Document:

EX-10.6

 Exhibit 10.6 

NON-COMPETITION AGREEMENT 

Between 
 AMTD GROUP
COMPANY LIMITED 
 and 

AMTD DIGITAL INC. 

Dated as of May 18, 2021 

 TABLE OF CONTENTS 

 

					
	 ARTICLE I DEFINITIONS
	  	 	1	 
		
	 Section 1.1         Defined Terms
	  	 	1	 
		
	 ARTICLE II NON-COMPETITION
	  	 	3	 
		
	 Section 2.1         Undertaking of the AMTD Group
	  	 	3	 
	 Section 2.2         Undertaking of the AMTD Digital
Group
	  	 	3	 
		
	 ARTICLE III NON-SOLICITATION
	  	 	3	 
		
	 Section 3.1
        Non-Solicitation by AMTD Parent
	  	 	3	 
	 Section 3.2
        Non-Solicitation by AMTD Digital
	  	 	4	 
		
	 ARTICLE IV MISCELLANEOUS
	  	 	4	 
		
	 Section 4.1         Consent of AMTD Parent
	  	 	4	 
	 Section 4.2         Consent of AMTD Digital
	  	 	4	 
	 Section 4.3         Entire Agreement
	  	 	4	 
	 Section 4.4         Governing Law and
Jurisdiction
	  	 	4	 
	 Section 4.5         Dispute Resolution
	  	 	4	 
	 Section 4.6         Termination; Amendment
	  	 	5	 
	 Section 4.7         Notices
	  	 	5	 
	 Section 4.8         Counterparts
	  	 	6	 
	 Section 4.9         Binding Effect; Assignment
	  	 	6	 
	 Section 4.10       Severability
	  	 	6	 
	 Section 4.11       Failure or Indulgence not Waiver; Specific
Performance; Remedies Cumulative
	  	 	6	 
	 Section 4.12       Authority
	  	 	7	 
	 Section 4.13       Interpretation
	  	 	7	 

  
 i 

 NON-COMPETITION AGREEMENT 

This Non-Competition Agreement is dated as of May 18, 2021, by and between AMTD Group Company
Limited, an exempted company with limited liability incorporated under the laws of the British Virgin Islands (“AMTD Parent”), and AMTD Digital Inc., an exempted company with limited liability incorporated under the laws of the
Cayman Islands (“AMTD Digital”) (each of AMTD Parent and AMTD Digital a “Party” and, together, the “Parties”). 

R E C I T A L S 
 WHEREAS,
as of the date hereof, AMTD Parent, together with its subsidiaries including AMTD International Inc., AMTD Education Group and AMTD Assets Alpha Group, effectively owns 28,953,305 and 19,892,000 issued and outstanding Class A Ordinary Shares
and Class B Ordinary Shares of AMTD Digital respectively, representing in aggregate 72.2% of the total issued and outstanding Ordinary Shares of AMTD Digital; 

WHEREAS, the Parties currently contemplate that AMTD Digital will seek an initial public offering (the “IPO”) pursuant to the
registration statement on Form F-1 confidentially submitted for review and comment by the SEC under the U.S. Securities Act of 1933, as amended, to be filed publicly with the SEC via its EDGAR system (the date
of such public filing, the “Public Filing Date”) following the substantial completion of such review and comment and as financial market conditions permit (as so filed, and as amended thereafter from time to time, the “IPO
Registration Statement”); 
 WHEREAS, AMTD Parent has been engaged in the AMTD Digital Business through AMTD Digital and AMTD
Digital’s subsidiaries, as more fully described in the IPO Registration Statement; 
 WHEREAS, prior to the date hereof, all of the
then existing assets and liabilities in connection with the AMTD Digital Business have already been transferred to or assumed by AMTD Digital and its subsidiaries; and 

WHEREAS, the Parties intend in this Agreement to set forth the principal terms and conditions with respect to their agreement not to compete
with each other or solicit the employees of each other following. 
 NOW, THEREFORE, in consideration of the mutual agreements, covenants,
and provisions contained in this Agreement, the Parties, intending to be legally bound, agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.1 Defined Terms. The following capitalized terms have the meanings given to them in this
Section 1.1: 
 “ADSs” means American depositary shares representing Class A Ordinary Shares.

  
 1 

 “Agreement” means this
Non-Competition Agreement, as the same may be amended from time to time in accordance with the provisions hereof. 

“AMTD Digital” has the meaning set forth in the preamble to this Agreement. 

“AMTD Digital Business” means digital financial services, digital ecosystem solutions, and digital media, content, and
marketing businesses, as more completely described in the IPO Registration Statement. 
 “AMTD Digital Group” means AMTD
Digital and its subsidiaries. 
 “AMTD Group” means AMTD Parent and its subsidiaries, other than AMTD Digital Group. 

“AMTD Parent” has the meaning set forth in the preamble to this Agreement. 

“AMTD Parent Business” means any business that is conducted by AMTD Parent and its subsidiaries, other than the AMTD Digital
Business. 
 “Class A Ordinary Shares” means the class A ordinary shares of AMTD Digital, par value
US$0.0001 per share. 
 “Class B Ordinary Shares” means the class B ordinary shares of AMTD Digital, par
value US$0.0001 per share. 
 “Dispute” has the meaning set forth in Section 4.5 of this
Agreement. 
 “Dispute Resolution Commencement Date” has the meaning set forth in Section 4.5 of
this Agreement. 
 “IPO” has the meaning ascribed to it in the recitals to this Agreement. 

“IPO Registration Statement” has the meaning ascribed to it in the recitals to this Agreement. 

“Master Transaction Agreement” means the Master Transaction Agreement between AMTD Parent and AMTD Digital dated the date
hereof, as the same may be amended and supplemented in accordance with the provisions thereof. 

“Non-Competition Period” means the period beginning upon the completion of the IPO
and ending on the later of: 
 (a) the date that is two years after the first date upon which members of the AMTD Group cease to own in the
aggregate at least twenty percent (20%) of the voting power of the then outstanding securities of AMTD Digital; and 
 (b) the fifth
anniversary of the date of the completion of the IPO. 
 “Ordinary Shares” means the Class A Ordinary Shares and the
Class B Ordinary Shares. 
 “Party” or “Parties” has the meaning set forth in the preamble of this
Agreement. 

  
 2 

 “Person” means an individual, a partnership, a corporation, a limited
liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization, or a governmental entity, or any department, agency, or political subdivision thereof. 

“Public Filing Date” has the meaning set forth in the recitals to this Agreement. 

“SEC” means the U.S. Securities and Exchange Commission. 

ARTICLE II 
 NON-COMPETITION 
 Section 2.1 Undertaking of the AMTD Group. During the Non-Competition Period, AMTD Parent will not, and will cause each of the other members of AMTD Group not to, other than through the AMTD Digital Group, directly or indirectly, sell or otherwise provide to any third
party any product or service or otherwise engage or invest in any business that is of the same nature as the AMTD Digital Business, whether as a principal or for its own account, or as a shareholder or other equity owner in any Person (other than
AMTD Digital); provided that the foregoing shall not prohibit any member of the AMTD Group from owning beneficially or of record non-controlling ownership (calculated on an aggregate basis combining any such
ownership by any members of the AMTD Group) of the equity or its equivalent of any company (other than AMTD Digital) that sells or otherwise provides any product or service or otherwise engages in any business that is of the same nature as the AMTD
Digital Business. 
 Section 2.2 Undertaking of the AMTD Digital Group. During the
Non-Competition Period, AMTD Digital will not, and will cause each of the other members of the AMTD Digital Group not to, directly or indirectly, sell or otherwise provide to any third party any product or
service or otherwise engage or invest in any business that competes in any way with the AMTD Parent Business, whether as a principal or for its own account, or as a shareholder or other equity owner in any Person; provided that the foregoing shall
not prohibit any member of the AMTD Digital Group from owning beneficially or of record, non-controlling ownership (calculated on an aggregate basis combining any such ownership by any member of the AMTD
Digital Group) of the equity or its equivalent of any company that sells or otherwise provides any such product or service in competition with the AMTD Parent Business. 

ARTICLE III 
 NON-SOLICITATION 
 Section 3.1 Non-Solicitation
by AMTD Parent. During the Non-Competition Period, AMTD Parent will not, and will cause each other member of the AMTD Group not to, directly or indirectly, hire, or solicit for hire, any active employees
of or individuals providing consulting services to any member of the AMTD Digital Group, or any former employees of or individuals providing consulting services to any member of the AMTD Digital Group within six months of the termination of their
employment with or consulting services to the member of the AMTD Digital Group, without AMTD Digital’s consent; provided that the foregoing shall not prohibit any solicitation activities through generalized
non-targeted advertisement not directed to such employees or individuals that do not result in the hiring of any such employees or individuals by the AMTD Group within the
Non-Competition Period. 

  
 3 

 Section 3.2 Non-Solicitation by AMTD
Digital. During the Non-Competition Period, AMTD Digital will not, and will cause each other member of the AMTD Digital Group not to, directly or indirectly, solicit or hire any active employees of or
individuals providing consulting services to any member of the AMTD Group, or any former employees of or individuals providing consulting services to any member of the AMTD Group within six months of the termination of their employment with or
consulting to the member of the AMTD Group, without AMTD Parent’s consent; provided that the foregoing shall not prohibit any solicitation activities through generalized non-targeted advertisement not
directed to such employees or individuals that do not result in the hiring of any such employees or individuals by the AMTD Digital Group within the Non-Competition Period. 

ARTICLE IV 

MISCELLANEOUS 

Section 4.1 Consent of AMTD Parent. Any consent of AMTD Parent pursuant to this Agreement shall not be effective unless it is in
writing and evidenced by the signature of the Chief Executive Officer or Chief Financial Officer of AMTD Parent (or such other person that the Chief Executive Officer, Chief Financial Officer or board of directors of AMTD Parent has specifically
authorized in writing to give such consent). 
 Section 4.2 Consent of AMTD Digital. Any consent of AMTD Digital pursuant
to this Agreement shall not be effective unless it is in writing and evidenced by the signature of the Chief Executive Officer or Chief Financial Officer of AMTD Digital (or such other person that the Chief Executive Officer, Chief Financial Officer
or board of directors of AMTD Digital has specifically authorized in writing to give such consent). 
 Section 4.3 Entire
Agreement. This Agreement constitutes the entire agreement among the Parties with respect to the subject matter hereof and shall supersede all prior written and oral and all contemporaneous oral agreements and understandings with respect to the
subject matter hereof. 
 Section 4.4 Governing Law and Jurisdiction. This Agreement shall be governed by, and construed in
accordance with, the laws of Hong Kong. Subject to Section 6.1 of the Master Transaction Agreement, each of the Parties hereby submits unconditionally to jurisdiction of, and agrees that venue shall lie exclusively in, the courts located in
Hong Kong for purposes of the resolution of any disputes arising under this Agreement. 
 Section 4.5 Dispute Resolution.
(a) Any dispute, controversy or claim arising out of or relating to this Agreement or the breach, termination or validity thereof (“Dispute”) which arises between the Parties shall first be negotiated between appropriate senior
executives of each Party who shall have the authority to resolve the matter. Such executives shall meet to attempt in good faith to negotiate a resolution of the Dispute prior to pursuing other available remedies, within ten (10) days of
receipt by a Party of written notice of a Dispute, which date of receipt shall be referred to herein as the “Dispute Resolution Commencement Date.” Discussions and correspondence relating to trying to resolve such Dispute shall be treated
as confidential information and privileged information of each of AMTD Parent and AMTD Digital developed for the purpose of settlement and shall be exempt from discovery or production and shall not be admissible in any subsequent proceeding between
the Parties. 

  
 4 

 (b) If the senior executives are unable to resolve the Dispute within 60 days from the
Dispute Resolution Commencement Date, then, the Dispute will be submitted to the boards of directors of AMTD Parent and AMTD Digital. Representatives of each board of directors shall meet as soon as practicable to attempt in good faith to negotiate
a resolution of the Dispute. 
 (c) If the representatives of the two boards of directors are unable to resolve the Dispute within 120 days
from the Dispute Resolution Commencement Date, on the request of any Party, the Dispute will be mediated by a mediator appointed pursuant to the mediation rules of the American Arbitration Association. Both Parties will share the administrative
costs of the mediation and the mediator’s fees and expenses equally, and each Party shall bear all of its other costs and expenses related to the mediation, including but not limited to attorney’s fees, witness fees, and travel expenses.
The mediation shall take place in Hong Kong or in whatever alternative forum on which the Parties may agree. 
 (d) If the Parties cannot
resolve any Dispute through mediation within 45 days after the appointment of the mediator (or the earlier withdrawal thereof), each Party shall be entitled to seek relief in a court of competent jurisdiction. 

Unless otherwise agreed in writing, the Parties will continue to honor all commitments under this Agreement during the course of dispute
resolution pursuant to the provisions of this Section 4.5 with respect to all matters not subject to such dispute, controversy or claim. 

Section 4.6 Termination; Amendment. This Agreement may be terminated or amended by mutual written consent of the Parties,
evidenced by an instrument in writing signed on behalf of each of the Parties. 
 Section 4.7 Notices. Notices or other
communications required or permitted to be given by a Party pursuant to the terms of this Agreement shall be given in writing to the other Party to the following addresses: 

if to AMTD Parent: 
 23/F-25/F Nexxus Building 
 41 Connaught Road Central 

Hong Kong 
 Attention:
********************* 
 Facsimile: ********************* 

Email: ********************* 

if to AMTD Digital: 
 25/F
Nexxus Building 
 41 Connaught Road Central 

Hong Kong 
 Attention:
********************* 
 Facsimile: ********************* 

Email: ********************* 

  
 5 

 or to such other address, facsimile number or email address as the Party to whom notice is given may have
previously furnished to the other in writing as provided herein. Any notice involving non-performance or termination shall be sent by hand delivery or recognized overnight courier. All other notices may also
be sent by facsimile or email, confirmed by mail. All notices shall be deemed to have been given when received, if hand delivered; when transmitted, if transmitted by facsimile or email; upon confirmation of delivery, if sent by recognized overnight
courier; and upon receipt if mailed. 
 Section 4.8 Counterparts. This Agreement may be executed in one or more counterparts,
each of which shall be deemed to be an original but all of which shall constitute one and the same agreement. 
 Section 4.9 Binding
Effect; Assignment. This Agreement shall inure to the benefit of and be binding upon the Parties hereto and their respective legal representatives and successors, and nothing in this Agreement, express or implied, is intended to confer upon any
other Person any rights or remedies of any nature whatsoever under or by reason of this Agreement. No party may assign this Agreement or any rights or obligations hereunder, without the prior written consent of the other Party, and any such
assignment without such consent shall be void; provided, however, each Party may assign this Agreement to a successor entity in conjunction with the transfer of substantially all of the Party’s business, whether by sale of substantially all
assets, merger, consolidation or otherwise. 
 Section 4.10 Severability. If any term or other provision of this Agreement is
determined by a court, administrative agency or arbitrator to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and
effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any Party. Upon such determination that any term or other provision is invalid, illegal or incapable of
being enforced, the Parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner in order that transactions contemplated hereby are fulfilled
to the fullest extent possible. 
 Section 4.11 Failure or Indulgence not Waiver; Specific Performance; Remedies Cumulative. No
failure or delay on the part of any Party in the exercise of any right hereunder shall impair such right or be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty or agreement herein, nor shall any single or
partial exercise of any such right preclude other or further exercise thereof or of any other right. Each Party recognizes and agrees that the other Party’s remedy at law for any breach of this Agreement would be inadequate and that the non-breaching Party shall, in addition to such other remedies as may be available to it at law or in equity, be entitled to injunctive relief and to enforce its rights by an action for specific performance to the
extent permitted by law (without the posting of any bond and without proof of actual damages). All rights and remedies existing under this Agreement are cumulative to, and not exclusive of, any rights or remedies otherwise available. 

  
 6 

 Section 4.12 Authority. Each of the Parties hereto represents to the others that
(a) it has the corporate or other requisite power and authority to execute, deliver and perform this Agreement, (b) the execution, delivery and performance of this Agreement by it have been duly authorized by all necessary corporate or
other actions, (c) it has duly and validly executed and delivered this Agreement, and (d) this Agreement is a legal, valid and binding obligation, enforceable against it in accordance with its terms subject to applicable bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and general equity principles. 

Section 4.13 Interpretation. The headings contained in this Agreement are for reference purposes only and shall not affect in any
way the meaning or interpretation of this Agreement. For all purposes of this Agreement: (a) all references in this Agreement to designated “Sections,” “Schedules,” “Exhibits,” and other subdivisions are to the
designated Sections, Schedules, Exhibits, and other subdivisions of the body of this Agreement unless otherwise indicated; (b) the words “herein,” “hereof,” “hereunder,” and other words of similar import refer to
this Agreement as a whole and not to any particular Section or other subdivision; (c) “or” is not exclusive; (d) “including” and “includes” will be deemed to be followed by “but not limited to” and “but
is not limited to,” respectively; (e) any definition of, or reference to, any law, agreement, instrument, or other document herein will be construed as referring to such law, agreement, instrument, or other document as from time to time
amended, supplemented, or otherwise modified; and (f) any definition of, or reference to, any statute will be construed as referring also to any rules and regulations promulgated thereunder. 

[Signature page follows] 

  
 7 

 WHEREFORE, the Parties have signed this
Non-Competition Agreement effective as of the date first set forth above. 
  

			
	AMTD Group Company Limited
		
	By:	 	/s/ Marcellus Wong
	Name:	 	Marcellus Wong
	Title:	 	Director
	
	AMTD Digital Inc.
		
	By:	 	/s/ Mark Lo
	Name:	 	Mark Lo
	Title:	 	Director

 [Signature Page to Non-Competition Agreement]EX-10.7

 Exhibit 10.7 

Strictly Private & Confidential 
 AMTD GROUP
COMPANY LIMITED 
 Vistra Corporate Services Centre 

Wickhams Cay II 
 Road Town, Tortola 

VG1110 
 British Virgin Islands 

1 October 2020 
 Dear Sirs 

Subscription to the AMTD SpiderNet ecosystem by AMTD Group on behalf of Airstar Bank Limited (“Airstar”) 

WHEREAS:- 
  

	(1)	 AMTD Group has created an unique AMTD SpiderNet ecosystem which empowered entrepreneurs and corporates with
capital, technologies, mentorship, connectivity, and other resources essential to accelerating and enhancing their business digital transformation and corporate development journeys. 

 

	(2)	 AMTD Digital Inc. (together with its subsidiaries), as the fusion reactor at the core of the AMTD SpiderNet
ecosystem, is one of the most comprehensive digital solutions platforms in Asia with business spanning multiple verticals, including digital financial services, digital ecosystem solutions, digital media, content and marketing, and digital
investments. 

  

	(3)	 AMTD Group, being the strategic partner of Xiaomi and jointly holds Airstar (with AMTD Group holding 10% of
outstanding shares), would like to engage AMTD Digital Media Limited (the “Company”) to provide assess to Airstar into AMTD SpiderNet ecosystem, in addition, AMTD Digital’s management team will provide expertise and guidance to
AMTD Group with respect of Airstar’s strategic development and growth plans through the provision of insights, connections, and related supports including, among others, digital marketing and strategic brand positioning (the
“Services”). 

 The Company and AMTD Group are hereinafter collectively referred to as “us”, and
individually as a “Party”. 
  

	1.	 Terms of Business 

The Company’s standard terms and conditions (“Terms of Business”) are set out in the Appendix to this letter
(“Engagement Letter”). The Terms of Business are an integral part of this Engagement Letter and are hereby incorporated by reference in their entirety. The Terms of Business should be taken as applying in the context of this
engagement. If there is any conflict and/or inconsistency between the terms of this Engagement Letter and the Terms of Business, the terms of this Engagement Letter shall prevail. 

  
 1 

	2.	 The Company’s Role, Duties and Responsibilities 

AMTD’s role, duties and responsibilities in relation to the Services will be as follows: 

To provide on-going strategic support on the Airstar’s development and growth plans through the
provision of assess and integration into the proprietary AMTD SpiderNet ecosystem. Within the framework of AMTD SpiderNet ecosystem, Airstar is offered insights, strategic supports, and connectivity in relation to digital marketing, strategic brand
positioning and other related areas. 
 AMTD Group acknowledges and agrees that: 

 

	 	(a)	 our suggestions and recommendations are intended for the sole benefit and use of AMTD Group and/or Airstar and
the details of our services will not be disclosed to any other person or party without the prior written consent of the Company; and 

  

	 	(b)	 in providing our suggestions and offering the access to you into the AMTD SpiderNet ecosystem, we will use and
rely upon information provided to us by, or on behalf of, Airstar and also on information from publicly available sources. We will assume the accuracy and completeness of all such information without independently verifying the same.

 The duties of the Company will not include advice on legal, tax, accounting or other specialist matters which will
require any kind of statutory or regulatory licenses. We shall not be liable in respect of any services or advice provided to you by persons other than ourselves. AMTD Group acknowledges and understands that any decision as to whether or not AMTD
Group or Airstar enters into a transaction (and the terms on which it does so) is the sole responsibility of AMTD Group. The Company shall not be liable for any management decisions made by AMTD Group or Airstar with reliance on our advice as
requested by AMTD Group from time to time. 
  

	3.	 Fee 

  

	3.1	 Fixed Annual Fee 

In consideration of the Services to be rendered hereunder, AMTD Group shall pay the Company for a fixed annual fee of HK$12,800,000, the fee
shall be due for payment upon presentation of invoice by the Company to AMTD Group. 
 In relation to fees settlement, all cheques should be
crossed and made payable to “AMTD Digital Media Limited” or transfer to the following bank account: 
  

			
	Beneficiary Bank Name:	  	HSBC Hong Kong
	Beneficiary Bank Swift Code:	  	HSBCHKHHHKH
	Account name:	  	AMTD Digital Media Limited
	Account No.:	  	502-601552-001 (HKD)

  

	3.2	 Additional Fee 

In addition to the fixed annual fee payable to the Company by AMTD Group as stipulated in clause 3.1, AMTD Group shall share 15% of all
distributions in whatever forms received from Airstar, including but not limited to cash dividend or share dividend and regardless such distribution is on regular basis or special one-off distribution. In any
event, if AMTD Group generates profit from disposal of any shares of Airstar, AMTD Group shall also share 15% of such profit to the Company. For the avoidance of doubt, the Company will not be liable to share any loss arising from disposal of
Airstar shares by AMTD Group. 

  
 2 

	4.	 Expenses 

The Company may incur out-of-pocket expenses which are
necessary for performing the Services with the approval of AMTD Group (which approval shall not be unreasonably withheld), The Company shall be reimbursed for such expenses incurred. 

 

	5.	 Period of Engagement 

The arrangements set out in this Engagement Letter are started from 1 October 2020 and remain in place until it is terminated by
mutual agreement between the Company and AMTD Group. 
  

	6.	 Confidentiality 

Each of the Company and AMTD Group undertakes to the other party that it shall treat as strictly confidential, and shall procure that its
directors, officers and employees treat as strictly confidential, all information (whether oral, graphic, written or in electronic form) which it receives or obtains as a result of entering into or performing this Letter (the “Confidential
Information”), including, without limitation: 
  

	 	(i)	 information relating to the provisions and subject matter of this Letter; 

 

	 	(ii)	 information relating to the existence of this Letter and its purpose; and 

 

	 	(iii)	 information relating to the negotiations leading up to this Letter, including any information relating to or in
respect of any negotiations and communications between us after the date of this Letter. 

 Each of the Company and AMTD
Group undertakes to the other party that all Confidential Information must not be disclosed to any party which is not a party to this Letter without prior written consent of the other party, save and except: (i) to its advisors, attorneys or
auditors who have a need to know such information, (ii) as required by law or court order, or (iii) as required in connection with the reorganization of a Party, or its merger into any other corporation, or the sale by a Party of all or
substantially all of its properties or assets. 
  

	7.	 Law 

This Engagement Letter and all rights and obligations of the Company and AMTD Group arising under or in connection with or related to this
Engagement Letter, will be governed by and construed, performed and enforced in accordance with the laws of the Hong Kong Special Administrative Region of the People’s Republic of China. 

This Engagement Letter, together with the Terms of Business, which sets out the Company’s standard terms and conditions for providing the
services referred to above, contains all the terms which the parties have agreed. 

  
 3 

 This Engagement Letter may be executed in any number of counterparts each of which when
executed by one or more of the parties hereto shall constitute an original instrument but all the counterparts together shall constitute one and the same agreement. Delivery of a counterpart of this Engagement Letter by e-mail attachment or telecopy shall be an effective mode of delivery. 
 Please signify your agreement with
the above and Terms of Business by signing and dating one copy of this Engagement Letter and returning it to us. Please retain the other copy for your records. 
  

			
	            	 	Yours very truly
		
		 	For and on behalf of
		 	AMTD DIGITAL MEDIA LIMITED
		
		 	 /s/ Wong Yui Keung Marcellus

		 	Wong Yui Keung Marcellus
		 	Director

 Agreed and accepted for and on behalf of AMTD GROUP COMPANY LIMITED by: 

 

					
	            	 	Signature	 	/s/ LO CHI HANG                        
			
		 	Name in block letters	 	LO CHI HANG
			
		 	Position	 	Group Vice President
			
		 	Date	 	1 October 2020

  
 4 

 APPENDIX 

Terms of Business 
  

	1.	 Application 

These terms of business will apply to any services we provide to you as described or referred to in Clause 2 of the Engagement Letter
(“Services”). The terms of the Engagement Letter shall prevail to the extent that they are inconsistent with these terms of business and will supersede any previous terms of business. 

 

	2.	 Authorisation 

We are authorised by you to do anything which is reasonably necessary either to carry out the Services or to comply with any applicable laws,
rules, regulations, authorisations, consents or practice as may reasonably be appropriate. 
 We are entitled to assume that any
instructions, notices or requests (whether in writing or not and however communicated to us) have been properly authorised by you if they are given or purported to be given by an individual or person who is or purports to be and is reasonably
believed by us to be a director or employee or your authorised agent. 
  

	3.	 Consents, Regulatory Undertaking and Anti-Corruption 

Each party hereto confirms and agrees that, in so far as may be relevant to the Services or matter to which the Services relate, it shall not,
and shall procure that its Associates (as such term is defined in clause 15 below) and any other person who performs services for or on its behalf shall not, offer, give or agree to give, or request, accept or agree to accept from any person,
whether for itself or on behalf of another, any gift, payment, consideration or benefit of any kind which constitutes and illegal or corrupt practice under the laws of any relevant jurisdiction. 

 

	4.	 Provision of Information 

You agree to provide or procure the provision to us of all information concerning your business or affairs which we require for the proper
provision of our Services and all such further information as we may reasonably request. You will ensure that any information you supply to us, including statements of opinion, will be true, fair, complete and accurate and not misleading. You agree
that, if anything occurs within a reasonable time thereafter to render any such information untrue, unfair or misleading, you will promptly notify us and take all such steps as we reasonably require to correct any statement or publication based on
such information. 
 In addition, you agree to keep the Company informed promptly of any material developments that may have an effect on the
Services during our engagement. 
  

	5.	 Fees and Expenses 

You agree that all sums payable to us shall be paid free and clear of all deductions or withholdings unless the deduction or withholding is
required by law, in which event you shall pay such additional amount as shall be required to ensure that the net amount received by us will equal the full amount which would have been received had no such deduction or withholding been made. 

 

	6.	 Conflicts of Interest 

You acknowledge and accept that we and our Associates are involved in a wide range of businesses involving capital markets and advisory, asset
management, securities brokerage and other activities, out of which a conflict of interest may arise where we owe or may owe separate duties to act in the best interests of our clients in relation to the same or related matter (“Conflict of
Interest”). 

  
 5 

 Each line of business maintains practices and procedures for identifying and managing a
Conflict of Interest, so as properly to safeguard the interests of our clients and to provide them with objective advice. We rely upon Chinese Walls to manage any Conflict of Interest that may arise between separate lines of business. Within capital
market and advisory, we further establish special ad hoc security measures around a specific team or group of people so as to protect information and manage a potential Conflict of Interest. 

In certain circumstances, it may be appropriate for us to disclose to you, either orally or in writing, subject to any obligation of
confidentially which we might owe, the extent and nature of the Conflict of Interest that we have, or may have, before we provide the Services to you. Under no circumstances shall we be required to disclose to you, or make use of, any information
which belongs to or is confidential to another client or to us or any Associate of ours. In exceptional circumstances, where a Conflict of Interest arises and we decide it cannot be appropriately managed, we may be unable to provide the Services to
you. 
 Our agreeing to provide you any services shall not preclude us or our Associates from engaging in any transaction or providing any
services to another party at any time where a Conflict of Interest may otherwise arise. 
 The description above is a summary only of our
conflicts policy. A copy of the policy is available on request. 
  

	7.	 Advice and Confidentiality 

Each of us undertakes to keep confidential any confidential information concerning the business, affairs, directors or employees of the other
that comes into its possession in the course of the provision of the Services and not to use any such information for any purpose other than that for which it was provided. 

You acknowledge and accept that we may be required or it may be appropriate for us to disclose information and deliver documentation relating
to you or matters arising from or in connection with our Services to governmental or regulatory agencies and authorities and you expressly authorise such disclosure or delivery. 

 

	8.	 Publicity 

You undertake that you will not, and you will procure that none of your Associates or persons acting in concert (within the meaning of the Hong
Kong Code on Takeovers and Mergers) with you or your Associates will, take any material step or action in relation to, or publish or procure or solicit the publication of, any document, statement or communication about any matter in connection with
which we have provided or are providing Services without our prior consent, such consent not to be unreasonably withheld. If for any reason any such document, statement or communication is made in breach of this undertaking, you acknowledge that we
shall be entitled to publish any documents, statements or communications as we think fit in our interest without liability. 
 You shall
ensure that any document, statement or communication issued by you or on your behalf (whether in the form of a formal announcement or otherwise) in connection with the matter in respect of which the Services are provided will be true, fair and
accurate and not misleading, that every statement of opinion or intention or expectation contained therein will be honestly and fairly based, and that there will be no facts not disclosed therein which by their omission make any statement therein
misleading. 
 You acknowledge and accept that we and our Associates, may publish or procure the publication of, any press releases or
similar public communications or marketing materials relating to the matter in respect of which the Services are provided, on our website, www.amtdgroup.com or any website(s) hosted by us or our Associates. 

  
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	9.	 Liability 

Neither we nor any Associate of ours shall have any liability (whether direct or indirect in contract, tort, or otherwise) to you or any of
your Associates for or in connection with any of the Services provided by us or them to you except to the extent that the liability has arisen from our or our Associates’ gross negligence, fraud or wilful default. 

If you accept any express limitation of liability from any of your other professional advisers (including without limitation accountants and
lawyers) in connection with the Services, then 
 (i) our total liability to you in connection with any claims against us by you will be
reduced so that it will not exceed the total amount for which we would have been liable to you but for such limitation and (ii) you will promptly inform us that you have accepted such limitation and will provide written confirmation to us in a
form and substance reasonably satisfactory to us to give effect to the provisions of (i) of this paragraph. 
 Notwithstanding anything
contained in this clause 9, you agree that under no circumstances shall our and any of our Associates’ total liability to you in the respect of the Services, or any matter in any way connected therewith or relating thereto, exceed the fees we
have received under the Engagement Letter. Nothing in these terms of business shall exclude or limit, or seek to exclude or limit, any liability which may not lawfully be excluded or limited or which may not be excluded or restricted under any
applicable law or regulation. 
  

	10.	 Indemnity 

You agree with us (for ourselves and on trust for our Associates) fully to indemnify us and each of our Associates and keep us and each of them
so indemnified against: 
  

	 	a)	 any and all claims, damages, demands or proceedings brought or made or alleged (or threatened to be brought or
made or alleged) in any jurisdiction (whether or not successful, compromised or settled) (collectively “claims”) against us or any of them; and 

  

	 	b)	 any losses, liabilities, costs, charges or expenses suffered or incurred by us or any of them (collectively
“losses”) (including, without limitation, all losses (including legal fees) suffered or incurred in connection with investigating, responding to, preparing for or defending any claim, whether or not in connection with pending or threatened
litigation to which we or any Associate is a party, or in enforcing any rights under the Engagement Letter or these terms of business), 

in connection with or arising directly or indirectly from any services provided to you or in respect of the matter to which such services
relate provided that you shall not be responsible for any such claims or losses if and to the extent that they result from our or that Associate’s gross negligence, fraud or wilful default. 

This indemnity shall be in addition to any rights that we or any of our Associate may have at common law or otherwise. 

 

	11.	 Dispute Resolution 

We have internal procedures for handling complaints. If you have a complaint about us, please submit it to us in writing. You can write to your
usual contact at AMTD Digital Media Limited. 
 Any dispute, controversy or claim arising out of, or in connection with, our Services or
these Terms of Business (including any question about their existence, validity or termination) shall be referred to and finally resolved by arbitration under the UNCITRAL Arbitration Rules in force at that time. Such Rules are deemed to be
incorporated by reference into these Terms of Business. The tribunal shall consist of three arbitrators, (or, if we agree, one arbitrator). We shall each be entitled to nominate one arbitrator, and the third arbitrator will be appointed by the Hong
Kong International Arbitration Centre (“HKIAC”). The place of arbitration shall be Hong Kong at the HKIAC. The language to be used at the proceedings shall be English. The decision of the tribunal shall be final and binding on each of us.

  
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	12.	 Notification of Claims  

If you become aware of any third party claim or, potential claim against you or of any matter or event which might give rise to such a claim (a
“third party claim”) which might also lead to a claim being made against us or one of our Associates relating to the Services, you: 
  

	 	(a)	 shall procure that notice of such third party claim is promptly given to us; and 

 

	 	(b)	 shall not make (or, as appropriate, shall co-operate to procure that
your group company shall not make) any admission of liability, agreement or compromise with any person, body or authority in relation to any such third party claim without prior consultation with us. 

 

	13.	 Rights of Third Parties 

Save for the Company’s Associates, who may enforce their rights under these terms of business or under an Engagement Letter directly
against you, the parties hereunder or under an Engagement Letter do not intend that any term hereunder or under an Engagement Letter should be enforceable, by virtue of the Contracts (Rights of Third Parties) Ordinance (Chapter 623 of the Laws of
Hong Kong), by any person who is not a party. 
  

	14.	 Notices 

Any notice or consent to be given hereunder or under the Engagement Letter may be delivered in person by letter or be sent by facsimile
transmission to the address of our registered office, for notices to us, and to the address last notified by you to us, for notices to you. 
  

	15.	 Meaning of “Associate” 

The expression of “Associates” in these terms of business, means (i) officers, directors, employees, representatives and agents
from time to time; (ii) subsidiaries, holding companies (if any) and each of the subsidiaries of such holding companies and each of their respective officers, directors, employees, representatives and agents from time to time; (iii) in the
case of ourselves, to the extent that they are not included in (i) and (ii) of this definition, associated partnerships in which we and/or other Associates are partners; companies referred to in (ii) of this definition are associated
companies (for this purpose ownership of control of 20% or more of the equity share capital of a company is regarded as the test of associated company status). 
  

	16.	 Termination 

Mutual agreement is required to terminate the arrangements between us which shall be effective upon signing of written agreement by both
parties. 
 All accrued rights and liabilities of the parties hereunder, or under the Engagement Letter (including, without limitation our
rights to receive fees and expenses) and the terms of clauses, 2, 4, 5, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18 and 19 of these terms of business shall survive and remain in full force and effect, notwithstanding any termination or expiry of
these terms of business. 

  
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	17.	 Data Protection 

You hereby consent to the processing and use by us, our Associates, agents and sub-contractors of
personal data (as defined in the Personal Data (Privacy) Ordinance, Chapter 486 of the Laws of Hong Kong) given by you under these terms of business or the Engagement Letter for the provision of services to you, which may include the transfer of
such data to other processing centres or out of Hong Kong. Such data may also be used by us and our agents and Associates to update customer records and to advise you of other products and services, unless you have indicated otherwise to us in
writing. You undertake to supply personal data to us in accordance with the provisions of the Personal Date (Privacy) Ordinance. 
  

	18.	 Personal Liability 

Without prejudice to any claim you may have against us and notwithstanding clause 9 above, you agree that, to the fullest extent permissible by
law, none of our or our Associates’, directors, non-executive directors or employees or shareholders shall have any liability to you hereunder. 

 

	19.	 Governing Law 

These terms of business are governed by and construed in accordance with the laws of the Hong Kong Special Administrative Region of the
People’s Republic of China. 

  
 9

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