Exhibit 4.1


 


RIGHTS
AGREEMENT


 


dated
as of


 


August
13, 2020


 


between


 


AirNet
Technology Inc.


 


and


 


American
Stock Transfer & Trust Company, LLC


 


as Rights
Agent


 


 






     


     


    

 


RIGHTS
AGREEMENT


 


Table
of Contents


 




	ARTICLE
    1  DEFINITIONS	1
	1.1 Definitions	1
	ARTICLE
    2  THE RIGHTS	8
	2.1 Summary
    of Rights	8
	2.2 Legend	8
	2.3 Exercise
    of Rights; Separation of Rights	9
	2.4 Adjustments
    to Exercise Price; Number of Rights	12
	2.5 Date
    on Which Exercise is Effective	13
	2.6 Execution,
    Authentication, Delivery and Dating of Rights Certificates	13
	2.7 Registration,
    Registration of Transfer and Exchange	14
	2.8 Mutilated,
    Destroyed, Lost and Stolen Rights Certificates	15
	2.9 Persons
    Deemed Owners	15
	2.10
    Delivery and Cancellation of Certificates	16
	2.11
    Agreement of Rights Holders	16
	ARTICLE
    3  ADJUSTMENTS TO THE RIGHTS IN THE EVENT OF CERTAIN TRANSACTIONS	17
	3.1 Flip-in	17
	3.2 Flip-over	20
	ARTICLE
    4  THE RIGHTS AGENT	20
	4.1 General	20
	4.2 Merger
    or Consolidation or Change of Name of Rights Agent	21
	4.3 Duties
    of Rights Agent	22
	4.4 Change
    of Rights Agent	26
	ARTICLE
    5  MISCELLANEOUS	27
	5.1 Redemption	27
	5.2 Expiration	27
	5.3 Issuance
    of New Rights Certificates	27
	5.4 Supplements
    and Amendments	28
	5.5 Fractional
    Shares	28
	5.6 Rights
    of Action	29
	5.7 Holder
    of Rights Not Deemed a Shareholder	29



 






    i


     


    

 


	5.8
    Notice of Proposed Actions	29
	5.9 Notices	29
	5.10
    Suspension of Exercisability or Exchangeability	30
	5.11
    Successors	31
	5.12
    Benefits of this Agreement	31
	5.13
    Determination and Actions by the Board of Directors, etc.	31
	5.14
    Descriptive Headings; Section References	31
	5.15
    Governing Law; Exclusive Jurisdiction	31
	5.16
    Counterparts	32
	5.17
    Severability	32
	5.18
    Withholding	32


 


EXHIBITS


Exhibit
A     Form of Rights Certificate (together with Form of Election to Exercise)


 









    ii


     


    

 


RIGHTS
AGREEMENT


 


RIGHTS
AGREEMENT (as amended from time to time, this “Agreement”), dated as of August 13, 2020, between AirNet Technology
Inc., a company incorporated under the laws of the Cayman Islands (the “Company”), and American Stock Transfer &
Trust Company, LLC, a New York limited liability trust company, as Rights Agent (the “Rights Agent”, which term shall
include any successor Rights Agent hereunder).


 


WITNESSETH:



 


WHEREAS,
the Board of Directors of the Company (the “Board of Directors”) has (a) authorized the issuance of one right
(“Right”) for each outstanding ordinary share of the Company of a par value of US$0.001 each (the “Ordinary
Shares”) held of record as of the Close of Business (as hereinafter defined) on August 24, 2020 (the “Record Time”)
and (b) as provided in Section 2.4, authorized the issuance of one Right in respect of each Ordinary Share issued after
the Record Time and prior to the Separation Time (as hereinafter defined) and, to the extent provided in Section 5.3, each
Ordinary Share issued after the Separation Time;


 


WHEREAS,
subject to the terms and conditions hereof, each Right entitles the holder thereof, after the Separation Time, to purchase securities
of the Company (or, in certain cases, securities of certain other entities) pursuant to the terms and subject to the conditions
set forth herein; and


 


WHEREAS,
the Company desires to appoint the Rights Agent to act on behalf of the Company, and the Rights Agent is willing so to act, in
connection with the issuance, transfer and exchange of Rights Certificates (as hereinafter defined), the exercise of Rights and
other matters referred to herein;


 


NOW
THEREFORE, in consideration of the premises and the respective agreements set forth herein, the parties hereby agree as follows:


 


Article
1

Definitions


 


1.1             
Definitions. For purposes of this Agreement, the following terms have the meanings indicated:


 


“Acquiring
Person” shall mean any Person who is or becomes the Beneficial Owner of 15% or more of the outstanding Ordinary
Shares at any time after the first public announcement of this Agreement; provided, however, that the term
“Acquiring Person” shall not include any Person (i) who is the Beneficial Owner of 15% or more of the
outstanding Ordinary Shares at the time of the first public announcement of the adoption of this Agreement and who
continuously thereafter is the Beneficial Owner of 15% or more of the outstanding Ordinary Shares, until such time
thereafter as such Person becomes the Beneficial Owner (other than by means of a share dividend, share split or
reclassification) of additional Ordinary Shares that, in the aggregate, amounts to 1% or more of Ordinary Shares then
outstanding as of the time of the first public announcement of the adoption of this Agreement (other than pursuant to the
exercise by an employee of the Company or a Subsidiary of the Company of employee options or other equity awards issued under
an employee benefit plan of the Company or a Subsidiary of the Company or pursuant to additional grants of any such employee
options or other equity awards to an employee of the Company or a Subsidiary of the Company), (ii) who becomes the
Beneficial Owner of 15% or more of the outstanding Ordinary Shares after the time of the first public announcement of this
Agreement solely as a result of (A) an acquisition by the Company of Ordinary Shares until such time after the public
announcement by the Company of such repurchases as such Person becomes the Beneficial Owner (other than by means of a share
dividend, share split or reclassification) of additional Ordinary Shares that, in the aggregate, amounts to 1% or more of the
outstanding Ordinary Shares while such Person is or as a result of which such Person becomes the Beneficial Owner of 15% or
more of the outstanding Ordinary Shares or (B) the occurrence of a Flip-in Date which has not resulted from the
acquisition of Beneficial Ownership of Ordinary Shares by such Person or any of such Person’s Affiliates or Associates,
(iii) who becomes the Beneficial Owner of 15% or more of the outstanding Ordinary Shares but who acquired Beneficial
Ownership of Ordinary Shares without any plan or intention to seek or affect control of the Company, if such Person promptly
divests, or promptly enters into an agreement with, and satisfactory to, the Board of Directors, in the Board of
Directors’ sole discretion, to divest, and subsequently divests in accordance with the terms of such agreement (without
exercising or retaining any power, including voting power, with respect to such shares), sufficient Ordinary Shares (or
securities convertible into, exchangeable into or exercisable for Ordinary Shares or otherwise deemed to be Beneficially
Owned by such Person) so that such Person ceases to be the Beneficial Owner of 15% or more of the outstanding Ordinary
Shares, or (iv) who or which the Board of Directors determines, prior to the time such Person would otherwise be an Acquiring
Person, should be exempted from the definition of Acquiring Person. In addition, the Company, any Subsidiary of the Company
and any employee share ownership plan or other employee benefit plan of the Company or a Subsidiary of the Company (or any
entity or trustee holding Ordinary Shares for or pursuant to the terms of any such plan or for the purpose of funding any
such plan or funding other employee benefits for employees of the Company or of any Subsidiary of the Company) shall not be
an Acquiring Person.


 






    1


     


    

 


“Affiliate”
and “Associate” shall have the respective meanings ascribed to such terms in Rule 12b-2 under the Exchange
Act, as such Rule is in effect on the date of this Agreement.


 


“Agreement”
shall have the meaning set forth in the Preamble.


 


A
Person shall be deemed the “Beneficial Owner”, and to have “Beneficial Ownership” of, and to
“Beneficially Own”, (i) any securities as to which such Person or any of such Person’s Affiliates
or Associates is or may be deemed to be the beneficial owner pursuant to Rule 13d-3 and 13d-5 under the Exchange Act, as
such Rules are in effect on the date of this Agreement, (ii) any securities as to which such Person or any of such
Person’s Affiliates or Associates has the right to become the beneficial owner (whether such right is exercisable
immediately or only after the passage of time or the occurrence of conditions) pursuant to any agreement, arrangement or
understanding, whether or not in writing (other than customary agreements with and between underwriters and selling group
members with respect to a bona fide public offering of securities), or upon the exercise of conversion rights, exchange
rights, rights (other than the Rights), warrants or options, or otherwise, (iii) any securities which are Beneficially
Owned, directly or indirectly, by any other Person (or any Affiliate or Associate thereof) with whom such Person has an
agreement, arrangement or understanding to act together for the purpose of acquiring, holding, voting or disposing of any
securities of the Company and (iv) solely for purposes of determining whether any Person is an Acquiring Person, any
securities that such Person or any of such Person’s Affiliates or Associates are determined to Constructively Own; provided, however,
that a Person shall not be deemed the “Beneficial Owner”, or to have “Beneficial Ownership” of, or to
“Beneficially Own”, any security (A) solely because such security has been tendered pursuant to any offer
made by such Person or any of such Person’s Affiliates or Associates until such tendered security is accepted for
payment or exchange or (B) solely because such Person or any of such Person’s Affiliates or Associates has or
shares the power to vote or direct the voting of such security pursuant to a revocable proxy or consent given in response to
a public proxy or consent solicitation made to more than ten holders of shares of a class of shares of the Company registered
under Section 12 of the Exchange Act and pursuant to, and in accordance with, the applicable rules and regulations under
the Exchange Act, unless such power (or the arrangements relating thereto) is then reportable under Item 6 of
Schedule 13D under the Exchange Act (or any similar provision of a comparable or successor report). Notwithstanding the
foregoing, no officer or director of the Company shall be deemed to Beneficially Own any securities of any other Person by
virtue of any actions that such officer or director takes in such capacity. For purposes of this Agreement, in determining
the percentage of the outstanding Ordinary Shares with respect to which a Person is the Beneficial Owner, all shares as to
which such Person is deemed the Beneficial Owner shall be deemed outstanding.


 






    2


     


    

 


“Board
of Directors” shall have the meaning set forth in the Recitals.


 


“Business
Day” shall mean any day other than a Saturday, Sunday or a day on which banking institutions in New York, New York are
generally authorized or obligated by law or executive order to close.


 


“Close
of Business” on any given date shall mean 5:00 p.m. New York City time on such date or, if such date is not a Business
Day, 5:00 p.m. New York City time on the next succeeding Business Day.


 









    3


     


    

 


“Company”
shall have the meaning set forth in the Preamble.


 


A
Person shall be determined to “Constructively Own” Ordinary Shares in respect of which such Person has a Synthetic
Long Position, calculated in the manner set forth below, if the Board of Directors, by a majority vote, determines that such Person
is seeking to use the existence of such Synthetic Long Position, in combination with other securities Beneficially Owned by such
Person, for the purpose or effect of changing or influencing control of the Company. The number of Ordinary Shares in respect
of a Synthetic Long Position that may be determined to be “Constructively Owned” is the notional or other number of
Ordinary Shares in respect of such Synthetic Long Position that is specified in a filing by such Person or any of such Person’s
Affiliates or Associates with the Securities and Exchange Commission or in the documentation evidencing such Synthetic Long Position
as the basis upon which the value or settlement amount of such right or derivative, or the opportunity of the holder of such right
or derivative to profit or share in any profit, is to be calculated in whole or in part and, in any case, including if no such
number of Ordinary Shares is specified in any filing or documentation, as determined by the Board of Directors to be the number
of Ordinary Shares to which such Synthetic Long Position relates.


 


“Election
to Exercise” shall have the meaning set forth in Section 2.3(d).


 


“Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended from time to time.


 


“Exchange
Ratio” shall have the meaning set forth in Section 3.1(c).


 


“Exchange
Time” shall mean the time at which the right to exercise the Rights shall terminate pursuant to Section 3.1(c).


 


“Exercise
Price” shall mean, as of any date, the price at which a holder may purchase the securities issuable upon exercise of
one whole Right. Until adjustment thereof in accordance with the terms hereof, the Exercise Price shall equal US$0.9.


 


“Expansion
Factor” shall have the meaning set forth in Section 2.4(a).


 


“Expiration
Time” shall mean the earliest of (i) the Exchange Time, (ii) the Redemption Time, (iii) the Close of
Business on the first anniversary of the date of this Agreement, unless, for purposes of this clause (iii), extended by action
of the Board of Directors (in which case the applicable time shall be the time to which it has been so extended) and (iv) immediately
prior to the effective time of a consolidation, merger, scheme of arrangement or statutory share exchange that does not constitute
a Flip-over Transaction or Event in which the Ordinary Shares are cancelled or converted into, or into the right to receive, another
security, cash or other consideration.


 









    4


     


    

 


“Flip-in
Date” shall mean any Share Acquisition Date or such later date and time as the Board of Directors may from time to time
fix by resolution adopted prior to the Flip-in Date that would otherwise have occurred.


 


“Flip-over
Entity,” for purposes of Section 3.2, shall mean (i) in the case of a Flip-over Transaction or Event described
in clause (i) of the definition thereof, the Person issuing any securities into or for which Ordinary Shares are being converted,
cancelled or exchanged and, if no such securities are being issued, the other Person that is a party to such Flip-over Transaction
or Event and (ii) in the case of a Flip-over Transaction or Event referenced in clause (ii) of the definition thereof,
the Person receiving the greatest portion of the (A) assets or, if (A) is not readily determinable, (B) operating
income or cash flow being transferred in such Flip-over Transaction or Event, provided in all cases if such Person is a Subsidiary
of another Person, the ultimate parent entity of such Person shall be deemed to be the Flip-over Entity.


 


“Flip-over
Stock” shall mean the capital stock (or similar equity interest) with the greatest voting power in respect of the election
of directors (or other Persons similarly responsible for the direction of the business and affairs) of the Flip-over Entity.


 


“Flip-over
Transaction or Event” shall mean a transaction or series of transactions, on or after a Flip-in Date, in which,
directly or indirectly, (i) the Company shall consolidate or merge or participate in a scheme of arrangement or
statutory share exchange with any other Person if, immediately prior to the time of consummation of the consolidation,
merger, scheme of arrangement or statutory share exchange or at the time the Company enters into any agreement with respect
to any such consolidation, merger, scheme of arrangement or statutory share exchange, the Acquiring Person is the Beneficial
Owner of 50% or more of the outstanding Ordinary Shares or controls the Board of Directors and either (A) any term of or
arrangement concerning the treatment of shares of capital stock in such consolidation, merger, scheme of arrangement or
statutory share exchange relating to the Acquiring Person is not identical to the terms and arrangements relating to other
holders of the Ordinary Shares or (B) the Person with whom the transaction or series of transactions occurs is the
Acquiring Person or an Affiliate or Associate of the Acquiring Person or, (ii) the Company shall sell or otherwise
transfer (or one or more of its Subsidiaries shall sell or otherwise transfer) assets (A) aggregating more than 50% of
the assets (measured by either book value or fair market value) or (B) generating more than 50% of the operating income
or cash flow, of the Company and its Subsidiaries (taken as a whole) to any Person (other than the Company or one or more of
its wholly owned Subsidiaries) or to two or more such Persons that are Affiliates or Associates or otherwise acting in
concert, if, at the time of the entry by the Company (or any such Subsidiary) into an agreement with respect to such sale or
transfer of assets, the Acquiring Person or any of its Affiliates or Associates controls the Board of Directors. For purposes
of the foregoing description, the term “Acquiring Person” shall include any Acquiring Person and its Affiliates
and Associates, counted together as a single Person. An Acquiring Person shall be deemed to control the Board of Directors
when, on or following a Share Acquisition Date, the persons who were directors of the Company (or persons nominated
and/or appointed as directors by vote of a majority of such persons) before the Share Acquisition Date shall cease to
constitute a majority of the Board of Directors.


 






    5


     


    

 


“Market
Price” per share of any securities on any date shall mean the average of the daily closing prices per share of such
securities (determined as described below) on each of the 20 consecutive Trading Days through and including the Trading Day immediately
preceding such date; provided, however, that if any event described in Section 2.4, or any analogous event,
shall have caused the closing prices used to determine the Market Price on any Trading Days during such period of 20 Trading Days
not to be fully comparable with the closing price on such date, each such closing price so used shall be appropriately adjusted
by the Board of Directors in order to make it fully comparable with the closing price on such date. The closing price per share
of any securities on any date shall be the last reported sale price, regular way, or, in case no such sale takes place or is quoted
on such date, the average of the closing bid and asked prices, regular way, for each share of such securities, in either case
as reported in the principal consolidated transaction reporting system with respect to securities listed on the NYSE or, if the
securities are not listed on the NYSE, as reported on NASDAQ or, if the securities are not listed on NASDAQ, as reported in the
principal consolidated transaction reporting system with respect to the principal national securities exchange on which the securities
are listed or admitted to trading or, if the securities are not listed or admitted to trading on any national securities exchange,
as reported by such other quotation system then in use or, if on any such date the securities are not listed or admitted to trading
on any national securities exchange or quoted by any such quotation system, the average of the closing bid and asked prices in
the over-the-counter market as furnished by a professional market maker making a market in the securities selected by the Board
of Directors; provided, however, that if on any such date the securities are not listed or admitted to trading on
a national securities exchange or traded in the over-the-counter market, the closing price per share of such securities on such
date shall mean the fair value per share of such securities on such date as determined in good faith by the Board of Directors,
after consultation with a nationally recognized investment banking firm, and set forth in a certificate delivered to the Rights
Agent.


 


“NYSE”
means the New York Stock Exchange.


 


“NASDAQ”
means The NASDAQ Stock Market LLC.


 


“Ordinary
Shares” shall have the meaning set forth in the Preamble.


 


“Person”
shall mean any individual, firm, partnership, limited liability company, trust, association, group (as such term is used in Rule 13d-5
under the Exchange Act, as such Rule is in effect on the date of this Agreement), corporation or other entity.


 


“Record
Time” shall have the meaning set forth in the Recitals.


 









    6


     


    

 


“Redemption
Price” shall mean an amount equal to one-tenth of one cent, US$0.001 per Right
(rounded up to the nearest whole US$0.01 in the case of any holder whose holdings
are not in a multiple of ten).


 


“Redemption
Time” shall mean the time at which the right to exercise the Rights shall terminate pursuant to Section 5.1.


 


“Right”
shall have the meaning set forth in the Recitals.


 


“Rights
Agent” shall have the meaning set forth in the Preamble.


 


“Rights
Certificate” shall have the meaning set forth in Section 2.3(c).


 


“Rights
Register” shall have the meaning set forth in Section 2.7(a).


 


“Separation
Time” shall mean the next Business Day following the earlier of (i) the tenth Business Day (or such later date
as the Board of Directors may from time to time fix by resolution adopted prior to the Separation Time that otherwise would have
occurred) after the date on which any Person commences a tender or exchange offer that, if consummated, would result in such Person’s
becoming an Acquiring Person and (ii) the date of the first event causing a Flip-in Date to occur; provided, that
if the foregoing results in the Separation Time being prior to the Record Time, the Separation Time shall be the Record Time and
provided further, that if any offer referenced in clause (i) of this paragraph is cancelled, terminated or otherwise
withdrawn prior to the Separation Time without the purchase of any Ordinary Shares pursuant thereto, such offer shall be deemed,
for purposes of this paragraph, never to have been made.


 


“Share
Acquisition Date” shall mean the earlier of (i) the first date on which there shall be a public announcement by
the Company (by any means) that a Person has become an Acquiring Person, which announcement makes express reference to such status
as an Acquiring Person pursuant to this Agreement, or (ii) the date on which any Acquiring Person becomes the Beneficial
Owner of more than 50% of the outstanding Ordinary Shares, excluding for this purpose any shares determined to be Constructively
Owned.


 


“Subsidiary”
of any specified Person shall mean any corporation or other entity of which a majority of the voting power of the equity securities
or a majority of the equity or membership interest is Beneficially Owned, directly or indirectly, by such Person.


 


“Synthetic
Long Position” shall mean any option, warrant, convertible security, stock appreciation right swap agreement or
other security, contract right or derivative position, whether or not presently exercisable, that has an exercise or
conversion privilege or a settlement payment or other mechanism at a price related to the value of Ordinary Shares or a value
determined in whole or part with reference to, or derived in whole or in part from, the value of Ordinary Shares and
that increases in value as the value of Ordinary Shares increases or that provides to the holder an opportunity, directly or
indirectly, to profit or share in any profit derived from any increase in the value of Ordinary Shares, in any case without
regard to whether (i) such derivative conveys any voting rights in such securities to such Person or any of such
Person’s Affiliates or Associates, (ii) such derivative is required to be, or capable of being, settled through
delivery of such securities, or (iii) such Person or any of such Person’s Affiliates or Associates may have
entered into other transactions that hedge the economic effect of such derivative. A Synthetic Long Position shall not
include any interests, rights, options or other securities set forth in Rule 16a-1(c)(1)-(5) or (7) promulgated
pursuant to the Exchange Act.


 






    7


     


    

 


“Trading
Day” when used with respect to any securities, shall mean a day on which the NYSE
is open for the transaction of business or, if such securities are not listed or admitted to trading on the NYSE, a day on which
the principal national securities exchange on which such securities are listed or admitted to trading is open for the transaction
of business or, if such securities are not listed or admitted to trading on any national securities exchange, a Business Day.


 


“Trading
Regulation” shall have the meaning set forth in Section 2.3(c).


 


“Trust”
shall have the meaning set forth in Section 3.1(c).


 


“Trust
Agreement” shall have the meaning set forth in Section 3.1(c).


 


Article
2

The Rights


 


2.1             
Summary of Rights. As soon as practicable after the Record Time, the Company will mail a letter summarizing the
terms of the Rights to each registered holder of Ordinary Shares as of the Record Time, at such holder’s address as shown
in the register of members of the Company.


 


2.2             
Legend. Certificates for the Ordinary Shares or, if a certificate has not been issued, the registration of the Ordinary
Shares in the register of members of the Company, issued on or after the Record Time but prior to the Separation Time, shall evidence
one Right for each Ordinary Share represented thereby and the Company shall mail to every Person that acquires Ordinary Shares
after the Record Time, but prior to the Separation Time, either certificates for such Ordinary Shares or a confirmation of the
registration of such Ordinary Shares in the register of members of the Company, which certificates or confirmation shall have
impressed on, printed on, written on or otherwise affixed to them a legend substantially in the following form:


 


Until
the Separation Time (as defined in the Rights Agreement referred to below), this also evidences and entitles the registered
holder hereof to certain Rights as set forth in a Rights Agreement, dated as of August 13, 2020 (as such may be amended from
time to time, the “Rights Agreement”), between AirNet Technology Inc. (the “Company”) and
American Stock Transfer & Trust Company, LLC, as Rights Agent (or any successor Rights Agent), the terms of which are
hereby incorporated herein by reference and a copy of which is on file at the principal executive offices of the Company.
Under certain circumstances, as set forth in the Rights Agreement, such Rights may be redeemed or repurchased, may become
exercisable for securities of the Company or securities of another entity, may be exchanged for Ordinary Shares or other
securities of the Company, may expire, may become null and void (including if they are “Beneficially Owned” by an
“Acquiring Person” or an Affiliate or Associate thereof, as such terms are defined in the Rights Agreement, or by
any transferee of any of the foregoing) or may be evidenced by separate certificates and may no longer be evidenced hereby.
The Company will mail or arrange for the mailing of a copy of the Rights Agreement to the holder hereof without charge after
the receipt of a written request therefor.


 






    8


     


    

 


Certificates
representing Ordinary Shares that are issued and outstanding at the Record Time (or confirmation of the registration of the Ordinary
Shares in the register of members with respect to uncertificated shares), together with the letter mailed pursuant to Section 2.1,
shall evidence one Right for each Ordinary Share evidenced thereby notwithstanding the absence of the foregoing legend.


 


The
Company shall mail or arrange for the mailing of a copy of this Agreement to any Person that holds Ordinary Share, as evidenced
by the registration of the Ordinary Shares in the name of such Person in the register of members of the Company, without charge
after the receipt of a written request therefor.


 


2.3             
Exercise of Rights; Separation of Rights. (a) Subject to Sections 3.1, 5.1 and 5.10 and subject to adjustment
as herein set forth, each Right will entitle the holder thereof, at or after the Separation Time and prior to the Expiration Time,
to purchase, for the Exercise Price, one Ordinary Share.


 


(b)              
Until the Separation Time, (i) no Right may be exercised and (ii) each Right will be evidenced by the certificate
for the associated Ordinary Share (or, if the Ordinary Shares shall be uncertificated, by the registration of the associated Ordinary
Shares in the register of members of the Company and any confirmation thereof provided for in Section 2.2), together, in
the case of shares acquired prior to the Record Time, with the letter mailed to the registered holder thereof pursuant to Section 2.1,
and will be transferable only together with, and will be transferred by a transfer (whether with or without such letter or confirmation)
of, such associated Ordinary Share.


 


(c)               Subject
to the terms and conditions hereof, at or after the Separation Time and prior to the Expiration Time, (i) the Rights may
be exercised pursuant to Section 2.3(d) below, (ii) the Rights will be transferred independent of Ordinary Shares
and (iii) the Rights Agent will promptly, at the Company’s expense, if requested by the Company and provided with
all necessary documentation and information (in the reasonable discretion of the Rights Agent), mail to each
registered holder of Ordinary Shares (provided that the Board of Directors has not elected to exchange all of the then
outstanding Rights pursuant to Section 3.1(c)) as of the Separation Time (other than any Person whose Rights have become
null and void pursuant to Section 3.1(b)), at such holder’s address as shown by the records of the Company (the
Company hereby agreeing to furnish copies of such records to the Rights Agent for this purpose) or the transfer agent or
registrar for the Ordinary Shares, (x) a certificate (a “Rights Certificate”) in substantially the form of
Exhibit A hereto appropriately completed, representing the number of Rights held by such holder at the Separation Time
and having such marks of identification or designation and such legends, summaries or endorsements printed thereon as the
Company may deem appropriate and as are not inconsistent with the provisions of this Agreement and as do not affect the
rights, liabilities, responsibilities or duties of the Rights Agent, or as may be required to comply with any law, rule or
regulation or with any rule or regulation of any national securities exchange or quotation system on which the Rights may
from time to time be listed or traded (“Trading Regulation”), or to conform to usage, and (y) a disclosure
statement describing the Rights. Receipt of a Rights Certificate by any Person shall not preclude a later determination that
such Rights are null and void pursuant to Section 3.1(b). The Company may implement such procedures as it deems
appropriate, in its sole discretion, to minimize the possibility that Rights are received by Persons with respect to whom
Rights would be null and void under Section 3.1(b).


 






    9


     


    

 


(d)              
Subject to the terms and conditions hereof, Rights may be exercised on any Business Day at or after the Separation Time
and prior to the Expiration Time by submitting to the Rights Agent the Rights Certificate evidencing such Rights with an Election
to Exercise (an “Election to Exercise”) substantially in the form attached to the Rights Certificate duly executed
and properly completed, accompanied by payment in cash, or by certified or official bank check or money order payable to the order
of the Company, of a sum equal to the Exercise Price multiplied by the number of Rights being exercised and a sum sufficient to
cover any tax or charge that may be payable in respect of any transfer involved in the transfer or delivery of Rights Certificates
or the issuance or delivery of certificates (or, if uncertificated, the registration on the share transfer books of the Company)
for shares or depositary receipts (or both) in a name other than that of the holder of the Rights being exercised.


 


(e)               Upon
receipt of a Rights Certificate, with a properly completed and duly executed Election to Exercise accompanied by payment as
set forth in Section 2.3(d), and subject to the terms and conditions hereof, the Rights Agent will thereupon promptly
(i)(A) requisition from a transfer agent share certificates evidencing such number of shares or other securities to be
purchased or, in the case of uncertificated shares or other securities, requisition from a transfer agent a notice setting
forth such number of shares or other securities to be purchased for which registration will be made in the register of
members of the Company (the Company hereby irrevocably authorizing its transfer agents to comply with all such requisitions),
and (B) if the Company elects pursuant to Section 5.5 not to issue certificates (or effect registrations in the register
of members of the Company) representing fractional shares, requisition from the depositary selected by the Company depositary
receipts representing the fractional shares to be purchased (the Company hereby irrevocably authorizes each such depositary
agent to comply with such requisitions) or, when necessary to comply with this Agreement, requisition from the Company the
amount of cash to be paid in lieu of fractional shares in accordance with Section 5.5 and (ii) after receipt of
such certificates, depositary receipts, notices and/or, when necessary to comply with this Rights Agreement, cash, cause the
same to be delivered to or upon the order of the registered holder of such Rights Certificate, registered (in the case of
certificates, depositary receipts or notices) in such name or names as may be designated by such holder.


 






    10


     


    

 


(f)               
In case the holder of any Rights shall exercise less than all of the Rights evidenced by such holder’s Rights Certificate,
a new Rights Certificate evidencing the Rights remaining unexercised will be issued by the Rights Agent to such holder or to such
holder’s duly authorized assigns.


 


(g)              
The Company covenants and agrees that it will (i) take all such action as may be necessary to ensure that all shares
delivered (or evidenced by registration in the register of members of the Company) upon exercise of Rights shall, at the time
of delivery of the certificates (or registration) for such shares (subject to payment of the Exercise Price), be duly and validly
authorized, executed, issued and delivered (or registered) and fully paid and nonassessable; (ii) take all such action as
may be necessary to comply with any applicable requirements of the Securities Act of 1933, as amended from time to time or the
Exchange Act, and the rules and regulations thereunder, and any other applicable law, rule or regulation, in connection with the
issuance of any shares upon exercise of Rights; and (iii) pay when due and payable any and all federal and state taxes and
charges that may be payable in respect of the original issuance or delivery of the Rights Certificates or of any shares issued
upon the exercise of Rights, provided, that the Company shall not be required to pay any tax or charge that may be payable
in respect of any transfer involved in the transfer or delivery of Rights Certificates or the issuance or delivery of certificates
(or the registration) for shares in a name other than that of the registered holder of the Rights being transferred or exercised.


 


(h)              
Notwithstanding anything in this Agreement to the contrary, neither the Rights Agent nor the Company shall be obligated
to undertake any action with respect to the exercise or assignment of a Rights Certificate unless the registered holder of such
Rights Certificate shall have (i) properly completed and duly signed the certificate following the form of assignment or
the form of election to exercise, as applicable, set forth on the reverse side of the Rights Certificate surrendered for such
exercise or assignment, (ii) provided such additional evidence of the identity of the Beneficial Owner (or former Beneficial
Owner) thereof and of the Rights evidenced thereby, and the Affiliates and Associates of such Beneficial Owner or former Beneficial
Owner, as the Company or the Rights Agent may reasonably request and (iii) paid a sum sufficient to cover any tax or charge
that may be imposed as required under Section 2.3(d).


 









    11


     


    

 


2.4             
 Adjustments to Exercise Price; Number of Rights. (a) In the event the Company shall at any time after the Record
Time and prior to the Separation Time (i) declare or pay a dividend on Ordinary Shares payable in Ordinary Shares, (ii) subdivide
the outstanding Ordinary Shares or (iii) combine the Ordinary Shares into a smaller number of Ordinary Shares, (x) the
Exercise Price in effect after such adjustment will be equal to the Exercise Price in effect immediately prior to such adjustment
divided by the number of Ordinary Shares including any fractional shares in lieu of which such holder received cash (the “Expansion
Factor”) that a holder of one Ordinary Share immediately prior to such dividend, subdivision or combination would hold thereafter
as a result thereof and (y) each Right held prior to such adjustment will become that number of Rights equal to the Expansion
Factor, and the adjusted number of Rights will be deemed to be distributed among the shares of Ordinary Shares with respect to
which the original Rights were associated (if they remain outstanding) and the shares issued in respect of such dividend, subdivision
or combination, so that each such Ordinary Share will have exactly one Right associated with it. Each adjustment made pursuant
to this paragraph shall be made as of the payment or effective date for the applicable dividend, subdivision or combination.


 


In
the event that the Company shall at any time after the Record Time and prior to the Separation Time issue any Ordinary Shares
otherwise than in a transaction referenced in the preceding paragraph, each such Ordinary Share so issued shall automatically
have one new Right associated with it, which Right shall be evidenced by the certificate representing such share (or, if the Ordinary
Share shall be uncertificated, such Right shall be evidenced by the registration of such Ordinary Share in the register of members
of the Company and the confirmation thereof provided for in Section 2.2). Rights shall be issued by the Company in respect
of Ordinary Shares that are issued or sold by the Company after the Separation Time only to the extent provided in Section 5.3.


 


(a)         
In the event that the Company shall at any time after the Record Time and prior to the Separation Time issue or distribute
any securities or assets in respect of, in lieu of or in exchange for Ordinary Shares (other than pursuant to any non-extraordinary
periodic cash dividend or a dividend paid solely in Ordinary Shares) whether by dividend, in a reclassification or recapitalization
(including any such transaction involving a merger, consolidation, scheme or arrangement or statutory share exchange), or otherwise,
the Company shall make such adjustments, if any, in the Exercise Price, number of Rights and/or securities or other property purchasable
upon exercise of Rights as the Board of Directors, in its sole discretion, may deem to be appropriate under the circumstances,
and the Company and the Rights Agent shall amend this Agreement as necessary to provide for such adjustments.


 


(b)          Each
adjustment to the Exercise Price made pursuant to this Section 2.4 shall be calculated to the nearest cent. Whenever an
adjustment to the Exercise Price is made pursuant to this Section 2.4, the Company shall (i) promptly prepare a
certificate setting forth such adjustment and a brief statement of the facts accounting for such adjustment and
(ii) promptly file with the Rights Agent and with each transfer agent for the Ordinary Shares a copy of such
certificate. The Rights Agent shall be fully protected in relying on any such certificate and on any adjustment or statement
therein contained and shall have no duty or liability with respect to, and shall not be deemed to have knowledge of, any
adjustment or any such event unless and until it shall have received such a certificate.


 






    12


     


    

 


(c)         
Rights Certificates shall represent the right to purchase the securities purchasable under the terms of this Agreement,
including any adjustment or change in the securities purchasable upon exercise of the Rights, even though such certificates may
continue to express the securities purchasable at the time of issuance of the initial Rights Certificates.


 


2.5             
Date on Which Exercise is Effective. Each Person in whose name any certificate for shares is issued (or registration
in the register of members of the Company is effected) upon the exercise of Rights shall for all purposes be deemed to have become
the registered holder of record of the shares represented thereby at the Close of Business on the Business Day upon which the
Rights Certificate evidencing such Rights was duly surrendered and payment of the Exercise Price for such Rights (and any applicable
taxes and other charges payable by the exercising holder hereunder) was made; provided, however, that if the date
of such surrender and payment is a date upon which the register of members of the Company is closed, such Person shall be deemed
to have become the registered holder of such shares on, and such certificate (or registration) shall be dated, the next succeeding
Business Day on which the register of members of the Company is open.


 


2.6             
Execution, Authentication, Delivery and Dating of Rights Certificates. (a) The Rights Certificates shall be
executed on behalf of the Company by its Chairman of the Board of Directors, Chief Executive Officer or Chief Financial Officer,
either manually or by facsimile signature, and shall have affixed thereto the Company’s seal or a facsimile thereof which
shall be attested by the Secretary or any Assistant Secretary of the Company or by such officers as the Board may designate, either
manually or by facsimile signature.


 


Rights
Certificates bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company
shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the countersignature
and delivery of such Rights Certificates.


 


Promptly
after the Separation Time, the Company will notify the Rights Agent in writing of such Separation Time (and if such
notification is given orally, the Company shall confirm the same in writing on or prior to the Business Day next following)
and will deliver Rights Certificates executed by the Company to the Rights Agent for countersignature, and, subject to
Sections 2.3(c) and 3.1(b), the Rights Agent shall manually or by facsimile countersign and deliver such Rights Certificates
to the holders of the Rights pursuant to Section 2.3(c). Until the written notice provided for in this Section 2.6
is received by the Rights Agent, the Rights Agent may presume conclusively for all purposes that the Separation Time
has not occurred. No Rights Certificate shall be valid for any purpose unless manually or by facsimile countersigned by the
Rights Agent.


 






    13


     


    

 


In
case any authorized signatory of the Rights Agent who has countersigned any of the Rights Certificates ceases to be an authorized
signatory of the Rights Agent before issuance and delivery by the Company, such Rights Certificates, nevertheless, may be issued
and delivered by the Company with the same force and effect as though the person who countersigned such Rights Certificates had
not ceased to be an authorized signatory of the Rights Agent; and any Rights Certificates may be countersigned on behalf of the
Rights Agent by any person who, at the actual date of the countersignature of such Rights Certificate, is properly authorized
to countersign such Rights Certificate, although at the date of the execution of this Agreement any such person was not so authorized.


 


(b)         
Each Rights Certificate shall be dated the date of countersignature thereof.


 


2.7             
Registration, Registration of Transfer and Exchange. (a) After the Separation Time, the Company will cause
to be kept a register (the “Rights Register”) in which, subject to such reasonable regulations as it may prescribe,
the Company will provide for the registration and transfer of Rights. The Rights Agent is hereby appointed “Rights Registrar”
for the purpose of maintaining the Rights Register for the Company and registering Rights and transfers of Rights after the Separation
Time as herein provided. In the event that the Rights Agent shall cease to be the Rights Registrar, the Rights Agent will have
the right to examine the Rights Register at all reasonable times after the Separation Time.


 


After
the Separation Time and prior to the Expiration Time, upon surrender for registration of transfer or exchange of any Rights Certificate,
and subject to the provisions of Sections 2.7(c) and (d), the Company will execute, and the Rights Agent will countersign
and, if requested by the Company and provided with all necessary information, deliver, in the name of the holder or the designated
transferee or transferees, as required pursuant to the holder’s instructions, one or more new Rights Certificates evidencing
the same aggregate number of Rights as did the Rights Certificate so surrendered.


 


(a)                  
Except as otherwise provided in Section 3.1(b), all Rights issued upon any registration of transfer or exchange of
Rights Certificates shall be the valid obligations of the Company, and such Rights shall be entitled to the same benefits under
this Agreement as the Rights surrendered upon such registration of transfer or exchange.


 


(b)                   Every
Rights Certificate surrendered for registration of transfer or exchange shall be duly endorsed, or be accompanied by a
written instrument of transfer in form satisfactory to the Company or the Rights Agent, as the case may be, duly executed by
the holder thereof or such holder’s attorney duly authorized in writing. As a condition to the issuance of any new
Rights Certificate under this Section 2.7, the Company may require the payment of a sum sufficient to cover any
tax or other charge that may be imposed in relation thereto.


 






    14


     


    

 


(c)                  
The Company shall not register the transfer or exchange of any Rights that have become null and void under Section 3.1(b),
been exchanged under Section 3.1(c) or been redeemed under Section 5.1.


 


2.8             
Mutilated, Destroyed, Lost and Stolen Rights Certificates. (a) If any mutilated Rights Certificate is surrendered
to the Rights Agent prior to the Expiration Time, then, subject to Sections 3.1(b), 3.1(c) and 5.1, the Company shall execute
and the Rights Agent shall countersign and deliver in exchange therefor a new Rights Certificate evidencing the same number of
Rights as did the Rights Certificate so surrendered.


 


(b)         
If there shall be delivered to the Company and the Rights Agent prior to the Expiration Time (i) evidence to their
satisfaction of the destruction, loss or theft of any Rights Certificate and (ii) such security or indemnity as may be required
by them to save each of them and any of their agents harmless, then, subject to Sections 3.1(b), 3.1(c) and 5.1 and in the absence
of written notice to the Company or the Rights Agent that such Rights Certificate has been acquired by a bona fide purchaser,
the Company shall execute and upon its written request the Rights Agent shall countersign and, if requested by the Company and
provided with all necessary information, deliver, in lieu of any such destroyed, lost or stolen Rights Certificate, a new Rights
Certificate evidencing the same number of Rights as did the Rights Certificate so destroyed, lost or stolen.


 


(c)         
As a condition to the issuance of any new Rights Certificate under this Section 2.8, the Company may require the payment
of a sum sufficient to cover any tax or other charge that may be imposed in relation thereto and any other expenses (including
the fees and expenses of the Rights Agent) connected therewith. The Rights Agent shall have no duty or obligation to take any
action under any Section of this Agreement which requires the payment by a Rights holder of applicable taxes and/or charges unless
and until it is satisfied that all such taxes and/or charges have been paid.


 


(d)         
Every new Rights Certificate issued pursuant to this Section 2.8 in lieu of any destroyed, lost or stolen Rights Certificate
shall evidence an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Rights
Certificate shall be at any time enforceable by anyone, and, subject to Section 3.1(b) shall be entitled to all the benefits
of this Agreement equally and proportionately with any and all other Rights duly issued hereunder.


 


2.9              Persons
Deemed Owners. Prior to due presentment of a Rights Certificate (or, prior to the Separation Time, the associated
Ordinary Share certificate or confirmation of registration, if uncertificated), the Company, the Rights Agent and any agent
of the Company or the Rights Agent may deem and treat the Person in whose name such Rights Certificate (or, prior to the
Separation Time, such Ordinary Share certificate or confirmation, if uncertificated) is registered as the absolute
owner thereof and of the Rights evidenced thereby for all purposes whatsoever, including the payment of the Redemption Price,
and neither the Company nor the Rights Agent shall be affected by any notice to the contrary. As used in this Agreement,
unless the context otherwise requires, the term “holder” of any Rights shall mean the registered holder of such
Rights (or, prior to the Separation Time, the associated Ordinary Shares).


 






    15


     


    

 


2.10         
Delivery and Cancellation of Certificates. All Rights Certificates surrendered upon exercise or for registration
of transfer or exchange shall, if surrendered to any Person other than the Rights Agent, be delivered to the Rights Agent and,
in any case, shall be promptly cancelled by the Rights Agent. The Company may at any time deliver to the Rights Agent for cancellation
any Rights Certificates previously countersigned and delivered hereunder that the Company may have acquired in any manner whatsoever,
and all Rights Certificates so delivered shall be promptly cancelled by the Rights Agent. No Rights Certificates shall be countersigned
in lieu of or in exchange for any Rights Certificates cancelled as provided in this Section 2.10, except as expressly permitted
by this Agreement. The Rights Agent shall destroy all cancelled Rights Certificates and deliver a certificate of destruction to
the Company.


 


2.11         
Agreement of Rights Holders. Every holder of Rights by accepting the same consents and agrees with the Company and
the Rights Agent and with every other holder of Rights that:


 


(a)              
prior to the Separation Time, each Right will be transferable only together with, and will be transferred by a transfer
of, the associated Ordinary Share;


 


(b)              
after the Separation Time, the Rights Certificates will be transferable only on the Rights Register as provided herein;


 


(c)              
prior to due presentment of a Rights Certificate (or, prior to the Separation Time, the associated Ordinary Share certificate
or Ordinary Share registration, if uncertificated) for registration of transfer, the Company, the Rights Agent and any agent of
the Company or the Rights Agent may deem and treat the Person in whose name the Rights Certificate (or, prior to the Separation
Time, the associated Ordinary Share certificate or Ordinary Share registration, if uncertificated) is registered as the absolute
owner thereof and of the Rights evidenced thereby for all purposes whatsoever, and neither the Company nor the Rights Agent shall
be affected by any notice to the contrary;


 


(d)              
Rights Beneficially Owned by certain Persons will, under the circumstances set forth in Section 3.1(b), become null
and void;


 


(e)              
this Agreement may be supplemented or amended from time to time in accordance with its terms;


 









    16


     


    

 


(f)               
 the Board of Directors shall have the exclusive power and authority delegated to it pursuant to Section 5.13; and


 


(g)              
notwithstanding anything in this Agreement to the contrary, neither the Company nor the Rights Agent shall have any liability
to any holder of a Right or other Person as a result of its inability to perform any of its obligations under this Agreement by
reason of any preliminary or permanent injunction or other order, decree or ruling issued by a court of competent jurisdiction
or by a governmental, regulatory or administrative agency or commission, or any statute, rule, regulation or executive order promulgated
or enacted by any governmental authority, prohibiting or otherwise restraining performance of such obligation.


 


Article
3

Adjustments to the Rights in

the Event of Certain Transactions


 


3.1             
Flip-in. (a) In the event that prior to the Expiration Time a Flip-in Date shall occur, except as otherwise
provided in this Section 3.1, each Right shall constitute the right to purchase from the Company, upon exercise thereof in
accordance with the terms hereof (but subject to Section 5.10), that number of Ordinary Shares having an aggregate Market
Price on the Share Acquisition Date that gave rise to the Flip-in Date equal to twice the Exercise Price for an amount in cash
equal to the Exercise Price (such right to be appropriately adjusted in order to protect the interests of the holders of Rights
generally in the event that on or after such Share Acquisition Date any of the events described in Sections 2.4(a) or (b),
or any analogous event, shall have occurred with respect to the Ordinary Shares).


 


(b)              
Notwithstanding the foregoing, any Rights that are Beneficially Owned on the Share Acquisition Date by an Acquiring Person
or an Affiliate or Associate thereof shall become null and void and any holder of such Rights (including transferees, whether
direct or indirect, of any such Persons) shall thereafter have no right to exercise or transfer such Rights under any provision
of this Agreement. If any Rights Certificate is presented for assignment or exercise and the Person presenting the same will not
properly complete the certification set forth at the end of the form of assignment or notice of election to exercise or, if requested,
will not provide such additional evidence, including, without limitation, the identity of the Beneficial Owners and their Affiliates
and Associates (or former Beneficial Owners and their Affiliates and Associates) as the Company or the Board of Directors shall
reasonably request in order to determine if such Rights are null and void, then the Company shall be entitled conclusively to
deem the Rights to be Beneficially Owned by an Acquiring Person or an Affiliate or Associate thereof or a transferee of any of
the foregoing and accordingly deem the Rights evidenced thereby to be null and void and not transferable, exercisable or exchangeable.


 


(c)               The
Board of Directors may, at its option, at any time after a Flip-in Date and prior to the time that an Acquiring Person
becomes the Beneficial Owner of more than 50% of the outstanding Ordinary Shares, excluding for this purpose any shares
determined to be Constructively Owned, elect to exchange all (but not less than all) of the then outstanding Rights
(which shall not include Rights that have become null and void pursuant to the provisions of Section 3.1(b)) for
Ordinary Shares at an exchange ratio of one Ordinary Share per Right, appropriately adjusted in order to protect the
interests of holders of Rights generally in the event that after the Separation Time any of the events described in
Sections 2.4(a) or (b), or any analogous event, shall have occurred with respect to the Ordinary Shares (such exchange
ratio, as adjusted from time to time, being hereinafter referred to as the “Exchange Ratio”).


 






    17


     


    

 


Immediately
upon the action of the Board of Directors electing to exchange the Rights, without any further action and without any notice,
the right to exercise the Rights will terminate and each Right (other than Rights that have become null and void pursuant to
Section 3.1(b)), whether or not an Election to Exercise has been previously delivered, will thereafter represent only
the right to receive a number of Ordinary Shares equal to the Exchange Ratio. The exchange of the Rights by the Board of
Directors may be made effective at such time, on such basis and with such conditions as the Board of Directors in its sole
discretion may establish. Promptly after the action of the Board of Directors electing to exchange the Rights, the Company
shall give written notice thereof (specifying the steps to be taken to receive Ordinary Shares in exchange for Rights) to the
Rights Agent and the holders of the Rights (other than Rights that have become null and void pursuant to Section 3.1(b))
outstanding immediately prior thereto by mailing such notice in accordance with Section 5.9. Before effecting an
exchange pursuant to this Section 3.1(c), the Board of Directors may direct the Company to enter into a Trust Agreement
in such form and with such terms as the Board of Directors shall then approve (the “Trust Agreement”). If the
Board of Directors so directs, the Company shall enter into the Trust Agreement and shall issue to the trust created by such
agreement (the “Trust”) all or some (as designated by the Board of Directors) of the Ordinary Shares (or other
securities) issuable pursuant to the exchange, and all or some (as designated by the Board of Directors) holders of Rights
entitled to receive shares pursuant to the exchange shall be entitled to receive such shares (and any dividends paid or
distributions made thereon after the date on which such shares are deposited in the Trust) only from the Trust and solely
upon compliance with the relevant terms and provisions of the Trust Agreement. Prior to effecting an exchange and registering
Ordinary Shares (or other such securities) in any Person’s name, including any nominee or transferee of a Person, the
Company may require (or cause the trustee of the Trust to require), as a condition thereof, that any holder of Rights provide
evidence, including, without limitation, the identity of the Beneficial Owners thereof and their Affiliates and Associates
(or former Beneficial Owners thereof and their Affiliates and Associates) as the Company shall reasonably request in order to
determine if such Rights are null and void. If any Person shall fail to comply with such request, the Company shall be
entitled conclusively to deem the Rights formerly held by such Person to be null and void pursuant to Section 3.1(b) and
not transferable or exercisable or exchangeable in connection herewith. Any Ordinary Shares or other securities issued at the
direction of the Board of Directors in connection herewith shall be validly issued, fully paid and nonassessable Ordinary
Shares or of such other securities (as the case may be), and the Company shall be deemed to have received as consideration
for such issuance a benefit having a value that is at least equal to the aggregate par value of the shares so issued.
Approval by the Board of Directors of the exchange shall constitute a determination by the Board of Directors that such
consideration is adequate.


 






    18


     


    

 


Each
Person in whose name any certificate for shares is issued (or for whom any registration in the register of members of the Company
is made) upon the exchange of Rights pursuant to this Section 3.1(c) shall for all purposes be deemed to have become the
registered holder of the shares represented thereby on, and such certificate (or registration in the register of members of the
Company) shall be dated (or registered as of), the date upon which the Rights Certificate evidencing such Rights was duly exchanged
or deemed exchanged by the Company and payment of any applicable taxes and other governmental charges payable by the holder was
made; provided, however, that if the date of such exchange and payment is a date upon which the register of members
of the Company is closed, such Person shall be deemed to have become the registered holder of such shares on, and such certificate
(or registration in the register of members of the Company) shall be dated (or registered as of), the next succeeding Business
Day on which the register of members of the Company is open.


 


(d)              
In the event that there shall not be sufficient treasury shares or authorized but unissued Ordinary Shares of the Company
to permit the exercise in full of the Rights in accordance with Section 3.1(a) or if the Company so elects to make the exchange
referenced in Section 3.1(c), to permit the issuance of all shares pursuant to the exchange, the Company shall either (i) call
a meeting of shareholders seeking approval to cause sufficient additional shares to be authorized (provided that if such approval
is not obtained the Company will take the action specified in clause (ii) of this sentence) or (ii) take such action
as shall be necessary to ensure and provide, without exposing the directors to personal liability (as determined by the Board
of Directors), as and when and to the maximum extent permitted by applicable law and any agreements or instruments in effect prior
to the time an Acquiring Person controls the Board of Directors (and remaining in effect) to which the Company is a party, that
each Right shall thereafter constitute the right to receive, (x) in the case of any exercise in accordance with Section 3.1(a),
at the Company’s option, either (A) in return for the Exercise Price or debt or equity securities (or a combination
thereof) having a fair value equal to twice the Exercise Price, or (B) without payment of consideration (except as may be
required for the valid issuance of securities or otherwise required by applicable law), debt or equity securities (or a combination
thereof) having a fair value equal to the Exercise Price, or (y) in the case of an exchange of Rights in accordance with
Section 3.1(c), debt or equity securities (or a combination thereof) having a fair value equal to the product of the Market
Price of an Ordinary Share on the Flip-in Date times the Exchange Ratio in effect on the Flip-in Date, where in any case set forth
in (x) or (y) above the fair value of such debt or equity securities shall be as determined in good faith by the Board
of Directors, after consultation with a nationally recognized investment banking firm.


 









    19


     


    

 


3.2             
 Flip-over. (a) Prior to the Expiration Time, the Company shall not enter into any agreement with respect to,
consummate or permit to occur any Flip-over Transaction or Event unless and until it shall have entered into a supplemental agreement
with the Flip-over Entity, for the benefit of the holders of the Rights (the terms of which shall be reflected in an amendment
to this Agreement entered into with the Rights Agent), providing that, upon consummation or occurrence of the Flip-over Transaction
or Event (i) each Right shall thereafter constitute the right to purchase from the Flip-over Entity, upon exercise thereof
in accordance with the terms hereof, that number of shares of Flip-over Stock of the Flip-over Entity having an aggregate Market
Price on the date of consummation or occurrence of such Flip-over Transaction or Event equal to twice the Exercise Price for an
amount in cash equal to the Exercise Price (such right to be appropriately adjusted in order to protect the interests of the holders
of Rights generally in the event that after such date of consummation or occurrence any of the events described in Section 2.4(a)
or (b), or any analogous event, shall have occurred with respect to the Flip-over Stock) and (ii) the Flip-over Entity shall
thereafter be liable for, and shall assume, by virtue of such Flip-over Transaction or Event and such supplemental agreement,
all the obligations and duties of the Company pursuant to this Agreement.


 


(b)              
Prior to the Expiration Time, unless the Rights will be redeemed pursuant to Section 5.1 pursuant to an agreement
entered into by the Company prior to a Flip-in Date, the Company shall not enter into any agreement with respect to, consummate
or permit to occur any Flip-over Transaction or Event if (i) at the time thereof there are any rights, warrants or securities
outstanding or any other arrangements, agreements or instruments that would eliminate or otherwise diminish in any material respect
the benefits intended to be afforded by this Rights Agreement to the holders of Rights upon consummation of such transaction,
(ii) prior to, simultaneously with or immediately after such Flip-over Transaction or Event, the stockholders of the Person
who constitutes, or would constitute, the Flip-over Entity shall have received a distribution of Rights previously owned by such
Person or any of its Affiliates or Associates, or (iii) the form or nature of organization of the Flip-over Entity would
preclude or limit the exercisability of the Rights.


 


(c)              
The provisions of this Section 3.2 shall apply to successive Flip-over Transactions or Events.


 


Article
4

The Rights Agent


 


4.1              General.
(a) The Company hereby appoints the Rights Agent to act as agent for the Company in accordance with the express terms
and conditions hereof (and no implied terms or conditions), and the Rights Agent hereby accepts such appointment. The Company
agrees to pay to the Rights Agent reasonable compensation for all services rendered by it hereunder and, from time to time,
on demand of the Rights Agent, to reimburse its reasonable expenses, counsel fees and disbursements and other
disbursements incurred in the preparation, negotiation, delivery, amendment, administration and execution of this Agreement
and the exercise and performance of its duties hereunder. The Company also covenants and agrees to indemnify the Rights Agent
for, and to hold it harmless against, any loss, liability, damage, judgment, fine, penalty, claim, demand, settlement, cost
or expense (including, without limitation, the reasonable fees and expenses of legal counsel), that may be paid, incurred or
suffered by it without gross negligence, bad faith or willful misconduct on the part of the Rights Agent (each as determined
by a final, non-appealable, judgment of a court of competent jurisdiction), for any action taken, suffered or omitted to be
taken by the Rights Agent arising from or out of, directly or indirectly, any claims or liability resulting from its actions
as Rights Agent pursuant to this Agreement or in connection with the acceptance, administration, exercise and performance of
its duties under this Agreement, including the costs and expenses of defending against any claim of liability arising
therefrom, directly or indirectly, or enforcing its rights hereunder. The costs and expenses incurred in enforcing this right
of indemnification shall be paid by the Company. The provisions of this Section 4.1 and Section 4.3 below shall
survive the termination of this Agreement, the exercise or expiration of the Rights and the resignation, replacement or
removal of the Rights Agent.


 






    20


     


    

 


(b)              
The Rights Agent shall be authorized and protected and shall incur no liability for or in respect of any action taken,
suffered or omitted to be taken by it in connection with its acceptance and administration of this Agreement or the exercise and
performance of its duties hereunder in reliance upon any certificate for securities (or registration in the register of members
of the Company or rights register) purchasable upon exercise of Rights, Rights Certificate, certificate for other securities of
the Company, instrument of assignment or transfer, power of attorney, endorsement, affidavit, letter, notice, direction, consent,
certificate, statement, or other paper or document believed by it to be genuine and to be signed, executed and, where necessary,
verified or acknowledged, by the proper Person or Persons, or upon any written instructions or statements from the Company with
respect to any matter relating to its acting as Rights Agent hereunder without further inquiry or examination on its part, or
otherwise upon the advice of counsel as set forth herein. The Rights Agent shall not be deemed to have knowledge of any event
of which it was supposed to receive notice thereof hereunder, and the Rights Agent shall be fully protected and shall incur no
liability for failing to take any action in connection therewith, unless and until it has received such notice in writing.


 


4.2              Merger
or Consolidation or Change of Name of Rights Agent. (a) Any Person into which the Rights Agent or any successor
Rights Agent may be merged or with which it may be consolidated, or any Person resulting from any merger or consolidation to
which the Rights Agent or any successor Rights Agent is a party, or any Person succeeding to the shareholder services
business of the Rights Agent or any successor Rights Agent, will be the successor to the Rights Agent under this Agreement
without the execution or filing of any paper or any further act on the part of any of the parties hereto, provided that such
Person would be eligible for appointment as a successor Rights Agent under the provisions of Section 4.4. In case at the
time such successor Rights Agent succeeds to the agency created by this Agreement any of the Rights Certificates have
been countersigned but not delivered, any such successor Rights Agent may adopt the countersignature of the predecessor
Rights Agent and deliver such Rights Certificates so countersigned; and in case at that time any of the Rights Certificates
have not been countersigned, any successor Rights Agent may countersign such Rights Certificates either in the name of the
predecessor Rights Agent or in the name of the successor Rights Agent; and in all such cases such Rights Certificates will
have the full force provided in the Rights Certificates and in this Agreement.


 






    21


     


    

 


(b)              
In case at any time the name of the Rights Agent is changed and at such time any of the Rights Certificates shall have
been countersigned but not delivered, the Rights Agent may adopt the countersignature under its prior name and deliver Rights
Certificates so countersigned; and in case at that time any of the Rights Certificates shall not have been countersigned, the
Rights Agent may countersign such Rights Certificates either in its prior name or in its changed name; and in all such cases such
Rights Certificates shall have the full force provided in the Rights Certificates and in this Agreement.


 


4.3             
Duties of Rights Agent. The Rights Agent undertakes to perform only the duties and obligations expressly imposed
by this Agreement (and no implied duties or obligations) upon the following terms and conditions, by all of which the Company
and the holders of Rights Certificates, by their acceptance thereof, shall be bound:


 


(a)              
The Rights Agent may consult with legal counsel selected by it (who may be legal counsel for the Rights Agent or the Company
or an employee of the Rights Agent), and the advice or opinion of such counsel will be full and complete authorization and protection
to the Rights Agent and the Rights Agent shall incur no liability for or in respect of any action taken, suffered or omitted to
be taken by it in the absence of bad faith and in accordance with such advice or opinion.


 


(b)               Whenever
in the performance of its duties under this Agreement the Rights Agent deems it necessary or desirable that any fact or
matter (including without limitation, the identity of an Acquiring Person and the determination of the current per share
market price of any security) be proved or established by the Company prior to taking, suffering or omitting to take any
action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be
deemed to be conclusively proved and established by a certificate signed by a person believed by the Rights Agent to be the
Chairman of the Board of Directors, Chief Executive Officer or Chief Financial Officer, and by the Secretary or any Assistant
Secretary of the Company and delivered to the Rights Agent; and such certificate will be full and complete authorization and
protection to the Rights Agent and the Rights Agent shall incur no liability for any action taken, suffered or omitted to be
taken in the absence of bad faith by it under the provisions of this Agreement in reliance upon such certificate. The
Rights Agent shall have no duty to act without such a certificate signed by an officer of the Company as set forth in the
preceding sentence.


 






    22


     


    

 


(c)              
The Rights Agent will be liable to the Company and any other Person hereunder only for its own gross negligence, bad faith
or willful misconduct (each as determined by a final, non-appealable, judgment of a court of competent jurisdiction). Anything
to the contrary notwithstanding, in no event shall the Rights Agent be liable for special, punitive, indirect, consequential or
incidental loss or damage of any kind whatsoever (including, but not limited to, lost profits) under any provision of this Agreement,
even if the Rights Agent has been advised of or has foreseen the possibility or likelihood of such loss or damage. Any and all
liability of the Rights Agent under this Agreement will be limited to the amount of annual fees paid by the Company to the Rights
Agent during the twelve (12) months immediately preceding the event for which recovery from the Rights Agent is being sought.


 


(d)              
The Rights Agent will not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement
or in the certificates, if any, for securities purchasable upon exercise of Rights or the Rights Certificates (except its countersignature
thereof) or be required to verify the same, but all such statements and recitals are and will be deemed to have been made by the
Company only.


 


(e)              
The Rights Agent will not have any liability for nor be under any responsibility in respect of the legality or validity
of this Agreement or the execution and delivery hereof (except the due authorization, execution and delivery hereof by the Rights
Agent) or in respect of the validity or execution of any certificate, if any, for securities purchasable upon exercise of Rights
or Rights Certificate (except its countersignature thereof) or any modification or order of any court, tribunal, or governmental
authority in connection with the foregoing; nor will it be liable or responsible for any breach by the Company of any covenant
or failure by the Company to satisfy any condition contained in this Agreement or in any Rights Certificate; nor will it be liable
or responsible for any change in the exercisability or exchangeability of the Rights (including the Rights becoming null and void
pursuant to Section 3.1(b)) or any change or adjustment in the terms of the Rights (including any adjustment required under
the provisions of Sections 2.4, 3.1 or 3.2) or responsible for the manner, method or amount of any such adjustment or the
ascertaining of the existence of facts that would require any such adjustment (except with respect to the exercise of Rights after
receipt by the Rights Agent of the certificate contemplated by Section 2.4 describing any such adjustment, upon which the
Rights Agent may rely); nor will it by any act hereunder be deemed to make any representation or warranty as to the authorization
or reservation of any securities purchasable upon exercise of Rights or any Rights or as to whether any securities purchasable
upon exercise of Rights will, when issued, be duly and validly authorized, executed, issued and delivered and fully paid and nonassessable.


 









    23


     


    

 


(f)               
 The Company agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged
and delivered all such further and other acts, instruments and assurances as may reasonably be required or requested by the Rights
Agent for the carrying out or performing by the Rights Agent of the provisions of this Agreement, in the reasonable discretion
of the Rights Agent.


 


(g)              
The Rights Agent is hereby authorized and directed to accept advice or written instructions with respect to the performance
of its duties hereunder from any person believed by the Rights Agent to be the Chairman of the Board of Directors, Chief Executive
Officer or Chief Financial Officer or the Secretary or any Assistant Secretary of the Company, and to apply to such persons for
advice or instructions in connection with its duties, and such advice or instructions shall be full authorization and protection
to the Rights Agent and the Rights Agent shall not be liable for or in respect of any action taken, suffered or omitted to be
taken by it in the absence of bad faith in accordance with instruction of any such person or for any delay while acting or while
waiting for those instructions. The Rights Agent shall be fully authorized and protected in relying upon the most recent instructions
received by any such person. In the event the Rights Agent believes any ambiguity or uncertainty exists hereunder or in any notice,
instruction, direction, request or other communication, paper or document received by the Rights Agent hereunder, the Rights Agent
may, in its sole discretion, refrain from taking any action, and shall be fully protected and shall not be liable in any way to
the Company or any other Person for refraining from taking such action, if the Rights Agent shall have notified the Company promptly
of such belief in writing, and unless the Rights Agent shall receive written instructions executed by a person authorized under
this Section 4.3(g), which eliminates such ambiguity or uncertainty to the satisfaction of the Rights Agent.


 


(h)              
The Rights Agent and any stockholder, member, affiliate, director, officer, employee, agent, or representative of the Rights
Agent may buy, sell or deal in Ordinary Shares, Rights or other securities of the Company or become pecuniarily interested in
any transaction in which the Company may be interested, or contract with or lend money to the Company or otherwise act as fully
and freely as though it were not Rights Agent under this Agreement. Nothing herein shall preclude the Rights Agent or any such
stockholder, member, affiliate, director, officer, employee, agent or representative from acting in any other capacity for the
Company or for any other Person.


 


(i)                 The
Rights Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either
itself (through directors, officers or employees) or by or through its attorneys or agents, and the Rights Agent will not be
answerable or accountable for any act, omission, default, neglect or misconduct of any such attorneys or agents or for any
loss to the Company or any other Person resulting from any such act, omission, default, neglect or misconduct, absent gross
negligence, bad faith or willful misconduct in the selection and continued employment thereof (each as determined by a
final, non-appealable, judgment of a court of competent jurisdiction).


 






    24


     


    

 


(j)                
No provision of this Agreement shall require the Rights Agent to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder or in the exercise of its rights if it believes that repayment of
such funds or adequate indemnification against such risk or liability is not assured to it. The Rights Agent shall not be required
to take any action or to follow any instruction of the Company that the Rights Agent has been advised of in writing by outside
counsel would cause the Rights Agent to take action that is illegal.


 


(k)              
If, with respect to any Rights Certificate surrendered to the Rights Agent for exercise or transfer, the certificate attached
to the form of assignment or form of election to purchase, as the case may be, has not been properly completed or duly executed,
the Rights Agent shall not take any further action with respect to such requested exercise or transfer without first consulting
with the Company; provided, however that the Rights Agent shall not be liable for any delays arising from the duties under this
section 4.3(k).


 


(l)                
The Rights Agent shall have no responsibility to the Company, any holders of Rights or any holders of Ordinary Shares for
interest or earnings on any moneys held by the Rights Agent pursuant to this Agreement.


 


(m)            
The Rights Agent shall not be required to take notice or be deemed to have notice of any event or condition hereunder,
including any event or condition that may require action by the Rights Agent, unless the Rights Agent shall be specifically notified
in writing of such event or condition by the Company, and all notices or other instruments required by this Agreement to be delivered
to the Rights Agent must, in order to be effective, be received by the Rights Agent as specified in Section 5.9 hereof, and
in the absence of such notice so delivered, the Rights Agent may conclusively assume no such event or condition exists.


 


(n)              
Notwithstanding anything to the contrary contained herein, the Rights Agent shall not be liable for any delays or failures
in performance resulting from acts beyond its reasonable control including, without limitation, natural catastrophes or acts of
God, terrorist acts, shortage of supply, breakdowns or malfunctions, interruptions or malfunctions of computer facilities, or
loss of data due to power failures or mechanical difficulties with information storage or retrieval systems, labor difficulties,
war, or civil unrest.


 






    25


     


    

 


4.4              Change
of Rights Agent. The Rights Agent may resign and be discharged from its duties under this Agreement upon at least
30 days’ notice (or such lesser notice as is acceptable to the Company) in writing mailed to the Company by
registered or certified mail or nationally recognized overnight courier and, in the event that the Rights Agent or one of its
affiliates is not also the transfer agent of the Company, to each transfer agent of Ordinary Shares known to the Rights
Agent. In the event the transfer agency relationship in effect between the Company and the Rights Agent terminates, the
Rights Agent will be deemed to have resigned automatically and be discharged from its duties as Rights Agent under this
Agreement as of the effective date of such termination, provided that if the Rights Agent is the party terminating such
transfer agency relationship, its written notice of termination shall specify that, effective as of such termination, it
shall be deemed to have resigned and be discharged from its duties as Rights Agent. If the Rights Agent is deemed to have
resigned and is discharged from its duties as Rights Agent in connection with the termination of the transfer agency
relationship between the Company and the Rights Agent, the Company shall be responsible for sending any required notice
hereunder. The Company may remove the Rights Agent upon 30 days’ notice in writing, mailed to the Rights Agent and
to each transfer agent of the Ordinary Shares and to the holders of the Rights in accordance with Section 5.9. If the
Rights Agent should resign or be removed or otherwise become incapable of acting, the Company will appoint a successor to the
Rights Agent. If the Company fails to make such appointment within a period of 30 days after such removal or the
effectiveness of such resignation or after it has been notified in writing of such resignation or incapacity by the resigning
or incapacitated Rights Agent or by the holder of any Rights (which holder shall, with such notice, submit such
holder’s Rights Certificate for inspection by the Company), then the incumbent Rights Agent or any registered holder of
any Rights may apply to any court of competent jurisdiction for the appointment of a new Rights Agent. Any successor Rights
Agent, whether appointed by the Company or by such a court, shall be (a) a Person (other than a natural person)
organized and doing business under the laws of the United States or any state of the United States, in good standing, which
is authorized under such laws to exercise the powers of the Rights Agent contemplated by this Agreement and is subject to
supervision or examination by federal or state authority and which, when combined with its affiliates, has at the time of its
appointment as Rights Agent a combined capital and surplus of at least US$50,000,000 or (b) an Affiliate of a Person
described in clause (a) of this sentence. After appointment, the successor Rights Agent will be vested with the same
powers, rights, duties and responsibilities as if it had been originally named as Rights Agent without further act or deed;
but the predecessor Rights Agent shall deliver and transfer to the successor Rights Agent any property at the time held by it
hereunder, and execute and deliver any further assurance, conveyance, act or deed necessary for the foregoing purpose, but
the predecessor Rights Agent shall not be required to make any additional expenditure or assume any additional liability in
connection with the foregoing. Not later than the effective date of any such appointment, the Company will file notice
thereof in writing with the predecessor Rights Agent and each transfer agent of the Ordinary Shares, and mail a notice
thereof in writing to the holders of the Rights. Failure to give any notice provided for in this Section 4.4, however,
or any defect therein, shall not affect the legality or validity of the resignation or removal of the Rights Agent or the
appointment of the successor Rights Agent, as the case may be.


 






    26


     


    

 


Article
5 





Miscellaneous


 


5.1             
Redemption. (a) The Board of Directors may, at its option, at any time prior to the Flip-in Date, elect to
redeem all (but not less than all) the then outstanding Rights at the Redemption Price and the Company, at its option, may pay
the Redemption Price either in cash or Ordinary Shares or other securities of the Company deemed by the Board of Directors, in
the exercise of its sole discretion, to be at least equivalent in value to the Redemption Price.


 


(b)              
Immediately upon the action of the Board of Directors electing to redeem the Rights (or, if the resolution of the Board
of Directors electing to redeem the Rights states that the redemption will not be effective until the occurrence of a specified
future time or event, upon the occurrence of such future time or event), without any further action and without any notice, the
right to exercise the Rights will terminate and each Right, whether or not previously exercised, will thereafter represent only
the right to receive the Redemption Price in cash or securities, as determined by the Board of Directors. Promptly after the Rights
are redeemed, the Company shall give notice of such redemption to the Rights Agent and the holders of the then outstanding Rights
by mailing such notice in accordance with Section 5.9.


 


5.2             
Expiration. The Rights and this Agreement shall expire at the Expiration Time and no Person shall have any rights
pursuant to this Agreement or any Right after the Expiration Time, except, if the Rights have been exchanged or redeemed, as provided
in Sections 3.1 or 5.1, respectively.


 


5.3             
Issuance of New Rights Certificates. Notwithstanding any of the provisions of this Agreement or of the Rights to
the contrary, the Company may, at its option, issue new Rights Certificates evidencing Rights in such form as may be approved
by its Board of Directors to reflect any adjustment or change in the number or kind or class of shares purchasable upon exercise
of Rights made in accordance with the provisions of this Agreement.


 


In
addition, in connection with the issuance or sale of Ordinary Shares by the Company following the Separation Time and prior
to the Expiration Time pursuant to the terms of securities convertible or redeemable into Ordinary Shares or to options,
warrants or other rights (other than any securities issued or issuable in connection with the exercise or exchange of
Rights), in each case issued or granted prior to, and outstanding at, the Separation Time, the Company shall issue to the
holders of such Ordinary Shares, Rights Certificates representing the appropriate number of Rights in connection with the
issuance or sale of such Ordinary Shares; provided, however, in each case, (i) no such Rights Certificate
shall be issued, if, and to the extent that, the Company shall be advised by counsel that such issuance would create a
significant risk of material adverse tax consequences to the Company or to the Person to whom such Rights Certificates would
be issued, (ii) no such Rights Certificates shall be issued if, and to the extent that, appropriate adjustment shall
have otherwise been made in lieu of the issuance thereof, and (iii) the Company shall have no obligation to distribute
Rights Certificates to any Acquiring Person or Affiliate or Associate of an Acquiring Person or any transferee of any of the
foregoing.


 






    27


     


    

 


5.4             
Supplements and Amendments. The Company, with the approval or at the direction of the Board of Directors, and the
Rights Agent may from time to time supplement or amend this Agreement without the approval of any holders of Rights (i) prior
to the Flip-in Date, in any respect and (ii) on or after the Flip-in Date, to make any changes that the Company may deem
necessary or desirable (x) that shall not materially adversely affect the interests of the holders of Rights generally (other
than the Acquiring Person or any Affiliate or Associate thereof), (y) in order to cure any ambiguity or to correct or supplement
any provision contained herein which may be inconsistent with any other provisions herein or otherwise defective or (z) in order
to satisfy any applicable law, rule or regulation, including any Trading Regulation on any applicable exchange so as to allow
trading of the Company’s securities thereon. The Rights Agent will duly execute and deliver any supplement or amendment
hereto requested by the Company in writing, provided, that the Company has delivered to the Rights Agent a certificate from an
appropriate officer of the Company that states that the proposed supplement or amendment complies with the terms of this Agreement.
Rights Agent agrees that time is of the essence in connection with any supplement or amendment that it is directed to execute.
Notwithstanding anything contained in this Agreement to the contrary, the Rights Agent may, but shall not be obligated to, enter
into any supplement or amendment that affects the Rights Agent’s own rights, duties, obligations or immunities under this
Agreement.


 


5.5             
Fractional Shares. If the Company elects not to issue certificates representing (or register in the register of
members of the Company) fractional shares upon exercise, redemption or exchange of Rights, the Company shall, in lieu thereof,
in the sole discretion of the Board of Directors, either (a) evidence such fractional shares by depositary receipts issued
pursuant to an appropriate agreement between the Company and a depositary selected by it, providing that each holder of a depositary
receipt shall have all of the rights, privileges and preferences to which such holder would be entitled as a beneficial owner
of such fractional share, or (b) pay to the registered holder of such Rights the appropriate fraction of the Market Price
per share in cash. Whenever a payment for fractional shares is to be made by the Rights Agent, the Company shall (i) promptly
prepare and deliver to the Rights Agent a certificate setting forth in reasonable detail the facts related to such payments and
the prices and/or formulas utilized in calculating such payments, and (ii) provide sufficient monies to the Rights Agent
in the form of fully collected funds to make such payments. The Rights Agent shall be fully protected in relying upon such a certificate
and shall have no duty with respect to, and shall not be deemed to have knowledge of any payment for, fractional shares under
any Section of this Agreement relating to the payment of fractional shares unless and until the Rights Agent shall have received
such a certificate and sufficient monies.


 









    28


     


    

 


5.6             
 Rights of Action. Subject to the terms of this Agreement (including Sections 3.1(b), 5.10 and 5.13), rights
of action in respect of this Agreement, other than rights of action vested solely in the Rights Agent, the Board of Directors
or the Company, are vested in the respective holders of the Rights; and any holder of any Rights, without the consent of the Rights
Agent or of the holder of any other Rights, may, on such holder’s own behalf and for such holder’s own benefit and
the benefit of other holders of Rights, enforce, and may institute and maintain any suit, action or proceeding against the Company
to enforce, or otherwise act in respect of, such holder’s right to exercise such holder’s Rights in the manner provided
in such holder’s Rights Certificate and in this Agreement. Without limiting the foregoing or any remedies available to the
holders of Rights, it is specifically acknowledged that the holders of Rights would not have an adequate remedy at law for any
breach of this Agreement and will be entitled to specific performance of the obligations under, and injunctive relief against
actual or threatened violations of, the obligations of any Person subject to this Agreement.


 


5.7             
Holder of Rights Not Deemed a Shareholder. No holder, as such, of any Rights shall be entitled to vote, receive
dividends or be deemed for any purpose the holder of shares or any other securities that may at any time be issuable on the exercise
of such Rights, nor shall anything contained herein or in any Rights Certificate be construed to confer upon the holder of any
Rights, as such, any of the rights of a shareholder of the Company or any right to vote for the election of directors or upon
any matter submitted to shareholders at any meeting thereof, or to give or withhold consent to any corporate action, or to receive
notice of meetings or other actions affecting shareholders (except as provided in Section 5.8), or to receive dividends or
subscription rights, or otherwise, until such Rights shall have been exercised or exchanged in accordance with the provisions
hereof.


 


5.8             
Notice of Proposed Actions. In case the Company shall propose at or after the Separation Time and prior to the Expiration
Time (i) to effect or permit a Flip-over Transaction or Event or (ii) to effect the liquidation, dissolution or winding
up of the Company, then, in each such case, the Company shall give to the Rights Agent and to each holder of a Right, in accordance
with Section 5.9, written notice of such proposed action, which shall specify the date on which such Flip-over Transaction
or Event, liquidation, dissolution, or winding up is to take place, and such notice shall be so given at least 20 Business
Days prior to the date of the taking of such proposed action.


 


5.9             
Notices. Notices or demands authorized or required by this Agreement to be given or made by the Rights Agent or
by the holder of any Rights to or on the Company shall be in writing and shall be sufficiently given or made if in delivered or
sent by nationally recognized overnight courier or first-class mail, postage prepaid, addressed (until another address is filed
in writing with the Rights Agent) or by facsimile transmission (with written confirmation thereof) as follows:


 






    29


     


    

 





AirNet
Technology Inc.


15/F,
Sky Plaza


No.
46 Dongzhimenwai Street


Dongcheng
District


Beijing
100027


People’s
Republic of China


 


Any
notice or demand authorized or required by this Agreement to be given or made by the Company or by the holder of any Rights to
or on the Rights Agent shall be sufficiently given or made if delivered or sent by nationally recognized overnight courier or
first-class mail, postage prepaid, addressed (until another address is filed in writing with the Company) or by facsimile transmission
(with written confirmation thereof) as follows:


 


American
Stock Transfer & Trust Company, LLC


6201
15th Avenue


Brooklyn,
NY 11219


Attention:
Relationship Management


 


Notices
or demands authorized or required by this Agreement to be given or made by the Company or the Rights Agent to or on the holder
of any Rights shall be sufficiently given or made if delivered or sent by nationally recognized overnight courier or by first-class
mail, postage prepaid, addressed to such holder at the address of such holder as it appears upon the registry books of the Rights
Agent or, prior to the Separation Time, on the registry books of the transfer agent for the Ordinary Shares. Any notice that is
sent in the manner herein provided shall be deemed given, whether or not the holder receives the notice.


 


5.10         
Suspension of Exercisability or Exchangeability. To the extent that the Board of Directors determines in good faith
that some action will or need be taken pursuant to, or in order to properly give effect to, Sections 2.3, 3.1 or 4.4 or to
comply with federal or state securities laws or applicable Trading Regulations, the Company may suspend the exercisability or
exchangeability of the Rights for a reasonable period sufficient to allow it to take such action or comply with such laws or Trading
Regulations. In the event of any such suspension, the Company shall issue as promptly as practicable a public announcement (with
prompt written notice to the Rights Agent) stating that the exercisability or exchangeability of the Rights has been temporarily
suspended. Notice thereof pursuant to Section 5.9 shall not be required. Upon such suspension, any rights of action vested
in a holder of Rights shall be similarly suspended.


 


Failure
to give a notice pursuant to the provisions of this Agreement shall not affect the validity of any action taken hereunder.


 









    30


     


    

 


5.11         
 Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Rights
Agent shall bind and inure to the benefit of their respective successors and assigns hereunder.


 


5.12         
Benefits of this Agreement. Nothing in this Agreement shall be construed to give to any Person other than the Company,
the Rights Agent and the holders of the Rights any legal or equitable right, remedy or claim under this Agreement and this Agreement
shall be for the sole and exclusive benefit of the Company, the Rights Agent and the holders of the Rights.


 


5.13         
Determination and Actions by the Board of Directors, etc. The Board of Directors (or any duly authorized committee
thereof) shall have the exclusive power and authority to administer this Agreement and to exercise all rights and powers specifically
granted to the Board of Directors or to the Company, or as may be necessary or advisable in the administration of this Agreement,
including, without limitation, the right and power to (i) interpret the provisions of this Agreement and (ii) make all
determinations and calculations deemed necessary or advisable for the administration or implementation of this Agreement, without
limitation, including the right to determine the Rights to be null and void pursuant to Section 3.1, after taking into account
the purpose of this Agreement and the Company’s interest in maintaining an orderly trading market in the outstanding Ordinary
Shares; provided, however, that nothing in this Section 5.13 shall give the Board of Directors the right to modify the Rights
Agent’s rights, duties, obligations or immunities under this Agreement without the written consent of the Rights Agent.
All such actions, interpretations, calculations and determinations done or made by the Board of Directors (including by a committee
of the Board of Directors to the extent permitted by applicable law) shall be final, conclusive and binding on the Company, the
Rights Agent, the holders of the Rights and all other Persons. The Rights Agent shall always be entitled to assume that the Board
of Directors acted in good faith and the Rights Agent shall be fully protected and shall incur no liability in reliance thereon.


 


5.14         
Descriptive Headings; Section References. Descriptive headings appear herein for convenience only and shall not
control or affect the meaning or construction of any of the provisions hereof. Where a reference in this Agreement is made to
a Section, such reference shall be to a Section of this Agreement unless otherwise indicated.


 


5.15         
Governing Law; Exclusive Jurisdiction. This Agreement shall be interpreted and construed in accordance with the
laws of the State of New York, U.S.A. All actions and proceedings brought by the Rights Agent relating to or arising from, directly
or indirectly, this Agreement may be litigated in courts located within the State of New York. The Company hereby submits to the
personal jurisdiction of such courts and consents that any service of process may be made by certified or registered mail, return
receipt requested, directed to the Company at its address last specified for notices hereunder. Each of the parties hereto hereby
waives the right to a trial by jury in any action or proceeding arising out of or relating to this Agreement.


 









    31


     


    

 


5.16         
 Counterparts. This Agreement may be executed in any number of counterparts (including by facsimile, PDF or other
electronic means) and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts
shall together constitute but one and the same instrument.


 


5.17         
Severability. If any term or provision hereof or the application thereof to any circumstance shall, in any jurisdiction
and to any extent, be invalid or unenforceable, such term or provision shall be ineffective as to such jurisdiction to the extent
of such invalidity or unenforceability without invalidating or rendering unenforceable the remaining terms and provisions hereof
or the application of such term or provision to circumstances other than those as to which it is held invalid or unenforceable;
provided, that if any such excluded term or provision shall adversely affect the rights, immunities, duties or obligations of
the Rights Agent, the Rights Agent shall be entitled to resign immediately.


 


5.18         
Withholding. In the event that the Company, the Rights Agent or their agents determine that they are obligated to
withhold or deduct any tax or other charge under any applicable law on actual or deemed payments or distributions hereunder to
a holder of the Rights, Ordinary Shares or other cash, securities or other property, the Company, the Rights Agent or their agents
shall be entitled, but not obligated, to (i) deduct and withhold such amount by withholding a portion or all of the cash,
securities or other property otherwise deliverable or by otherwise using any property (including, without limitation, Rights,
Ordinary Shares or cash) that is owned by such holder, or (ii) in lieu of such withholding, require any holder to make a
payment to the Company, the Rights Agent or their agents, in each case in such amounts as they deem necessary to meet their withholding
obligations, and in the case of (i) above, shall also be entitled, but not obligated, to sell all or a portion of such withheld
securities or other property by public or private sale in such amounts and in such manner as they deem necessary and practicable
to pay such taxes and charges.


 









    32


     


    

 


IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written.


 


	 	AIRNET TECHNOLOGY INC.
	 	 
	 	By:	/s/ Herman Man Guo
	 	 	Name:  Herman Man Guo
	 	 	Title:    Chairman and Chief Executive Officer
	 	 	 
	 	AMERICAN STOCK TRANSFER & TRUST
COMPANY, LLC
	 	 
	 	By:	/s/ Michael A. Nespoli
	 	 	Name:  Michael A. Nespoli
	 	 	Title:    Executive Director






 






    33


     


    

 


EXHIBIT
A 


 


FORM
OF RIGHTS CERTIFICATE


 


	Certificate No.	 	 Rights



 


THE
RIGHTS ARE SUBJECT TO REDEMPTION OR MANDATORY EXCHANGE, AT THE OPTION OF THE COMPANY, ON THE TERMS SET FORTH IN THE RIGHTS AGREEMENT.
RIGHTS BENEFICIALLY OWNED BY “ACQUIRING PERSONS” OR “AFFILIATES” OR “ASSOCIATES” THEREOF (AS
SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT) OR TRANSFEREES OF ANY OF THE FOREGOING WILL BE VOID.


 


RIGHTS CERTIFICATE


 


AIRNET TECHNOLOGY
INC.


 


This
certifies that                     ,
or registered assigns, is the registered holder of the number of Rights set forth above, each of which entitles the registered
holder thereof, subject to the terms, provisions and conditions of the Rights Agreement, dated as of December 2, 2015 (as
amended from time to time, the “Rights Agreement”), between AirNet Technology Inc., a Cayman Islands corporation
(the “Company”), and American Stock Transfer & Trust Company, LLC, a New York limited liability trust company,
as Rights Agent (the “Rights Agent”, which term shall include any successor Rights Agent under the Rights Agreement),
to purchase from the Company at any time after the Separation Time (as such term is defined in the Rights Agreement) and prior
to the Expiration Time (as such term is defined in the Rights Agreement), one Ordinary Share (as defined in, and subject to adjustment
as provided in, the Rights Agreement), at the Exercise Price referred to below, upon presentation and surrender of this Rights
Certificate with the Form of Election to Exercise duly executed at the office of the Rights Agent designated for such purpose.
The Exercise Price shall initially be US$0.9 per Right and shall be subject to adjustment in certain events as provided in the
Rights Agreement.


 


In
certain circumstances described in the Rights Agreement, the Rights evidenced hereby may entitle the registered holder thereof
to purchase securities of an entity other than the Company or securities of the Company other than Ordinary Shares or assets of
the Company, all as provided in the Rights Agreement.


 


This
Rights Certificate is subject to all of the terms, provisions and conditions of the Rights Agreement, which terms, provisions
and conditions are hereby incorporated herein by reference and made a part hereof and to which Rights Agreement reference is
hereby made for a full description of the rights, limitations of rights, obligations, duties and immunities hereunder of the Rights
Agent, the Company and the holders of the Rights Certificates. Copies of the Rights Agreement are on file at the principal
office of the Company and are available without cost upon written request.


 






    A-1


     


    

 


This
Rights Certificate, with or without other Rights Certificates, upon surrender at the office of the Rights Agent designated for
such purpose, may be exchanged for another Rights Certificate or Rights Certificates of like tenor evidencing an aggregate number
of Rights equal to the aggregate number of Rights evidenced by the Rights Certificate or Rights Certificates surrendered. If this
Rights Certificate shall be exercised in part, the registered holder shall be entitled to receive, upon surrender hereof, another
Rights Certificate or Rights Certificates for the number of whole Rights not exercised.


 


Subject
to the provisions of the Rights Agreement, each Right evidenced by this Certificate may be (a) redeemed by the Company under
certain circumstances, at its option, at a redemption price of US$0.001 per Right or (b) exchanged by the Company under certain
circumstances, at its option, for one Ordinary Share per Right (or, in certain cases, other securities or assets of the Company),
subject in each case to adjustment in certain events as provided in the Rights Agreement.


 


No
holder of this Rights Certificate, as such, shall be entitled to vote or receive dividends or be deemed for any purpose the holder
of any securities which may at any time be issuable on the exercise hereof, nor shall anything contained in the Rights Agreement
or herein be construed to confer upon the holder hereof, as such, any of the rights of a shareholder of the Company or any right
to vote for the election of directors or upon any matter submitted to shareholders at any meeting thereof, or to give or withhold
consent to any corporate action, or to receive notice of meetings or other actions affecting shareholders (except as provided
in the Rights Agreement), or to receive dividends or subscription rights, or otherwise, until the Rights evidenced by this Rights
Certificate shall have been exercised or exchanged as provided in the Rights Agreement.


 


This
Rights Certificate shall not be valid or obligatory for any purpose until it shall have been countersigned by the Rights Agent.


 









    A-2


     


    

 


WITNESS
the facsimile signature of the proper officers of the Company and its corporate seal.


 


Date:
                            


 


	ATTEST:	 	AIRNET TECHNOLOGY INC.
	 	 	 
	By:	 	 	By:	              
	 	 	 	 
	Countersigned:	 	 	 
	 	 	 	 
	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC	 	 	 
	 	 	 	 
	By:	 	 	 	 
	 	Authorized Signature	 	 	 



 






    A-3


     


    

 


[Form
of Reverse Side of Rights Certificate]


 


FORM OF
ASSIGNMENT


 


(To be executed
by the registered holder if such holder desires to transfer this Rights Certificate.)


 


	FOR VALUE RECEIVED                         
                             
    hereby sells, assigns and transfers unto
	 
	 
	 
	 
	(Please print name and
    address of transferee)
	 


this Rights
Certificate, together with all right, title and interest therein, and does hereby irrevocably constitute and appoint                          
Attorney, to transfer the within Rights Certificate on the books of the within-named Company, with full power of substitution.


Dated:                             


 


Signature
Medallion Guaranteed:


 


 


	 	Signature
	 



(Signature
must correspond to name as written upon the face of this Rights Certificate in every particular, without alteration or enlargement
or any change whatsoever)


 


Signatures
must be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions
with membership in an approved signature guarantee Medallion program), pursuant to Exchange Act Rule 17Ad-15. A notary is not
sufficient.


 


The
undersigned hereby represents, for the benefit of all holders of Rights and Ordinary Shares, that the Rights evidenced by this
Rights Certificate are not, and, to the knowledge of the undersigned, have never been, Beneficially Owned by an Acquiring Person
or an Affiliate or Associate thereof (as defined in the Rights Agreement).


 


 


	 	Signature






 






    A-4


     


    

 


NOTICE


 


In
the event the certification set forth above is not properly completed in connection with a purported assignment, the Company will
deem the Beneficial Owner of the Rights evidenced by the enclosed Rights Certificate to be an Acquiring Person or an Affiliate
or Associate thereof (as defined in the Rights Agreement) or a transferee of any of the foregoing and accordingly will deem the
Rights evidenced by such Rights Certificate to be void and not transferable or exercisable.


 









    A-5


     


    

 


[To
be attached to each Rights Certificate]


 


FORM OF
ELECTION TO EXERCISE


 


(To be executed
if holder desires to exercise the Rights Certificate.)


 


TO:          AIRNET
TECHNOLOGY INC.


 


The
undersigned hereby irrevocably elects to exercise whole                 
Rights represented by the attached Rights Certificate to purchase the Ordinary Shares issuable upon the exercise of such Rights
and requests that certificates for such shares be issued in the name of:


 


	 
	 
	Address:
	 
	 
	 
	 
	Social Security or Other Taxpayer Identification Number:
	 
	 



 


If
such number of Rights shall not be all the Rights evidenced by this Rights Certificate, a new Rights Certificate for the balance
of such Rights shall be registered in the name of and delivered to: 


 


 


	 
	Address:
	 
	 
	 
	 
	Social Security or Other Taxpayer Identification Number:
	 



 


Signatures
must be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions
with membership in an approved signature guarantee Medallion program), pursuant to Exchange Act Rule 17Ad-15. A notary is not
sufficient.


 









    A-6


     


    

 


Dated:                             


 


Signature
Medallion Guaranteed:


 


 


	 
	Signature

        (Signature must correspond to name as written

        upon
        the face of this Rights Certificate in every

        particular,
        without alteration or enlargement or any

        change
        whatsoever)



 


(To be completed
if true)


 


The
undersigned hereby represents, for the benefit of all holders of Rights and Ordinary Shares, that the Rights evidenced by the
attached Rights Certificate are not, and, to the knowledge of the undersigned, have never been, Beneficially Owned by an Acquiring
Person or an Affiliate or Associate thereof (as defined in the Rights Agreement).


 


	 
	 	Signature  



 


NOTICE


 


In
the event the certification set forth above is not properly completed in connection with a purported exercise, the Company will
deem the Beneficial Owner of the Rights evidenced by the attached Rights Certificate to be an Acquiring Person or an Affiliate
or Associate thereof (as defined in the Rights Agreement) or a transferee of any of the foregoing and accordingly will deem the
Rights evidenced by such Rights Certificate to be void and not transferable or exercisable.


 








    A-7