Document:

Exhibit 10.25

 

Execution Version

 

Insurance and Related Services Agreement

 

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

 

    
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Execution Version

 

CONTENTS

 

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

 

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

 

    
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Execution Version

 

Insurance and

 

Related Services Agreement

 

Date :             24 December 2020

 

 

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

 

Parties:

 

 

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

 

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

 

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

 

Recitals:

 

 

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

 

IT IS AGREED as follows:

 

1.       Definitions
 & Interpretation:

 

 

		1.1	Definitions: The following definitions apply:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    
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INSURANCE AND RELATED SERVICES AGREEMENT

 

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Service Year means a calendar year of the Term.

 

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

 

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

 

SPG Company means a member of the Service Provider
Group.

 

SRG Company means a member of the Service Recipient
Group.

 

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

 

Term has the meaning given in Clause 3.

 

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

 

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

 

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

 

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

 

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

 

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

 

    
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INSURANCE AND RELATED SERVICES AGREEMENT

 

 

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

 

		2.	Conditional Agreement: 

 

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

 

		3.	Term:

 

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

 

		4.	Supply of Services:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		5.	Annual Cap:

 

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

 

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

 

    
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INSURANCE AND RELATED SERVICES AGREEMENT

 

 

		6.	Service Fees:

 

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

 

		7.	Modification:

 

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

 

		8.	Taxes:

 

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

 

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

 

 

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

 

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

 

		9.	Records:

 

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

 

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

 

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

 

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

 

		11.1	Early Termination:

 

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

 

		11.2	Termination on Default:

 

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

 

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

 

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

 

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

 

		11.3	Termination due to Force Majeure Event: 

 

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

 

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

 

		11.5	The expiration or termination of this Agreement shall:

 

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

 

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

 

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

 

    
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INSURANCE AND RELATED SERVICES AGREEMENT

 

 

		12.	Compliance with Laws:

 

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

 

		13.	Costs:

 

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

 

		14.	Intellectual Property Rights:

 

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

 

		15.	Confidential Information:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		16.	Personal Data Privacy:

 

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

 

		17.	Warranties & Exclusions:

 

		17.1	Warranties:

 

    
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INSURANCE AND RELATED SERVICES AGREEMENT

 

Each Party warrants and represents that:

 

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

 

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

 

		17.2	Exclusions:

 

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

 

		18.	Sub-contracting: 

 

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

 

		19.	Assignment:

 

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

 

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

 

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

 

		20.	Force Majeure:

 

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

 

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

 

		21.	General Provisions:

 

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

 

    
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INSURANCE AND RELATED SERVICES AGREEMENT

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    
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INSURANCE AND RELATED SERVICES AGREEMENT

 

Execution:

 

Executed by the Parties as an agreement:

 

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

 

    
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INSURANCE AND RELATED SERVICES AGREEMENT

 

Execution:

 

Executed by the Parties as an agreement:

 

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

 

    
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INSURANCE AND RELATED SERVICES AGREEMENT

 

Schedule 1 (Contact Details)

 

		1.	Service Provider: 

 

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

 

Address for Notice:

 

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

 

		2.	Service Recipient: 

 

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

 

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

 

    
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INSURANCE AND RELATED SERVICES AGREEMENT

 

Schedule 2 (Services)

 

		1.	Description of Services

 

		1.1	Provision of insurance agency services.

                                                                                 
	 
		1.2	Provision of reinsurance services.

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

                                                                                 
	 

 

    
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INSURANCE AND RELATED SERVICES AGREEMENT

 

Schedule 3 (Service Levels)

 

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

 

    
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INSURANCE AND RELATED SERVICES AGREEMENT

 

Schedule 4 (Service Fees)

 

		1.	Service Fees

 

	Service element:	Service Fees:
	1.1    	Life Insurance products and services:	Commission for each product or service to be determined with reference to the market rates charged by third party insurance agents for
similar product or service to be agreed by the respective SRG Company and SPG Company under the Specific Agreements
	1.2    	General Insurance products and	Commission for each product or service to be determined with reference to the market rates charged by third party insurance agents for
similar product or service to be agreed by the respective SRG Company and SPG Company under the Specific Agreements
	1.3	Reinsurance services:	Premium payable to the SPG Company to be agreed based on prevailing market rates of similar reinsurance service and the applicable actuarial
review of respective SRG Company and SPG Company under the Specific Agreements
	1.4	Other services:	To be agreed by the respective SRG Company and SPG Company under the Specific Agreements

 

		2.	Invoicing & Payment of Service Fees: 

 

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

 

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

 

    
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INSURANCE AND RELATED SERVICES AGREEMENT

 

Schedule 5 (Specific Agreements)

 

		1.	Corporate Agent’s Agreement for Selling of Long-Term Insurance between FWD Life
Insurance Company (Bermuda) Limited and HKT Financial Services (IA) Limited dated 23 April 2018 as amended and supplemented from time
to time

 

		2.	Agreement of Telemarketing Campaign between FWD Life Insurance Company (Bermuda) Limited and HKT Financial
Services (IA) Limited dated 7 May 2020 as amended and supplemented from time to time

 

 

    
	Confidential	Page 17 of 17Exhibit 10.26

 

Execution Version

 

DATED                     24
December 2020 

 

TELECOMMUNICATIONS AND

 

RELATED SERVICES AGREEMENT

 

BETWEEN

 

HONG KONG TELECOMMUNICATIONS (HKT) LIMITED

 

AND

 

FWD GROUP MANAGEMENT HOLDINGS LIMITED

 

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THIS TELECOMMUNICATIONS
AND RELATED SERVICES AGREEMENT is made the 24th day of               December 2020

 

BETWEEN

 

	(1)	HONG KONG TELECOMMUNICATIONS (HKT) LIMITED whose
registered office is situated at 39th Floor, PCCW
Tower, Taikoo Place, 979 King’s Road, Quarry Bay, Hong Kong (“Service Provider”); and 

 

	(2)	FWD GROUP MANAGEMENT HOLDINGS LIMITED a company registered in Hong Kong (Company
No. 1932832) with its registered office at 28/F, FWD Financial Centre, 308 Des Voeux Road Central, Hong Kong (“Service Recipient”),

 

(Collectively, the “Parties” and each
a “Party”).

 

WHEREAS

 

The Parties wish to enter into a new Telecommunications
and Related Services Agreement for the Term on the terms and subject to the conditions as set out in this Agreement.

 

WHEREBY the Parties agree as follows:

 

1.       Definitions
and Interpretation

 

	1.1	In this Agreement, the following terms shall have the following meanings unless the
context requires otherwise:

 

	 	“Affiliate”	means (a) in
    relation to the Service Provider, any subsidiary or holding company of
    the Service Provider or any subsidiary of a holding company of that
    Party; and (b) in relation to the Service Recipient,
    any SRG Company;

 

	 	“Agreement”	means this agreement comprising all Schedules and all subsequent amendments as may be agreed by the Parties from time to time;

 

	 	“Business Day”	means a day other than a Saturday, Sunday or a public holiday in Hong Kong;

 

	 	“Charges”	means the
    fees and/or charges payable by a SRG Company
    to a SPG Company for the Services, Support
    Services and Equipment provided by the SPG Company to the SRG Company
    under this Agreement and/or the Specific Agreements;

 

	 	“Confidential Information”	means all
    information, oral or written, which is (a) expressly stated to be
    confidential; or (b) by its nature implicitly confidential, as
    provided by a Party to the other Party pursuant to this Agreement.
    The provisions of this Agreement are the confidential information of the Parties, subject to Clause 7
    hereof;

 

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	 	“Effective Date”	means the date of this Agreement;

 

	 	“Equipment”	means the equipment or device supplied, sold or leased by a SPG Company to a SRG Company under this Agreement and/or the Specific Agreements (including such other equipment or device as may be agreed by the Parties from time to time);

 

	 	“Force Majeure Event”	means any supervening outbreak of war affecting Hong Kong, hostilities (whether war be declared or not), invasions, acts of foreign enemies, rebellion, revolution, military or usurped power, overthrow (whether by external or internal means) of the government, civil war, riot, civil disturbances, fire (if not caused or contributed to by a Party, its Affiliates, sub-contractor, or agent), civil commotion, epidemic and acts of God which prevents the performance of a Party’s performance of its duties and obligations hereunder;

 

	 	“Hong Kong”	means the Hong Kong Special Administrative Region of the People’s Republic of China;

 

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

 

	 	“Listing Rules”	means The Rules Governing the Listing of Securities on the Stock Exchange;

 

	 	“Proposed Annual Cap(s)”	means the proposed aggregate annual value(s) for the continuing connected transactions set out in this Agreement;

 

	 	“Service Provider Group”	means HKT Limited and its direct and indirect subsidiaries;

 

	 	“Service Recipient Group”	means FWD Limited, FWD Group Limited and their respective direct and indirect subsidiaries;

 

	 	“Services”	means the telecommunications and related services provided by a SPG Company to a SRG Company as described in Schedule 1 and as agreed under the Specific Agreements;

 

	 	“Specific Agreement”	means an existing agreement entered into
    before the date of this Agreement or a future agreement to be entered into after the date of this Agreement between the Parties or
    between a SPG Company and a SRG Company in respect of the Services, Support Services
and Equipment, including without limitation order forms or purchase orders and “Specific Agreements” shall be construed
accordingly;

 

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	 	“SPG Company”	means a member of the Service Provider Group;

 

	 	“SRG Company”	means a member of the Service Recipient Group;

 

	 	“Stock Exchange”	means The Stock Exchange of Hong Kong Limited;

 

	 	“Support Services”	means the support services provided by a SPG Company to a SRG Company as described in Schedule 2 and as agreed under the Specific Agreements;

 

	 	“Term”	has the same meaning assigned to it in Clause 5.1.

 

	1.2	In this Agreement, unless the context otherwise requires:

 

		(a)	all references to a “person” include an individual, body corporate (wherever
incorporated), unincorporated association, trust or partnership (whether or not having separate legal personality), government, state
or agency of a state, or two (2) or more of the foregoing;

 

		(b)	“subsidiaries” and “holding companies” of a company shall
mean its subsidiaries and holding companies, respectively, as defined under the Companies Ordinance (Cap. 622 of the Laws of Hong Kong)
or the Listing Rules, and other companies considered by the Stock Exchange as its subsidiaries and holding companies, respectively;

 

		(c)	all references to a Clause, paragraph or Schedule are to a clause, paragraph or schedule
of this Agreement, and references to this Agreement include the schedules;

 

		(d)	the headings in this Agreement do not affect its construction or interpretation;

 

		(e)	a reference to any statute, regulation, proclamation, ordinance or by-law includes
all statutes, regulations, proclamations, ordinances or by-laws varying, consolidating or replacing it and a reference to a statute includes
all regulations, proclamations and by-laws issued under that statute;

 

		(f)	a reference to a document is a reference to that document as amended or modified
from time to time in writing by the mutual consent of the Parties;

 

		(g)	all references to writing will be deemed to include faxes but not emails;

 

		(h)	the singular includes the plural and vice versa and any gender includes any other
gender; and

 

		(i)	the words “includes” and “including” are to be construed without limitation.

 

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	1.3	If there is any inconsistency between Clauses 1 to 18 and the Schedules, the inconsistency will be resolved
in the following descending order of precedence:

 

		(a)	Clauses 1 to 18; and

 

		(b)	the Schedules.

 

	2.	Condition Precedent and Annual Caps

 

	2.1	The terms and conditions contained in this Agreement are conditional upon compliance
of the obligations of the Service Provider Group under Chapter 14A of the Listing Rules, and if such condition is not fulfilled on or
before 31 December 2020 (or such later date as the Parties shall agree), this Agreement shall become null and void and none of the Parties
shall have any right or action against the other Party hereunder.

 

	2.2	Both Parties
    hereby agree that the Services, Support Services and Equipment provided by the SPG Company to the SRG Company under this Agreement
    and/or the Specific Agreements shall be provided on the following bases: 
	 	 
	 	(a)	normal commercial terms; and	 
	 	 	 
	 	(b)	the total value of the Services, Support Services and Equipment provided for each of the three (3) financial years ending 31 December 2022 shall not exceed the following (subject to Clause 2.3 below):
	 	 	 	 
	 	 	Year ending 31 December	Proposed Annual Cap (HK$ million)
	 	 	2020	50.0
	 	 	2021	100.0
	 	 	2022	150.0
	 	 
	2.3	The Parties agree that in the event that the total value of the Charges for the Services, Support Services and Equipment provided under this Agreement and/or the Specific Agreements exceeds the amounts set out above in Clause 2.2 respectively for any year, such transactions and their total value will be subject to the compliance with the applicable requirements under Chapter 14A of the Listing Rules.

 

	3.	 Obligations

 

	3.1	In consideration of the Charges payable by the relevant SRG Company, the relevant
SPG Company shall provide the Services, Support Services and/or Equipment to the SRG Company in accordance with the terms of this Agreement
and/or the Specific Agreements.

 

	3.2	In consideration of the provision by the SPG Company of the Services, Support Services
and Equipment (as the case may be), the relevant SRG Company shall pay the Charges in accordance with this Agreement and/or the Specific
Agreements.

 

	3.3	The Service Provider will supply or procure the supply of the Services, Support Services
and/or Equipment to the relevant SRG Company with due care and skill in accordance with the provisions of this Agreement and/or the Specific
Agreements in compliance with applicable laws.

 

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	3.4	The Service Provider agrees to provide the Services, Support Services and/or Equipment in accordance with
the standard of services agreed between the Parties in the Specific Agreements.

 

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

 

	4.	Charges and Payment

 

	4.1	In consideration of the Services provided by the SPG Company, the relevant SRG Company shall pay to the
SPG Company the Charges as described in Part A of Schedule 3 and the Specific Agreements. In consideration of the Support Services provided
by the SPG Company, the relevant SRG Company shall pay to the SPG Company the Charges for such Support Services as described in Part B
of Schedule 3 and the Specific Agreements. In consideration of the Equipment provided by the SPG Company, the relevant SRG Company shall
pay the Charges for the Equipment as agreed by the respective SPG Company and the SRG Company under the Specific Agreements.

 

	4.2	The SPG Company shall issue invoices to the relevant SRG Company at such intervals as the respective SPG
Company and the SRG Company may from time to time agree in the Specific Agreements.

 

	4.3	Unless otherwise provided for in a Specific Agreement, all payments made by the SRG Company under this
Agreement and/or the Specific Agreements shall be made free of any deduction or withholding for or on account of any taxes. If the SRG
Company is or was required by law to make any deduction or withholding from any payment due to the SPG Company, then notwithstanding anything
to the contrary contained in this Agreement, the gross amount payable by the SRG Company to the SPG Company shall be increased so that,
after any such deduction or withholding for taxes, the net amount received by the SPG Company will not be less than what the SPG Company
would have received had no such deduction or withholding be required. The SRG Company shall pay any applicable goods and services tax,
value added tax, sales tax, business tax or any other similar taxes, duties or charges on the Charges and/or fees in accordance with the
applicable law. All other taxes, including any taxes that are imposed on the profits, income, property or capital of the SPG Company or
the SRG Company or taxes imposed by reason of the carrying on a business in Hong Kong or being incorporated in Hong Kong by the SPG Company
or the SRG Company shall be paid by the SPG Company or the SRG Company respectively and shall not be passed through to each other.

 

	4.4	The Parties agree that the total amount of Charges payable under this Agreement and/or the Specific Agreements
in each calendar year of the Term shall not exceed the Proposed Annual Cap in respect of that year.

 

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	5.	Term and Termination

 

	5.1	Unless otherwise terminated earlier in accordance with this Agreement, this Agreement is, subject to Clause
2.1, deemed to have commenced on the Effective Date and shall remain in full force and effect until 31 December 2022 (“Term”).

 

	5.2	Each Party may terminate this Agreement without cause by giving the other Party at least six (6) months’
prior written notice.

 

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

 

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

 

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

 

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

 

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

 

	5.5	Upon the expiration or termination of this Agreement, if so requested by the Service Recipient and to
the extent reasonably practicable, the Service Provider will provide reasonable assistance and support to the Service Recipient (at the
Service Recipient’s costs and expenses) to transition the supply of the Services, Support Services and/or Equipment from a third
party supplier to the Service Recipient.

 

	5.6	The expiration or termination of this Agreement shall:

 

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

 

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

 

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

 

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	6.	Intellectual Property Rights and Title 

 

	6.1	Subject to the provisions in the Specific Agreements, the Intellectual Property Rights
in respect of all technical know-how, data, logo, documentation, reports and all other information created, developed, written, derived
from, subsisting in, used, provided or produced by either Party pursuant to this Agreement shall vest and remain vested in that Party
solely.

 

	6.2	Subject to the provisions in the Specific Agreements, the acquisition of any Services
and Support Services by the Service Recipient under this Agreement or the use of any property of the other Party in relation to this Agreement
does not give that Party any proprietary rights, title or interest in the other Party’s property and Intellectual Property Rights.
For the avoidance of doubt, this applies to:

 

		(a)	any Intellectual Property Rights licensed to a Party by the other Party; and

 

		(b)	any equipment and software provided to a Party by the other Party and located in the
first Party’s premises.

 

	6.3	Subject to the provisions in the Specific Agreements, for any Equipment purchased
by the Service Recipient from the Service Provider under this Agreement, the title of such Equipment shall not pass to the Service Recipient
until the Service Recipient has paid the Service Provider the full price of such Equipment. Risk of loss and damage to such Equipment
shall pass to the Service Recipient once such Equipment is delivered to the designated delivery address for such Equipment.

 

	7.	Confidentiality

 

	7.1	Subject to Clauses 7.2, 7.3 and 7.4, each Party must: (a) use the other Party’s Confidential Information
only for the purposes of this Agreement; and (b) hold the other Party’s Confidential Information in strict confidence and not disclose
such information to any third party without the prior written consent of the disclosing Party.

 

	7.2	Notwithstanding Clause 7.1, a Party may disclose the Confidential Information of the other Party if that
disclosure is to the employees, agents, sub-contractors, Affiliates or Professional Advisers of that Party who have a need to know that
information and who have agreed to keep it confidential. For the purposes of this Clause, “Professional Adviser” means a lawyer,
accountant, auditor, financial adviser, banker, technical adviser (including, where necessary, a sub-contractor and relevant technical
personnel or a supplier of a Party) and any other professional adviser retained to provide advice in relation to the Services, Support
Services and/or Equipment provided under this Agreement.

 

	7.3	The obligations under this Clause do not extend to information that (whether before
or after the Effective Date):

 

		(a)	is or become public knowledge other than by breach of this Clause 7;

 

		(b)	is in the possession of the receiving Party without restriction in relation to disclosure
before the date of receipt from the disclosing Party;

 

		(c)	is received from a third party who lawfully acquired it and who is under no obligation
restricting its disclosure;

 

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		(d)	is independently developed by a Party without access to the information of the other Party;

 

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

 

		(f)	is required by law, any regulatory requirements, court orders, arbitration commission’s demands
or the rules and regulations of any stock exchange on which the securities of any Party and/or its Affiliates are listed to be disclosed,
provided that the Party required to disclose that Confidential Information shall:

 

		(i)	immediately notify the disclosing Party, where time permits and without contravention of any law, in writing
of the particulars of the required disclosure; and

 

		(ii)	provide the disclosing Party with all necessary assistance reasonably required by the disclosing Party
(at the disclosing Party’s own cost and expense) to enable the disclosing Party to take any reasonable steps available to it to
prevent that disclosure or to ensure that it occurs subject to a reasonable obligation of confidence.

 

	7.4	The confidentiality obligations contained in this Clause shall remain in full force and effect for a period
of three (3) years from the expiration or termination of this Agreement (as the case may be).

 

	8.	Warranty

 

	8.1	Each Party warrants that (a) it shall comply with all applicable laws, regulations, rules, directions
or codes of practice issued by the competent authority; and (b) the person who signs this Agreement on its behalf has the authority to
act in that capacity. Without limiting the generality of the foregoing, the Service Provider shall comply with the Telecommunications
Ordinance (Cap. 106 of the Laws of Hong Kong) and all applicable directions, determinations and codes of practice issued by the Communications
Authority from time to time.

 

	8.2	Each Party warrants that it has procured the necessary licence or permit for the purpose of performing
the obligations hereunder.

 

	8.3	Except for the express warranties and representations set out in this Agreement, each Party makes no other
warranties and representations, whether express or implied. Each Party expressly disclaims all other warranties and representations, whether
express, implied or statutory.

 

	9.	Indemnity 

 

Subject to the provisions in the Specific
Agreements, each Party (“Indemnifying Party”) shall, subject to Clause 10.1, indemnify and keep indemnified the other
Party (“Indemnified Party”) from and against any loss, cost, damage or expense of any kind, including reasonable legal
fees, resulting from:

 

		(a)	third party claim, suit or proceedings brought against the Indemnified Party alleging any breach, failure,
error, omission or negligence by the indemnifying Party, its officers, employees, agents or contractors
in relation to this Agreement; or

 

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		(b)	any infringement by the Indemnifying Party of any Intellectual Property Rights belonging to Indemnified
Party.

 

		10.	Limitation of Liability 

 

		10.1	Subject to Clauses 10.2 and 10.3 and the provisions of the Specific Agreements, and to such extent permissible
by law, the liability of each Party to the other in contract, tort or otherwise arising by reason of or in connection with this Agreement
is limited to the total amount of the Charges paid and payable by the Service Recipient Group to the Service Provider Group under this
Agreement and the Specific Agreements.

 

		10.2	Neither Party is liable to the other for any indirect, consequential, collateral, special, punitive or
incidental loss or damage suffered or incurred by the other Party in connection with this Agreement whether during or after the Term of
this Agreement and regardless of the form in which any legal or equitable action may be brought (whether in tort, contract, strict liability
or otherwise). For the purposes of this Agreement, indirect or consequential loss or damage includes, without limitation, loss of revenue,
loss of profit, anticipated savings or business, loss of data or goodwill, loss of use or value of any equipment or software, costs of
procuring substitute goods or services, claims of third parties, and all associated and incidental costs and expenses, in each case to
the extent that such losses are indirect and not direct.

 

		10.3	Nothing in this Agreement shall exclude or limit each Party’s liability for (a) personal injury
or death caused by a Party’s negligence or the negligence of its employees acting in the course of their employment; or (b) fraud
of such Party.

 

		11.	Force Majeure Event

 

		11.1	Notwithstanding any other provision of this Agreement, a Party will not be liable for any delay or failure
to perform an obligation under this Agreement (other than an obligation to pay any Charges) if such a fulfilment is delayed, prevented,
restricted or interfered with for any reason as a result of a Force Majeure Event provided that:

 

		(a)	the Party has promptly notified the other Party of the Force Majeure Event setting out the details of
the Force Majeure Event and an estimate of the extent and duration of its inability to perform; and

 

		(b)	the Party has used its reasonable endeavours to mitigate the effect of the Force Majeure Event and to
carry out its obligations under this Agreement in any other way practicable.

 

		11.2	If the Force Majeure Event in question prevails for a continuous period of three (3) months or more, the
Parties shall enter into bona fide discussions with a view to alleviating its effects, or to agreeing upon such alternative arrangements
as may be fair and reasonable in the circumstances. If no alternative arrangements can be reached in accordance with this Clause 11.2,
either Party may, subject to Clause 5.6, terminate this Agreement without liabilities to the other Party.

 

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		12.	Dispute Resolution

 

		12.1	Any dispute arising from this Agreement shall be resolved by the Parties by way of meetings in good faith.

 

		12.2	The Parties shall agree on the manner as to how the meeting shall be conducted.

 

		13.	Publicity 

 

Neither Party will make any public
announcement related to the existence or content of this Agreement, the terms and conditions of any negotiations or agreements between
the Parties, except as may be required by law or the rules and regulations of any stock exchange on which the securities of any Party
and/or its Affiliates are listed or with the prior written consent of the other Party.

 

		14.	Assignment and Subcontracting 

 

		14.1	The Service Recipient shall be entitled, at any time by notice in writing to the Service Provider, to
assign, novate or otherwise transfer all or any of the Service Recipient's rights, title, benefits, interest, duties, obligations and
liabilities under this Agreement to any SRG Company. Any such transferee shall also have the benefit of this Clause as if such transferee
were the Service Recipient in this Agreement.

 

		14.2	The Service Provider shall be entitled, at any time by notice in writing to the Service Recipient, to
assign, novate or otherwise transfer all or any of the Service Provider's rights, title, benefits, interest, duties, obligations and liabilities
under this Agreement to any SPG Company. Any such transferee shall also have the benefit of this Clause as if such transferee were the
Service Provider in this Agreement.

 

		14.3	Upon receiving any notice from the Service Recipient under Clause 14.1 or the Service Provider under Clause
14.2, the Parties shall do all such acts and things and execute all such documents as shall be reasonably required by the relevant transferor
to effect such assignment, novation or transfer.

 

		14.4	The Service Provider shall not sub-contract the whole or any part of the Services, Support Services and/or
Equipment or any of its obligations under this Agreement except with the prior written consent of the Service Recipient, provided that
the Service Provider may sub-contract the whole or any part of the Services, Support Services and/or Equipment or any of its obligations
under this Agreement to a SPG Company without the prior written consent of the Service Recipient to the extent permitted by applicable
law. In the event that the Service Provider sub-contracts the whole or any part of the Services, Support Services and/or Equipment or
any of its obligations under this Agreement pursuant to this Clause 14.4, the Service Provider shall be fully responsible in all respects
for the performance of its obligations under this Agreement.

 

		15.	Notice 

 

		15.1	A notice or other communication given under this Agreement will be in writing and in the English language
and signed by or on behalf of the person giving it and will be served by delivering it to the Party due to receive it at the address or
fax numbers set out in Clause 15.2 and will be deemed to have been delivered
in accordance with this Clause.

 

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		15.2	The Parties’ addresses and fax numbers for the purposes of this Agreement are:

 

Hong Kong Telecommunications
(HKT) Limited  

Address:
39th Floor, PCCW Tower, Taikoo Place, 979 King’s
Road, Quarry Bay,

Hong
Kong.  

For the attention of: [***]

Fax
number: [***]

 

FWD Group Management Holdings
Limited  

Address: 13/F, 14 Taikoo Wan Road,
Taikoo Shing, Hong Kong

For the attention of: [***] 

Fax number: [***]

 

or such other address or fax number
as the relevant Party notifies to the other Party, which change of address or fax number will only take effect if delivered and received
in accordance with this Clause.

 

		15.3	A notice or other communication so addressed will be deemed to have been received:

 

		(a)	if personally delivered, at the time of delivery;

 

 

	 	(b)	if sent by pre-paid first class post, recorded delivery or registered post, two (2)
Business Days after the date of posting to the relevant address;

 

		(c)	if sent by fax, on successful completion of its transmission as per a transmission report from the machine
from which the fax was sent, save that if such notice or communication is
received after the end of normal working hours (and “normal working hours” will be deemed to be 8.30 a.m. to 5.30 p.m. on
any Business Day in the country of the recipient), such notice or communication will be deemed to have been received on the next Business
Day.

 

		16.	Service Recipient Group and Service Provider Group

 

		16.1	The Parties agree that:

 

		(a)	any SPG Company may provide the Services, Support Services and/or Equipment to the Service Recipient or
any SRG Company; and

 

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

 

		16.2	Where any Services, Support Services and/or Equipment are provided by a SPG Company (other than the Service
Provider) to a SRG Company (other than the Service Recipient):

 

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		(a)	the relevant invoice shall be issued by such SPG Company providing the Services, Support Services and/or
Equipment to the relevant SRG Company which shall pay for such Services, Support Services and/or Equipment;

 

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

 

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

 

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

 

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

 

		17.	Governing Law 

 

This Agreement shall be governed by
and construed in accordance with the laws of Hong Kong. The Parties agree to submit to the non-exclusive jurisdiction of the courts of
Hong Kong.

 

		18.	General 

 

		18.1	Nothing herein is intended or shall create or be deemed to create a partnership, joint venture, agency
or any form of business association between the Parties. It is acknowledged and agreed that the Service Provider and Service Recipient
are and at all times shall remain independent contractors. This Agreement shall not be construed as creating any employer-and-employee
relationship between the Service Provider and the Service Recipient.

 

		18.2	Any amendment or variation to this Agreement shall not be valid unless it is in writing and signed by
the Parties.

 

		18.3	Each Party shall bear its own legal costs and expenses in relation to approving, negotiation and execution
of this Agreement.

 

		18.4	If at any time any provision of this Agreement is or becomes illegal, invalid or unenforceable under any
law, this shall not affect or impair the legality, validity and enforceability of the remaining provisions of this Agreement in any respect.

 

		18.5	No waiver under this Agreement shall be effective unless the same shall be in writing and signed by the
Party against which the wavier is claimed. No course of dealing, failure or delay of any Party to strictly enforce any term, condition,
right of this Agreement shall be construed as a waiver of such term, condition or right.

 

		18.6	Unless otherwise provided for under this Agreement, all rights, powers and remedies under this Agreement
are cumulative with and are not intended to be exclusive of other rights, powers and remedies provided by law.

 

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		18.7	Time is of the essence for each Party to perform its duties and obligations under this Agreement.

 

		18.8	This Agreement and the Specific Agreements together constitute the entire agreement and understanding
between the Parties relating to the subject matter of this Agreement hereof and shall supersede and cancel in all respects all other previous
negotiations, proposal, arrangements, understandings or agreements, of any nature between the Parties on this subject matter. For the
avoidance of doubt, this Clause shall not terminate or affect the validity of the Specific Agreement(s) between the Parties (or between
the SPG Company and the SRG Company) with respect to the same subject matter which were entered into before the date of this Agreement.
To the extent there is any conflict or inconsistency between the terms of this Agreement and the Specific Agreements, the Specific Agreements
shall prevail, save for Clause 2.2.

 

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

 

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IN WITNESS WHEREOF the
Parties have executed this Agreement the day and year first above written.

 

	Signed by [***]	)	[***]
	for and on behalf of	)	 
	Hong Kong Telecommunications	)	 
	(HKT) Limited	)	 
	in the presence of	)	 

 

	Signed by	)	 
	for and on behalf of	)	 
	FWD Group Management Holdings Limited	)	 
	in the presence of	)	 
	 	)	 

 

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IN WITNESS WHEREOF the Parties have executed this Agreement
the day and year first above written.

 

	Signed by [***]	)	 
	for and on behalf of	)	 
	Hong Kong Telecommunications	)	 
	(HKT) Limited	)	 
	in the presence of	)	 

 

	Signed by [***]	)	 
	for and on behalf of	)	 
	FWD Group Management Holdings Limited	)	 
	in the presence of	)	 
	 	)	[***]
	 	 	[***]

 

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Schedule 1 

Services

 

The Services provided by the SPG Company include the provisioning
of:

 

		1.	telephone services (fixed line, unified communications and mobile services) and devices;

 

		2.	connectivity services (including local data, broadband, wifi, Datapak, private network connectivity, SkyExchange,
cloud connectivity, facilities managed network services, internet access, international telecommunications, international private leased
circuit and other network services);

 

		3.	cloud computing services;

 

		4.	Internet of things (IoT) products and services; and

 

		5.	any other telecommunications services as agreed by the respective SPG Company and SRG Company from time
to time under the Specific Agreements.

 

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Schedule 2 

Support Services

 

The Support Services provided by the SPG Company include
the provisioning of:

 

		1.	computer and customer premises equipment rental services;

 

		2.	teleservices;

 

		3.	network, operational and maintenance support (including licence renewal) services;

 

		4.	equipment and facilities leasing services (including, the leasing of equipment and facilities such as
phone systems, generators, chillers, cooling towers, transformers and other power equipment and networking equipment); and

 

		5.	any other Support Services as agreed by the respective SPG Company and the SRG Company from time to time
under the Specific Agreements.

 

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Schedule 3 

Charges

Part A 

Charges for the Services

 

The Services are provided by the SPG Company to
the SRG Company at prevailing market rates for services of similar scope, scale, quality, reliability and services level that would be
charged for independent third party customers, as agreed by the respective SPG Company and the SRG Company from time to time under the
Specific Agreements.

 

Part B 

Charges for Support Services

 

Charges for Support Services payable by the SRG
Company to the SPG Company shall be on a cost plus basis in such amount as agreed by the respective SPG Company and SRG Company from time
to time under the Specific Agreements.

 

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