Unassociated Document


    


    REGISTRATION
      RIGHTS AGREEMENT

    


    THIS
      REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is entered into as of the ____
      day of __________, 2008, by and among, ASM Acquisition Company Limited, a
      company organized under the laws of the Cayman Islands (the “Company”), and the
      undersigned parties listed under Investors on the signature page hereto (each,
      an “Investor” and collectively, the “Investors”).

    


    WHEREAS,
      the Investors currently hold all of the issued and outstanding securities of
      the
      Company; and

    


    WHEREAS,
      the Investors and the Company desire to enter into this Agreement to provide
      the
      Investors with certain rights relating to the registration of the Founders’
Shares and Founders’ Warrants included in the Founders’ Units, the Insider
      Warrants and the Ordinary Shares they may acquire upon exercise of the Founders’
Warrants and Insider Warrants (each as hereinafter defined);

    


    NOW,
      THEREFORE, in consideration of the mutual covenants and agreements set forth
      herein, and for other good and valuable consideration, the receipt and
      sufficiency of which are hereby acknowledged, the parties hereto agree as
      follows:

    


    1. DEFINITIONS.
      The following capitalized terms used herein have the following
      meanings:

    


    “Agreement”
      means this Agreement, as amended, restated, supplemented, or otherwise modified
      from time to time.

    


    “Commission”
      means the Securities and Exchange Commission, or any other federal agency then
      administering the Securities Act or the Exchange Act.

    


    “Company”
      is defined in the preamble to this Agreement.

    


    “Demand
      Registration” is defined in Section 2.1.1.

    


    “Demanding
      Holder” is defined in Section 2.1.1.

    


    “Exchange
      Act” means the Securities Exchange Act of 1934, as amended, and the rules and
      regulations of the Commission promulgated thereunder, all as the same shall
      be
      in effect at the time.

    


    “Form
      F-3” is defined in Section 2.3.

    


    “Founders’
      Shares” means the Ordinary Shares included in the Founders’ Units.

    


    “Founders’
      Units” means the Company’s units consisting of one Ordinary Share and one
      warrant to purchase one Ordinary Share, which units constitute all of the issued
      and outstanding securities of the Company prior to the IPO and Private
      Placement.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    “Founders’
      Warrants” means the warrants included in the Founders’ Units, each warrant to
      purchase one Ordinary Share for a purchase price of $7.50.

    


    “Indemnified
      Party” is defined in Section 4.3.

    


    “Indemnifying
      Party” is defined in Section 4.3.

    


    “Insider
      Warrants” means an aggregate of 4,550,000 warrants being purchased by certain of
      the Investors immediately prior to the closing of the IPO, each warrant to
      purchase one Ordinary Share for a purchase price of $7.50. 

    


    “Investor”
      is defined in the preamble to this Agreement.

    


    “Investor
      Indemnified Party” is defined in Section 4.1.

    


    “IPO”
      means the Company’s initial public offering of units (the “Public Units”), each
      Public Unit consisting of one Ordinary Share and one warrant (each a “Public
      Warrant”) exercisable into one Ordinary Share.

    


    “Maximum
      Number of Securities” is defined in Section 2.1.4.

    


    “Notices”
      is defined in Section 6.3.

    


    “Ordinary
      Shares” shall mean ordinary shares of the Company, par value $0.001 per
      share.

    


    “Piggy-Back
      Registration” is defined in Section 2.2.1.

    


    “Private
      Placement” means the private placement of 4,550,000 Insider Warrants to occur
      immediately prior to the closing of the IPO.

    


    “Register,”
      “registered” and “registration” mean a registration effected by preparing and
      filing a registration statement or similar document in compliance with the
      requirements of the Securities Act, and the applicable rules and regulations
      promulgated thereunder, and such registration statement becoming
      effective.

    


    “Registrable
      Securities” means (i) all of the Founders’ Shares and Founders’ Warrants (and
      underlying Ordinary Shares) owned or held by Investors prior to the consummation
      of the Company’s IPO and (ii) all of the Insider Warrants (and underlying
      Ordinary Shares) owned or held by Investors upon consummation of the Company’s
      IPO. Registrable Securities includes any warrants, Ordinary Shares or other
      securities of the Company issued as a dividend or other distribution with
      respect to or in exchange for or in replacement of such securities. As to any
      particular Registrable Securities, such securities shall cease to be Registrable
      Securities when: (a) a Registration Statement with respect to the sale of such
      securities shall have become effective under the Securities Act and such
      securities shall have been sold, transferred, disposed of or exchanged in
      accordance with such Registration Statement; (b) such securities shall have
      been
      otherwise transferred, new certificates for them not bearing a legend
      restricting further transfer shall have been delivered by the Company and
      subsequent public distribution of them shall not require registration under
      the
      Securities Act; (c) such securities shall have ceased to be outstanding, or
      (d)
      the Registrable Securities are salable without volume restrictions pursuant
      to
      Rule 144 in the opinion of counsel to the Company.

     

    
      
         

      

      
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    “Registration
      Statement” means a registration statement filed by the Company with the
      Commission in compliance with the Securities Act and the rules and regulations
      promulgated thereunder for a public offering and sale of securities of the
      Company (other than a registration statement on Form F-4 or Form S-8, or their
      successors, or any registration statement covering only securities proposed
      to
      be issued in exchange for securities or assets of another entity).

    


    “Release
      Date” means the earliest date on which any of the Founders’ Units, Founders’
Shares and Founders’ Warrants (and underlying Ordinary Shares) or Insider
      Warrants (and underlying Ordinary Shares) are disbursed from escrow pursuant
      to
      Section 3 of that certain Securities Escrow Agreement dated as of
      [____________], 2008 by and among the parties hereto and [___________], as
      escrow agent.

    


    “Repurchase
      Right” is defined in Section 6.10.1.

    


    “Securities
      Act” means the Securities Act of 1933, as amended, and the rules and regulations
      of the Commission promulgated thereunder, all as the same shall be in effect
      at
      the time.

    


    “Underwriter”
      means a securities dealer who purchases any Registrable Securities as principal
      in an underwritten offering and not as part of such dealer’s market-making
      activities.

    


    2. REGISTRATION
      RIGHTS.

    


    2.1 Demand
      Registration.

    


    2.1.1 Request
      for Registration.
      At any
      time and from time to time on or after the date that is three months prior
      to
      the Release Date
      with
      respect to all Registrable Securities,
      the
      holders of not less than a majority of the Registrable Securities held by the
      Investors or the permitted transferees of the Investors, may make a written
      demand for registration under the Securities Act of all or part of their
      Registrable Securities (a “Demand Registration”). Any demand for a Demand
      Registration shall specify the number of Registrable Securities proposed to
      be
      sold and the intended method(s) of distribution thereof. The Company will notify
      all holders of Registrable Securities of the demand, and each holder of
      Registrable Securities who wishes to include all or a portion of such holder’s
      Registrable Securities in the Demand Registration (each such holder including
      Registrable Securities in such registration, a “Demanding Holder”) shall so
      notify the Company within fifteen (15) days after the receipt by the holder
      of
      the notice from the Company. Upon any such request, the Demanding Holders shall
      be entitled to have their Registrable Securities included in the Demand
      Registration, subject to Section 2.1.4 and the provisos set forth in Section
      3.1.1. The Company shall not be obligated to effect more than an aggregate
      of
      two (2) Demand Registrations under this Section 2.1.1 in respect of Registrable
      Securities.

     

    
      
         

      

      
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    2.1.2 Effective
      Registration.
      A
      registration will not count as a Demand Registration until the Registration
      Statement filed with the Commission with respect to such Demand Registration
      has
      been declared effective and the Company has complied with all of its obligations
      under this Agreement with respect thereto; provided, however, that if, after
      such Registration Statement has been declared effective, the offering of
      Registrable Securities pursuant to a Demand Registration is interfered with
      by
      any stop order or injunction of the Commission or any other governmental agency
      or court, the Registration Statement with respect to such Demand Registration
      will be deemed not to have been declared effective, unless and until, (i) such
      stop order or injunction is removed, rescinded or otherwise terminated, and
      (ii)
      a majority-in-interest of the Demanding Holders thereafter elect to continue
      the
      offering; provided, further, that the Company shall not be obligated to file
      a
      second Registration Statement until a Registration Statement that has been
      filed
      is counted as a Demand Registration or is terminated or withdrawn.

    


    2.1.3 Underwritten
      Offering.
      If not
      less than a majority interest of the Demanding Holders so elect and such holders
      so advise the Company as part of their written demand for a Demand Registration,
      the offering of such Registrable Securities pursuant to such Demand Registration
      shall be in the form of an underwritten offering. In such event, the right
      of
      any holder to include its Registrable Securities in such registration shall
      be
      conditioned upon such holder’s participation in such underwriting and the
      inclusion of such holder’s Registrable Securities in the underwriting to the
      extent provided herein. All Demanding Holders proposing to distribute their
      securities through such underwriting shall enter into an underwriting agreement
      in customary form with the Underwriter or Underwriters selected for such
      underwriting by a majority-in-interest of the holders initiating the Demand
      Registration.

    


    2.1.4 Reduction
      of Offering.
      If the
      managing Underwriter or Underwriters for a Demand Registration that is to be
      an
      underwritten offering advises the Company and the Demanding Holders in writing
      that the dollar amount or number of Registrable Securities which the Demanding
      Holders desire to sell, taken together with all other Ordinary Shares or other
      securities which the Company desires to sell and the Ordinary Shares, if any,
      as
      to which registration has been requested pursuant to written contractual
      piggy-back registration rights held by other shareholders of the Company who
      desire to sell, exceeds the maximum dollar amount or maximum number of
      securities that can be sold in such offering without adversely affecting the
      proposed offering price, the timing, the distribution method, or the probability
      of success of such offering (such maximum dollar amount or maximum number of
      securities, as applicable, the “Maximum Number of Securities”), then the Company
      shall include in such registration: (i) first, the Registrable Securities as
      to
      which Demand Registration has been requested by the Demanding Holders (pro
      rata
      in accordance with the number of Registrable Securities which such Demanding
      Holder has requested be included in such registration, regardless of the number
      of Registrable Securities held by each Demanding Holder) that can be sold
      without exceeding the Maximum Number of Securities; (ii) second, to the extent
      that the Maximum Number of Securities has not been reached under the foregoing
      clause (i), the Ordinary Shares or other securities that the Company desires
      to
      sell that can be sold without exceeding the Maximum Number of Securities; (iii)
      third, to the extent that the Maximum Number of Securities has not been reached
      under the foregoing clauses (i) and (ii), the Ordinary Shares for the account
      of
      other persons that the Company is obligated to register pursuant to written
      contractual arrangements with such persons and that can be sold without
      exceeding the Maximum Number of Securities; and (v) fourth, to the extent that
      the Maximum Number of Securities have not been reached under the foregoing
      clauses (i), (ii), and (iii), the Ordinary Shares that other shareholders desire
      to sell that can be sold without exceeding the Maximum Number of
      Securities.

     

    
      
         

      

      
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    2.1.5 Withdrawal.
      If a
      majority-in-interest of the Demanding Holders disapprove of the terms of any
      underwriting or are not entitled to include all of their Registrable Securities
      in any offering, such majority-in-interest of the Demanding Holders may elect
      to
      withdraw from such offering by giving written notice to the Company and the
      Underwriter or Underwriters of their request to withdraw prior to the
      effectiveness of the Registration Statement filed with the Commission with
      respect to such Demand Registration. If the majority-in-interest of the
      Demanding Holders withdraws from a proposed offering relating to a Demand
      Registration, then such registration shall not count as a Demand
      Registration.

    


    2.2 Piggy-Back
      Registration.

    


    2.2.1 Piggy-Back
      Rights.
      If at
      any time on or after the Release Date the Company proposes to file a
      Registration Statement under the Securities Act with respect to an offering
      of
      equity securities, or securities or other obligations exercisable or
      exchangeable for, or convertible into, equity securities, by the Company for
      its
      own account or for security holders of the Company for their account (or by
      the
      Company and by security holders of the Company including, without limitation,
      pursuant to Section 2.1), other than a Registration Statement (i) filed in
      connection with any employee stock option or other benefit plan,
      (ii) for
      an exchange offer or offering of securities solely to the Company’s existing
      security holders, (iii) for an offering of debt that is convertible into equity
      securities of the Company or (iv) for a dividend reinvestment plan, then the
      Company shall (x) give written notice of such proposed filing to the holders
      of
Registrable
      Securities as soon as practicable but in no event less than ten (10) days before
      the anticipated filing date, which notice shall describe the amount
      and type
      of securities to be included in such offering, the intended method(s) of
      distribution, and the name of the proposed managing Underwriter or Underwriters,
      if any, of the offering, and (y) offer to the holders of Registrable Securities
      in such notice the opportunity to register the sale of such number of
      Registrable Securities as such holders may request in writing within five (5)
      days following receipt of such notice (a “Piggy-Back Registration”). The Company
      shall cause such Registrable Securities to be included in such registration
      and
      shall use its best efforts to cause the managing Underwriter or Underwriters
      of
      a proposed underwritten offering to permit the Registrable Securities requested
      to be included in a Piggy-Back Registration to be included on the same terms
      and
      conditions as any similar securities of the Company and to permit the sale
      or
      other disposition of such Registrable Securities in accordance with the intended
      method(s) of distribution thereof. All holders of Registrable Securities
      proposing to distribute their securities through a Piggy-Back Registration
      that
      involves an Underwriter or Underwriters shall enter into an underwriting
      agreement in customary form with the Underwriter or Underwriters selected for
      such Piggy-Back Registration.

     

    
      
         

      

      
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    2.2.2 Reduction
      of Offering.
      If the
      managing Underwriter or Underwriters for a Piggy-Back Registration that is
      to be
      an underwritten offering advises the Company and the holders of Registrable
      Securities in writing that the dollar amount or number of Ordinary Shares or
      other securities desired to be sold exceeds the Maximum Number of Securities,
      then the Company shall include in any such registration:

     

    (i) If
      the
      registration is undertaken for the Company’s account: (A) first, the Ordinary
      Shares or other securities that the Company desires to
      sell
      that can be sold without exceeding the Maximum Number of Securities; (B) second,
      to the extent that the Maximum Number of Securities has not been reached under
      the foregoing clause (A), the Ordinary Shares or other securities, if any,
      including the Registrable Securities, as to which registration has been
      requested pursuant to written contractual piggy-back registration rights of
      security holders (pro rata in accordance with the number of Ordinary Shares
      or
      other securities which each such person has actually requested to be included
      in
      such registration, regardless of the number of Ordinary Shares or other
      securities with respect to which such persons have the
      right
      to request such inclusion) that can be sold without exceeding the Maximum Number
      of Securities; and 

    


    (ii) If
      the
      registration is a “demand” registration
      undertaken at the demand of persons other than the holders of Registrable
      Securities pursuant to written contractual
      arrangements with such persons, (A) first, the registrable securities for the
      account of the demanding persons that can be sold without exceeding the Maximum
      Number of Securities; (B) second, to the extent that the Maximum Number of
      Securities has not been reached under the foregoing clause (A), the Ordinary
      Shares or other securities that the Company desires to sell that can be sold
      without exceeding the Maximum Number of Securities; and (C) third, to the extent
      that the Maximum Number of Shares has not been reached under the foregoing
      clauses (A) and (B), the Registrable Securities as to which registration has
      been requested under this Section 2.2 (pro rata in accordance with the number
      of
      shares of Registrable Securities held by each such holder); and (D) fourth,
      to
      the extent that the Maximum Number of Securities has not been reached under
      the
      foregoing clauses (A), (B) and (C), the Ordinary Shares or other securities,
      if
      any, as to which registration has been requested pursuant to written contractual
      piggy-back registration rights which other security holders desire to sell
      that
      can be sold without exceeding the Maximum Number of Securities.

    


    2.2.3 Withdrawal.
      Any
      holder of Registrable Securities may elect to withdraw such holder’s request for
      inclusion of Registrable Securities in any Piggy-Back Registration by giving
      written notice to the Company of such request to withdraw prior to the
      effectiveness of the Registration Statement. The Company may also elect to
      withdraw a registration statement at any time prior to the effectiveness of
      the
      Registration Statement. Notwithstanding any such withdrawal, the Company shall
      pay all expenses incurred by the holders of Registrable Securities in connection
      with such Piggy-Back Registration as provided in Section 3.3.

     

    2.3 Registrations
      on Form F-3.
      The
      holders of Registrable Securities may at any time and from time to time, request
      in writing that the Company register the resale of any or all of such
      Registrable Securities on Form F-3 or any similar short-form registration which
      may be available at such time (“Form F-3”); provided, however, that the Company
      shall not be obligated to effect such request through an underwritten offering.
      Upon receipt of such written request, the Company will promptly give written
      notice of the proposed registration to all other holders of Registrable
      Securities, and, as soon as practicable thereafter, effect the registration
      of
      all or such portion of such holder’s or holders’ Registrable Securities as are
      specified in such request, together with all or such portion of the Registrable
      Securities of any other holder or holders joining in such request as are
      specified in a written request given within fifteen (15) days after receipt
      of
      such written notice from the Company; provided, however, that the Company shall
      not be obligated to effect any such registration pursuant to this Section 2.3:
      (i) if Form F-3 is not available for such offering; or (ii) if the holders
      of
      the Registrable Securities, together with the holders of any other securities
      of
      the Company entitled to inclusion in such registration, propose to sell
      Registrable Securities and such other securities (if any) at any aggregate
      price
      to the public of less than $500,000. Registrations effected pursuant to this
      Section 2.3 shall not be counted as Demand Registrations effected pursuant
      to
      Section 2.1.

     

    
      
         

      

      
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    3. REGISTRATION
      PROCEDURES.

    


    3.1 Filings;
      Information.
      Whenever the Company is required to effect the registration of any Registrable
      Securities pursuant to Section 2, the Company shall use its commercially
      reasonable best efforts to effect the registration and sale of such Registrable
      Securities in accordance with the intended method(s) of distribution thereof
      as
      expeditiously as practicable; provided
      that,
      under
      no circumstances shall the Company effect registration of any Registrable
      Securities pursuant to Section 2 unless at the time of such registration, a
      registration statement relating to the Ordinary Shares issuable upon exercise
      of
      the Public Warrants sold in the IPO is effective and a current prospectus
      relating to such shares is available for use by the Public Warrant holders.
      In
      connection with any such request:

    


    3.1.1 Filing
      Registration Statement.
      The
      Company shall, as expeditiously as possible and in any event within sixty (60)
      days after receipt of a request for a Demand Registration pursuant to Section
      2.1, prepare and file with the Commission a Registration Statement on any form
      for which the Company then qualifies or which counsel for the Company shall
      deem
      appropriate and which form shall be available for the sale of all Registrable
      Securities to be registered thereunder in accordance with the intended method(s)
      of distribution thereof, and shall use its best efforts to cause such
      Registration Statement to become and remain effective for the period required
      by
      Section 3.1.3; provided, however, that the Company shall have the right to
      defer
      any Demand Registration for up to thirty (30) days, and any Piggy-Back
      Registration for such period as may be applicable to deferment of any demand
      registration to which such Piggy-Back Registration relates, in each case if
      the
      Company shall furnish to the holders a certificate signed by the Chief Executive
      Officer of the Company stating that, in the good faith judgment of the Board
      of
      Directors of the Company, it would be materially detrimental to the Company
      and
      its shareholders for such Registration Statement to be effected at such time;
      provided further, however, that the Company shall not have the right to exercise
      the right set forth in the immediately preceding proviso more than once in
      any
      365-day period in respect of a Demand Registration hereunder.

    


    3.1.2 Copies.
      The
      Company shall, prior to filing a Registration Statement or prospectus, or any
      amendment or supplement thereto, furnish without charge to the holders of
      Registrable Securities included in such registration, and such holders’ legal
      counsel, copies of such Registration Statement as proposed to be filed, each
      amendment and supplement to such Registration Statement (in each case including
      all exhibits thereto and documents incorporated by reference therein), the
      prospectus included in such Registration Statement (including each preliminary
      prospectus), and such other documents as the holders of Registrable Securities
      included in such registration or legal counsel for any such holders may request
      in order to facilitate the disposition of the Registrable Securities owned
      by
      such holders.

     

    
      
         

      

      
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    3.1.3 Amendments
      and Supplements.
      The
      Company shall prepare and file with the Commission such amendments, including
      post-effective amendments, and supplements to such Registration Statement and
      the prospectus used in connection therewith as may be necessary to keep such
      Registration Statement effective and in compliance with the provisions of the
      Securities Act until all Registrable Securities and other securities covered
      by
      such Registration Statement have been disposed of in accordance with the
      intended method(s) of distribution set forth in such Registration Statement
      (which period shall not exceed the sum of one hundred eighty (180) days plus
      any
      period during which any such disposition is interfered with by any stop order
      or
      injunction of the Commission or any governmental agency or court) or such
      securities have been withdrawn.

    


    3.1.4 Notification.
      After
      the filing of a Registration Statement, the Company shall promptly, and in
      no
      event more than two (2) business days after such filing, notify the holders
      of
      Registrable Securities included in such Registration Statement of such filing,
      and shall further notify such holders promptly and confirm such advice in
      writing in all events within two (2) business days of the occurrence of any
      of
      the following: (i) when such Registration Statement becomes effective; (ii)
      when
      any post-effective amendment to such Registration Statement becomes effective;
      (iii) the issuance or threatened issuance by the Commission of any stop order
      (and the Company shall use commercially reasonable efforts to take all actions
      required to prevent the entry of such stop order or to remove it if entered);
      and (iv) any request by the Commission for any amendment or supplement to such
      Registration Statement or any prospectus relating thereto or for additional
      information or of the occurrence of an event requiring the preparation of a
      supplement or amendment to such prospectus so that, as thereafter delivered
      to
      the purchasers of the securities covered by such Registration Statement, such
      prospectus will not contain an untrue statement of a material fact or omit
      to
      state any material fact required to be stated therein or necessary to make
      the
      statements therein not misleading, and promptly make available to the holders
      of
      Registrable Securities included in such Registration Statement any such
      supplement or amendment; except that before filing with the Commission a
      Registration Statement or prospectus or any amendment or supplement thereto,
      including documents incorporated by reference, the Company shall furnish to
      the
      holders of Registrable Securities included in such Registration Statement and
      to
      the legal counsel for any such holders, copies of all such documents proposed
      to
      be filed sufficiently in advance of filing to provide such holders and legal
      counsel with a reasonable opportunity to review such documents and comment
      thereon, and the Company shall not file any Registration Statement or prospectus
      or amendment or supplement thereto, including documents incorporated by
      reference, to which such holders or their legal counsel shall
      object.

    


    3.1.5 State
      Securities Laws Compliance.
      The
      Company shall use its best efforts to (i) register or qualify the Registrable
      Securities covered by the Registration Statement under such securities or “blue
      sky” laws of such jurisdictions in the United States as the holders of
      Registrable Securities included in such Registration Statement (in light of
      their intended plan of distribution) may request and (ii) take such action
      necessary to cause such Registrable Securities covered by the Registration
      Statement to be registered with or approved by such other governmental
      authorities as may be necessary by virtue of the business and operations of
      the
      Company and do any and all other acts and things that may be necessary or
      advisable to enable the holders of Registrable Securities included in such
      Registration Statement to consummate the disposition of such Registrable
      Securities in such jurisdictions; provided, however, that the Company shall
      not
      be required to qualify generally to do business in any jurisdiction where it
      would not otherwise be required to qualify but for this Section 3.1.5 or subject
      itself to taxation in any such jurisdiction.

     

    
      
         

      

      
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    3.1.6 Agreements
      for Disposition.
      The
      Company shall enter into customary agreements (including, if applicable, an
      underwriting agreement in customary form) and take such other actions as are
      reasonably required in order to expedite or facilitate the disposition of such
      Registrable Securities. The representations, warranties and covenants of the
      Company in any underwriting agreement which are made to or for the benefit
      of
      any Underwriters, to the extent applicable, shall also be made to and for the
      benefit of the holders of Registrable Securities included in such registration
      statement. No holder of Registrable Securities included in such registration
      statement shall be required to make any representations or warranties in the
      underwriting agreement except, if applicable, with respect to such holder’s
      organization, good standing, authority, title to Registrable Securities, lack
      of
      conflict of such sale with such holder’s material agreements and organizational
      documents, and with respect to written information relating to such holder
      that
      such holder has furnished in writing expressly for inclusion in such
      Registration Statement.

    


    3.1.7 Cooperation.
      The
      principal executive officer of the Company, the principal financial officer
      of
      the Company, the principal accounting officer of the Company and all other
      officers and members of the management of the Company shall cooperate fully
      in
      any offering of Registrable Securities hereunder, which cooperation shall
      include, without limitation, the preparation of the Registration Statement
      with
      respect to such offering and all other offering materials and related documents,
      and participation in meetings with Underwriters, attorneys, accountants and
      potential investors.

    


    3.1.8 Records.
      The
      Company shall make available for inspection by the holders of Registrable
      Securities included in such Registration Statement, any Underwriter
      participating in any disposition pursuant to such registration statement and
      any
      attorney, accountant or other professional retained by any holder of Registrable
      Securities included in such Registration Statement or any Underwriter, all
      financial and other records, pertinent corporate documents and properties of
      the
      Company, as shall be necessary to enable them to exercise their due diligence
      responsibility, and cause the Company’s officers, directors and employees to
      supply all information requested by any of them in connection with such
      Registration Statement.

    


    3.1.9 Opinions
      and Comfort Letters.
      The
      Company shall furnish to each holder of Registrable Securities included in
      any
      Registration Statement a signed counterpart, addressed to such holder, of (i)
      any opinion of counsel to the Company delivered to any Underwriter and (ii)
      any
      comfort letter from the Company’s independent public accountants delivered to
      any Underwriter. In the event no legal opinion is delivered to any Underwriter,
      the Company shall furnish to each holder of Registrable Securities included
      in
      such Registration Statement, at any time that such holder elects to use a
      prospectus, an opinion of counsel to the Company to the effect that the
      Registration Statement containing such prospectus has been declared effective
      and that no stop order is in effect.

    


    3.1.10 Earnings
      Statement.
      The
      Company shall comply with all applicable rules and regulations of the Commission
      and the Securities Act, and make available to its shareholders, as soon as
      practicable, an earnings statement covering a period of twelve (12) months,
      beginning within three (3) months after the effective date of the registration
      statement, which earnings statement shall satisfy the provisions of Section
      11(a) of the Securities Act and Rule 158 thereunder.

     

    
      
         

      

      
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    3.2 Obligation
      to Suspend Distribution.
      Upon
      receipt of any notice from the Company of the happening of any event of the
      kind
      described in Section 3.1.4(iv), or, in the case of a resale registration on
      Form
      F-3 pursuant to Section 2.3 hereof, upon any suspension by the Company, pursuant
      to a written insider trading compliance program adopted by the Company’s Board
      of Directors, of the ability of all “insiders” covered by such program to
      transact in the Company’s securities because of the existence of material
      non-public information, each holder of Registrable Securities included in any
      registration shall immediately discontinue disposition of such Registrable
      Securities pursuant to the Registration Statement covering such Registrable
      Securities until such holder receives the supplemented or amended prospectus
      contemplated by Section 3.1.4(iv) or the restriction on the ability of
“insiders” to transact in the Company’s securities is removed, as applicable,
      and, if so directed by the
      Company,
      each such holder will deliver to the Company all copies, other than permanent
      file copies then in such holder’s possession, of the most recent prospectus
      covering such Registrable Securities at the time of receipt of such
      notice.

    


    3.3 Registration
      Expenses.
      The
      Company shall bear all costs and expenses incurred in connection with any Demand
      Registration pursuant to Section 2.1, any Piggy-Back Registration pursuant
      to
      Section 2.2, and any registration on Form F-3 effected pursuant to Section
      2.3,
      and all expenses incurred in performing or complying with its other obligations
      under this Agreement, whether or not the Registration Statement becomes
      effective, including, without limitation: (i) all registration and filing fees;
      (ii) fees and expenses of compliance with securities or “blue sky” laws
      (including fees and disbursements of counsel in connection with blue sky
      qualifications of the Registrable Securities); (iii) printing expenses; (iv)
      the
      Company’s internal expenses (including, without limitation, all salaries and
      expenses of its officers and employees); (v) Financial Industry Regulatory
      Authority fees; (vi) fees and disbursements of counsel for the Company and
      fees
      and expenses for independent certified public accountants retained by the
      Company (including the expenses or costs associated with the delivery of any
      opinions or comfort letters requested pursuant to Section 3.1.9); (vii) the
      fees
      and expenses of any special experts retained by the Company in connection with
      such registration and (viii) the fees and expenses of one legal counsel selected
      by the holders of a majority-in-interest of the Registrable Securities included
      in such registration. The Company shall have no obligation to pay any
      underwriting discounts or selling commissions attributable to the Registrable
      Securities being sold by the holders thereof, which underwriting discounts
      or
      selling commissions shall be borne by such holders. Additionally, in an
      underwritten offering, all selling security holders and the Company shall bear
      the expenses of the underwriter pro rata in proportion to the respective amount
      of securities each is selling in such offering.

    


    3.4 Information.
      The
      holders of Registrable Securities shall provide such information as may
      reasonably be requested by the Company, or the managing Underwriter, if any,
      in
      connection with the preparation of any Registration Statement, including
      amendments and supplements thereto, in order to effect the registration of
      any
      Registrable Securities under the Securities Act pursuant to Section 2 and in
      connection with the Company’s obligation to comply with federal and applicable
      state securities laws.

     

    
      
         

      

      
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    3.5 Holder
      Obligations.
      No
      holder of Registrable Securities may participate in any underwritten offering
      pursuant to this Section 3 unless such holder completes, executes and delivers
      any and all questionnaires, powers of attorney, custody agreements, indemnities,
      underwriting agreements and other documents reasonably required by or under
      the
      terms of any underwriting agreement or as reasonably requested by the
      Company.

    


    4. INDEMNIFICATION
      AND CONTRIBUTION.

    


    4.1 Indemnification
      by the Company.
      The
      Company agrees to indemnify and hold harmless each Investor and each other
      holder of Registrable Securities, and each of their respective officers,
      employees, affiliates, directors, partners, members, attorneys and agents,
      and
      each person, if any, who controls an Investor and each other holder of
      Registrable Securities (within the meaning of Section 15 of the Securities
      Act
      or Section 20 of the Exchange Act) (each, an “Investor Indemnified Party”), from
      and against any expenses, losses, judgments, claims, damages or liabilities,
      whether joint or several, arising out of or based upon any untrue statement
      (or
      allegedly untrue statement) of a material fact contained in any Registration
      Statement under which the sale of such Registrable Securities was registered
      under the Securities Act, any preliminary prospectus, final prospectus or
      summary prospectus contained in the Registration Statement, or any amendment
      or
      supplement to such Registration Statement, or arising out of or based upon
      any
      omission (or alleged omission) to state a material fact required to be stated
      therein or necessary to make the statements therein not misleading, or any
      violation by the Company of the Securities Act or any rule or regulation
      promulgated thereunder applicable to the Company and relating to action or
      inaction required of the Company in connection with any such registration;
      and
      the Company shall promptly reimburse the Investor Indemnified Party for any
      legal and any other expenses reasonably incurred by such Investor Indemnified
      Party in connection with investigating and defending any such expense, loss,
      judgment, claim, damage, liability or action; provided, however, that the
      Company will not be liable in any such case to the extent that any such expense,
      loss, claim, damage or liability arises out of or is based upon any untrue
      statement or allegedly untrue statement or omission or alleged omission made
      in
      such Registration Statement, preliminary prospectus, final prospectus, or
      summary prospectus, or any such amendment or supplement, in reliance upon and
      in
      conformity with information furnished to the Company, in writing, by such
      selling holder expressly for use therein. The Company also shall indemnify
      any
      Underwriter of the Registrable Securities, their officers, affiliates,
      directors, partners, members and agents and each person who controls such
      Underwriter on substantially the same basis as that of the indemnification
      provided above in this Section 4.1.

    


    4.2 Indemnification
      by Holders of Registrable Securities.
      Each
      selling holder of Registrable Securities will, in the event that any
      registration is being effected under the Securities Act pursuant to this
      Agreement of any Registrable Securities held by such selling holder, indemnify
      and hold harmless the Company, each of its directors and officers and each
      Underwriter (if any), and each other person, if any, who controls the company
      or
      such Underwriter within the meaning of the Securities Act (each, an
“4.2
      Indemnified Party”),
      against any losses, claims, judgments, damages or liabilities, whether joint
      or
      several, insofar as such losses, claims, judgments, damages or liabilities
      (or
      actions in respect thereof) arise out of or are based upon any untrue statement
      or allegedly untrue statement of a material fact contained in any Registration
      Statement under which the sale of such Registrable Securities was registered
      under the Securities Act, any preliminary prospectus, final prospectus or
      summary prospectus contained in the Registration Statement, or any amendment
      or
      supplement to the Registration Statement, or arise out of or are based upon
      any
      omission or the alleged omission to state a material fact required to be stated
      therein or necessary to make the statement therein not misleading, if the
      statement or omission was made in reliance upon and in conformity with
      information furnished in writing to the Company by such selling holder expressly
      for use therein, and shall reimburse the 4.2 Indemnified Party, for any legal
      or
      other expenses reasonably incurred by such 4.2 Indemnified Party in connection
      with investigation or defending any such loss, claim, damage, liability or
      action. Each selling holder’s indemnification obligations hereunder shall be
      several and not joint and shall be limited to the amount of any net proceeds
      actually received by such selling holder.

     

    
      
         

      

      
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    4.3 Conduct
      of Indemnification Proceedings.
      Promptly after receipt by any person of any notice of any loss, claim, damage
      or
      liability or any action in respect of which indemnity may be sought pursuant
      to
      Section 4.1 or 4.2, such person (the “Indemnified Party”) shall, if a claim in
      respect thereof is to be made against any other person for indemnification
      hereunder, notify such other person (the “Indemnifying Party”) in writing of the
      loss, claim, judgment, damage, liability or action; provided, however, that
      the
      failure by the Indemnified Party to notify the Indemnifying Party shall not
      relieve the Indemnifying Party from any liability which the Indemnifying Party
      may have to such Indemnified Party hereunder, except and solely to the extent
      the Indemnifying Party is actually prejudiced by such failure. If the
      Indemnified Party is seeking indemnification with respect to any claim or action
      brought against the Indemnified Party, then the Indemnifying Party shall be
      entitled to participate in such claim or action, and, to the extent that it
      wishes, jointly with all other Indemnifying Parties, to assume control of the
      defense thereof with counsel satisfactory to the Indemnified Party. After notice
      from the Indemnifying Party to the Indemnified Party of its election to assume
      control of the defense of such claim or action, the Indemnifying Party shall
      not
      be liable to the Indemnified Party for any legal or other expenses subsequently
      incurred by the Indemnified Party in connection with the defense thereof other
      than reasonable costs of investigation; provided, however, that in any action
      in
      which both the Indemnified Party and the Indemnifying Party are named as
      defendants, the Indemnified Party shall have the right to employ separate
      counsel (but no more than one such separate counsel) to represent the
      Indemnified Party and its controlling persons who may be subject to liability
      arising out of any claim in respect of which indemnity may be sought by the
      Indemnified Party against the Indemnifying Party, with the fees and expenses
      of
      such counsel to be paid by such Indemnifying Party if, based upon the written
      opinion of counsel of such Indemnified Party, representation of both parties
      by
      the same counsel would be inappropriate due to actual or potential differing
      interests between them. No Indemnifying Party shall, without the prior written
      consent of the Indemnified Party, consent to entry of judgment or effect any
      settlement of any claim or pending or threatened proceeding in respect of which
      the Indemnified Party is or could have been a party and indemnity could have
      been sought hereunder by such Indemnified Party, unless such judgment or
      settlement includes an unconditional release of such Indemnified Party from
      all
      liability arising out of such claim or proceeding.

     

    
      
         

      

      
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    4.4 Contribution.

    


    4.4.1 If
      the
      indemnification provided for in the foregoing Sections 4.1, 4.2 and 4.3 is
      unavailable to any Indemnified Party in respect of any loss,
      claim,
      damage, liability or action referred to herein, then each such Indemnifying
      Party, in lieu of indemnifying such Indemnified Party, shall contribute to
      the
      amount paid or payable by such Indemnified Party as a result of such loss,
      claim, damage, liability or action in such proportion as is appropriate to
      reflect the relative fault of the Indemnified Parties and the Indemnifying
      Parties in connection with the actions or omissions which resulted in such
      loss,
      claim, damage, liability or action, as well as any other relevant equitable
      considerations. The relative fault of any Indemnified Party and any Indemnifying
      Party shall be determined by reference to, among other things, whether the
      untrue or alleged untrue statement of a material fact or the omission or alleged
      omission to state a material fact relates to information supplied by such
      Indemnified Party or such Indemnifying Party and the parties’ relative intent,
      knowledge, access to information and opportunity to correct or prevent such
      statement or omission.

    


    4.4.2 The
      parties hereto agree that it would not be just and equitable if contribution
      pursuant to this Section 4.4 were determined by pro rata allocation or by any
      other method of allocation which does not take account of the equitable
      considerations referred to in the immediately preceding Section 4.4.1. The
      amount paid or payable by an Indemnified Party as a result of any loss, claim,
      damage, liability or action referred to in the immediately preceding paragraph
      shall be deemed to include, subject to the limitations set forth above, any
      legal or other expenses incurred by such Indemnified Party in connection with
      investigating or defending any such action or claim. Notwithstanding the
      provisions of this Section 4.4, no holder of Registrable Securities shall be
      required to contribute any amount in excess of the dollar amount of the net
      proceeds (after payment of any underwriting fees, discounts, commissions or
      taxes) actually received by such holder from the sale of Registrable Securities
      which gave rise to such contribution obligation. No person guilty of fraudulent
      misrepresentation (within the meaning of Section 11(f) of the Securities Act)
      shall be entitled to contribution from any person who was not guilty of such
      fraudulent misrepresentation.

    


    5. UNDERWRITING
      AND DISTRIBUTION.

    


    5.1 Rule
      144.
      The
      Company covenants that it shall file all reports required to be filed by it
      under the Securities Act and the Exchange Act and shall take such further action
      as the holders of Registrable Securities may reasonably request, all to the
      extent required from time to time to enable such holders to sell Registrable
      Securities without registration under the Securities Act within the limitation
      of the exemptions provided by Rule 144 under the Securities Act, as such Rules
      may be amended from time to time, or any similar Rule or regulation hereafter
      adopted by the Commission.

    


    6. MISCELLANEOUS.

    


    6.1 Other
      Registration Rights.
      The
      Company represents and warrants that no person, other than a holder of the
      Registrable Securities has any right to require the Company to register any
      shares of the Company’s capital stock for sale or to include shares of the
      Company’s capital stock in any registration filed by the Company for the sale of
      shares of capital stock for its own account or for the account of any other
      person.

     

    
      
         

      

      
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    6.2 Assignment;
      No Third Party Beneficiaries.
      This
      Agreement and the rights, duties and obligations of the Company hereunder may
      not be assigned or delegated by the Company in whole or in part. This Agreement
      and the rights, duties and obligations of the holders of Registrable Securities
      hereunder may be freely assigned or delegated by such holder of Registrable
      Securities in conjunction with and to the extent of any transfer of Registrable
      Securities by any such holder. This Agreement and the provisions hereof shall
      be
      binding upon and shall inure to the benefit of each of the parties and their
      respective successors and the permitted assigns of the Investor or holder of
      Registrable Securities or of any assignee of the Investor or holder of
      Registrable Securities. This Agreement is not intended to confer any rights
      or
      benefits on any persons that are not party hereto other than as expressly set
      forth in Article 4 and this Section 6.2.

    


    6.3 Notices.
      All
      notices, demands, requests, consents, approvals or other communications
      (collectively, “Notices”) required or permitted to be given hereunder or which
      are given with respect to this Agreement shall be in writing and shall be
      personally served, delivered by reputable air courier service with charges
      prepaid, or transmitted by hand delivery, telegram, telex or facsimile,
      addressed as set forth below, or to such other address as such party shall
      have
      specified most recently by written notice. Notice shall be deemed given on
      the
      date of service or transmission if personally served or transmitted by telegram,
      telex or facsimile; provided, that if such service or transmission is not on
      a
      business
      day or
      is after normal business hours, then such notice shall be deemed given on the
      next business day. Notice otherwise sent as provided herein shall be deemed
      given on the next business day following timely delivery of such notice to
      a
      reputable air courier service with an order for next-day delivery.

    


    To
      the
      Company:

    


    ASM
      Acquisition Company Limited 

    Unit
      601-2, 6th Floor

    St.
      George’s Building

    2
      Ice
      House Street

    Central,
      Hong Kong

    Attn:
      Eugene Tan, Chief Executive Officer

    


    with
      a
      copy to:

    


    Loeb
      & Loeb LLP

    345
      Park
      Avenue

    New
      York,
      New York 10154

    Attn:
      Mitchell S. Nussbaum, Esq.

    


    To
      an
      Investor, to:

     

    ASM
      Acquisition Company Limited 

    Unit
      601-2, 6th Floor

    St.
      George’s Building

    2
      Ice
      House Street

    Central,
      Hong Kong

    Attn:
      [Investor]

     

    
      
         

      

      
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    6.4 Severability.
      This
      Agreement shall be deemed severable, and the invalidity or unenforceability
      of
      any term or provision hereof shall not affect the validity or enforceability
      of
      this Agreement or of any other term or provision hereof. Furthermore, in lieu
      of
      any such invalid or unenforceable term or provision, the parties hereto intend
      that there shall be added as a part of this Agreement a provision as similar
      in
      terms to such invalid or unenforceable provision as may be possible and be
      valid
      and enforceable.

    


    6.5 Counterparts.
      This
      Agreement may be executed in multiple counterparts, each of which shall be
      deemed an original, and all of which taken together shall constitute one and
      the
      same instrument.

    


    6.6 Entire
      Agreement.
      This
      Agreement (including all agreements entered into pursuant hereto and all
      certificates and instruments delivered pursuant hereto and thereto) constitute
      the entire agreement of the parties with respect to the subject matter hereof
      and supersede all prior and contemporaneous agreements, representations,
      understandings, negotiations and discussions between the parties, whether oral
      or written.

    


    6.7 Modifications
      and Amendments.
      No
      amendment, modification or termination of this Agreement shall be binding upon
      any party unless executed in writing by such party.

    


    6.8 Titles
      and Headings.
      Titles
      and headings of sections of this Agreement are for convenience only and shall
      not affect the construction of any provision of this Agreement.

    


    6.9 Waivers
      and Extensions.
      Any
      party to this Agreement may waive any right, breach or default which such party
      has the right to waive, provided that such waiver will not be effective against
      the waiving party unless it is in writing, is signed by such party, and
      specifically refers to this Agreement. Waivers may be made in advance or after
      the right waived has arisen or the breach or default waived has occurred. Any
      waiver may be conditional. No waiver of any breach of any agreement or provision
      herein contained shall be deemed a waiver of any preceding or succeeding breach
      thereof nor of any other agreement or provision herein contained. No waiver
      or
      extension of time for performance of any obligations or acts shall be deemed
      a
      waiver or extension of the time for performance of any other obligations or
      acts.

    


    6.10 Remedies.

    


    6.10.1 Specific
      Performance.
      Each of
      the parties acknowledges and agrees that the other parties would be damaged
      irreparably in the event any of the provisions of this Agreement are not
      performed in accordance with their specific terms or otherwise are breached.
      Accordingly, each of the parties agrees that the other parties shall be entitled
      to an injunction or injunctions (without the necessity of posting a bond or
      other security) to prevent breaches of the provisions of this Agreement and
      to
      enforce specifically this Agreement and the terms and provisions hereof in
      any
      action instituted in any court of the United States or any state or other
      foreign court or governmental body having jurisdiction over the parties and
      the
      matter, in addition to any other remedy to which they may be entitled, at law
      or
      in equity.

     

    
      
         

      

      
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    6.11 Remedies
      Cumulative.
      In the
      event that the Company fails to observe or perform any covenant or agreement
      to
      be observed or performed under this Agreement, the Investor or any other holder
      of Registrable Securities may proceed to protect and enforce its rights by
      suit
      in equity or action at law, whether for specific performance of any term
      contained in this Agreement or for an injunction against the breach of any
      such
      term or in aid of the exercise of any power granted in this Agreement or to
      enforce any other legal or equitable right, or to take any one or more of such
      actions, without being required to post a bond. None of the rights, powers
      or
      remedies conferred under this Agreement shall be mutually exclusive, and each
      such right, power or remedy shall be cumulative and in addition to any other
      right, power or remedy, whether conferred by this Agreement or now or hereafter
      available at law, in equity, by statute or otherwise.

    


    6.12 Governing
      Law.
      This
      Agreement shall be governed by, interpreted under, and construed in accordance
      with the internal laws of the State of New York applicable to agreements made
      and to be performed within the State of New York, without giving effect to
      any
      choice-of-law provisions thereof that would compel the application of the
      substantive laws of any other jurisdiction.

    


    6.13 Waiver
      of Trial by Jury.
      Each
      party hereby irrevocably and unconditionally waives the right to a trial by
      jury
      in any action, suit, counterclaim or other proceeding (whether based on
      contract, tort or otherwise) arising out of, connected with or relating to
      this
      Agreement, the transactions contemplated hereby, or the actions of the Investor
      in the negotiation, administration, performance or enforcement
      hereof.

    


    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK]

     

    
      
         

      

      
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    IN
      WITNESS WHEREOF, the parties have caused this Registration Rights Agreement
      to
      be executed and delivered by their duly authorized representatives as of the
      date first written above.

    

      
        	 	
                ASM
                  ACQUISITION COMPANY LIMITED 

              	 
	 	 	 	 
	 	 	 	 
	 	
                By:

              	  
	 
	 	
                 

              	
                Name:
                  Eugene Tan

              	 
	 	
                 

              	
                Title:
                  Chief Executive Officer

              	 
	 	 	 	 
	 	 	 	 
	 	
                INVESTORS:

              	 
	 	 	 	 
	 	       
	 
	 	 	 	 
	 	 	 	 
	 	       
	 
	 	 	 	 
	 	 	 	 
	 	      
	 
	 	 	 	 
	 	 	 	 
	 	        
	 
	 	 	 	 
	 	 	 	 
	 	      
	 


      

    

     

    
      
         

      

      
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