended to replace any pension rights or compensation; (g) unless
      provided for elsewhere,

    
      
        

    

    Restricted Stock Units and the Shares subject to Restricted Stock Units are not part of normal or expected compensation or salary for any purposes, including, but not limited to,
      calculating any severance, resignation, redundancy or end of service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments and in no event should be considered as compensation for, or relating in any
      way to, past services for the Company or any Subsidiary; (h) the award of Restricted Stock Units and the Participant’s participation in the Plan shall not be interpreted to form an employment contract or relationship with the Company or any
      Subsidiary; (i) the future value of the underlying Shares is unknown and cannot be predicted with certainty; (j) in consideration of the award of Restricted Stock Units, no claim or entitlement to compensation or damages shall arise from forfeiture
      of the Restricted Stock Units resulting from termination of employment with the Company or any Subsidiary (for any reason whatsoever and whether or not in breach of local labor laws), and the Participant irrevocably releases the Company and/or the
      Subsidiary from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, the Participant shall be deemed irrevocably to have waived his or her entitlement to pursue
      such claim; and (k) except as otherwise provided for in this Award Agreement or the Plan, in the event of involuntary termination of the Participant’s employment (whether or not in breach of local labor laws), the Participant’s right to receive
      Restricted Stock Units and vest under the Plan, if any, will terminate effective as of the date that the Participant’s Service is terminated and will not be extended by any notice period mandated under local law (e.g.,
      active employment would not include a period of “garden leave” or similar period pursuant to local law), and the Company shall have the exclusive discretion to determine when the Participant is no longer actively employed for purposes of this Award
      Agreement.

    8. No Advice Regarding Grant. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations
      regarding the Participant’s participation in the Plan, or the Participant’s acquisition or sale of the underlying Shares. The Participant is hereby advised to consult with his or her own personal tax, legal and financial advisors regarding the
      Participant’s participation in the Plan before taking any action related to the Plan.

    9. Undertaking. The Participant hereby agrees to take whatever additional action and execute whatever additional documents the Company may
      deem necessary or advisable in order to carry out or effect one or more of the obligations or restrictions imposed on either the Participant or the Restricted Stock Units pursuant to the provisions of this Award Agreement.

    10. Restrictions on Transfer. Notwithstanding anything in the Plan to the contrary, the Restricted Stock Units granted pursuant to this Award
      may not be sold, pledged (as collateral for a loan or as security for the performance of an obligation or for any other purpose), assigned, hypothecated, transferred, disposed of in exchange for consideration, made subject to attachment or similar
      proceedings, or otherwise disposed of under any circumstances.

    11. Severability. The provisions of this Award Agreement are severable and if any one or more provisions are determined to be illegal or
      otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.

    12. No Rights as Shareholder. Except as provided in this Restricted Stock Award Agreement, the
      Participant will not have dividend, voting or any other rights as a shareholder of the Shares of common stock with respect to the Restricted Stock Units. Upon payment of the vested Restricted

    
      
        

    

    Stock Units in Shares of common stock, the Participant will obtain full dividend, voting and other rights as a shareholder of the Company.

    13. Electronic Delivery. The Company may, in its sole discretion, decide to deliver any documents related to current or future participation
      in the Plan by electronic means. The Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third
      party designated by the Company.

    14. Imposition of Other Requirements. The Company reserves the right to impose other requirements on the Participant’s participation in the
      Plan, on the Restricted Stock Units and on any Shares of common stock acquired under the Plan, to the extent that the Company determines it is necessary or advisable in order to comply with local law or facilitate the administration of the Plan, and
      to require the Participant to sign any additional agreements or undertakings (as provided in Section 6 above) that may be necessary to accomplish the foregoing.

    By the Participant's signature and the Company's signature below, the Participant and the Company agree that this grant is governed by this Award Agreement and the Plan.

    

    

    [Signature Page Follows]

    

    

    
      
        

    

    

    

    IN WITNESS WHEREOF, the Company has caused this instrument to be executed in its name and on its behalf as of the date of
      grant of this Restricted Stock Unit Award set forth above.

    TERRITORIAL BANCORP INC.

    By: __________________________

    PARTICIPANT’S ACCEPTANCE

    The undersigned hereby accepts the foregoing Restricted Stock Unit Award and agrees to the terms and conditions hereof, including the terms and provisions of the
      Plan.  The undersigned hereby acknowledges receipt of a copy of the Plan.

    

    

    ___________________________________

    Participant

    

    

    
      
        

    

    

    

    SCHEDULE I

    to

    Restricted Stock Units Award Agreement

    (Performance-Based)

    PERFORMANCE GOAL

    The Performance Goal shall be based on the Company’s attainment over the Performance Period of the Performance Measures (defined below). Attainment of the Performance Goal at the
      levels in the following performance matrix will determine, in accordance with Section 1.1 of the Award Agreement to which this Schedule I is attached, the number of Performance RSUs in which the Participant is eligible to vest.

    The Objective Performance Goals are [described].

     

    	 	 	 
	
            RSU Award Payout

            Value Assigned to

            
              Performance Goal

               

            

          
	
            
               

               

            

          	
              

          	
            
               

               

            

          
	 	 
	
            —  

          	
              

          	
                      _______  %

          
	 	 
	
            —  

          	
              

          	
                       _______ %

          
	 	 
	
            —  

          	
              

          	
                      _______ %

             

          
	 	 

     

    

    

    

    

    	
            Performance Goal

          	
            Target

          	
            Threshold

          	
            StretchExhibit 10.1

 

THIS
NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY
AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR
AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY
THAT SUCH REGISTRATION IS NOT REQUIRED.

 

PROMISSORY
NOTE

 

	Principal
    Amount: $100,000	Dated
    as of March 3, 2020

 

8i
Enterprises Acquisition Corp., a British Virgin Islands company (the “Maker”),
promises to pay to the order of 8i Enterprises Pte Ltd or its registered assigns or successors in interest (the “Payee”)
the principal sum of One Hundred Thousand Dollars ($100,000)
in lawful money of the United States of America, on the terms and conditions described below. All payments on this Note shall
be made by check or wire transfer of immediately available funds or as otherwise determined by the Maker to such account as the
Payee may from time to time designate by written notice in accordance with the provisions of this Note.

 

	1.	Principal.
    The principal balance of this Promissory Note (this “Note”) shall be payable promptly after the date
    on which the Maker consummates an initial business combination (a “Business Combination”) with a target
    business (as described in its initial public offering prospectus dated March 27, 2019 (the “Prospectus”)).
    The principal balance may not be prepaid without the consent of the Payee.
	 	 
	2.	Conversion
    Rights. The Payee has the right, but not the obligation, to convert this Note, in whole or in part, into private units
    (the “Units”) of the Maker containing the same securities as issued in the Maker’s initial public
    offering and as described in the Prospectus, by providing the Maker with written notice of its intention to convert this note
    at least one business day prior to the closing of a Business Combination. The number of Units to be received by the Payee
    in connection with such conversion shall be an amount determined by dividing (x) the sum of the outstanding principal amount
    payable to such Payee, by (y) $10.00.

 

	 	(a)	Fractional
    Securities. No fractional Units will be issued upon conversion of this Note. In lieu of any fractional Units to which
    Payee would otherwise be entitled, Maker will pay to Payee in cash the amount of the unconverted principal balance of this
    note that would otherwise be converted into such fractional share.
	 	 	 
	 	(b)	Effect
    of Conversion. If the Maker timely receives notice of the Payee’s intention to convert this note at least one business
    day prior to the closing of a Business Combination, this Note shall be deemed to be converted on the date the Business Combination
    closes. At its expense, the Maker will, as soon as practicable after receiving this Note for cancellation after the closing
    of a Business Combination (assuming receipt of timely notice of conversion), issue and deliver to Payee, at Payee’s
    address or such other address requested by Payee, a certificate or certificates for the number of Units to which Payee is
    entitled upon such conversion (bearing such legends as are customary pursuant to applicable state and federal securities laws),
    including a check payable to Payee for any cash amounts payable as a result of any fractional shares as described herein.

 

    	 	 	 

    	 

    

 

	3.	Interest.
    No interest shall accrue on the unpaid principal balance of this Note.
	 	 
	4.	Application
    of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum
    due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late
    charges and finally to the reduction of the unpaid principal balance of this Note.
	 	 
	5.	Events
    of Default. The following shall constitute an event of default (“Event of Default”):

 

	 	(a)	Failure
    to Make Required Payments. Failure by Maker to pay the principal of this Note within five (5) business days following
    the date when due.
	 	 	 
	 	(b)	Voluntary
    Liquidation, Etc. The commencement by Maker of a proceeding relating to its bankruptcy, insolvency, reorganization, rehabilitation
    or other similar action, or the consent by it to the appointment of, or taking possession by, a receiver, liquidator, assignee,
    trustee, custodian, sequestrator (or other similar official) for Maker or for any substantial part of its property, or the
    making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts
    become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.
	 	 	 
	 	(c)	Involuntary
    Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of
    maker in an involuntary case under any applicable bankruptcy, insolvency or similar law, for the appointing of a receiver,
    liquidator, assignee, custodian, trustee, sequestrator (or similar official) for Maker or for any substantial part of its
    property, or ordering the winding-up or liquidation of the affairs of Maker, and the continuance of any such decree or order
    unstayed and in effect for a period of 60 consecutive days.

 

	6.	Remedies.

 

	 	(a)	Upon
    the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare this
    Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable
    hereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all
    of which are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.
	 	 	 
	 	(b)	Upon
    the occurrence of an Event of Default specified in Sections 5(b) and 5(c), the unpaid principal balance of this Note, and
    all other sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases
    without any action on the part of Payee.

 

    	 	2	 

    	 

    

 

	7.	Waivers.
    Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment
    for payment, demand, notice of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections
    in any proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue
    of any present or future laws exempting any property, real or personal, or any part of the proceeds arising from any sale
    of any such property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption from
    civil process, or extension of time for payment; and Maker agrees that any real estate that may be levied upon pursuant to
    a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ in whole or in
    part in any order desired by Payee.
	 	 
	8.	Unconditional
    Liability. Maker hereby waives all notices in connection with the delivery, acceptance,
    performance, default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without
    regard to the liability of any other party, and shall not be affected in any manner by any indulgence, extension of time,
    renewal, waiver or modification granted or consented to by Payee, and consents to any and all extensions of time, renewals,
    waivers, or modifications that may be granted by Payee with respect to the payment or other provisions of this Note, and agrees
    that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to Maker or affecting
    Maker’s liability hereunder.
	 	 
	9.	Notices.
    Any notice called for hereunder shall be deemed properly given if (i) sent by certified mail, return receipt requested,
    (ii) personally delivered, (iii) dispatched by any form of private or governmental express mail or delivery service providing
    receipted delivery or (iv) sent by facsimile or (v) by e-mail to the following addresses or to such other address as either
    party may designate by notice in accordance with this Section:

 

If
to Maker:

 

8i
Enterprises Acquisition Corp.

6
Eu Tong Sen Street

#08-13
The Central

Singapore
059817

Attn:
Meng Dong (James) Tan

Email:
mengdong38@yahoo.com

 

If
to Payee:

 

8i
Enterprises Pte Ltd

6
Eu Tong Sen Street

#08-13
The Central

Singapore
059817

Attn:
Meng Dong (James) Tan

Email:
mengdong38@yahoo.com

 

Notice
shall be deemed given on the earlier of (i) actual receipt by the receiving party, (ii) the date shown on a facsimile transmission
confirmation, (iii) the date reflected on a signed delivery receipt, or (iv) two (2) Business Days following tender of delivery
or dispatch by express mail or delivery service.

 

    	 	3	 

    	 

    

 

	10.	Construction.
    THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH
    THE LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.
	 	 
	11.	Jurisdiction.
    The courts of New York have exclusive jurisdiction to settle any dispute arising out of or in connection with this agreement
    (including a dispute relating to any non-contractual obligations arising out of or in connection with this agreement) and
    the parties submit to the exclusive jurisdiction of the courts of New York.
	 	 
	12.	Severability.
    Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction
    shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating
    the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or
    render unenforceable such provision in any other jurisdiction.
	 	 
	13.	No
    Claims Against Trust Account. The Payee has been provided a copy of the Prospectus. The Payee hereby waives any and all
    right, title, interest or claim of any kind (“Claim”) in or to any amounts contained in the trust
    account in which the proceeds of the initial public offering (the “IPO”) conducted by the Maker and the
    proceeds of the sale of securities in a private placement that occurred prior to the effectiveness of the IPO, as described
    in greater detail in the Prospectus, were placed, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction
    for any Claim from the trust account or any distribution therefrom for any reason whatsoever. If Maker does not consummate
    the Business Combination, this Note shall be repaid only from amounts remaining outside of the Trust Account, if any.
	 	 
	14.	Amendment;
    Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of
    the Maker and the Payee.
	 	 
	15.	Assignment.
    No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation
    of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the
    required consent shall be void.
	 	 
	16.	Further
    Assurance. The Maker shall, at its own cost and expense, execute and do (or procure to be
    executed and done by any other necessary party) all such deeds, documents, acts and things as the Payee may from time to time
    require as may be necessary to give full effect to this Promissory Note.

 

[The
rest of this page is intentionally left blank]

 

    	 	4	 

    	 

    

 

IN
WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly executed
by its Chief Executive Officer and Chief Financial Officer the day and year first above written.

 

	 	8I
    ENTERPRISES ACQUISITION CORP.
	 	 	 
	 	By:	/s/
    Meng Dong (James) Tan
	 	Name:	Meng
    Dong (James) Tan
	 	Title:
    	Chief
    Executive Officer

 

	Accepted
    and Agreed:	 
	 	 	 
	8I
    ENTERPRISES PTE LTD	 
	 	 	 
	By:	/s/
    Meng Dong (James) Tan	 
	Name:	Meng
    Dong (James) Tan	 
	Title:
    	Director	 

 

    	 	5

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