<SEC-DOCUMENT>0001104659-25-112989.txt : 20251117
<SEC-HEADER>0001104659-25-112989.hdr.sgml : 20251117
<ACCEPTANCE-DATETIME>20251117090019
ACCESSION NUMBER:		0001104659-25-112989
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		14
CONFORMED PERIOD OF REPORT:	20251117
FILED AS OF DATE:		20251117
DATE AS OF CHANGE:		20251117

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SCHMID Group N.V.
		CENTRAL INDEX KEY:			0001987240
		STANDARD INDUSTRIAL CLASSIFICATION:	MISC INDUSTRIAL & COMMERCIAL MACHINERY & EQUIPMENT [3590]
		ORGANIZATION NAME:           	06 Technology
		EIN:				000000000
		STATE OF INCORPORATION:			P7
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-42040
		FILM NUMBER:		251489507

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		ROBERT-BOSCH-STR. 32-36
		CITY:			FREUDENSTADT
		PROVINCE COUNTRY:   	2M
		ZIP:			72250
		BUSINESS PHONE:		44 73 84 24 7998

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		ROBERT-BOSCH-STR. 32-36
		CITY:			FREUDENSTADT
		PROVINCE COUNTRY:   	2M
		ZIP:			72250

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Pegasus TopCo B.V.
		DATE OF NAME CHANGE:	20230725
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm2531204d1_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>UNITED STATES SECURITIES
AND EXCHANGE<BR>
 COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt"><B></B></FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 35%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>



<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>FORM 6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 35%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT <BR>
TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES<BR>
 EXCHANGE ACT OF 1934</B></FONT><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">For the month of November
2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">Commission File Number:
001-42040</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-left: auto; margin-right: auto; width: 35%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>



<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>SCHMID Group N.V.</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">(Registrant's name)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-left: auto; margin-right: auto; width: 35%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Robert-Bosch-Str. 32-36, </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>72250 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Freudenstadt, Germany </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Tel:
</B></FONT><B>+49 7441 538 0</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">(Address
of principal executive office)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-left: auto; margin-right: auto; width: 35%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F: Form 20-F <FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT> Form
40-F</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white"></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white"><B>&nbsp;</B></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>INFORMATION CONTAINED
IN THIS REPORT ON FORM 6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Notice of Delisting
or Failure to Satisfy a Continued Listing Rule or Standard</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On November 12, 2025, SCHMID
Group N.V. (&quot;SCHMID&quot; or the &ldquo;Company&rdquo;) received a staff determination letter (the &ldquo;Determination Letter&rdquo;)
from the staff of the Listing Qualifications Department of The Nasdaq Stock Market LLC (&ldquo;Nasdaq&rdquo;). The Determination Letter
notified that, based upon the Company&rsquo;s non-compliance with the filing requirement set forth in Nasdaq Listing Rule 5250(c)(1) as
of November 12, 2025, the staff had determined to delist the Company&rsquo;s ordinary shares and warrants from Nasdaq unless the Company
timely appeals the staff&rsquo;s determination before the Nasdaq Hearings Panel (the &ldquo;Panel&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Company intends to
timely appeal the determination by Nasdaq pursuant to the procedures set forth in the Nasdaq Listing Rules. The Listing Rules also
provide that a request for a hearing will stay the suspension of the listing of Company&rsquo;s ordinary shares and warrants for a
period of 15 days from the date of the request. Further, the Listing Rules provide that, in its hearing request, the Company may
request that the stay remain in effect through the hearing and the expiration of any additional extension period granted by the
Panel following the hearing. Accordingly, the Company intends to make such an extended stay request. If granted, the Company&rsquo;s
ordinary shares and warrants will continue to be listed and trade on The Nasdaq Capital Market under the symbols &ldquo;SHMD&rdquo; and &ldquo;SHMDW&rdquo; respectively, for the stay period granted by the Panel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Company is diligently
working to complete and file the Annual Report on Form 20-F for the year ended December 31, 2024 (the &ldquo;2024 Annual Report&rdquo;),
with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) as soon as practicable. There can be no assurance, however, that the
Company&rsquo;s requests for a further stay of any suspension action by Nasdaq and the continued listing of its ordinary shares and warrants
will be granted by the Panel, or that the Company will be able to evidence compliance with all applicable requirements for continued listing
on The Nasdaq Capital Market should the Panel grant the Company an extension to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The receipt of the Determination
Letter does not affect the Company&rsquo;s business, operations or reporting requirements with the Securities and Exchange Commission.
On November 17, 2025, the Company issued a press release announcing its receipt of the Determination Letter. A copy of the press release
is attached hereto as Exhibit 99.1 and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Share Issuances to
XJ and SCHMID Avaco Korea to off-set financial liabilities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Share
Issuance to XJ to off-set financial liabilities</I></FONT><I> to XJ</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I></I>On November 12, 2025, the Company entered into a Subscription
Agreement (the &ldquo;XJ Subscription Agreement&rdquo;) and a set-off agreement (the &quot;XJ Set-off Agreement&quot;, and together with
the XJ Subscription Agreement, the &quot;XJ Harbour Agreements&quot;) with XJ Harbour HK Limited (&quot;XJ&quot;), pursuant to which
the Company agreed to issue and sell to XJ in a private placement (the &ldquo;Private Placement&rdquo;), an aggregate of shares of the
Company, nominal value of &euro;0.01 per share (the &ldquo;Subscribed Shares&rdquo;), for an aggregate purchase price of approximately
$26 million at a subscription price per share of USD 2.15.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The aggregate subscription
price shall be paid to the Company by offsetting liabilities of the Company to XJ under a subscription agreement entered into by the parties
on January 26, 2024, and as amended in April 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The exact number of shares
will be set by determining additional interest accumulated on the debt to XJ by the time of legal share issuance to XJ, which the Company
targets for mid-December 2025, thus approximately 12 million shares of the Company will be issued. The XJ Harbour Agreements and the issuance
of the Subscribed Shares to XJ are subject to resolutions authorizing the share issuance and related transactions in a shareholders' meeting,
which the Company preliminary aims to hold in the week of December 8, 2025, the invitation to which is to be published in due course.
The XJ Harbour Agreements include a mechanism that would require the Company to issue a certain number of additional shares to compensate
XJ if XJ sells its shares at an average value below USD 2.15 within a 2-year period from the registration of the Subscribed Shares, capped
at a maximum 10% drop from USD 2.15. In addition, Anette Schmid and Christian Schmid, the controlling shareholders of the Company have
pledged own assets as a further protection to XJ.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The foregoing description
of the XJ Harbour Agreements does not purport to be complete and is qualified in its entirety by reference to the XJ Set-off Agreement,
which is attached to this Report on Form 6-K as Exhibit 10.1 and the XJ Subscription Agreement which is attached to this Report on Form
6-K as Exhibit 10.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --> -</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>Share Issuance to
SCHMID Avaco Korea to off-set financial liabilities with AVACO</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Further,
on November </FONT>3, 2025, the Company entered into a subscription agreement and set-off agreement with SCHMID Avaco Korea Co., Ltd.
(a non-consolidated 50-50 joint venture of SCHMID  and AVACO Co., Ltd. (&quot;AVACO&quot;))(&quot;SCHMID Avaco Korea&quot;) to issue
a total of approximately 1.07 million&#8239;SCHMID shares in a private placement to SCHMID Avaco Korea for USD 2.50 per share. These shares will be
issued based on the existing corporate authority of the Company to issue shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Following the issuance of
such shares, SCHMID Avaco Korea will sell and transfer such shares to AVACO against set-off of obligations between SCHMID Avaco Korea
and AVACO of USD 2.37 million. Should the Company's share price fall below USD 2.50 per share on the trading day following the registration
of the shares, SCHMID, for the benefit of SCHMID Avaco Korea, shall pay a cash compensation to AVACO in relation to the loss incurred
by AVACO. In addition, the set-off agreement includes further protections to AVACO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The foregoing description
of the agreements with SCHMID Avaco Korea and AVACO does not purport to be complete and is qualified in its entirety by reference to the
SCHMID Avaco Korea Set-off Agreement, which is attached to this Report on Form 6-K as Exhibit 10.3 and the SCHMID Avaco Korea Subscription
Agreement which is attached to this Report on Form 6-K as Exhibit 10.4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Company is making the
sale and issuance of the shares to XJ and SCHMID Avaco Korea in reliance on the exemption from registration afforded by Section 4(a)(2)
of the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;) and corresponding provisions of state securities or &ldquo;blue
sky&rdquo; laws. XJ and SCHMID Avaco Korea each represented to the Company that they were acquiring the shares for investment only and
not with a view towards, or for resale in connection with, the public sale or distribution thereof. The shares to be issued have not been registered
under the Securities Act, and the shares may not be offered or sold in the United States absent registration or an exemption from registration
under the Securities Act and any applicable state securities laws. Neither this Current Report on Form 6-K nor any exhibit attached hereto
is an offer to sell or the solicitation of an offer to buy Common Shares or other securities of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Waiver by Shareholders
of &euro;5 million in financial liabilities of SCHMID</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In September 2025, the majority
shareholders of SCHMID, Anette Schmid and Christian Schmid agreed to waive &euro;5 million financial liabilities of the SCHMID to
them. These &euro;5 million financial liabilities dated back to 2016 and were waived for no consideration or compensation. This waiver
was part of the restructuring of SCHMID's financial liabilities that includes the&#8239;planned share issuances to XJ and SCHMID Avaco Korea, described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Update on the unaudited,
preliminary 2024 Financial Results, the updated outlook for 2025, an update on the financial status of  SCHMID and the outlook
for financial year 2026 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
completion of the share issuances to XJ and SCHMID Avaco Korea as well as the waiver by the majority shareholder of SCHMID of &euro;5
million in financial liabilities are key components for the completion of the 2024 audited financials and the filing of 20-F. </FONT>The
issue of the shares will settle the liabilities of SCHMID Group N. V. to XJ and SCHMID Avaco Korea without any cash outflow and together
with the waiver of &euro;5 million lead to a significant reduction in the overall financial liabilities of SCHMID by over &euro;30
million</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In addition, a financing package of at least a double-digit million amount for the next 24 months is currently being negotiated and is
expected to be finalized within the next 2-4 weeks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Further information on
the 2024 Financial Results, the updated outlook for 2025, an update on the financial status of SCHMID and the outlook for 2026
are set out in a press release issued today. A copy of the press release is attached hereto as Exhibit 99.2 and is incorporated herein
by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Press Releases Furnished
as Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On November 17, 2025,
the Company issued two press releases (a) disclosing the share issuances and the Nasdaq delisting determination letter, a copy of such
press release is furnished herewith as Exhibit 99.1, and (b) providing an update on the Company's 2024 preliminary unaudited results,
an updated outlook and guidance for 2025 and 2026 as well as an update on the Company's financial status, a copy of such press release
is furnished herewith as Exhibit 99.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The information furnished in Exhibit 99.1 and Exhibit 99.2 shall not be deemed &ldquo;filed&rdquo; for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), or otherwise subject to the liabilities of that section,
nor shall it be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as
expressly set forth by specific reference in such a filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --> -</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>Caution Regarding
Forward-Looking Statements</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">This report contains
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based upon current expectations
or beliefs, as well as assumptions about future events. Forward-looking statements include all statements that are not historical facts
and can generally be identified by terms such as &ldquo;could,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;intend,&rdquo;
 &ldquo;may,&rdquo; &ldquo;plan,&rdquo; &ldquo;potentially,&rdquo; or &ldquo;will&rdquo; or similar expressions and the negatives of those
terms. These statements include, but are not limited to, statements relating to the Company&rsquo;s plan to regain compliance with Nasdaq&rsquo;s
rules, the Company&rsquo;s plans and expectations about the completion and filing of the FY 2024 Form 20-F, and the timing thereof, and completion of any potential financing or investment agreements. Actual
results could differ materially from those expressed in or implied by the forward-looking statements due to a number of risks and uncertainties,
including but not limited to, the timing of the Company&rsquo;s submission of a plan to regain compliance, Nasdaq&rsquo;s acceptance of
the plan, the duration of any extension that may be granted by Nasdaq, the potential inability to meet Nasdaq&rsquo;s requirements, the
Company&rsquo;s preparation of the FY 2024 Form 20-F, the possibility of additional delays in the filing of the FY 2024 Form 20-F, and
the other risks and uncertainties described in the Company&rsquo;s SEC reports and under the heading &ldquo;Risk Factors&rdquo; in its
most recent annual report on Form 20-F which are available at www.sec.gov. These forward-looking statements speak only as of the date
of this report. Except as required by law, the Company does not undertake any obligation to update or revise its forward-looking statements
to reflect events or circumstances after the date of this report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>




<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The following exhibit is furnished herewith</B></FONT></P>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 10%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Exhibit <BR>
    Number</B></P></TD>
    <TD STYLE="text-align: justify; width: 90%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; font-size: 10pt"><A HREF="tm2531204d1_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT></A></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><A HREF="tm2531204d1_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">XJ Set-off
    Agreement dated November 12, 2025</FONT></A></TD></TR>
  <TR>
    <TD STYLE="text-align: left; font-size: 10pt"><A HREF="tm2531204d1_ex10-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</FONT></A></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><A HREF="tm2531204d1_ex10-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">XJ Subscription
    Agreement dated November 12, 2025</FONT></A></TD></TR>
  <TR>
    <TD STYLE="text-align: left; font-size: 10pt"><A HREF="tm2531204d1_ex10-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</FONT></A></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><A HREF="tm2531204d1_ex10-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHMID Avaco
    Korea Set-off Agreement dated November 3, 2025</FONT></A></TD></TR>
  <TR>
    <TD STYLE="text-align: left; font-size: 10pt"><A HREF="tm2531204d1_ex10-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4</FONT></A></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><A HREF="tm2531204d1_ex10-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHMID Avaco
    Korea Subscription Agreement dated November 3, 2025</FONT></A></TD></TR>
  <TR>
    <TD STYLE="text-align: left; font-size: 10pt"><A HREF="tm2531204d1_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></A></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><A HREF="tm2531204d1_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press release
    dated November 17, 2025 disclosing the receipt of the Nasdaq Listing Determination </FONT></A></TD></TR>
  <TR>
    <TD STYLE="text-align: left; font-size: 10pt"><A HREF="tm2531204d1_ex99-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.2</FONT></A></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><A HREF="tm2531204d1_ex99-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press release
    dated November 17, 2025 disclosing an update on 2024 financial years, 2025 and 2026 trends and guidance and the Company's financial
    status</FONT></A></TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --> -</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: November 17, 2025</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SCHMID Group N.V..</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom">/s/ <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Julia
    Natterer</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Julia Natterer</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 5; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --> -</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>tm2531204d1_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SUBSCRIPTION AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SCHMID Group N.V.<BR>
Robert-Bosch-Str. 32-36,<BR>
72250 Freudenstadt<BR>
Germany</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This subscription agreement (the &quot;<B>Subscription
Agreement</B>&quot;) is being entered into by and among SCHMID Group N.V. (the &quot;<B>Company</B>&quot;), a Dutch public limited liability
company <I>(naamloze vennootschap), </I>XJ Harbour HK Limited (the &quot;<B>Investor</B>&quot;), Christian Schmid, and Anette Schmid,
for ordinary shares in the share capital of the Company (&quot;<B>Shares</B>&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Investor has claims against the Company of
USD 26,236,342 (including interest until October&nbsp;31, 2025) (the &quot;<B>Outstanding Claims</B>&quot;) arising from a subscription
agreement dated January&nbsp;26, 2024 as amended on April&nbsp;29, 2024. In connection with this outstanding debt, the Company will issue
Shares at a share price of USD 2.15 per Share (the &quot;<B>Subscribed Shares</B>&quot;) of the Company against set-off of Outstanding
Claims, subject to the terms and conditions of this Subscription Agreement. The closing of the transaction by issuance of the Subscribed
Shares to an account of the Investor at the Company's share transfer agent Continental Stock Transfer&nbsp;&amp; Trust Company (&quot;<B>Continental</B>&quot;)
(the &quot;<B>Closing</B>&quot;) will be performed as soon as possible after the approval of the share issuance by the Company's shareholders
in an extraordinary shareholder meeting (the date on which the Closing occurs, the &quot;<B>Closing Date</B>&quot;). The exact number
of issued shares shall be calculated by dividing the Outstanding Claims on the Closing Date (plus any additional accrued interest until
the Closing Date) by the agreed share issuance price of USD 2.15 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection therewith, and in consideration
of the foregoing and the mutual representations, and subject to the conditions, set forth herein, and intending to be legally bound hereby,
the Investor and the Company hereby agrees as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">1.</TD><TD STYLE="text-align: justify"><B>ISSUANCE AND TRANSFER</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The Investor hereby irrevocably agrees
                                            to subscribe for and purchase from the Company, and the Company hereby irrevocably agrees
                                            to issue and sell to the Investor, the Subscribed Shares on the terms and subject to the
                                            conditions provided for herein through a set-off of the Outstanding Claims.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">On the Closing Date, the Company shall
                                            issue to the Investor, and the Investor shall subscribe for, the Subscribed Shares in compliance
                                            with the laws of the Netherlands, including but not limited to issuance through Dutch notarial
                                            deeds (the &quot;<B>Share Issuance</B>&quot;), and the Company shall procure that the Investor's
                                            ownership over the Subscribed Shares is registered with Continental.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">Upon completion of the Share Issuance
                                            and upon the Investor becoming the sole legal and beneficial owner of the Subscribed Shares
                                            as evidenced by an updated entry in the share registry of the Company at Continental, the
                                            obligation of the Company to repay the Outstanding Claims shall be deemed to have been fully
                                            and irrevocably discharged.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">The Company shall procure that, within
                                            ten (10)&nbsp;calendar weeks after the completion of the Share Issuance, the Subscribed Shares
                                            are duly registered under the Securities Act (as defined below) (the date of completion of
                                            such registration, the &quot;<B>Registration Date</B>&quot;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">Upon completion of the Share Issuance,
                                            the Investor shall transfer its remaining equity interest in SCHMID Technology (Guangdong)
                                            Co. Ltd. to the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">2.</TD><TD STYLE="text-align: justify"><B>SHARE PRICE PROTECTION</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">If, during the two (2)&nbsp;years
                                            after the Registration Date (the &quot;<B>Protection Period</B>&quot;), the Investor sells
                                            any of the Subscribed Shares for less than USD 2.15, the Company shall be required to issue,
                                            at no further consideration other than the nominal value of the Shares of USD 0.01 per Share,
                                            additional Shares (the &quot;<B>Compensation Shares</B>&quot;) to the Investor in an amount
                                            equal to (i)&nbsp;the difference between USD 2.15 and the actual average selling price per
                                            Subscribed Share, which difference shall be capped at USD 0.215 per share, multiplied by
                                            (ii)&nbsp;the aggregate number of the sold Subscribed Shares, further divided by (iii)&nbsp;the
                                            per share market value of the Compensation Shares as of the date of completion of their issuance,
                                            and then further multiplied by (iv)&nbsp;two, in order to compensate the Investor for any
                                            potential lower market value of the sold Subscribed Shares.<SUP>1</SUP></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">Christian Schmid and
                                            Anette Schmid (the &quot;<B>Pledgors</B>&quot;) shall provide a security in form of a pledge
                                            of 400,000 shares in the capital of Group14 Technologies,&nbsp;Inc. (&quot;<B>Group 14</B>&quot;)
                                            with the agreed share price of USD 25 per share in favor of the Investor (the &quot;<B>Share
                                            Pledge</B>&quot;). The Share Pledge shall be created on or prior to the Registration Date
                                            and shall remain in full effect until the expiration of the Protection Period. At any time
                                            during the Protection Period, the Investor shall be entitled to provide written notice to
                                            the Pledgors to require the Pledgors to transfer shares in Group 14 to the Investor in an
                                            amount equal to (i)&nbsp;the difference between USD 1.935 and the actual selling price per
                                            Subscribed Share multiplied by (ii)&nbsp;the aggregate number of the sold Subscribed Shares,
                                            further divided by (iii)&nbsp;USD 25 per share, in order to compensate Investor for any potential
                                            lower market value of the sold Subscribed Shares.<SUP>2</SUP></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> For the avoidance of doubt and to
provide a calculation example, if e.g. XJ sells 6 million shares during the Protection Period for an average of USD 2.00 per share, then
the number of Compensation Shares to be issued to XJ by SCHMID would be calculated as USD 0.15 (difference between USD 2.15 and the average
selling price of USD 2.00 per share) x 6 million shares = USD 900,000. Assuming when the Compensation Shares are issued to XJ the market
price remains at USD 2.00 per share, then 450,000 times 2 = 900,000 Compensation Shares would be required to be issued to XJ.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> For the avoidance of doubt and to
provide a calculation example, if e.g. XJ sells 6 million shares during the Protection Period for an average of USD 1.80 per share, then
the number of Group 14 shares pledged to XJ (agreed value USD 25 per Group 14 share) that shall be transferred to XJ at the end of the
Protection Period shall equal USD 0.135 (difference between USD 1.935 and USD 1.80) x 6 million = USD 810,000. This means, 32,400 (USD
810,000 divided by USD 25) of the pledged Group 14 shares shall be legally transferred to XJ in addition to the Compensation Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD><TD STYLE="text-align: justify">The Investor shall provide
                                            documentation of the transaction providing the selling price of the Subscribed Shares at
                                            the end of each quarter.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(d)</TD><TD STYLE="text-align: justify">The share price protection
                                            mechanism in this Section&nbsp;2 shall have priority over the shareholders of and the related
                                            party loans of the Company.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(e)</TD><TD STYLE="text-align: justify">This Section&nbsp;2
                                            shall automatically terminate and be of no further force or effect upon the earlier of (i)&nbsp;the
                                            expiry of the Protection Period, and (ii)&nbsp;completion of the Investor's sale or disposal
                                            of all of the Subscribed Shares in a private transaction prior to the Registration Date.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">3.</TD><TD STYLE="text-align: justify"><B>COMPANY REPRESENTATIONS
                                            AND WARRANTIES</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company, with respect to the representations
and warranties set forth below relating to the Company, represents and warrants to the Investor that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">The Company is a public
                                            limited liability company <I>(naamloze vennootschap) </I>under the laws of the Netherlands.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">As of the Closing Date, the Subscribed
                                            Shares will be duly authorized and, when issued and delivered to the Investor in accordance
                                            with the terms of this Subscription Agreement, the Subscribed Shares will be validly issued,
                                            fully paid and non-assessable (which, under Dutch law, is interpreted to mean that a holder
                                            of a Share shall not by reason of merely being such a holder be subject to assessment or
                                            calls by the Company or its creditors for further payment on such Share) free and clear of
                                            any liens, encumbrances or other restrictions (other than those arising under applicable
                                            securities laws), and will not have been issued in violation of or subject to any preemptive
                                            or similar rights created under the Company's articles of association <I>(statuten) </I>as
                                            in effect at such time of issuance and as they will read by contract or under the laws of
                                            the Netherlands.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">This Subscription Agreement has been duly
                                            authorized, executed and delivered by the Company and, assuming that this Subscription Agreement
                                            constitutes the legal, valid and binding agreement of the Investor, this Subscription Agreement
                                            constitutes the legal, valid and binding agreement of the Company and is enforceable against
                                            the Company in accordance with its terms, except as may be limited or otherwise affected
                                            by (i)&nbsp;bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or
                                            other laws relating to or affecting the rights of creditors generally, or (ii)&nbsp;principles
                                            of equity, whether considered at law or equity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(d)</TD><TD STYLE="text-align: justify">The execution and delivery
                                            of, and the performance of the transactions contemplated hereby, including the issuance and
                                            sale of the Subscribed Shares and the compliance by the Company with all of the provisions
                                            of this Subscription Agreement and the consummation of the transactions contemplated herein
                                            does not and will not (i)&nbsp;conflict with or result in a breach or violation of any of
                                            the terms or provisions of, or constitute a default under, or result in the creation or imposition
                                            of any lien, charge or encumbrance upon any of the property or assets of the Company or the
                                            Company's subsidiaries pursuant to the terms of any indenture, mortgage, deed of trust, loan
                                            agreement, lease, license or other agreement or instrument to which the Company or the Company's
                                            subsidiaries, as applicable, is a party or by which the Company or the Company's subsidiaries,
                                            as applicable, is bound or to which any of the property or assets of the Company or the Company's
                                            subsidiaries, as applicable, is subject that is or would reasonably be expected to have,
                                            individually or in the aggregate with all other facts, events, circumstances, changes, conditions,
                                            occurrences and effects, a material adverse effect on the business, properties, assets, liabilities,
                                            condition (financial or otherwise), results of operations or prospects of the Company and
                                            its subsidiaries, in each case taken as a whole, or on the ability of the Company to consummate
                                            the transactions contemplated under this Subscription Agreement (a &quot;<B>Material Adverse
                                            Effect</B>&quot;), or to materially affect the validity of the Subscribed Shares or the legal
                                            authority of the Company to comply in all material respects with the terms of this Subscription
                                            Agreement; (ii)&nbsp;result in any violation of the provisions of the organizational or constituent
                                            documents of the Company or the Company's subsidiaries, as applicable; or (iii)&nbsp;result
                                            in any violation of any statute or any judgment, order, rule&nbsp;or regulation of any court
                                            or governmental agency or body, domestic or foreign, having jurisdiction over the Company
                                            or the Company's subsidiaries, as applicable, or any of their respective properties that
                                            would reasonably be expected to have, individually or in the aggregate, a Material Adverse
                                            Effect or materially affect the validity of the Subscribed Shares or the legal authority
                                            of the Company to comply in all material respects with the terms of this Subscription Agreement.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(e)</TD><TD STYLE="text-align: justify">The Company is not in
                                            default or violation (and no event has occurred which, with notice or the lapse of time or
                                            both, would constitute a default or violation) of any term, condition or provision of (i)&nbsp;the
                                            organizational documents of the Company, (ii)&nbsp;any loan or credit agreement, guarantee,
                                            note, bond, mortgage, indenture, lease or other agreement, permit, franchise or license to
                                            which, as of the date of this Subscription Agreement, the Company is a party or by which
                                            properties or assets of the Company are bound or (iii)&nbsp;any statute or any judgment,
                                            order, rule&nbsp;or regulation of any court or governmental agency, taxing authority or regulatory
                                            body, domestic or foreign, having jurisdiction over the Company or any of their properties,
                                            as applicable, except for defaults or violations that have not had and would not reasonably
                                            be expected to have, individually or in the aggregate, a Material Adverse Effect, or those
                                            that the Investor has been made aware of and waived Company liability for as outlined in
                                            this Subscription Agreement.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(f)</TD><TD STYLE="text-align: justify">As of their respective
                                            dates, or, if amended, as of the date of such amendment, which shall be deemed to supersede
                                            such original filing, all forms, reports, statements, schedules, prospectuses, proxies, registration
                                            statements and other documents, if any (the &quot;<B>SEC Reports</B>&quot;) filed by the
                                            Company with the U.S. Securities and Exchange Commission (the &quot;<B>SEC</B>&quot;) on
                                            or prior to the Closing Date complied in all material respects with the applicable requirements
                                            of the Securities Act of 1933, as amended (the &quot;<B>Securities Act</B>&quot;) and the
                                            Securities Exchange Act of 1934, as amended (the &quot;<B>Exchange Act</B>&quot;), and the
                                            rules&nbsp;and regulations of the SEC promulgated thereunder, and none of the SEC Reports,
                                            when filed, contained any untrue statement of a material fact or omitted to state a material
                                            fact required to be stated therein or necessary in order to make the statements therein,
                                            in the light of the circumstances under which they were made, not misleading with the exception
                                            of the Company's Form&nbsp;20-F which was due on May&nbsp;15, 2025. The Company was unable
                                            to file its Form&nbsp;20-F on or before May&nbsp;15, 2025 as set out in a Form&nbsp;6-K on
                                            May&nbsp;22, 2025. A copy of each SEC Report is available to the Investor via the SEC's EDGAR
                                            system.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(g)</TD><TD STYLE="text-align: justify">Assuming the accuracy
                                            of the Investor's representations and warranties set forth in this Subscription Agreement,
                                            the Company is not required to obtain any consent, waiver, authorization or order of, give
                                            any notice to, or make any filing or registration with, any court or other federal, state,
                                            local or other governmental authority, self-regulatory organization or other person in connection
                                            with the execution, delivery and performance by the Company of this Subscription Agreement
                                            (including, without limitation, the issuance of the Subscribed Shares) and the consummation
                                            of the transactions contemplated herein other than (i)&nbsp;filings with the SEC, (ii)&nbsp;filings
                                            required by applicable securities laws, (iii)&nbsp;filings required in accordance with this
                                            Subscription Agreement, (iv)&nbsp;filings required by the Nasdaq Stock Exchange (&quot;<B>Nasdaq</B>&quot;),
                                            including with respect to obtaining approval of the Company's shareholders, if applicable,
                                            and (v)&nbsp;filings that the failure of which to obtain would not be reasonably be expected
                                            to have, individually or in the aggregate, a Material Adverse Effect.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(h)</TD><TD STYLE="text-align: justify">All issued and outstanding
                                            ordinary shares of the Company have been duly authorized and validly issued, are fully paid
                                            and are non-assessable, free and clear of all liens or other restrictions (other than those
                                            arising under applicable securities laws) and are not subject to preemptive or other similar
                                            rights. Except as set forth above, the agreements and arrangements referred to therein or
                                            in the SEC Reports, as of the date hereof, there are no outstanding options, warrants or
                                            other rights to subscribe for, purchase or acquire from the Company any ordinary shares or
                                            other equity interests in the Company, or securities convertible into or exchangeable or
                                            exercisable for such equity interests. There are no shareholder agreements, voting trusts
                                            or other agreements or understandings to which the Company is a party or by which it is bound
                                            other than as set forth in the SEC Reports.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(i)</TD><TD STYLE="text-align: justify">As of the date hereof,
                                            the issued and outstanding ordinary shares of the Company are registered pursuant to Section&nbsp;12(b)&nbsp;of
                                            the Exchange Act and are listed for trading on Nasdaq under the symbol &quot;<B>SHMD.</B>&quot;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(j)</TD><TD STYLE="text-align: justify">Assuming the accuracy
                                            of the Investor's representations and warranties set forth in this Subscription Agreement,
                                            no registration under the Securities Act is required for the offer and sale of the Subscribed
                                            Shares hereunder. The Subscribed Shares (i) were not offered by any form of general solicitation
                                            or general advertising (as those terms are used in Regulation D under the Securities Act)
                                            and (ii)&nbsp;are not being offered in a manner involving a public offering under, or in
                                            a distribution in violation of, the Securities Act, or any state securities laws or in a
                                            manner that would otherwise adversely affect reliance by the Company on Section&nbsp;4(a)(2)&nbsp;of
                                            the Securities Act for the exemption from registration for the transactions contemplated
                                            hereby or would require registration of the Subscribed Shares under the Securities Act.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(k)</TD><TD STYLE="text-align: justify">The Company and its
                                            respective subsidiaries have not taken any steps to seek protection pursuant to any law or
                                            statute relating to bankruptcy, insolvency, reorganization, receivership, liquidation, administration
                                            or winding up or failed to pay its debts when due, nor does the Company or any of its subsidiaries
                                            have any knowledge or reason to believe that any of their respective creditors intend to
                                            initiate involuntary bankruptcy proceedings or seek to commence an administration.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(l)</TD><TD STYLE="text-align: justify">There has been no action
                                            taken by the Company against any officer, director, equityholder, manager, employee, agent
                                            or representative of the Company, in each case, acting on behalf of the Company (as applicable),
                                            in violation of any applicable Anti-Corruption Laws (as herein defined), (i)&nbsp;none of
                                            the Company and its respective officers, directors, equityholders, managers, employees, agents
                                            and representatives has been convicted of violating any Anti-Corruption Laws or subjected
                                            to any investigation by a governmental authority for violation of any applicable Anti-Corruption
                                            Laws, (ii)&nbsp;the Company has not conducted or initiated any internal investigation or
                                            made a voluntary, directed, or involuntary disclosure to any governmental authority regarding
                                            any alleged act or omission arising under or relating to any noncompliance with any Anti-Corruption
                                            Laws and (iii)&nbsp;the Company has not received any written notice or citation from a governmental
                                            authority for any actual or potential noncompliance with any applicable Anti-Corruption Laws.
                                            As used herein, &quot;<B>Anti-Corruption Laws</B>&quot; means any applicable laws relating
                                            to corruption and bribery, including the U.S. Foreign Corrupt Practices Act of 1977 (as amended),
                                            the UK Bribery Act 2010, and any similar law that prohibits bribery or corruption.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(m)</TD><TD STYLE="text-align: justify">Neither the Company
                                            nor any of its directors is (i)&nbsp;a person or entity named on the List of Specially Designated
                                            Nationals and Blocked Persons administered by the U.S. Treasury Department's Office of Foreign
                                            Assets Control (&quot;<B>OFAC</B>&quot;) or in any Executive Order issued by the President
                                            of the United States and administered by OFAC (&quot;<B>OFAC List</B>&quot;) or a person
                                            or entity prohibited by any OFAC sanctions program, (ii)&nbsp;owned, directly or indirectly,
                                            or controlled by, or acting on behalf of, one or more persons that are named on the OFAC
                                            List; (iii)&nbsp;organized, incorporated, established, located, resident or born in, or a
                                            citizen, national or the government, including any political subdivision, agency or instrumentality
                                            thereof, of, Cuba,&nbsp;Iran, North Korea, Syria, the Crimea region of Ukraine, the &quot;Donetsk
                                            People's Republic&quot;, the &quot;Luhansk People's Republic&quot; or any other country or
                                            territory embargoed or subject to substantial trade restrictions by the United States; (iv)&nbsp;a
                                            Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part&nbsp;515;
                                            or (v)&nbsp;a non-U.S. shell bank or providing banking services indirectly to a non-U.S.
                                            shell bank. The Company agrees to provide law enforcement agencies, if requested thereby,
                                            such records as required by applicable law, provided that the Company is permitted to do
                                            so under applicable law. To the extent required, it maintains policies and procedures reasonably
                                            designed to ensure compliance with OFAC-administered sanctions programs, including for the
                                            screening of its investors against the OFAC sanctions programs, including the OFAC List.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(n)</TD><TD STYLE="text-align: justify">The Company is not, and immediately after
                                            issuance of the Subscribed Shares will not be, an &quot;investment company&quot; within the
                                            meaning of the Investment Company Act of 1940, as amended.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(o)</TD><TD STYLE="text-align: justify">The Company has not entered into any agreement
                                            or arrangement entitling any agent, broker, investment banker, financial advisor or other
                                            person to any broker's or finder's fee or any other commission or similar fee in connection
                                            with the transactions contemplated by this Subscription Agreement for which the undersigned
                                            Investor could become liable. The Company is not aware of any person that has been or will
                                            be paid (directly or indirectly) remuneration for solicitation of purchasers in connection
                                            with the sale of any Subscribed Shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(p)</TD><TD STYLE="text-align: justify">All material information about the financial
                                            position of the Company and its subsidiaries as of the date of this Subscription Agreement
                                            and the Closing Date has been provided to the Investor and fairly represents the true, accurate,
                                            complete and up to date financial position of the Company and its subsidiaries.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(q)</TD><TD STYLE="text-align: justify">The quarterly balance sheet as of September&nbsp;30,
                                            2025 which shows the overall liabilities due to, inter alia, liabilities arising from delivery,
                                            finance liabilities and shareholder loans has been provided to the Investor (the &quot;<B>Q3
                                            2025 Balance Sheet</B>&quot;). Apart from the Outstanding Claims and other liabilities as
                                            disclosed in the Q3 2025 Balance Sheet to the Investor, the Company and its subsidiaries
                                            have no other liabilities or obligations (whether absolute or contingent, accrued or unaccrued,
                                            liquidated or unliquidated or due or to become due) as of September&nbsp;30, 2025, nor is
                                            there any condition, situation or set of circumstances existing which could reasonably be
                                            expected to result in the aforementioned for the Company or its subsidiaries, that would
                                            adversely impact the Company's ability to set off the Outstanding Claims.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">4.</TD><TD STYLE="text-align: justify"><B>INVESTOR REPRESENTATIONS
                                            AND WARRANTIES</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">The Investor represents and warrants
to the Company that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The Investor (i)&nbsp;is acquiring the
                                            Subscribed Shares only for his, her or its own account and not for the account of others,
                                            and (ii)&nbsp;is not acquiring the Subscribed Shares with a view to, or for offer or sale
                                            in connection with, any distribution thereof in violation of the Securities Act or any securities
                                            laws of the United States or any other jurisdiction. The Investor is not an entity formed
                                            for the specific purpose of acquiring the Subscribed Shares. The Investor further acknowledges
                                            that it is aware that the sale to it is being made in reliance on a private placement exemption
                                            from registration under the Securities Act and is acquiring the Subscribed Shares for its
                                            own account or for an account over which it exercises sole discretion for another qualified
                                            institutional buyer or accredited investor.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">The Investor acknowledges that the Subscribed
                                            Shares are being offered in a transaction not involving any public offering within the meaning
                                            of the Securities Act and that the Subscribed Shares have not been and will not immediately
                                            be registered under the Securities Act or any other applicable securities laws, and thus
                                            will not be immediately available for trading on Nasdaq or any other stock exchange. The
                                            Investor acknowledges and agrees that the Subscribed Shares are being offered for resale
                                            in transactions not requiring registration under the Securities Act, and unless so registered,
                                            may not be offered, resold, transferred, pledged or otherwise disposed of by the Investor
                                            absent an effective registration statement under the Securities Act except in compliance
                                            with the registration requirements of the Securities Act or any other applicable securities
                                            laws, pursuant to any exemption therefrom or in a transaction not subject thereto. The Investor
                                            acknowledges that the Subscribed Shares will be subject to transfer restrictions under applicable
                                            securities laws and, as a result of these transfer restrictions, the Investor may not be
                                            able to readily offer, resell, transfer, pledge or otherwise dispose of the Subscribed Shares
                                            and may be required to bear the financial risk of an investment in the Shares for an indefinite
                                            period of time. The Investor acknowledges that the Subscribed Shares will not be eligible
                                            for offer, resale, transfer, pledge or disposition pursuant to Rule&nbsp;144 promulgated
                                            under the Securities Act until at least one year from the Closing Date. The Investor acknowledges
                                            and agrees that it has been advised to consult legal counsel and tax and accounting advisors
                                            prior to making any offer, resale, transfer, pledge or disposition of any of the Subscribed
                                            Shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">The Investor acknowledges and agrees that
                                            the Investor is purchasing the Subscribed Shares from the Company. The Investor further acknowledges
                                            that there have been no representations or warranties on which the Investor may rely on in
                                            purchasing the Subscribed Shares made to the Investor by or on behalf of the Company or any
                                            of their respective affiliates or any control persons, officers, directors, employees, partners,
                                            agents or representatives of any of the foregoing or any other person or entity, expressly
                                            or by implication, other than those representations or warranties, of the Company expressly
                                            set forth in this Subscription Agreement. The Investor understands that, save as otherwise
                                            set forth in the Registration Statement (as defined below) or any SEC Report, certain financial
                                            information (whether historical or in the form of financial forecasts or projections) of
                                            the Company has been prepared and reviewed solely by the Company and its respective officers,
                                            directors and employees, as applicable, and have not been reviewed by any outside party or
                                            certified or audited by an independent third-party auditor or audit firm.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">The Investor acknowledges and agrees that
                                            the Investor has received such information as the Investor deems necessary in order to make
                                            an investment decision with respect to the Subscribed Shares, including with respect to the
                                            business of the Company and its direct and indirect subsidiaries. Without limiting the generality
                                            of the foregoing, the Investor acknowledges that he, she or it has reviewed, the SEC Reports
                                            and other information as the Investor have deemed necessary to make an investment decision
                                            with respect to the Subscribed Shares (noting that the Form&nbsp;20-F of the Company for
                                            the year ended December&nbsp;31, 2024 has not yet been filed). However, neither any such
                                            inquiries, nor any due diligence investigation conducted by the Investor or any of the Investor's
                                            professional advisors nor anything else contained herein, shall modify, limit, or otherwise
                                            affect the Investor's right to rely on each of the representations and warranties of the
                                            Company contained in this Subscription Agreement. The Investor acknowledges and agrees that
                                            the Investor and the Investor's professional advisor(s), if any, have had the opportunity
                                            to ask such questions, receive such answers and obtain such information from the Company
                                            as the Investor and such Investor's professional advisor(s), if any, have deemed necessary
                                            to make an investment decision with respect to the Subscribed Shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(e)</TD><TD STYLE="text-align: justify">The Investor became
                                            aware of this offering of the Subscribed Shares solely by means of direct contact between
                                            the Investor and the Company or a representative of the Company, and the Subscribed Shares
                                            were offered to the Investor solely by direct contact between the Investor and the Company
                                            or a representative of the Company. The Investor did not become aware of this offering of
                                            the Subscribed Shares, nor were the Subscribed Shares offered to the Investor, by any other
                                            means. The Investor acknowledges that the Subscribed Shares (i)&nbsp;were not offered to
                                            it by any form of general solicitation or general advertising, including methods described
                                            in section 502(c)&nbsp;of Regulation D under the Securities Act and (ii)&nbsp;to its knowledge,
                                            are not being offered in a manner involving a public offering under, or in a distribution
                                            in violation of, the Securities Act or any state securities laws. The Investor acknowledges
                                            that it is not relying upon, and has not relied upon, any statement, representation or warranty
                                            made by any person, firm or corporation (including, without limitation, the Company and any
                                            of their affiliates or any control persons, officers, directors, employees, partners, agents
                                            or representatives), other than the representations and warranties of the Company contained
                                            in this Subscription Agreement, in making its investment decision to invest in the Company.
                                            The Investor acknowledges that certain information provided to the Investor was based on
                                            projections, and such projections were prepared based on assumptions and estimates that are
                                            inherently uncertain and are subject to a wide variety of significant business, economic
                                            and competitive risks and uncertainties that could cause actual results to differ materially
                                            from those contained in the projections.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(f)</TD><TD STYLE="text-align: justify">The Investor acknowledges
                                            that it is aware that there are substantial risks incident to the purchase and ownership
                                            of the Subscribed Shares, including those set forth in the SEC Reports. The Investor has
                                            such knowledge and experience in financial and business matters as to be capable of evaluating
                                            the merits and risks of an investment in the Subscribed Shares, and the Investor has sought
                                            such accounting, legal and tax advice as the Investor has considered necessary to make an
                                            informed investment decision. The Investor acknowledges that, except for representations
                                            and warranties of the Company set forth in this Subscription Agreement, the Company has not
                                            provided any tax or financial advice or any other representation or guarantee regarding the
                                            tax or financial consequences of the transactions contemplated by this Subscription Agreement
                                            or the Transaction. The Investor is able to sustain a complete loss on its investment in
                                            the Subscribed Shares; and has no reason to anticipate any change in circumstances, financial
                                            or otherwise, which may cause or require any sale or distribution of all or any part of the
                                            Subscribed Shares in violation of applicable securities laws.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 9; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(g)</TD><TD STYLE="text-align: justify">Alone, or together with
                                            any professional advisor(s), the Investor has adequately analyzed and considered the risks
                                            of an investment in the Subscribed Shares and, assuming the accuracy of representations and
                                            warranties set forth in this Subscription Agreement, determined that the Subscribed Shares
                                            are a suitable investment for the Investor and that the Investor is able at this time and
                                            in the foreseeable future to bear the economic risk of a total loss of the Investor's investment
                                            in the Company. The Investor acknowledges specifically that a possibility of total loss exists.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(h)</TD><TD STYLE="text-align: justify">In making its decision
                                            to purchase the Subscribed Shares, the Investor has relied solely upon independent investigation
                                            made by the Investor and the representations and warranties expressly set forth in Section&nbsp;6
                                            of this Subscription Agreement. The Investor further acknowledges it has (i)&nbsp;had access
                                            to, and an adequate opportunity to review and understand the materials and information made
                                            available to it in connection with the acquisition of the Subscribed Shares, including financial
                                            and other information as it deems necessary to make its decision to purchase the Subscribed
                                            Shares, (ii)&nbsp;been offered the opportunity to ask questions of the Company and received
                                            answers thereto, including on the financial information, as we deemed necessary in connection
                                            with its decision to purchase the Subscribed Shares and (ii)&nbsp;made its own assessment
                                            and satisfied itself concerning the relevant tax and other economic considerations relevant
                                            to its investment in the Subscribed Shares. The Investor represents and warrants it is relying
                                            exclusively on its own investment analysis and due diligence (including professional advice
                                            it deems appropriate) with respect to its acquisition of the Subscribed Shares and the business,
                                            condition (financial and otherwise), management, operations, properties and prospects of
                                            the Company, including but not limited to all business, legal, regulatory, accounting, credit
                                            and tax matters.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(i)</TD><TD STYLE="text-align: justify">The Investor acknowledges
                                            that it has such knowledge and experience in financial and business matters as to be capable
                                            of evaluating the merits and risks of its prospective investment in the Subscribed Shares
                                            and has the ability to bear the economic risks of its prospective investment and can afford
                                            the complete loss of such investment.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(j)</TD><TD STYLE="text-align: justify">The Investor acknowledges
                                            and agrees that no federal or state agency has passed upon or endorsed the merits of the
                                            offering of the Subscribed Shares or made any findings or determination as to the fairness
                                            of this investment.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(k)</TD><TD STYLE="text-align: justify">The Investor has been
                                            duly formed or incorporated and is validly existing and is in good standing under the laws
                                            of its jurisdiction of formation or incorporation, with power and authority to enter into,
                                            deliver and perform its obligations under this Subscription Agreement.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(l)</TD><TD STYLE="text-align: justify">The execution, delivery
                                            and performance by the Investor of this Subscription Agreement and the transactions contemplated
                                            herein are within the powers of the Investor, have been duly authorized and will not constitute
                                            or result in a breach or default under or conflict with any order, ruling or regulation of
                                            any court or other tribunal or of any governmental commission or agency, or any agreement
                                            or other undertaking, to which the Investor is a party or by which the Investor is bound,
                                            and, if the Investor is not an individual, will not violate any provisions of the Investor's
                                            organizational documents, including, without limitation, its articles of incorporation, bylaws,
                                            indenture of trust or partnership or operating agreement, as may be applicable. The signature
                                            of the Investor on this Subscription Agreement is genuine, and the signatory, if the Investor
                                            is an individual, has legal competence and capacity to execute the same or, if the Investor
                                            is not an individual, the signatory has been duly authorized to execute the same, and, assuming
                                            that this Subscription Agreement constitutes the legal, valid and binding obligation of the
                                            Company, this Subscription Agreement constitutes a legal, valid and binding obligation of
                                            the Investor, enforceable against the Investor in accordance with its terms except as may
                                            be limited or otherwise affected by (i)&nbsp;bankruptcy, insolvency, fraudulent conveyance,
                                            reorganization, moratorium or other laws relating to or affecting the rights of creditors
                                            generally, and (ii)&nbsp;principles of equity, whether considered at law or equity.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Nothing herein is intended to limit
the Investor's ability, subject to compliance with applicable securities laws, to trade in securities of issuers who may be in the same,
or a similar, sector as the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">5.</TD><TD STYLE="text-align: justify"><B>REGISTRATION RIGHTS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">The Company agrees that
                                            it shall file with the SEC (at its sole cost and expense) a registration statement registering
                                            the resale of the Shares (including the Subscribed Shares) to the public (a &quot;<B>Registration
                                            Statement</B>&quot;), and it shall use its reasonable best efforts to have the Registration
                                            Statement declared effective by the SEC as soon as practicable after the filing thereof.
                                            However, given that the Form&nbsp;20-F of the Company for the year ended December&nbsp;31,
                                            2024 is delayed,&nbsp;Investor acknowledges that the Company may not be able to file such
                                            a Registration Statement before the filing of the Form&nbsp;20-F.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">The Company shall use
                                            reasonable best efforts to file all reports necessary to enable the Investor to resell the
                                            Subscribed Shares pursuant to the Registration Statement. For as long as the Investor holds
                                            Subscribed Shares, the Company shall use reasonable best efforts to file all reports necessary
                                            to enable the undersigned to resell the Subscribed Shares pursuant to Rule&nbsp;144 of the
                                            Securities Act (when Rule&nbsp;144 of the Securities Act becomes available to the Investor).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">6.</TD><TD STYLE="text-align: justify"><B>TERMINATION</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Subscription Agreement shall terminate
and be void and of no further force and effect, and all rights and obligations of the parties hereunder shall terminate without any further
liability on the part of any party in respect thereof, with the mutual written agreement of each of the parties hereto to terminate this
Subscription Agreement; provided that nothing herein will relieve any party from liability for any material breach hereof prior to the
time of termination, and each party will be entitled to any remedies at law or in equity to recover losses, liabilities or damages arising
from any such material breach.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">7.</TD><TD STYLE="text-align: justify"><B>MISCELLANEOUS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">Neither this Subscription
                                            Agreement nor any rights that may accrue to the parties hereunder (other than the Subscribed
                                            Shares, if any) may be transferred or assigned without the prior written consent of each
                                            of the other parties hereto; provided that, upon written notice to the Company, (i)&nbsp;this
                                            Subscription Agreement and any of the Investor's rights and obligations hereunder may be
                                            assigned to an affiliate or any fund or account advised or managed by the Investor or the
                                            same investment manager or investment advisor as the Investor or by an affiliate (as defined
                                            in Rule&nbsp;12b-2 of the Exchange Act) of such investment manager or investment advisor
                                            without the prior consent of the other parties hereto and (ii)&nbsp;the Investor's rights
                                            under Section&nbsp;5 may be assigned to an assignee or transferee of the Subscribed Shares;
                                            provided, further, that prior to such assignment any such assignee shall agree in writing
                                            to be bound by the terms hereof; provided, that no such assignment shall relieve the Investor
                                            of its obligations hereunder if any such assignee fails to perform such obligations.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">The Company may request
                                            from the Investor such additional information the Company may reasonably deem necessary to
                                            register the resale of the Subscribed Shares and evaluate the eligibility of the Investor
                                            to acquire the Subscribed Shares, and the Investor shall as promptly as reasonably practicable
                                            provide such information as may reasonably be requested to the extent readily available and
                                            to the extent consistent with the Investor's internal policies and procedures; provided that
                                            the Company agrees to keep any such information provided by the Investor confidential except
                                            (i)&nbsp;as required by applicable federal securities laws or pursuant to a request by competent
                                            regulatory authorities or (ii)&nbsp;to the extent such disclosure is required by law, at
                                            the request of the staff of the SEC or regulatory agency or under the applicable regulations
                                            of any national securities exchange on which the Company's securities are listed for trading.
                                            The Investor acknowledges and agrees that if it does not provide the Company with such requested
                                            information, the Company may not be able to register the Subscribed Shares for resale pursuant
                                            to Section&nbsp;5 hereof. The Investor acknowledges that the Company may file a form of this
                                            Subscription Agreement that does not identify the Investor with the SEC as an exhibit to
                                            a periodic report or a registration statement of the Company.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 12; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD><TD STYLE="text-align: justify">The Investor acknowledges
                                            that the Company will rely on the acknowledgments, understandings, agreements, representations
                                            and warranties contained in this Subscription Agreement. Prior to the Closing Date, each
                                            party hereto agrees to promptly notify the other parties hereto if any of their respective
                                            acknowledgments, understandings, agreements, representations and warranties set forth in
                                            Section&nbsp;3 or Section&nbsp;4, as applicable, above are no longer accurate in any material
                                            respect (other than those acknowledgments, understandings, agreements, representations and
                                            warranties qualified by materiality, in which case such party shall notify the other parties
                                            hereto if they are no longer accurate in any respect). Each party hereto acknowledges and
                                            agrees that the purchase by the Investor of Subscribed Shares from the Company will constitute
                                            a reaffirmation of the Investor's acknowledgments, understandings, agreements, representations
                                            and warranties herein (as modified by any such notice) by the Investor as of the time of
                                            such purchase.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(d)</TD><TD STYLE="text-align: justify">The Company is entitled
                                            to rely upon this Subscription Agreement and each is irrevocably authorized to produce this
                                            Subscription Agreement or a copy hereof to any interested party in any administrative or
                                            legal proceeding or official inquiry with respect to the matters covered hereby; provided,
                                            however, that the foregoing clause of this Section&nbsp;7(d)&nbsp;shall not give the Company
                                            any rights other than those expressly set forth herein. The Investor is entitled to rely
                                            upon this Subscription Agreement and is irrevocably authorized to produce this Subscription
                                            Agreement or a copy hereof to any interested party in any administrative or legal proceeding
                                            or official inquiry with respect to the matters covered hereby; provided, however, that the
                                            foregoing clause of this Section&nbsp;7(d)&nbsp;shall not give the Investor any rights other
                                            than those expressly set forth herein.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(e)</TD><TD STYLE="text-align: justify">The Investor hereby
                                            acknowledges and agrees that from the date of this Subscription Agreement until the Closing
                                            Date (or the earlier termination of this Subscription Agreement in accordance with its terms),
                                            it will not, nor will any person acting at the Investor's direction or pursuant to any understanding
                                            with Investor (including Investor's controlled affiliates), directly or indirectly, offer,
                                            sell, pledge, contract to sell, sell any option in, or engage in hedging activities or execute
                                            any Short Sales with respect to, any Subscribed Shares or any securities of the Company or
                                            any instrument exchangeable for or convertible into any Shares or any securities of the Company.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(f)</TD><TD STYLE="text-align: justify">All of the agreements,
                                            representations and warranties made by each party hereto in this Subscription Agreement shall
                                            survive the Closing Date until the expiry of the applicable statute of limitations. For the
                                            avoidance of doubt, unless this Agreement has been terminated prior to Closing Date, all
                                            representations, warranties, covenants and agreements of the parties hereunder shall survive
                                            the consummation of the Transaction and remain in full force and effect until the expiry
                                            of the applicable statute of limitations.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(g)</TD><TD STYLE="text-align: justify">This Subscription Agreement
                                            may not be amended, modified, waived or terminated (other than pursuant to the terms of Section&nbsp;6
                                            above) except by an instrument in writing, signed by each of the parties hereto. No failure
                                            or delay of any party in exercising any right or remedy hereunder shall operate as a waiver
                                            thereof, nor shall any single or partial exercise of any such right or power, or any abandonment
                                            or discontinuance of steps to enforce such right or power, or any course of conduct, preclude
                                            any other or further exercise thereof or the exercise of any other right or power. The rights
                                            and remedies of the parties hereunder are cumulative and are not exclusive of any rights
                                            or remedies that they would otherwise have hereunder.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 13; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(h)</TD><TD STYLE="text-align: justify">This Subscription Agreement
                                            (including the schedule hereto) constitutes the entire agreement, and supersedes all other
                                            prior agreements, understandings, representations and warranties, both written and oral,
                                            among the parties, with respect to the subject matter hereof. Except as set forth in Section&nbsp;5(d),
                                            and Section&nbsp;8 with respect to the persons specifically referenced therein, this Subscription
                                            Agreement shall not confer any rights or remedies upon any person other than the parties
                                            hereto, and their respective successors and assigns, and the parties hereto acknowledge that
                                            such persons so referenced are third-party beneficiaries of this Subscription Agreement with
                                            right of enforcement for the purposes of, and to the extent of, the rights granted to them,
                                            if any, pursuant to the applicable provisions.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(i)</TD><TD STYLE="text-align: justify">Except as otherwise
                                            expressly provided herein, this Subscription Agreement shall be binding upon, and inure to
                                            the benefit of the parties hereto and their heirs, executors, administrators, successors,
                                            legal representatives, and permitted assigns, and the agreements, representations, warranties,
                                            covenants and acknowledgments contained herein shall be deemed to be made by, and be binding
                                            upon, such heirs, executors, administrators, successors, legal representatives and permitted
                                            assigns.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(j)</TD><TD STYLE="text-align: justify">If any provision of
                                            this Subscription Agreement shall be adjudicated by a court of competent jurisdiction to
                                            be invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining
                                            provisions of this Subscription Agreement shall not in any way be affected or impaired thereby
                                            and shall continue in full force and effect.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(k)</TD><TD STYLE="text-align: justify">This Subscription Agreement
                                            may be executed in one or more counterparts (including by facsimile or electronic mail or
                                            in .pdf) and by different parties in separate counterparts, with the same effect as if all
                                            parties hereto had signed the same document. All counterparts so executed and delivered shall
                                            be construed together and shall constitute one and the same agreement. Counterparts may be
                                            delivered via facsimile, electronic mail (including any electronic signature covered by the
                                            U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures
                                            and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method
                                            and any counterpart so delivered shall be deemed to have been duly and validly delivered
                                            and be valid and effective for all purposes.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(l)</TD><TD STYLE="text-align: justify">The parties hereto acknowledge
                                            and agree that irreparable damage would occur in the event that any of the provisions of
                                            this Subscription Agreement were not performed in accordance with their specific terms or
                                            were otherwise breached. It is accordingly agreed that the parties shall be entitled to seek
                                            an injunction or injunctions to prevent breaches of this Subscription Agreement, without
                                            posting a bond or undertaking and without proof of damages, to enforce specifically the terms
                                            and provisions of this Subscription Agreement, this being in addition to any other remedy
                                            to which such party is entitled at law, in equity, in contract, in tort or otherwise.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 14; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(m)</TD><TD STYLE="text-align: justify">This Subscription Agreement
                                            shall be governed by and construed in accordance with the laws of Germany (regardless of
                                            the laws that might otherwise govern under applicable principles of conflicts of laws thereof)
                                            as to all matters (including any action, suit, litigation, arbitration, mediation, claim,
                                            charge, complaint, inquiry, proceeding, hearing, audit, investigation or reviews by or before
                                            any governmental entity related hereto), including matters of validity, construction, effect,
                                            performance and remedies.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(n)</TD><TD STYLE="text-align: justify">Each party hereto hereby,
                                            and any person asserting rights as a third-party beneficiary may do so only if it, irrevocably
                                            agrees that any action, suit or proceeding between or among the parties hereto, whether arising
                                            in contract, tort or otherwise, arising in connection with any disagreement, dispute, controversy
                                            or claim arising out of or relating to this Subscription Agreement or any related document
                                            or any of the transactions contemplated hereby or thereby (&quot;<B>Legal Dispute</B>&quot;)
                                            shall be brought only to the exclusive jurisdiction of the courts of Stuttgart, Germany,
                                            and each party hereto hereby consents to the jurisdiction of such courts (and of the appropriate
                                            appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives,
                                            to the fullest extent permitted by law, any objection that it may now or hereafter have to
                                            the laying of the venue of any such suit, action or proceeding in any such court or that
                                            any such suit, action or proceeding that is brought in any such court has been brought in
                                            an inconvenient forum. During the period a Legal Dispute that is filed in accordance with
                                            this Section&nbsp;7(n)&nbsp;is pending before a court, all actions, suits or proceedings
                                            with respect to such Legal Dispute or any other Legal Dispute, including any counterclaim,
                                            cross-claim or interpleader, shall be subject to the exclusive jurisdiction of such court.
                                            Each party hereto and any person asserting rights as a third-party beneficiary may do so
                                            only if it hereby waives, and shall not assert as a defense in any Legal Dispute, that (a)&nbsp;such
                                            party is not personally subject to the jurisdiction of the above named courts for any reason,
                                            (b)&nbsp;such action, suit or proceeding may not be brought or is not maintainable in such
                                            court, (c)&nbsp;such party's property is exempt or immune from execution, (d)&nbsp;such action,
                                            suit or proceeding is brought in an inconvenient forum, or (e)&nbsp;the venue of such action,
                                            suit or proceeding is improper. A final judgment in any action, suit or proceeding described
                                            in this Section&nbsp;7(n)&nbsp;following the expiration of any period permitted for appeal
                                            and subject to any stay during appeal shall be conclusive and may be enforced in other jurisdictions
                                            by suit on the judgment or in any other manner provided by applicable laws. EACH OF THE PARTIES
                                            HERETO AND ANY PERSON ASSERTING RIGHTS AS A THIRD-PARTY BENEFICIARY MAY&nbsp;DO SO ONLY IF
                                            IT IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT TO TRIAL BY JURY ON ANY CLAIMS OR COUNTERCLAIMS
                                            ASSERTED IN ANY LEGAL DISPUTE RELATING TO THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS
                                            CONTEMPLATED HEREBY AND FOR ANY COUNTERCLAIM RELATING THERETO. IF THE SUBJECT MATTER OF ANY
                                            SUCH LEGAL DISPUTE IS ONE IN WHICH THE WAIVER OF JURY TRIAL IS PROHIBITED, NO PARTY HERETO
                                            NOR ANY PERSON ASSERTING RIGHTS AS A THIRD-PARTY BENEFICIARY SHALL ASSERT IN SUCH LEGAL DISPUTE
                                            A NONCOMPULSORY COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS SUBSCRIPTION AGREEMENT OR
                                            THE TRANSACTIONS CONTEMPLATED HEREBY. FURTHERMORE, NO PARTY HERETO NOR ANY PERSON ASSERTING
                                            RIGHTS AS A THIRD-PARTY BENEFICIARY SHALL SEEK TO CONSOLIDATE ANY SUCH LEGAL DISPUTE WITH
                                            A SEPARATE ACTION OR OTHER LEGAL PROCEEDING IN WHICH A JURY TRIAL CANNOT BE WAIVED.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 15; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(o)</TD><TD STYLE="text-align: justify">Any notice or communication
                                            required or permitted hereunder to be given to a party hereto shall be in writing and either
                                            delivered personally, emailed or sent by overnight mail via a reputable overnight carrier
                                            to such address(es) or email address(es) set forth on the signature page&nbsp;hereto, and
                                            shall be deemed to be given and received (i)&nbsp;when so delivered personally, or (ii)&nbsp;when
                                            sent, with no mail undeliverable or other rejection notice, if sent by email.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">8.</TD><TD STYLE="text-align: justify"><B>NON-RELIANCE AND EXCULPATION</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Investor acknowledges that it is
not relying upon, and has not relied upon, any statement, representation, warranty or other information made or provided by any person,
firm or corporation, other than the statements, representations and warranties of the Company expressly contained in Section&nbsp;3 of
this Subscription Agreement, in making its investment or decision to invest in the Company. For purposes of this Subscription Agreement,
 &quot;<B>Non-Party Affiliates</B>&quot; means each former, current or future officer, director, employee, partner, member, manager, direct
or indirect equityholder or affiliate of the Company or any of the Company's respective controlled affiliates or any family member of
the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">9.</TD><TD STYLE="text-align: justify"><B>DISCLOSURE</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company shall, by 9:00 a.m., New
York City time, or as soon as reasonably possible thereafter, on the first (1st) business day immediately following the date of this
Subscription Agreement, issue one or more press releases or file with the SEC a Current Report on Form&nbsp;6-K (collectively, the &quot;<B>Disclosure
Document</B>&quot;) disclosing all material terms of the transactions contemplated hereby and any other material, nonpublic information
that the Company has provided to the Investor at any time prior to the filing of the Disclosure Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 16; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">10.</TD><TD STYLE="text-align: justify"><B>WAIVER OF LIABILITY IN
                                            RELATION TO LATE FORM&nbsp;20-F FILING AND NONPUBLIC INFORMATION</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">Under SEC Rule&nbsp;10b-5
                                            (&quot;<B>Rule&nbsp;10b-5</B>&quot;), a company may not omit any material information when
                                            dealing with investors. Since the Company is late in filing their Form&nbsp;20-F with the
                                            SEC, the Company's publicly available data is out-of-date and any newer nonpublic information
                                            that the Investor is shown is preliminary and not intended to be relied upon as filed SEC
                                            data would be. The Investor agrees to waive all Rule&nbsp;10b-5 liability that the Company
                                            would otherwise hold in relation to this Agreement.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">In connection with this
                                            Agreement, the Investor may receive material nonpublic information intended to be filed with
                                            the Company's delated Form&nbsp;20-F filing. Upon receipt of such information, the Investor
                                            hereby understands that they will be restricted from trading the Company's shares until such
                                            information becomes publicly available in the upcoming filing.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[<I>SIGNATURE PAGES FOLLOW</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 17; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IN WITNESS WHEREOF, </B>the Investor has executed
or caused this Subscription Agreement to be executed by its duly authorized representative as of the date set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><B>XJ Harbour HK Limited</B></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%">/s/ <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mak
    Tsz Ming</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mak Tsz Ming</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2531204d1_ex10-1img01.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 18; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IN WITNESS WHEREOF, </B>the Company has accepted
this Subscription Agreement as of the date set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SCHMID Group N.V.</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christian
    Schmid</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christian Schmid</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CEO</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 19; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IN WITNESS WHEREOF, </B>each of the Pledgors
has accepted this Subscription Agreement as of the date set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Christian
    Schmid</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 47%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD ROWSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Christian Schmid</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Anette
    Schmid</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 47%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD ROWSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Anette Schmid</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Page; Sequence: 20; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>tm2531204d1_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin-top: 0; margin-bottom: 0"><B>Exhibit 10.2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SET-OFF AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Agreement on the assignment of certain outstanding
payment obligations and sale of shares against set-off of payment obligations (the &quot;<B>Agreement</B>&quot;) is made and entered into
as of 12 November&nbsp;2025 (the &quot;<B>Effective Date</B>&quot;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>BY AND AMONG</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">SCHMID Group N.V., a Dutch public limited liability company
with its registered address at Robert-Bosch-Str. 32-36, 72250 Freudenstadt, Germany (&quot;<B>SCHMID</B>&quot;), and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: justify">XJ Harbour HK Limited, with its registered address at RM
76 5/F, United Centre, 95 Queensway, Hong Kong (&quot;<B>XJ</B>&quot; and together with SCHMID, the &quot;<B>Parties</B>&quot;),</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>RECITALS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>WHEREAS</B>, SCHMID has outstanding payment
obligations towards XJ in the principal amounts of USD 5,932,000 (&quot;<B>Second Payment</B>&quot;) and USD 17,796,000 (&quot;<B>Third
Payment</B>&quot;) arising from a subscription agreement dated January&nbsp;26, 2024 as amended on April&nbsp;29, 2024 between the Parties
(the &quot;<B>2024 Subscription Agreement</B>&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>WHEREAS</B>, as of October&nbsp;31, 2025,
default interest of USD 451,807 has accumulated on the Second Payment and interest of USD 1,603,103 and default interest of USD 453,432
have accumulated on the Third Payment. Outstanding payment by SCHMID to XJ in accordance with the 2024 Subscription Agreement of principal
and interest obligations as of October&nbsp;31, 2025 therefore amount to USD 26,236,342.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>WHEREAS</B>, all outstanding payments (including
principal amounts, interest, premiums, penalties, fees, any amounts constituting other financial indebtedness, liabilities and any other
amounts payable) owed by SCHMID to XJ under the 2024 Subscription Agreement as of the date of completion of the Share Transfer (as defined
below) shall be collectively referred to as the &quot;<B>Outstanding XJ Claims.</B>&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>WHEREAS</B>, SCHMID and XJ, are entering into
a new subscription agreement at or around the same time of this Agreement (the &quot;<B>2025 Subscription Agreement</B>&quot;), pursuant
to which SCHMID agrees to issue ordinary shares, subject to shareholder approval of SCHMID shareholders, in its share capital at an agreed
share price of USD 2.15 per share (the &quot;<B>Subscribed Shares</B>&quot;) to XJ.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>WHEREAS</B>, SCHMID and XJ in this Agreement
aim to settle all Outstanding XJ Claims in connection with the share issuance under the 2025 Subscription Agreement in order to reduce
the financial debt of SCHMID on its balance sheet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOW, THEREFORE, </B>the Parties hereto agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><B>1.</B></TD><TD STYLE="text-align: justify"><B>Share Transfer for Discharge of Payment Obligations through
Set-off</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">1.1.</TD><TD STYLE="text-align: justify">Upon the Closing (as defined in the 2025 Subscription Agreement)
and the legal and successful issuance of the Subscribed Shares by SCHMID to XJ in accordance with the terms and conditions of the 2025
Subscription Agreement, SCHMID and XJ agree that all Outstanding XJ Claims shall be fully satisfied and irrevocably discharged (the &quot;<B>Share
Transfer</B>&quot;).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">1.2.</TD><TD STYLE="text-align: justify">XJ shall provide any required technical documentation to
SCHMID that SCHMID reasonably requests, to facilitate the issuance of the Subscribed Shares to XJ though Dutch notarial deeds and the
registration of the ownership of XJ of the Subscribed Shares with SCHMID Group's share transfer agent Continental Stock Transfer&nbsp;&amp;
Trust Company (&quot;<B>Continental</B>&quot;).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">1.3.</TD><TD STYLE="text-align: justify">Upon completion of the Share Transfer through Continental,
XJ shall become the sole legal and beneficial owner of the Subscribed Shares through an entry in the share registry at Continental. XJ
shall not assert any further claims against SCHMID in respect of the Outstanding XJ Claims.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">1.4.</TD><TD STYLE="text-align: justify">XJ and SCHMID agree that SCHMID will hold an extraordinary
shareholders meeting to authorize the issuance of the Subscribed Shares to XJ as soon as possible after signing of this Agreement and
the 2025 Subscription Agreement. The extraordinary shareholders meeting shall authorize the issuance of ordinary shares to account for
all Outstanding XJ Claims plus accrued interest at a share issuance price of USD 2.15 per share. The actual number of issued Subscribed
Shares shall be calculated in accordance with the terms and conditions of the 2025 Subscription Agreement.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">1.5.</TD><TD STYLE="text-align: justify">XJ agrees and acknowledges that the Subscribed Shares will
be issued to XJ based on a private placement exemption from applicable U.S. securities laws and will not be immediately registered under
the U.S. Securities Act of 1933 and thus are not available for trading on the Nasdaq or any other stock exchange at the time of the Share
Transfer. SCHMID agrees and acknowledges that it will take all required actions within ten (10)&nbsp;calendar weeks after the completion
of the Share Transfer, to duly register the Subscribed Shares under the U.S. Securities Act of 1933, including the filing of Form&nbsp;F-1
with the SEC and making all efforts to have such Form&nbsp;F-1 be declared effective by the SEC (the &quot;<B>Registration Date</B>&quot;)
in accordance with the terms and conditions of the 2025 Subscription Agreement.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Representations by SCHMID in relation to financial information</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">2.1.</TD><TD STYLE="text-align: justify">SCHMID hereby represents and warrants to XJ that as of the
date of this Agreement and as of Closing Date, SCHMID and its consolidated subsidiaries (the &quot;<B>SCHMID Group</B>&quot;) has provided
all material information to XJ about SCHMID Group's financial position as of the date of this Agreement (with such information also including
details of the SCHMID Group's creditors, principal amounts and principal outstanding, any security interests, and repayment terms).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Miscellaneous</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">3.1.</TD><TD STYLE="text-align: justify">This Agreement and all claims or causes of action based upon,
arising out of, or related to this Agreement or the Transaction shall be governed by and construed in accordance with the Laws of Germany
without regard to the conflict of laws principles thereof. The exclusive place of jurisdiction for all disputes under or in connection
with this Agreement is Stuttgart, Germany.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">3.2.</TD><TD STYLE="text-align: justify">This Agreement may be executed in counterparts (including
by means of facsimile or scanned and emailed signature pages), any one of which need not contain the signatures of more than one Party,
but all such counterparts taken together shall constitute one and the same agreement.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>[Signature pages&nbsp;follow]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SCHMID Group N.V.</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">/s/ <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christian Schmid</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christian Schmid</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CEO</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD ROWSPAN="8" STYLE="padding-left: 15pt"><IMG SRC="tm2531204d1_ex10-2img01.jpg" ALT=""></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>XJ Harbour HK Limited</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">/s/ <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mak Tsz Ming</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mak Tsz Ming</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>tm2531204d1_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.3</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SUBSCRIPTION AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SCHMID Group N.V.<BR>
Robert-Bosch-Str. 32-36,<BR>
72250 Freudenstadt<BR>
Germany</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This subscription agreement (the &quot;<B>Subscription
Agreement</B>&quot;) is being entered into by and among SCHMID Group N.V. (the &quot;<B>Company</B>&quot;), a Dutch public limited liability
company <I>(naamloze vennootschap), </I>and SCHMID Avaco Korea Co.,&nbsp;Ltd. (the &quot;<B>Investor</B>&quot;), a South Korean corporation,
for ordinary shares in the share capital of the Company (&quot;<B>Shares</B>&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will issue to the Investor 1,073,536
shares (the &quot;<B>Subscribed Shares</B>&quot;) at a price of USD 2.50 per share amounting to a total subscription amount of EUR 2,372,514.44,
subject to the terms and conditions of this Subscription Agreement. The closing of the transaction shall take place by transferring the
New Shares to an account of the Investor at the Company's share transfer agent (Continental) as soon as possible after the signing of
this Subscription Agreement (the &quot;<B>Closing Date</B>&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection therewith, and in consideration
of the foregoing and the mutual representations, and subject to the conditions, set forth herein, and intending to be legally bound hereby,
the Investor and the Company hereby agrees as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">1.</TD><TD STYLE="text-align: justify"><B>SUBSCRIPTION AND TRANSFER</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Investor hereby irrevocably agrees
to subscribe for and purchase from the Company, and the Company hereby irrevocably agrees to issue and sell to the Investor, the Subscribed
Shares on the terms and subject to the conditions provided for herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">2.</TD><TD STYLE="text-align: justify"><B>COMPANY REPRESENTATIONS AND WARRANTIES</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.5in">The Company, with respect to the representations and warranties
set forth below relating to the Company, represents and warrants to the Investor that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">The Company is a public limited liability company <I>(naamloze
vennootschap) </I>under the laws of the Netherlands.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">As of the Closing Date, the Subscribed Shares will be duly authorized
and, when issued and delivered to the Investor in accordance with the terms of this Subscription Agreement, the Subscribed Shares will
be validly issued, fully paid and non-assessable (which, under Dutch law, is interpreted to mean that a holder of a Share shall not by
reason of merely being such a holder be subject to assessment or calls by the Company or its creditors for further payment on such Share)
free and clear of any liens, encumbrances or other restrictions (other than those arising under applicable securities laws), and will
not have been issued in violation of or subject to any preemptive or similar rights created under the Company's articles of association
<I>(statuten) </I>as in effect at such time of issuance and as they will read by contract or under the laws of the Netherlands.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD><TD STYLE="text-align: justify">This Subscription Agreement has been duly authorized, executed
and delivered by the Company and, assuming that this Subscription Agreement constitutes the legal, valid and binding agreement of the
Investor, this Subscription Agreement constitutes the legal, valid and binding agreement of the Company and is enforceable against the
Company in accordance with its terms, except as may be limited or otherwise affected by (i)&nbsp;bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium or other laws relating to or affecting the rights of creditors generally, or (ii)&nbsp;principles of equity,
whether considered at law or equity.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(d)</TD><TD STYLE="text-align: justify">The execution and delivery of, and the performance of the transactions
contemplated hereby, including the issuance and sale of the Subscribed Shares and the compliance by the Company with all of the provisions
of this Subscription Agreement and the consummation of the transactions contemplated herein does not and will not (i)&nbsp;conflict with
or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or
imposition of any lien, charge or encumbrance upon any of the property or assets of the Company or the Company's subsidiaries pursuant
to the terms of any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which the
Company or the Company's subsidiaries, as applicable, is a party or by which the Company or the Company's subsidiaries, as applicable,
is bound or to which any of the property or assets of the Company or the Company's subsidiaries, as applicable, is subject that is or
would reasonably be expected to have, individually or in the aggregate with all other facts, events, circumstances, changes, conditions,
occurrences and effects, a material adverse effect on the business, properties, assets, liabilities, condition (financial or otherwise),
results of operations or prospects of the Company and its subsidiaries, in each case taken as a whole, or on the ability of the Company
to consummate the transactions contemplated under this Subscription Agreement (a &quot;<B>Material Adverse Effect</B>&quot;), or to materially
affect the validity of the Subscribed Shares or the legal authority of the Company to comply in all material respects with the terms
of this Subscription Agreement; (ii)&nbsp;result in any violation of the provisions of the organizational or constituent documents of
the Company or the Company's subsidiaries, as applicable; or (iii)&nbsp;result in any violation of any statute or any judgment, order,
rule&nbsp;or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over the Company or the
Company's subsidiaries, as applicable, or any of their respective properties that would reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect or materially affect the validity of the Subscribed Shares or the legal authority of the
Company to comply in all material respects with the terms of this Subscription Agreement.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(e)</TD><TD STYLE="text-align: justify">The Company is not in default or violation (and no event has occurred
which, with notice or the lapse of time or both, would constitute a default or violation) of any term, condition or provision of (i)&nbsp;the
organizational documents of the Company, (ii)&nbsp;any loan or credit agreement, guarantee, note, bond, mortgage, indenture, lease or
other agreement, permit, franchise or license to which, as of the date of this Subscription Agreement, the Company is a party or by which
properties or assets of the Company are bound or (iii)&nbsp;any statute or any judgment, order, rule&nbsp;or regulation of any court
or governmental agency, taxing authority or regulatory body, domestic or foreign, having jurisdiction over the Company or any of their
properties, as applicable, except for defaults or violations that have not had and would not reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect, or those that the Investor has been made aware of and waived Company liability for as
outlined in this Subscription Agreement.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(f)</TD><TD STYLE="text-align: justify">As of their respective dates, or, if amended, as of the date of
such amendment, which shall be deemed to supersede such original filing, all forms, reports, statements, schedules, prospectuses, proxies,
registration statements and other documents, if any (the &quot;SEC Reports&quot;) filed by the Company with the U.S. Securities and Exchange
Commission (the &quot;SEC&quot;) on or prior to the Closing Date complied in all material respects with the applicable requirements of
the Securities Act of 1933, as amended (the &quot;<B>Securities Act</B>&quot;) and the Securities Exchange Act of 1934, as amended (the
 &quot;<B>Exchange Act</B>&quot;), and the rules&nbsp;and regulations of the SEC promulgated thereunder, and none of the SEC Reports,
when filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading with the exception
of the Company's Form&nbsp;20-F which was due on May&nbsp;15, 2025. The Company was unable to file its Form&nbsp;20-F on or before May&nbsp;15,
2025 as set out in a Form&nbsp;6-K on May&nbsp;22, 2025. A copy of each SEC Report is available to the Investor via the SEC's EDGAR system.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(g)</TD><TD STYLE="text-align: justify">Assuming the accuracy of the Investor's representations and warranties
set forth in this Subscription Agreement, the Company is not required to obtain any consent, waiver, authorization or order of, give
any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority, self-regulatory
organization or other person in connection with the execution, delivery and performance by the Company of this Subscription Agreement
(including, without limitation, the issuance of the Subscribed Shares) and the consummation of the transactions contemplated herein other
than (i)&nbsp;filings with the SEC, (ii)&nbsp;filings required by applicable securities laws, (iii)&nbsp;filings required in accordance
with this Subscription Agreement, (iv)&nbsp;filings required by Nasdaq, including with respect to obtaining approval of the Company's
shareholders, if applicable, and (v)&nbsp;filings that the failure of which to obtain would not be reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(h)</TD><TD STYLE="text-align: justify">All issued and outstanding ordinary shares of the Company have
been duly authorized and validly issued, are fully paid and are non-assessable, free and clear of all liens or other restrictions (other
than those arising under applicable securities laws) and are not subject to preemptive or other similar rights. Except as set forth above,
the agreements and arrangements referred to therein or in the SEC Reports, as of the date hereof, there are no outstanding options, warrants
or other rights to subscribe for, purchase or acquire from the Company any ordinary shares or other equity interests in the Company,
or securities convertible into or exchangeable or exercisable for such equity interests. There are no shareholder agreements, voting
trusts or other agreements or understandings to which the Company is a party or by which it is bound other than as set forth in the SEC
Reports.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(i)</TD><TD STYLE="text-align: justify">As of the date hereof, the issued and outstanding ordinary shares
of the Company are registered pursuant to Section&nbsp;12(b)&nbsp;of the Exchange Act and are listed for trading on Nasdaq under the
symbol &quot;<B>SHMD.</B>&quot;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(j)</TD><TD STYLE="text-align: justify">Assuming the accuracy of the Investor's representations and warranties
set forth in this Subscription Agreement, no registration under the Securities Act is required for the offer and sale of the Subscribed
Shares hereunder. The Subscribed Shares (i)&nbsp;were not offered by any form of general solicitation or general advertising (as those
terms are used in Regulation <B>D </B>under the Securities Act) and (ii)&nbsp;are not being offered in a manner involving a public offering
under, or in a distribution in violation of, the Securities Act, or any state securities laws or in a manner that would otherwise adversely
affect reliance by the Company on Section&nbsp;4(a)(2)&nbsp;of the Securities Act for the exemption from registration for the transactions
contemplated hereby or would require registration of the Subscribed Shares under the Securities Act.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(k)</TD><TD STYLE="text-align: justify">The Company and its respective subsidiaries have not taken any
steps to seek protection pursuant to any law or statute relating to bankruptcy, insolvency, reorganization, receivership, liquidation,
administration or winding up or failed to pay its debts when due, nor does the Company or any of its subsidiaries have any knowledge
or reason to believe that any of their respective creditors intend to initiate involuntary bankruptcy proceedings or seek to commence
an administration.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(l)</TD><TD STYLE="text-align: justify">There has been no action taken by the Company against any officer,
director, equityholder, manager, employee, agent or representative of the Company, in each case, acting on behalf of the the Company
(as applicable), in violation of any applicable Anti-Corruption Laws (as herein defined), (i)&nbsp;none of the Company and its respective
officers, directors, equityholders, managers, employees, agents and representatives has been convicted of violating any Anti-Corruption
Laws or subjected to any investigation by a governmental authority for violation of any applicable Anti-Corruption Laws, (ii)&nbsp;the
Company has not conducted or initiated any internal investigation or made a voluntary, directed, or involuntary disclosure to any governmental
authority regarding any alleged act or omission arising under or relating to any noncompliance with any Anti-Corruption Laws and (iii)&nbsp;the
Company has not received any written notice or citation from a governmental authority for any actual or potential noncompliance with
any applicable Anti-Corruption Laws. As used herein, &quot;<B>Anti-Corruption Laws</B>&quot; means any applicable laws relating to corruption
and bribery, including the U.S. Foreign Corrupt Practices Act of 1977 (as amended), the UK Bribery Act 2010, and any similar law that
prohibits bribery or corruption.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.45in">(m)</TD><TD STYLE="text-align: justify">The Company nor any of its directors
                                            is (i)&nbsp;a person or entity named on the List of Specially Designated Nationals and Blocked
                                            Persons administered by the U.S. Treasury Department's Office of Foreign Assets Control (&quot;<B>OFAC</B>&quot;)
                                            or in any Executive Order issued by the President of the United States and administered by
                                            OFAC (&quot;<B>OFAC List</B>&quot;) or a person or entity prohibited by any OFAC sanctions
                                            program, (ii)&nbsp;owned, directly or indirectly, or controlled by, or acting on behalf of,
                                            one or more persons that are named on the OFAC List; (iii)&nbsp;organized, incorporated,
                                            established, located, resident or born in, or a citizen, national or the government, including
                                            any political subdivision, agency or instrumentality thereof, of, Cuba,&nbsp;Iran, North
                                            Korea, Syria, the Crimea region of Ukraine, the &quot;Donetsk People's Republic&quot;, the
                                            &quot;Luhansk People's Republic&quot; or any other country or territory embargoed or subject
                                            to substantial trade restrictions by the United States, (iv)&nbsp;a Designated National as
                                            defined in the Cuban Assets Control Regulations, 31 C.F.R. Part&nbsp;515, or (v)&nbsp;a non-U.S.
                                            shell bank or providing banking services indirectly to a non-U.S. shell bank. The Company
                                            agrees to provide law enforcement agencies, if requested thereby, such records as required
                                            by applicable law, provided that the Company is permitted to do so under applicable law.
                                            To the extent required, it maintains policies and procedures reasonably designed to ensure
                                            compliance with OFAC-administered sanctions programs, including for the screening of its
                                            investors against the OFAC sanctions programs, including the OFAC List.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.45in">(n)</TD><TD STYLE="text-align: justify">The Company is not, and immediately after
                                            issuance of the Subscribed Shares will not be, an &quot;investment company&quot; within the
                                            meaning of the Investment Company Act of 1940, as amended.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.45in">(o)</TD><TD STYLE="text-align: justify">The Company has not entered into any
                                            agreement or arrangement entitling any agent, broker, investment banker, financial advisor
                                            or other person to any broker's or finder's fee or any other commission or similar fee in
                                            connection with the transactions contemplated by this Subscription Agreement for which the
                                            undersigned Investor could become liable. The Company is not aware of any person that has
                                            been or will be paid (directly or indirectly) remuneration for solicitation of purchasers
                                            in connection with the sale of any Subscribed Shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD><B>INVESTOR REPRESENTATIONS AND WARRANTIES </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in; text-align: justify">The
Investor represents and warrants to the Company that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.45in">(a)</TD><TD STYLE="text-align: justify">The Investor (i)&nbsp;is acquiring the
                                            Subscribed Shares only for his, her or its own account and not for the account of others,
                                            and (ii)&nbsp;is not acquiring the Subscribed Shares with a view to, or for offer or sale
                                            in connection with, any distribution thereof in violation of the Securities Act or any securities
                                            laws of the United States or any other jurisdiction. The Investor is not an entity formed
                                            for the specific purpose of acquiring the Subscribed Shares. The Investor further acknowledges
                                            that it is aware that the sale to it is being made in reliance on a private placement exemption
                                            from registration under the Securities Act and is acquiring the Subscribed Shares for its
                                            own account or for an account over which it exercises sole discretion for another qualified
                                            institutional buyer or accredited investor.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.45in; text-align: left">(b)</TD><TD STYLE="text-align: justify">The Investor acknowledges that the Subscribed Shares are being
offered in a transaction not involving any public offering within the meaning of the Securities Act and that the Subscribed Shares have
not been registered under the Securities Act or any other applicable securities laws. The Investor acknowledges and agrees that the Subscribed
Shares are being offered for resale in transactions not requiring registration under the Securities Act, and unless so registered, may
not be offered, resold, transferred, pledged or otherwise disposed of by the Investor absent an effective registration statement under
the Securities Act except in compliance with the registration requirements of the Securities Act or any other applicable securities laws,
pursuant to any exemption therefrom or in a transaction not subject thereto. The Investor acknowledges that the Subscribed Shares will
be subject to transfer restrictions under applicable securities laws and, as a result of these transfer restrictions, the Investor may
not be able to readily offer, resell, transfer, pledge or otherwise dispose of the Subscribed Shares and may be required to bear the
financial risk of an investment in the Shares for an indefinite period of time. The Investor acknowledges that the Subscribed Shares
will not be eligible for offer, resale, transfer, pledge or disposition pursuant to Rule&nbsp;144 promulgated under the Securities Act
until at least one year from the Closing Date. The Investor acknowledges and agrees that it has been advised to consult legal counsel
and tax and accounting advisors prior to making any offer, resale, transfer, pledge or disposition of any of the Subscribed Shares.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.45in; text-align: left">(c)</TD><TD STYLE="text-align: justify">The Investor acknowledges and agrees that the Investor is purchasing
the Subscribed Shares from the Company. The Investor further acknowledges that there have been no representations or warranties on which
the Investor may rely on in purchasing the Subscribed Shares made to the Investor by or on behalf of the Company or any of their respective
affiliates or any control persons, officers, directors, employees, partners, agents or representatives of any of the foregoing or any
other person or entity, expressly or by implication, other than those representations or warranties, of the Company expressly set forth
in this Subscription Agreement. The Investor understands that, save as otherwise set forth in the Registration Statement (as defined
below) or any SEC Report, certain financial information (whether historical or in the form of financial forecasts or projections) of
the Company has been prepared and reviewed solely by the Company and its respective officers, directors and employees, as applicable,
and have not been reviewed by any outside party or certified or audited by an independent third-party auditor or audit firm.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.45in; text-align: left">(d)</TD><TD STYLE="text-align: justify">The Investor acknowledges and agrees that the Investor has received
such information as the Investor deems necessary in order to make an investment decision with respect to the Subscribed Shares, including
with respect to the business of the Company and its direct and indirect subsidiaries. Without limiting the generality of the foregoing,
the Investor acknowledges that he, she or it has reviewed, the SEC Reports and other information as the Investor have deemed necessary
to make an investment decision with respect to the Subscribed Shares (noting that the Form&nbsp;20-F of the Company for the year ended
December&nbsp;31, 2024 has not yet been filed). However, neither any such inquiries, nor any due diligence investigation conducted by
the Investor or any of the Investor's professional advisors nor anything else contained herein, shall modify, limit, or otherwise affect
the Investor's right to rely on each of the representations and warranties of the Company contained in this Subscription Agreement. The
Investor acknowledges and agrees that the Investor and the Investor's professional advisor(s), if any, have had the opportunity to ask
such questions, receive such answers and obtain such information from the Company as the Investor and such Investor's professional advisor(s),
if any, have deemed necessary to make an investment decision with respect to the Subscribed Shares.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.45in; text-align: left">(e)</TD><TD STYLE="text-align: justify">The Investor became aware of this offering of the Subscribed Shares
solely by means of direct contact between the Investor and the Company or a representative of the Company, and the Subscribed Shares
were offered to the Investor solely by direct contact between the Investor and the Company or a representative of the Company. The Investor
did not become aware of this offering of the Subscribed Shares, nor were the Subscribed Shares offered to the Investor, by any other
means. The Investor acknowledges that the Subscribed Shares (i)&nbsp;were not offered to it by any form of general solicitation or general
advertising, including methods described in section 502(c)&nbsp;of Regulation D under the Securities Act and (ii)&nbsp;to its knowledge,
are not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act or any
state securities laws. The Investor acknowledges that it is not relying upon, and has not relied upon, any statement, representation
or warranty made by any person, firm or corporation (including, without limitation, the Company and any of their affiliates or any control
persons, officers, directors, employees, partners, agents or representatives), other than the representations and warranties of the Company
contained in this Subscription Agreement, in making its investment decision to invest in the Company. The Investor acknowledges that
certain information provided to the Investor was based on projections, and such projections were prepared based on assumptions and estimates
that are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties
that could cause actual results to differ materially from those contained in the projections.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.45in; text-align: left">(f)</TD><TD STYLE="text-align: justify">The Investor acknowledges that it is aware that there are substantial
risks incident to the purchase and ownership of the Subscribed Shares, including those set forth in the SEC Reports. The Investor has
such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in
the Subscribed Shares, and the Investor has sought such accounting, legal and tax advice as the Investor has considered necessary to
make an informed investment decision. The Investor acknowledges that, except for representations and warranties of the Company set forth
in this Subscription Agreement, the Company has not provided any tax or financial advice or any other representation or guarantee regarding
the tax or financial consequences of the transactions contemplated by this Subscription Agreement or the Transaction. The Investor is
able to sustain a complete loss on its investment in the Subscribed Shares; and has no reason to anticipate any change in circumstances,
financial or otherwise, which may cause or require any sale or distribution of all or any part of the Subscribed Shares in violation
of applicable securities laws.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.45in; text-align: left">(g)</TD><TD STYLE="text-align: justify">Alone, or together with any professional advisor(s), the Investor
has adequately analyzed and considered the risks of an investment in the Subscribed Shares and, assuming the accuracy of representations
and warranties set forth in this Subscription Agreement, determined that the Subscribed Shares are a suitable investment for the Investor
and that the Investor is able at this time and in the foreseeable future to bear the economic risk of a total loss of the Investor's
investment in the Company. The Investor acknowledges specifically that a possibility of total loss exists.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.45in; text-align: left">(h)</TD><TD STYLE="text-align: justify">In making its decision to purchase the Subscribed Shares, the
Investor has relied solely upon independent investigation made by the Investor and the representations and warranties expressly set forth
in Section&nbsp;6 of this Subscription Agreement. The Investor further acknowledges it has (i)&nbsp;had access to, and an adequate opportunity
to review and understand the materials and information made available to it in connection with the acquisition of the Subscribed Shares,
including financial and other information as it deems necessary to make its decision to purchase the Subscribed Shares, (ii)&nbsp;been
offered the opportunity to ask questions of the Company and received answers thereto, including on the financial information, as we deemed
necessary in connection with its decision to purchase the Subscribed Shares and (ii)&nbsp;made its own assessment and satisfied itself
concerning the relevant tax and other economic considerations relevant to its investment in the Subscribed Shares. The Investor represents
and warrants it is relying exclusively on its own investment analysis and due diligence (including professional advice it deems appropriate)
with respect to its acquisition of the Subscribed Shares and the business, condition (financial and otherwise), management, operations,
properties and prospects of the Company, including but not limited to all business, legal, regulatory, accounting, credit and tax matters.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.45in; text-align: left">(i)</TD><TD STYLE="text-align: justify">The Investor acknowledges that it has such knowledge and experience
in financial and business matters as to be capable of evaluating the merits and risks of its prospective investment in the Subscribed
Shares and has the ability to bear the economic risks of its prospective investment and can afford the complete loss of such investment.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.45in; text-align: left">(j)</TD><TD STYLE="text-align: justify">The Investor acknowledges and agrees that no federal or state
agency has passed upon or endorsed the merits of the offering of the Subscribed Shares or made any findings or determination as to the
fairness of this investment.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.45in; text-align: left">(k)</TD><TD STYLE="text-align: justify">The Investor has been duly formed or incorporated and is validly
existing and is in good standing under the laws of its jurisdiction of formation or incorporation, with power and authority to enter
into, deliver and perform its obligations under this Subscription Agreement.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.45in; text-align: left">(l)</TD><TD STYLE="text-align: justify">The execution, delivery and performance by the Investor of this
Subscription Agreement and the transactions contemplated herein are within the powers of the Investor, have been duly authorized and
will not constitute or result in a breach or default under or conflict with any order, ruling or regulation of any court or other tribunal
or of any governmental commission or agency, or any agreement or other undertaking, to which the Investor is a party or by which the
Investor is bound, and, if the Investor is not an individual, will not violate any provisions of the Investor's organizational documents,
including, without limitation, its articles of incorporation, bylaws, indenture of trust or partnership or operating agreement, as may
be applicable. The signature of the Investor on this Subscription Agreement is genuine, and the signatory, if the Investor is an individual,
has legal competence and capacity to execute the same or, if the Investor is not an individual, the signatory has been duly authorized
to execute the same, and, assuming that this Subscription Agreement constitutes the legal, valid and binding obligation of the Company,
this Subscription Agreement constitutes a legal, valid and binding obligation of the Investor, enforceable against the Investor in accordance
with its terms except as may be limited or otherwise affected by (i)&nbsp;bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium or other laws relating to or affecting the rights of creditors generally, and (ii)&nbsp;principles of equity, whether considered
at law or equity.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Nothing herein is intended to limit
the Investor's ability, subject to compliance with applicable securities laws, to trade in securities of issuers who may be in the same,
or a similar, sector as the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">4.</TD><TD STYLE="text-align: justify"><B>REGISTRATION RIGHTS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.45in; text-align: left">(a)</TD><TD STYLE="text-align: justify">The Company agrees that it shall file with the SEC (at its sole
cost and expense) a registration statement registering the resale of the Shares (including the Subscribed Shares) to the public (a &quot;<B>Registration
Statement</B>&quot;), and it shall use its reasonable best efforts to have the Registration Statement declared effective by the SEC as
soon as practicable after the filing thereof. However, given that the Form&nbsp;20-F of the Company for the year ended December&nbsp;31,
2024 is delayed,&nbsp;Investor acknowledges that the Company may not be able to file such a Registration Statement before the filing
of the Form&nbsp;20-F, leading to a substantial delay in the registration of the Subscribed Shares.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.45in; text-align: left">(b)</TD><TD STYLE="text-align: justify">The Company shall use reasonable best efforts to file all reports
necessary to enable the Investor to resell the Subscribed Shares pursuant to the Registration Statement. For as long as the Investor
holds Subscribed Shares, the Company shall use reasonable best efforts to file all reports necessary to enable the undersigned to resell
the Subscribed Shares pursuant to Rule&nbsp;144 of the Securities Act (when Rule&nbsp;144 of the Securities Act becomes available to
the Investor).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">5.</TD><TD STYLE="text-align: justify"><B>TERMINATION</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Subscription Agreement shall terminate
and be void and of no further force and effect, and all rights and obligations of the parties hereunder shall terminate without any further
liability on the part of any party in respect thereof, with the mutual written agreement of each of the parties hereto to terminate this
Subscription Agreement; provided that nothing herein will relieve any party from liability for any material breach hereof prior to the
time of termination, and each party will be entitled to any remedies at law or in equity to recover losses, liabilities or damages arising
from any such material breach.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">6.</TD><TD STYLE="text-align: justify"><B>MISCELLANEOUS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.45in; text-align: left">(a)</TD><TD STYLE="text-align: justify">Neither this Subscription Agreement nor any rights that may accrue
to the parties hereunder (other than the Subscribed Shares, if any) may be transferred or assigned without the prior written consent
of each of the other parties hereto; provided that, upon written notice to the Company, (i)&nbsp;this Subscription Agreement and any
of the Investor's rights and obligations hereunder may be assigned to an affiliate or any fund or account advised or managed by the Investor
or the same investment manager or investment advisor as the Investor or by an affiliate (as defined in Rule&nbsp;12b-2 of the Exchange
Act) of such investment manager or investment advisor without the prior consent of the other parties hereto and (ii)&nbsp;the Investor's
rights under Section&nbsp;4 may be assigned to an assignee or transferee of the Subscribed Shares; provided, further, that prior to such
assignment any such assignee shall agree in writing to be bound by the terms hereof; provided, that no such assignment shall relieve
the Investor of its obligations hereunder if any such assignee fails to perform such obligations.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.45in; text-align: left">(b)</TD><TD STYLE="text-align: justify">The Company may request from the Investor such additional information
the Company may reasonably deem necessary to register the resale of the Subscribed Shares and evaluate the eligibility of the Investor
to acquire the Subscribed Shares, and the Investor shall as promptly as reasonably practicable provide such information as may reasonably
be requested to the extent readily available and to the extent consistent with the Investor's internal policies and procedures; provided
that the Company agrees to keep any such information provided by the Investor confidential except (i)&nbsp;as required by applicable
federal securities laws or pursuant to a request by competent regulatory authorities or (ii)&nbsp;to the extent such disclosure is required
by law, at the request of the staff of the SEC or regulatory agency or under the applicable regulations of any national securities exchange
on which the Company's securities are listed for trading. The Investor acknowledges and agrees that if it does not provide the Company
with such requested information, the Company may not be able to register the Subscribed Shares for resale pursuant to Section&nbsp;4
hereof. The Investor acknowledges that the Company may file a form of this Subscription Agreement that does not identify the Investor
with the SEC as an exhibit to a periodic report or a registration statement of the Company.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.45in; text-align: left">(c)</TD><TD STYLE="text-align: justify">The Investor acknowledges that the Company will rely on the acknowledgments,
understandings, agreements, representations and warranties contained in this Subscription Agreement. Prior to the Closing Date, each
party hereto agrees to promptly notify the other parties hereto if any of their respective acknowledgments, understandings, agreements,
representations and warranties set forth in Section&nbsp;6 or Section&nbsp;7, as applicable, above are no longer accurate in any material
respect (other than those acknowledgments, understandings, agreements, representations and warranties qualified by materiality, in which
case such party shall notify the other parties hereto if they are no longer accurate in any respect). Each party hereto acknowledges
and agrees that the purchase by the Investor of Subscribed Shares from the Company will constitute a reaffirmation of the Investor's
acknowledgments, understandings, agreements, representations and warranties herein (as modified by any such notice) by the Investor as
of the time of such purchase.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.45in; text-align: left">(d)</TD><TD STYLE="text-align: justify">The Company is entitled to rely upon this Subscription Agreement
and each is irrevocably authorized to produce this Subscription Agreement or a copy hereof to any interested party in any administrative
or legal proceeding or official inquiry with respect to the matters covered hereby; provided, however, that the foregoing clause of this
Section&nbsp;6(d)&nbsp;shall not give the Company any rights other than those expressly set forth herein. The Investor is entitled to
rely upon this Subscription Agreement and is irrevocably authorized to produce this Subscription Agreement or a copy hereof to any interested
party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby; provided, however, that
the foregoing clause of this Section&nbsp;6(d)&nbsp;shall not give the Investor any rights other than those expressly set forth herein.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.45in; text-align: left">(e)</TD><TD STYLE="text-align: justify">The Investor hereby acknowledges and agrees that from the date
of this Subscription Agreement until the Closing Date (or the earlier termination of this Subscription Agreement in accordance with its
terms), it will not, nor will any person acting at the Investor's direction or pursuant to any understanding with Investor (including
Investor's controlled affiliates), directly or indirectly, offer, sell, pledge, contract to sell, sell any option in, or engage in hedging
activities or execute any Short Sales with respect to, any Subscribed Shares or any securities of the Company or any instrument exchangeable
for or convertible into any Shares or any securities of the Company.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.45in; text-align: left">(f)</TD><TD STYLE="text-align: justify">All of the agreements, representations and warranties made by
each party hereto in this Subscription Agreement shall survive the Closing Date until the expiry of the applicable statute of limitations.
For the avoidance of doubt, unless this Agreement has been terminated prior to Closing Date, all representations, warranties, covenants
and agreements of the parties hereunder shall survive the consummation of the Transaction and remain in full force and effect until the
expiry of the applicable statute of limitations.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.45in; text-align: left">(g)</TD><TD STYLE="text-align: justify">This Subscription Agreement may not be amended, modified, waived
or terminated (other than pursuant to the terms of Section&nbsp;5 above) except by an instrument in writing, signed by each of the parties
hereto. No failure or delay of any party in exercising any right or remedy hereunder shall operate as a waiver thereof, nor shall any
single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such right or power,
or any course of conduct, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and
remedies of the parties hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have hereunder.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.45in; text-align: left">(h)</TD><TD STYLE="text-align: justify">This Subscription Agreement (including the schedule hereto) constitutes
the entire agreement, and supersedes all other prior agreements, understandings, representations and warranties, both written and oral,
among the parties, with respect to the subject matter hereof. Except as set forth in Section&nbsp;4(d), and Section&nbsp;7 with respect
to the persons specifically referenced therein, this Subscription Agreement shall not confer any rights or remedies upon any person other
than the parties hereto, and their respective successors and assigns, and the parties hereto acknowledge that such persons so referenced
are third-party beneficiaries of this Subscription Agreement with right of enforcement for the purposes of, and to the extent of, the
rights granted to them, if any, pursuant to the applicable provisions.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.45in; text-align: left">(i)</TD><TD STYLE="text-align: justify">Except as otherwise expressly provided herein, this Subscription
Agreement shall be binding upon, and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors,
legal representatives, and permitted assigns, and the agreements, representations, warranties, covenants and acknowledgments contained
herein shall be deemed to be made by, and be binding upon, such heirs, executors, administrators, successors, legal representatives and
permitted assigns.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.45in; text-align: left">(j)</TD><TD STYLE="text-align: justify">If any provision of this Subscription Agreement shall be adjudicated
by a court of competent jurisdiction to be invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining
provisions of this Subscription Agreement shall not in any way be affected or impaired thereby and shall continue in full force and effect.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.45in; text-align: left">(k)</TD><TD STYLE="text-align: justify">This Subscription Agreement may be executed in one or more counterparts
(including by facsimile or electronic mail or in .pdf) and by different parties in separate counterparts, with the same effect as if
all parties hereto had signed the same document. All counterparts so executed and delivered shall be construed together and shall constitute
one and the same agreement. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered
by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable
law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly
delivered and be valid and effective for all purposes.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.45in; text-align: left">(l)</TD><TD STYLE="text-align: justify">The parties hereto acknowledge and agree that irreparable damage
would occur in the event that any of the provisions of this Subscription Agreement were not performed in accordance with their specific
terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to seek an injunction or injunctions to
prevent breaches of this Subscription Agreement, without posting a bond or undertaking and without proof of damages, to enforce specifically
the terms and provisions of this Subscription Agreement, this being in addition to any other remedy to which such party is entitled at
law, in equity, in contract, in tort or otherwise.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.45in; text-align: left">(m)</TD><TD STYLE="text-align: justify">This Subscription Agreement shall be governed by and construed
in accordance with the laws of the State of New York (regardless of the laws that might otherwise govern under applicable principles
of conflicts of laws thereof) as to all matters (including any action, suit, litigation, arbitration, mediation, claim, charge, complaint,
inquiry, proceeding, hearing, audit, investigation or reviews by or before any governmental entity related hereto), including matters
of validity, construction, effect, performance and remedies.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.45in; text-align: left">(n)</TD><TD STYLE="text-align: justify">Each party hereto hereby, and any person asserting rights as a
third-party beneficiary may do so only if it, irrevocably agrees that any action, suit or proceeding between or among the parties hereto,
whether arising in contract, tort or otherwise, arising in connection with any disagreement, dispute, controversy or claim arising out
of or relating to this Subscription Agreement or any related document or any of the transactions contemplated hereby or thereby (&quot;<B>Legal
Dispute</B>&quot;) shall be brought only to the exclusive jurisdiction of the courts of the State of New York sitting in the borough
of Manhattan in the City of New York, New York, or the United States District Court for the Southern District of New York, and each party
hereto hereby consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action
or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the
laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding that is brought
in any such court has been brought in an inconvenient forum. During the period a Legal Dispute that is filed in accordance with this
Section&nbsp;11(o)&nbsp;is pending before a court, all actions, suits or proceedings with respect to such Legal Dispute or any other
Legal Dispute, including any counterclaim, cross-claim or interpleader, shall be subject to the exclusive jurisdiction of such court.
Each party hereto and any person asserting rights as a third-party beneficiary may do so only if it hereby waives, and shall not assert
as a defense in any Legal Dispute, that (a)&nbsp;such party is not personally subject to the jurisdiction of the above named courts for
any reason, (b)&nbsp;such action, suit or proceeding may not be brought or is not maintainable in such court, (c)&nbsp;such party's property
is exempt or immune from execution, (d)&nbsp;such action, suit or proceeding is brought in an inconvenient forum, or (e)&nbsp;the venue
of such action, suit or proceeding is improper. A final judgment in any action, suit or proceeding described in this Section&nbsp;6(n)&nbsp;following
the expiration of any period permitted for appeal and subject to any stay during appeal shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by applicable laws. EACH OF THE PARTIES HERETO AND ANY PERSON ASSERTING
RIGHTS AS A THIRD-PARTY BENEFICIARY MAY&nbsp;DO SO ONLY IF IT IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT TO TRIAL BY JURY ON ANY
CLAIMS OR COUNTERCLAIMS ASSERTED IN ANY LEGAL DISPUTE RELATING TO THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY
AND FOR ANY COUNTERCLAIM RELATING THERETO. IF THE SUBJECT MATTER OF ANY SUCH LEGAL DISPUTE IS ONE IN WHICH THE WAIVER OF JURY TRIAL IS
PROHIBITED, NO PARTY HERETO NOR ANY PERSON ASSERTING RIGHTS AS A THIRD-PARTY BENEFICIARY SHALL ASSERT IN SUCH LEGAL DISPUTE A NONCOMPULSORY
COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. FURTHERMORE, NO PARTY
HERETO NOR ANY PERSON ASSERTING RIGHTS AS A THIRD-PARTY BENEFICIARY SHALL SEEK TO CONSOLIDATE ANY SUCH LEGAL DISPUTE WITH A SEPARATE
ACTION OR OTHER LEGAL PROCEEDING IN WHICH A JURY TRIAL CANNOT BE WAIVED.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.45in">(o)</TD><TD STYLE="text-align: justify">Any notice or communication required
                                            or permitted hereunder to be given to a party hereto shall be in writing and either delivered
                                            personally, emailed or sent by overnight mail via a reputable overnight carrier to such address(es)
                                            or email address(es) set forth on the signature page&nbsp;hereto, and shall be deemed to
                                            be given and received (i)&nbsp;when so delivered personally, or (ii)&nbsp;when sent, with
                                            no mail undeliverable or other rejection notice, if sent by email.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.45in">7.</TD><TD><B>NON-RELIANCE AND EXCULPATION</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Investor acknowledges that it is
not relying upon, and has not relied upon, any statement, representation, warranty or other information made or provided by any person,
firm or corporation, other than the statements, representations and warranties of the Company expressly contained in Section&nbsp;2 of
this Subscription Agreement, in making its investment or decision to invest in the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.45in">8.</TD><TD><B>DISCLOSURE</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company shall, by 9:00 a.m., New
York City time, or as soon as reasonably possible thereafter, on the first (1st) business day immediately following the date of this
Subscription Agreement, issue one or more press releases or file with the SEC a Current Report on Form&nbsp;6-K (collectively, the &quot;<B>Disclosure
Document</B>&quot;) disclosing all material terms of the transactions contemplated hereby and any other material, nonpublic information
that the Company has provided to the Investor at any time prior to the filing of the Disclosure Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">9.</TD><TD STYLE="text-align: justify"><B>WAIVER OF LIABILITY IN RELATION TO LATE FORM&nbsp;20-F FILING
AND NONPUBLIC INFORMATION</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.45in; text-align: left">(a)</TD><TD STYLE="text-align: justify">Under SEC Rule&nbsp;10b-5 (&quot;<B>Rule&nbsp;10b-5</B>&quot;),
a company may not omit any material information when dealing with investors. Since the Company is late in filing their Form&nbsp;20-F
with the SEC, the Company's publicly available data is out-of-date and any newer nonpublic information that the Investor is shown is
preliminary and not intended to be relied upon as filed SEC data would be. The Investor agrees to waive all Rule&nbsp;10b-5 liability
that the Company would otherwise hold in relation to this Agreement.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.45in; text-align: left">(b)</TD><TD STYLE="text-align: justify">In connection with this Agreement, the Investor may receive material
nonpublic information intended to be filed with the Company's delated Form&nbsp;20-F filing. Upon receipt of such information, the Investor
hereby understands that they will be restricted from trading the Company's shares until such information becomes publicly available in
the upcoming filing.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[<I>SIGNATURE PAGES FOLLOW</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IN WITNESS WHEREOF, </B>the
Investor has executed or caused this Subscription Agreement to be executed by its duly authorized representative as of the date set forth
below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SCHMID Avaco Korea Co., Ltd.</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Byungjoo AN</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Byungjoo
    AN</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CEO</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">03.11.2025</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>IN WITNESS WHEREOF, </B>the Company has accepted this Subscription
Agreement as of the date set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SCHMID Group N.V.</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christian
    Schmid</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christian
    Schmid</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CEO</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Novmeber
    3, 2025</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 17; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>tm2531204d1_ex10-4.htm
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0pt"><B>Exhibit 10.4</B></P>

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">SET-OFF AND SALE AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Agreement on the sale of shares against
set-off of payment obligations (the &quot;<B>Agreement</B>&quot;) is made and entered into as of November&nbsp;3, 2025 (the &quot;<B>Effective
Date</B>&quot;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>BY AND AMONG</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>SCHMID Group N.V., a Dutch public limited liability company (&quot;<B>SCHMID</B>&quot;),</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>AVACO Co.,&nbsp;Ltd., a South Korean corporation (the &quot;<B>AVACO</B>&quot;),</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>SCHMID Avaco Korea Co.,&nbsp;Ltd., a joint venture between Gebr.
                                            Schmid and AVACO (&quot;<B>SCHMID Avaco Korea</B>&quot;), and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(4)</TD><TD>Gebr. Schmid GmbH, a German limited liability company (&quot;<B>Gebr.
                                            Schmid</B>&quot;) (together the &quot;<B>Parties</B>&quot; and each a &quot;<B>Party</B>&quot;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>RECITALS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>WHEREAS, </B>certain payment obligations currently
exist between Gebr. Schmid and AVACO, respectively, between SCHMID Avaco Korea and AVACO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>WHEREAS, </B>SCHMID and SCHMID Avaco Korea
have entered into a subscription agreement on the date of this Agreement (the &quot;<B>Subscription Agreement</B>&quot;), pursuant to
which SCHMID has agreed to issue 1,073,536 ordinary shares in its share capital at a share price of USD 2.50 per share (the &quot;<B>Subscribed
Shares</B>&quot;) to SCHMID Avaco Korea.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>WHEREAS, </B>as consideration for the sale
and transfer of the Subscribed Shares to AVACO, certain payment obligations in the amount of EUR 2,212,153.32 owed by SCHMID Avaco Korea
to AVACO (as referenced in Section&nbsp;1.1) shall be set-off against the purchase price of the Subscribed Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>WHEREAS, </B>certain other obligations of
Gebr. Schmid towards AVACO in the amount of EUR 160,361.12 (as referenced in Section&nbsp;1.2) shall be paid to AVACO in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOW, THEREFORE, </B>the Parties hereto agree
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><B>1.</B></TD><TD STYLE="text-align: justify"><B>Payment Obligation</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">1.1.</TD><TD STYLE="text-align: justify">SCHMID Avaco Korea
                                            has outstanding payment obligations towards AVACO in the amount of EUR 2,212,153.32, (the
                                            &quot;<B>Outstanding Avaco Korea Claims</B>&quot;) with such Outstanding Avaco Korea Claims
                                            being identified in detail in <B><U>Annex A</U></B> to this Agreement.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">1.2.</TD><TD STYLE="text-align: justify">Gebr. Schmid has
                                            outstanding payment obligations towards AVACO in the amount of EUR 160,361.12 (the &quot;<B>Outstanding
                                            Avaco Gebr. Schmid Claims</B>&quot;) with such Outstanding Avaco Gebr. Schmid Claims being
                                            identified in detail in <B><U>Annex B</U></B> to this Agreement.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">1.3.</TD><TD STYLE="text-align: justify">If the transfer and
                                            registration of the shares described in Section&nbsp;2.1 is not completed, Gebr. Schmid has
                                            payment obligations towards AVACO in the amount of EUR 2,212,153.32 and the registered Subscribed
                                            Shares shall be set off as described in Section&nbsp;2.2 and <B><U>Annex C.</U></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">1.4.</TD><TD STYLE="text-align: justify">With respect to any
                                            payment obligations or share transfers under this Agreement arising from purchase orders
                                            placed by SCHMID Avaco Korea with AVACO, the cash shall first be paid from Gebr. Schmid to
                                            SCHMID Avaco Korea and then paid from SCHMID Avaco Korea to AVACO, and the Subscribed Shares
                                            shall first be transferred from SCHMID to SCHMID Avaco Korea and then transferred from SCHMID
                                            Avaco Korea to AVACO. For purchase orders placed directly by SCHMID or Gebr. Schmid with
                                            AVACO, such payments or share transfers may be made directly to AVACO. This structure shall
                                            also apply to any cash settlements under this Agreement, unless otherwise expressly provided.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Share Transfer
                                            for Discharge of Payment Obligations through Set-off</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">2.1.</TD><TD STYLE="text-align: justify">Following the closing
                                            of the successful issuance of the Subscribed Shares by SCHMID to SCHMID Avaco Korea in accordance
                                            with the Subscription Agreement by December&nbsp;15, 2025, (a)&nbsp;SCHMID Avaco Korea shall
                                            sell and transfer the registered Subscribed Shares to discharge the Outstanding Avaco Korea
                                            Claims through legal set-off and (b)&nbsp;by accepting the sale and transfer of the registered
                                            Subscribed Shares at an agreed value of EUR 2,372,514.44, AVACO agrees that the Outstanding
                                            Avaco Korea Claims are fully satisfied and irrevocably discharged once the registered Subscribed
                                            Shares are legally transferred to AVACO (the &quot;<B>Share Transfer</B>&quot;). The remaining
                                            amount of EUR 160,361.12 shall be offset against separate equipment purchase orders placed
                                            by SCHMID Avaco Korea with AVACO, which are not subject to this Agreement.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">2.2.</TD><TD STYLE="text-align: justify">In case the Share
                                            Transfer of the registered Subscribed Shares is not concluded by December&nbsp;15, 2025,
                                            SCHMID hereby represents and warrants that Gebr. Schmid settles the Outstanding Avaco Korea
                                            Claims in cash until December&nbsp;31, 2025. The registered Subscribed Shares shall however
                                            be transferred to AVACO and shall be offset against the items specified in Annex C to this
                                            Agreement. The exceeding amount as described in Annex C shall be offset against separate
                                            equipment and/or spare part purchase orders placed by SCHMID Avaco Korea with AVACO, which
                                            are not subject to this Agreement.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">2.3.</TD><TD STYLE="text-align: justify">AVACO shall provide
                                            any required technical documentation to SCHMID and SCHMID Avaco Korea that SCHMID and SCHMID
                                            Avaco Korea reasonably request, to facilitate the transfer of the registered Subscribed Shares
                                            to AVACO through SCHMID's share transfer agent Continental Stock Transfer&nbsp;&amp; Trust
                                            Company (&quot;<B>Continental</B>&quot;). Such technical documentation shall include (a)&nbsp;KYC
                                            documentation required by Continental, the share transfer and registration agent of the SCHMID
                                            (including but not limited to the W8/W9 U.S. tax form and Ultimate Beneficial Ownership (UBO)
                                            form/information), (b)&nbsp;documentation enabling the transfer of the Subscribed Shares
                                            to an account of AVACO (including stock power and instruction letter to Continental), and
                                            (c)&nbsp;any ancillary documents that may be required by Continental for the transfer of
                                            the shares, if applicable.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">2.4.</TD><TD STYLE="text-align: justify">Upon completion of
                                            the Share Transfer of the registered Subscribed Shares through Continental, AVACO shall become
                                            the sole legal and beneficial owner of the registered Subscribed Shares through an entry
                                            in the share registry at Continental. AVACO shall not assert any further claims against SCHMID
                                            Avaco Korea in respect of the Outstanding Avaco Korea Claims.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">2.5.</TD><TD STYLE="text-align: justify">AVACO agrees and
                                            acknowledges that the Subscribed Shares will be sold based on a private placement exemption
                                            from applicable U.S. securities laws and are not registered under the U.S. Securities Act
                                            of 1933 and thus are not available for trading on the Nasdaq Stock Exchange or any other
                                            stock exchange at the time of the Share Transfer.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">2.6.</TD><TD STYLE="text-align: justify">SCHMID intends to
                                            file its Form&nbsp;20-F, including its audited financial statements for the fiscal year 2024,
                                            no later than November&nbsp;11, 2025. Following such filing, SCHMID will, without undue delay,
                                            submit a Form&nbsp;F-1 registration statement for the Subscribed Shares, which will be subject
                                            to review by the U.S. Securities and Exchange Commission. SCHMID shall ensure that the registration
                                            of the registered Subscribed Shares, including their transfer first to SCHMID Avaco Korea
                                            and subsequently to AVACO, are completed no later than January&nbsp;31, 2026. If such registration
                                            is not completed by January&nbsp;31, 2026, SCHMID hereby represents and warrants that Gebr.
                                            Schmid shall settle in cash, no later than February&nbsp;28, 2026, the items specified in
                                            Annex C to this Agreement and AVACO shall return the Subscribed Shares to SCHMID Avaco Korea,
                                            unless otherwise agreed by the Parties. SCHMID agrees to notify AVACO immediately following
                                            the registration of the Subscribed Shares in writing, that the Subscribed Shares are permitted
                                            to be traded on the Nasdaq Stock Exchange or another public securities exchange (the &quot;<B>Initial
                                            Trade Date</B>&quot;).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">2.7.</TD><TD STYLE="text-align: justify">Gebr. Schmid will
                                            settle the Outstanding Avaco Gebr. Schmid Claims to AVACO in cash following the filing of
                                            the Form&nbsp;20-F at the latest on November&nbsp;11, 2025.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Share Price Guarantee</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">3.1.</TD><TD STYLE="text-align: justify">If the closing price
                                            of the Subscribed Shares on the Initial Trade Date is less than USD 2.50 per share, SCHMID
                                            shall be required to pay to AVACO a cash compensation in an amount equal to the difference
                                            between USD 2.50 and the actual closing price per share, multiplied by the number of Subscribed
                                            Shares still held by AVACO as of the Initial Trade Date, in order to compensate AVACO for
                                            any potential lower market value of all Subscribed Shares transferred to AVACO.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">3.2.</TD><TD STYLE="text-align: justify">The share price guarantee
                                            set out in Section&nbsp;3.1 shall automatically terminate and be of no further force or effect
                                            in relation to such Subscribed Shares that AVACO has sold or otherwise disposed of in a private
                                            transaction prior to the Initial Trade Date.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><B>4.</B></TD><TD STYLE="text-align: justify"><B>Acknowledgment
                                            of Delayed Registration and Waiver of Liability</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">4.1.</TD><TD STYLE="text-align: justify">The Parties acknowledge
                                            that, due to the delay in the filing of the SCHMID Form&nbsp;20- F for the fiscal year ended
                                            December&nbsp;31, 2024, SCHMID is not able to file a registration statement on Form&nbsp;F-1
                                            or F-3 to register the Subscribed Shares before the filing of its Form&nbsp;20-F, which is
                                            expected to lead to a substantial delay in the registration of the Subscribed Shares. For
                                            the avoidance of doubt, nothing in this Section&nbsp;4.1 shall amend, waive, or otherwise
                                            affect any deadlines for registration or cash payment expressly set forth in other sections
                                            of this Agreement.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">4.2.</TD><TD STYLE="text-align: justify">Under SEC Rule&nbsp;10b-5
                                            (&quot;<B>Rule&nbsp;10b-5</B>&quot;), a company may not omit any material information when
                                            dealing with investors. Since SCHMID is late in filing its Form&nbsp;20-F, SCHMID's publicly
                                            available information is non-current. AVACO agrees to waive any claims based on such non-current
                                            disclosure status that it may assert against SCHMID or SCHMID Avaco Korea and expressly acknowledges
                                            that it purchases the Subscribed Shares from SCHMID Avaco Korea based on the currently available
                                            public information about SCHMID.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><B>5.</B></TD><TD STYLE="text-align: justify"><B>Miscellaneous</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">5.1.</TD><TD STYLE="text-align: justify">This Agreement and
                                            all claims or causes of action based upon, arising out of, or related to this Agreement or
                                            the Transaction shall be governed by and construed in accordance with the Laws of Germany
                                            without regard to the conflict of laws principles thereof. The exclusive place of jurisdiction
                                            for all disputes under or in connection with this Agreement is Stuttgart.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">5.2.</TD><TD STYLE="text-align: justify">This Agreement may
                                            be executed in counterparts (including by means of facsimile or scanned and emailed signature
                                            pages), any one of which need not contain the signatures of more than one Party, but all
                                            such counterparts taken together shall constitute one and the same agreement.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>[Signature pages&nbsp;follow]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SCHMID Group
    N.V.</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Christian Schmid</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christian Schmid</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CEO</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AVACO Co.,&nbsp;Ltd.</B></FONT></TD>
    <TD ROWSPAN="6"><IMG SRC="tm2531204d1_ex10-2img04.jpg" ALT=""></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    AVACO Co.,&nbsp;Ltd</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AVACO Co.,&nbsp;Ltd</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CEO</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SCHMID Avaco
    Korea Co.,&nbsp;Ltd.</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Byungjoo AN</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 45%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Byungjoo AN</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CEO</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Gebr. Schmid
    GmbH</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Julia Natterer</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Julia Natterer</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CFO</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ANNEX A - Outstanding
Avaco Korea Claims</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[Redacted]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ANNEX B - Outstanding
Avaco Gebr. Schmid Claims</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[Redacted]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ANNEX C &#8212; Alternative
Set-off Amount</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Alternative Set-off Amount
corresponds to the following items</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[Redacted]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 7; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>6
<FILENAME>tm2531204d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="tm2531204d1_ex99-1img001.jpg" ALT="">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SCHMID Group N.V. Receives Notice of Delisting or Failure to Satisfy
a Continued Listing Rule or Standard</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt"><B>Freudenstadt,
Germany, November 17, 2025 &nbsp;--</B></FONT> On November 12, 2025, SCHMID Group N.V. (&quot;SCHMID&quot; or the &ldquo;Company&rdquo;)
received a staff determination letter (the &ldquo;Determination Letter&rdquo;) from the staff of the Listing Qualifications Department
of The Nasdaq Stock Market LLC (&ldquo;Nasdaq&rdquo;). The Determination Letter notified that, based upon the Company&rsquo;s non-compliance
with the filing requirement set forth in Nasdaq Listing Rule 5250(c)(1) as of November 12, 2025, the staff had determined to delist the
Company&rsquo;s ordinary shares and warrants from Nasdaq unless the Company timely appeals the staff&rsquo;s determination before the
Nasdaq Hearings Panel (the &ldquo;Panel&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The Company intends to timely appeal the
determination by Nasdaq pursuant to the procedures set forth in the Nasdaq Listing Rules. The Listing Rules also provide that a
request for a hearing will stay the suspension of the listing of Company&rsquo;s ordinary shares and warrants for a period of 15
days from the date of the request. Further, the Listing Rules provide that, in its hearing request, the Company may request that the
stay remain in effect through the hearing and the expiration of any additional extension period granted by the Panel following the
hearing. Accordingly, the Company intends to make such an extended stay request. If granted, the Company&rsquo;s ordinary shares and
warrants will continue to be listed and trade on The Nasdaq Capital Market under the symbol &ldquo;SHMD,&rdquo; respectively, for
the stay period granted by the Panel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The Company is diligently working to complete
and file the Annual Report on Form 20-F for the year ended December 31, 2024 (the &ldquo;2024 Annual Report&rdquo;), with the Securities
and Exchange Commission (the &ldquo;SEC&rdquo;) as soon as practicable. There can be no assurance, however, that the Company&rsquo;s requests
for a further stay of any suspension action by Nasdaq and the continued listing of its ordinary shares and warrants will be granted by
the Panel, or that the Company will be able to evidence compliance with all applicable requirements for continued listing on The Nasdaq
Capital Market should the Panel grant the Company an extension to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The receipt of the Determination Letter does
not affect the Company&rsquo;s business, operations or reporting requirements with the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Forward-looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This press release contains forward-looking statements within the meaning
of the &ldquo;safe harbor&rdquo; provisions of the Private Securities Litigation Reform Act of 1995. Words such as &ldquo;expect,&rdquo;
 &ldquo;estimate,&rdquo; &ldquo;project,&rdquo; &ldquo;budget,&rdquo; &ldquo;forecast,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;intend,&rdquo;
 &ldquo;plan,&rdquo; &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;could,&rdquo; &ldquo;should,&rdquo; &ldquo;believes,&rdquo; &ldquo;predicts,&rdquo;
 &ldquo;potential,&rdquo; &ldquo;continue,&rdquo; and similar expressions are intended to identify such forward-looking statements. These
forward-looking statements include statements regarding our financial outlook, our expectations with respect to future performance and
the anticipated timing of certain commercial activities. There are a significant number of factors that could cause actual results to
differ materially from the statements made in this press release, including: geopolitical events including the Russian invasion of Ukraine,
macroeconomic trends including changes in inflation or interest rates or tariffs, or other events beyond our control on the overall economy,
our business and those of our customers and suppliers, including due to supply chain disruptions and expense increases; our limited operating
history as a public company; our current dependence on sales to a limited number of customers for most of our revenues; supply chain interruptions
and expense increases; unexpected delays in new product introductions; our ability to expand our operations and market share in Europe
and the U.S.; the effects of competition; and the risk that our technology could have undetected defects or errors. Additional risks and
uncertainties that could affect our financial results are included under &ldquo;Item 3. Key Information &ndash; 3.D. Risk Factors&rdquo;
in our annual report on Form 20-F filed with the SEC on May 15, 2024, which is available on the SEC&rsquo;s website at www.sec.gov. Additional
information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this
press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking
statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required
by applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><IMG SRC="tm2531204d1_ex99-1img002.jpg" ALT="" STYLE="width: 730px; height: 81px"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&nbsp;</B></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><IMG SRC="tm2531204d1_ex99-1img001.jpg" ALT=""><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>About  SCHMID </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SCHMID  is a global leader in providing solutions for the high-tech
industry in the fields of electronics, photovoltaics, glass, and energy systems. SCHMID N.V. and Gebr. SCHMID GmbH are headquartered
in Freudenstadt, Germany. Founded in 1864, the company currently employs over 800 people worldwide and operates technology centers and
production facilities at multiple locations, including Germany and China, along with several global sales and service locations. The
Group focuses on developing customized equipment and process solutions for a variety of industries, including electronics, renewable
energy, and energy storage. Our system and process solutions for the production of substrates, printed circuit boards, and other electronic
components ensure cutting-edge technology, high yields at low production costs, maximum efficiency, quality, and sustainability through
environmentally friendly manufacturing processes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">For more information about  SCHMID please visit: </FONT>www.schmid-group.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2531204d1_ex99-1img002.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>7
<FILENAME>tm2531204d1_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="tm2531204d1_ex99-2img001.jpg" ALT="">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SCHMID's update on positive developments in the market
leading to a positive outlook for 2026, while 2025 and 2024 remain transition years below expectations </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Freudenstadt, Germany, November 17, 2025</B> -- The financial year
2024 and the first quarter of 2025 continued to be marked by trade policy uncertainties that made investment decisions of our customers
hesitant. The market relevant to SCHMID's products and services recorded a significant recovery in the second quarter of 2025. Driven
by technologically sophisticated products in the areas of advanced packaging, AI servers, and military &amp; space applications, we expect
significantly higher sales growth for 2026 compared to the financial years 2024 and 2025. Our expectations are supported by a healthy
order backlog of more than EUR 53 million as of mid-November 2025 in contracted orders only in the machinery segment (not accounting for
orders in our services segment).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Update on 2024 Unaudited, Preliminary Financial Results</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The financial year 2024 was affected by a significant weakness in
demand in China for SCHMID, which was largely caused by increasing trade conflicts. This development caused SCHMID sales to only
amount to approximately &euro;61 million in 2024 and adjusted EBITDA of approximately &euro;0 million in 2024. The (unadjusted)
EBITDA, a non-IFRS financial measure (fur further detail on "Non-IFRS Financial Measures" see section below), for the financial year
2024 was impacted by several special effects: On the one hand, an IFRS2 accounting charge was determined as previously disclosed by
SCHMID due to the de-SPAC process with such IFRS2 charge amounting to approximately &euro;-71.7 million. In addition, additional
costs of approximately &euro;6.7 million in relation to the listing on the Nasdaq and the related de-SPAC transaction impacted our
EBITDA in 2024. On the other hand,&#8239;the Company currently expects a gain from the initial consolidation effect from our battery
division (our energy storage business) to be re-recognized on the balance sheet in 2024 with an additional deconsolidation effect of
the sale of the majority stake of the battery division to a Turkish joint venture partner in the same year; the total effect of this
transaction is approximately a positive effect of up to &euro;22.3 million. Taken together, this results in a preliminary,
unadjusted EBITDA of approximately &euro;-56 million for the financial year 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The financial figures for 2024 are preliminary and unaudited
and are subject to&#8239;potentially significant change based on the completion of the audit for the financial year 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Adjusted Outlook for 2025 and Update on Financial Status of SCHMID</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The delayed recovery of the market, which SCHMID has only seen impacting
its order books since the middle of the second quarter of 2025, is reflected in our expected results for 2025. We now expect sales to
be notably higher than 2024 within a range of &euro;72 million to &euro;77 million for the full financial year of 2025 but lower
than our guidance published in December 2024. Our unadjusted EBITDA for the full financial year 2025 is expected to amount to approximately
15% of our sales in line with our guidance published in December 2024. The now expected sales and EBITDA figures for 2025 were impacted
by the wait-and-see attitude of our customers at the beginning of 2025 which meant that our expected sales could no longer be achieved
due to order lead times. Our EBITDA for the financial year 2025 is positively influenced by currency effects and a one-time effect of
 &euro;5 million from a waiver by our majority shareholders in relation to &euro;5 million financial liabilities to our majority shareholders
on our balance sheet dating back to 2016 for no consideration or compensation in September 2025. This waiver was part of the restructuring
of the SCHMID's financial liabilities as detailed below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SCHMID  has been in discussions with investors about a potential
equity or debt investment into SCHMID  in 2025. During the summer of 2025, SCHMID  and a potential equity investor had detailed
discussions about an investment into SCHMID. However, as this planned investment by the equity investor in SCHMID  was halted
as a result of an unexpected intervention of the equity investor's national regulator in September 2025, SCHMID initiated a broader financing
process with several investors in the third quarter of 2025, which will lead to a significant reduction in financial liabilities totaling
over &euro;30 million. This reduction relates to (a) the issuance of SCHMID Group N.V. shares to XJ Harbour HK Limited at a share price
of USD 2.15 per share for more than USD 26 million (i.e. a debt-to-equity swap), (b) the issuance and then transfer of SCHMID Group N.V.
shares to a Korean creditor at USD 2.50 per share (i.e. also a debt-to-equity swap) and (c) the waiver of &euro;5 million of financial
liabilities by our majority shareholders for no consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2531204d1_ex99-2img002.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2531204d1_ex99-2img001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition to the successful completion of these transactions lowering
our financial indebtedness by over &euro;30 million, a financing package of at least a double-digit million amount for the next 24 months
is currently being negotiated with several debt investors and is expected to be finalized within the next 2-4 weeks. With this financial
measure, SCHMID aims to achieve the necessary financial strength for further R&amp;D activities, cost coverage of accrued IPO costs, sufficient
working capital for its growth course, and strategic M&amp;A activities. Following finalization of any potential financing package, SCHMID intends to complete its 2024 financial statements and publish its annual
report for the financial year 2024 on Form 20-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&quot;Now that customers have adjusted to the new normal in mid-2025
following the uncertainties surrounding tariffs, we see our growth expectations confirmed. Our expanded product portfolio is specifically
geared toward the technological challenges posed by AI applications. At the same time, there is a trend toward volume expansion in high-tech
applications. This gives SCHMID opportunities for disproportionate growth. At the same time, cost reduction programs are being actively
pursued to ensure long-term success,&quot; said Christian Schmid, CEO of SCHMID.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Outlook for 2026</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the financial year 2026, we expect sales revenue of over EUR 100
million based on our current market expectations of double-digit growth compared to 2025 and based on our order intake status. Taking
into account this level of sales, we expect an Adjusted EBITDA margin of more than 12 % on sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Forward-looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This press release contains forward-looking statements within the meaning
of the &ldquo;safe harbor&rdquo; provisions of the Private Securities Litigation Reform Act of 1995. Words such as &ldquo;expect,&rdquo;
 &ldquo;estimate,&rdquo; &ldquo;project,&rdquo; &ldquo;budget,&rdquo; &ldquo;forecast,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;intend,&rdquo;
 &ldquo;plan,&rdquo; &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;could,&rdquo; &ldquo;should,&rdquo; &ldquo;believes,&rdquo; &ldquo;predicts,&rdquo;
 &ldquo;potential,&rdquo; &ldquo;continue,&rdquo; and similar expressions are intended to identify such forward-looking statements. These
forward-looking statements include statements regarding our financial outlook for 2025 and 2026, our expectations with respect to future
performance and the anticipated timing of certain commercial activities. There are a significant number of factors that could cause actual
results to differ materially from the statements made in this press release, including: geopolitical events including the Russian invasion
of Ukraine, macroeconomic trends including changes in inflation or interest rates or tariffs, or other events beyond our control on the
overall economy, our business and those of our customers and suppliers, including due to supply chain disruptions and expense increases;
our limited operating history as a public company; our current dependence on sales to a limited number of customers for most of our revenues;
supply chain interruptions and expense increases; unexpected delays in new product introductions; our ability to expand our operations
and market share in Europe and the U.S.; the effects of competition; and the risk that our technology could have undetected defects or
errors. Additional risks and uncertainties that could affect our financial results are included under &ldquo;Item 3. Key Information &ndash;
3.D. Risk Factors&rdquo; in our annual report on Form 20-F filed with the SEC on May 15, 2024, which is available on the SEC&rsquo;s website
at www.sec.gov. Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking
statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to
update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were
made, except as required by applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2531204d1_ex99-2img002.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2531204d1_ex99-2img001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Non-IFRS Financial Measures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition to our results determined in accordance with International
Financial Reporting Standards (&ldquo;IFRS&rdquo;), as issued by the International Accounting Standards Board (IASB), we review financial
measures that are not calculated and presented in accordance with IFRS (&ldquo;non-IFRS financial measures&rdquo;). We believe our non-IFRS
financial measures are useful in evaluating our operating performance. We use the following non-IFRS financial information, collectively,
to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-IFRS financial information,
when taken collectively, may be helpful to investors, because it provides consistency and comparability with past financial performance
and assists in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their IFRS or
US-GAAP results. The non-IFRS financial information is presented for supplemental informational purposes only, should not be considered
a substitute for financial information presented in accordance with IFRS, and may be different from similarly titled non-IFRS measures
used by other companies. A reconciliation of each historical non-IFRS financial measure to the most directly comparable financial measure
stated in accordance with IFRS is provided above. Reconciliations of forward- looking non-IFRS financial measures are not provided because
we are unable to provide such reconciliations without unreasonable effort due to the uncertainty regarding, and potential variability
of, certain items, such as stock-based compensation expense and other costs and expenses that may be incurred in the future. Investors
are encouraged to review the related IFRS financial measures and the reconciliation of these non-IFRS financial measures to their most
directly comparable IFRS financial measures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our non-IFRS financial measures include adjusted EBITDA defined
as Net income (loss) for the period before net finance result, depreciation, and amortization (including impairments), and special
items including the IFRS 2 expenses due to the business combination with Pegasus Digital Mobility Acquisition
Corporation.&#8239;(Unadjusted) EBITDA is also a non-IFRS financial measure, which the Company defines as earnings for the period
before interest, taxes, depreciation, and amortization. Our management team ordinarily excludes special items from its review of the
results of the ongoing operations. Special items may comprise significant asset impairments and write-offs, special accounting
charges and other items that we do not necessarily consider to be indicative of earnings from ongoing operating activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The financial figures for 2024 are preliminary and unaudited
and are subject to change based on the completion of the audit for the financial year 2024. The audited financial statements for the financial
year 2024 will be published in the Company's Form 20-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About  SCHMID</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> SCHMID is a world-leading global solutions provider for the
high-tech electronic, photovoltaics, glass, and energy systems industries, with its headquarters based in Freudenstadt, Germany. Founded
in 1864, today it employs more than 800 staff members worldwide, and has technology centers and manufacturing sites in multiple locations
including Germany and China, in addition to several sales and service locations globally. The Group focuses on developing customized equipment
and process solutions for multiple industries including electronics, renewables, and energy storage. Our system and process solutions
for the manufacture of substrates, printed circuit boards and other electrical components ensure the highest technology levels, high yields
with low production costs, maximized efficiency, quality, and sustainability in green production processes.</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="tm2531204d1_ex99-2img002.jpg" ALT="">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>tm2531204d1_ex10-1img01.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2531204d1_ex10-1img01.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" "( (L# 2(  A$! Q$!_\0
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M>M-T8/9V ]UHK@= \?LT@L_$%NUC== SKA6KNXIHYHP\;JZGD%3G-<TH2CN
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M FM.66[_ ,@)-5O+V^M?M6OW T^RS\ME'R\GL3Q2:5I%WXN\H7$!L=#A/[J
M=9<=,UMZ-X!CM[D7NL7;:C=]<RY(4^V:[)$"*%4  < "LY5%%6@!%:6L-E;1
MV\"!(XQA0*GHHKF **** "BBB@ HHHH *3 HHH I7NCZ=J*E;NS@FR/XT!K$
MD^'WAZ0Y%EY?_7-RO\J**N,Y1V8%<_#C1LG$EV,]A</_ (TZ/X;Z IS)%-+_
M +\S'^M%%5[:IW V++PSH^G@?9].MU(_B\L$_G6JJ*H 4 #T%%%9MM[L!U%%
,%( HHHH **** /_9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>tm2531204d1_ex10-2img01.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2531204d1_ex10-2img01.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" "$ ($# 2(  A$! Q$!_\0
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M@^71=?FCT_3XVQ'>SC+2 ?PJN1S[Y_"HBN?67W =-<>+_$%UJ#Z9;V5M93O
MUS#)*=^^,8X&#UY'ZU1NO%=]J_PVFO3/;17T#%+F$H#NP^W[IZ=C7)W_ (AT
M7[1!]B74=8NK>'RD9W"(%X'0*21P.].M[_5I;+RH/!$#6[G<5\MSN/J3FM53
M6FEA'4^(=8U*/2O#%K87:QF^:-&54Y)R/3MV.*Z*\\=V6DSIIUU^^O8XPTPA
M!"KZ>O/'2O,KS6YQ;6]MK'@\QV]NQ>/RV:,KZ]<UH6>IZ+K&L&\TK4(M/N+A
M%2>UOHO,C;&<8.Y3WH=--:K349Z?%#H7B_2$N_LT5Q!,,ARN&'X]17+W?AK5
M/#<4OV)3K&DM_K+*Y^9XU]4/!X_&LRZGN=+\16/AY-3_ +,TL6QF^T0C;YS\
M9 SG%6O!$NI>(?$EUJCWTAT^V8PJ5&!<X^4%OP&>.]9J+BF[Z 9FEW;Z!+)K
M7AN62\TK=B\L&),EL<\C'48->HZ)K=GKVFQWMG*'1N" >5/<'WKFO$WAZ?3I
M7UW0(5%R#FZML?+<)T8$>N/Y5REM?-X8OH?$6F!CH=VX6\MR?^/=\X;_ !H<
M555UO_6_Z >Q457L[N&^M8[FWD62*095E/!JQ7* 4444 (3CFO+[Z[AUWQ#?
M:M>'=IFCG9 G_/24G&?IQ77^-M4DTGPQ<SPDB9QY<>.NX]*X^RT+RKC2M%E/
M^CV$1OK[GAWP  ?7JQ_"NBDK)R?]=_\ (#J_"FCR0I)K-\ =2OAOD_V%/(3\
M!@?A5#QSX4M;S2FO[2,6]_9GSX9(UY+ YQ^)_G766-[!?6$5Y 3Y,J"121CY
M2,BN8\5^-;+2_"T]_9R^9)(7@@*C_EH"5/Y'^51&4W.ZW X#6];N[233[K5@
M+W70H^R6D8^2 YX=O5L_R%:VB_#2^U^1=4\7W;S2,,K;ACE1Z$]OI5WX<>#G
M"GQ%K2":_N&WQ>:=Q0>O/?\ ^M7IN*UJ5>7W8?>!F:3X?TO1(A'I]G%#\NTE
M5 )'O6EBEHKE>NX#2H(P1P:X[Q!\--#UTM*(1:W+?\M8AU/N.]=G13C)QUBP
M/!-6M]9\&1-I.LPC4]$<80]-H_V2?NFO3_A^-&3PU"NBS2O;D[MLK99">2#7
M0ZAI]MJ=G):W<*2PR#!5QD5XF%O?A?XX2-9&;3+IL8!X9">,^XX_6NI/VT6M
MG^8'NQY%>8>)=,70-?>23YM#UHB"[3M$[?+O_4?E7HIU&V6S6Z:51&T?F+SR
MPQG@=^*Y;4M9T;Q?H?\ 9T&Z4Z@)(H6,?^K=1]XYZ8//X5C3;3\@,KP!=2Z!
MJ]WX5O)0ZH?-M7Z;U/I^0KTG.:\-OFOO[!LM68L-3T.X-O<.3\S+P02?3K7M
M-A=QWUC!<Q$%)4#*1Z&KKQVD!9HHHKG X3QI(;_Q-H.CY)B:1IIE[$#;C^M4
MSJUO;Z?K.L3Y9;VZ^RIG.2JENF.<8J75)-WQ/R<$6^FF0#T)8_X5)X1;2T\+
MZ6NH-$))(VN4\XX ' )YX_BKK>D$O3]6!S$?B&\OM)?0=(OX+6TA=XQ=R2#<
MT>XB-5!^;.-HZ9JB--DU'QUHWAH$2V>GJDDP[,Q_>,3]<D<UU5YI?@^Y\3:8
MVFSVGVI[AI'6"7?NPC-R <#D U1^'$:ZAXW\1:I+DS+*8E] !Q_*K<DHMQ5O
M\V!ZK'&L4:H@ 51@ =J=117" 4444 %%%% !7&?$GP]'K?A:>01@W5K^]B8=
M1CK^A-=G4-U$)K.:)N0\;*?Q%5%N+30'BMEK%UKG@.P6"T^TWVGRE&E,IC$*
M '#'! (P0.<BJ6C/>"]\F2>>/8//Q9A3(4R<E1@DC@].M6OAO:6]SXD\0Z!<
M@M:3>8A0-@D!\?TKURR\-:3I]S%<VUFB3Q1"%),DD)SQ^IKLG55.\;;@<7<V
MT<WBG4M.$9\C5M/60+("I:0%@3@\@\BM7X7ZC)>^$HHIF!DMF,7'8#I5?Q9(
MMI\0?#$NWF;S8B<X[I_C57X8R^5J&O6*_<BNACV^]_A4/WJ5_1_H(](HHHKD
M&>>ZDO\ Q<BY4C_6:81^IK+L+;1[GPKX=FUF?RH4MFC0,,*6(4\G\#Q6SXD/
MV/X@:'<,"$N4> D?5>OYU6T7P[!KFE#2M1;>NEZ@^^(KD.!N5179S6C%^2_5
M 86F3^%HKG2Q9O%_:8NY4'E'G:5< GVQBK_PFD$6K>(;1B#(+IW)'IG%=6W@
M#0$EMY;6RCMY8)!('C4 G'8FN'T&3_A'OC)?V$B>7%?'Y?3E=W\Z.93C)+\0
M/8:***XP"BBB@ HHHH *;(=L;-Z FG5D^)-2BTKP]?7<S85(B!]3P/YTTKNP
M'E/PT!F^)VM2J,*'G)'U<U[97AO@:^D\-6D.HR1;I]8O%B3=T52W))_ U[7)
M=0PB,RR*GF,%7)ZD\ 5OB$^8#B/&H,OC7PE&%!VS2L?I\E4OAH?,USQ%(,8-
MT#_Z'6AJSQS_ !(MY'(,6G632N?[I8\?^@FJ_P )86_L.ZO&'%S-N!/4XSU_
M.K3M2?HOS$>AT445R#..^(MDSZ%'J,*DW%A)YR$>G?\ D*JZ%J<$?BTS1MMM
M=;MEN(C_ --%QD?7YS^5=I=VT=Y;26\RAHY%*L#W%>66NGW$-M=Z('VZAH\W
MVFR8]7CY!'TP1733M*'*^G]?F!Z9>:M9V%S;V]S.(Y+@E8P0<$@$]>@X!ZUY
M;XZ>WU;5Y]3TAP-4T9D=MI!\U!ALC'7&3GZ&NVO+.U\=>%8F$AAD=0ZNAPT3
MCJ,]1SD'\:X^>.+1M3ATKP_IOVB]M%+W\S@[)%*_,I+>H/'UHHI)^8'=>$?$
MMMXFT.*\A8>:/DE3NK"N@KQ&UFN_#CGQ5X<C:32)GVWEG]XQL#\WTX.<UZCX
M;\6:7XFLA-97"F0 >9"3\Z'W%14IV=X[ ;M%%%8@%%%,>1(U+.P51U). * '
M$X%>1?$76)?$FMVOA?3)-\8D#W#(>..Q^F3^5:'C+XE)&[:/H'^E7LN4,L8W
M*OT]36#+X1U;PKX1?4$$LNHW3*+F2,;I(HSRV/?.,GZUUTJ?+:4M^@$S/K6H
MQSZ)I6E1R:=9E4ANG4*5:,@LP)Y/SJ:WO#FF7.IW%MK>J:P;R&T!+0DD+'(N
M><=,C -=!X,U/2KKPW91V5VKX785D8>9OY+9'KU-9.L6PTW3T\,Z:^;O4Y7,
MK#JD;'YF/IQG\J.=MN%K?UJ!S.H:R7T+6-9",;C5IOLMNO?RU!Y'XM7IOAK2
MAHV@VED%"E(QOQ_>QS7#Z?IUMXA\50V5NH_LG1% &S[KR$\\]^@KT\# J:S2
M2BO7_+\ "BBBN8 KC?&FAW#R6VN:7E;VT.9 /^6D>.0?TKLJ1E# @C((Q50F
MX.Z \XTS58]-D7Q!8LTFBWG-W"O)MI2>3]-V1^-;^NZ(FNZ<;C3'$<EUY:RR
MQG!DAW#(S],UC:WH=SX8O)M7TB#S[.X)^V66."#U8?C4>E:G+IL2:CI#-=:*
MS9GL\?O+8_Q8]0#SCBNEQO[\7_79_P!:@+>?VA8:Q!X4\.06<$ M_/F>YC:0
M,22,<,/[M<W:^&H=?L9M5T"4Z/J5K*4G3?F(GU&?Q[FO19++2/%0COK>YD2=
M5V":!]KJ/[I_.N:\2>$ETNPTRWTRPENM.CN#)>P*V7EX&"?7O^=*$];;,#,M
M_$WCWP^B_P!HZ<FHVHPOFQ*23[[AQ^E:<'Q=M&BG^TZ7<0W$0SY1;EN>>W;^
ME1>%;BUA\3ZS?Q9L-&@C$1A8;0LA8<D>O!_.G6D^HZK?Z\VGZL"EKDP>9'O'
M0$XY'J15R46WS1_0"I)\6=1U!S!HOAZ>64CY2<N,_0 5E:G:>,=<0RZ_J":9
M9A2YB'RG:.I"DY_6K.@ZSJUY?Z29]3GC\Z=H)DV81\$C &>OO_A5Z2PN_#7C
MUX[9XW74(QY4]USL.3D>_4>E590;44K@6OA]8Z%]IF33]-E=[?B2\N3\Q;TV
MXX[UZ0\:.A1E#*1@@UYE86VH:!XXGN(%?4([F'-Q]FBV@.3UQDX[UU^M^+++
M1U$.3/?2<1VT9^9C[^E<]5.4TUK<#"N=+TWP9J%_KK(IDG8+9VL61\Y & ,\
MDG/YUC7D]W #$Q#>)]6&T  XMXFX _+)I;^[N;6\CO[_ /TWQ%/D6=@O*6V>
MA/J0/I75>$_"YL,ZIJ;>?J\_S22$?<_V1^%:WY%S2=_U_P" !H^&- A\/:3'
M:QDM(?FED/5F-;=%%<C;;NP"BBBD 4444 !&17'ZOX3FAU!]8T*86]X/F:'H
MDOL?K784549.+T \G\ZWN-1+W0G\.:R"%,L8_=2^F<=?QKHAXAUG2XC_ &E9
M)J$!&!<:>X8_BIQC]:ZN^TRSU&/R[NUBF7_;0''T]*Y"\\ 302&;0M7NK%LY
M$7FL4_(YK?GA/?3^NX$'AN^\+6*7<*W4ZK<OOD@O4;AL\]<CJ:Z.TN?#=H[3
M6SV$3.,,R;5)'O7+#3/&<+,MY8Z7K"=!YB1@_J!5:6PU!G_??#^P8]]ABQ_Z
M%5."EK?\4!V"7OABQF:YC>PBE()+QJ-Q_*L'5]<\-7NHQ7+07>JRH-D<$<1:
M-3ZX; STY]JSXK/5PP^S> =-B;H&<Q<?^/5:CT#QI? J]_:Z5"1CR[9%!'X@
M?UH4(Q=V_P ?\M0)[K4]7N+'-Q+:Z#9!<$%]TV/8 <?G6#I4SW+RV?A*PE5Y
M2?.U.[&&;U(/).:ZNQ^'VGK*+C5IIM4N>/GN') _#I760V\-O$L4,21QKT5%
M  _"I]I".D5?^OQ YWPQX/M= +W,CFYU"7F6X?DDGT)KIJ**PE)R=V 4445(
K!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110!__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>tm2531204d1_ex10-2img04.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2531204d1_ex10-2img04.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !2 %$# 2(  A$! Q$!_\0
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MD#BEHJ3)MMW8F**6B@04444 !Z5&W0444">P#K0>M%%")0H^\*?1106%%%%
'!1110!__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>tm2531204d1_ex99-1img001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2531204d1_ex99-1img001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  L E,# 2(  A$! Q$!_\0
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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M7V(ZB@#2HK-^U7$>GJ[\SS-B-<=,]/TILEQ<FQ=UG"309$@V@[B/Y4 :E%4
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M3WY.:7[)&3-O!82@;@?88JQ10!3&GHJQ^6\D;HNP.I&2/0]J1M.C= #))O\
M,$ADR-Q(Z=JNT4 56LBRC=/*SJ=RN2,J?RH%BAW^:SS%UVDN1T]!BK5% %1+
M+:Z%YY9!&<JK$<'IZ5,D*I/)*,[I H/IQ4M% &7H@U40W/\ :I!D^T/Y. H_
M=9^7H?\ Z]:E%%)%2ES.]K!1113)"BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** ,S6-&35XD5IY8BF2I0*>3ZY!_I7.-X$N23_Q-86'^U9
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G+M^+&NGL=/M-,M$M;*W2"!.B(,#Z^Y]ZM44G)O<I12V"BBBI&?_9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>tm2531204d1_ex99-1img002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2531204d1_ex99-1img002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !1 MH# 2(  A$! Q$!_\0
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MRREO+R9(;:)=SR.< "LZ#Q7HD^G7.H)J4 M;8XG=\H8CV#*<$9R,<<]JJ>(
M^L^#I\Z-<3F=%+6+R"&8#(/!Y <8R!GJ.M<-;Z)XFELKMGM[Z\LK:^M+NV34
M!&MW<+&<NC$'GVW'M4QC%K4<IM/0[Z/QKX?DL+J]&I1B"UV^>61E,>XX4E2,
MX)/7%6[WQ'I6GW,EO=WB131VIO'4@\0@X+].F:XKQ>=3\4>%-;AM/#=U;NT<
M"Q23A5GF(E#,H49^50,Y)]>*R]6\&ZO:ZSJGD2ZGJL4_AZ6!)KMP["4OQ$I
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M)M1BAF:/<SHQ,3"Y17"L5"C]VQX4$8&<GDT >@4UW6-2SL%4=23@"O/=5O\
M6]/ADB@;4YI;665K9MK-YRJRD*VU?G^4L,L1QS\QY#[W4]174?(AGU(W+R7(
MEB:(^3A0WE["1S\N#\I/^USB@#T&F2RI#&TDKJD: LS,<!0.I)KC)FU:UM([
MDW.I.9XW:Y 7<T:K-&/D7'#>67Q@9/N<5)%<27OA#Q&D<E[<H@EBMQ<1MYI7
MR5(&TC<>2<9&3F@#J8-0L[J'SK>ZAEBW!=\<@89/&,@]:LYS7&RW)U+6$U/2
MK.ZBB4103S26KPF8FXB(&UP&8*@DR<8&[@]<8\<VN6VD:8US>:G]HGM!*&V2
M.WVC@;2JJ< #;@-@'+$G/( /22P R>E+UK@[]IKNUU2"6;5VO-LQFBC1Q$J*
M^4*'&"2H&-A).3GV);[6-]^(Y+_[>JW)$8B8PK $8PLAVX+D^7WW9+ CC@ [
MRFNZQQM([!4499B< #U-<=*]U8>($MC=:I<1!2/^6APA0DMPI1^<]U8' &1@
M'9UQ&ET&-TCEGCCE@FDCVDN\:NK-\O4G SMQSC&.: -&WU"SNT#VUU#,A;8&
MCD# MC..#UQ4[R+&,NP4$@9)QR3@?K7)W!@UW4+*:RBO;>,7(66Z6)H7<"&;
MCYAN &X#=CJV <BJUF-:DDDFN+B^/D2VD<<97 8&11(QX^8[1D]AR>* .V)
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M;JQBA1)6"7L1=';Y<'[RC(&>,Y.3@<5BW,\*W>FZC;*8[W"_:+&,L+C!AX0
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M%D3*/WXAE+%H1*P0%OO$#/?)/U)-66TVV:Y%P8SYGG";.X_?";,_]\G%7**
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M07%E;A4,K1+(@VC&XDX..AR3Z'-8T'A2[CGNYVO$9KF4R%3N;;F#RL;F))/
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MR$ 6,QXR5#=<X/4\'TJW:MJ>JK<3V5^EE;Q2-#!%Y ?)0[27)YP2#P,<=Z+
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M,>Y+E+L>B+>VI68BXA(A.)3O'[L_[7I^-59-<L%O(+9IXQY\1ECD+C8PW*N
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M%/ Z<J:326S!-MZHUJ***DL**** "BBB@ HHHH **** "BBB@ HHHH ****
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MY\>T\ [Q4@E0J&# @G&<T /HIGFIM#;A@]#GK3@P+$ \CDB@!:*** "BBB@
MHQQ110!RDWAVWDO?L N[N&)X29$20;;A"[%E(QQ@MU&,AJ75]&B@NC/!=WMI
M%=-LG2WE"HS8^7((^4MTR,=JVM3LWG1+BW.V[@):(YP&]5/L?_K]JQ;BZ%S;
M7EU<&9HU*JEON')X'EE>H;=W^A%- :-DTMC91VUMI)BBBPJ()!C'//Y^OK4,
M-J4U.[NSISR27*JKO)(#A0OW!Z#.?Q)JO;:A>VB1Q;HY7,7FM!/(5=%]=Y&"
M/]X ^M6GUFY:-##9Q O@!Y+I-O/3[N2<T 8C:1%:*/MYOQIR.#%8R7 >,O\
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
-HH **** "BBB@#__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>13
<FILENAME>tm2531204d1_ex99-2img001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2531204d1_ex99-2img001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  D E4# 2(  A$! Q$!_\0
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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MVRNYH_(P.G]ZK%O]KG"7/VA51\-Y6S(V_7UJ2"R,&P"XF*J,!&(Q_*A+'RR
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80 4444 %%%% !1110 4444 %%%% '__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>14
<FILENAME>tm2531204d1_ex99-2img002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2531204d1_ex99-2img002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !1 MP# 2(  A$! Q$!_\0
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MRREO+R9(;:)=SR.< "LZ#Q7HD^G7.H)J4 M;8XG=\H8CV#*<$9R,<<]JJ>(
M^L^#I\Z-<3F=%+6+R"&8#(/!Y <8R!GJ.M<-;Z)XFELKMGM[Z\LK:^M+NV34
M!&MW<+&<NC$'GVW'M4QC%K4<IM/0[Z/QKX?DL+J]&I1B"UV^>61E,>XX4E2,
MX)/7%6[WQ'I6GW,EO=WB131VIO'4@\0@X+].F:XKQ>=3\4>%-;AM/#=U;NT<
M"Q23A5GF(E#,H49^50,Y)]>*R]6\&ZO:ZSJGD2ZGJL4_AZ6!)KMP["4OQ$I
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M)M1BAF:/<SHQ,3"Y17"L5"C]VQX4$8&<GDT >@4UW6-2SL%4=23@"O/=5O\
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MCYAN &X#=CJV <BJUF-:DDDFN+B^/D2VD<<97 8&11(QX^8[1D]AR>* .V)
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M;JQBA1)6"7L1=';Y<'[RC(&>,Y.3@<5BW,\*W>FZC;*8[W"_:+&,L+C!AX0
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M%D3*/WXAE+%H1*P0%OO$#/?)/U)-66TVV:Y%P8SYGG";.X_?";,_]\G%7**
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M07%E;A4,K1+(@VC&XDX..AR3Z'-8T'A2[CGNYVO$9KF4R%3N;;F#RL;F))/
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MR$ 6,QXR5#=<X/4\'TJW:MJ>JK<3V5^EE;Q2-#!%Y ?)0[27)YP2#P,<=Z+
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M,>Y+E+L>B+>VI68BXA(A.)3O'[L_[7I^-59-<L%O(+9IXQY\1ECD+C8PW*N
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M%/ Z<J:326S!-MZHUJ***DL**** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "D)P,FEJ.>)9H7B?.QU*M@D'!&.HH XW3/'4$TE]--(D
MD3*);2&+!<+Y@B /NQ:-N>GF8_AK;?6[Q;H68TIFNQ&TSHLZ[=@( VL>I/8$
M#H<D<$V+O3]+O(X;:>.)EC0K&@;&%(QQ@],8_$ ]0#4+^']-D;YDE,H5@S_:
M)-[*V,AFW98':.#QQ0!1N_&<-K9W%\;.1K.*6>!9 XW/)%NWC;V'R/@Y[=.1
M5RZU]H;_ .PP6;33^<T0S(%7B)9"2>>S8Z=:=)X=TBX$N^V#QW&\M'YC>62X
M(9@N< D$Y(&>3ZFGVVE:9;7>8\M<AS(3).SN6*!,G<2?N@#\* *^@:Y-K-WJ
M(,*1VT#0^0P;YF5X4D^8>OS54TWQ-<3Z;:S26?F96WCEE\P+F25$887'3+@'
MTSWK6L++3+">06>Q)'5$=%D)SL7:O&>H  SUP!1!I6FQ6@ABB40*\;X#D@&,
M*%.<]@B_E0!BZ/XCNQH\%Q>PM,!Y2SS;U&'E"LH50!E1YBC)Y^N":?#XQEGT
MJ+45TB4PO9QWNT3+N$3]/;=U.,XP.O:M/_A']+B"L(F5$"?)YSA#L4*I*YVD
M@ <D9X'H*='I&F16,=FL*K;_ &9+5$WG_5*/E7.><#\: *5[XK2PMC)/; 2(
MTBR1K+D_( 3M&,MPP/0 =R.,U&\536]Q/]LM]H6>6"&.$[O,(DAC3).,$M*/
M;D^E:UWHFF7\D@FB+,P<2!9F4D.%W X/0[5X]J630=+N))WDMPYE+;_G;@DH
M21S\IS&AR,$$9ZT 9T_BYH+R:S.FNUQ;PRS3@3#8BQA"<'')*R*1P.^<5T'G
M-LE=HR%7E"#DN, YQVYR/PK.31-*3S)O+W,\4D,DKRLQ97QN!8GG[JCVP!Q6
MBD21;RI;#D$[F) . ,#/3H.G?ZT <WH^IWMSH]MXFNK]1975K]J:R\M<0ILW
M@*V-Q8#@Y)!YP!5EO$TRZBFF-IC#4'\MEC,PV;'60@EL<8\IP1CKC&<U<BT/
M3(I<)#D#<5A,C&--P()6,G:N02.!W/J:6WT73+.Z66.,FY&"'DE9WPJLH&6)
M. '?CI\Q/4T 48?%,DXM%33'\R\6)X$,R_==78%CT&!&<@9Z\9Z4S_A,$2',
MUC(DKJIAC#[R^9/+.< XP>>,\<]>*U(M.TZ)H)8T7-HJQQL')V!590.O8.PY
M]:CET;2Y @:+!V[$99&4@;]_!!SG< <T 5;'Q++J,K1P::\;1H7E:XD\M1\S
M*,<9(.W.<#CT/%58O$]X\LUQ_9Q-HEFMT<2C&S=(-P)&3N500,#@<D5J2:!I
MKV<]M)$[17"".4M,^YQN+8+9SR6/?G.*C?P]I<DA#B9G\KRFS=29:/).T_-R
MN2>#ZT 4Y?&,,=Y/;K;>:8RRKY4H8EE95VMQA3\P.,DXZ@4VZ\4M::K%:W%N
M4?,D)B0[P\N8"GSX&!B;DG'X\9O#0])W^>4)"NS#,[%$+,&; S@98 U8GTK3
MYGGFE@5C.CK*Q8\AE0'](T_*@"AXAUJXTBYM1'%O22&5GX^6/:4^=SU"*&8F
MA->^P:A;Z7<L+J9EP\Z8!+;&?)0<*I"D#)S[$<UJR6]K(\4LJJY$;1(6;.5;
M&1[YVBJ4/AK2;9X_*@9?+;>B><Y4$+L!VYQPIV^PP* ,5/%UTE_-+/:!+8V-
MM<)&6R(O,:7+.X!P,(H/! )ZXYK73Q$)+Q8A:'R&FC@$WF@Y=XQ(, =1AASG
MKTIYT?2I)R4RDR11PEHIV5E6/=M'![;V^N>:<^D:4ENMJ46%&=)(PDS(P95"
MJ5(((PJ@<?U- %'_ (22X_M"\*VA:SMU0.2X!4B:6)B/7_5@XXXJSI/B1-6N
M1&EI*D3QM+'*0V"H('.5 !.<@ G@'TJ9-)TNTMYX]@2.48E+R')!=GY).>6=
MC^-2VFG6=E(7MRZ]4"M,S(F3G"J3@<XX&.W:@#1HJ,S1J&+.H"]<GI3/MMM@
M'[1%@]]XH GHJ-YHXXS([A4')8G H>>*./S'D54_O$@"@"2BHVN(D*AY%4MT
M!(&:<74$ GD]J '45&MQ$[LB2*S+U ()%-%W;DMB>,[1D_,.* )J*@^V6VT-
MY\>T\ [Q4@E0J&# @G&<T /HIGFIM#;A@]#GK3@P+$ \CDB@!:*** "BBB@
MHQQ110!RDWAVWDO?L N[N&)X29$20;;A"[%E(QQ@MU&,AJ75]&B@NC/!=WMI
M%=-LG2WE"HS8^7((^4MTR,=JVM3LWG1+BW.V[@):(YP&]5/L?_K]JQ;BZ%S;
M7EU<&9HU*JEON')X'EE>H;=W^A%- :-DTMC91VUMI)BBBPJ()!C'//Y^OK4,
M-J4U.[NSISR27*JKO)(#A0OW!Z#.?Q)JO;:A>VB1Q;HY7,7FM!/(5=%]=Y&"
M/]X ^M6GUFY:-##9Q O@!Y+I-O/3[N2<T 8C:1%:*/MYOQIR.#%8R7 >,O\
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
-HH **** "BBB@#__V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
