WARRANT AGREEMENT


 


CIS ACQUISITION LTD.


 


and


 


CONTINENTAL STOCK TRANSFER & TRUST COMPANY,


 


as Warrant Agent


 


Dated as of [●], 2012


 



    	 



    	 



    

 


Table of Contents


 


	 	 	Page
	SECTION 1. Appointment of Warrant Agent	 	1
	SECTION 2. Warrant Certificates	 	1
	SECTION 3. Execution of Warrant Certificates	 	1
	SECTION 4. Registration and Countersignature	 	2
	SECTION 5. Registration of Transfers and Exchanges; Transfer Restrictions	 	2
	SECTION 6. Terms of Warrants	 	3
	SECTION 7. Payment of Taxes	 	6
	SECTION 8. Mutilated or Missing Warrant Certificates	 	6
	SECTION 9. Reservation of Warrant Shares	 	6
	SECTION 10. Obtaining Stock Exchange Listings; State Registration	 	7
	SECTION 11. Adjustment of Number of Warrant Shares	 	7
	SECTION 12. Fractional Interests	 	11
	SECTION 13. Notices to Warrant Holders	 	11
	SECTION 14. Merger, Consolidation or Change of Name of Warrant Agent	 	12
	SECTION 15. Conditions to Warrant Agent Duties and Obligations	 	13
	SECTION 16. Change of Warrant Agent	 	15
	SECTION 17. Notices to Company and Warrant Agent	 	15
	SECTION 18. Supplements and Amendments	 	15
	SECTION 19. Successors	 	16
	SECTION 20. Termination	 	16
	SECTION 21. Governing Law	 	16
	SECTION 22. Benefits of This Agreement	 	16
	SECTION 23. Counterparts	 	16
	SECTION 24. Force Majeure	 	16
	EXHIBIT A  [Form of Warrant Certificate]	 	A-1
	EXHIBIT B  [Form of Warrant Certificate]	 	B-1
	EXHIBIT C  Warrant Agent Fees	 	C-1


 



    	 



    	 



    

 


WARRANT AGREEMENT


 


This Warrant Agreement
(this “Agreement”) is made as of [●], 2012 between CIS Acquisition Ltd., a British Virgin Islands company
(the “Company”), and Continental Stock Transfer & Trust Company, as Warrant Agent (the “Warrant
Agent”).


 


WHEREAS, the Company
has filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement, No. 333-180224 on
Form F-1 (as may be amended from time to time) (the “Registration Statement”) for the initial public offering
of units (the “Initial Public Offering”), each unit (“Unit”) consisting of one Series A Share
of the Company’s, par value $0.0001 per share (“Series A Shares”), and one warrant, each warrant to purchase
one ordinary share at an exercise price of $10.00 per share (“Public Warrants”);


 


WHEREAS, the Company
has agreed to issue (i) in a private placement to occur immediately prior to the closing of the Initial Public Offering, an aggregate
of [________] warrants to purchase ordinary shares (the “Placement Warrants”) to [___________] (the “Private
Placement Warrantholder”), and (ii) up to [___________] Public Warrants (together with the Placement Warrants, the
“Warrants”).  The ordinary shares issuable on exercise of the Warrants are referred to as the “Warrant
Shares”; and


 


WHEREAS, the Company
desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance,
transfer, exchange and exercise of the Warrants and other matters as provided herein;


 


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


 


SECTION 1.          Appointment
of Warrant Agent.  The Company hereby appoints the Warrant Agent to act as agent for the Company in accordance with
the instructions set forth in this Agreement, and the Warrant Agent hereby accepts such appointment.


 


SECTION 2.          Warrant
Certificates.  The Warrant Agent shall deliver certificates evidencing the Warrants (the “Warrant Certificates”)
pursuant to this Agreement in registered form only, with respect to the Public Warrants, substantially in the form set forth in
Exhibit A attached hereto, and with respect to the Placement Warrants, the warrant certificates for the Placement Warrants
substanitally in the form set forth in Exhibit B, except as set forth herein.


 


SECTION 3.          Execution
of Warrant Certificates.


 


3.1           Warrant
Certificates must be signed on behalf of the Company by its Chairman of the Board, President, Chief Executive Officer or a Vice
President. Each such signature upon the Warrant Certificates may be in the form of a facsimile signature of the present or any
future Chairman of the Board, President, Chief Executive Officer, or Vice President, and may be imprinted or otherwise reproduced
on the Warrant Certificates and for that purpose the Company may adopt and use the facsimile signature of any person who has been
Chairman of the Board, President, Chief Executive Officer, or Vice President, notwithstanding the fact that at the time the Warrant
Certificates is countersigned and delivered or disposed of he or she has ceased to hold such office.


 


3.2           If
any officer of the Company who has signed any of the Warrant Certificates ceases to be such officer before the Warrant Certificates
so signed have been countersigned by the Warrant Agent, or disposed of by the Company, such Warrant Certificates nevertheless may
be countersigned and delivered or disposed of as though such person had not ceased to be such officer of the Company; and any Warrant
Certificate may be signed on behalf of the Company by any person who, at the actual date of the execution of such Warrant Certificate,
is a proper officer of the Company to sign such Warrant Certificate, although at the date of the execution of this Agreement any
such person was not such officer.


 



    	 



    	 



    

 


3.3           The
Warrant Agent shall date the Warrant Certificates the date of countersignature by the Warrant Agent.


 


SECTION 4.          Registration
and Countersignature.


 


4.1           The
Warrant Agent shall, upon written instructions of the Chairman of the Board, the President, the Chief Executive Officer, a Vice
President, the Treasurer or the Chief Financial Officer of the Company, countersign, issue and deliver Warrants as provided in
this Agreement.  Warrant Certificates not countersigned by the Warrant Agent will not be valid for any purpose.


 


4.2           The
Company and the Warrant Agent may deem and treat the registered holder(s) of the Warrant Certificates as the absolute owner(s)
thereof (notwithstanding any notation of ownership or other writing thereon made by anyone), for all purposes, and neither the
Company nor the Warrant Agent shall be affected by any notice to the contrary.


 


SECTION 5.          Registration
of Transfers and Exchanges; Transfer Restrictions.


 


5.1           The
Warrant Agent shall from time to time, subject to the limitations of this Section 5, register the transfer of any outstanding Warrant
Certificates upon the records to be maintained by it for that purpose, upon surrender thereof duly endorsed or accompanied (if
so required by the Warrant Agent) by a written instrument or instruments of transfer in form satisfactory to the Warrant Agent,
duly executed by the registered holder or holders thereof or by the duly appointed legal representative thereof or by a duly authorized
attorney.  Upon any such registration of transfer, the Warrant Agent shall issue a new Warrant Certificate to the transferee(s)
and shall cancel the surrendered Warrant Certificate.  The Warrant Agent shall dispose of such cancelled Warrant Certificates
in its customary manner.


 


5.2           The
Placement Warrants may not be sold or transferred until the Company completes its initial acquisition transaction or post-acquisition
tender offer, as the case may be (as described more fully in the Registration Statement) (the “Initial Acquisition Transaction”),
except to a Permitted Transferee who agrees in writing with the Company to be subject to such transfer restrictions.


 


5.3           As
used herein, “Permitted Transferee” means


 


(a)          any
officer, director or employee of the Company;


 


(b)          an
affiliate or a member of the holder’s immediate family (or a member of the immediate family of its officers or directors)
or a trust or other entity, the beneficiary of which is the holder (or one of its officers or directors or a member of their respective
immediate families); or


 


(c)          any
successor in interest by virtue of the laws of descent and distribution upon death of any holder, or


 


(d)          pursuant
to a qualified domestic relations order.


 


5.4           The
holder of any Placement Warrants or Warrant Shares issued upon exercise of any Placement Warrants further agree, prior to any transfer
of such securities, to give written notice to the Company expressing its desire to effect such transfer and describing briefly
the proposed transfer.  Upon receiving such notice, the Company shall present copies thereof to its counsel and the holder
agrees not to make any disposition of all or any portion of such securities unless and until:


 


(a)          there
is then in effect a registration statement under the Securities Act covering such proposed disposition and such disposition is
made in accordance with such registration statement, in which case the legends set forth in Section 6.3(g) hereof (the “Legends”)
with respect to such securities sold pursuant to such registration statement shall be removed; or


 



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(b)          if
reasonably requested by the Company, (A) the holder shall have furnished the Company with an opinion of counsel, reasonably satisfactory
to the Company, that such disposition will not require registration of such Securities under the Securities Act, (B) the Company
shall have received customary representations and warranties regarding the transferee that are reasonably satisfactory to the Company
signed by the proposed transferee and (C) the Company shall have received an agreement by such transferee to the restrictions contained
in the Legends.


 


5.5           Each
Public Warrant must initially be issued together with one ordinary share as a Unit.  The ordinary shares and Public Warrants
comprising a Unit may not be separately transferable until 90 days following effectiveness of the Registration Statement, unless
Chardan Capital Markets, LLC (the “Underwriter”) informs the Company of its decision to allow earlier separate trading,
subject to the Company having filed a Form 6-K with the Securities and Exchange Commission containing an audited balance sheet
reflecting the Company’s receipt of the gross proceeds of the offering of the Units and having issued a press release announcing
when such separate trading will begin (the “Detachment Date”).  Prior to the Detachment Date, Public
Warrants may be transferred or exchanged only together with the Unit in which such Public Warrant is included, and only for the
purpose of effecting, or in conjunction with, a transfer or exchange of such Unit.  Furthermore, prior to the Detachment
Date, each transfer of a Public Unit on the register relating to such Units shall operate also to transfer the Public Warrant included
in such Unit. Upon separation of the Units by a holder, the number of Warrants issuable upon separation of the Units shall be rounded
down to the nearest whole Warrant. In no event may a Warrant Certificate for a partial Warrant be issued.


 


5.6           Subject
to the terms of this Agreement, Warrant Certificates may be exchanged at the option of the holder(s) thereof, when surrendered
to the Warrant Agent at its principal corporate trust office, which is currently located at the address listed in Section 17.3
hereof, for another Warrant Certificate or other Warrant Certificates of like tenor and representing in the aggregate a like number
of Warrants.  Any holder desiring to exchange a Warrant Certificate shall deliver a written request to the Warrant Agent,
and shall surrender, duly endorsed or accompanied (if so required by the Warrant Agent) by a written instrument or instruments
of transfer in form satisfactory to the Warrant Agent, the Warrant Certificate or Certificates to be so exchanged.  Warrant
Certificates surrendered for exchange shall be cancelled by the Warrant Agent.  Such cancelled Warrant Certificates shall
then be disposed of by such Warrant Agent in its customary manner.


 


5.7           The
Warrant Agent is hereby authorized to countersign, in accordance with the provisions of this Section 5 and of Section 4 hereof,
the new Warrant Certificates required pursuant to the provisions of this Section 5.


 


SECTION 6.          Terms
of Warrants.


 


6.1           Exercise
Price and Exercise Period.


 


(a)          The
initial exercise price per share that Warrant Shares may be purchasable upon the exercise of full Warrants (the “Exercise
Price”) is $10.00 per share, and each Warrant is initially exercisable to purchase one ordinary share.


 


(b)          Subject
to the terms of this Agreement (including without limitation Section 6.4 below), each Warrant holder has the right, which may be
exercised commencing at the opening of business on the first day of the applicable Warrant Exercise Period set forth below and
until 5:00 p.m., New York City time, on the last day of such Warrant Exercise Period, to receive from the Company the number of
fully paid and nonassessable Warrant Shares which the holder may at the time be entitled to receive on exercise of such Warrants
and payment of the Exercise Price then in effect for such Warrant Shares, rounded down to the nearest whole Warrant.  No
adjustments as to dividends will be made upon exercise of the Warrants.


 



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(c)          The
“Warrant Exercise Period” for all Warrants commences (subject to Section 6.4 below) on the later of: (A) the
date that is one year from the date that the Registration Statement is declared effective by the Securities and Exchange Commission
(the “Effective Date”) or (B) the date on which the Company consolidates each of its series of ordinary shares
into one class of ordinary shares after it completes its Initial Acquisition Transaction or  post-acquisition tender offer,
as the case may be, and ends on the earlier of: (A) the date that is five years from the Effective Date, (B) the trading day preceding
the date on which such Warrants are redeemed pursuant to Section 6.2 below, or (C) upon the dissolution and winding up of the Company.


 


(d)          Each
Warrant not exercised prior to 5:00 p.m., New York City time, on the last day of the Warrant Exercise Period shall become void
and all rights thereunder and all rights in respect thereof under this Agreement shall cease as of such time.


 


6.2           Redemption
of Warrants.


 


(a)          The
Company may call the Public Warrants for redemption at a price of $0.01 per Public Warrant, upon not less than 30 days’ prior
written notice of redemption to each Public Warrant holder, at any time after such Public Warrants have become exercisable pursuant
to Section 6.1 above, if, and only if, (i) the Closing Price has equaled or exceeded $15.00 (the “Redemption Threshold”)
per share for any 20 trading days within a 30-trading-day period ending on the third trading day prior to the notice of redemption
to Public Warrant holders and (ii) at all times between the date of such notice of redemption and the redemption date a registration
statement is in effect covering the Warrant Shares issuable upon exercise of the Public Warrants and a current prospectus relating
to those Warrant Shares is available. Notwithstanding the foregoing, the Warrants issued to the underwriter of the Company’s
initial public offering pursuant to their unit purchase option, shall not be redeemable by the Company.


 


(b)          The
“Closing Price” of the ordinary shares on any date of determination means:


 


(i)          the
closing sale price for the regular trading session (without considering after hours or other trading outside regular trading session
hours) of the ordinary shares (regular way) as reported in the composite transactions for the principal United States securities
exchange on which the ordinary shares are so listed on that date (or, if no closing price is reported, the last reported sale price
during that regular trading session), or


 


(ii)         if
the ordinary shares are not so listed, the last quoted sales price for the ordinary shares as reported by the OTC Bulletin Board,
the National Quotation Bureau or similar organization, or


 


(iii)        if
the ordinary shares are not so quoted, the average of the mid-point of the last bid and ask prices for the ordinary shares from
at least three nationally recognized investment-banking firms that the Company selects for this purpose.


 


6.3           Exercise
Procedure.


 


(a)          A
Warrant may be exercised upon surrender to the Company at the principal stock transfer office of the Warrant Agent, which is currently
located at the address listed in Section 17.3 hereof, of the certificate or certificates evidencing the Warrants to be exercised
with the form of election to purchase on the reverse thereof duly filled in and signed and such other documentation as the Warrant
Agent may reasonably request, and upon payment to the Warrant Agent for the account of the Company of the Exercise Price (adjusted
as herein provided if applicable) for the number of Warrant Shares in respect of which such Warrants are then exercised.  Payment
of the aggregate Exercise Price must be made in cash or by certified or official bank check payable to the order of the Company
in New York Clearing House Funds, or the equivalent thereof.


 


(b)          Holders
of Public Warrants may not settle Public Warrants on a cashless basis (in lieu of payment of the Exercise Price), unless there
is no effective registration statement or prospectus covering the ordinary shares issuable upon exercise of the Public Warrants.
Holders of Private Placement Warrants may settle the Private Placement Warrants on a cashless basis at any time. Any exercise on
a cashless basis shall be in accordance with the following formula:


 



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N’= (N x (P - E)) / P


 


where:


 


N’ =the adjusted number of ordinary shares
issuable upon cashless exercise of each Warrant.


N = the current number of ordinary shares issuable upon
exercise of each Warrant.


E = the Exercise Price on the date of cashless exercise
of the Warrants.


P = the average reported last sales price of the ordinary
shares for the last 10 trading days ending on the third trading day prior to the date on which notice of cashless exercise
is given.


 


(c)          Subject
to the provisions of Section 7, upon surrender of Warrants and payment of the Exercise Price, the Company shall issue and cause
to be delivered with all reasonable dispatch to and in such name or names as the Warrant holder may designate, a certificate or
certificates for the number of full Warrant Shares issuable upon the exercise of such Warrants.  Such certificate or
certificates are to be deemed to have been issued and any person so designated to be named therein is to be deemed to have become
a holder of record of such Warrant Shares as of the date of the surrender of such Warrants and payment of the Exercise Price.


 


(d)          The
Warrants may be exercisable, at the election of the holders thereof, either in full or from time to time in part and, in the event
that a certificate evidencing Warrants is exercised in respect of fewer than all of the Warrant Shares issuable on such exercise
at any time prior to the date of expiration of the Warrants, a new certificate evidencing the remaining Warrant or Warrants will
be issued, and the Warrant Agent is hereby irrevocably authorized to countersign and to deliver the required new Warrant Certificate
or Certificates pursuant to the provisions of this Section 6 and of Section 4 hereof, and the Company, whenever required by the
Warrant Agent, shall supply the Warrant Agent with Warrant Certificates duly executed on behalf of the Company for such purpose.  The
Warrant Agent may assume that any Warrant presented for exercise is permitted to be so exercised under applicable law and shall
have no liability for acting in reliance on such assumption.


 


(e)          The
Warrant Agent shall cancel all Warrant Certificates surrendered upon exercise of Warrants and shall then dispose of such Warrant
Certificates in its customary manner.  The Warrant Agent shall account promptly to the Company with respect to Warrants
exercised and shall concurrently pay to the Company all monies received by the Warrant Agent for the purchase of the Warrant Shares
through the exercise of such Warrants.


 


(f)          The
Warrant Agent shall keep copies of this Agreement and any notices given or received hereunder available for inspection by the holders
with reasonable prior written notice during normal business hours at its office.  The Company shall supply the Warrant
Agent from time to time with such numbers of copies of this Agreement as the Warrant Agent may request.


 


(g)          Certificates
evidencing Warrant Shares issued upon exercise of a Placement Warrant must bear the following legends:


 


THE SECURITIES REPRESENTED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAW, AND MAY NOT BE OFFERED,
SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE
SECURITIES LAWS OR AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE.


 


SECURITIES EVIDENCED
BY THIS CERTIFICATE WILL BE ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY.


 



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6.4           Registration
Requirement.  Notwithstanding anything else in this Section 6, no Public Warrants may be exercised by the holder
paying the Exercise Price in cash unless at the time of exercise (i) a registration statement covering the Warrant Shares to be
issued upon exercise (other than Warrant Shares to be issued upon exercise of any Placement Warrant) is effective under the Securities
Act of 1933, as amended (the “Act”) and (ii) a prospectus thereunder relating to the Warrant Shares is current.  The
Company shall use all commercially reasonable efforts to have a registration statement in effect covering Warrant Shares issuable
upon exercise of the Warrants from the date the Warrants become exercisable and to maintain a current prospectus relating to those
Warrant Shares until the Warrants expire or are redeemed. In the event that, at the end of the Warrant Exercise Period, a Warrant
has not been exercised, all the rights of the holder hereunder shall terminate and such Warrant shall expire unexercised and worthless,
and as a result purchasers of the Units will have paid the full Unit price solely for the ordinary share included in each Unit.  The
Company is not required to issue unregistered shares upon the exercise of any Warrant; provided, however, that the
Company shall issue unregistered shares upon the exercise of any Placement Warrant, if, at the time of such exercise, there is
not an effective registration statement or current prospectus covering the Warrant Shares underlying such Placement Warrant. In
no event will the registered holder of the Warrant be entitled to receive a net-cash settlement, securities or other consideration
in lieu of physical settlement in shares of common stock, regardless of whether the common stock underlying the Warrants is registered
pursuant to an effective registration statement.


 


SECTION 7.          Payment
of Taxes.  The Company shall pay all documentary stamp taxes attributable to the initial issuance of Warrant Shares
upon the exercise of Warrants; provided, however, that the Company shall not be required to pay any tax or taxes which may be payable
in respect of any transfer involved in the issue of any Warrant Certificates or any certificates for Warrant Shares in a name other
than that of the registered holder of a Warrant Certificate surrendered upon the exercise of a Warrant, and the Company shall not
be required to issue or deliver such Warrant Certificates unless or until the person or persons requesting the issuance thereof
have paid to the Company the amount of such tax or have established to the satisfaction of the Company that such tax has been paid.


 


SECTION 8.          Mutilated
or Missing Warrant Certificates.  If any Warrant Certificate is mutilated, lost, stolen or destroyed, the Company
shall issue and the Warrant Agent shall countersign, in exchange and substitution for and upon cancellation of the mutilated Warrant
Certificate, or in lieu of and substitution for the Warrant Certificate lost, stolen or destroyed, a new Warrant Certificate of
like tenor and representing an equivalent number of Warrants, but only upon receipt of indemnity and evidence in each case satisfactory
to the Company and the Warrant Agent of such loss, theft or destruction of such Warrant Certificate.  Applicants for
such new Warrant Certificates shall pay such reasonable charges as the Company may prescribe.


 


SECTION 9.          Reservation
of Warrant Shares.


 


9.1           The
Company shall at all times reserve and keep available, free from preemptive rights, out of the aggregate of its authorized but
unissued ordinary shares or its authorized and issued ordinary shares held in its treasury, for the purpose of enabling it to satisfy
any obligation to issue Warrant Shares upon exercise of Warrants, the maximum number of ordinary shares which may then be deliverable
upon the exercise of all outstanding Warrants.  The Warrant Agent is not required to verify availability of such shares
set aside by the Company.


 


9.2           The
Company or, if appointed, the transfer agent for the ordinary shares (the “Transfer Agent”) and every subsequent
transfer agent for any ordinary shares of the Company issuable upon the exercise of any of the Warrants is hereby irrevocably authorized
and directed at all times to reserve such number of authorized shares as shall be required for such purpose.  The Company
shall keep a copy of this Agreement on file with the Transfer Agent and with every subsequent transfer agent for any ordinary shares
of the Company issuable upon the exercise of the Warrants.  The Warrant Agent is hereby irrevocably authorized to requisition
from time to time from such Transfer Agent the stock certificates required to honor outstanding Warrants upon exercise thereof
in accordance with the terms of this Agreement.  The Company shall supply such Transfer Agent with duly executed certificates
for such purposes.  The Company shall furnish such Transfer Agent a copy of all notices of adjustments and certificates
related thereto, transmitted to each holder pursuant to Section 13 hereof.


 


9.3           Before
taking any action which would cause an adjustment pursuant to Section 11 hereof to reduce the Exercise Price below the then par
value (if any) of the Warrant Shares, the Company shall take any commercially reasonable corporate action which may, in the opinion
of its counsel (which may be counsel employed by the Company), be necessary in order that the Company may validly and legally issue
fully paid and nonassessable Warrant Shares at the Exercise Price as so adjusted.


 



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9.4           The
Company shall, upon exercise of Warrants and payment of the Exercise Price therefor, issue Warrant Shares that are fully paid,
nonassessable, free of preemptive rights and free from all taxes, liens, charges and security interests with respect to the issue
thereof.


 


SECTION 10.         [Reserved]


 


SECTION 11.         Adjustment
of Number of Warrant Shares.  The number of Warrant Shares issuable upon the exercise of each Warrant is subject
to adjustment from time to time upon the occurrence of the events enumerated in this Section 11.  For purposes of this
Section 11, “ordinary shares” means shares now or hereafter authorized of any class of ordinary shares of the Company
and any other stock of the Company, however designated, that has the right (subject to any prior rights of any class or series
of preferred stock) to participate in any distribution of the assets or earnings of the Company without limit as to per share amount.


 


11.1         Adjustment
for Change in Capital Stock. If the Company:  (i) pays a dividend or makes a distribution on its ordinary shares
in either case in ordinary shares; (ii) subdivides its outstanding ordinary shares into a greater number of shares; (iii) combines
its outstanding ordinary shares into a smaller number of shares; (iv) makes a distribution on its ordinary shares in shares of
its capital stock other than ordinary shares; or (v) issues by reclassification of its ordinary shares any shares of its capital
stock, then the number of ordinary shares issuable upon exercise of each Warrant immediately prior to such action shall be proportionately
adjusted so that the holder of any Warrant thereafter exercised shall receive the aggregate number and kind of shares of capital
stock of the Company which he would have owned immediately following such action if such Warrant had been exercised immediately
prior to such action.  The adjustment shall become effective immediately after the record date in the case of a dividend
or distribution and immediately after the effective date in the case of a subdivision, combination or reclassification.  Such
adjustment shall be made successively whenever any event listed above shall occur.


 


11.2         Adjustment
for Rights Issue.


 


(a)          If
the Company distributes any rights, options or warrants to all holders of its ordinary shares entitling them to purchase ordinary
shares at a price per share less than the Closing Price per share on the Business Day immediately preceding the ex-dividend date
for such distribution of rights, options or warrants, the number of ordinary shares issuable upon exercise of each Warrant is to
be adjusted in accordance with the following formula:


 


N’= N x ((O+A) / (O+(A x (P/M))))


 


where:


 


N’ =the adjusted number of ordinary shares
issuable upon exercise of each Warrant.


N =the current number of ordinary shares issuable
upon exercise of each Warrant.


O =the number of ordinary shares outstanding on
the record date for such distribution.


A =the number of additional ordinary shares issuable
pursuant to such rights or warrants.


P  =the purchase price per share of the
additional shares.


M =the Closing Price per ordinary share on the record
date.


 


(b)          The
adjustment is to be made successively whenever any such rights, options or warrants are issued and is to become effective immediately
after the record date for the determination of shareholders entitled to receive the rights, options or warrants.  If
at the end of the period during which such rights, options or warrants are exercisable, not all rights, options or warrants have
been exercised, the number of ordinary shares issuable upon exercise of each Warrant is to be immediately readjusted to what it
would have been if “N” in the above formula had been the number of shares actually issued.


 



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11.3         Adjustment
for Other Distributions.


 


(a)          If
the Company distributes to all holders of its ordinary shares any of its assets (including cash) or debt securities or any rights,
options or warrants to purchase debt securities, assets or other securities of the Company (other than ordinary shares), the number
of ordinary shares issuable upon exercise of each Warrant is to be adjusted in accordance with the formula:


 


N’ = N x (M / (M-F))


 


where:


 


N’ =the adjusted number of ordinary shares
issuable upon exercise of each Warrant.


N =the current number of ordinary shares issuable
upon exercise of each Warrant.


M =the Closing Price per ordinary share on the Business
Day immediately preceding the ex dividend date for such distribution.


F =the fair market value on the ex dividend date
for such distribution of the assets, securities, rights or warrants distributable to one ordinary share after taking into account,
in the case of any rights, options or warrants, the consideration required to be paid upon exercise thereof.  The Board
of Directors shall reasonably determine the fair market value in good faith.


 


(b)          The
adjustment is to be made successively whenever any such distribution is made and shall become effective immediately after the record
date for the determination of stockholders entitled to receive such distribution.


 


(c)          If
any adjustment is made pursuant to this Section 11.3 as a result of the issuance of rights, options or warrants and at the end
of the period during which any such rights, options or warrants are exercisable, not all such rights, options or warrants shall
have been exercised, the Warrant shall be immediately readjusted as if “F” in the above formula was the fair market
value on the ex-dividend date for such distribution of the indebtedness or assets actually distributed upon exercise of such rights,
options or warrants divided by the number of ordinary shares outstanding on the ex-dividend date for such distribution.  Notwithstanding
anything to the contrary contained in this subsection (c), if “M−F” in the above formula is less than $1.00,
the Company may elect to, and if “M−F” or is a negative number, the Company shall, in lieu of the adjustment
otherwise required by this Section 11.3, distribute to the holders of the Warrants, upon exercise thereof, the evidences of indebtedness,
assets, rights, options or warrants (or the proceeds thereof) which would have been distributed to such holders had such Warrants
been exercised immediately prior to the record date for such distribution.


 


11.4         Defined
Terms; When De Minimis Adjustment May Be Deferred.


 


(a)          As
used in this Section 11:


 


(i)          “Closing
Price” of the ordinary shares on any date of determination means: (x) the closing sale price for the regular trading session
(without considering after hours or other trading outside regular trading session hours) of the ordinary shares (regular way) as
reported in the composite transactions for the principal United States securities exchange on which the ordinary shares are so
listed on that date (or, if no closing price is reported, the last reported sale price during that regular trading session); (y)
if the ordinary shares are not so reported, the last quoted sales price for the ordinary shares in the over the counter market
as reported by the OTC Bulletin Board, the National Quotation Bureau or similar organization; or (z) if the ordinary shares are
not so quoted, the average of the mid-point of the last bid and ask prices for the ordinary shares from at least three nationally
recognized investment-banking firms that the Company selects for this purpose;


 



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(ii)         “ex-dividend
date” means the first date on which the ordinary shares on the applicable exchange or in the applicable market, regular way,
without the right to receive the issuance or distribution in question;


 


(iii)        “trading
day” means, with respect to the ordinary shares or any other security, a day during which (A) trading in the ordinary shares
or such other security generally occurs, (B) there is no market disruption event (as defined below) and (C) a Closing Price for
the ordinary shares or such other security (other than a Closing Price referred to in the next to last clause of such definition)
is available for such day; provided that if the ordinary shares or such other security is not admitted for trading or quotation
on or by any exchange, bureau or other organization, “trading day” will mean any Business Day;


 


(iv)         “market
disruption event” means, with respect to the ordinary shares or any other security, the occurrence or existence of more than
one-half hour period in the aggregate or any scheduled trading day for the ordinary shares or such other security of any suspension
or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the stock exchange or otherwise)
in the ordinary shares or such other security or in any options, contract, or future contracts relating to the ordinary shares
or such other security, and such suspension or limitation occurs or exists at any time before 1:00 p.m.  (New York time)
on such day; and


 


(v)          “Business
Day” means, any day which is not a Saturday, a Sunday or any other day on which banks in the City of New York, New York,
are authorized or required by law to close.


 


(b)          No
adjustment in the number of ordinary shares issuable upon exercise of each Warrant need be made unless the adjustment would require
an increase or decrease of at least 1% in such number.  Any adjustments that are not made are to be carried forward and
taken into account in any subsequent adjustment.


 


(c)          All
calculations under this Section 11 are to be made to the nearest cent or to the nearest 1/100th of a share, as the case may be.


 


11.5         When
No Adjustment Required.


 


(a)          No
adjustment need be made for a transaction referred to in Sections 11.2-11.3 if Warrant holders are to participate, without requiring
the Warrants to be exercised, in the transaction on a basis and with notice that the Board of Directors of the Company reasonably
determines to be fair and appropriate in light of the basis and notice on which holders of ordinary shares participate in the transaction.


 


(b)          No
adjustment need be made for a change in the par value or no par value of the ordinary shares.


 


(c)          To
the extent the Warrants become convertible into cash, no adjustment need be made thereafter as to the amount of cash into which
such Warrants are exercisable.  Interest will not accrue on the cash.


 


11.6         Notice
of Adjustment.  Whenever the number of ordinary shares issuable upon exercise of each Warrant is adjusted, the Company
shall provide the notices required by Section 13 hereof.


 


11.7         Notice
of Certain Transactions.


 


(a)          The
Company shall mail to Warrant holders a notice stating the proposed record date for a dividend or distribution or the proposed
effective date of a subdivision, combination, reclassification, consolidation, merger, transfer, lease, liquidation or dissolution
if:


 



    	9



    	 



    

 


(i)          the
Company takes any action that would require an adjustment in the Exercise Price pursuant to this Section 11, and if the Company
does not arrange for Warrant holders to participate pursuant to Section 11.5;


 


(ii)         the
Company takes any action that would require a supplemental Warrant Agreement pursuant to Section 11.8; or


 


(iii)        there
is a liquidation or dissolution of the Company.


 


(b)          The
Company shall mail the notice at least 15 days before such date.  Failure to mail the notice or any defect in it will
not affect the validity of the transaction.


 


11.8         Reorganization
of Company.


 


(a)          If
the Company consolidates or merges with or into, or transfers or leases all or substantially all its assets to, any person, upon
consummation of such transaction, the Warrants will automatically become exercisable for the kind and amount of securities, cash
or other assets which the holder of a Warrant would have owned immediately after the consolidation, merger, transfer or lease if
such holder had exercised the Warrant immediately before the effective date of the transaction; provided that (i) if the holders
of ordinary shares were entitled to exercise a right of election as to the kind or amount of securities, cash or other assets receivable
upon such consolidation or merger, then the kind and amount of securities, cash or other assets for which each Warrant becomes
exercisable is to be deemed the weighted average of the kind and amount received per share by the holders of ordinary shares in
such consolidation or merger that affirmatively make such election or (ii) if a tender or exchange offer has been made to and accepted
by the holders of ordinary shares under circumstances in which, upon completion of such tender or exchange offer, the maker thereof,
together with members of any group (within the meaning of Rule 13d-5(b)(1) under the Securities Exchange Act of 1934, as amended
(the “Exchange Act”)) of which such maker is a part, and together with any affiliate or associate of such maker
(within the meaning of Rule 12b-2 under the Exchange Act) and any members of any such group of which any such affiliate or associate
is a part, own beneficially (within the meaning of Rule 13d-3 under the Exchange Act) more than 50% of the outstanding ordinary
shares, the holder of a Warrant is entitled to receive the highest amount of cash, securities or other property to which such holder
would actually have been entitled as a shareholder if such Warrant holder had exercised the Warrant prior to the expiration of
such tender or exchange offer, accepted such offer and all of the ordinary shares held by such holder had been purchased pursuant
to such tender or exchange offer, subject to adjustments (from and after the consummation of such tender or exchange offer) as
nearly equivalent as possible to the adjustments provided for in this Section 11; provided further, however, that if less than
70% of the consideration (the “Public Share Percentage”) receivable by the holders of the ordinary shares in
the applicable event is payable in the form of common stock in the successor entity that is listed for trading on a national securities
exchange or on the OTC Bulletin Board, or is to be so listed for trading immediately following such event, then the Exercise Price
shall be reduced by an amount (in dollars) equal to the quotient of: (x) the Redemption Threshold minus the Per Share Consideration
(as defined below) (but in no event, less than zero) and (y) if the applicable event is announced on or prior to the third anniversary
of the closing date of the Initial Acquisition Transaction, 2; if the applicable event is announced after the third anniversary
of the closing date of the Initial Acquisition Transaction and on or prior to the fourth anniversary of the closing date of the
Initial Acquisition Transaction, 2.5; if the applicable event is announced after the fourth anniversary of the closing date of
the Initial Acquisition Transaction and on or prior to the Expiration Date, 3. “Per Share Consideration” means (i)
if the consideration paid to holders of ordinary shares consists exclusively of cash, the amount of such cash per ordinary shares,
and (ii) in all other cases, the average reported last sales price of the ordinary shares for the last 10 trading days ending on
the trading day prior to the effective date of the applicable event.  Concurrently with the consummation of any such
transaction, the corporation or other entity formed by or surviving any such consolidation or merger if other than the Company,
or the person to which such sale or conveyance has been made, shall enter into a supplemental Warrant Agreement so providing and
further providing for adjustments which are to be as nearly equivalent as may be practical to the adjustments provided for in this
Section.  The successor Company shall mail to Warrant holders a notice describing the supplemental Warrant Agreement.


 



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(b)          If
the issuer of securities deliverable upon exercise of Warrants under the supplemental Warrant Agreement is an affiliate of the
formed, surviving, transferee or lessee corporation, that issuer shall join in the supplemental Warrant Agreement.


 


(c)          If
this Section 11.8 applies, Sections 11.2-11.7 do not apply.


 


11.9         Warrant
Agent’s Disclaimer. The Warrant Agent is not required to determine when an adjustment under this Section 11 should be
made, how it should be made or what it should be.  The Warrant Agent is not required to determine whether any provisions
of a supplemental Warrant Agreement under Section 11.8 are correct.  The Warrant Agent makes no representation as to
the validity or value of any securities or assets issued upon exercise of Warrants.  The Warrant Agent is not responsible
for the Company’s failure to comply with this Section.


 


11.10         When
Issuance or Payment May Be Deferred. In any case in which this Section 11 requires that an adjustment in the number of ordinary
shares issuable upon exercise of each Warrant be made effective as of a record date for a specified event, the Company may elect
to defer until the occurrence of such event issuing to the holder of any Warrant exercised after such record date the Warrant Shares
and other capital stock of the Company, if any, issuable upon such exercise over and above the Warrant Shares and other capital
stock of the Company, if any, issuable upon such exercise on the basis of the number of ordinary shares issuable upon exercise
of each Warrant; provided, however, that the Company shall deliver to such holder a due bill or other appropriate instrument evidencing
such holder’s right to receive such additional Warrant Shares and other capital stock upon the occurrence of the event requiring
such adjustment.


 


11.11         Form
of Warrants.  Notwithstanding any adjustments in the number or kind of shares issuable upon the exercise of the Warrants
or the Exercise Price, Warrants theretofore or thereafter issued may continue to express the same number and kind of shares and
Exercise Price as are stated in the Warrants initially issuable pursuant to this Agreement.


 


SECTION 12.         Fractional
Interests.  The Company is not required to issue fractional Warrant Shares on the exercise of Warrants.  If
more than one Warrant is presented for exercise in full at the same time by the same holder, the number of full Warrant Shares
which are issuable upon the exercise thereof are to be computed on the basis of the aggregate number of Warrant Shares purchasable
on exercise of the Warrants so presented, rounded down to the nearest whole number.


 


SECTION 13.         Notices
to Warrant Holders.


 


13.1         Upon
any adjustment of the Exercise Price pursuant to Section 11, the Company shall promptly thereafter, and in any event within five
days, (a) cause to be filed with the Warrant Agent a certificate executed by the Chief Financial Officer or principal financial
officer of the Company setting forth the number of Warrant Shares issuable upon exercise of each Warrant after such adjustment
and setting forth in reasonable detail the method of calculation and the facts upon which such calculations are based, and (b)
cause to be given to each of the registered holders of the Warrant Certificates at his address appearing on the Warrant register
written notice of such adjustments by first-class mail, postage prepaid.  Where appropriate, such notice may be given
in advance and included as a part of the notice required to be mailed under the other provisions of this Section 13.  The
Warrant Agent may rely on any such certificate and on any adjustment therein contained and is not to be deemed to have knowledge
of such adjustment unless and until it has received such certificate.


 


13.2         The
Company shall cause to be filed with the Warrant Agent and shall cause to be given to each registered holder of Warrant Certificates
at his address appearing on the Warrant register, at least 10 calendar days prior to the applicable record date hereinafter specified,
or as promptly as practicable under the circumstances in the case of events for which there is no record date, by first-class mail,
postage prepaid, a written notice stating (i) the date as of which the holders of record of shares of common stock to be entitled
to receive any such rights, options, warrants or distribution are to be determined, (ii) the initial expiration date set forth
in any tender offer or exchange offer for shares of common stock, or (iii) the date on which any such consolidation, merger, conveyance,
transfer, dissolution, liquidation or winding up is expected to become effective or consummated, and the date as of which it is
expected that holders of record of shares of common stock are to be entitled to exchange such shares for securities or other property,
if any, deliverable upon such reclassification, consolidation, merger, conveyance, transfer, dissolution, liquidation or winding
up, in the event:


 



    	11



    	 



    

 


(a)          the
Company authorizes the issuance to all holders of ordinary shares of rights, options or warrants to subscribe for or purchase ordinary
shares or of any other subscription rights or warrants;


 


(b)          the
Company authorizes the distribution to all holders of ordinary shares of evidences of its indebtedness or assets (other than regular
cash dividends or dividends payable in ordinary shares or distributions referred to in Section 11.3);


 


(c)          of
any consolidation or merger to which the Company is a party and for which approval of any shareholders of the Company is required,
or of the conveyance or transfer of the properties and assets of the Company substantially as an entirety, or of any reclassification
or change of ordinary shares issuable upon exercise of the Warrants (other than a change in par value, or from par value to no
par value, or from no par value to par value, or as a result of a subdivision or combination), or a tender offer or exchange offer
for ordinary shares;


 


(d)          of
the voluntary or involuntary dissolution, liquidation or winding up of the Company; or


 


(e)          the
Company proposes to take any action not specified above which would require an adjustment of the Exercise Price pursuant to Section
11.


 


13.3         The
failure to give the notice required by this Section 13 or any defect therein does not affect the legality or validity of any distribution,
right, option, warrant, consolidation, merger, conveyance, transfer, dissolution, liquidation or winding up, or the vote upon any
action.  Nothing contained in this Agreement or in any of the Warrant Certificates is to be construed as conferring upon
the holders thereof the right to vote or to consent or to receive notice as shareholders in respect of the meetings of shareholders
or the election of Directors of the Company or any other matter, or any rights whatsoever as shareholders of the Company.


 


SECTION 14.         Merger,
Consolidation or Change of Name of Warrant Agent.


 


14.1         Any
corporation into which the Warrant Agent is merged or with which it is consolidated, or any corporation resulting from any merger
or consolidation to which the Warrant Agent is a party, or any corporation succeeding to all or substantially all the corporate
trust or agency business of the Warrant Agent, will be the successor to the Warrant Agent hereunder without the execution or filing
of any paper or any further act on the part of any of the parties hereto, provided that such corporation would be eligible for
appointment as a successor warrant agent under the provisions of Section 16.  If at the time the successor to the Warrant
Agent succeeds to the agency created by this Agreement, and if at that time any of the Warrant Certificates have been countersigned
but not delivered, any such successor to the Warrant Agent may adopt the countersignature of the original Warrant Agent; and if
at that time any of the Warrant Certificates have not been countersigned, any successor to the Warrant Agent may countersign such
Warrant Certificates either in the name of the predecessor Warrant Agent or in the name of the successor to the Warrant Agent;
and in all such cases such Warrant Certificates will have the full force and effect provided in the Warrant Certificates and in
this Agreement.


 


14.2         If
at any time the name of the Warrant Agent is changed and at such time any of the Warrant Certificates have been countersigned but
not delivered, the Warrant Agent whose name has been changed may adopt the countersignature under its prior name, and if at that
time any of the Warrant Certificates have not been countersigned, the Warrant Agent may countersign such Warrant Certificates either
in its prior name or in its changed name, and in all such cases such Warrant Certificates will have the full force and effect provided
in the Warrant Certificates and in this Agreement.


 



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SECTION 15.         Conditions
to Warrant Agent Duties and Obligations.  The Warrant Agent undertakes the duties and obligations imposed by this
Agreement (and no implied duties or obligations may be read into this Agreement against the Warrant Agent) upon the following terms
and conditions, by all of which the Company and the holders of Warrants, by their acceptance thereof, are bound:


 


15.1         The
statements contained herein and in the Warrant Certificates may be taken as statements of the Company and the Warrant Agent assumes
no responsibility for the correctness of any of the same except such as describe the Warrant Agent or action taken or to be taken
by it.  The Warrant Agent assumes no responsibility with respect to the distribution of the Warrant Certificates except
as provided herein.


 


15.2         The
Warrant Agent is not responsible for any failure of the Company to comply with any of the covenants contained in this Agreement
or in the Warrant Certificates to be complied with by the Company.


 


15.3         The
Warrant Agent may consult at any time with counsel of its own selection (who may be counsel for the Company) and the Warrant Agent
incurs no liability or responsibility to the Company or to any holder of any Warrant Certificate in respect of any action taken,
suffered or omitted by it hereunder in good faith and in accordance with the opinion or the advice of such counsel.  The
Warrant Agent may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or through agents
or attorneys and the Warrant Agent shall not be responsible for any misconduct or negligence on the part of any agent or attorney
appointed with due care by it hereunder.


 


15.4         The
Warrant Agent may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon
certificates or opinions furnished to the Warrant Agent and conforming to the requirements of this Agreement.  The Warrant
Agent incurs no liability or responsibility to the Company or to any holder of any Warrant Certificate for any action taken in
reliance on any Warrant Certificate, certificate of shares, notice, resolution, waiver, consent, order, certificate, or other paper,
document or instrument (whether in its original or facsimile form) believed by it to be genuine and to have been signed, sent or
presented by the proper party or parties.


 


15.5         The
Company shall: (i) pay to the Warrant Agent reasonable remuneration for its services as such Warrant Agent as set forth on Exhibit
C hereto; (ii) reimburse the Warrant Agent for all reasonable expenses, taxes and governmental charges and other charges of
any kind and nature incurred by the Warrant Agent in the execution of this Agreement (including fees and expenses of its counsel);
and (iii) to indemnify the Warrant Agent (and any predecessor Warrant Agent) and save it harmless against any and all claims (whether
asserted by the Company, a holder or any other person), damages, losses, expenses (including taxes other than taxes based on the
income of the Warrant Agent), liabilities, including judgments, costs and counsel fees and expenses, for anything done or omitted
by the Warrant Agent in the execution of this Agreement except as a result of its negligence, willful misconduct, or bad faith.  The
provisions of this Section 15.5 survive the expiration of the Warrants and the termination of this Agreement.


 


15.6         The
Warrant Agent is not required to institute any action, suit or legal proceeding or to take any other action likely to involve expense
unless the Company or one or more registered holders of Warrant Certificates furnish the Warrant Agent with security and indemnity
satisfactory to it for any costs and expenses which may be incurred, but this provision will not affect the power of the Warrant
Agent to take such action as it may consider proper, whether with or without any such security or indemnity.  All rights
of action under this Agreement or under any of the Warrants may be enforced by the Warrant Agent without the possession of any
of the Warrant Certificates or the production thereof at any trial or other proceeding relative thereto, and any such action, suit
or proceeding instituted by the Warrant Agent is to be brought in its name as Warrant Agent and any recovery of judgment is to
be for the ratable benefit of the registered holders of the Warrants, as their respective rights or interests may appear.


 


15.7         The
Warrant Agent, and any stockholder, director, officer or employee of it, may buy, sell or deal in any of the Warrants 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 Warrant Agent under this Agreement.  Nothing
herein precludes the Warrant Agent from acting in any other capacity for the Company or for any other legal entity.


 



    	13



    	 



    

 


15.8         The
Warrant Agent shall act hereunder solely as agent for the Company, and its duties are determined solely by the provisions hereof.  The
Warrant Agent shall not be liable for anything that it does or refrains from doing in connection with this Agreement except for
its own negligence, willful misconduct, or bad faith.  The Warrant Agent is not be liable for any error of judgment made
in good faith by it, unless it is proved that the Warrant Agent was negligent in ascertaining the pertinent facts.  Notwithstanding
anything in this Agreement to the contrary, in no event is the Warrant Agent liable for special, indirect, punitive or consequential
loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Warrant Agent has been advised of
the likelihood of the loss or damage and regardless of the form of the action.


 


15.9         The
Warrant Agent is not required to make or cause to be made any adjustment of the Exercise Price or number of the Warrant Shares
or other securities or property deliverable as provided in this Agreement, or to determine whether any facts exist which may require
any of such adjustments, or with respect to the nature or extent of any such adjustments, when made, or with respect to the method
employed in making the same.  The Warrant Agent is not accountable with respect to the validity or value or the kind
or amount of any Warrant Shares or of any securities or property which may at any time be issued or delivered upon the exercise
of any Warrant or with respect to whether any such Warrant Shares or other securities will when issued be validly issued and fully
paid and nonassessable, and makes no representation with respect thereto.


 


15.10         Notwithstanding
anything in this Agreement to the contrary, neither the Company nor the Warrant Agent has any liability to any holder of a Warrant
Certificate 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; provided that (i) the Company shall
use all commercially reasonable efforts to have any such order, decree or ruling lifted or otherwise overturned as soon as possible
and (ii) nothing in this Section 15.10 affects the Company’s obligation under Section 6.4 to use all commercially reasonable
efforts to have a registration statement in effect covering the Warrant Shares issuable upon exercise of the Warrants and to maintain
a current prospectus relating to those Warrant Shares.


 


15.11         Any
application by the Warrant Agent for written instructions from the Company may, at the option of the Warrant Agent, set forth in
writing any action proposed to be taken or omitted by the Warrant Agent under this Agreement and the date on and/or after which
such action shall be taken or such omission shall be effective.  The Warrant Agent shall not be liable for any action
taken by, or omission of, the Warrant Agent in accordance with a proposal included in such application on or after the date specified
in such application (which date must not be less than three Business Days after the date any officer of the Company actually receives
such application, unless any such officer has consented in writing to any earlier date) unless prior to taking any such action
(or the effective date in the case of an omission), the Warrant Agent has received written instructions in response to such application
specifying the action to be taken or omitted.


 


15.12         Warrant
Agent is not required 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.


 


15.13         In
addition to the foregoing, the Warrant Agent is protected and does not incur liability for, or in respect of, any action taken
or omitted by it in connection with its administration of this Agreement if such acts or omissions are not the result of the Warrant
Agent’s reckless disregard of its duty, gross negligence or willful misconduct and are in reliance upon (i) the proper execution
of the certification concerning beneficial ownership appended to the form of assignment and the form of the election attached hereto
unless the Warrant Agent has actual knowledge that, as executed, such certification is untrue, or (ii) the non-execution of such
certification including, without limitation, any refusal to honor any otherwise permissible assignment or election by reason of
such non-execution.


 



    	14



    	 



    

 


SECTION 16.         Change
of Warrant Agent.  The Warrant Agent may at any time resign as Warrant Agent upon written notice to the Company.  If
the Warrant Agent becomes incapable of acting as Warrant Agent, the Company shall appoint a successor to such Warrant Agent.  If
the Company fails to make such appointment within a period of 60 days after it has been notified in writing of such resignation
or of such incapacity by the Warrant Agent or by the registered holder of a Warrant Certificate, then the registered holder of
any Warrant Certificate or the Warrant Agent may apply, at the expense of the Company, to any court of competent jurisdiction for
the appointment of a successor to the Warrant Agent.  Pending appointment of a successor to such Warrant Agent, either
by the Company or by such a court, the duties of the Warrant Agent shall be carried out by the Company.  The holders
of a majority of the unexercised Warrants may at any time remove the Warrant Agent and appoint a successor to such Warrant Agent.  If
a Successor Warrant Agent is not appointed within 60 days of such removal, the Warrant Agent may apply, at the expense of the Company,
to any court of competent jurisdiction for the appointment of a successor to the Warrant Agent.  Such successor to the
Warrant Agent need not be approved by the Company or the former Warrant Agent.  After appointment the successor to the
Warrant Agent will be vested with the same powers, rights, duties and responsibilities as if it had been originally named as Warrant
Agent without further act or deed; but the former Warrant Agent upon payment of all fees and expenses due it and its agents and
counsel shall deliver and transfer to the successor to the Warrant Agent any property at the time held by it hereunder and execute
and deliver any further assurance, conveyance, act or deed necessary for the purpose.  Failure to give any notice provided
for in this Section 16, however, or any defect therein, will not affect the legality or validity of the appointment of a successor
to the Warrant Agent.


 


SECTION 17.         Notices
to Company and Warrant Agent.


 


17.1         Any
notice or demand authorized by this Agreement to be given or made by the Warrant Agent or by the registered holder of any Warrant
Certificate to or on the Company is sufficiently given or made when and if deposited in the mail, first class or registered, postage
prepaid, addressed (until another address is filed in writing by the Company with the Warrant Agent), as follows:


 


CIS Acquisition Ltd.


89 Udaltsova Street, Suite 84


Moscow, Russia 119607


Fax No.:  [______________]


Attention:  Chief Executive Officer


 


17.2         If
the Company fails to maintain such office or agency or fails to give such notice of the location or of any change in the location
thereof, presentations may be made and notices and demands may be served at the principal corporate trust office of the Warrant
Agent.


 


17.3         Any
notice pursuant to this Agreement to be given by the Company or by the registered holder(s) of any Warrant Certificate to the Warrant
Agent is sufficiently given when and if deposited in the mail, first-class or registered, postage prepaid, addressed (until another
address is filed in writing by the Warrant Agent with the Company) to the Warrant Agent as follows:


 


Continental Stock Transfer & Trust Company]


17 Battery Place, 8th Floor


New York, NY 10004


Fax: [__________]


Attention:  Compliance Department


 


SECTION 18.         Supplements
and Amendments.  The Company and the Warrant Agent may from time to time supplement or amend this Agreement without
the approval of any holders of Warrant Certificates in order to cure any ambiguity or to correct or supplement any provision contained
herein which is defective or inconsistent with any other provision herein, or to make any other provisions in regard to matters
or questions arising hereunder which the Company and the Warrant Agent may deem necessary or desirable and which do not in any
way adversely affect the interests of the holders of Warrant Certificates theretofore issued.  Upon the delivery of a
certificate from an appropriate officer of the Company that states that the proposed supplement or amendment is in compliance with
the terms of this Section 18, the Warrant Agent shall execute such supplement or amendment.  Notwithstanding anything
in this Agreement to the contrary, the prior written consent of the Warrant Agent must be obtained in connection with any supplement
or amendment that alters the rights or duties of the Warrant Agent.  The Company and the Warrant Agent may amend any
provision herein with the consent of the holders of Warrants exercisable for a majority of the Warrant Shares issuable on exercise
of all outstanding Warrants; provided that any amendment affecting the Public Warrants must be approved by the holders of a majority
of the Public Warrants.  Without limiting the generality of the foregoing, prior to the issuance of any Public Warrants,
this Agreement (including the exhibits hereto) may be amended by the Company and the Warrant Agent, without the consent of any
holder of Placement Warrants, to modify in any way or provide for the terms of the Public Warrants.


 



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SECTION 19.         Successors.  All
the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent bind and inure to the
benefit of their respective successors and assigns hereunder.


 


SECTION 20.         Termination.  This
Agreement terminates on any earlier date if all Warrants have been exercised or expire without exercise.  The provisions
of Section 15 hereof shall survive such termination.


 


SECTION 21.         Governing
Law.  The laws of the State of New York govern this Agreement and each Warrant Certificate issued hereunder without
regard to conflicts of laws principles.  The parties agree that all actions and proceedings arising out of this Agreement
or any of the transactions contemplated hereby, shall be brought in the United States District Court for the Southern District
of New York or in a New York State Court in the County of New York and that, in connection with any such action or proceeding,
submit to the jurisdiction of, and venue in, such court.  Each of the parties hereto also irrevocably waives all right
to trial by jury in any action, proceeding or counterclaim arising out of this Agreement or the transactions contemplated hereby.


 


SECTION 22.         Benefits
of This Agreement.  Nothing in this Agreement is to be construed to give to any person or corporation other than
the Company, the Warrant Agent and the registered holders of the Warrant Certificates any legal or equitable right, remedy or claim
under this Agreement, and this Agreement is for the sole and exclusive benefit of the Company, the Warrant Agent and the registered
holders of the Warrant Certificates.


 


SECTION 23.         Counterparts.  This
Agreement may be executed in any number of counterparts and each of such counterparts is for all purposes to be deemed an original,
and all such counterparts together constitute but one and the same instrument.


 


SECTION 24.         Force
Majeure.  The Warrant Agent is not responsible or liable for any failure or delay in the performance of its obligations
under this Agreement arising out of or caused by, directly or indirectly, forces beyond its reasonable control, including without
limitation strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes
or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software or hardware) services.


 


[Signature page follows]


 



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


 


	 	CIS ACQUISITION LTD.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 


 


	CONTINENTAL STOCK TRANSFER & TRUST COMPANY,  as Warrant Agent
	 
	By:	 	 
	Name:	 	 
	Title:	 	 


 



    	17



    	 



    

 


EXHIBIT A


 


[Form of Public Warrant Certificate]


 



    	A-1



    	 



    

 


EXHIBIT B


 


[Form of Public Warrant Certificate]


 



    	B-1



    	 



    

 


EXHIBIT C


 


Warrant Agent Fees


 


	Description	 	Amount ($)
	 	 	 
	Fee for acting as Warrant Agent	 	[_____]


 



    	C-1